REGI￿ERED COMPANY NUMBER: 07769242 (England and Wales)
REGI￿ERED CHARITY NUMBER: 1145031
TRusfEL8' REPORT AND
UNAUDITED FINANCIAL sfATEME]WTS
FOR THE YEAR ENDED 31 MARCH 2025
FOR
THE ROYAL WEiSH REGIMEKfAL MUSEUM TRU
WJJarnes&Co
Chartered A¢countants
BislK)p House
10 Wheat Street
Breton
Powys
LD3 7DG

THE ROYAL WEiSH REGIME￿AL MUSEUM TRUST
co￿rE￿ OF THE FINANCIAL STATEMEKrs
FOR THE YEAR ENDED 31 MARCH 2025
Page
TTUStees' Report
Ito5
Ind¢pendent Examinerfs Report
Statement of Financial Activitics
Bal8n¢e Sheet
Notes to the Financi￿ Statements
9t020
Detailed Ststement of Financial Activities
21to22

THE ROYAL WEiSH REGIMENTAL MUSEUM TRUST
TRUSTEE￿ REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The trustees, who arc also directors of the charity for the purpose5 of the Companies Act 2006, present their report with
The financial statements of the charity for the year ended 31 Ma￿h 2025. The trustees have adopted the provisions of
Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and Rcpublic of Ireland {FRS 102)
(effective l January 2019).
oBJE￿IvEs AND AcrtVlTIES
Objectlves and aims
Obj¢¢ts
To edu¢atc and enhance the aPPfe¢iatioTh of the public in the history and military a¢complishments of the
Regiment. in particular by the maintenance of mililary museums and archives and preservation and exhibition
to the public of the collection.
To rnanage the Chattels and makc thcm available to the Regiment for regimentsl purp05cs in order to promote
military efficiew.
To promotc military efficien￿ and encourage re¢ruilmcnL
As a result ofa governance review undertaken during 2018. the Tn￿le¢S decided to adopt the followingvision and mission
statements and accompanying values.
Vlslon
To deliver an inspiring and enteriaining experien¢e to a 21 * ￿Thtury audience that irt¢re￿ their understanding of one of
thc finest Regiments in the British Arnly.
Mlislon
To ¢ell the slorics of the Royal Welsh and ils antecedent Regiments. including that of the 1879 Anglo-zulu War. in order
to inspire and educate. foster corporale memory and h¢lp 5UStain the ￿nneCtIon between the Arniy and society to support
ihc avoidance of future warfare.
Vglmes
As a museum we .
Are a vibrant, relevan( Innovati￿ ind authoritative or8anis•tion which is viable. self-sustaining ￿SlI1ent.
Deliver a memorable and thou8ht*rovokin8 experience as we both inforni and ¢duule.
Are the pr¢-emin¢nt Anglo•Zulu museum.
Represent the history of the Royal Welsh and its contribution to Welsh history.
Champion strong relations Wbth KwaZulu-Natsl for the 8ts)d of humanity.
Publlt beneflt
The organisation's trustees can confirni that they have complied with the duty in S￿li0n 17 of the Charities Act 201110
Have due regard io public benefit guidance published by the Charity Commission. Significanl activities that we
undertaken during thc year th￿ demonstrate public ben¢fit set out on the following pages.
ACHIEVEMENT AND PERFORMANCE
Charltable Aetlvlties
This y&qr Continued to build on engaging with our visitt>rs. Some of the activitics include:
Social mcdia presen¢e Continues with two special onc-rnonth activities includin8 November focus on
'Remembrance' by sharing individuals KIA and thcn the return of the Elf on a Shelf in December.
Second year Tunning our 'Curalor Coff¢¢ Mornings, which takes pla¢e on the first Wednesday of the month
(Sept- May). This evenl is an infornial show and tcll event which sees th¢ Curntor bring out items fiom the
stored collection and tell their story typically with a theme (e.g regimental music. World War Ilvo's fmal
month& rcmcmbrance).
W¢ have continued Tunnin8 family friendly activities including the annual running of 'Night at the Museum,
for children in our October Half Terni break.
Also introduced a poppy making activity in the museum forvisitors to s¢w poppies for use in our Remembrance
exhibilion.
We continue to offer annual tickets which arc popular among our Coffee Morning visitorJ as well as the use of family
tickets.
Page I

DocL¢lgn Envelope ID: 67E3235&E681437C4DAA£848AD286D59
THE ROYALWELSH REGIMENTAL MUSEUM TRU
TRUSTEE'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL REVIEW
Ftnantlal position
In￿me for the year was £90,133 (2023: £139,207). Of this, £9,409 related lo restricted activities.
Net incomel(105s) for the year &s shown in the SOFA was £(17,697) (2024: £59.006).
The dKr¢as¢ in income of £49,074 in the comparativc y&qr was mainly attributable to a bequest of £30.902 in 2024, drop
in investment income in 2025 of £3,538 and drop in donations of £5.164.
The decrease in net income of £76,703 in the current year was mainly attributable drop in incom¢ plus a drop in net gains
on investments of £22.823.
Reserves Pollcy
At 31 Ma￿h 2025 total reserves were £1.349.508 (2024: £1.367.205), of these £2,694 related to reslricted reserrfes. Free
reserves at 31 March 2025 equat¢s to £573.377. This is calculated as the total reserves. less restri¢led and designated
reserve5, Icss amount5 invested in fixed assets.
Reserves are held for various reason5 including adding material to the collection. covering deficits on operating income,
substantial repairs, special projects, and also to allow for match funding against 8rant applications. Restricted income 1$
listed separntely in the accounts according io SORP FRS 102.
Flnanelal and rlsk management objeetlves And poll¢l
As part of standard management prnclice, the Museum has identified a number of risks that could adversely impa¢t its
operation. These ¢over financial, govcrnance, operational and colleclion related matters. Each of these risks has been
quantified and appropriate control measures intmduced lo provide suitable mitigation. The risk register is monitored
regularly by the Curatorial team, and any concerns reported to the next meeting of the Museum's Trustees.
FUTURE PLANS
NearTerni
We continue to work to maximige our outputs. both in terms of improved financial stability and storytclling'reAeh'. We will
continue to QPtimi5c our on-line presence and work to present a wider range of innovative activities at the museum such as
'A night al the Museum, and 'Goat Day$,. In parallel, we are produ¢in8 detailed short.terni plans to refine current museum
layout and desi8n. The latter work will be aimed to maximise the visitor experience but will be designed to complement a
more comprehensive refurbishment which will constitute the long terni plan. More ¢o-operntion wilh our regimcntsl sister
Museums is also be8innin8 and will pick up pa¢¢ as we move towards the longer-tenn period.
id)ng Tem
The longer-terni plan remains to xquire a long leasc from the MOD on the CUTrenl building thus enabling a comprehensive
refurbishmcnt progrnmme to be conducled. This will also require a signifi¢ani fund-raising effort.
Page 2

Doatslgn Envelope ID.. s7E3235&E681437C4OA￿EA8AD2860sg
THE ROYALWELSH REGIMENTAL MUSEUM TRUST
TRUSTEEIS REPORT
FOR THE YEAR ENDED 31 MARCH 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appolntment of new trustees
During the 2018 government review. a skills audit was conducted on the Trustees and a number of pertinent gap5 identified.
The review of skills and experience on the Trnstee Board is now a regular item for consideration by the Trustee Board and
identifying suitable candidate5 is an ongoing process. which has resulted in several new appointments to the Trustee Board,
to fill experience gaps.
After due diligence enquiries into the suitability of candidates new trustees are invited to apply to join the boariL and if
appointed. are co￿p￿d lo the Trustee Board by the Directors, their appointment being then subject to confirniation by the
Directors and Members in General Meeting.
New Trustees are provided with copies of the Company / Charity governin8 d￿￿ments by the Company Se¢rctsry and are
8iven the opportunity given to rnise any queries and are encouraged lo ask for any information. advice and clarification they
f¢¢1 would bc helpful.
All Trustees ar¢ required io wmplctc and sign a Declaration of Intere515 forni ¢a¢h year. and the matter of conflict of
interests 15 8 standard agenda item at every Board Meeting.
Renewal of trnstees
During the year there were no resignations or new appointments.
ArrAngements For Settlng Pay and Remuneratlon
Ratcs of pay for newly recruited staff are determined through analysis of the labour market ftjr museum staff and
affordability. Across the board annual pay increases are not awarded automalically. but aceording to affordability and
included in the forecast budget whi¢h is subject to Board approval before the start of the financial year. Individu81 staff
members can be awarded modest increases by the Trustee Board in recognition of outslandin8 perfonnance or other
exceptional circumstances.
Volunteers
Our volunteers are a key part of the tearn and w¢ hp4ve worked hard to stay in touch with all of them io understand what
¢ontribution they could bring during the pandemic. As we expand our op¢ning times again, wc will consider whether we
need to expand their number to ￿hl¢ve a sustainable and sufficient operntin8 model.
Organlsgtlonal strueture
The Royal Welsh Regimental Museum Trust is governed by a group of up to sixteen trustee directors. The Charity'$ Objects
are set out in ils"Articles of Association" adopted in 201 I, which clearly explains how the Charity should operate and set
out the duties. powers, and responsibilities of the trustee directors. The trustees receive no remuneration for their work.
The Trustees delegate the daily operation of the Museum to the Museum Operations Committe¢, working closely with thc
CUTator, who in turn manages the Museum's staff and volunteers.
Page 3

THE ROVALWELSH REGIMEKfAL MUSEUM TRusr
TRUSTEEYS REPORT
FOR THE YEAR ENDED 31 MARCH 2025
REFERENCE AND ADMINISTRATIVE DETAIiS
Registered Company number
07769242 {England and Wales)
Reglstered Charlty number
1145031
Registered Office
The Royal Welsh Rcgimentsl Museum
The Barracks
Thc Watton
Brecon
Powys.
LD3 7EB
Th13teey
Bri8 (Rtd) R N Wardle OBE DL
Col (retd) T J Van-Re¢s MBE ED DL
Maj (retd) P F Kinsman TD FCCA
Mrs D E Cresswell
Mr R C May-Hill FCA
Mr D M Warren LLB
Mr N J Mansfield
Mr N R Richardson
Col S D Walker
Ms R HaTTiS
Chair
Vice Ch&ir
Treasurer
Senior management team
Ms A Rosewarn¢- Curator
Company Seerelary
Mr D M Warr¢Th LLB
Independ¢nt Examlner
WJJame5&Co
Chortercd Accountants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG
Bankers
The Royal Bank of Scotland plc
Holt's Brnneh
Lawrie House
Victoria Road
Famborough
Hampshire
GU14 7NR
Inv¢slment Advisers
Evelyn Partners
45 G￿shaM Street
London
EC2V 7BG
Page 4

DOcus￿n Envelope ID.. s7E323S8￿68l437C4DA￿EA8AD286DSg
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
TRUSTEE'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
STATEMEKf OFTRUSTEES. RESPONSIBILITIES
The trus*es (who are also the directors of The Royal Welsh Regimental Museum Trnst for the purposes of eompany
law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢¢epted Accounting
Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair
view of the state of affairs of the charitable company and of the incoming resource5 and application of resources,
in¢luding the income and expenditure, of the charitable company for that period. In prepartng those financial
statements, the tntstee5 are required io:
select suitable accounting policie5 and then apply them eonsislently.
observe the methods and principle5 in the Charities SORP 2019 (FRS 102):
make judgements and estimates that are reasonable and P￿￿ent.
stale whether applicable UK Accounting Standards have been followed. subje¢r to any material dq)artures
disclosed and explained in the financial statemen
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
charitable Company will continue in operntion.
The trustees ar¢ responsible for keeping adequate accounting r￿ordS that disclose with re￿nable accuracy at any
time the financial position of the charitable company and enable them to ensure that the financial statements comply
with the Companies A¢t 2006. They are also responsible for safeguarding the &ssets of the charitable company and
hence for taking reasonable steps for the prevention and d¢tction of fraud and other irregularities.
1011112025
Approved byorderofthe Board ofTrusteeson ..................... ............ and signed on its behalfby:
SIBMdby.
*09J22939PP•4E'." .
Maj (reid) P F Kinsman TD FCCA- Tre&surer
Page 5

Docuslgn En¥e* ID: 57E323￿68l437￿DA¥CEABAD2e6DS9
INDEPENDE1￿ EXAMINER'S REPORT TO THE TRUSTEES OF
THE ROYALWELSH REGIMENfAL MUSEUM TRUST
Independent exsminer's report to the trustees of The Royal Welsh Regimental Museum Trnst ('the Company,)
I report to the charity tTUStee5 on my examination of the accouJ)ts of the Company for the year ended 31 March 2025,
which are set out on pages 7 to 22.
Respon5ibillties and b￿lS of report
As the charity's trustees of the Company (and also its directors for the PUTPOSCS of company law) you are responsible for
the preparntion of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.).
Havirkg satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and
are eligible for independent examination, I report in respect of my examination of your company's accounts as Carried out
under Section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my cxamination I have followed the
Directions given by the Charity Commission under Section 145 (5) (b) of the 2011 Acl.
IndependeDt examiner's sta¢ement
I have completed my examination. I confirni that no rnatteTS have come to my attention in connection wilh the
cxamination giving me cause to believe that in any material re5PeCt.
Accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act. or
2. The accounts do not accord with those Tecords. or
3. The accounts do not ¢omply with the a¢¢ounting requirements of Section 396 of the 2006 Act other than any
rcquirernenl that the accounts give a true and fair view which is not a matter considered as part of an independent
examination. or
4. The accounts have not been prepared in accordance with the methods and principles of the Statement of
Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in
accordance with the Financial Reporting Stsndard applicabl¢ in the UK and Republic of Ireland (FRS 102).
I have no wncerns and have Come across no other matters in connectton with the examination to which *tention should be
drdwn in this report in order to enable a Proper understsnding of the accounts lo be reached.
UMfo£lv
Joanna Roderick B.Sc.. A.C.A.
WJJam¢s&Co
Chartered A¢￿untants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG
Page 6

THE ROYAL WELSH REGIMENTAL MUSEUM TRU
ATEmE￿ OF FINANCIALACTivrriES
{INCORPORATING AN INCOME AND EXPENDITURE ACCOUW
FOR THE YEAR ENDED 31 MARCH 202S
2025
Total
funds
2024
Totsl
funds
Unrestricted
funds
Restricted
funds
INCOME AND ENDOWMENTS FROM
Donations and l¢ga¢ics
19.162
19,162
55228
Charltsbk aetivilles
Education of the public in history and mililary
Accomplishrnents
41.441
9.409
50,850
20.851
Other tr8din8 activities
Investment income
Other income
8.690
11.431
8.690
11,431
9.765
14.969
38J94
Total
80.724
9,409
90.133
139207
EXPENDITURE ON
Raising funds
10.174
10.174
8.085
Charltsble artlvltl¢s
Education of the public in history and military
Accomplishments
107.727
6.715
114,442
111.725
Total
117.901
6,715
124.616
119,810
Net 8ains on inv¢slments
16.786
16.786
39.609
NET INCOMEI (DEFICIT)
RECONCILIATION OF FUNDS
Total fvnds brought forward
(20.391)
1694
(17,697)
59,006
1,367,205
.367,205
1,308.199
TOTAL FUNDS CARRIED FORWARD
1,346.814
1694
1.349,508
1,367.205
Pa8e 7

DocLtygn Envelope ID: 57E3235&E681437C4DAA£E4BAD286D59
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
BALANCE SHEET 31 MARCH 2025
2025
Total
funds
2024
Total
funds
Unrestricted
funds
Restricted
funds
Notes
FIXED ASSETS
Intsngible assets
Tongible assets
Heritage assets
Investments
15
16
17
800
381,421
15,853
482,436
800
381.421
15.853
482.436
1,400
384,488
15.853
471.827
880,510
880,510
873.568
CURRENT ASSETS
Stocks
Ikbtors
Cash at bank and in hand
19
20
12,341
250.342
209,394
12.341
250.342
212,088
11,935
263,310
223.415
2,694
472,077
2,694
474,771
498.660
CREDITORS
Amounts falling due within one year
21
(5,773)
(5,773)
(5,023)
NET CURREwfASSETS
466.304
2.694
468.998
493.637
TOTALASSETS LESS CURRENT LIABILITIES I J46,814
2.694
1.349.508
1.367.205
NET ASSETS
1.346.814
2,694
1,349.508
1.367,205
FUNDS
Unrestricted funds
Restricted funds
22
,346.814
2,694
1,367.205
TOTAL FUNDS
1,349.508
1,367,205
The charitable company is entitled to exernplion from audit under seetion 477 of the Companies Aet 2006 for the year
ended 31 March 2025.
The mernb¢rs have not required the ￿MpanY to obtsin an audit of its financial statements for the year ended 31 March
2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) Ensuring that the charitable company keeps accounting records Ihat comply with Sections 386 and 387 of the
Companies Act 2006 and
(b) Preparing financial ststements which give a true and fair view of the $tatc of affairs of the charitable company as at
the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements
of Sections 394 and 395 and which oihenvise comply with the requirements of the Companie5 Act 2006 relating to
financial ststements. so far as applicablc to the charitsble company.
These fin8ncial statements have been prepared in accordan¢¢ with the provisions appli¢abl¢ to charitable companies subject
to the small companies r¢gime.
The financial statements were approved by the Board of Trustees and authorised for issue by
1011112025
aJ'tTre VIVPki'n5rnan TD FCCA
Trwurer
Dat¢
Page 8

THE ROYAL WELSH REGIMENTAL MUSEUM TRU
NOTES TO THE FINANCIAL ￿ATEmENTS FOR THE YEAR ENDED 31 MARCH 2025
rATLryORY INFORMATION
The Royal Welsh Regirnentsl Museum Tntst is a company lim11￿ by guarantee incorporn¢ed in Walcs within the
Uniled Kingdom. The registered office is The Watton. BreL¥)n. Powys. LD3 7EB.
The financial statements arc presented in Sterling (£K the Company's functional curren¢y. and rounded to the nearest
pound.
The significant aceounting policies applicd in the preparation of these finan¢ial stsicments arc set out below. These
policies have bccn consislentty applied to all years presented unless otherwise stsled.
2. AccOU￿1NG POLICIES
BA51s of preparlng the fin4neial statements
The finan¢ial statements of thc charitable ¢ompany. which is a publi¢ benefii entity under FRS 102. have been
prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Rep)rting by Charities: Ststement of
Recommended Practice applicable lo charities preparin8 their accounts in accordance with the Financial Reportin
Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019), Financial Reporting
Standard 102 ' The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies
Act 2006. The financial ststements have been prepared under thc hislorical cost convenlion with the exception of
investments which are included at fair value.
Ineome
All income is re¢ognised in the Ststement of Financial Activities once the charity has entitlement lo the fund& it is
probablc that the income will be received and th¢ amount can be musured reliably.
This includes capital grnnts
Donatlons and legaclu Income
Donations and Icgacies income includes donalions gifts and grants that pmvidc core fijnding or arc of a genernl
nature are re¢o8ni5ed whcre there is entitlemenL probability of receipt and the amount can be measured with
sufficient reliability. Such inwme is only deferred when ihe donor spe¢ifies it musi be used in fvture accounting
periods or the donor has imposed conditions which must be mel kfore the charity has unconditional ¢ntitlement.
Income from tharliable aetivltles
In¢om¢ from charitable Ktivitics includes income received under contrad or where enlillement to grant funding is
subject to specific perfo￿ance conditions. This income is recognised as the related seNices are provided and th¢re
is entitlernent. probability of receipt and the amount ¢8n be measured with sulTi¢ient reliability. Incomc 15 deferred
when the wnounts received are in advance of the perforniance of the service or event ¢0 which they relate.
Other trgdlnz #etlvlties income
In¢ome from other trading activities includes In￿Me re¢eivcd under contract. This in¢ome is recognised as the
related services are provided and there is entitlemenL probability of rK¢ipt and the amount can be measured with
suITi¢ient reliability. Income is deferred when the amounts received are in advance of the perfomiance of the service
or event to which ihcy relate.
Investment Ineome
Investment income is recognised on a receivable basis.
Donated goods
Income received from donated goods is rcco8nised on the sale of the goods.
It is not the policy of the ¢harity to show income net of expendithre.
Expenditur¢
Liabililie5 are recognised as expcnditure as soon as there is legal or constructive obligation committing the charity to
that expenditure, it is probable that a transfer of economic benefits will be required in s¢ttl¢ment and the amount of
th¢ obligation can be measured reliabty. Expendiiure is attounted for on an acc￿￿15 basis and has been classified
under headings that aggregate all ￿5t related to the category. Where costs cannot be dirertly attributed to particular
hcadings they have been allocat¢d lo activitic5 on a basis consistent with the use of resources.
Page 9

THE ROVAL WELSH REGIMENTAL MUSEUM TRU
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025- continued
2 ACCOUNTING POLICILS- continued
Expendlthye
Expenditure on raising fi]nds include c4)sts of fundraisin& cvcnts and shop expendithre.
Expenditure on charitable expenditure compriscs those w5ts iDCUTred by the charity in the delivery of its activities
and services for its beneficiarics. It includcs both costs that can be allocated dircctly to such activitics and those costs
of An indireet nature nettssary to support them.
Support costs are those ￿$ts thaL whilst necessary to deliver an activity. do not themselves produce or constitute the
output of th¢ charitable activity. This includes 8ovemance costs which are ihose costs associated with meeting the
constitstional and statutory requirements of the charity and includ¢ the aw)unlancy fees and costs linked to the
sfr7te8i¢ management of the charity.
Inlanglble assets
Intangibl¢ assets are ¢apitaliscd at cost.
Amortisation 1$ calcula*d so w to wri* off the cost of an &￿e( less its estimated residual valu¢. over the useful life
of that asset u follows:
Website d¢v¢lopmenl costs
Over 5 yea
Tanglble fixed assets
Fixed assets are capitalised at cost.
Ikpreciation is calculated so as to write off cost of In ass¢t. l¢ss its esiimated residual value. over the useful life
of that asset as follows .
Fixtures and fittings
Computer cquipment
Freehold property
IO% Straighi line
IO% slrnighi line
2Y• Straight line
Herft*ge Assets
Heritsge asscts are reco8nised on the bolance shttl and initially measured at cost when purchased or if donated. their
V8Juation if known. Assets are subsequcnily 5tsted at CQS( or valuation less accumulated depreciation and
accumulated impairnient losses. Fair values for donated assets are estimated by reference io market prices.
Those herilage assets Currently rffognised on thc balance sheet have indefinite lives and are theTefore nol
depreciatrd, but revicwcd at each reporting date for impairnient.
Where inforniation on the cost or valuation of heritage assets is not available or the cosi of providing such
inftimation significantly outweighs any benefit to the users of the accounts then hcritagc assets are not recognised on
the balance sheet.
The Museum maintains a regist¢r for its ￿lleCtionS of herits8e assets which records the nalurei provenance and
currcnt location of each asseL
Investments
Investments arc included at market value at the balar￿ sheet date. Realised and unrealiged gains or losses on
investments are shown separ*ly on the face of the statement of financial ac¢ivities.
Investm¢nt inwme is recognised on a re¢eivable b&8iS.
S¢oeks
Stocks are valued It the lower of cost and net reall￿1¢ valuc. after making duc allowance for obsolcie and slow
moving items.
Taxation
The charity is exempt from corporation tax on its ¢haritable activitie
Page 10

DOc￿Egn Envelope ID.. 57E3235&E681437C-8DA¥CEABAD286D59
THE ROYAL WELSH RECIMENTAL MUSEUM TRusr
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025- continued
AccouNfiNG POLICIES- continued
Fund accounting
Unrestricted funds can be used in accordance wilh the chaTitsbl¢ objectives at th¢ discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Rcstri¢tions
arise when specified by the donor or when funds are rnised for particular restricled PUTposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension eosts and other post-reifirement benefits
The charitable company makes contributions to personal pension schemes on behalf of its employees. Contributions
are charged to the Statement of Financial Activities in the period to which they relate.
inan¢lal Instrnmenl$
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instrnments.
Basic financial instruments are initially recogniscd at transaction value and subsequently measured at their
settlement value.
Concessionary loans are recognised and measured initially at the transaction value, with the carrying amount
adjusted in subsequent years to reflect repayments and accrned inteTe5t.
Debtors
Trnde debtors and other debtors are recognised at the settlement amount due after any trade discounts offered.
Prepayments ar¢ valued * the amount prepaid net of any trade discounts due.
Creditors
Creditors are re￿gnIsed where the Charity has a present obligation resulting from 8 past event that will probably
result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or
estimated reliably. Creditor5 are nornially recognised at their settlement amount after allowing for any trade
discounts d￿.
3. DONATIONS AND LEGACIES
2025
2024
Donations
Bequests
19,162
24,326
30.902
19.162
55,228
Pagell

Do[￿￿￿ ErNelope ID: SIE3235&E681437C4DAA-CEABAD286D59
THE ROYALWELSH REGIMENTAL MUSEUM TRusr
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025- eontlnued
4. OTHER TRADING ACTIVITIES
2025
2024
Shop sal¢s
8,690
9.765
5. INVESTMENT INCOME
2025
2024
Dividend income
Deposit account interest
Interest rcceivable
Interest receivable - loan
2.308
4.787
5.651
4.200
853
4.265
4.336
11,431
14,969
O. INCOME FROM CHARITABLE AcfiviTIES
2025
2024
Museum operation- admission Tcceipts
Grants
29.412
21,438
9.339
11,512
50,850
20,851
Grants received, included in the above, are as follows:
2025
2024
Arniy Museums Ogilby Tntst
PAVO
12.029
9,409
11,512
21,438
11,512
7. RAISING FUNDS
Raising th)nations and legacies
2025
2024
Shop expenditure
Museum event expenses
Bad debts
5.925
53
4.374
52
(187)
5,978
4.239
Investment management fees
4,196
3,846
Aggregate amounts
10,174
8.085
Page 12

Do¢u5ign Envelope ID: 57E3235&E681437C.8DM£EABAD280D59
THE ROYALWELSH REGIMENTAL MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025- eontlnued
CHARITABLE A￿1VITIEs COSTS
Direct
Costs (see
Note 9)
Support
Costs (see
note 10)
2025
Totals
2024
Totsls
Education of the public in history and
Military accomplishments
111.862
2,580
114,442
111.725
9. DIREcf COSTS OF CHARITABLE ACTIVITIES
2025
2024
Staff costs
Motor and trnvcl expcn5CS
Insurance
Education
Collection management
Postage and stationery
Advertising
Sundries
Website and internet
Repairs and renewals
Bank and credit card charges
Computer expenses
Legal and professional fe¢s
Rat¢5
Depreciation
Subscriptions
71,647
561
7,926
65.841
581
2.615
425
6,811
136
3,411
362
1,064
1,804
641
393
12,650
1.346
9,394
273
238
96
925
3,268
890
614
11.788
3,584
10,042
223
111,862
107,747
10. SUPPORT COSTS
Governance
Costs
2024
Education of the public in history and
Mililary accomplishments
2,580
3,978
Page 13

THE ROYALWE[￿H REGIMENTAL MUSEUM TRUST
NOTES TO THE FINANCIAL ￿ATEmENTs FOR THE YEAR ENDED 31 MARCH 2025- Contlnued
I I. NET INCOME I (EXPENDITURE)
Net income l (expenditure) is stated after charging l (￿￿ltIng) .
2025
2024
Depreciation- owned assets
Website development Costs amortisation
Independent examiners ftes
9,442
600
2.580
8,794
600
2,442
12. TRUSTEFS, REMUNERATION AND BENEFIIS
There were no trustees. r¢muneralion or other benefits for the year ended 31 March 2025 or ftir the year ended
31 March 2024.
13. STAFF COSTS
2025
2024
Salaries
Social security
Pension contributions
70.872
65,162
775
679
71,647
65.841
Numbcr of employces
Equivalcnt fiill time employees
No employce received emoluments in excess of £60,000.
The total key management personnel remunerntion benefits paid during the year was £32,063 (2024: £32,296).
14. COMPARATIVES FOR THE ￿ATEmE￿ OF FINANCIALAcrivmES
Unrestricted
funds
Restricted
funds
Totsl
fund5
TNCOME AND ENDOWMENfs FROM
Donations and legacies
Charitabk activities
Education of the publi¢ in history and military
Accomplishments
Other trading a￿1vill¢S
Invcstrnent income
Other income
55228
55,228
9J39
9.765
14,969
38.394
11,512
20.851
9.765
14.969
38,394
Total
127.695
11,512
139,207
EXPENDITURE ON
Raising funds
Charitable 2etMties
Education of the public in history and militsry
Accomplishments
8.085
8,085
100.213
11.512
Page 14

O￿L￿n En¥dope10: s7E3235￿68l437c￿DA4££ABP￿2￿)Dsg
THE ROYALWELSH REGIMENTAL MUSEUM TRUST
NOTES TO THE FINANCIAL ￿ATEmENTs FOR THE YEAR ENDED 31 MARCH 2025- continued
14 COMPARATIVES FOR THE ￿ATEME￿ry OF FINANCIALA￿1v[TtLS- eontinued
Unrestricted
funds
Restricted
fund5
Total
funds
Total
108298
11,512
119.810
Net gains on investments
39,609
39.609
NET INCOME
59.006
59.006
RECONCILIATION OF FUNDS
Total ￿ndS brought forward
1.308.199
1.308,199
TOTAL FUNDS CARRIED FORWARD
1.367,205
1.367.205
15. INTANGIBLE FIXED ASSETS
Websile
Development
Costs
COST
At l April 2024 and 31 Marth 2025
AMORTISATION
Al l April 2024
Charge for y¢ar
3,000
1,600
600
Ai 31 March 2025
2,200
Nrr BOOK VALUE
At 31 March 2025
800
Ai 31 March 2024
1.400
16. TANGIBLE FIXED ASSETS
Fixtures
Freehold
Property
Computer
equipment
fittings
Totals
cosr
At l April 2024
Addition5
390,000
32.075
lJ95
3.169
4,980
425.244
6,375
At 31 MaTch 2025
390.000
33.470
8,149
431.619
DEPRECIATION
At l April 2024
Charge for year
8,450
7.800
31228
827
1.078
815
40,756
9,442
At 31 March 2025
16.250
32.055
1.893
50.198
NET BOOK VALUE
Ai 31 M￿h 2025
373.750
1.415
6.256
381.421
At 31 Ma￿h 2024
381.550
2.091
384,488
Pagc 15

THE ROYAL WELSH REGIMENfAL MUSEUM TRusr
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025- continued
17. HERITAGE Asstrs
Total
MARKET VALUE
At l April 2024 and 31 Marth 2025
NET BOOKVALUE
At 31 March 2025
15,853
15,853
At 31 March 2024
15.853
The Museum has a collrftion of mililary artefacts covering the last 300 years which are held in suppK)rt of the
Museum'5 primary objective of increasing knowledg< unde￿￿nding and appreciation of the regiment.
The trustees do not consider that reliable cost or valuation information can be obtained for the vast majority of
items held in the collection of artefacts. This is because of the diverse nathre of the &ssets held, the number of
assets held and the lack of comparable market Values. The museum does not therefore recogni5e these assets on its
Balance SheeL other than recent acquisitions which are rq)orted at cosL where the object 1$ pU￿haSed. or at the
Museum ¢urator's best estimate of current value wher¢ the object is donated.
Expenditure which. in the trustees. view. is required to pr¢scTvc or clearty prevent furtherdeterioration of
individual ￿lleCtIOn itcms is recognised in the SOFA when it is incurred.
The main heritage ¥ss¢ts recognised in the Balance Sheel in¢ludc:
A letter written by Walter Dunne following the defence of Rorke's DrifL This was acquired at auction on
15th November 2014. The total cost after grants iowards thc purchase was £4,755.
A portrait of an officer of the 24 Regiment of Fcjot by Sir George Chalmers, 1754. The portrait was
purchased for £7,200 on 20 June 2019.
A portrnit of a young officer of the 41 St (The Welsh) Regiment on foot was purchased for £1.704 in March
2021.
The museum maintains a regtster for its collections of herilag¢ assets which records the nature, provenance and
urrent lo¢ation of each ass¢L
18. FIXED ASSET INVESTMEKrs
Listed
inv¢slments
MARKET VALUE
At l April 2024
Additions
Disposals
Rcvaluations
471.827
306,996
(303.645)
7.258
At 31 March 2025
482.436
NET BOOK VALUE
At 31 March 2025
482,436
At 31 March 2024
471.827
2025
2024
UK bonds and equities
Overseas equities
Other invcstmcnts
UK Cash held as part of p)rtfolio
140.821
315,535
26.080
168,341
248.511
49.712
5.263
482.436
471.827
The historical ￿st of the investsnents held at 31 March 2025 was £422.656 (2024 . £ 420.405).
All investments are held lo primarity pn)vid¢ a return for the charity.
Page 16

DO￿81￿￿ EfNelope ID.. S7E3235￿6a1437c-8ljA￿E￿￿ID286D59
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
NOTES TO ThE FINANCIAL ¥fATEMEI¥TS FOR THE YEAR EF4DED 31 MARCH 2025- Continued
19. sfocKS
2025
2024
Stocks
12J41
11.935
20. DEBTORS
2025
2024
Amounts falling duc within one year.
Trade debtors
Other debtors
Other loans
Prepayments and accrued income
743
2.2A3
500
11.123
362
11.123
486
12.352
14,198
Amounts falling due after MO￿ than one year.
Other loans
237,990
249.112
Aggregate amounts
250,342
263,310
21. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2024
Trade creditors
Other creditors
Accruals and def¢￿ed income
3,273
2.143
267
2.613
2,5(10
5.773
5.023
22. MOVEMEKf IN FiINDS
At
l April
2024
N¢1
movement
in funds
Transfers
between
funds
At
31 March
2025
Unrestricted funds
General fund
Designated fimd~ Fulure museum move or
Renovation
Designated fund- Fixed assets fvnd
Designated fund- Loan to sister museum
Restricted fund- Zulu
586.779
(22.485)
9.083
573J77
500.000
20,191
260235
500,(KIO
24,324
249.113
2,694
{2242)
4J36
2.694
6.375
(15,458)
TOTAL FUNDS
IJ67205
(17ffj97)
I )49￿08
Page 17

Dw$*n En￿rIOpe ID: 57E3235B-E881437C4DA4£EABA0286D59
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025- contlnued
22. MOVEME1￿ IN FUNDS- eontinued
Net movement in fvnds. included in the above as follows:
Incomtng
resources
Resources
expended
Gain5 and
losses
Movement
in funds
Unrestrleted funds
G¢neral fund
Designated fund- Fixed assets fund
Designated fvnd- ￿lan to sister museurn
76,388
(115.659)
(2,242)
16,786
(22.4851
(2,242
4,336
4,336
80,724
(117,901)
16,786
(20.391)
Restrleted funds
Zulu
9.409
(6.715)
2,694
90.133
(124.616)
16,786
(17.697)
Comparadveg for movement ID funds
At
April
2023
Net
mov¢ment
in funds
Transfers
between
funds
Ai
31 March
2024
Unrestrlct¢d tknnds
General fund
Designated fund- Future museum move or
Renovation
Designated fund- Fixed assets Ibnd
Designated fund- Loan to SiSt¢r museum
527,630
56,335
2.814
586,779
500,000
21,599
258,970
500,000
20,191
260.235
{1,594)
4.265
186
(3,000)
IDTAL FUNDS
IJ08,199
59,006
lJ67.205
Comparntive n¢t movement in fund4 in¢luded in the abovc are as follows:
Incoming
resour¢es
Resources
expended
Gains and
losses
Movement
in funds
Unrestrlcted fundi
General fund
Designated fund- Fixed assets fund
Dcsignated fund- Loan lo sister museum
123.430
{106.704)
(1.594)
39,609
56.335
(1.594)
4,265
4,265
127,695
(108,298)
39.609
59.006
Restricted fund5
Museum Staff fund
11512
(11.512)
TOTAL FUNDS
139307
{119810)
39.609
59,006
Designated fund- Museum move or renovatlon
Funds of £500,000 hav¢ been set aside by thc Board towards a future Museum move or renovation.
Designated fund- Fixed assel fund
Funds of £24,323 have been set aside to match the net book value of intangible assets. tangible fixed assets and
H¢ritsge assets. The tangible fixed assets element of this fund is excluding the freehold property.
Page 18

DociAlgn Envelope ID: S7E3235&E681437C4DA4-CE4Wa86D59
THE ROYAL WELSH REGIME￿AL MUSEUM TRU
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S- continued
22. MOVEMENT IN FUNDS- conllnued
Designated fund- irt)an to sister Musemm
Funds of £249.113 have been sel asidc to match a loan balance due to the ¢harity from a sister Museum. Firing Line
Ltmiled.
Restricted ￿lld- Zul
Funding was rK¢ived from PAVO.
Museum Staff Fund
Funding was rtteived from the Anny Museums Ogilby Tn￿ to cover the costs of hours W0￿¢d by one member of
staff in their capacity as a civil seryanL
Ihnsfers between funds
A transfer of £15.458 has been made fyom the designated loan to sisler museum fimd to the general ftmd, representing
loan repayments in the year.
A transfer of £6,375 has bccn made from the general fund lo the designated fixed assets fund repres¢nting ¢apital
movements.
Prior
r transfers
A transfer of £3,000 has been made from the designated loan to sister museum fimd to the general fiin(L representing
kmn repayments in the yw.
A transfer of £186 has been m￿e from the gencral fvnd kn the designated fixed assets fund rcprescnting capital
movements.
23. EMPLOYEE BENEFIT OBLIGATIONS
The charity operntes a defined contribution scheme. The p￿slon costs charge for the year represents contributions
payable by the charity to the ￿herne and amounted to £775 (2024- £679). At the year end ther¢ were outstanding
Contributions of £NIL (2024 - £132).
24. co￿￿￿GENT LIABILITIES
By an agreement dated 27 June 2020, it was agreed that on the sale of the property the remaining k)an balance and
any payments of capital and interest due from Firing Linc Limited. will be transferred or assigned io the Royal Welsh
Regimentsl and Welfare Benevolence Fowidation. The amounl of the loan at the 31 Ma￿h 2025 w&8 £249,112.
2S. RELATED PARTY DJSCLOSURES
During the year the ¢harity entered into transa¢tion5 with the following related parties:
Name of related party
Firing Line Limited
The Friends of the Royal Welsh Regimental Museum
Relationship
Significanl influence
Trnstees in common
N*m¢ of related party
Ihnsaetion
2025
2024
Firin8 Line Limit¢d
ixAn intewest re¢¢ivJblc
4,336
4.375
Name of related party
2024
N*tuTe of balance
2025
Firing Line Limited
L(wi debtor
249,113
260.235
Page 19

THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025- continued
At the 31 Ma￿h 2025 an amount of £Nil (2024: £45) was owed by a Tru5tce, Dorcas Cresswell to the charity in
respect of an oveTpaym¢nt in rclation lo a reimbursemenÉ of costs incurred for a tsustee lunch.
During the year the charity received unconditional donations of £184 from one Intstce (2024: £976 fivm one ITUStee).
26. FINANCIAL INSTRUME
2025
2024
Flnancial assets
Financial assets measured at fair value thmugh SOFA
Financial assets that are debt instruments measured at allx)rtiscd cost
482,436
474,771
471.827
494.033
957.208
965,860
Financial fiabilities
Financial liabilitics measured at amortised cost
5.773
5.023
Financial assets measured ai fair value comprisc of fixed asset investments.
Financial assets measured at amortised wsl Comprise of cash, st￿￿ tth debtors other debtors and other loans.
Financial liabilities measured at amortised Cost compris¢ of tradc creditor4 other ¢reditor5 and accrual&
Page 20

Docuslgn Envelope ID: 67E3235&E681437C4DA4-CEABAD286D59
THE ROYAL WELSH REGIMENTAL MUSEUM TRUST
DETAILED STATEME1￿ OF FINANCIAL A￿1VITIEs FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
INCOME AND ENDOWMENTS
Donations and legacie5
Donations
Bequests
19.162
24,326
30,902
19,162
55,228
Other trading 8ctivitRes
Shop sales
8,690
9,765
Investment Income
Dividend income
Deposit account interest
Interest receivable
Interest receivable- loan
2.308
5,651
4.200
853
4265
4.787
4,336
11,431
14.969
Chgrltable activities
Museum operntion - admission receipts
Grants
29,412
21,438
9J39
11,512
50,850
20,851
Other ineome
Sundry in¢ornc
38J94
TOTAL INCOMING RESOURCES
90.133
139207
EXPENDITURE
Raising donations and legacies
Shop expenditur¢
Museum event expenses
Bad debts
5,925
53
4.374
52
{187)
5,978
4,239
Investhient management costs
Investment management fees
4.196
3.846
Charltable aetivitles
Wages
Pensions
Motor and travel expenses
Insurance
Education
Colle¢tion management
Poslage and stslionery
Advertising
Sundries
Website and internet
70,872
775
65.162
679
581
2.615
425
6,811
136
3,411
362
1,064
7.926
60
238
96
925
Carried forward
81,036
81,246
Page21

THE ROYALWEtSH REGIMEKfAL MUSEUM TRU
DETAILED sfATEMENf OF FINANCIALA￿TIEs FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
Charitsble aetivities
Brought ftirward
Repairs and renewals
Bank and CTedit card charges
Computer cxpenses
Legal and professional fee5
81,036
3,268
890
614
11.788
3,584
600
7.800
827
81246
1,804
641
393
12.650
1.346
600
7.800
677
Website development ¢osts amortisation
Frtthold property depreciation
Fixtures and fittings depreciation
Computer equipment depreci￿lon
Subscriptions
li
815
223
317
273
111.445
107.747
Support Costs
Govenbance costs
Independent exarniners remuneration
Motor and travel expenses
2,580
417
3.420
558
2,997
3,978
TOTAL RESOURCES EXPENDED
124,616
119.810
Net incomel Ooss) before galns and losse5
(34.483)
19,397
Realised reeognlsed gains 2nd losses
Realised gains l (losscs) on fixed wet
Investments
16.786
39,609
Net ILcome l (Loss)
(17.697)
59,006
Page 22