CHARITY REGISTRATION NUMBER: 1171026 The Museum of Military Medicine Trust Financial Statements 31 March 2025
The Museum of Military Medicine Trust Financial Statements Year ended 31 March 2025 Page Trustees, annual report Independent auditor's report to the member Statement of financial activities Statement of financial position 10 Notes to the financial statements 11
The Museum of Military Medicine Trust Trustees. Annual Report Year ended 31 March 2025 The trustees present their report and the financial statements of the charity for the year ended 31 March 2025. 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 Maj. Gen. A Hawley D Cannon Col G Johnson Col HS Winder (Resigned 26 March 2025) (Resigned 28 November 2024) (Resigned 29 August 2024) (Resigned 28 November 2024) (Appointed 6 January 2025} Auditor CA Ltd Chartered accountants & statutory auditor 269 Farnborough Road Famborough 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.
The Museum of Military Medicine Trust Trustees. Annual Report (continued) Year ended 31 March 2025 Objectives and activities 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.. the RAMS Corps Colonel and RAMS Regimental Secretary. The rest of the trustees are appointed. The Board of Trustees meets four times a year. The trustees are collectively responsible for the Board's decisions. A total of £92,691 was received in Grant in Aid during financial year 2024-25 towards the salaries of the Direct, Curator, and Assistsnt Curator. 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 approximately 1,550 hours of work between them during the financial year, or the equivalent of £24,000. The Friends of the Museum of Military Medicine supports the museum financially and practically. Achievements and performance The museum commemorated the 75th anniversary of the Queen Alexandra's Royal Army Nursing Corps in June 2024 with a Study Day held at Keogh Barracks attended by more than 100 serving personnel and veterans, including the Chief Nurse. A temporary exhibition on the history of the Corps was opened at the museum at the same time. There have been more than one hundred group and research visits through the year, and museum staff have delivered off-site talks. Artefacts from the collections have been loaned to other museums for temporary displays. Staff and volunteers Staff have continued to field research enquiries and undertake collections audit and cataloguing. The museum continues to offer training and work experience opportunities to students. Relocation In November 2024 the Defen Infrastructure Organisation, as the representative of the landlord, the Secretary of State for Defen, requested that the museum vacates its premises at Keogh Barracks due to rebasing requirements. An alternative location at Whittington Barracks in Staffordshire has been offered to the museum as a substitute.
The Museum of Military Medicine Trust Trustees. Annual Report (continued) Year ended 31 March 2025 Financial review The charity received general funding income of £254,642 in the year, with costs of £199,560 and restricted funding income of £205,000, with costs of £5,953. This leaves £7,697,532 of unrestricted reseNes and £1,214,311 of restricted reserves at the year end, making total reserves £8,911,843. Reserves Policy The Trustees have examined the requirement ft)r 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 Practi). 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 cOnM 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 tsking reasonable steps for the prevention and detection of fraud and other irregularities.
The Museum of Military Medicine Trust Trustees. Annual Report (continued) Year ended 31 March 2025 The trustees, annual report was approved on 26 November 2025 and signed on behalf of the board of trustees by= Maj. Gen. A Hawley Trustee
The Museum of Military Medicine Trust Independent Auditor's Report to the Member of The Museum of Militsry Medicine Trust Year ended 31 March 2025 Opinion We have audited the financial ststements of The Museum of Militsry Medicine Trust (the 'charity') for the year ended 31 March 2025 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 ACpted 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 2025 and of its incoming resources and application of reSoUrs, 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 accordan wth 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 accordan 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 accordan 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.
The Museum of Military Medicine Trust Independent Auditor's Report to the Member of The Museum of Militsry Medicine Trust (continued) Year ended 31 March 2025 Other inforniation 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 infomiation 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 detemiine is neSSary 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.
The Museum of Military Medicine Trust Independent Auditor's Report to the Member of The Museum of Militsry Medicine Trust (continued) Year ended 31 March 2025 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 ststements. Irregularities, including fraud, are instances of non-complian 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 rtain aspects of company legislation. Auditing standards limit the required audit procedures to identify non-complian 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. Vve 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 intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
The Museum of Military Medicine Trust Independent Auditor's Report to the Member of The Museum of Militsry Medicine Trust (continued) Year ended 31 March 2025 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 UnrtaInty exists, we are required to draw attention in our auditorfs 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 auditorfs report. However, future events or conditions may cause the charity to ase to continue as a going concem. 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 stste to the charity's member those matters we are required to state to them in an auditorfs 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 (benior btatutory Auditor) For and on behalf of CA Ltd Chartered accountants & statutory auditor 269 Farnborough Road Farnborough Hampshire GU14 7LY 26 November 2025
The Museum of Military Medicine Trust Statement of Financial Activities Year ended 31 March 2025 2025 Restricted funds Total funds 2024 Unrestricted funds Total funds Note Income and endowments Donations and legacies other trading activities Investment income 187,369 37,383 29,890 205,000 392,369 37,383 29,890 183,781 54,535 10,202 Total income 254,642 205,000 459,642 248,518 Expenditure Expenditure on raising funds.. Costs of other trading activities Expenditure on charitable acts'vities Total expenditure 24,976 174,584 24,976 180,537 41,938 187,272 5,953 199,560 5,953 205,513 229,210 Net income and net movement in funds 55,082 199,047 254,129 19,308 Reconciliation of funds Total funds brought forward Total funds carried fonNard 7,642,450 1,015,264 8,657,714 8,638,406 7,697,532 1,214,311 8,911,843 8,657,714 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 11 to 20 forni part of these financial statements.
The Museum of Military Medicine Trust Statement of Financial Position 31 March 2025 2025 2024 Note Fixed assets Intangible assets Tangible fixed assets Heritage assets 13 39,436 14 81,030 15 7,026,978 42,468 84,557 7,026,978 7,147,444 7,154,003 Current assets Stocks Debtors Cash at bank and in hand 16 17 21,421 231,604 1,517,257 23,143 2,502 1,482,931 1,770,282 1,508,576 Creditors: amounts falling due within one year Net current assets 18 5,883 4,865 1,764,399 1,503,711 Total assets less current liabilities 8,911,843 8,911,843 8,657,714 8,657,714 Net assets Funds of the charity Restricted funds Unrestricted funds 1,214,311 7,697,532 1,015,264 7,642,450 Total charity funds 19 8,911,843 8,657,714 These financial statements were approved by the board of trustees and authorised for issue on 26 November 2025, and are signed on behalf of the board by.. Maj. Gen. A Hawley Trustee The notes on pages 11 to 20 forni part of these financial statements. 10
The Museum of Military Medicine Trust Notes to the Financial Statements Year ended 31 March 2025 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. 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. 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. Judgements and key sources of estimation uncertainty Key SoUrS 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 UnrtaInty 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. 11
The Museum of Military Medicine Trust Notes to the Financial Statements (continued) Year ended 31 March 2025 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 eamarked 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 sub<lasses'. 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. 12
The Museum of Military Medicine Trust Notes to the Financial Statements (continued) Year ended 31 March 2025 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 governan 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 resour. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Intsngible 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. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows.. Development costs Straight line over 15 years If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. 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. 13
The Museum of Military Medicine Trust Notes to the Financial Statements (continued) Year ended 31 March 2025 Accounting policies (continued) Tangible assets (continued) 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 Fixtures and fittings Equipment 100/0 reducing balance 10 /0 reducing balance 10 % reducing balance 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. Impairnient 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 exisL 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. 14
The Museum of Military Medicine Trust Notes to the Financial Statements (continued) Year ended 31 March 2025 Accounting policies (continued) Stocks Stocks are measured at the lower of cost and estimated selling pri 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. Donations and legacies Unrestricted Funds Restricted Totsl Funds Funds 2025 Donations Grant in Aid funding Other donations and legacies received 92,691 94,678 92,691 299,678 205,000 187,369 205,000 392,369 Unrestricted Funds Restricted Totsl Funds Funds 2024 Donations Grant in Aid funding Other donations and legacies received 45.642 138,139 45,642 138,139 183.781 183,781 Other trading activities Unrestricted Totsl Funds Unrestricted Total Funds Funds 2025 Funds 2024 Shop income 37,383 37,383 54,535 54,535 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Bank interest re1vable 29,890 29,890 10,202 10,202 Costs of other trading activities Unrestricted Totsl Funds Unrestricted Total Funds Funds 2025 Funds 2024 Shop Purchases Gross wages and social security Postage Shop website costs 17,834 5,785 37 1,320 17,834 5,785 37 1,320 20,235 20,278 20,235 20,278 1,418 1,418 24,976 24,976 41,938 41,938 15
The Museum of Military Medicine Trust Notes to the Financial Statements (continued) Year ended 31 March 2025 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2025 Insurance Computer expenses and software support Postage, stationery and printing Travel expenses Telephone and fax Security Bank Charges Staff training costs Entertainment Legal expenses Professional fees Museum curator's salary and national insurance Museum directorfs salary Support costs 6,802 4,585 15,571 3,399 2.369 230 32 535 405 6,802 4,585 15,571 3,399 2,369 230 32 535 405 5,953 5,550 58,236 49,148 27,722 5,953 5,550 58,236 49,148 27,722 174,584 5,953 180,537 Unrestricted Funds Restricted Total Funds Funds 2024 Insurance Computer expenses and sofvare support Postage, stationery and printing Repairs and renewals Travel expenses Telephone and fax Security Bank Charges Staff training costs Entertainment General expenses Museum curator's salary and national insurance Museum directorfs salary Support costs 7,773 6,315 10,490 7,773 4,402 10,490 3,216 4,774 230 33 1,613 2,212 100 65,624 48,095 36,837 3,216 4,774 230 33 1,613 2,212 100 65,624 48,095 36,837 187,272 187,272 16
The Museum of Military Medicine Trust Notes to the Financial Statements (continued) Year ended 31 March 2025 Expenditure on charitable activities by activty type Activities undertaken directly Support costs Total funds 2025 Total fund 2024 Museum activities Governance costs 152,815 21,421 6.301 174,236 6,301 181,286 5,986 152,815 27,722 180,537 187,272 10. Net income Net income is stated after chargingl(crediting)= 2025 2024 Amortisation of intangible assets Depreciation of tangible fixed assets 3,032 9,003 3,032 8,580 11. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2025 2024 Wages and salaries 113,169 132,177 The average head count of employees during the year was 4 {2024: 4). No employee received employee benefits of more than £60,000 during the year (2024.. Nil)- 12. 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. During the period travel expenses totslling £1,826 were paid to ft)ur trustees. 13. Intangible assets Development costs Cost At 1 April 2024 and 31 March 2025 Amortisation At 1 April 2024 Charge for the year At 31 March 2025 45,500 3,032 3,032 6,064 Carrying amount At 31 March 2025 39,436 At 31 March 2024 42,468 17
The Museum of Military Medicine Trust Notes to the Financial Statements (continued) Year ended 31 March 2025 14. Tangible fixed assets Short leasehold Fixtures and propety fittings Equipment Total Cost At 1 April 2024 Additions 383,175 41,376 3,442 76,810 2,034 501,361 5,476 At 31 March 2025 383,175 44,818 78,844 506,837 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 340,060 4,312 20,354 2,446 56,390 2,245 416,804 9,003 344,372 22,800 58,635 425,807 Carrying amount At 31 March 2025 38,803 22,018 20,209 81,030 At 31 March 2024 43,115 21,022 20,420 84,557 15. Heritage assets The heritage assets held by the charity consist of the exhibits and historical collections held by the museum. These consist of medals, documents, and other ephemera and collections which have been donated and obtained by the museum. Heritage assets Cost or valuation At 1 April 2024 and 31 March 2025 Accumulated depreciation At 1 April 2024 and 31 March 2025 Carrying amount At 31 March 2025 7,026,978 7,026,978 At 31 March 2024 7,026,978 All heritage assets are shown at a revalued level and no depreciation is applied to these assets. A valuation for insurance purposes was last performed by Gordon Patrick on 30 June 2023. 18
The Museum of Military Medicine Trust Notes to the Financial Statements (continued) Year ended 31 March 2025 16. Stocks 2025 2024 Finished goods and goods for resale 21,421 23,143 17. Debtors 2025 2024 Trade debtors Prepayments and accrued income Other debtors 206,031 4,867 20,706 231,604 1,111 1,261 130 2,502 18. Creditors: amounts falling due within one year 2025 2024 Trade creditors Accruals and deferred income Social security and other taxes 2,287 3,596 921 3,596 348 5,883 4,865 19. Anatysis of charitable funds Unrestricted funds At 1 April 2024 At Income Expenditure 31 March 2025 General funds 7,642,450 254,642 (199,560) 7,697,532 At 1 April 2023 At Income Expenditure 31 March 2024 General funds 7.623.142 248.518 (229,210) 7,642,450 Restricted funds At 1 April 2024 At Income Expenditure 31 Mah 2025 Digitisation fund Relocation fund 205,000 205,000 15,953) 1,009,311 15,9531 1,214,311 1,015,264 1.015,264 Restricted Fund 205.000 At 1 April 2023 At Income Expenditure 31 March 2024 Restricted Fund 1,015,264 1,015,264 19
The Museum of Military Medicine Trust Notes to the Financial Statements (continued) Year ended 31 March 2025 20. Anatysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2025 Intangible assets Tangible fixed assets Heritage assets Current assets Creditors less than 1 year Net assets 39,436 81,030 7,026,978 555,971 {5,883) 7,697,532 39,436 81,030 7,026,978 1,770,282 (5,883) 8,911,843 1,214,311 1,214,311 Unrestricted Funds Restricted Total Funds Funds 2024 Intangible assets Tangible fixed assets Heritage assets Current assets Creditors less than 1 year Net assets 42,468 84,557 7,026,978 493,312 (4,865) 42,468 84,557 7,026,978 1,508,576 (4,865) 1,015,264 7,642,450 1,015,264 8,657,714 20