COMPANY REGISTRATION NUMBER: CE007127 CHARITY REGISTRATION NUMBER: 1168426
## **The Green Howards**
**Trust (CIO) Unaudited Financial Statements**
**for the Year Ended 31 December 2024**
Ian Walker & Co. Accountants Wellington House Aviator Court Clifton Moor York YO30 4UZ
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**The Green Howards Trust Charitable Incorporated Organisation Financial Statements Year ended 31 December 2024**
||Page|
|---|---|
|**Trustee's Annual Report**|3|
|**Independent Examiner's Report**|8|
|**Statement of Financial Activities**|9|
|**Statement of Financial Position**|10|
|**Notes to the Financial Statements**|12|
|The following pages do not form part of the financial statements||
|**Detailed Statement of Financial Activities**|24|
|**Notes to the Detailed Statement of Financial Activities**|26|
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**The Green Howards Trust Charitable Incorporated Organisation Trustee's Annual Report Year ended 31 December 2024**
The Trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2024.
## **Reference and administrative details**
**Registered charity name** The Green Howards Trust **Charity registration number** 1168426 **Company registrafion number** CE007127 **Principal office and registered** Regimental Headquarters **office** Green Howards Museum Trinity Church Square Richmond North Yorkshire DL10 1AQ **The Trustees** Brig (Retd) Colthup CBE (Chair) Lt Col (Retd) J N Watt Major (Retd) P B R Houghton Lt Col (Retd) S Fovargue MBE Captain (Retd) P Taylor (Resigned 1 May 2024) Colonel (Retd) J K Wright Lt Col S Moss Captain (Retd) R Neville Lady Hale DBE PC Major (Retd) M G Hinde Ms L A Powell (Resigned 1 May 2024) Mr J Robson **Company Secretary** Mr N J Duncan **Chief Executive Officer** Mrs E J L Woods MBE **Independent Examiner** S J Morrell FCCA Wellington House Aviator Court Clifton Moor York YO30 4UZ
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**The Green Howards Trust Charitable Incorporated Organisation Trustee's Annual Report (continued) Year ended 31 December 2024**
## **Structure, governance and management**
The Charitable Incorporated Organisation was established by a constitution registered with the Charity Commlssion on 26 July 2016.
During 2015/16 the Trustees reviewed the status of the charity and decided to seek incorporation. This was effected through the creation of a new Charitable Incorporated Organisation (CIO) and the subsequent transfer of assets from the unincorporated charitable trust (registered charity number 291931) to the CIO on 1 January 2017. The transfer was part of a restructure including the transfer of assets from The Green Howards Regimental Museum and The Green Howards Normandy Memorial Trust to the CIO as their corporate successor.
The Charity Commission has also granted a scheme to appoint The Green Howards Trust as the sole Trustee of The Green Howards Regimental Museum.
Historically the Trustees have been former officers of the regiment. The current Trustees have begun to broaden the Trustee base and will continue to do so over the medium term. Trustees are made aware of the Charities Commission regulations by the secretary.
The Trustees meet formally four times per year. They set and monitor the annual budget and agree strategy and future plans. Two sub-committees have been established which report to the board; a museum executive committee, which is responsible for the oversight of the museum, and the investment committee.
We are grateful for the support of Paul Taylor and Lynda Powell; both of whom resigned as trustees in 2024. This year we welcomed Marcus Hinde and Josh Robson to the Trust and David Barras and Christine Power to the Museum Executive Committee.
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**The Green Howards Trust Charitable Incorporated Organisation Trustee's Annual Report (continued) Year ended 31 December 2024**
## **Vision, Objectives and Activities**
The Green Howards Trust's vision is:
_To inspire and inform present and future generations with the story of The Green Howards._ and
_To preserve and develop the core physical collection and the history it represents, whil promoting the achievements and ethos of quiet excellence of The Green Howards._
The charity's objectives are:
_To advance education in particular, but not exclusively, by the provision of the Green Howards Museum and the preservation and maintenance of the Green Howards collection_ and
_To promote the efficiency of the armed forces by upholding the traditions and ethos of the Green Howards Regiment and perpetuating its deeds._
The Green Howards Museum's mission is:
_To advance education of the role of the Green Howards and the Army in world events for the benefit of the general public. To be the spiritual home of the Green Howards for ex Green Howards and their families._
_Ours is an open invitation to see, engage with and learn from the collection with specific focus on veterans, the elderly and young people, to actively contribute to the development of the museum, the collection and the stories it tells._
_By collecting, preserving and facilitating access (both physical and digital) to material relating to the Green Howards and the Royal Yorkshire Regiment, we challenge perceptions, encourage debate and create an emotional connection to the soldiers who served._
Our strategic objectives are to:
- Preserve and develop the physical collection and its stories.
- Provide and develop the physical location in which the collection is housed and displayed.
- Develop initiatives to share our stories in order to inspire and inform.
- Develop a sustainable business model focused on income generation to fund routine outgoings.
- Raise the funds necessary to sustain our vision in perpetuity as well as be able to fund specific
- projects that may be desired in the future.
- Work in partnership with the Regimental family for at least as long as there are living Green Howard veterans.
- Recruit wider stakeholders, principally but not exclusively, through the mechanism of the Friends of the Green Howards Museum, and mobilise them as advocates and supporters of our vision.
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**The Green Howards Trust Charitable Incorporated Organisation Trustee's Annual Report (continued) Year ended 31 December 2024**
## **Vision, Objectives and Activities (continued)**
In 2024 the Trust worked with a consultant to deliver a case for support for the museum. Through this work, the Trust agreed to prioritise three key audiences in our outreach activities: veterans, the elderly, and children under 18. This strategic focus emphasises using the collection for educational good and to achieve broader societal benefits; and will shape our outreach activities over the next three years.
## **Achievements and perfomance**
The Trustees remain fully focused on delivering the new strategy which was agreed in May 2023. There is a clear understanding that it is ambitious and will hold a number of challenges but ultimately is the right direction for the Trust to move in.
With a vision to inspire and inform present and future generations with the story of The Green Howards and to achieve this on an in-perpetuity basis means, there is a need to fundraise over the next 5 years to ensure the Trust's endowment can support the vision; initially this will be through a legacy campaign. In the short term the income generation is required to create financial resilience to weather the potential cessation of MOD funding to the Museum in 2030.
## **Museum Report**
2024 was a busy year for the Museum. We had 7075 visitors, an increase on 2023 by 4.5%. Over 250 children attended curator led school workshops and 5 GCSE and A level students carried out work placements. We worked with 44 students on 3 projects with Leeds University, had 76 research cases commissioned and added over 21,000 soldiers names to our database.
The focus for the museum was commemorating the 80[th] anniversary of D-Day. Nine of our volunteers spent 8 months researching for our D-Day Special Exhibition which opened in May and ran until the end of the year. The museum featured on the BBC’s Antiques Roadshow’s D-Day Special, and appeared a further 9 times on local BBC and ITV news segments. On the 6[th] June we hosted a special event at the museum where attendees participated in a day of talks and tours of the museum’s stores, which culminated in handling the Hollis Victoria Cross medal group.
To mark the anniversary of D-Day we also worked with 21 local businesses to create a Victoria Cross themed family trail around Richmond and made 17 short videos for YouTube of all recipients of the Victoria Cross in the Green Howards Regiment. The museum researcher hosted several family history research days in the museum, gave a number of lectures on the subject of D-Day and recorded a podcast.
In September, we hosted our own version of the Antiques Roadshow – a Militaria Showcase. The day was a huge success, with visitors coming from all over the North of England.
Also this year, we worked with Richmond Town Council to create a new online exhibition that highlighted some of the silver collection belonging to the Town Council which is on permanent display at the museum.
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**The Green Howards Trust Charitable Incorporated Organisation Trustee's Annual Report (continued) Year ended 31 December 2024**
## **Museum Report (continued)**
The collection grew in 2024 with 50 donors donating 382 individual objects and 155 individual photographs/albums. A total of 960 new records were added to the system.
Mid 2024 the Trust reviewed where the museum’s outreach work had been most effective. As a result, it was decided that going forward the Museum should focus it’s events and education programmes on the following three audiences: veterans, the elderly and children under 18 years of age. As a result we forged a new partnership with the Service Schools Champion for North Yorkshire Council and worked on a remembrance project. Research and handling workshops were delivered at the museum for pupils from 22 Yorkshire schools, both primary and secondary, with the students’ work being displayed at a Remembrance Service held at Ripon Cathedral.
The Head of Collections worked with North Yorkshire Council on a new project called “Out of the Box Learning”. Aimed at schools, the purpose is to raise the profile of object-led learning and signposts teachers to museums in their area and the services they offer to support their students’ learning. Several items from the Green Howards collection will feature on this new learning platform.
We hosted a wide variety of events, including a book launch, discovery days, a podcast, Richmond walking tours, private tours, family history days and a broad programme of lectures, both internal and external.
A grant was received from Museum Development North, to replace the exterior signage on the building; this work will be carried out in 2025. Maintenance work ,including restoring the stonework on the outside of the building and in the Normanby Room and re-decorating the exterior windows and doors, was carried out.
We are grateful for the hard work and dedication of all the staff and our volunteers, without whom we could not deliver the excellence we strive for .
## **Financial Review**
The trust holds the majority of its assets in quoted investments and cash. The Trustees aim, over the medium term, is to set a budget that balances the income from investments, the income earned from the museum and fundraising with expenditure. Given the liquid nature of the investment assets the Trustees do not feel the need for a formal reserves policy.
The investments are managed on a discretionary basis by professional fund managers. The Trustees review the investment mandate annually and delegate monitoring of the management and performance to an investment sub-committee. The current mandate is to invest for growth.
The Trustees consider the main risks facing the trust to be:
- The withdrawal of grants from the Ministry of Defence in support of the museum . This is expected in 2030. The Trustees are looking to increase investment income by this time to counter
- Underperformance of investment assets
- A divesting event at the museum.
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**The Green Howards Trust Charitable Incorporated Organisation Trustee's Annual Report (continued) Year ended 31 December 2024**
## **Financial review** _**(continued)**_
The trust has a risk management strategy which identifies the risk to the trust under the following headings; strategic, operational, museum, financial, legal, compliance and governance. The museum also has an emergency plan.
For the year ended 31 December 2024 the museum has had incoming resources of £241,192, all of which have been unrestricted funds, whilst outgoing resources totalled £367,146, of which £44,493 related to restricted activities. The outgoing restricted funds relate solely to depreciation charge, on the capital acquisitions . For the year, after recognising the gains on investments, the museum had an overall surplus in funds of £24,032.
The trust had retained funds at the end of the financial year of £3,979,891, of which £437,840 related to restricted funds with the remaining £3,542,051 being unrestricted.
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**The Green Howards Trust Charitable Incorporated Organisation Independent Examiner's Report to the Trustees of The Green Howards Trust Year ended 31 December 2024**
I report to the Trustees on my examination of the financial statements of The Green Howards Trust (the charity') for the year ended 31 December 2024.
## **Responsibilities and basis of the report**
As the Trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent Examiner's Statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting Standard by Charities: Statement of Recommended Practice issued on 1 Apiil 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the applicable requirements concerning the form and content af accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
S J Morrell FCCA
Independent Examiner Wellington House Aviator Court York Clifton Moor YO30 4UZ
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## **The Green Howards Trust Charitable Incorporated Organisation Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2024**
**----- Start of picture text -----**
2024 2023
Unrestricted Restricted
Total funds Total funds
funds funds
Note £ £ £ £
Income and endowments
Donations and Grants 4 59,682 - 59,682 72,586
Charitable activities 5 64,431 - 64,431 45,618
Other trading activities 6 45,421 - 45,421 47,697
Investment income 7 71,659 - 71,659 66,516
Total income 241,192 - 241,192 232,417
Expenditure
Expenditure on raising funds: Raising funds 8 24,141 5,177 29,318 23,024
Costs of trading activities 9 24,666 - 24,666 32,776
Investment management costs 10 19,545 - 19,545 18,754
Expenditure on charitable activities 11,12 254,306 39,311 293,617 292,577
Total expenditure 322,658 44,488 367,146 367,131
Net gains/(losses) on investments 13 149,986 - 149,986 177,622
Net income/(expenditure) 68,520 (44,488) 24,032 42,908
Transfers between funds - - - -
Net movement in funds 68,520 (44,488) 24,032 42,908
Reconciliation of Funds
Total funds brought forward 3,473,526 482,333 3,955,859 3,912,951
Total funds carried forward 3,542,046 437,845 3,979,891 3,955,859
**----- End of picture text -----**
The state of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on page 12 form part of these financial statements.
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**The Green Howards Trust Charitable Incorporated Organisation Statement of Financial Position Year ended 31 December 2024**
|**Note**
Fixed assets Tangible fixed assets
**18**
Investments
**19**|**2024**
**2023**
£
£
1,013,741
1,085,945
2,919,996
2,821,666|
|---|---|
|Current assets
Stocks
**20**
Debtors
**21**
Cash at bank and in hand|3,933,737
3,907,611
26,717
27,035
144
8,911
51,947
56,403|
|Creditors: amounts falling due within one year
**22**
Net current assets|78,809
92,349
32,655
44,101
46,154
48,248|
|Total assets less current liabilities|3,979,891
3,955,859|
|**Net assets**|3,979,891
3,955,859|
|Funds of the charity Restricted funds
Unrestricted funds|437,845
482,333
3,542,046
3,473,526|
|Total charity funds
**26**|3,979,891
3,955,859|
These financial statements were approved by the board of Trustees and authorised for issue on 9th September 2025 and are signed on behalf of the board by:
Brig (Retd) Colthup CBE (Chairman) Trustee
The notes on page 12 form part of these financial statements.
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**The Green Howards Trust Charitable Incorporated Organisation Notes to the Financial Statements Year ended 31 December 2024**
## **1. General information**
The Green Howards Trust is a Charitable Incorporated Organisation established by constitution and registered with the Charities Commission.
## **2. State of Compliance**
The accounts have been prepared in accordance with the charity's constituation, the Charities Act 2011 and "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 Republic of Ireland (FRS102)"(as amended for accounting periods commencing from 1 January 2016)
The Charity is a Public Benefit Entity as defined by FRS102.
## **3. Accounting Policies**
## **Basis of Preparation**
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity
## **Going concern**
There are no material uncertainties about the charity's ability to continue.
## **Disclosure exemptions**
The Charity has taken advantage of the provision in the SORP for charities applying FRS 102 update bulletin 1 not to prepare a statement of cash flows.
## **Judgements and key sources of estimation uncertainty**
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on expeñence and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
## **Heritage assets**
It is the policy of the CIO not to capitalise heritage assets which compromise the Regimental Collection of medals. These are in effect inalienable, held in perpetuity, and are mostly irreplaceable. Any financially based valuation would be misleading to the value and significance of the material culture involved. The CIO has a clear duty of care for these assets and to make them available for the enjoyment and education of the public as far as possible, commensurate with their long term care and preservation. The highest possible standards of collection management are applied, and the catalogues are made available as widely as possible to facilitate all enquiries and requests for information, subject to appropriate security and data protection guidelines.
## **Fund accounting**
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
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**The Green Howards Trust Charitable Incorporated Organisation Notes to the Financial Statements (continued) Year ended 31 December 2024**
## **3. Accounting Policies (Continued)**
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
## **Incoming resources**
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- legacy income is recognised when receipt is probable and entitlement is established.
- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
## **Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
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**The Green Howards Trust Charitable Incorporated Organisation Notes to the Financial Statements (continued) Year ended 31 December 2024**
## **3. Accounting Policies (Continued)**
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
## **Depreciation**
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property 2% straight line Fixtures and fittings 10% straight line Equipment 3 years straight line
## **Investments**
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
## **Stocks**
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
## **Government grants**
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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**The Green Howards Trust Charitable Incorporated Organisation Notes to the Financial Statements (continued) Year ended 31 December 2024**
## **3. Accounting Policies (Continued)**
## **Financial Instruments**
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
The charity does not use any financial instruments which are deemed to be non-basic.
## **Defined contribution plans**
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
## **4. Donations and Grants**
|**Donations**
General donations
Collen Collins donations
**Grants**
MOD wages grant
Art Fund
Friends of the Green Howards Musem
Government grant income
**e Activities**
Admissions and musuem events
Digitisation
Miscellaneous income|£
£
£
£
9,320
9,320
15,161
15,161
15,000
15,000
10,000
10,000
24,821
24,821
23,590
23,590
-
-
-
-
10,540
10,540
23,835
23,835
-
-
-
-
59,682
59,682
72,586
72,586
£
£
£
£
52,801
52,801
40,859
40,859
70
70
4,759
4,759
11,559
11,559
-
-
64,431
64,431
45,618
45,618
Unrestricted
Funds
Total Funds
2024
Unrestricted
Funds
Total Funds
2023
Unrestricted
Funds
Unrestricted
Funds
Total Funds
2024
Total Funds
2023|
|---|---|
## **5. Charitable Activities**
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## **The Green Howards Trust Charitable Incorporated Organisation Notes to the Financial Statements (continued) Year ended 31 December 2024**
## **6. Other trading activities**
|**Year ended 31 December 2024**
**6. Other trading activities**|||
|---|---|---|
|Shop sales||£
£
£
£
45,421
45,421
47,697
47,697
Total Funds
2024
Unrestricted
Funds
Total Funds
2023
Unrestricted
Funds|
|||45,421
45,421
47,697
47,697|
|**7. Investment income**
Income from listed investments
Bank interest receivable||£
£
£
£
71,418
71,418
66,405
66,405
241
241
111
111
Unrestricted
Funds
Total Funds
2024
Unrestricted
Funds
Total Funds
2023|
|||71,659
71,659
66,516
66,516|
|**8. Raising funds**
Advertising
Association Grants and Costs
Exhibitions and special projects|£
4,599
9,524
10,018
Unrestricted
Funds|£
£
£
£
-
4,599
5,158
5,158
-
9,524
13,364
13,364
5,177
15,195
4,502
4,502
Restricted
Funds
Total Funds
2024
Unrestricted
Funds
Total Funds
2023|
||24,141|5,177
29,318
23,024
23,024|
|**9. Cost of trading activities**
Shop costs||£
£
£
£
24,666
24,666
32,776
32,776
Unrestricted
Funds
Total Funds
2024
Unrestricted
Funds
Total Funds
2023|
|||24,666
24,666
32,776
32,776|
|**10. Investment management costs**
Investment management charges||£
£
£
£
19,545
19,545
18,754
18,754
Unrestricted
Funds
Total Funds
2024
Unrestricted
Funds
Total Funds
2023|
|||19,545
19,545
18,754
18,754|
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**The Green Howards Trust Charitable Incorporated Organisation Notes to the Financial Statements (continued) Year ended 31 December 2024**
## **11. Expendtiure on charitable activities by fund type**
**----- Start of picture text -----**
|||||
|---|---|---|---|
|Unrestricted|Restricted|Total Funds|
|Funds|Funds|2024|
|£|£|£|
|Museum costs|248,533|39,311|287,844|
|Support costs|5,773|-|5,773|
|254,306|39,311|293,617|
|Unrestricted|Restricted|Total Funds|
|Funds|Funds|2023|
|£|£|£|
|Museum costs|254,056|39,315|293,371|
|Support costs|(794)|-|(794)|
|253,262|39,315|292,577|
**----- End of picture text -----**
## **12. Expenditure on charitable activities by activity type**
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|Activities|
|undertaken|Total funds|Total Funds|
|Support costs|
|directly|2024|2023|
|£|£|£|£|
|Museum costs|287,844|-|287,844|293,371|
|Governance costs|-|5,773|5,773|(794)|
|287,844|5,773|293,617|292,577|
|Unrestricted|Total Funds|Unrestricted|Total Funds|
|Funds|2024|Funds|2023|
|£|£|£|£|
|Gains/(losses) on listed investments|149,986|149,986|177,622|177,622|
|149,986|149,986|177,622|177,622|
**----- End of picture text -----**
## **13. Net gains/(losses) on investments**
## **14. Net income/(expenditure)**
Net income/(expenditure) is stated after charging/(crediting):
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|£|£|
|Depreciation of tangible fixed assets|83,037|79,433|
**----- End of picture text -----**
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**The Green Howards Trust Charitable Incorporated Organisation Notes to the Financial Statements (continued) Year ended 31 December 2024**
## **15. Independent examination fees**
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|Fees payable to independent examiner for:|£|£|
|Independent examination of the financial statements|3,250|4,500|
**----- End of picture text -----**
## **16. Staff Costs**
The total staff costs and employee benefits for the reporting period are analysed as follows:
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|£|£|
|Wages and salaries|146,567|147,149|
|Social security costs|8,544|7,295|
|Employer contributions to pension plans|3,378|4,425|
|158,489|158,869|
**----- End of picture text -----**
The average head count of eployees during the year was 5 (2023: 5). The average number of full-time equivalen t employees during the year is analysed below:
**----- Start of picture text -----**
||||
|---|---|---|
|2024|2023|
|No.|No.|
|Museum|5|5|
**----- End of picture text -----**
No employee received employee benefits of more than £60,000 during the year (2023: Nil)
## **17. Trustee remuneration and expenses**
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
- 18 -
**The Green Howards Trust Charitable Incorporated Organisation Notes to the Financial Statements (continued) Year ended 31 December 2024**
|**18. Tangible fixed assets**
**Cost**
At 1 January 2024
Additions
**At 31 December 2024**
**Cost**
At 1 January 2024
Charge for the year
**At 31 December 2024**
**Carrying amount**
**At 31 December 2024**
At 31 December 2023|£
£
£
£
**£**
20,000
1,049,824
582,465
13,406
1,665,695
-
-
-
10,780
10,780
20,000
1,049,824
582,465
24,186
1,676,475
-
149,932
417,802
11,963
579,697
-
20,996
58,247
3,794
83,037
-
170,928
476,049
15,757
662,734
20,000
878,896
106,416
8,429
1,013,741
20,000
899,892
164,663
1,443
1,085,998
Long
leasehold
property
Fixtures and
fittings
Equipment
**Total**
Freehold
property|
|---|---|
|**19. Investments**
**Cost**
At 1 January 2024
Additions
Disposals
Fair value movements
Other movements
**At 31 December 2024**
**Impairment**
At 1 January 2024 and 31 December 2024
**Carrying amount**
**At 31 December 2024**
At 31 December 2023|£
£
**£**
98,550
2,723,116
2,821,666
-
716,328
716,328
-
(736,294)
(736,294)
-
143,663
143,663
(26,123)
757
(25,366)
72,427
2,847,569
2,919,996
-
72,427
2,847,569
2,919,996
98,550
2,723,116
2,821,666
Cash or cash
equivalents
Listed
investments
**Total**|
|---|---|
All investments shown aboove are held at valuation
- 19 -
**The Green Howards Trust Charitable Incorporated Organisation Notes to the Financial Statements (continued) Year ended 31 December 2024**
## **19. Investments (continued)**
## **Financial assets held at fair vakue**
The Green Howards Trust is the sole trustee of the The Green Howards Regimental Museum (registered charity number 272645). The Trust assumed control over the subsidiary on 1 January 2017 when it became the sole trustee.
## **20. Stocks**
|Finished goods and goods for resale
Trade Debtors
Prepayments and accured income
Other debtors
**s: amounts falling due within one year**
Trade creditors
Accruals and deferred income
Social security and other taxes
Other creditors
**income**
Amount deferred in year|2024
2023
£
£
26,717
27,035
2024
2023
£
£
-
1,512
144
3,896
-
3,503
144
8,911
2024
2023
£
£
5,894
17,134
19,991
20,444
5,770
6,437
1,000
86
32,655
44,101
2024
2023
£
£
10,738
15,944|
|---|---|
## **21. Debtors**
## **22. Creditors: amounts falling due within one year**
## **23. Deferred income**
## **24. Pensions and other post retirement benefits**
## **Defined contribution plans**
The amount recognised in income or expenditure as an expense in relation to defined contributions plans was £3,378 (2023: £4,425).
- 20 -
**The Green Howards Trust Charitable Incorporated Organisation Notes to the Financial Statements (continued) Year ended 31 December 2024**
## **25. Government grants**
**----- Start of picture text -----**
||||
|---|---|---|
|The amountss recognised in the financial statements for government garnts are as follows:|
|2024|2023|
|Recognised in income from donations and legacies:|£|£|
|Government grants income|-|-|
**----- End of picture text -----**
## **26. Analysis of charitable funds**
## **Unrestricted Funds**
**----- Start of picture text -----**
||||||||
|---|---|---|---|---|---|---|
|Gains and|
|At 1 Jan 24|Income|Expenditure|Transfers|At 31 Dec 24|
|losses|
|£|£|£|£|£|£|
|General Funds|3,473,526|241,192|(322,658)|-|149,986|3,542,046|
|Gains and|
|At 1 Jan 23|Income|Expenditure|Transfers|At 31 Dec 23|
|losses|
|£|£|£|£|£|£|
|General Funds|3,292,179|232,417|(327,816)|99,124|177,622|3,473,526|
|Gains and|
|At 1 Jan 24|Income|Expenditure|Transfers|At 31 Dec 24|
|losses|
|£|£|£|£|£|£|
|General Funds|482,333|-|(44,488)|-|-|437,845|
|Gains and|
|At 1 Jan 23|Income|Expenditure|Transfers|At 31 Dec 23|
|losses|
|£|£|£|£|£|£|
|General Funds|620,772|-|(39,315)|(99,124)|-|482,333|
**----- End of picture text -----**
## **Restricted Funds**
- 21 -
**The Green Howards Trust Charitable Incorporated Organisation Notes to the Financial Statements (continued) Year ended 31 December 2024**
## **26. Analysis of charitable funds (continued)**
|Musuem Development Fund
Normandy Memorial Fund
Weston Loan with Art Fund Prog
Medal Room Project - HLF|461,274
-
(36,339)
-
424,935
9,358
-
(5,177)
-
4,181
700
-
(772)
-
(72)
11,001
-
(2,200)
-
8,801
At 1 Jan 24
Income
Expenditure
Transfers
**At 31 Dec 24**|
|---|---|
||482,333
-
(44,488)
-
437,845|
Purposes of restricted funds:
- The Museum Development Fund is restricted for future depreciation charges on capital improvements made to the museum.
- The Normandy Memorial Fund was created from a donation from The Green Howards Normandy Memorial Trust and expenditure is restricted in line with the former charity's objects.
- The Weston Loan with Art Fund Programme is restricted to enable the museum to borrow objects from national museums, and includes future depreciation on capital items.
- The Medal Room Project is the refurbishment of the medal room incorporating a new display of Victoria Cross Medals, and includes future depreciation in capital. This has been funded by the Hreitage Lottery Fund.
- 22 -
**The Green Howards Trust Charitable Incorporated Organisation Notes to the Financial Statements (continued) Year ended 31 December 2024**
## **27. Analysis of assets between funds**
|Tangible fixed assets
Investments
Current assets
Creditors less than 1 year
**Net assets**
Tangible fixed assets
Investments
Current assets
Creditors less than 1 year
**Net assets**|£
£
£
580,078
433,663
1,013,741
2,919,996
-
2,919,996
74,628
4,181
78,809
(32,655)
-
(32,655)
3,542,046
437,845
3,979,891
£
£
£
612,970
472,975
1,085,945
2,821,666
-
2,821,666
82,991
9,358
92,349
(44,101)
-
(44,101)
3,473,526
482,333
3,955,859
Unrestricted
Funds
Restricted
Funds
Total Funds
2023
Unrestricted
Funds
Restricted
Funds
Total Funds
2024|
|---|---|
- 23 -
**The Green Howards Trust Charitable Incorporated Organisation Detailed Statement of Financial Activities Year ended 31 December 2024**
**----- Start of picture text -----**
2024 2023
£ £
Income and endowments
Donations and grants
General donations 9,320 15,161
Collen Collins donations 15,000 10,000
MODwages grant 24,821 23,590
Art fund - -
Friends of the Green Howards Museum 10,540 23,835
Government grant income - -
59,682 72,586
Charitable activities
Admissions and musuem events 52,801 40,859
Digitisation 70 4,759
Insurance 11,559 -
64,431 45,618
Other trading activities
Shop sales 45,421 47,697
45,421 47,697
Investment income
Income from listed investments 71,418 66,405
Bank interest receivable 241 111
71,659 66,516
Total Income 241,192 232,417
**----- End of picture text -----**
- 24 -
**The Green Howards Trust Charitable Incorporated Organisation Detailed Statement of Financial Activities (continued) Year ended 31 December 2024**
**----- Start of picture text -----**
2024 2023
Expenditure £ £
Raising funds
Purchases 15,195 4,502
Association grants and costs 9,524 13,364
Advertising 4,599 5,158
29,317 23,024
Costs of trading activities
Purchases 23,176 31,155
Other office costs 1,490 1,621
24,666 32,776
Investment management costs
Investment management costs 19,545 18,754
19,545 18,754
Expenditure on charitable activities
Wages and salaries 146,567 147,149
Employer's NIC 8,544 7,295
Pension costs 3,378 4,425
Repairs and maintenance 19,819 24,686
Insurance 15,352 16,068
Other motor/travel costs 1,108 1,607
Legal and professional fees 3,770 5,241
Other office costs 5,757 5,186
Depreciation 83,037 79,433
Other interest payable and similar charges - 798
Non- recoverable VAT and sundry expenses 4,695 -3,184
Subscriptions 1,078 3,873
Training 513 -
293,617 292,577
Total expenditure 367,146 367,131
Net gains/(losses) on investments
Gains/(losses) on listed investments 149,986 177,622
Net income/(expenditure) 24,032 42,908
**----- End of picture text -----**
- 25 -
**The Green Howards Trust Charitable Incorporated Organisation Notes to the Detailed Statement of Financial Activities Year ended 31 December 2024**
**----- Start of picture text -----**
2024 2023
£ £
Raising funds
Association grants and costs 9,524 13,364
Advertising 4,599 5,158
14,122 18,522
Exhibitions and special projects
Exhibitions and special projects 15,195 4,502
Raising funds 29,317 23,024
Costs of trading activities
Shop costs
Shop costs - purchases 23,176 31,155
Shop costs - card merchant fees 1,490 1,621
Costs of trading activities 24,666 32,776
**----- End of picture text -----**
- 26 -
**The Green Howards Trust Charitable Incorporated Organisation Notes to the Detailed Statement of Financial Activities (continued) Year ended 31 December 2024**
**----- Start of picture text -----**
2024 2023
£ £
Expenditure on charitable activities
Museum costs
Wages and salaries 146,567 147,149
Employer's NIC 8,544 7,295
Pension costs 3,378 4,425
Repairs and maintenance 19,819 24,686
Insurance 15,352 16,068
Other motor/travel costs 1,108 1,607
Legal and professional fees - 600
Other office costs 5,757 5,186
Depreciation 83,037 79,433
Sundry expenses 4,695 3,049
Subscriptions 1,078 3,873
Training 513 -
289,847 293,371
Governance costs
Accountancy fees 3,770 4,641
Other finance costs - 798
Non-recoverable VAT - (6,233)
3,770 (794)
Expenditure on charitable activities 293,617 292,577
**----- End of picture text -----**
- 27 -
## COMPANY REGISTRATION NUMBER: CE007127 CHARITY REGISTRATION NUMBER: 1168426
**The Green Howards Trust (CIO) Unaudited Consolidated Financial Statements for the Year Ended 31 December 2024**
- 28 -
**The Green Howards Trust Charitable Incorporated Organisation Consolidated Statement of Financial Activities Year ended 31 December 2024**
**----- Start of picture text -----**
2024 2023
Unrestricted Restricted
Total funds Total funds
funds funds
Note £ £ £ £
Income and endowments
Donations and Grants 59,682 - 59,682 72,586
Charitable activities 64,431 - 64,431 45,618
Other trading activities 45,421 - 45,421 47,697
Investment income 1 86,644 - 86,644 79,473
Total income 256,177 - 256,177 245,374
Expenditure
Expenditure on raising funds: Raising funds 24,141 5,177 29,318 (23,024)
Costs of trading activities 24,666 - 24,666 (32,776)
-
Investment management costs 24,917 24,917 (23,708)
Expenditure on charitable activities 2 254,306 39,311 293,617 (292,577)
Total expenditure 328,030 44,488 372,518 (372,085)
Net gains/(losses) on investments 3 221,591 - 221,591 218,408
Net income/(expenditure) 149,737 (44,488) 105,250 91,697
Transfers between funds - - - -
Net movement in funds 149,737 (44,488) 105,250 91,697
Reconciliation of Funds
Total funds brought forward 4,239,541 482,333 4,721,874 4,630,177
Total funds carried forward 4,389,278 437,845 4,827,124 4,721,874
**----- End of picture text -----**
The state of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 29 -
**The Green Howards Trust Charitable Incorporated Organisation Consolidated Statement of Financial Position Year ended 31 December 2024**
**----- Start of picture text -----**
2024 2023
£ £
Note
Fixed assets Tangible fixed assets 1,013,741 1,085,945
Investments 4 3,735,882 3,575,069
4,749,623 4,661,014
Current assets
Stocks 26,717 27,035
Debtors 144 8,911
Cash at bank and in hand 83,294 69,015
110,156 104,961
Creditors: amounts falling due within one year 32,655 44,101
Net current assets 77,501 60,860
Total assets less current liabilities 4,827,124 4,721,874
Net assets 4,827,124 4,721,874
Funds of the charity Restricted funds 437,845 482,333
Unrestricted funds 5 4,389,278 4,239,541
Total charity funds 6 4,827,124 4,721,874
**----- End of picture text -----**
- 30 -
**The Green Howards Trust Charitable Incorporated Organisation Notes to the Consolidated Financial Statements Year ended 31 December 2024**
## **1. Investment income**
|Income from listed investments (Trust)
Income from listed investments (Collen Collins)
Bank interest receivable
**2. Investment management costs**
Investment management charges (Trust)
Investment management charges (Collen Collins)
**3. Net gains/(losses) on investments**
Gains/losses on listed investments (Trust)
Gains/losses on listed investments (Collen Collins)|£
£
£
£
71,418
71,418
66,405
66,405
14,696
14,696
12,957
12,957
448
448
111
111
71,418
71,418
79,473
79,473
£
£
£
£
19,545
19,545
18,754
18,754
5,371
5,371
4,954
4,954
24,917
24,917
23,708
23,708
£
£
£
£
149,986
149,986
177,622
177,622
71,605
71,605
40,786
40,786
221,591
221,591
218,408
218,408
Unrestricted
Funds
Total Funds
2024
Unrestricted
Funds
Total Funds
2023
Unrestricted
Funds
Total Funds
2024
Unrestricted
Funds
Total Funds
2023
Unrestricted
Funds
Total Funds
2024
Unrestricted
Funds
Total Funds
2023|
|---|---|
- 31 -
## **The Green Howards Trust Charitable Incorporated Organisation Notes to the Consolidated Financial Statements (continued) Year ended 31 December 2024**
## **4. Investments**
|**Cost**
At 1 January 2024
Additions
Disposals
Fair value movements
Other movements
**At 31 December 2024**
**Impairment**
At 1 January 2024 and 31 December 2024
**Carrying amount**
**At 31 December 2024**
At 31 December 2023|£
£
£
**£**
98,550
2,723,116
753,403
3,575,069
-
716,328
166,577
882,905
-
(736,294)
(198,534)
(934,829)
-
143,663
69,304
212,967
(26,123)
757
25,136
(230)
72,427
2,847,569
815,886
3,735,882
-
72,427
2,847,569
815,886
3,735,882
98,550
2,723,116
753,403
3,575,069
Cash or cash
equivalents
Collen Collins
portfolio
**Total**
Listed
investments|
|---|---|
All investments shown aboove are held at valuation
## **5. Analysis of charitable funds**
## **Unrestricted Funds**
|General Funds
(Trust)
General Funds
(Collen Collins)
General Funds
(Trust)
General Funds
(Collen Collins)|£
£
£
£
£
**£**
4,239,541
256,177
(328,030)
-
221,591
4,389,278
£
£
£
£
£
**£**
4,009,405
245,374
(332,770)
99,124
218,408
4,239,541
At 1 Jan 24
Income
Expenditure
Transfers
Gains and
losses
**At 31 Dec 24**
**At 31 Dec 23**
3,473,526
766,015
**3,542,046**
**847,233**
241,192
(322,658)
-
149,986
71,605
-
(5,371)
14,985
At 1 Jan 23
Income
Expenditure
Transfers
Gains and
losses
**3,473,526**
717,226
12,957
(4,954)
-
40,786
**766,015**
3,292,179
232,417
(327,816)
99,124
177,622|
|---|---|
- 32 -
**The Green Howards Trust Charitable Incorporated Organisation Notes to the Consolidated Financial Statements (continued) Year ended 31 December 2024**
## **6. Analysis of assets between funds**
|Tangible fixed assets
Investments
Current assets
Creditors less than 1 year
**Net assets**
Tangible fixed assets
Investments
Current assets
Creditors less than 1 year
**Net assets**|£
£
£
580,078
433,663
1,013,741
3,585,882
150,000
3,735,882
105,974
4,181
110,156
(32,655)
-
(32,655)
4,239,279
587,845
4,827,124
£
£
£
612,970
472,975
1,085,945
3,425,069
150,000
3,575,069
95,603
9,358
104,961
(44,101)
-
(44,101)
4,089,541
632,333
4,721,874
Unrestricted
Funds
Restricted
Funds
Total Funds
2023
Unrestricted
Funds
Restricted
Funds
Total Funds
2024|
|---|---|
- 33 -
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