2023-03-31-accounts

CHARITY REGISTRATION NUMBER: 1171026

The Museum of Military Medicine Trust

Financial Statements

31 March 2023

The Museum of Military Medicine Trust

Financial Statements

Year ended 31 March 2023

	Page
Trustees' annual report	1
Independent auditor's report to the member	4
Statement of financial activities	8
Statement of financial position	9
Notes to the financial statements	10

The Museum of Military Medicine Trust

Trustees' Annual Report

Year ended 31 March 2023

The trustees present their report and the financial statements of the charity for the year ended 31 March 2023.

Reference and administrative details

Registered charity name The Museum of Military Medicine Trust Charity registration number 1171026 Principal office Keogh Barracks Ash Vale Aldershot GU12 5RQ The trustees J Baker Col A Boreham Maj M Ellis Col P Hubbard Prof M Harrison Mr P Nickson Dr C Scott D Cannon R Good LLB Col G Johnson Maj D McTaggart Auditor TTCA Ltd Chartered accountants & statutory auditor 269 Farnborough Road Farnborough Hampshire GU14 7LY

Structure, governance and management

The Museum of Military Medicine Trust was established as 'The Army Medical Services Museum Trust' on 11 May 1999. The new charity brought together the collections of the previously separate RAMC Historical Museum, Royal Army Veterinary Corps Museum, Royal Army Dental Corps Museum and Queen Alexandra's Royal Army Nursing Corps Museum.

1

The Museum of Military Medicine Trust

Trustees' Annual Report (continued)

Year ended 31 March 2023

Objectives and activities

The Objects of the Charity were "to educate the public and members of the Corps in the history and military accomplishments of the Corps and the former constituent Corps and to promote military efficiency and encourage recruitment by public exhibition of the Collection in the Museum or Museums or such other places as the Trustees may from time to time decide, and to conserve, restore, repair, re-construct and preserve objects in the Collection." The museum charity became a Charitable Incorporated Organisation in 2017 and broadened its charitable aims in 2019, better to facilitate partnerships with other organisations.

The Board of Trustees manages the charity, and is responsible for its assets and the charity's strategic direction. The Board has two ex-officio positions: Colonel AMS and Co-ordinating AMS Regimental Secretary, the rest of the trustees are appointed. The Board of Trustees meets four times each year. The trustees are collectively responsible for the Board's decisions.

A total of £85,280.36 was received in Grant in Aid during financial year 2022/2023 towards the salaries of the Director, Curator and Assistant Curator. The Trust also employs one full-time Retail Assistant. Between them they carry out the Trust's day-to-day work. Utilities, rent and rates are provided from Public Funds. A group of volunteers provide regular support to the museum, who undertook 1,510 hours of work for the museum between them this last FY, or the equivalent of £22,500. A Friends organisation also supports the museum, both financially and practically.

Achievements and performance

The museum commemorated the anniversary of the Falklands invasion by Argentina in 1982 in its 'Falklands 40' temporary exhibition, which opened on 1 April 2022. A programme of online talks was delivered through the year on assorted military medical topics. More than a hundred group and research visits have taken place through the year and museum staff have delivered off-site talks. Items from the museum's collections have been loaned to other museums for temporary displays. The online retail element remained active throughout this period.

Staff and volunteers

Staff have continued to field research enquiries and undertake collections cataloguing and rationalisation, as well as undertaking individual CPD activities. The museum continues to offer training and work experience opportunities to students.

Relocation Project

The museum has employed the services of a professional fundraiser and has had positive discussions with potential investors in the relocation project with a view to realising the capital costs of the project. New partnerships have been established with a view to diversifying revenue streams.

2

The Museum of Military Medicine Trust

Trustees' Annual Report (continued)

Year ended 31 March 2023

Financial review

Reserves Policy

The Trustees have examined the requirement for free reserves, which are unrestricted funds which are not represented by tangible fixed assets and which are not designated for specific purposes or otherwise committed. The Trustees have affirmed that, having regard to the nature of the activities of the AMS Museum, the level of free reserves should be approximately £15,000 which is broadly equivalent to four months ordinary expenditure. The Trustees are of the opinion that this would provide sufficient flexibility to cover fluctuations income flows and in meeting the costs of the other contingencies. It is the intention of the Trustees to move towards this level of reserves as circumstances permit.

Trustees' responsibilities statement

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the applicable Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' annual report was approved on 11 January 2024 and signed on behalf of the board of trustees by:

Col P Hubbard Trustee

3

The Museum of Military Medicine Trust

Independent Auditor's Report to the Member of The Museum of Military Medicine Trust

Year ended 31 March 2023

Opinion

We have audited the financial statements of The Museum of Military Medicine Trust (the 'charity') for the year ended 31 March 2023 which comprise the statement of financial activities, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

4

The Museum of Military Medicine Trust

Independent Auditor's Report to the Member of The Museum of Military Medicine Trust (continued)

Year ended 31 March 2023

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

• the information given in the trustees' report is inconsistent in any material respect with the financial statements; or

• adequate accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

5

The Museum of Military Medicine Trust

Independent Auditor's Report to the Member of The Museum of Military Medicine Trust (continued)

Year ended 31 March 2023

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general auditing and accounting experience and through discussion with the directors and other management (as required by auditing standards), the polices and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statement, for instance through the imposition of fines or litigation. We indemnified areas as those most likely to have such an effect such as anti bribery and certain aspects of company legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

6

The Museum of Military Medicine Trust

Independent Auditor's Report to the Member of The Museum of Military Medicine Trust (continued)

Year ended 31 March 2023

• Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's member, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's member those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's member as a body, for our audit work, for this report, or for the opinions we have formed.

Thomas McManners (Senior Statutory Auditor)

For and on behalf of TTCA Ltd Chartered accountants & statutory auditor 269 Farnborough Road Farnborough Hampshire GU14 7LY

11 January 2024

7

The Museum of Military Medicine Trust

Statement of Financial Activities

Year ended 31 March 2023

			2023		2022
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	4	165,986	–	165,986	144,217
Other trading activities	5	65,755	–	65,755	60,247
Investment income	6	3,925	–	3,925	9
		─────────	────	─────────	─────────
Total income		235,666	–	235,666	204,473
		═════════	════	═════════	═════════
Expenditure
Expenditure on raising funds:
Costs of other trading activities	7	87,335	–	87,335	46,614
Expenditure on charitable activities	8,9	154,909	45,030	199,939	271,165
		─────────	────────	─────────	─────────
Total expenditure		242,244	45,030	287,274	317,779
		═════════	════════	═════════	═════════
		─────────	────────	─────────	─────────
Net expenditure and net movement	in
funds		(6,578)	(45,030)	(51,608)	(113,306)
		═════════	════════	═════════	═════════
Reconciliation of funds
Total funds brought forward		7,629,720	1,060,294	8,690,014	8,803,320
		────────────	────────────	────────────	────────────
Total funds carried forward		7,623,142	1,015,264	8,638,406	8,690,014
		════════════	════════════	════════════	════════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 10 to 18 form part of these financial statements.

8

The Museum of Military Medicine Trust

Statement of Financial Position

31 March 2023

		2023	2022
	Note	£	£
Fixed assets
Intangible assets	14	45,500	–
Tangible fixed assets	15	78,641	86,478
Heritage assets	16	7,026,978	7,026,978
		────────────	────────────
		7,151,119	7,113,456
Current assets
Stocks	17	24,531	44,482
Debtors	18	9,475	9,628
Cash at bank and in hand		1,457,883	1,553,058
		────────────	────────────
		1,491,889	1,607,168
Creditors: amounts falling due within one year	19	4,602	30,610
		────────────	────────────
Net current assets		1,487,287	1,576,558
		────────────	────────────
Total assets less current liabilities		8,638,406	8,690,014
		────────────	────────────
Net assets		8,638,406	8,690,014
		════════════	════════════
Funds of the charity
Restricted funds		1,015,264	1,060,294
Unrestricted funds		7,623,142	7,629,720
		────────────	────────────
Total charity funds	20	8,638,406 ════════════	8,690,014 ════════════

These financial statements were approved by the board of trustees and authorised for issue on 11 January 2024, and are signed on behalf of the board by:

Col P Hubbard Trustee

The notes on pages 10 to 18 form part of these financial statements.

9

The Museum of Military Medicine Trust

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Keogh Barracks, Ash Vale, Aldershot, GU12 5RQ.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.

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 entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company.

(b) Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year consist of estimates of irrecoverable VAT which have been provided for in the accounts.

10

The Museum of Military Medicine Trust

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

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.

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.

11

The Museum of Military Medicine Trust

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Tangible assets

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:

Short leasehold property - 10% reducing balance Fixtures and fittings - 10% reducing balance Equipment - 10% reducing balance

12

The Museum of Military Medicine Trust

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Heritage assets

Heritage assets measured under the cost model are recognised initially recorded at acquisition cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Heritage assets measured under the revaluation model are recorded at fair value less any accumulated impairment losses.

Where information on the cost or value of an asset is not available and cannot be obtained at a cost which is commensurate with the benefits to users of the financial statements, the asset shall not be recognised in the statement of financial position.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

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.

4. Donations and legacies

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2023	Funds	2022
		£	£	£	£
	Donations
	Grant in Aid funding	85,280	85,280	83,608	83,608
	Other donations and legacies received	80,706	80,706	60,609	60,609
		─────────	─────────	─────────	─────────
		165,986	165,986	144,217	144,217
		═════════	═════════	═════════	═════════
5.	Other trading activities

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Shop income	65,755	65,755	60,247	60,247
	════════	════════	════════	════════

13

The Museum of Military Medicine Trust

Notes to the Financial Statements (continued)

Year ended 31 March 2023

6. Investment income

Investment income
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Bank interest receivable	3,925	3,925	9	9
	═══════	═══════	════	════
Costs of other trading activities
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2023	Funds	2022
	£	£	£	£
Shop Purchases	64,826	64,826	29,627	29,627
Gross wages and social security	20,774	20,774	14,302	14,302
Postage	159	159	890	890
Shop website costs	1,576	1,576	1,795	1,795
	─────────	────────	─────────	─────────
	87,335	87,335	46,614	46,614
	════════	════════	════════	════════

7. Costs of other trading activities

8. Expenditure on charitable activities by fund type

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Insurance	7,315	–	7,315
Computer expenses and software support	3,662	–	3,662
Postage, stationery and printing	6,566	–	6,566
Repairs and renewals	507	–	507
Travel expenses	4,000	–	4,000
Telephone and fax	2,642	–	2,642
Security	260	–	260
Bank charges	301	–	301
Museum curator’s salary and national insurance	43,061	–	43,061
Museum director’s salary	43,176	–	43,176
Museum relocation and development costs	–	45,030	45,030
Support costs	43,419	–	43,418
	─────────	────────	─────────
	154,909	45,030	199,939
	═════════	════════	═════════
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Insurance	7,678	–	7,678
Computer expenses and software support	4,593	–	4,593
Postage, stationery and printing	9,886	–	9,886
Travel expenses	3,669	–	3,669
Telephone and fax	2,893	–	2,893
Security	230	–	230
Bank charges	2,274	–	2,274
Training and staff welfare	14,950	–	14,950
Museum curator’s salary and national insurance	49,202	–	49,202
Museum director’s salary	42,595	–	42,595
Museum relocation and development costs	–	110,465	110,465
Support costs	22,730	–	22,730
	─────────	─────────	─────────
	160,700	110,465	271,165
	═════════	═════════	═════════

14

The Museum of Military Medicine Trust

Notes to the Financial Statements (continued)

Year ended 31 March 2023

9. Expenditure on charitable activities by activity type

	Activities
	undertaken		Total funds	Total fund
	directly	Support costs	2023	2022
	£	£	£	£
Museum activities	156,521	37,027	193,548	265,749
Governance costs	–	6,391	6,391	5,416
	─────────	────────	─────────	─────────
	156,521	43,418	199,939	271,165
	═════════	════════	═════════	═════════

10. Analysis of support costs

	Total 2023	Total 2022
	£	£
Governance costs	6,391	5,246
Other museum support costs	28,290	7,705
Depreciation	8,738	9,609
	────────	────────
	43,419	22,560
	════════	════════
Net expenditure
Net expenditure is stated after charging/(crediting):
	2023	2022
	£	£
Depreciation of tangible fixed assets	8,738 ═══════	9,609 ═══════

11. Net expenditure

12. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as	The total staff costs and employee benefits for the reporting period are analysed as	follows:
	2023	2022
	£	£
Wages and salaries	107,010 ═════════	106,099 ═════════

The average head count of employees during the year was 4 (2022: 4).

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

13. Trustee remuneration and expenses

Neither the trustees nor any persons connected with them have received any remuneration, either in the current year or the prior year.

No trustees or employees received emoluments above £60,000 in the period to 31 March 2023. (2022: none)

During the period travel expenses totalling £2,210 were paid to four trustees.

15

The Museum of Military Medicine Trust

Notes to the Financial Statements (continued)

Year ended 31 March 2023

14. Intangible assets

	Development
	costs
	£
Cost
Additions	45,500
	────────
At 31 March 2023	45,500
	════════
Amortisation
At 1 April 2022 and 31 March 2023	–
	════════
Carrying amount
At 31 March 2023	45,500
	════════
At 31 March 2022	–
	════════

15. Tangible fixed assets

	Short
	leasehold	Fixtures and
	property	fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2022	383,175	33,420	69,369	485,964
Additions	–	759	142	901
	─────────	────────	────────	─────────
At 31 March 2023	383,175	34,179	69,511	486,865
	═════════	════════	════════	═════════
Depreciation
At 1 April 2022	329,946	17,111	52,429	399,486
Charge for the year	5,323	1,707	1,708	8,738
	─────────	────────	────────	─────────
At 31 March 2023	335,269	18,818	54,137	408,224
	═════════	════════	════════	═════════
Carrying amount
At 31 March 2023	47,906	15,361	15,374	78,641
	═════════	════════	════════	═════════
At 31 March 2022	53,229	16,309	16,940	86,478
	═════════	════════	════════	═════════

16. Heritage assets

The heritage assets held by the charity consist of the exhibits and historial collections held by the museum. These consist of medals, documents, and other ephemera and collections which have been donated and obtained by the museum.

16

The Museum of Military Medicine Trust

Notes to the Financial Statements (continued)

Year ended 31 March 2023

16. Heritage assets (continued)

	Heritage
	assets
	£
Cost or valuation
At 1 April 2022 and 31 March 2023	7,026,978
	════════════
Accumulated depreciation
At 1 April 2022 and 31 March 2023	–
	════════════
Carrying amount
At 31 March 2023	7,026,978
	════════════
At 31 March 2022	7,026,978
	════════════

All heritage assets are shown at a revalued level and no depreciation is applied to these assets. the last revaluation took place in 2018.

Summary of transactions

	Summary of transactions
		2023	2022	2021	2020	2019
		£	£	£	£	£
	Included in the statement of financial position
	Purchases	–	284	13,374	–	–
	Total additions	–	284	13,374	–	–
17.	Stocks
					2023	2022
					£	£
	Finished goods and goods for resale				24,531	44,482
					════════	════════
18.	Debtors
					2023	2022
					£	£
	Trade debtors				3,477	378
	Prepayments and accrued income				1,792	2,207
	Other debtors				4,206	7,043
					───────	───────
					9,475	9,628
					═══════	═══════
19.	Creditors: amounts falling due within one year
					2023	2022
					£	£
	Trade creditors				999	26,657
	Accruals and deferred income				3,603	3,953
					───────	────────
					4,602	30,610
					═══════	════════

17

The Museum of Military Medicine Trust

Notes to the Financial Statements (continued)

Year ended 31 March 2023

20. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
				At
	At			31 March
	1 April 2022	Income	Expenditure	2023
	£	£	£	£
General funds	7,629,720	235,666	(242,244)	7,623,142
	════════════	═════════	═════════	════════════
				At
	At			31 March
	1 April 2021	Income	Expenditure	2022
	£	£	£	£
General funds	7,632,561	204,473	(207,314)	7,629,720
	════════════	═════════	═════════	════════════
Restricted funds
				At
	At			31 March
	1 April 2022	Income	Expenditure	2023
	£	£	£	£
Restricted Fund	1,060,294	–	(45,030)	1,015,264
	════════════	════	════════	════════════
				At
	At			31 March
	1 April 2021	Income	Expenditure	2022
	£	£	£	£
Restricted Fund	1,170,759	–	(110,465)	1,060,294
	════════════	════	═════════	════════════
Analysis of net assets between funds
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2023
		£	£	£
Intangible assets		45,500	–	45,500
Tangible fixed assets		78,641	–	78,641
Heritage assets		7,026,978	–	7,026,978
Current assets		476,625	1,015,264	1,491,889
Creditors less than 1 year		(4,602)	–	(4,602)
		────────────	────────────	────────────
Net assets		7,623,142	1,015,264	8,638,406
		════════════	════════════	════════════
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2022
		£	£	£
Intangible assets		–	–	–
Tangible fixed assets		86,478	–	86,478
Heritage assets		7,026,978	–	7,026,978
Current assets		546,874	1,060,294	1,607,168
Creditors less than 1 year		(30,610)	–	(30,610)
		────────────	────────────	────────────
Net assets		7,629,720	1,060,294	8,690,014
		════════════	════════════	════════════

21. Analysis of net assets between funds

18