2021-12-31-accounts - The Royal Logistic Corps Museum Trust CIO

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Trustees		Major General JSKerr CBE	Major General JSKerr CBE	Major General JSKerr CBE
		Bdgadier M J Wharmby		OBE
		Lieutenant Colonel	N ASmith
		Colonel J D Fielden	LVO MBE		(Appointed	1 August 2021)
		Colonel J C West ADO
		Colonel P R Rossiter			(Appointed	1 October 2021)
Charity	number	1172831
Auditor		Moore (South) LLP
		33The Clarendon Centre
		Salisbury Business	Park
		Dairy Meadow Lane
		Salisbury
		Wiltshire
		SP12TJ
Bankers		Holt's Military Banking
		Lawrie House
		Victoda Road
		Farnborough
		Hampshire
		GU14 7NR
Solicitors		Clifton Ingram LLP
		11 South Street
		Farnham
		Surrey
		GU9 7QX

		Page
Trustees report		1-5
Statement ofresponsibilities
Independent auditor's	report	7-10
Statement offinancial	activities
Balance sheet		12
Statement ofcash flows		13
Notes to the financial	statements	14-27

			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds		funds as	funds	as restated
						restated
		Notes	2021	2021f	2021 6	2020 6	2020 F	2020 6
Income from:
Donations and legacies			381,432		381,432	378,166		378,166
Other trading	activities		19,925		19,925	20,994		20,994
Investments			38,744	2,438	41,182	88,825	2,816	91,641
Total income			440,101	2,438	442,539	487,985	2,816	490,801
~Edit
Raising funds		6	22,705		22,705	33,047		33,047
Charitable activities		7	738,876	880	739,756	699,251		699,251
Other		12	52		52
Total resources expended			761,633	880	762,513	732,298		732,298
Net gains/(losses)		on
investments		13	146,665	9,475	156,140	(397,473)	4,450	(393,023)
Net movement in		funds	(174,867)	11,033	(163,834)	(641,786)	7,266	(634,520)
Fund balances	at 1 January
2021			2,916,593	111,138	3,027,731	3,558,379	103,872	3,662,251
Fund balances at		31
December 2021			2,741,726	122,171	2,863,897	2,916,593	111,138	3,027,731

					2021		2020
				Notes	6	8	as restated -f
Fixed assets
Tangible assets				14		1,384,349		759,810
Heritage assets				15		21,080		21,080
Investments				16		1,435,727		1,688,424
						2,841,156		2,469,314
Current assets
Stocks				18	24,975		24,975
Cash at bank and in	hand				36,312		626,856
					61,287		651;831
Creditomi amounts	falling due within
one year				19	(38,546)		(93,414)
Net cunent assets						22,741		558,417
Total assets less current			liabiliTies			2,863,897		3,027,731
Income funds
Restricted funds				20		122.171		111,138
Unrestricted funds						2,741,726		2,916,593
						2,863,897		3,027,731 .
The gnancial statements		were approved		ng~r by the Trustees onA.........t.~2.cr~
Major General JS Kerr		CBE
Trustee

				2021			2020
							as restated
			Notes			f	E
Cash flows from operating		activities
Cash absorbed by operations			25		(257,990)		(268,055)
Investing activities
Purchase oftangible fixed assets				(782,574)		(750,377)
Purchase of investments				(41,162)		(91,525)
Proceeds on disposal of investments				450,000		1,469,234
Investment income received				41,182		91,642
Net cash (used in)/generated		from
investing activities					(332,554)		718,974
Net cash used in financing		activities
Net (decrease)/increase in	cash and cash
equivalents					(590,544)		450,919
Cash and cash equivalents	at beginning		ofyear		626,856		175,937
Cash and cash equivalents		at end ofyear			36,312		626,856

		Unrestricted	Unrestricted
		funds	funds
		2021	2020
		6	F
Donations	and gifts	12,850	9,979
Grants receivable for core activities		368,582	368,187
		381,432	378,166

Donations and legacies			(Continued)
Grants receivable for core activities
The RLCAssociation Trust Fund Annual	Grant	90,000	90,000
The RLCAssociation Fund Shop Grant		10,000	10,000
Grant in Aid - Ogilby Trust		89,223	88,828
MOD funded staff and premises costs		179,359	179,359
		368,582	368,187

					Unrestricted	Unrestricted
					funds	funds
					2021	2020
					F	F
Shop income					19,925	20,994
Investments
	Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
	funds	funds		funds	funds
	2021	2021	2021	2020	2020	2020
	F	F.	F	F	f	6
Income from listed
investments	38,724	2,438	41,162	88,709	2,816	91,525
Interest receivable	20		20	116		116
	38,744	2,438	41,182	88,825	2,816	91,641
Raising funds
					Unrestricted	Unrestricted
					funds	funds
					2021	2020
					F	F

Raising funds		(Continued)
S~hE* Cht
Cost ofSales	5,618	9,603
Postage	200
Other expenditure	1,182	1,360
Staff costs	15,705	22,084
Shop Expenditure	22,705	33,047
	22,705	33,047

				Charitable	Charitable
				activities	activities
					as restated
				2021 6	2020f
Staffcosts				279,872	279,358
Depreciation	and	impairment		157,983	1,312
Rent, Rates	and	Utilities		47,760	47,764
Conservation				3,556	14,320
Maintenance				2,148	1,928
Collections				441	10,009
Reference				156	47
Postage				34	34
IT				2,953	17,862
Insurance				3,481
Stationery				467	930
Telephone				902	1,799
Travel				2,629	1,357
Printing 8 Advertising				2,432
Professional	Fees and Subscriptions			960	264
Training				768	240
Other charitable		expenditure		223,312	311,974
				729,854	689,198
Share ofgovernance			costs (see note 9)	9,902	10,053
				739,756	699,251
Analysis by	fund
Unrestricted	funds			738,876	699,251
Restricted funds				880
				739,756	699,251

		Support	Governance	2021	2020
		costs	costs
		5	8
Audit fees			6,500	6,500	6,800
Accountancy			3,000	3,000	3,000
Meetings			402	402	253
			9,902	9,902	10,053
Analysed	between
Charitable	activities		9,902	9,902	10,053

The average	monthly number ofemployees during th	e year was:
		2021	2020
		Number	Number
Museum
Shop
Adminstration
Total
Employment	costs	2021	2020
			8
Wages and	saladies	295,577	301,442

							Unrestricted	Total
							funds
								5
							2021	2020
Net	loss	on	disposal	oftangible	fixed	assets	52
							52

			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds		funds	funds
			2021	2021	2021	2020	2020	2020
			F	6 6			f:
	Revaluation	of
	investments		146,665	9,475	156,140	(397,473)	4,450	(393,023)
14	Tangible fixed assets
				Assets under	Computer and	Museum	Fixtures and	Total
				construction	other	collection	fittings
					equipment
				6	f
	Cost
	At 1 January	2021 as	restated	750,000	33,395			783,395
	Additions				16,436	16,138	750,000	782,574
	Disposals				(21,197)			(21,197)
	Other changes			(750,000)			750,000
	At 31 December 2021				28,634	16,138	1,500,000	1,544,772
	Depreciation	and impairment
	At 1 January	2021			23,585			23,585
	Depreciation	charged	in the year		4,755	3,228	150,000	157,983
	Eliminated in	respect ofdisposals			(21,145)			(21,145)
	At 31 December 2021				7,195	3,228	150,000	160,423
	Carrying amount
	At 31 December 2021				21,439	12,910	1,350,000	1,384,349
	At 31 December 2020		as restated	750,000	9,810			759,810

									Heritage	assetsf
At	1	January	2021	and	at	31	December	2021		21,080

					Listed	Listed	Total
					investments:	investments:
					Museum	Museum
					Developmeqt	6
	Cost orvaluation				Fund
	At 1 January 2021				1,599,246	89,178	1,688,424
	Additions				38,724	2,438	41,162
	Valuation	changes			146,666	9,475	156,141
	Disposals				(450,000)		(450,000)
	At 31 December 2021				1,334,636	101,091	1,435,727
	Carrying	amount
	At 31 December 2021				1,334,636	101,091	1,435,727
	At 31 December 2020				1,599,246	89,178	1,688,424
17	Financial	instruments				2021	2020
						6	6
	Carrying	amount offinancial assets
	Instruments measured		at fair value through	profit or loss		1,435,727	1,688,424
18	Stocks
						2021	2020
						6	6
	Finished	goods and goods for resale				24,975	24,975

Credi	tors: amounts falling due within one year
		2021	2020
		6	6
Trade	creditors		2,253
Other	creditors	38,546	91,161
		38,546	93,414

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It was identified	that expenditure of 8750,000 was incurred	that expenditure of 8750,000 was incurred	in 2020 relating	in 2020 relating	in 2020 relating	to the bespoke	to the bespoke	manufacture of	manufacture of
cabinets for the	museum at Worthy Down. This expenditure		should have been			capitalised	but	was recognised
as unrestricted revenue expenditure. This has been amended through a pdior						year restatement			to recognise
the assets as tangible assets, reducing the expenditure on		charitable		activities		and increasing		the	unrestricted
funds.
Expenditure on	charitable activities per financial statements			as at	31
December 2020									1,449,251
Capitalisation of	expenditure on cabinets for new museum								(750,000)
Restated expenditure on charitable activities per financial		statements		as at	31
December 2020									699,251
Tangible assets	per financial statements as at 31 December		2020						9,810
Capitalisation of	expenditure on cabinets for new museum								750,000
Restated expenditure on charitable activities per financial		statements		as at	31
December 2020									759,810
General unrestricted funds per financial statements as at 31			December 2020						2,166,593
Capitalisation of	expenditure on cabinets for new museum								750,000
Restated expenditure on charitable activities per financial		statements		as at	31
December 2020									2,916,593

25	Cash generated from operations	Cash generated from operations				2021	2020
							as restated
						6	F
	Deficit for the year					(163,834)	(634,520)
	Adjustments for:
	Investment income recognised	in statement		offinancial	activities	(41,182)	(91,641)
	Loss on disposal oftangible fixed assets					52
	Fair value gains and losses on	investments				(156,140)	393,023
	Depreciation and impairment oftangible		fixed assets			157,983	1,312
	Movements in working capital:
	(Increase)/decrease in stocks						2,445
	(Increase)/decrease in debtors						946
	(Decrease)/increase in creditors					(54,869)	60,380
	Cash absorbed by operations					(257,990)	(268,055)
26	Analysis ofchanges in net funds
	The trust had no debt during the year.