Charty registrdllon number 11728311England and Wale*) THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO LEGAL AND ADMINISTRATIVE INFORMAlloN Truste88 Major General J Kerr CBE Lleutenant Colonel N A Smith Colonet J D Fiélden LVO MBE Colonel P R Rossiter Col R M Baker Miss K Childs NrACox Colonel J S Powel (AppOted 5 Juty 2024} char number 1172831 Reglsterad office Reglmental Headquarters The Roya Logistlcs Coq)s, Bulkllng 204. Vlft)rthy Dthyn Camp Wintheter H8mpshire S0212RG Auditor Moore (Swth) LLP 33 The Clarendon Centre Dlary Meadtyv La Salisbury lishire SP12TJ Bankers Hoifs Miliiary Banking Lawrfe House WFraoria Road Fambornugh Hampshire GU14 7NR Sollcllor¥ Clifton Ingram LLP 11 sth Street Famham Sufrey GU9 7QX
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO coKrENTS Truslees feport Statsment of rrsponsibllmks Independent aui*lofs repr 8-11 statement of financial acdvlfies 12 Balance sheet 13 Statement of cash fiows 14 Notes to the f<Rndal stateme8 15-27
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present thetr seventh r8port as a CIO and the audlted financAI statements of the Charity for th6 seventh fuu auntIng period ended 31 December 2024. The Trustees have adopted the provisnS of tha stateftnl af Recommended Prathce (SORP 2019) 'Accounting and Reporting by Chartties" (FRS 102) in preparing the annual port and finanaal 8tsternents of th8 Charfty. The flnandal staternents have been prepared in acrA)rdan(x wilh the acc4yJrrfin9 polt¢$ set out in note 1 to the finanaal statements and comply wlth the tmsys 9oveming documenL the Chaiities Ad 2011 and 'Attount]ng and Reporting by Charities.. Slatem8nt of Recornmended Practice appllcable to ChareS ptep3fing their accounts in aco)rdance with Ihe Financial Reporbng Standard applicable in the UK and Republic of Irèland (FRS 102) (effecttve 1 January 2019). History and Background The Museum was established and funded Initially by the Royal LogiK Corps ASSOC[atn Trnst in 1995 and it became a separate unincorFrt)rated Charity with registered number 1083009, on 7 Septsmber 2000. In preparation for redevelopment and rethabon of the museum lu a wrpos&bulll premises in Worfhy Down, the deOn was taken to establish thè Charity as a CIO. to take on the oper2tbn of the rnuseum. This took place 4)n 1st July 2017 and thè Charfty was also appointed by order of the Charlty Cornmission as the trustee of Ihe museum collection together, with an Acquisitson Fund derfved from a danalion of £100,OJO from the RAOC Charitable TrusL This restrthd fund is appfied tmrds the 8tr4UiSition of item5 for addition to the ca)Ilection as well as their maintenance. A gfft of £3.000,000 from the D8fen¢e Logistic Vocational Trust in 2016 vras applied towarfs the costs of the relocation and redevelopment of the museum in its new ioolion at Down. All 0r sources of funds were transferred to thé n8wty incnwd Charity for its owadonal purpose The Royal Logislic Gorps knoaatr'on now call8d The RLC Charity and itself a CIO. contriues to be a major source of incorne for Ihe operallon of the museum. The Museum is fulty acedIted wtth the Arts Counc41 England. it first achieved this statu5 in July 2010. agaln in July 2014 and more iecenty in October 2023. The COVID 19 pandemlc delayed museum accreditstions across the UK and explains Ihe large gap between the museums sècond and third accredtlation awards. A Museum Direcknr. Secrelary and a Treasurer, the18tter t*x) as part of w#ler roles and funded ty tho Mlnlstry of Defen, cary out the daY-ldaY work of the Charity. A smajl museum team and deTi¢21 staff support them. Accommodation, tslephones and all ub"litie5 are prowded from Public Fund& The DireGbr and mosl of the staff are prlvate empioyeas funded PriTrrdnly thrrjugh MOD Amy Musaums Ogilby Tru¥t (NMOT) grant4n-aid. A board cf trustees dlrects the Work of the Dwector. seetary and Treasurer. The Trustses meet at least trHlc8 in each yèar and al major policy issue8 are considered by them and a o)nsensUS ViVN taken.
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Objoclives and activilies Under clouse 3 of the &in$titution of the Charity. the ObltiVeS of the museum are to edu¢xk the publi¢ and members of the Corps in the hisfory and military accomplishMts of the Corps and the fo¥ conslituenl Corps. To promole miftsry effiCnCY and encourage recThitment by publlc exhibEUon of the Colle¢Uon In a museum or museums or such other pkces as the Trustees ThRy frnm Itme lo Ilme declde and to consenR. rèstore, repair reconstruct and preselve objécts in the Collection for the benefft of the publio There has beén no chang8 In these durlng the year. The Trustees confiffl) that Ihey have had rega to the Charity Ciffnmission's guwjance on publc benefft vthan reviewing the Charfvs alms and objectives and in pbnning futu a¢bVit of the Charity. The wAin actlvlttes of the Chartty in 2024 were the openlng of a new £250.000 exienslon to house a WK2 DUKW amphl0Us vehicle and the hosting of a Royal vi5]¢ when HRH The Pfinc8ss Royal wsit8d the museum. The museum lease was exlended to InCoOrate the n¥ extenslon. whlch has also been added to tha museum insurance policy. The museums tH)ay Rolls ROY was renovated and repainted as p8rt of a celebrity televisioft program in Itme to play a priotaj role in events to celebrate the 801h anniversary of D-Day, in bDth the UK and France. The ndia coverage of1his event has helped inuEase museum vi5itOT nurt>ers and inkrest in the museum colleciion. In 2024 thAre was a foats on in¢on* generalion. tlyough shop sales. donations. Prong talks and the holdlng of event& This trustee led initiative Ivas 0r$een ty 8 separat8ly app)inknfj Trading Commltteè, ublising trustees wllh expertise in these areas. The next step 1$ for the shop to opetale online to inwse its (xoer base and Pfftab1Jty. Tho Charlty staff contlnue thè complling of an itwentory of artifacts bek)nglng tD the Charity and inheriied from Predecessor Corps. Due to the dlftlcu]ty In esiablishkng a In Vaallon of Ihose artlfacts, many of which ar8 unlqua and wreplaceabte, the Truste85 hav8 not included them on the balance sheet. The Charity holds a small number of loan items all of which a formawy wislered and lh8 Fules for their custody and management are detailed in th8 ChaTitrfs CoThections Development Pofy. A new archivè websfte was developed In 2024. to provide better access to the museum's digital assets oTrllne. This Wobslte Charges for soffle cnterf. to support lis wni¥ng costs. txrt large se(aions of the ntent are free to vtew.
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO
REPORT (coKllNUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Charity depends on furlding from The RLC Charty and submits an annual request to that cfriarity frjr fundlng f
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reservés pollcy ft is th8 pollcy of thé trust that unrestricted funds which have not been designated for a spedfic use should b8 maintalned at a18vel equivalent io belween three and six month¥ éxpendttura. The trustees consider that reserve8 at this level viill eUre that, In the event of a significant drop in funding, they v1 b6 ablè to conlwiue the trust's Irrent aGtiMties while nsIderatK)Tr is given to ways in which additional funds be raised. This18v81 of reseNes has been maintained throughout the year. Current unrestricled feserves are suffirient to operata Ihe museum for eigm years rf all external fun(fing streams were to be withdr ignoring any non-cash transa¢lion8 8uch as depraciation and Ihe contra MOD donalion frjr staff faclllles. Unrestricted reseNes were utillsed in 2024 to frd the ¢s1ctIon of the new extemal DUI<W House. There is also a planned redeslgn of the RLC Museum on the 50th Annlv8rsary of the Royal Logisllc Corps and the 250th Anniversary of the fornMiion of the fjrst logislic wmy unft whith are due to occur in 2043 and 2 respectivety. Funds Véill need to be aCCMu1ated over the nexl 20 yews in othr lo fijnd Ihe next mar museum refresh. Rl8k management Th8 Board of Trusiees has a Charter. forward plan and adion pkn whth cover au aspects of the Chartvs activitse8 including 8tea8 of risL' it is acllvety reviewed and updated at every board meeung. This indudes a year finanual budget plan and ftirecast. The Arls Council Enand require a(xredtted museums to mainlaln poIiGies and a risk register. approved by trUStS. whlch coveT a wide scope of the museum activty. Thesé Indude governan, markigemenL thancla] planning. collectlons re and wocedures, tisk managerwit. disast8r plannlng and recovery. artifaca end arthive o)ns8ntsiion. visitor feedback evaluabt)ns and diversity. Thus a comprehensive sult of policies and industy standafd procadures guide the thatlly staff in their day to day activity. The risk register summarfes the Charitys key risks, p)tenti81 impacts. th& RAG rdung based on likelihood and impact of each risk and safwJuards that have been lmFdnIed. This is fEvf8wed on regular bas]s for relevance and any furlher actions to be taken lo safeguard againsl these risks. Major dsks have been revlewed and systems or pdureS hav8 baen establlshed to rnanage ihe 8afeguard tts acti¥RÈe8 end kay assets the Char(ty has the following agreementpolkSeS in place: An emergency plan that addresses and mthgates the risk to the museum and its collectlons. An inlemal Business Agreement with the Ministy of Defence defining the support provlded by MOD (Army HQ). ir)ctudiTrJ the praskIn of utililies. A 50 yeaT lease with the MOD D6fence Infrastruclure Org8nisation. suoxssfulty negotiated in Ilmé for relocalon of the museurn to ltsrthy Down In 2020. Truste88 review the pèrtodlcally and embrace risk ateas thIn th8lr plan.
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plans for future perlods The Trustses, prlmary aim Is to ftlrther develop the rdng8 of aclivilies on offer at the nV Museljrn at Wothy Down and 80 increase IA8itor numbers, in order to the CharTVs long temi finandal sustsinabilty. Other future plans, including the new museum vRbsite aThl increased fr)cus on inoJme generatK possibilities which h8ve been expkined in other areas of thi5 report. Public Beneffit Public benefft Is promoted through educatlon, advancerne of hwitage arKI the PTDmottt)n of the efficienw of The Royal Logistic Corps and Ihe ¥der arnd forces. Since: 181h May 2021 the Museum has been opèn to tIE publ 5 days a week including weekends. The Museum has resumed a comprehensNa outreach prugram wth mllrtary eolleges and units as wel as sthools. youlh groups. veterans organ85ibons. car clubs and similar The new archive website rolled out in 2024 and wlll fvther expand th8 roath of Ihe museurn. partI[arty fvr those unable to phy8icaty vlsK1he museum. Engagèment wilh the public via Social Media, Facebook, Instwam. fkTok th8 museum websÈle is also seen as a cructal part of the Museum outrexh portfolio, Levels of engagement have more than doub1811 n 2024. rnainly du8 th8 employment of a Commercial Manager responsible for developing Ihis area. The Museum volunteers regulaty undertake betsyeen the Some seventy hours per-week of unpald work within the Museum, covertng a range of tasks. from the reception desk, to vffjtking in the stores. The value of th8lr unpald contribution Is astlmatsd to be approx. £45k- £50k per annum. Moreover. the delblery of free tours to the mllltary, trainees. recwits and veter8ns, as well as free use of conferencing faiililies In Ihe nwseum amount to over £10,01)0 of free provi6ion per annum, to these groups. Finaty, The RLC fvIu58um does not chapae for enty. provides fr88 parking. has free actMUeB forthlldren and a café slie. Lo1 care hoTr for thè el and Childn,$ homes for those with additional needs have become regular Users of the museum, demonsbating 8 wide and expanding publlc benefitto the bJcal connunlty. Structure, goveman¢e and management The RLC Museum Trust CIO 15 ragulated by a Trust Deed No 1172831 dated 1 Juty 2017. The Chartty vras consthuted as a CIO ty the Charlty Comrni8sK>n with r8gisterEd number 1172831. The tru8te88 who served duting the year and up to the date of signature of the finandal statementB wer8: Maior General J Kerr CBE Lteutenant Colonel N A Smlth Colonel J D Flelden LVO MBE Colonel P R Rossiter Cobnel P AAilen ADC Col R M Baker Miss K Child5 MrACox Colonel J S PLIW611 {Resign&l 5 Juty 2024) IAppdnted 5 July 2024)
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO REPORT (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees. are non4xe¢ullve. $et Ihe poliLy of tha PAuseum and oveee the ManagenI, dirlon and perfomiance of ali the museum slaff, who are eloYeeS of the Chartty. The last remairung Civil Servant, who was not difeclty employed by the Charty. left the tThJ5euin in earty 2022. The presant Chaimian of Tru8tees Is a Colonel Commandanl of The Royal LogistiG Corps. Atl other trustees are members. or former rnembers. of Thg RLC or predecessor Corps. or arè Invlted from induslry. to broaden the divgrsty and skill set of the board. Truste8s {kss the Colonel RLC who 1$ 8X-Dfficiry) are on tenn appoinlments alt make a Trustee declaration of rnterests on appointment and at tho start of eath board meeting. Trustee Irainlng Is conducted by offering vacaneAe5 on appropriate Arts Counctl England training days and by attendanc8 at annual mè8tings of the Army SeuM Oglby Trust. Suctession planniJ forttustees is consklered peT¥)dicalty ty the 8oard. One of fhe primary funders Df the Charity is The RLC Associalion Tnl and th8 tsvo tIeS sharè a S8cr8tary and Tieasurer. The report was approved by the Board of Tfustees. Major General J Keff CBE Trustsè
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO STATEMEKf OF RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEIJBER 2024 The trustees are respon3lble for preparmg the Report and the fjnanclal stat8ments in aLrdanCe with appficable law and Uned Kngdom Accourrting Slandards (United ngdoM Generalty Accepted Accounting Praclce). The law appIlble to tharittes In England and Wales requlres the twstses to prepare flnancial statem8nts for &ath fjnancial year which glve a trne and fair view of th8 slate of altairs of the It and of the Irjcoming resoutces and applirAtion of resour5 of the trust for that year. In preparing these finandal slatements, the trustees are requwed to: - select suitable aLxounting polkles and Ihen apply thern consistenty. - observe the methods and prlnoples in the Charftles SORP: - make judgements and e5tirnales that are reasonable and pnjdenl: - 5tste whether applicable accounting stsndards have been folh)wed, sub to any material departures disdosad and ewalned In the finanal statements; and - prepare the finanaal staterneTts on the g)ing concem basts unless It Is Inappropriate to presume that Ihe charity will continue in opeFatKJn. The trustees are responsibk for keeping suffici8nt aoxjunting records that disdose wlth reasonable accuracy al Sny time the finandal posttion of the trust and enable them to ensure that Ihe 17nanclal statements corrply with the Charilies Act 2011, the Charity (Accounts and Reports) Regulations 2008 and th8 provlsions of the tru31 deed. They are also r8sponsbi le for salEguarding the assets of the trust and hence for taking SOnable steps for the pr8vention and detsction 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 Oplnio We have audited the financial statements of The Rcyal Logith Corps Museum Trust CIO {the trjsf) for the year ended 31 December 2024 which Cor}r1$e the 5tatemerrt of financial activities. the balance sheat, the statement of cash flows and notes to the financial statements. including signifrnit accounting pcficies. The financial reporting framework that has been applled in their preparation is applicabk law and United Kingdom Arxounting Stsndards, Induding Financial Reporting Standard 102 The Fmancial Reporting Standard apble in the UK and Rppublic ol Ir818nd Iunlted Klngdom GeneraltyAtxepled Accounling PracUce}. In our opinlon, Ihe financi81 ststerrnts: glve a true and fair view of the state of the charity's affan as al 31 Decemb8r 2024 and of its incomlng resources and application of resources, for the year Ihen ended; have been property pr8pared In accordance whh Unlted Kjngdom Generally Accepted Accounting PracliLE: and ha be8n prepared in aCcOrdar with th8 Charloas kt 2011. Basi$ for opinion We conducted our aAt in accotdance with IntemiThl Standards on Audth"ng IUK) OSP£ (UK)) and applicable kw. Our responslbllitles under those standards are further described in the Audkorfs responsits"lilies for t1 8udit ¢he ffnandal statements 5eclion of our reporL We are independenl of the trusl in accoidance the ethical requ1rents that ara ré18vant to our audtt of Ihe finanGial statements in Ihe UK, indudin9 the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilittes in aordanCe wlth these requirements. We beIve that the audit evidence we have obtsined is suffident and appropriats to providè a basis for our opinion. Coadusions relating to golng ¢on¢em In audilÈng Ihe financlal slalements. V have conchKled that Ihe use of the golng Concem basls of aluntIng in the preparation of th8 financial staterwils Is approprfaie. Based on the work we have perfom)od, we have not idenlified any material uncertainues relang to ev6nts or concmlons that. Indlvldually or (x>llectivety. may cast significant doubl on the trusfs ability to o)ntWlU8 as a going nrn for a perfod of at least iwelve months from hthen the fanCIal slatements are authDri3ed for issue. Our responsibilities and tha responslbfiilie5 of Irustses with resped to golThJ conrn are described in the relevant sections of Ihis reporL Other inforniation The other Informathm MpriseS the infomiation Included in the annual report olher than the finanraal statements and our audilorfs report thereon. The trustees afe responsible for the other inforrnat contained rythIn the annual report. Our oplnlon on the ilnandal statements does rK)t coverlhe other infonnalK)n and we do not expres5 any form of assvrance ndUs1On th8r8on. Our responsibllty Is to read the other infommtion and, in doing so, consider whether the other infomialK)n is nHteiialty inconslstart with the financial statements or our knolge obtsined in the course of the audit, or olhewéise appears to be materialty misstated. If we identify such materkl in¢onslstenraes or apparenl material misstatements, we are reqUid lo detsine thther this gives rise to a materHI misstatefflent in the financial statements themselve5. If, based on the woth we have perfomied. we IX)ndSe that there is a materfal mlsstslement of this other information, we are required to report that f8¢t. We have nothing to weport in this ward. Matters on which we are requiTrd to report by exception We have nothing to report in respect of Ihe folloM"ng matters in relalion to the Charities (Accounts and Réports) R8gulallons 2008 requlres us to report to you rf, in our opinion- the informatk)n givèn in the fjnanckl statements is Inconsistent in any material respect with the report; or sufficient accounting records have not been kepL' or the finan(aai staternents are not in agfeement wlth the accounllng records: or we have not reced all the wiformation and extA8nations we require for our audiL
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO Responsibilit*s of trustses As explained more in the statemenl of responsibilities, the trustees are responslbl8 for lh8 preparation of the financlal statemants and for being satisfied that they give a tnje and fair view. and for such internal control as Ihe tnJstee$ detemine 18 rCeSSary to enable the preparation of finandal ststernents that 8re free from materlal mlsstslement. whether due to fraud or error. In preparing the finandal statements, the trustees a responslble for assesslng Ihe trusfs abli'ty b continue as a going con¢em. disdosing, as applicabEe, matters r8lat8d to going cfjncem and using the going concem basis of accounting unless the trustees either Intend to ase Lyerations. or have no realistic allemative but to do so. AudltoV$ responslbilttles for the audit of the financlal statements We have been appointed as auditor under section 144 of the Charili6s Act 2011 and report In accordance •Mth Ih Act and relevant regulatians made or having effect 1heunder. Our oblacttves are to obtain r8asonable assurance about whether the finandal statements as a whole are free from material ml$siatemen( whether due to fraud or error, and to issue an audrtofs report that indudes our opinlon. Reasonable assurance is a hh level of assurance but is not a guaran18e that an audit condLthd in accordance with ISAS {UK) will aws deteGI a materTral misstatement wh&n rt exists. Misststements can arise from fr8ud or error and 8re n11dered maledal rf. individualty or in the aggregate, they o)uld reasonabty bè expected to influence the economic dedsions of users taken on Ihe basis of these financAI ststements. A further descriptlon of our rasponsibifrties is availablè on the Financial Raportlng Gouncifs website at httpsJl www.fr&org.ukJauditOfsre8ponsikMlilies. Thls descrfption foffl part of our auditorfs report. IJregu]arlt$, induding fvud. are instances of non-compli8nce with law5 and reguklons. Wa dasign procedures in ttne with aur responsibl11e5, Outlined above, to detect matetsal misstatements in SPect of irregulaiilie5, including fraud. The extent to which our procedures c8pable of detecling irregu]arlties. including fraud, is delailed below. Explanation a9 to what extent the audlt VAS con8ldered capable of detscting irregularitlés. Includlng fraud The objectwes of our audit In respect of fraud, are: to identify and assess the risks of mat8dal mlsstatem8rrt of the aOunt5 due to fraud. to obtain sufficienl appropriate audit evidence regarding the assessed risks of materigl mlsslatement due to fraud, through designing and implementing appropriats responses to those assessed risks- and to respond appropnaldy to instan$ of fraud or suspected fraud kjentified during the audit. Howev8r. the prfmary responsibilty for the prevention and detection of fraud rests with tlh managerwt and those charged wlth governance 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 partner selected staff for the audiL led by persons who li was deemed had sufficient experienc* and who had the required competence and skills to be abla to identify or recognise non- Complian with laws and regulations. We obtained an understanding of the legal and regulatory requirements applicable to th8 charity and we considered the most significant to be the Charities Act 2011. the Charity SORP and UK financial reporting stsndards as issued by the Financial Rep)rting Counc41. We oblained an understanding of how the company is complying with these frameworks by making enquiries of those charged with govemance. We enquired of management and those charged with governan as to any known Instan of non-compliance or suspecied non-compliance with laws and regulations. We assessed the SuPtibIlity of the charity's financial statements to material misstatement. induding how fraud might occur, and Ihe inherent dtfficulty in detecb'ng irregularities by holding discussions wilh management and those charged with responsibility for ensuring legal and regulatory Complian is adhered to and considered Ihe intemal controls in Pla to mitigate identified risks. As a result. a fraud risk vms identified relating to markqgement override. In addition to the possibility of management ovetride of ntrolS. areas considered higher risk relaling to the presentstion of infomiation in the financial statements induded the recognition of rev8nue. We assessed the control environment. documenting Ihe systems. controls and processes adopted and undertook an assessment of risk identified in designing our audit approath which incorporates a ombination of controls tesling, where appropriate. analytical review and substantive procedures involving lests of transactions and balances. Any iegularitieS noted were discussed vrith managem8nt and those charged with govemance and V obtained additional corroborative eviden as required. To address the risk of fraud through management override we: perfomied anatytical prOdureS to idenlify any unusual or unexpected relationships: lested joumal entries to identify any unusual transactions: tested items of expenditure to ensure that they were valid and correctly allocated in the nominal ledger. reviewed restricted expenditure lo ensure funds were spent in line viith the temis of the applied restriction-, assessed whether judgements and assumptions made in detemiining the accounting estimates were indicative of potential bias; and reviewed the nature of the disclosures within the financial statements to ensure they rne8t the requirements of accounting standards and ielevant legislation. In response to the risk of irregularities with regards to completeness of income we: completed anatyttcal work to evaluate inconsistencies and significant variances in income streams" reviewed third party docutnentab'on to confirm that relevant entries were refiected in the aGcounting records, and,. • reviewed transadions before and after the year end to ensure they had b8en allocated to the correct period. To address the risk of material misstatement on dassification of Iransactions in funds we: Agreed a sample of expenses incurred to ensure they had been allocated to the correci fund., and Reviewed the analysis of funds for any misallcrtations of income or expenditure. Th8re are inherent limitations in our audit procedures described above. The more removed that laws and gulations are from finanaal transacb'ons. the less liTrely it is that we would become avRre of norFcompliance. Auditing standards also limit the audit procedure5 Tequired to idenb'fy non-compliance vith laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence. rf any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as Ihey may involve deliberate concealment or collusion. 10-
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 our report This report is mad8 solel to the charitys trustees. as a body. in accordan with Part 4 of the Charibes (Accounts and Re egulatio 008. Our audit work has b*n undertaken so that might state to the charity's trustees thos earer uired to state to them in an auditor's report and for no olher purpose. To the fvllest exient aw, we not accept or assume responsibilty to anyone other than th8 charity and the charity's our audit work, for this report. or for the opinions have formed. atter itted ste as ac ald (Senior For and on behalf of Moore (South) LLP, Ststutory Auditor Chartered Accountants 33 The Clarendon Centre Salisbury Business Park Dairy Meadow Lane Salisbury Vljlltshire SP12TJ 16 October 2025 Moore (South) LLP is eligible for appointment as auditor of the trust by virtue of its eligibility for appointment as audrf(or of a company under section 1212 of the Companies Act 2006. 11
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO STATEMENT OF FINANCIALACTivrriES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted fun<ts funds 2023 2023 Total 2024 2023 Notes Income from: Donatbns and legaclas Other trading activities Investrnents 313.782 30.324 42.141 313.782 30.324 45.658 341.999 32,921 45.157 341.999 32,921 48.818 317 3,861 Total incorne 386.247 3.517 389.764 420.077 3.661 423.738 Expenditure on: Ralslng fiJnds Charttable activities 36.302 413.696 36.302 413.696 32?97 32.997 369.463 T*Jlal expenditurE 449.998 449.998 402.460 402.460 Net gainslvosses) on investments 12 47.258 4,580 s18 3.017 293 3.310 Net [rQMe[(eXpendIlUre) and movèmènt In funds (16.493) (8.396) 20.634 24.588 Reconciliation of fund8'. Fund balances at 1 Janu 2024 2,391.649 115.152 2.506.801 2.371.015 111,198 2,482,213 Fund balances at 3 December 2024 2.375.156 123.249 2.498,405 2,391,649 115.152 2.506.801 The ststement of financial actIvitt indudes all gains and lossés reC9lsed In Ihe year. All inwme and expendtlure dwive frorn continuing a¢tivits'e5. 12-
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO BALANCE SHEEr AS AT31 DECEMBER 2024 2023 Fixed assets Tangible awts Heritage assets Invesknerrts 14 15 1,343,817 21,080 1.144,066 1.187,111 21.080 1.221.363 2.508.963 2,409.S54 Current assets Stock5 Cash at bank and in hand 17 12.$65 32.088 28.698 124,071 44,653 150.769 CradltorJ: amounts falllng du• wthin one year 18 (55,211) (53.522) Net ¢urrent (Ilabllltles)lassets (10.558) 97,247 Totsl assets less Currnnl Ilabllllles 2,498,405 2,506.801 The fund5 oftho trust Restric18d incorna fijnds Unrestricted funds 19 21 123,249 2,375,156 115,152 2.391.649 2.498.405 2.5L13.801 Tha financial Statsments approved by the trustees on ...... M4or Ganaral J Kerr CBE 13-
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operdting actmlles Cash (absorbed byygenerated from operations {6,379) 46,050 Inv8Stlng actlvltles Purchase oftangible fixed assets Purchase of invesfments Proceeds from dispD881 (A investments Investmenl income recei¥ed (260.397) PO.865) 1 50.000 (6,137) (36,433) 48.818 Net eash {used Inygenerated frm InvtIF actlvltles (85,eA)4) 6,248 Not cash generated from flnanclng actlvittes Net (decrease)fincrease In rAsh and cash equlvalents (91.983) 52.298 Cash and cash equwalents at beginniry ofyear 124.071 71.773 Cash and cash equivalents at end of yoar 32.088 124.071 14-
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 AoUntIng pollcle6 Charfty Inforniatlon The Royal L¢yJi5Ic Corps Muwjm Trnst CIO Is constitsrted as a CIO by the Charity Commisslon with registered number 1172831. The reglstered address is Regimentsl Headquarters The Royal Logistic Corps. Building 2Q4, Worthy Down Camp. VVlnGhestsr, Hampshtre. S0212RG. 1.1 Accountlng convantion The financial ststements have been prepared in aOrdan wilh the trusts governing document, the Ch3riiies Act 2011, FRS 102 The Financial Reporting Standard applirable In the UK and Republic of Irelan¢f fFRS 1027 and the Charitps SORP 'Arxnunting and Reporting by Charilies: Statemént of Recommended Pracuce applicable to chariknes preparing their accounts in aGcordance wrth the FSnanclal Reportlng Standard appCable in the UK and Republic of Ireland {FRS 102)" {effedive 1 January 2019}. The trust Is a Publlc Benefit Entity as deffned by FR8 102. Th8 financial statements are ppartd in stsrflng. whlth Is the functional IrrencY of the tnjst, Monetary amounts in these financial statements are rounded to the n8arest £. The financial statèments have been prepared urKler the hntori¢¥l cost convention. ndified to indude investments at falr value. The prfncipal accounting policies adopted are set out behw. 1.2 Golng conceTn At the time of approving the finan<xal 6tatennts. the tN8tees have a r&onable expectation thal the tru8t has adequate resources to contnue In operational existence fDr the foreseeable future. Thus the tnAtees continue to adopt the gt)iro concem basis of accounting in weparing the finandaS statemenls. 1.3 Charitsblo funds Unrestricted funds are available for use at thé diS•10n of Ihè trustees in fijrtherance of thelr tharitabie objective5. Restricted funds are subject to spocffic fxnditrons by donor5 or grantors as to how they may b8 usod. The purpL)ses and uses of th& reslricted knds are set out in Ihe notes to the financial statsménts. 1.4 Income Income is recognised when the trust 15 legalty entitled to tt aftèr any pPJl0nrkce condthoThs have been meL the amounts can be measured rekbly, and It Is probable that Income will be received. Grants, donatlons, legaaes and simiLqr Incoming resources are induded in the period In which therf are recelvable. which is vthen th8 charity becomes entiued to the resource. For donations. entitlement is the earfier of the tharity being no1ified of an impending dlsthbution or the donation being received. Income is also recognised in rdation to the servlces provided by the MOD, being staff and premlses. These ore treated as donated servkes and so are renIsed at Ihe value of Ihe gtft to Ihe charlty. being the open market value based on trte aItematp s&rvIS that woukl be incJJrred rf not pald for by the MOD. Irme is recognlsed at the year-end in the perfod which the servkes are tt)nsum8d. An 8qulva18nt amount is recognisad as expendiiure in the Income from trading adivtbes indudes Income eamed from fundraising events and trading activities to raise funds for the charlty. Income Ls received in exchango for supptying goods and sefvices in ordw to rdlse funds and is recD9nised when entiU8ment h&% occurred. 15-
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollclos {Contlnu•d) 1.5 Expendltur• Expénditura Is recognlsed once Ihere Is a kgal OT L>)nstructNe obltgallon to tran8faT enoMIC b8n&frt to a thlrd paty. it is probable that a transfer of eCOr1¢ beneffls will be required in 8ettlemenL and the amount of the obligatlon can bè nN9asured rellat4y. All expenditure is aCcA)ue for on an accnds basls. AH 8xpenses induding govetnance cost5 are allocated or apporttoned to the apprble expenditure heading& Costs of charttable adivilies indude grants made, govemance cosls and an apwlionment of support costs. Govemance str comprise all costs knvolving the public acLI)untabillty of the charity and its compllance wilh regulation and good practice. 1.6 Tangible fixed assets Tangible fixed assets are initialty measured at cost and subsequenty rrEasured at cost or ¥aluation. net ol depciall0n and any impaifment k)sses. Depredation is re¢ognised so a5 lo Write off the $t or vakmllon of assets less thelr residual values over their Useful Ilves on the following bases: Leasehold Improvements Computer and other aquipmenl Museum coNecAion Fixtures and ffittings Museum cabinets and displ 20 yeaTS strdight line 5 years straight line 5 Yea strarght Ib 10 year8 slr*Jht fine 20 years 61raight line The galn or loss arising on the disposal ot an a5sel is detennin&J as the rfrfterence betsveen th8 sale prOe¢ and the carying value of the assei and is fecogni5ed Ni the Statement of financial adiviknes. 16-
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollci•s (Continued) 1.7 Heritage owts The rniseum hobjs a number of herftage assets all of whth are considered to be of hlstorical SIgn¢an in relatlon to the RLC and the Biittsh Amry. These assets have been owned by the corps, in some eases for over years. and their value to Ihe corps (znnot be measured as these items In the coll0 are Iaplaceable as they are unique items. Due to their age, no informatKin on OrInal cost is available. A list of Hlgh Value Artefacts and Ah1VeS In the lleCtIOn of the Royal Loglstlc Corp8 Museum Is delailed be.. Archives Board of Ordnance Lettar Books from fipnerJMalWSheemess - EightsenlhlNlneteenth Ceftry Board of Ordnance letter books and vaiious types of ueSIreCelpts 18tores book5.Location Museum Archive. RASC Post-war Wite-U - Nlne box colleon of fifty-two books providing historwxl narrative of the RASC in the Second Worfd War used as source terIal in creation of the offKial hlstories. Lor2lion - MuseumArthNe. B. Vehicle Record Arctfve- Slnce 2004 the cards have generaled funds for the museum and cntInUe to do so. These cards are Irreplaceable. The prinaple valuable artefacts other than madals whl¢h ara 8bred off Sits arKI can be itsmised separate are identified in the Emergency Plan: Rolls Royce Wraith Items in Nape0n1¢ Case Coatee of Royal Waggon Train Miniabjre ofofficer of the RN Amy List in ylazed case Oil palnting ofArms of the Ordnance Corps Oil Palnting of the Marquis of Granby The charitys poty for acquisilN)n of rePla equipment and artefacts is to expense this through the SOFA or capitalised within tsngibie fixed assets dependlng on the value In lkne with the thariVs (apitali8atpJn poficy. These are not deemed to be herftage as they have no hlstorftxl Importance as they are not original items. 1A Fixed assel investments Investments are a fomi of bask finandal instrurnent and a intiialFy reDJgnised at thelr tr8nsactlon value and subséquenty measured at their fair value a5 at the balan Sheet date uslng the Gbsing quoted market price. The statement of financial acbvitses inc]udes the net gatns and losses arislng on revaluation and disposals throughout the period. Investment Incomè Is aCUnted for in the year In lch Ihe Trust is entilled to re(W It indudes dlvhjends. 1.9 Impaimient of fixed assets At each reporbng end date, the Irust review¥ the carrylng amounts of Its tsngible assets to d8tsmine whether there any Indi110 that th0 assets have suffered an Impalmknt108s. If any such indicstion exists, the recoverable aTrUnt of ts assel 15 estlmated In order to detemilnè extent ofthe impaiment sS (rf any). 1.10 stocks stod<5 are stated at the lthY8r of cost and eslimated selliig yYi( less costs to complete and sell. Net realisable value is the eslimated seling prre less al eslmated costs of completion and costs to be incurred in marketing, selling and distribulion. 1.11 Cash and cash equlvalents Cash and cash equiv*nts include sh in hand. deposits hekl at 17 with banks, othor Shortsrm INuid investments with Thigwiai maturilie5 of three fflth8 or less, and bank overdrafts. Bank overdrafts are shown within bOowingS in cuNent liabilities. 17-
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting poli¢ieg {conUnul Basic finanual assots Basic financial ass8ts, which indude debtors and eash and bank baknctg. are Inlially méasured at transactton wice including transactKJn costs and a subsèquenty carrled al arMrtiséd cost uskng th8 8ltectlve interest method unless the arrangement constitutes a fmarring Iransactlon. where the tranBaction Is Measured at the present value of Ihe ffiJre reip1S discounted at a market rnte of interest. FinaneA81 assets classffied as recdvablo within one year are not amorlised. Basic flnanclal Ilabllitlos Basi¢ financial liabilitses. including Cre{t0[3 and bank loans are Inlualy reco9nis8d at transaction price unless the arrangement constitutes a ffinancing transalon. where the dabl instwment Is measufed at the presenl value of the fuiure payments discounted at a market rate of interest. Financ2al liabilities classified as payable vllthtn one year a not amortlsed. Debt instruments are subsequenty Carried at awrtISed ¢x)51, usiry the effeclive interest rate rthod. Trade edItorS ar8 obligations to pay for gcK)ds or services that have been acqulred In Ihe ordinary course of opetalions from suppliers. AUnIS payable are dassifièd as cjjrrent liabililies rf paymènt is due wilhin one year or less. If nol they are presenled as non-current liabillks. Trade creditors are recognls8d inittally at transa¢tion wlce and subsequenty measured at amorbsed cost ing Ihe effe¢live interest rnethod. Der•cognltlon olflnanclal liabllltlas Finanaal Iial)ilifie8 we derecognlsèd when the tru5fs contracttAI obligations expire or are dlschaiged or cancelled. 1.12 Taxalon The Trust is exempt frcrfn UK C(Yporalion Tax Is notVAT wstered. 1.13 Employee benefits The cost of any unused hofiday enithment is recognised in the Peflod kn vthid) the employe8's servlces are received. Termlnauon ben8fits are recognlsed IMMetelY as an expense when the tW5t is demonstiaNy commitied to terminate the employment of an employee orto provide lennination beneffts. 1.14 Relirement bener Payment$ to defjned contribution tetirernent benefit sthemes are d)¥ged as an 8xpen8e as thay fall due. crftlcal a¢untIng egtimates and judgements In Ihe application of the tru5Vs accounting pofi¢ies. the truslees are reqillred to make judgements, estinte8 and assumplions about Ihe carying amount of assets and liabilities that are not readily appaTent from other sources. The estimate¥ and associatsd assumpllons are bas8d on hIs1iCal experience and other fathrs that are consklered lo be relevanL Adual resu may differ from these e81imats& The estlmates and underfylng assumpttons are reviewed on ongoing basis. Revisions to accounti estimatss are r8Ltgnls8d tn the period In vthlch Ihe estirnate is revised where the revisbon affects lY that period, or in lh8 period of the revlsion and future periods where the revision affecls both current and future periods. Flxed asset- Tfttst88s révlew Ihe assevs residual value and estimated useful economic lrfe to calrjjlate an appropriate depreclallon iats for this asset based on historic use of similar 855ets and advtce from professionalB. The as8ets are revie**d for Impalmrt ea¢h year In tenns of the higher of value in use or resale value. -18-
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donatlons andlogacles Unrostrlct•d Unre¥tricted funds fund8 2024 2023 Donation8 and grfts Grants 11.083 302.699 14,281 327,738 313,782 341,999 Grants Th8 RLC AsSlation Trust Fund Annual Grant The RLC Association Fund Shop GTanl Grant in Aid - Ogilby Tmsl MOD funded staff and premlses o)sts Other 110.000 10,000 129,789 52,910 110.000 iQ.O(Kl 125.663 51.929 30.146 302,899 327.738 The grdnl from the MOD represents the Trustees estimated value of the salarfes of the Museum Staff belonging ta the CMI SeTvice. These are Currently on malk tlme rates of pay. It also indudes an estimated value of the prnIeS and utilities provided from publlc funds. Income from other tralft9 actlvlli08 Unrestricted Unrestrlcted funds funds 2024 2023 Shop IntX)m6 30.324 32.921 Income from investments Unrnstricted R•gtiicted lunds funds 2024 Total Unrestrictsd Restrl¢tsd funds funds 2023 2023 Total 2024 2023 Incorne from listed Investments Interest receivable 41.223 918 3.517 44.740 918 3.661 47.968 850 42.141 3,517 45.658 45,157 3.861 48.848 -19-
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on raislng funds Unrostrlctod Unrestrfcted funds fund9 2024 2023 shop Expenditure Operating Charity shops Operating trading company other tradlng actt¥ities staff costs 24.523 24.247 10 8.733 11,743 32.997 Expendlture on charitsble aclivities Unrestrfcted Unrostrfcted 2024 2023 Dlrect ¢osts Staff costs Dapreckqtion and Impalrment RenL Rates and Utilities Conservation Maintenance Collections Raf8r8nc8 Travel Professiond Fees and Substliptions Training Development- Monty's roller mainlenance Development- Lease fees Development- Online archivin9 Dev8lopment- Market research Display Evenls Sundry 199.437 83.691 32299 1.245 178.145 77.158 32,301 2,378 112 5,902 75 2.256 325 6.427 3.763 524 1.160 36,331 2.520 4.774 1,146 20.095 3228 1,739 6.7&3 4,481 3,075 379.117 337,713 Share of support and govèmance costs (*ee note 8) Support Goveman 22,489 12.130 18.057 13.693 413.736 369.463 Analys18 by fund UnreslrKted fijnds 413,696 369.463 -20-
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs allocated to actlvltles 2024 2023 Poslage IT Insurdn¢e ststlonery Prinling & advertising Govemance ¢sts 17 11486 6.134 113 3.759 12,130 8.097 6.823 119 3,218 13.693 34.619 31.750 Analysed beten.. Unrestricted 34.819 31,750 2024 2023 Govemanc8 costs comprfse: Audit fee5 Accountancy Meettn9$ 9,600 3,972 121 2,202 28 12,130 13,693 Nèt movoment In fund8 2024 2023 The net movement in funds is stated alter chargiW{rJedittng): Fees payable for the audtt of the charilvs fanCIal statements Depreciatian of owned tangible ftyed assets 9,9LKI 83,691 77.156 10 Tntstees No 6xpenses were relmbursed durfng 2ty23 or 2022 to Irusts8s. 11 Employees The average monthly number Df lOYeeS durng the yearwas: 2024 Number 2023 Number Mwtseum Shop Adminstratlon Total -21
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Employees (Contlnued) Employment costs 2024 2023 Wages and salaries Socla security costs Other pension costs MOD gift of slaff 170.362 15.785 4,423 20.610 15D.138 13,909 3.202 19,629 211.180 186.878 There were no employees VAse nUal remunethn was than £60,IJ)O. Remuneration of key management personnol No trustees are remuneraiEd Iheir role. 12 Galn8 and losses on Inveslments Unreslrfcted Restricted lunds 2024 Total Unreslricted Restricted funds funds 2023 2023 Total 2024 2024 2023 GainslOoss•s) arising on: Revaluatlon of investrnents 47.258 51.838 3.017 293 3.310 13 TaxatTon The charity is exempt from laxafion i)n ils a¢fvlOes because all ts income is applied for charitable purposes.
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Tangible red assets L8as•hold Cthnputer and Flxtur•s 8nd Totsl eqwirmnent Cost At 1 January 2024 Additions 4S.786 18.585 1.500,000 1,000 1.564,371 260,397 25997 At 31 December 2024 259397 45.786 19.585 1.500,000 1,624,768 D•pTeclatlon and impairment At 1 January 2024 Depreaatlon charged in the year 20.421 10.172 3.767 3ffi,867 66,667 397,280 83,691 6.485 At 31 Decambsr 21r24 6,485 27,193 13,939 433,334 480.951 Carrying amount At 31 Decernber 21J24 252.912 18.593 5,646 1,.866 1.343,817 At 31 December 2023 25,385 8,413 1.133.333 1,167,111 15 Heritage assets Heritage At 1 January 2024 and at 31 Decembpr 2024 21,080 Th8 musaum dlracaor cJ)ntinue8 th8 long task of cornpiling an inventr)ry of artefacts belofolng to the Trust Dua to the historic nath of these artetdcts the Trustees have notyel induded thern on the balan she8L A summary of the artefa hekl ty the charity vthh* have not been recognlsed on Ihe balanc8 sheet can be seen on note 1.7. Thère have been heritage assets capitalised eitsr by acquisttion or donalion in Ihe last 5 years.
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2024 16 Flxèd asset Investments Listed Listed investrnents: invesknents: Museum Museum Deyolopmènt Fund Total Cost orvaluatlon Al 1 January 2024 Additions Valuation changes Di8posals 1.127291 17,348 47.258 1150.000) 94,072 3,517 4.580 1,221,363 20,865 51.838 {150.000} At 31 December 2024 1,041,897 102.169 1.144.066 Carrylng amount At 31 December 2024 1.041.897 101169 1,144.066 At 31 December 2tr23 1.127.281 94.072 1.221.363 2024 2023 Investments at lalr value c(xnwise: kned Forces Common Investment Fund-Ac¢unwlation Units AMHI F¢)rces Common Investrnent Fund- IncrAThe Unlls 538.758 605.308 640.929 580.434 1,144.066 1,221,363 17 Stocks 2024 2023 Finlshed goods and goods for resale 12.565 26,698 18 Creditors- amounts falllng duè wEthln one year 2024 2023 Amoun15 owed to related parties Accruals and deferred income 43.139 12.070 41,522 12.000 55,209 53.522 -24-
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Restricted funds The restrfded funds of the charity comprlse Ihe unexTEnded balance5 of donations and grants held on trust subject to speLyfic cOndIn5 by donors as lo huw they may be used. At 1 January 2024 Incomlng resources Gains and At31 I{eS December 2024 Acquk8ition Fund 115.152 3.517 4,5B0 123,249 PrAvlous year. At 1 January Incoming 2023 resources Galn$ and At31 Ios888 December 2Q23 Acqulslllon Fund 111,198 3,861 293 115.152 The AGquisitson Fund (Restricted InconE Fund) vras estsbllshad In 2007 in the Museum Trust by a donation of £100,000 from the RAOC Charliable TrusL Following an initial spend of £50,IM)O acquiring artefacts the resKlual £50,000 was Imted in 2008 into the Amied For Comrnon Inveslment Fund IAFCIF) as a tong tsrm reserve. This fund w8$ inherTled frDm the Museum Trust at the point of incorporation of Ihe CIO. The fund is solely for the purthase of acquisitions for the museum cOlKon. Expendlture against the fund is controned through the Trustees. 20 Anatysls of nèt assets batsvaen funds Unrestricted Restrlcted lunds funds 2024 2024 Total 2024 Al 31 December 2024: Tangible assets Heiitage ass8ts Inv88tment8 Currert 0ssetsl<liabiltttes) 1.343.817 1.343,817 21.080 1.144.IX6 (10,558) 21,080 102.169 1.041.897 (10 2,375.156 123,249 2,498,405
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Analysis of net assats bètween fund¥ (Continued) Unrestricted funds 2023 RtrIcted funds 2023 Totsl 2023 At 31 December 2023: Tangible assels Herttage assets Investments Cutrent assetsl(Ilabililie8) 1.167.111 1,167.111 21.080 1.221.363 97.247 21,080 1.127291 97247 2,391.649 115.152 2.506,801 21 Unrestrf¢led funds The unr8Strlcted funds of charity CO[Se th8 un9xpended balances of donations and granls whlch are not subjact to speufic COnrtiOnS by donors and grantors as to how tly may be used. These Include designated fvnds whkth have been sel aside out of unre$trl(#ed funds by the trustees for speclfic purpo$e8. The unrestricled fvnds are avaitab18 to be spgrrt forany of the purposes of the charity. Unrestrfcted funds havo been split betrmn general and museum d6velopm8nt furyl to Identify the $peufic donations incA)me. and expenditure on the museum developmenL The Museum Dovelopment Fund benefitted in 2016 from a £3,IYJO.000 donation from the Defen Logist Vocatlonal Trust specifically t(wards the relocation and iedevelopment of The RLC Musewn at a fijture site at the Defence College of Logistics. Poll¢ing and AdministTrtion. Worthy Down. £1.500.000 was invested into the museum development fund vestrnenl and £1.500.000 inlo the museuffl general fund Investmént. Both investments We made befo being inheritad by the CIO. The museum development fund was liquidated In year and used to fumlsh the museum's new buildlng at INorthy Down. 22 Capital Gommitments 2024 2023 Amounts contracted for bul not provlded in the financial statements: Acquisftion of propety. plant and equlFrfne 179,884
THE ROYAL LOGISTIC CORPS MUSEUM TRUST CIO NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Related party transactlons Tran8actlon8 wlth rplated parties The Royal Logistics Corps Asstraatlon Trust Fund shares key management and TNslees wlth th15 Trust. During the year the TNst receNed a £120.000 donation (223. £1IXI,000). There were dso £nil (2023: £3,749) of Costs retharged from the RLC association relaling to insurance and profe$slonal fees. At the year end, the Trust owed £43.139 (2023: £41,522) to The Royal Logistics Corps A$SoatIon TrusL 24 Analysis ot changes in net fund3 The trust had material dabt during the year. 25 Cash (absorbed byvgeneratsd from operation$ 2024 2023 (Defictt)Jsurplus for the year (8.396) 24,588 Adjustments for. Inveslm8nt Inme recognised irr stat8ffEnt of finaThaal actmties Fair valu9 gains and losses on VeStrn8nts Depreoatlon and impainnent of tanglble fixed assets (45,658) {51.838) 83.691 (48,818) (3,310) 77,156 Movements In working capital: Decreas81(Increase) in stoths Increase in creditors 14,133 1,689 (8,515) 4,949 Cash (absorbed byvgeneratod from operatlons {6,379} 46,050 -27-