Charlty rgglstratlon number 1172831 THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO LEGALAND ADMINISTRATIVE INFORMATION Trustees Major General J Kerr CBE Lieutenant Golonel N A Smith Colonel J D Fielden LVO MBE Colon81 P R Rossiler Colonel PAAllen ADC Col R M Baker MISS K Chlkls MrACox (Appointed 2 October 20231 (Appointed 16April 2023) {Appoinled 16April 20231 Charlty number 1172831 Reglstered offlcg Regimental Headquarters The Royal Logistics Corps, Building 204. Worthy Down Camp Wncheler Hampshire S0212RG Audltor Moore (South} LLP 33 The Clarendon Centre Diary M82ckny Lane Salisb￿Y Wltshire SP1 2TJ Bankers Holys Military Banknng Lawrie Flouse ctoria Road Famborou Hampshire GU14 7NR Sollcltors Clifton Ingram LLP 11 South Street Famham Surrey GU9 7QX THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO CONTENTS Pag6 Tnjstees rer*Xt Statement ol responsiiilities Independent auditorf$ report 7-10 Statement of financia] aCt{￿tIeS 11 Balance sheet 12 Statement ofwh Ilows 13 Notes lo the financtal statements 14-27 THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Twstees present their sixth report as a CIO and the audited financial siatements of the Charity for the sixth fv118ccounltng period ended 31 December 2023. The Trustees have adopted Ihe provisions of th8 Statement of Recommended Practice (SORP 2019) "Accounting and Reporting by Charities" IFRS 102) in preporing thè amual report gnd financial 8latemenls ofthe Chartty. The fina￿1?] statements have been prepa￿ in accordance with the ac￿unI1ng policies set out in note 1 to the rinancial ststements and comply wth the trust's governing document, the Charitiès Act 2011 and "A¢wunting and Reportlng by Charities.. Slalement of Re￿mmended Practice applicable to chariti8$ preparing their accounts in 9￿rdance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS 1021- (effectNe 1 January 2019). History and Background The Museum was established and funded ini1181ty by the Royal Logistic Covps As80aalion Trust in 1995 and il becam8 a separate unincotporaled Charty with regislered number 1083009, on 7 September 2000. In preparation for redavelopment and relocatlon of the museum lo a purpose-built premises in Worthy Down, the deasion wd5 taken lo establish the Charity as a CIO, lo take on the operation of the museum. This look pla￿ on 1st Juty 2017 and the Charity was 81so appoinled by order of the Char&ty Commission as the truste8 of the museum collection together. wth an Acquisition Fund derived from a donation of £100,000 from the RAOC Charitable Trust. Thls reslriclad fund is applied towards the acquisition of ite￿5 for addition to the collection a$ well as their maintenance. A gift of £3.000.000 from the Defence Logistic Vocational Trust in 2016 was applied towards the costs of the relocation and r8development ol the museum in rt8 new location al Worthy Down. All other sources of funds were transferred lo the newly incorw)rated Charlty for Sls operational purpose5. The Royal Logistic Corps Association Trust continues to be a major source of incorne foi the operation of the museum by the Charity. The Museum is fully ac¢xediied with the Arts Council England. it fwsl achieved this status in July 2010, again in July 2014 and mole re¢8nly in October 2023. The COVID 19 pandemi¢ delayed museum acC￿￿tationS acr088 the UK and explains the large gap be￿￿een the museums second and third accredilalion awards. A Musoum Director, Secretary and a Treasurer. the latter ￿ as part of wider roles and funded by the Ministry of Defence, fAry out the daY-￿daY WOTk of the Charity. A small museum team and clerical staff support them. Accommodalion. telephones and all utilities are provided from Public Funds. The Director and most of the staff ar& private employees fvnded primarily through MOD Army Museums Ogilby Trust (AMOTI grant-in-aid. A board of Iwste8s directs the work ofthe Diredor, Secretsry and Treasurer. The Trustees meel al le8St 1￿ce in each year and I maj¢y policy issues are considered by them and a consensus Mew taken. Structures governance and management Thè RLC Museum Trust CIO is regulated by a Trust Deed No 1172831 dated 1 July 2017. The Charlty was nsliluted as a CIO by the Ch8rity Commi&8ion wtth registered number 1172831. The trustees who served during the year up to the dale of signature of the finanaal statements were.. Major General J Kerr CBE Brigadier M Wwharmby OBE Lieutenant Colonel N A Smith Colonel J D Fielden LVO M8E Celonel P R Rossiler Colon81 PAAllenADC ColRMBak Miss K Childs MrACox (Resigned 2 OCto￿r 2023> (Appointed 2 October 2023) (Appointed 16April 2023) (Appointed 16April 2023) THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trust884 who ar8 non•￿eCutiVe, set the policy of the Museum and overs* the managemenl. direction and pèrfomanee of all the museum staff. who are employees of the Charity. The tast remaining Civil Servant, who was not directly employed by the Chanty, left the museum in earty 2022. The present Chairman of Trustees is 8 Colonel Commandant of The Royal Logistic Corps. All other trustee5 are Mernbe￿ or fomer members. of The RLC or predecessor CoTP$, or are invitéd from industry, to broaden tha dlver&ty and skill set of the board. Trustees {less the Colonel RLC who is ex-offia"o) are on temi appeinlmenls and all make a Trustee declaration ot interests on appointment and at the start of each board rneeling. Trustee Irainiro is conducted by offering vacancies on appropriate Arts CounrAI England tr8ining days and by attendance at annual meetings of the Amiy Museum Ogilby Trust. Sueeession planning for trustees is considered pericKIicglly by the Board. One of the primary funders of the Charity is The RLC Association Trust and the Iwo Gharities share a Se￿etary gnd Treasurer. Objectlves and actlvltles Under daus8 3 of the conslitutton of the Charity. the objects are to edLKate the public and members of the C(￿S i the history and rnilitary accomplishmènts of the Corps and the fomier constttuent Corps 8n(I lo promote militsry eificien¢y arKI encourage reGTUitmenl by public exhibition of the Collection In a museum or museums or such other places as the TTL￿eeS may from time lo time decide and to conserve, restore, repair reconstruct and preserwe objects in the Collection for the benefit of the pub￿¢. There has been no charKJe in these durtThJ the y8ar. The Trustees confimi that they have had regard lo the Charity Commissions gUIda￿e on publiG benefit when reviewing the Charity's aims and objectives and in planning futur8 activities of the Charity. The main adivity of the Charity in 2023 was lo firmly embed the new museum in Worthy Down. increase visitor numbers and to look al options to improve the museum's marketing and incL)me generation potential. We continued lo develop the Charity's policies and working practices in accordance the objects as well as c8rrying out education on the hislory of The Royal Logistic Corps. In the summer of 2023. a study was cornmissioned with a company called "ViÈkeupCall' to assess th8 Suitability of the museum building for commercial or corporate hire events. This study conduded in September 2023 wth recommendations that the museum was indeed ar¢ attfadive and suitable venue for these events WKI recomm8nded Ihal a suitsble catertnglev8nts management partner b8 sought. A Business Case was produced in September 2023 to look at the venue hire possibilities. and other potentia] come generation streams from across a range of areas, induding the shop. donation5. venue hire and the provision of tours. The resignation of the museum archivist facilitated a small structural reorganisation which would allow some staff resource5 to be focused in this area. The nuwnber of museum professional staff was reduced from f(xJr lo three and a new posiiion was created ￿th the Illle Commercial Manager. This part time post would be responsible for the museum 80cial media output. with a view to increasing engagement and wsilor numb8rs, th8 shop and for leading on fLrture Gotnmerciat activity. ) D-Day 80 occurring in June 2024 it was derided, in accordarbce with thé mus6um's charitable (*leetives, to mark this stgnificant event by buil¢Jing a predominanuy glass enclosed strudure. at the front of IIE museum. to hous8 a W2 DUKW amphibious vehicle, which look part in the landing5. A stslement of requirement was produced. lendeTS invited and a seleetion board awarded the Contract. Obtalning the necessary buildiig permissions and ensuring that the corred lease would be in Pla￿ meant that constmclion did not 8tsrt within tlws FY, but the bulding wll indeed be completed time for the t>Day Gel8bralions. The Charity staff continue the compiling of an inventory of artifacts belonging lo the Charity and inherited from the Predecessor Cotps. Due to the difficulty In establishing a twe valuation of these artifacts, tnany of which are unique d irreplaceable. the Trustees have not induded th8m on the balanc8 sh88L Th8 Charity holds a small number of 108n items ￿1 of which are fomially registered and Ihe rules for their custody and management are detailed in the Charfty's Coykctions Devglopment Poli￿. THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Ch*ity depends on furnying from The RLC Association TnJ8t Fund and submits an annu81 request lo that Trust for fun¢Jing for the follo￿ng period. Any surpluses at the end of the finan￿al period are considered when the budget for the followng period is drawn up. Money accruad through undèrspend is invested to be used to SUFPOrt the continuing development and future funding of the Museum. A budget and outline plan for the Charity's short to medium teryn development has been agreed and forms part ofthe Fo￿ard Plan. Wrth thè impending retirèment of the singlè individu81 runnlng the museum archive website. a new provider was required. After a comprehensiv6 selection process. an established museum archiving company was engaged. This meant the Gopying and transfer of vast quantities of dats. induding images. lexls, journals, films and other assorted archive material lo the new provider. This then needed ind8xing and sorting so that it would be'searchable" on the new website platform. During this financial reporting period the "Bela" or test website is live and bug r￿eS and changes are being made. The completed new archive website is predicted to go live in the Swng of 2024, just outsid& of IF￿S FY. Trustees enswe that the Museum ond its Gonterts are fllly inswed in the event of fire, water damage or theft aThJ this Insuran￿ was renewed and increased in 2023. The Chatity had to produce a new emergency plan as part of the ACE Aeereditation process and has undertaken a full risk assessment covering 811 aspects of museum activty. The Museuwn has stale of the art Security and CCTV systems installed and is guarded 24 hours a day by MOD guard5. due to its location on the edge of an MOD sile. Th& socurity is suffiaently robust fhal in 2022, the Home Office grant￿ the Museum a 'museum fireaims license,. allowing il to hold live weapons. The assets purchased through cdlections that have 3 monetary value are held on the Heritage Asset Register. This is maintained and updal8d by th8 curator and insurance policies are reviewed annually to meet the valuations. 11 is planned that the 1939 Ro115 Royce Wraith. used by Field Marshal Montgomery shL)rtly after the D-Day landings wll bè cosmeliealty improved before taking part in eelebrations in Fwce planned during June 2024_ Negotiations commenced in late 2023 with a TV company who specialise in the renovation of historic vehicles, for them lo undertake Ihls work and to produ￿ a film of the process with a welkknown British motoring celebrity. Talks were still ongoing at the end of this FY. with Ihe likelih(x)d of a contract being agre8d in earfy 2024. The trustees have pald due regard lo guldance Issued by the Charfty Commlsston In declding whal ￿*vItIeS the trust should undertake. The Charity has three principal fun(ling sources.. a. MOD. which funds most of the Charity's staff: plus the museum t￿[1]ding, its lease and uliliti&s ￿)Sts. These have an estimated annual value of £51 K b. An annual grant from The RLC Association Trust Fund, which lotalled £120,000 in 2023, part of whith was provided to underpin the new museum shop. wth the remainder supporting th& bulk of the routine museum operating costs. The RCT Medal Collection. hosted wlhin a puipose.buitt Toom in the museum has an extant Reslrbctèd fund supporting itwithin The RLCAssoclatlon Trust fund. Additional funding comes frum researGh inquiries. donations and charges for lectures and ovenls. Notably a generous donation of £3m was received in 2017 from Ihe Def Log VQ Trust, which having been invested to accumulate further gro￿. funded most of Ihe de¥elopment of Ihe new museum. Som& £1.09m in residual funds remains for future support of the Charity. There is a separate restricledAcwisilion fund worlh £90k. Tho maioTity of funds sit within an investment portfo]io created for the Charity.. the objeclnfe of this investrnent is to help towards ￿eater 5elf-strfficAency and to supth the enhan￿d operation planned for the future. In 2010, the trustees of the Charitable Trust established a Funding WorkFng GroLtp to review its funrfing sources. The decisir￿ was made at that tim8 not to charge for enty to the museum and the Charbty has decided not tu change that policy. The RLC Associalion Trust agreed in 2013 to increase ils annual donalion. thereby giving a level of certainty over tsture ￿ndIng aid that will continue to be paid lo the Chartty. Support for a museum remains a major objective for The RLC A550aalion Trust a5 part of the efficiency of the co￿5 and lo maintsin Ihe Corps, heritage, and this inctudes conltnued funding support for the Museum. The size of the grant is reviewed on an annual basis and the grant has increased in 2023 10 £120k. THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal revlew The bulk of stsff costs ore offset by a grant in aid from AMOT. The gifts in kind is reassessed annually lo retain currency in the value of the services prowded to the Charity by the MOD. There are again sizeable annuat depreciation costs arising from establlshing the museum in Worthy Down. because of the museum reffit and display cas08. The value of tha assets does ouiweigh the operating activities of the trust and therefore the depreciati( Gharge of £66,667 12022.. £1 $0,000) is significanL The eslimale around the useful e￿nOmiC life of this asset has been re-evaluated and in¢xease(I to 20 years al the start of the period so that th8 asset is being writt8n down ov8r to 18 years of its lrfe. Charitable activitie5 provided positive cash Itow in the yèar of £52,298 folkiwng the add baek of the non take thès¢ to even greater heights in 2024 and t￿yon￿. The Museum voluntèars regulaty undertake befv￿en them, 8Otne Seventy hours per-W8ek of unpaid work wthin the Museum, ¢overing 8 r8ng& ol tssks, from the ￿eptIon desk, to working in thè stores. The value of their unpaid contribulion 15 estimated lo be approx. £45k- £50k p&r annum. Moreovèr. thè d81iv8ry ol free tours to the military. irainees. reC￿lts and veterans, a8 we11 a8 frèe use ol cOnfere￿r￿j facilities in fh6 musgum amount kj over £10.000 of free provtston per annum, to these groups. Finally, The RLC Museum does not charge for entry, provides free parkln9, has free activities forchildren and 8 eAfé on site. Loc81 caré homès for thè elderfy and children's homes for Ih<)se with addllional needs have become règular users of the musèum. domonstr8ttng a wlde aThJ expanding pub5¢ berpfit lo local Ix)mmunty. The Teportwas appmad by tha Board r)f Trustees. Mawl General J Kert CBE Trust4• Date.. 18 ...c¥.k L.F........... THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO STATEMENT OF RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees aré responsible for preparing the Report and the fin8nci81 ststemenls in acccffdance vAlh 8pplitsb]8 law and United Kingdom Account¢ng Standard8 (United tfjThJdom GenerallyAcc6Pted Accounting Pradiee). The law applicable to charities in England and Wa18s r8quires the frustees to prepare financial sLitements for each ffinancial year which give a true and fair view of thé stats of affairs of the trust and of the incoming resources and appliGation of resources of the IFUSt for th* year. In preparing these finanelal statements, the trustees are rewired to.. - select surtable accoUn￿ng pollaes and then apply them consistenuy,. - observe the melhods and prirKiples in the Charities SORP; - make judpm8nts and estimates that ar8 r8asonable and prudent.. stale whether applicable acu)uTrting stsndaids have been followed, subjeci Io any material departures disdosed and explained In the financial statements.. and - prepare the financial statements on the goin9 concern basis unless it Is inapprowiate to presume that the charity 11 continue in operation. The trustees are responsiTrJle for keeping suffiaenl accounttng records that diselose wlh reasonable aceuraey at any time the financial position of the trust and enable them lo ensure that the financial statements comply wtth the ChariliesAct 2011, the Charity {Accounts and Reports} Regulations 2008 and the provisions of the trust deed. They are also responsible for safrguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO Oplnlon We have audited the finanaal statements of The Roy81 Logistic Corps Museum Trust cio Ith8 'lrusYI for the year ended 31 De￿mber 2023 which comprise the statemenl of financial activities, the balan￿ sheet, the slalemenl of cash flows and notes to the financial slal8m8nts, including significant accounting policies. The financial rewting framework that has been applied in their preparation is applicable law and United Kingdom Acwunting Stsndards. including Financial Repgrting Standard 102 Ihe Financial Reporting Standard applicable in the UK and Republic ol Ireland {Untted Kingdom GenerallyAcceptedAccounting PracttC8). In our opinion. the financial statements.. give a true and fair vrew of the 8tste of the charity's affairs as at 31 Dec8mber 2023 and of its incoming resources and application of resources, for the year then ended.. have t¢en properly wepared in accordance wlh Uniled Kingdom Generally A¢￿pted AGcounting P1acli￿. and ha¥e been prep8red sn accordance ￿th the requirements of tho ChariliesAct 2011. Basls for oplnlon We conducted our audit In accordance with Inlemational S￿dards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards ar8 further described in the Au(titorfs responsibiltties for the atjdit ol the fingnual statements section of our repcrt. We are independent of tha trust in aeeordaneè wrth the ethical requirements that are relevant to our audit of the financtal statements in the UK, induding the FRCS Ethical standard, and we have fu￿1[led our oth8r ethical responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriale to provide a b8sis for our opinic￿. Conclu8lons relatlng to golng concèm In auditing the fin8ncial st8tements. we have conduded that the use of the going concem basis of accounting in the preparation of the ffinanci81 statements is appropriate. Based on th& vA)rk w6 have perform8d, we have not idertified any malertal un￿rtaintieS relating lo events or conditions that, individually or collectively, may cast significant doubl on the Irusvs ability to continue as a goino oncern for a period of at least twelve months from when the financial statements are aulhorised for isslte. Our resp()Mknlitiès and thè responsibtblies of the trustees wlh respect lo golng concem are descrlbed In the relevant secti￿8 of this report. Other inforniation The other infomiation comprtses the infomiation included in the 8nnu81 report other than the fina￿781 slalemwts anij our audrtofs report thereon. The trustees are respOns￿le for the other information contsined wthin the annual ieport. Our r¥>inion on thè finanaal stat8mants does not cover the other information and we do not express any form of assur8nce conclusion thereon. Our responsibility is to read the olh8r infomiation and, in doing so, consider whethgr the other infomiation is materially inconsistent wth the financial statements or our knowledge obtained in the course of the audit, or otherwtse appears to be mateFially misstated. If we identify such material inconsislencie8 or apparent material misstslements, we are required lo detemiine whether this &ives rise lo a material misstatement in th? finwol statements themselves. If. based on the work we havè perfomied, we eonclude that there is a material misstatement ofthis other information. we are required to report that fad. We have nothing to rèport in this regard. Matters on Ylhich w¢ are requirèd to report by excèption We have nothing lo report in respect of the frjllowing matters in relation to which the Chaiiti8s (Accounts and Roports} Regulations 2008 require to report lo you rf, in our opinion". the infomjalion given in the ￿nan￿OI statements is inconststanl in any matsrial respeet with the report,. or suffiaent a￿oUnting records have not been kept.. or the finan¢ig1 stalemenls are not in agreement wth the accounting records., or we have not received all the infomialion and explanations we require for our audit. THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO R9sponslbllltlos of trustgfrs As explained more fully In the statement of responsibilities. the trustees are responsible for the preparation of the fillancial statements a￿￿ fof being sa115fied that they give a true and fair view. and for such intemal control as the trustees determine is necessary to enable IhÈ preparation of financial statements that ara fre@ from material misslatemenl, whether due to fraud or error. In preparing the financial stateM￿tS, the trustees are responsible for assessing the trusfs ability to continue as a going concem. disdosing. as ?ppli¢able, matters related lo going concam and using the going concern basis of accounting unless the trustees eiiher intend to cease operation5. or have no reallslic alternative but to do so. Audltorfs rasponslbilities for the audit of the flnanclal Statements We have been appointed as auditor under seclion 144 of the Charities Act 2011 aNJ report In accordance with the Act and relevant regulati¢)ns made or having effect Ihereunder. Our oblectives are to obtan reasonable assurance about whether the finandal statements as a whoie are free from material misstatement. whether due to fraud or error. and to issue an auditofs report that includes our opinion. Reasor)able assurance is a high level of assurance bul is nol a guarantee that an audr( conducted in accordan with ISAS (UK) will always delect a material misstatsm8nt wh&n il exists. Misslal8m8nls cAn arisa from fraud or error and are considered material rf. indivTdually or in the aggregate, they could reasonably b8 &xpectsd to infiueneé the ￿OnoMiC decisions of users taken on the basis of these finon¢ial statements. A furthèr dèsertption of our responsibilities is a¥allable on the Flnanclal Reportlng Coundl's webshe al: htyjl YMw.frG.org.uklaudiloTsre$ponsibililies. This description fomis part of our auditorfs report. Irregularities, induding fraud, ore instances of norkcompliance with laws and regulati¢)ns. ￿e￿9ft procedures In line with tyjr responsibilities. ouuined above. to detect matertal misstatements in respect of irregularities, including fraud. The extent to which crttr procedures are capable of detecting irregulaftiies, indudin9 fraud, is delaiFed below. Explana￿On a5 to what extent the audlt was considered capable of detecting irregularities. including fraud The objectives of our audrt in respect of fraud. are., to idenlfy and assess the risks of material misstatement of the accounts due lo fraud. to obtsin sufficienl appropriatg audit evid8nc￿ r8gardiThJ th8 assessed r(sks of materiat misslalemenl due to fraud. through designing and implementing appropriate responses lo those asSeS￿d risks., and lo respond appropriately lo instances of fraud or SUSp￿ted fraud iderrtified during the audit. However. the primary resrx)nsibility for the prevention and detection of fraud rests with both management and thos2 charged V*ilh governa[￿e of the charity. THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO Our approach was as follows: The engagement pather selected staff for the audit. led by persons who it was deemed had sufvenl experience and who had th8 required cornpeten￿ and skills to b8 able tr) Id8ntify or recognise non- ccmplianee with laws and regulations. We obtained an understanding of thè legal and regulatory reqlmrements 8ppITcable to the tharity and we considered the most srgnificant lo be the Charities Act 2011. the Charity SORP and UK financial reportrng slandards as issued by Ihe Finan￿al Reporting Council. We obtained an und8rslanding of how the company is complying Ih8se trameworks by making enquiries of those Chargèd wrth govemance. ￿ enquired of management arKt those chargèd wtlh g0Veman￿ as to any known instan￿¥ of non-ecKnpliance or suspected non-GompliwKe with laws grKI regulations. We asso8sed the 8U8ceptibillty of the chartty's fin8wal Statements to material mi8Statement, including how fraud might occur. and the inherent difficumy in detecting irregularities by holding discussions wtth management and those charged responsibilty for ensuring leg81 8nd regulatory compliance is adhered lo and considwed Ihe intemal controls in place to mitigate identified risks. As a resum. a fraud risk was tdentified relaling to management overlide. In addition to the possibility of management override of controls, areas Considered higher risk relating to fhe pre5entslion of infomialion in the financial statements included the iecognilion of revenue. We assessed the control environment. documenting the systems, controls and processes adopted and undertook an assessment of risk identified in designing our audit approach which incorporates a combination of controls testing, where appropriate. analytical review and subslanlive procedures involving tests of transaclK)ns and balances. Any irregularit(es noted were disuBsed with management and those charged with g0veMan￿ and we obtsined additional CO￿0b0rdt1ve ￿den￿ as wuired. To address the risk of fraud through manag￿ent override we: performed analyti￿1 procedures to Èdenlity any unusual ￿ unexpeGled relationships., te51ed joumal entries to identify any unusual transactions- tested items of expenditure lo eftsure that they were valid and correctly allocated in the nominal ledgèr. reviewed reslrieted expenditurè to ensure funds were spent in fine ￿￿th the term$ of the applied restriction: asse55ed whether judgernenls and assumptions made in determining the accounting estimates were indicative of potential bias: and reviewed the nature of the disd08ures within the financial statements to ensure they meet the uirements of accounting standards and relevant legislation. In r69ponso to the risk of irregularities with regards lo completeness of income we: ¢c*npleted analybcal work lo evaluate inconsistencies and significant variances in Income streams: T8viewed third paty documentation to confirm that relevant entries V￿re reffe¢Xed in the accounling records, and" • reviewed transactio￿ befor8 and aftar th8 year 8nd to 8nsure they had been allwtwj to the co￿eCt period. There are inherent limitations in our audkt procedures describ8d abov8. The more removed that laws and regulations are from financial transactions. the less likely r( is thal we would become aware of non-compliance. Audrting standards also limit the audit procedures required to identify nOn-￿MplI8n¢e with laws and regulations to enquiry ofthe directors and other management and the inspection of regulatory and legal correspond8nce, rf any. Material mi5Statemenls that arise due fo fraud be harder to detect than those that arise from error as they may invoive deliberate con￿alMent 01 collusion. THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO Use of ourreport This réport is made solely to the charity's trusiees. as a body, in accordance with part 4 of the Charities (Accounts and RepoTtsI Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's trustees Ihose m wearer quired lo slate to them in an auditorfs report and for no other purpose. To the fullest extent perm o not ac￿pt or assume responsibility to anyone other than the and the charity's trus ur audit work. for this report, or for the opinions we have fomed. w,we esasa Robe acDonald (Senlor Statuto for and on behalf of Moora (South) LLP 29 Octolxr 2024 Chart&red Accountants ststutory Auditor 33 The cla￿ndOn Centre salis5￿ry Business Parf( Dairy Meadow Lane Salisbury fiitshire SPq 2TJ Moore (South) LLP is eligible for appointment as auditor of the trust by virtue of its eligibility for appaintmenl as auditor of a Company under sectKJn 1212 of the CompanièsAet 2006. 10- THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unr6strieted Restricted funds funds 2023 2023 Tota5 Unrestrfcted R0Strtctgd funds funds 2022 2022 2022 As restated As restatod Tolal 2023 Notss Income and endowm9nts from: Donations ￿ legacies Other trading activities Investments Other incom8 341,999 32,921 45,157 341,999 32.921 48,818 283,776 4,109 39,074 1,689 283.776 4,109 42.025 1.689 3,861 2.951 Total income 420,077 3,661 423,738 328,648 2.951 331.599 Expendlture on: Raising funds Charil8ble actwtties 32.997 369.463 32,997 369,463 24.183 491,395 24.183 491,395 Totsl expendlture 402,460 402,460 515,578 515.578 Nel gainsl{losses) on inveslmenls 13 3,017 293 3.310 {183,781) {13,924) 1197,705) Net Incomel(expendlture) and movement In funds 20,634 3.954 24.588 1370.711) (10,973} {381.6841 Reconclllatton of funds: Fund balances at 1 January 2023 2,371,015 111.198 2.482,213 2.741.726 122,171 2.863.897 Fund balances at 31 December 2023 2,391,649 115,152 2.506.801 2,371.015 111,198 2,482,213 The statement of financial activities includes all gains and1088es recognlsed in the year. All income and expenditure derive from CL)ntinuing activifies. 11 THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 a$ restated Not•s Flxed assets Tangible assets Heritagè a&8ets Invgstments 15 16 17 1,167.111 21.080 1,221.363 1,238.130 21.080 1,181.620 2.409.554 2.440.830 Currènt ass•ts Stocks Cash at bank and in hand 18 26.698 124.OT1 18.183 71.773 150.769 89.956 Cr•dltors: amounts falllng dug within oné yèar 19 (53,5221 {46,573) Net current assèts 97.247 41.383 Total assets less current liabilitiès 2.506.801 2.482.213 Net as89ts oxeluding panslon Ilablllty 2.506,801 2.482.213 The fund$ of th• trust Restricted income fiJnds Unrestricted funds 20 115.152 2,391.649 111,198 2,371,015 2.506,801 2.482,213 The finanGiaJ sl*ements were approved by the tru3leo8 on Major Ganeral J Kerr CBE Trustee 12 THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating actlvltle8 Cash generated froml{absorbed by) operations 26 46,050 (51,192) Invesung actlvltles Purchase oftsngible fixed asséts Purchase of investments Proceeds from disposal of investmènts Investment income received (6.137} {38.4331 {13.463) {41.909) 100.000 42,025 48.818 Net cash generatad from Invèstlng acttvltles 6,248 86.653 Net cash used In finan¢ing aetivities Nat incraaso In cash and cash equlvabgnts 51298 35,461 Cash and cash equivalents at beginnlng of year 71.773 36.312 Cash and cash equivalents at end of year 124.071 71.773 13- THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles Chaiity infornlatlon The Royal Logistic Corps Musèum Trust CIO is eonsliluted a5 a CIO by the Gharity Commission registered number 1172831. The registered address is Regimental Headquarters, The Royal Logistic Corp5. Building 204, Worthy D¢)vm Camp, Imnchester. Hampshire. S0212RG. 1.1 Accountlng conventlon The financtal statemonts have b*n wepaTed in accordance with the trusfs gL)vemlng document. the Charibes Ad 2011, FRS 102 'The Financial Reporttng Stsndard applicable in the UK 8nd Republic of Irelan￿ fFRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement ol Recommended Pra￿1￿ applicable to charities preparing their accounts in accordance wth the Finarkcial Reporting Standard appticable in the UK and Republ￿ of Ireland IFRS 102)" 1@ff8ctiv8 1 JarKJary 2019). The trust is a Public Benefit Entity as defined by FRS 102. The financtal statements are prepared in sterling, which is the functton81 currency of the Irust Monetary amounts in these finanaal statements are rounded to the nearest £. The ffinanci21 statements have been prepared under the historical cost convention. modffied to inG]ude investments at fair value. The prin¢ipal alwunling policies adopted are set out bel¢)w. 1.2 Go5ng concern At the time of appromng the financial statements. the trustees have a wsonable expectation that the trust has adequate resource5 to continue in operational existen￿ for the foreseeable future. Thus the trtBtses ¢ontinue to adopt the gryng concem basis of accounting in preparing the financial s18tements. 1.3 Charltable funds Unrestllcted funds are avallable for use at the dISC￿tIon of the trustees In furtherance of thelr charitable objectrves. Restrthd funds are subject to specific corKlilions by donors or grantors 88 to how they may be used. The purposes and usgs of th8 restricted furxds are set out in the notes lo the financial statements. Endowment funds are subject to speafic conditions by dorKyrs that th8 capital rnusl b8 maintained by th& trust 1.4 Income Income is recognised when Ihe trust is legally entitl8d lo it after ary perfomance conditions have been mel, Ihe amounts can be measured reliably. and it is probable that income will be received. Grants, donations, 18gaaes and similar incoming resourc8s ar8 includ8d in th8 P8riod in which they ar8 re￿1V￿ble. whith is when the tharity become5 entiued to the resource. For donalions. enlillement is the ear]ier of the chanty being nokn.fied of an irnpending (fisthbution LY the donati(￿ being ieceived. Income is also r8cognised in relation lo the services provided by the MOD, being staff and premises. These are treated as donated servi￿5 and so are recognised at Ihe value of the gift to the chaTity. being the open market value based on the alternative services that would be incurred if not paid for by the MOD. Income is recognised at the year-end in th? period which the semces are consumed. An equivalent amount is raeognised as 8xpendf(ur8 in the SOFA. Income from trading actiw.lies includes income earned from fundraising events and trading activities to ratse funds fcrf the charity. Income is recoived in exchange for supplying goods arKI services in order to raise funds and is recognised when enliuement has oc£urr8d. 14- THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMEhlTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollclos {Contlnued) 1.6 Exp•ndltur8 Ewenditure Is rec￿J￿15ed 0￿e there Is a legal or constructive obligatim to transfer economic benefit to a third paty. il is probable thal a transfer of economic benefits will be required in setttemen( and the amount of the obligation can be measured reliably. All expenditure is acccHJnted for on an accruals basis. PJI 8XP8ns85 induding govern8n¢8 Costs are ailocaled or apportioned ID the applicable expendÉtiJre headings. Costs of charitable activities indude grants made, governan¢e ¢o¥ts and an apportionment ofsupport costs. Govern8nce costs comprise all costs invdving the public accountability of the charity and its oimpliarKe with regLdation and good practice. 1.6 Tanglblp fixed assets rangible fixed assets are initialty measured at ￿¥t and subsequenuy measured at cost OT valuation, net of depreciation and any impaimienl losses. Deprecration is recogrised so as to write off the cost or valuatitsn of assets less their resithjal values over their seful lives on the following bases: Computer and other equipment Museum cx)Ilection Fixiures and fittings Museum cabinets and displays S years slraighl line 5 years straight line 10 years straight line 20 years straight line (2022.. 10 years straight line) There has been a change lo the accounting estimate over museum cabtnets and displays economic lives and Iherefore Ihis has been impaGled the depfeoalion policy applied durfng this year. See note 2 for detsils. The gain or loss arising on the disposal of an esset is determined as the difference belween the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial aclivrties. 15- THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles (Continued) 1.7 Heritage assets The museum holds a number of heritage assels all of whith are conSide￿d to bè of hlstowiGal SIgnffican￿ In relation to the RLC and the British Arniy. Th8S8 ass8ls have been owned by the corps. in some cases for over 100 years. and their value lo the eorps Cannot be measured as these item5 in the collection are irreplaceable as they are unique items. Du& lo their age, no information on original cost is available. A list of High Value Artefacts andArchives in the collection ofthe Royal Logistic Corps Museum is detailed bejow.. Archives Board of OrdnarKe Letter BoJks from T1pn￿Na1taISheerne5S - &ghteenthlNineteenlh Century Board of Ordnance letter borl(s and various types of Issue￿receiPts Istcrfes books.Location Museum Arthive. RASC Post-WdrWril&Ups- Nine box wllection ol fity-tsvo books providing historical narrative of the RASC in the SecorKI World War used as source matorial in creation of th8 officia] listories. Location- Museum Arthive. B. Vehicle Record Archive - sin￿ 2004 the caftfs have generaied fvnds for the nwseum and continue lo do so. These (zrds are Irrepla￿abIe. Artifa(as The prinople valuable artefacts ofher than medals whlch are stored off slte and can be Itemlsed separaldy ar8 id8ntiff8d in the Emergenoy Plan". Rolls Royce v￿1th Items in Napoleonic Case Coatee of Royal Waggon Train Miniature of Officer of the Rwr Army List in glazed case 011 painting ofAmis of the Ordnance Corps Oil Painting of the Marquis of Granby The Chari￿s policy for acquisition of replica equipment and artefacts is lo expense this through the SOFA or capitalised within tangible fixed assets depending on the value in line with the charws capila11881ion policy. These gre not deemed to be heritage as they have no historical importance as they are not original itetns. 1A Fixed asset investments Investsnents are a fomi of basic finanaal inslnjmenl arKJ are ¥iitially recognised at their transa￿10￿ value and subsequently measured at their fair value as al the balance sheet date U￿ng the closing quoted market price. The statement of financial activities indudes the net gains and losses arising on revalualion and disposals Ihroughoutthe period. Investment Income Is accounted for In the year In which the Trust is enlitted lo re￿ipt. 11 indudes dividend& 1.9 Impalmi&nt of fixed assets At each reporting end date. the trusl reviews th& carrying amounts of its tsngible assets to deterrnine whether there is gny indicatign that tlwe assets have suffered an impaimienl loss. If any such indication exists. the recoverable amount of the asset is estimated in order to d8t8rmine the exlent of the impairment loss (if any). 1.10 Stocks St(￿kS are staled al th8 lower of cost and estimated selling price less costs to complete sell. Cost comprises direct materiaLs and. where applicable, direct labour costs and those overheads that have been incurred in brtnging the stocks lo their present localion and condition. Items held for distribuli¢M at no or nomir￿1 consideration are measured the lower of replacement cost and cost. Net realisable value is the eslimaled selling price less all estimated costs of completlon and costs to te incurred in marketing, s851ing and distribution. 16- THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Aw>untlng poll¢les (Continued) 1.11 Cash and cash 8quivalonts Cash and cash equivalents include cash in hand, déposits hèld al call vitth banks, olher short-lemi liquid investrnents wth original maturities of three months or less, and bank overdrafts. Bank overdrafts are within bo￿owing5 in current liabilitiès. Basle flnanclal assets Basic financial assets. which include debtors and cash and bank balances, 8re initially mea8ured * transaction price induding Iransadion costs and are subsequently carried at amort15ed cost using the effective interest method unless the arrangement conslilutes a financing transaction, where the transaciion is measurèd at thè prèsènt value of the ltrture receipts discounted at a market rale of interest. Financial assets 18ssified as receivable wthin one year are not amortised. Basi¢ financialliats-liti¢s Basic financial liabilities. including creditors and bank loans are initially recognised at Irgnsaction pri￿ unless the arrangement constituEes a finan(ang Iransaclion. where the debt instrument 15 measured al the Present value of the future payments discounted at a market rale of Interest. Financial liabilities dassnled as payable within one year are not amortised. Debt instruments are subsaqu8ntly carried at amortised cost, using the effective interesi rale method. Trade crediltsrs are obligations to pay for goods or servFces that have been acquired in Ihe ordinary course of opeiation5 from 5UPPtiers. Amounts payable are classffied as current liabili118s if payment is due within one year or less. If not. they 8re presented as non-current liabilities. Tradè ereditors are recognised initially al transaction price and subsequently m&asured at amorttsed (x)8t using the effeGtive inte￿t m&hod. Dereeognltlon of flnanclal Ilabllltles Financial liabilities 8re derecognised when the trust's contractual obligations expire or ae dischaTged or cancelled. 1.12 Taxatlon The Trust is exempt from UK Corporation Tax and is not VAT registered. 17- THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Critic&1 ateountlng Èstlmates and Judggments In the application of th8 trust's accounting policie8, the trustees are required to make judgements, estimates aThY assumptions about the earrying amount of assets and liabilities that are not readily apparent from oth8r sources. The estimates and assoThated assumptions ar8 based on historical experience and other factrAs thot are ¢orhsidered to be relevant. Actual results may differ from these estimates. The esfimates and underlying as8umptiorK8 are rev7ewed on an OT¥Joing basis. Revisions to accounting eslimatss aro recognised in th8 period in which the estimate is rewsed where the revtsion affect8 ￿lY thal period. or in the period of th8 r8vision 8nd future periods where the revision affects both c￿￿￿nI and future period& Fix life There has been a change in accounting estimate during the period, Iruslee5 have considered the economic life of the museum cabinets and displays to be 20 years, historically the assets had been written down over 10 years. The change has been been prospectively from l January 2023 and assets will be written down over their remaining 18 years lile. This has reduced the annual depreciation charge from £150.ts)O In the prevlous yearto £86,666 in Ihe current year. The trustees have based the economic lrfe of 20 yeais based on knovAedge of the asset, current condltlon of th& asset and expectation over the p￿70d in which they expect to consume the asset's economic benefit based on the plan for the next planned redesign of the RLC hKuseum wll eoineida wlh the 50th Anniversary of the Royal Logistic Corps and the 250th Anniversary of the fomiation the fitsl109islic army unit, which occur in 2043 and 2044 respedlulty. Income from donatlons and legaeies UnT8Strictod Rgstrlcted funds funds 2023 2023 Total Unrestricted Restrlcted funds funds 2022 2022 2022 As reststed As r￿trted Tolal 2023 Donations and grfls Grants receivable for core activities 44,407 44,407 22.792 22,792 297,592 297,592 260,984 260.984 341.999 341,999 283.776 283.776 Grants recolvable for core activities The RLC Association Trust FundAnnual Grant The RLCAsso¢iation Fund Shop Grant Grant inAd- Ogilby Trust MOD fvnded staff and premises costs 110,000 110.000 90.000 90,000 10.000 125,663 10.000 125.663 10,000 109.900 10.000 109.900 51.929 51,929 51,084 51.084 297,592 297,592 260.984 260,984 See note 27 for detstls of the prfcf year adlustment. 18- THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donatlon$ and legaclos {Contlnu6d) Th8 grant from the MOD represents the Trustees estimated value of the salaries of the Museum Staff belonging to the Civil Serwce. These are currently on mark tim8 rates of pay. 11 also includes an estimated value of the Premises and uiililies provided frcth public furKIs. Income from othertradlng actlvltles Unrestrfcted Unrestrfctod funds funds 2023 2022 Sh¢)p income 32,921 4.109 Income from Investments Unrestrlctsd R8stricted funds funds 2023 2023 Total Unre5tr1ctsd Rgstrfcted funds fund$ 2022 2022 Total 2023 2022 In￿me fr¢xn listed investments Interest re￿1vable 44,307 850 3.661 47,968 850 38,958 116 2,951 41.￿)9 116 45.157 3,661 48,818 39.074 2,951 42,025 other Income UnrestrfGtsd UnrestrlGtgd funds funds 2023 2022 Net gan on dlsposal of programme related Investments 1.689 19- THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expendlture on ralslng funds Unrostrlctsd Unrestrlctod fund5 funds 2023 2022 Shop Expènditurè Cost of Sales Postage Other eXpe￿ilure Staff costs 24,247 3,249 125 407 20,402 10 8,733 32.997 24.183 Expendlturg on charftable actlvltles Unrestrlcted Unrestrlcted 2023 2022 Dlrect costs Staff costs Depreciation and impairment Rent, Rates and Utilit18S Conservatlon Maintenance Collections Reference Postage IT Insuran Slatior Travel Printing &Advertising Professional Fees and Subscriptions Training Other charitable expenthture 178.145 77,156 32.301 2.378 112 5.9(r2 75 171,517 159,681 32.300 3.637 620 1.967 111 59 8,426 5.666 557 8.097 6,623 119 2.256 3.218 325 492 38,571 2.897 1,572 1.373 84.097 355,770 478.048 Share of support and govèrnance costs (see note 9} Goveman 13,693 13,347 369.463 491.395 Analy51s by fund Unrestficted funds 369,463 491.395 -20- THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs allocated lo actlvltles 2023 2022 Govemance c08ts 13.693 13.347 Analysed batween: Unrestrided 13.693 13.347 2023 2022 GoveTnance Gosts comprlse: Audit fees Acwuntsncy Meetings 9.600 3,972 121 8,000 4.984 13,693 13.347 10 Nèt mov8mont in funds 2023 2022 The nei movement in funds is sl8ted after thargingl{crediting)'. Fees payab16 for the audlt of the charftls finandal statements DeprecAalion of owned tangibl8 fixed assets 9.6 77,156 8.000 159,682 11 Trugtse8 No expenses were reimbursed during 2023 or 2022 to trustees. 12 Employèès Th8 averag8 monlhty number of employees during the yearwas: 2023 Number 2022 Number Museum Shop Adminstralion Total Employment costs 2023 2022 Wages and saarfes 1B6.878 191.919 There were no employees whose annual remunèration was more than £60.000. 21 THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Employ86S {Contlnued) Remuneratlon of key management personnel No trusle8s are r8muneraled for their role. 13 Galns and losses on Investments UnrestrfGted Re5trlcted funds funds 2023 2023 Total Unrestrkct8d Rostrlcted funds funds 2022 2022 Total 2023 2022 Gainsloosses) arising on- R8valualion of investments 3.017 293 3.310 1183.781} 113,9241 (197.705) 14 Taxatlon The tharity is exempt from taxation on ils activities because all ils income 15 applied for charitable purposes. 15 Tanglb]e fixed assets Cornputer and othei 9qulpmgTrt Museum Flxlures and IleGtion flttlngs Total Cost At 1 January 2023 Additions 42,096 3,690 16.138 1.500.OCM) 2.447 1.558234 6.137 At 31 December 2023 45,786 18,585 1,500.000 1,564.371 Depreciation and Impalmient Al 1 January 2023 DeprectalKJn thorged in the year 13.649 6,772 6.455 3,717 300,ODO 68.687 320,104 77,156 Al 31 December2023 20.421 10.172 366,667 397,260 Carrylng amount At 31 December 2023 25,365 8.413 1,133.333 1,167,111 At 31 December 2022 28,448 9,682 1,200.0(K) 1.238.130 16 HgrStagg assets Hèritsge assets As reststed At 1 January 2023 and at 31 December 2023 21,080 THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 HeTltage assets ICon¢lnuedl The museum director continues the loNJ t88k of CCKllFrflin9 an inventory of artetscts belonging to th8 TfUSI. Due lo the historic natu￿ of these artefacts the Trustees have not yet Included them on the balance she8t. A summary of the artefacts held by the chority which have not been recogni88d on the balarKe sheet I￿n be seen on note 1.7. There have been no heritage assets eapitalised either ty acqui9￿1¢n or donolion in the last 5 years. See note 27 for details of the prior year adjustment. 17 Flxed asset Invostments L15ted Listed Inv6stments: investments: Illuseum Museum Developme Fund Total Cost or valuatlon At 1 January 2023 Addits'ons Valuation chang&s 1.091.502 32,772 3.017 90.118 3,661 293 1.181.620 36,433 3,310 At 31 tkcember 2023 1.127.291 94.072 1,221.363 Carrying amount At 31 December 2023 1.127.291 94,072 1,221,363 Al 31 December 2022 1,091.502 90,118 1,181.620 2023 2022 Investments al fair vakte eomprisa= Armed Forees CommM Inv8slm8nt Fund-Accumula)on Units Am)ed Forces CommM Investment Fund- Income Units 640.929 580.434 1.181.620 1.221.363 1.181.620 18 Stocks 2023 2022 Finished goods and goods for resale 26,698 18,183 19 Creditors: amounts falllng due vAthln ono year 2023 2022 Other r￿dItorS 53,522 48.573 -23- THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Restrlcted fund5 The restricted funds of the charity comprise the unexpended balances of donations and ￿an1$ held on trust subjeGt to specific conditions by donors as to how they may be used. At 1 January 2023 Incomlng resoU￿e$ Galns and losseg At31 Decernber 2023 As restated Other restricted 111,198 3.861 293 115.152 Prevlous ygar {As reslated): At 1 January 2022 Incomlng Galns and losses At31 DeGember 2022 Other restricted 122.171 2.951 {13,924) 111.198 TheAcquisition Fund (Restricied Incom8 Fund) was estsblished in 2007 in the Museum Trust by a dorwlion of £100,000 from the RAOC Charitable Twst. Followng an inilial spend of £50,000 acquiring artefacts the r8sidu81 £50.000 was invested in 2008 into the Armed Forces Common Investment Fund (AFCIF) as a long leTm reserve. This fund was inherited from the Museum Trust al th8 prynt of incorporation of the CIO. The fund is solely for th8 purchase of new wuisitions for the museum eolledi¢)n. Expenditure against the fund is ¢￿trOlled through the Trustees. 21 Analysts of net assets bètsyeen funds Unrestrlcted funds 2023 Restrlcted funds 2023 Total 2023 At 31 December 2023". Tangl￿e assets Heritage assets Investments Current asselsllk'abililies) 1.167,111 1,167.111 21,080 1.221,363 97.247 21.080 94.072 1.127.291 97.247 2.391.649 115.152 2.506.801 -24- THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (cop￿INUED) FOR THE YEAR ENDED 31 DEGEMBER 2023 21 Analysls of net assets between funds (Contlnu•dl Unrestrlcted fund8 2022 Restrlct8d fLtnds 2022 2022 As restated As restated Total At 31 December 2022: TangiLle assets Heritage assets Investments Current assetsl0iabililiesl 1238,130 1.238.130 21.080 1,181,620 41,383 21.080 90,118 1,091.502 41,383 2,371.01 S 111,198 2,482,213 22 Designated funds The unrestricted funds of the charity comprtse the unexpended balances of donattons and grants arè not subject to spedfic condlllons by donors and grantors 88 lo how they may be used. These indude designated funds which hav8 been sel aside out of unrestricted funds by the trustees for specific purposes. The unrestrlded funds are available to be spent for any of the purposes of the charity. Unrestricted fvnds have b8en split betsveen general and museum development fund to identify the specAfic donations income. and expenditwe on the museum develcyment. The Museum Development Fund benefitted in 2016 from a £3.000.000 donation from the Defence Logi Vocational Trust spedfically towards the relocation a￿d redevelopment of The RLC Museum at a future site at the Defence College of Logistics, Policing and Adminislralion. Worthy Down. £1.500.000 was invested into the museum development fvnd investment and £1,500,000 into the museum general fund investment. Both inveslrnents were made beforo being itherited by the CIO. The museum development fund was liquidated in year and used to fumish th8 museum's n8w building al IAtJrthy Down. 23 Copltal commltmants 2023 2022 Amounts contracted for bul not provlded In the financial statements: Aquisilion of property. plant and equipment 179.884 -25- THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Related party transaetlons Transactlons ￿￿th relat8d partlas The Royal Logistics co￿6 Association Trust Fund 5hare5 key management and ￿ Trustees wth Ihis Trust. During the year the Trust received a £120.000 donati¢)n 12022.. £100.000). There weTe also £3,749 12022.. £5,643) of c08ts retharged from the RLC association telating lo Insuran￿ and professional f@es. At the year end, the Trust owed £41,52212022: £37,773) to The Royal Logistlcs CorpsAssedallon Trust. 25 Analysls of Changes In net funds Tho trust had no material dobt during the year. 26 Cash generatsd from operations 2023 2022 As reststed Surplusl{deficrt} for the year 24,588 (381.684) Adjuslments for: Invesknent income recognised in statement of financial ￿til￿tieS G￿n on disposal of inv8Stments Fair value gains and losses on invesknents Depreaation and impaimient of tarvJible fixed assels {48,818) 142,0251 {1.688) 197.705 159.681 {3.310} 77.156 Movements in working capital.. Ilnctease}Ide¢rease in stocks Increase in credilots 18.515) 4,949 6.792 10.027 Cash genetated froml{absorbed by) operatlons 46,050 {51.1921 -26- THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 27 Prfor perfod adJusthient Changes to the bajance sheet At 31 December 2022 As prnvlously AdJu¥tment A8 restst reported Flxed assets Heritage assets 191.680 (170,6￿) 21,080 Capltal funds Income fvnds Restricted funds Unreslricied fund8 281,798 2.371.015 (170,6fy)) 111.198 2,371,015 Total equlty 2,652,813 1170,600) 2,482,213 Changes to the profft and loss account Perfod ended 31 December 2022 As prevlously Adlu¥tm$nt As restated reportad Dcfflations and l&gades 454.376 1170,600) 283.776 Net movement in funds (211.084) 1170.600) (381.684) A hertitage asset of £170.600 was introduced via donations and legaaes restrictèd fvnds during the year ended 31 De￿mber 2022 based on a valuation of &tver. 11 was identified thai the sitver valued did not belong to The Royal Logistic Corps Musuem Trust cio, the items are on loan fr￿) The Royal Logistic Assoaation TDJst. This has b88n remov8d from donations and legacies {note 31. heritiage assets (note 161 and regtricted funds {nole 20). -27-