istered C Number 1171068
ED31 24 Prlnelpal Addre89 City of London Headquarters The Royal Regiment of Fusillers H M Tower of London London EC3N 4AB Trnth4s The Trust¢¢s who served durin8 the year and up to the date of signing this report were as follows:. Major (Retd) C P Bow¢&Crick Capt Tony Conway Catherine Day Colonel (Retd) SLC Di88lns OBE (Chair) Colonel (Retd) J W Denny MBE Colonel (Retd) N P Eas1on QVRM ID Colonel B M Gorski MBE Gabriella Ina Mary Jayapal Sarah-Jane Laing Mary Mapon80 Major (Retd) M Mccarthy MBE (Secretary) Captain (Retd) A C Warr¢n Independent Examlller Azets Audit Services 3td Floor Gateway House Tollgatc Chandlers Ford Hampshire S053 3TG Bankers Lloyds TSB 72 Fenchurch Stre¢t London EC3P 3EH
THE FUSILIER REP RT ntinued FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their Report and Financial Statement for the year ended 31 December 2024. These have been prepared in accordance with the Statement of Rccommended Practice applicable to Charitics preparing their accounts in ac¢ordance with the Financial Reporting Standard applicable in the UK and R¢publiG of Ireland (FRS 102) (effective l January 2019). The Fusilier Museum London preserves and presents a key element of the nation's military history in the context of its birthplace and home, the historic Royal Palace and Fortress of the Tower of London. It plays a fundamental role in the education of audiences across the capitsl and the nation, sharing with them the rol¢ of the military in City, royal and nationally significant events of the last few centuries. Structure. Governanee and ManagemeDt The charity is a Charitable Incorporated Organisation (the CIO) governed according to the constitution dated l O January 2017. It was established to take forward the work of the Unincorporated Trust registered charity number 261270 (the Trust). The CIO works closely with Hisloric Royal Palaces (HRP), the Anny Heritage staff of the Ministy of Defen¢e (MOD), the Arnly Museums Ogilby Trust (AMOT). and the National Arniy Museum. All Trustees have an opportunity to attend training sessions on trustee responsibilities provided by British accountancy and legal partnerships. The Trustees are invited to attend the annual AMOT conference to be bri¢f¢d on Museum best practice and MOD heritage policy. The Trustees meet at least three times a year. if necessary via electronic wnference, to receive the reports of the Area Secretary, th¢ Museum Officer and the Independent Examiner, lo review financial and development progress and to give necessary direction. The Area Secretary is authorised to conduct the day-to-day operation and development of the Museum, giving guidance and priorities to the Museum Offie2r. Both work closely with the HRP staff, the regional Museum Development Officers and schools. The Museum Officer directs the work of the volunteers. A suitable tnistee mix of professional. entrepreneurial skills and ¢xp¢ri¢nc¢ remains a requirement to meet these challenges. Objectives And ActlvltSes for Publle BeDeflt The Trust was established for charitable purpose to preserve the memory and related heritage of the Royal Fusili¢rs, and from 1968 th¢ Royal Regiment of Fusilicrs, for thc bencfit of all. and to advance education by encouraging and promoting the study, knowledgc. understanding and appreciation of their deeds. In setting their objectives, and planning their activities, the Trustees have given care1 consideration to the Charity Commission's guidance on public benefit. The key aims include: To ensure all visitors to the Museum and onlin¢ are provided with a stimulating and rewarding expericnce. To encourage young peopl¢ to learn about the Regiment and its heritage through school visits. community projects and volunteering opportunities. To enable serving and retired Fusiliers, their families and descendants to remember the courage and sacrifice made by the soldiers of the Regirnent and our Arnied Forces. To engage with our local community and widen access to the Museum and to the Regiment's heritagc.
TRUSTEES, ANNUAL REPORT ntinued FOR THE YEAR ENDE 31 DECEMBER 2023 To maintain close links with HRP and our sister regimental muums. to pnmnote our wnmion interests and ensur¢ sustainable working. To safeguard the quality of thc Regimental Collection for future gencrations. To ensure th¢ sustainability of the Museum by managing its finances and practising good govemance. Flnanelal Review and Review ofAc*ivilles The Fusilier Museum (London) CIO Constitution maintains th¢ power of the pr¢vious instruments of purpose to allocate, when resourL%S pemiit, to the Charity known as the Fusiliers London Fund. The Royal Regiment of Fusili¢rs, in further pursuit of the objects of the Museum CIO. The full Financial Results are set out on pages 6 to l l of these financial statements. In the year total expenditure was £151,506 (2023 £138,710) and total income was £156,296 (2023 £132.752) resulting in a surplus of £4,790 (2023 deficit £5,958) for th¢ y¢ar. The Fusilier Museum London h&s benefitted from Regimental investment in ring facilities, which are a major source of its income. It has also benefitted from donations and wts and more, of both, will be sought in the fvture. It is int¢nd¢d to conduct a full-scal¢ re-imagining of the Museum. to ensure it is fit for the 21 st century and, included in thaL will be a financial sustainability plan so as to make it as s¢lf-sutTicient as possible: we recognise that the Regiment has many calls on its finane2s and do not wish to be a burden. The first stage of this has begun and the Tru3t¢¢s has &qked for Expressions of Interest for a Scoping Study. It has not been felt appropriate to revige the over l O year-old partnership MOU with Tower authorities but we seek closer co-operation with them: w¢ wish to be more than a 'lodg¢r' but a positive asset to HM Tower of London and HRP. Discussions remain focussed upon the consequen¢¢s of heavy foot-fall, mark¢tin& conservation. wear&-t¢ar repair and recommendations flowing from th¢ HRP A¢£S Review. Illve8tmeDts and reserves There is no p¢nnanent endowment and we are planning, as part of our push for financial stability, to estsblish a Friends organisation and to work proactively for donations and grants to cover specific programmes and proje¢ts. Day-to-day cash needs are met from a non-int¢rest bearing current account with Lloyds Bank. Th¢ reserve is held in the Charities Deposit Fund (CCLA), which is structured to provide a high level of capitsl s¢curity at a competitive rate of interest. The Truste seek to restore a reserve of not less than six month's incom¢, approximately, £75,000 and aspire to a routine annual income target of £130,000 as suitable to ¢over routine expenditure and planned wmmitments. These figures are fully justified in the face of the Covid-19 and our plans for the future. C&8h balances are discussed at all meetings and a case for longer ternj inv¢stment considered against known budgcls and outcomes. COIF offers a suitable range of global funds for su¢h investmenL to help maintsin the real value of the reserves and generate a higher level of income to support the long-tenn activities of the trust and the management of the collection. Major expenditure arising from new initiatives or changes in strategy will require tsrgeted fund-raising and held as Restricted Funds.
THE FUSILIER MUSEUM LONDON TRUSTEES, ANWAL REPORT continued FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Risk Management Policy Through a regular review procedure, thc Trustccs assess the major risks to which the charity is exposed. in particular those related to its operations and financ¢s. The Trustees are satisfied that sufficient systems are in place to identify and mitigate exposure to major risk. The Museum Curator is a rnember ofthe London Military Museums NetworK the Tower operational team, and an active participant in relevant museum fo which enables skill sharing, the identification of curatorial risk and opportunity, partnership working and joint funding applications between military museums. Future Plans The Trustees have developed a strategy for the Museum, with an expected 'life' of some 15-20 years (from 2025). This is being used to direct and guide the Museum redev¢lopmcnt and infonn interactions with HRP and other organisations. The report and unts were approved by the trustees on and signed on their b¢half by Colonel Chairnian iggins OBE
THE FUSIL R MUSEUM L NDON INDEPENDENT E R'S REPORT TO TEES OF THE FUSIL MUSEUM FUND I report to the charity trust¢¢s on my emmination ofth¢ accounts of the charity for the year ended 31 Decxmb¢r 2024 which are set out on pages 6 to J l. This report is made solely to the charity's trustees. as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the charity's tnistees those matters l am required to stste to thern in an indepcndent exarnin¢r's r¢FK)rt and for no other purpose. To the fullest ¢xt¢nt pern]itted by law, I do not accept or assume responsibility to anyone other than th¢ charity and th¢ charity's trustees as a body, for my work, for this reporL or for the opinions I have forni. Responsibilities and basts of report As th¢ charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Chariti¢s Act 2011 {'the Act,). I report in respect of my ¢xamin8tion of the charity's accounts carried out under sextion 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5Xb) of th¢ Act. Independent examfiner'8 Statement I have completed my examination. I confirni that no material matters have come to my attention in cOnntIon with the ¢xarnination giving me cause to beli¢ve that in any material respect: accounting rewrds were not kept in respect of the charity as r4uired by section 130 of the Act; or 2. the accounts do not accord with those records: or 3. the aUnts do not comply with the applicable requirements concerning the forni and content of accounts set out in th¢ Charities (Accounts and R¢ports) Regulations 2008 other than any requirement that the a¢Unts give a 'true and fair view, which is not a matter considered as part of an independ¢nt VLgmination. I have no Lx>nc¢rns and have rne across no other matters in Gonnection with the examination to which attention should be drawn in this r¢port in orderto enable a prop¢r understsnding of the a¢untS to be reached. Name: Jon Noble Institute of Charter¢d Accountants in England & Wales Azets Audit Servirxs, Athenia House, 10-14 Andover Road, Winchester. Hampshire, S023 7BS Date:
THE FUSILIER MUS LO STATEMENT CL CTIVITES FOR THE YEAR ENDED 31 DECEMBER 2024 Total 2023 Unrestricted Restrict 2024 co Incoming resources from raised funds: Voluntary income Grant from Fusiliers Aid Society Attivities for generating funds: Functions income Project Income 3,454 25,000 3.454 25,000 2,936 15,000 94,985 94,985 84,084 Investment incom¢ Ineoming re8ourees from cb2ritable activities: Net Penny Press Takings Income from Historic Royal Palaces 712 712 687 16.932 15,213 16,932 15,213 15,744 14.301 TOTAL INCOME 156.296 156,296 132,752 EXPENDITURE Cost of ralslng funds: Cost of sales: Functions Cbarltable activlties: Museum Expense Staff wages Website Costs Telephone and maintenance Support costs D¢pre¢Aation and amortisation Independent examiner's fee 52,589 52,589 40,206 667 63,927 6,183 1,716 21.323 451 4,650 667 63,927 6,J83 1,716 21,323 451 4,650 497 61,524 5,581 4,269 21,802 451 4,380 TOTAL EXPENDITURE 151.506 151,506 138,710 NET INCo(ExPENDITuRE) 4,790 10,910 4,790 {5,958) Gross transfcrs between funds (10,910) NET MOVEMENT IN FUNDS 15,700 (10.910) 4,790 (5,958) FUNDS AT I JANUARY 24,798 10,910 35,708 41,666 FUNDS AT 31 DECEMBER 40,498 40.498 35,708
EUM LO otes 02 202 FIXED ASSETS Tangible fixed ass¢ts 187 638 187 638 CURRENf ASSETS Stock Debtors COIF Charities Deposit Fund Ch at bank and in hand 6.088 23.074 14,600 9,424 7.661 15,783 13,889 12,410 53,l86 49.743 53.373 50,381 CREDrroRS Amounts fal)in8 due within one year (12,875) (14,673) TOTAL ASSETS LESS CURRENT LIABILTfiES 40,498 35,708 Unrestricted fimds 40.498 24,798 R¢$tri¢ted fimds 10,910 TOTAL CHARITY FIINDS 40,498 35,708 The aLwunts w¢re approved and authorised for issue by the Board on on behalf f oard of trustees:. /fvi 2uZ S and 5i8ned C Dig8ins OBE
FUS EUM LONDON NOTES TO THE Accourirs FOR THE YEAR ENDED 3 DECEMBER 2024 ACCOUNTING POLICtES The accounts have been prepared und¢T the historic cost convention except for investments which have been included at market value. and in accordance with applicable accounting standards atjd follow the recommendations in "Accounting and Reporting by Charities" Statement of Recommended Practice appjicable to Charities preparing their accounts in acwrdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective l January 2019). b) Voluntsry income is received by way of donations and gifts And is included in full in the ststement of Financial Activities when received. Income received for the use of the rooms and bar is recognised in the year In which the function took place. Takings and shop incom¢ is recognised when received. Grants towards the restoration and refvrbishment of the Museum have been recognised in the year in which they ar¢ re¢eivabl¢. Intangible income is valued and included in income lo the extent that it represents goods or services which would otherwise be pur¢h&sed. Where it is not possible to value the goods or %rvic¢8 su¢h &8 volunteer lime, the accounts do not include them. Expenditure is recognised on an ¢nlS basis as a liability is Incued and includ¢s attributable VAT which cannot be recovered. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to sucb activities and those wsts of an indirect naturc necessary to support them. Grants payable are chaTg¢d in th¢ year in whicb the offer is conveyed. Costs of generating fiwds eA)mprise the costs &8sociated with operatin8 the Bar. Governance costs include those costs SOcIated with meeting the constitutional and statutory requirements of the charity and include the independent examination fees and osts linked to the strategic management of the clwity. All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allo¢at¢d dir¢¢tly. Unrestricted funds are donations and other income received or generated for the objects of the charity without furtller sp¢cified pUoSe and are available as general funds. Restricted fimds can only be used for a specified purpose. Restrictions are Impos by the donor or when funds are raised foi specified restricted purposes. The notes to the accounts provide further details. Invcstm¢nts are stated at market value. Unrealised gains and losses on investments are taken dirertly to the Stat¢ment of Financial Activities. Stock is valued at the lower of cost and net r¢alisabJe value on a first in first out basis. d)
IL]ER ACCO D31DE END ER20 Herita8e assets held by the CIO but wuired in pst accounting periods have not been capitalised in these awounts as sufficient reliable wst infornlation is not available. STAFF COSTS Wages Social Sxurity cost 58,072 5,855 55.821 5.703 63,927 61.524 The av¢ra8e number of emploYS during the year was &8 follows:. Administration Non¢ of the trustees recelved any rernuneratlon or reimbursement of expenses from tbe fimd during the year. TANGIBLE FIXED ASSETS Cost l January 2024 Additions 22,910 31 DerKmber 2024 22,910 Depreciation l January 2024 c8¢ for year 22272 451 31 December 2024 22,723 Net book value 31 Decembcr 2024 187 Net l>ook value 31 DMnb¢r 2023 638
10. NDON NOTES T STOCKS 2024 6.088 6,088 7,661 7,661 DEBTORS Sundry debtors and prepayments Amounts due from A$slatIon 22.568 506 15.277 506 23.07.4 15,783 CREDITORS. AMOUNTS FALLNG DUE WTfHIN ONE YEAR Other Creditors Accruals PAYE & NIC Amounts due to London fimd 1.564 5,988 1,543 3.780 2.392 6.984 1,517 3.780 12,875 14.673
THE FUS OTES TO THB AC FO YEAR END I DECE ANALYSIS OF FUNDS Jan 31 Unr¢stri¢ted funds 24,798 156296 (151,506) 10,910 40,498 Rcstricted funds: Collection move 10,910 (10,910) 35.708 156.296 (151,506) 40,498 The restricted fillid relates to the ants and donations receive4 and related expenditur4 in relation to the on80iDg Collection Move project. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted fimds 187 53,186 (12,875) 40,498 Restricted funds 187 53,186 (12,875) 40,498