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 In￿a
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 care￿1 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 mu￿ums. 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 cOnn￿tIon
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 a￿Unts 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
C￿L
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
C￿h 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 ￿¢n￿lS basis as a liability is Incu￿ed 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 pU￿oSe 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 emploY￿S 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
c￿8¢ 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$s￿latIon
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