REGISTERED CHARITY NUMBER: 1156207 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR THE RIFLEMAN'S MUSEUM TRUST THE RIFLEMAN'S MUSEUM TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report of the Trustees 1 to 5 Independent Examlner's Report Ststement of Financial Activlties Balance Sheet Notes to the Finan¢lal Ststements 9 to 15 THE RIFLEMAN'S MUSEUM TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report with the finanaal statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: statement of Recommended practi￿ applicable to charities p￿parIng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effecttve 1 January 2019). OBJECTIVES AND ACTIVITIES The legal object has been developed into a Mission Statement as follows: The purpose of The Rifleman's Museum Trust is to collect. document, preserve and provide aC￿SS to material relating to The Rifles and its antecedent rifle regiments, and to use and interpret this material for the education and benefit of members of the Amed For￿5 and the public of all ages and backgrounds. The Trustees, vision for the future is that The Rifleman's Museum should be widely recognised as a dynamic and progressive constituent of Winchesterfs Military Museums and RIFLES heritage that capitalises on the excellence of its collection and modem technology to reach out and provide infomiation and an experiences for visitors that excrtes, inspires, and educates, and that prompts them to return generating sufficient income for the Museum to develop and flourish. The Museum's principal objectives during 2024 remained: M01 To attract addib'onal visrtors and users of all ages and backgrounds, and to be more accessible to all. including electronically. in particular through use of social media. M02 To optimise the use of ￿sourceS and maximise ￿venue generab'on in order to increase the options available and achieve greater levels of self-sufficiency M03 To manage, conseNe and improve use of the Museum Collection efficiently and effectively M04 To sustain the current programme of continuous improvement of the Museum and its displays To exercise good governan￿ and administer the Museum in accordance with best practi￿, providing opportunity for the staff to acquire the ne￿SSary skills to develop and realise their full potential M05 M06 To develop existing partnership arrangements to mutual advantage and seek others. In particular to secure a long term lease on the building with the MOD. Publlc benefft In the Trustees, view, the Mission Statement is compliant with the Charilies Act 2006 and subsequent Chari Commission guidance, highlights'ng, explicitFy and implicitly. the public benefit arising from the Trust's use of its collection to educate the public at large and the cu￿ent regiment about the character, activities and history of The Rifles and the British Army in general. In particular, the Trust's educational activities emphasise the importance of the interaction be￿een the civil and military in developing a full understanding of the role, significance and advancement in the modem Y￿r1d of cits'zenship, human rights and conflict resolution. Page 1 THE RIFLEMAN'S MUSEUM TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE In January 2024 the Museum took over the Rifles Museum Trust collecb'on and agreed to become The Rifles, long-term MOD supported museum. This brought additional MOD funding for staff and the museum hired a Cofflmunications and Matketing Manager and an additional Museum Assistant. These posts have enabled the museum to change ts name (with effect 31 January 2025) , build a new website. devise a plan to improve the presentats.on of the current Rifle Regiment (The Rifles) and act as their 'hub' museum (there are 10 other museums that display RIFLES forming and antecedent regiment artefacts), and also to instruct designers to look at how the museum can improve its displays to reflect its new role and make its reference library more accessible. The five Key Performance Indicators {KPls) (targets) used by Trustees to measure the Museum's achievements during 2024 remain unchanged. Achievement is measured against 2023.. KPI 1 - Achieve 13,500 recorded visits to the Museum in year. Total admissions were 9338 compared to 11,425 in 2023 and 10,303 in 2022. Of these 4,9576 were free entrants (6,724 in 2023) which included 1,255 serving soldiers and potential officers11,485 in 2022). These numbers were disappointing although visitor income vtss up to £21,234 (compared to £21,957 in 2023) probably attributsble to an increase in gift aid. reduced joint tickets (no gift aid) and a ts'cket pri￿ increase in line with olher museums on site. KPI 2 - Maintain an in-year Gift Aid admissron rate of at least 55% of paid t￿kets. 640￿ of paid admissions attracted gift aid in 2024 compared to 63Yo in 2023. KPI 3 - Achieve an average of 2,500 monthly visitors to the Museum website. Average monthly website visits were 2,054 compared to 2,255 in 2023 although this was not a priority for the latter part of 2024 as effort was focussed on creating and launching the new websrte. KPI 4 - Maintain 90% of visitors surveyed rating the Museum Very Good, or better. 980/0 of visitors reported very good or better. KPI 5 - Operale within the budgetary limits set for 2024. Administrative costs were £107,656 compared to £67,592 in 2023. This reflects a significant increase in salary costs following the hiring of hvo new members of staff although these costs are covered by an increase in MOD Grant in A'd. The Museum's programme of tslks raised £2,492 in 2024 (£1,885 in 2023). During 2024 the Museum stsff responded to 15 chargeable research inquiries relating to the museum collection raising £375 compared to 32 raising £791 in 2023. Sadly a key volunteer passed away in 2024. Trustees are intent on creating an improved reference and research library which improves staff and public access to the museum's records and referen￿. Shop sales totalled £34,730 in 2024 up from £30.241 in 2023. Whilst there VRS no progress in negotiations with the MOD for a lease for not Sess than 30 years on the Museum building the new arrangements viith The Rifies means that we can expect this to move fonmard soon. Page 2 THE RIFLEMAN'S MUSEUM TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW The Trust Fund finished 2024 with current assets of £505,232 {£432.585 in 2023). As at 31 December 2024 the balan￿ standing to the credit of each fund was: General (Unrestricted) Fund £390,959 Development Fund £56,452 (£324.465 in 2023) Endowment Fund £43.001 (£51,705 in 2023) Oxf & Bucks Ll Fund £14,820 (£41,956 in 2023) (£14,459 in 2023) Reserves It is Trustees, policy to maintain the 'free reserves. of the Charity that in those unrestricted funds not committed or invested in tangible fixed assets at a level to provide suffi'cient funds to cover the management, administration and support costs of the Charity for a period of 6 months without income from admission or trading. In fulfilment of this policy. the Trustees aim in 2024 to retain free reserves of not less than £80,000, a sum which is presendy covered by the credit balan￿ held in the General (Un￿St￿Cted) Fund. FUTURE PLANS In the next few years The Rifleman's Museum intends to: Increase the artefacts and stories held on the website so more of the collecb.on is available remotely to riflemen and the general public_ Subject to funding, design and build a new entrance, shop and RIFLES section of the museum which shows how rFfie regiment history is alive in the regiment today and how The Rifles contribute to the United Kingdoms defence and securty. Make other improvements to displays to improve the Royal Green Jacket section and complete the transfcrmation to the Rifleman's Museum Subject to funding. create a new reference and research library to enable easier acws for staff and the general public. Design mini exhibitions of rifle regiment history for installation in other museums in The Rifles network when funds become available. These developments require some minor charoes to the museums's objectives and KPIS from 2025 summarised below. Revised Museum Objecb'ves for 2025: M01. To attract additional visitors and users of all ages and backgrounds. and to be more accessible to all. including electronically M02. To optimise the use of resources and maximi* revenue generation M03. To manage, conserve and improve the Museum Collection efficiently and effectively M04. To develop as the 'hub' museum supporting The Rifies. M05. To exercise good governance and operate the Museum in accordance with best practice, managing staff effectively and providing development opportunities and improved working conditions. Revised Performan￿ Indicators for 2025: KPI 1 Admission. Achieve113,500] or more recorded vists to the Museum maintain an in-year minimum Gift Aid admission rate of at least 600 KPI 2 Trading Increase shop sales and income from other trading (targets to follow) KPI 3 Communications. Achieve an average of [to follow] monthty visitors to the Museum website and continue to increase following on social media (targets to follow) KPI 4 Website Development. Increase number of 'on4ine' displays, stories and exhibib'ons (targets to follow) KPI 5 Rifiemen. Increase visits, website and social media following by serving Riflemen. KPI 6 Feedback. Maintain 90 /0 of visitors surveyed rating the Museum Very G¢X)d' or better Page 3 THE RIFLEMAN'S MUSEUM TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER2024 STRUCTURE, GOVERNANCE AND MANAGEMENT The charity is Controlled by its governing document. a deed of trust and constitutes an unincorporated charity. The Rifleman's Museum is a MOD-sponsored and part-funded museum, accredited by the Arts Council (Registration No: 959). The Riflernan's Museum Trust is a Charitable Incorporated Organisation {No'. 1156207) approved by the Charity Commission wtth effect from 1 January 2015. The Museum has an operating company (2193863). which generates income by trading through the Museum shop and which manages the charitable operation of the Museum on the Trusts behalf. The Trust provides grant-in-aid from its own income, including donations from its restricted funds, to assist the Trading Company in funding the Museum's Charitab￿ operations. The Board of Trustees has 10 elected and bNo ex-officio Trustees. Elected trustees are appointed for an initial period of five years. renewable up to a maximum of ten years. with provision to exceed ten years where circumstances require,. the Board meets fomially three times a year and is served when required by a Development Group to oversee continuous improvement of the Museum and its displays. An audit of Trustees, competencies is periodically carried out by the Board to ensure that its members collectively have the skills required for the Board to do its job properly as required by Charty Law. When gaps are identrfied, new Trustees are sought within the total number allowed. The names of potential candidates are then considered at a Trustees, meeting. with no fonnal approach made to potential candidates without the full agr*ment of the Board. If. after being approached, potential candidates indicate a readiness to seNe on the Board, a meeting with the Chairman is arranged at the Museum and, Inter alia, the responsibilities of Trustees explained and the candidate's attention drawn to the latest edib.on of Charity Commission publications CC31CC3a. The potential candidate also receives an induction pack including a copy of the Trust Deed, the latest annual accounts and the minutes of recent meetings. If the candidate remains ready to be nominated as a Trustee, his or her name goes forward to the Board for elects'on, or otherwise, al the next Board m&b'ng. Any further induction required. including training. takes place thereafter. The Board meets formally three times a year to review the operation of the Museum, including its financial position,. to make decisions regarding the future of the Museum. to approve the Forward Plan for the next two years, including the establishment of Key Performance Indicators and the budget for the year ahead. Day-to-day management of the Museum rests with the Museum Curator and her staff, who administer the Museum as directed by Trustees and the MOD. Statement of Rlsk The Trustees have considered the major risks to which the Charity could be exposed and have reviewed the systems and arrangements in place to mitigate such risks" a risk register and on90ing system of review are in place. They are unaware of any irregularities, including fraud, involving the management or employees of the Charity, or of any instances of actual or possible non-compliance with laws, regulations or agreements, that might result in the Charty suffering significant penalties or other loss. REFERENCE AND ADMINISTRATIVE OETAILS Registered Charity number 1156207 Principal address Peninsula Barracks Romsey Road Winchester Hampshire Page 4 THE RIFLEMAN'S MLISEUM TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Brigadier J I S Plastow CBE - Chalr Mr N J B Atkinson Mf C C Cohen Mr P Corbin Mr D Erskine-Hlll Mr G C C Feihetstonhaugh KC Mrs 8 Heath-calthvell Colon81 N Ilic MBE QGM Mr S J Lrttle Dr R E Tayb)r MrSCWood (appointed 25 October 2024) (resigned 14 June 2024) (appolnled 25 October 2024) S8crefary Chris￿ne Pullen Inde￿lldent Examlner P UndeThYood, FCCA Morris Crt)Cker Chartered Accountants Stalion House North Street Havant Hampshire P09 1QU 8011cltors BDB Pitmans LLP GFDsvenor ￿￿USe Grosvenor Square S