Company Registration Number.. 12003671 THE RIFLES WARDROBE AND MUSEUM TRiJST LIMITED ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDING 31 DECEMBER 2024 Company Inforniation Dirertor5 JMC Rylands NJ Walker CJS Perkins A Johnson APK Fontana SC Bailev EP Ctswell K Buchan-smith CS Maconochie WH Sherman Secretary B Joyce Charity Number 1184091 Registered Office The Wardrobè 58. The Close Salisbury SPI 2EX Independent Examiner AD 8rownhill 52, Kilford Close Amesbury SP4 7XS Bankers Lloyds Bank 16 Market Place Oldham OLI IIG l. Contents Page Page No Company Inform3tion..................................................................................................................... Independent Examinerfs Report to the Trustees of The Rifle5 Wardrobe and Museum Trust... Statement of Asset5 and Liabilities. Receipts and Payments... ... The Shop..-..................................................-... DIREcfoRS' REPORT The directors present their report and financial statements for the year Ènded 31 December 2024. Prlncipal activilies The principal activities of the company are to.. Administer and maintain the property belonging to the charity and known as The Wardrobe, at Salisbury, in the County of Wilt5hire,' and Provide and maintain a public museum for the exhibititrn of regimental artefacts to the public. StatèmÈnt of directorfs re5ponsibllitie5 The directors are responsible lor preparing the Director's Report and the financial statements in accordance with applicable law and regulations. Company law requires the dtrectors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Principle5 (United Kingdom Accounting Standards and applicable lawl. Under company law the direttors must not approve the financial statements unless they are sat15fied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that perlod. In preparing these financial statements the directors are required to.. Select suitable accounting policies and then apply them conslstentlv. Make judgements and accounting estimates that are reasonable and prudent. Prepare the financial statements on the going concern basis unless it is inappropriate to pre5urne that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companvs tran53Ctions and disclose with reasonable accuracy at any time the financial position of the companv and enable them to ensure that the financial Statements comply with the Companies Act 2006. They are a150 responsible for safeguarding the assets of the company and hence Itsr taking reasonable steps lor the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the special provisions relating to small companies within Part IS of the Companies Act 2006. By order of the Board 8 Joyce Secretary 2911012025 INDEPENDENT EXAMINER'S REPORTTOTHE TRUSTEES OF THE RIFLES WARDROBE AND MUSEUM TRUST I report on the account5 of the Rifle5 Wardrobe and Museum Trust for the period from l Jan to 31 Dec 2024. The Museum incurred planned increase5 in staff cost5 during 2024 but did not achieve the additional révenue this resource wa5 intended to achieve. A restructure and reduction in staff levels were completed towards the end of the year. In addition, the museum c105ed early for the winter 2024 break. to begin the major redevelopment project Update25. This reduced potential entrance receipts. The Board ha5 supported the trading deficit by release of monies from reserve5 Ilnvested Assets) which, despite thi5, have continued to appreciate beyond their 2023 value. The accounts are set out on Pa8es 4 to 7. Responsibilitiès and Basis of Rèport As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111"the Act"). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the 2011 Att and in carrying out my.examination, I have followed the applicable Directions given by the Charity Commission under Section 14515llbl of the Act. Independent Examinerfs Statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which Elves me cause to believe that in, any material respect.. accountlllg records were not kept in accordance with Section 130 01 the Act (Ir the accounts do not accord with the accounting records. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. I have not been instructed to carry out an audit of the finantial statements. For this rea50n, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given me, and I do not. therefore expres5 my opinion on the financial statements. A Brownhill MIAB 29 October 2025 52, Kilford Close Amesbury SP4 7x5 THE RIFLES WARDROBE AND MUSEUM TRUST STATEMENT OF ASSETS AND LIABILITIES Cash Funds COIF Account Savings Account (UPDATE251 Savings Account IWMSFIPatronsl Current Account Cash in hand PayPal Account Notes 2024 2023 16,455 12.938 2,780 3,140 695 17 20055 3,468 1993 2456 798 28770 Other Moneta Assets Debtors Trading Company Others 36,025 Total Assets 28770 36.025 Creditors Total Cash and other Monetary Assets 28766 36.021 Other Assets Shop stock 7,495 7.489 Investment Assets lat valuation) incl Jade Vault 827,930 813,411 Total Net Assets 864191 856,921 Notes.. l. Shop stock take Oecember 2024 2. Valuation as at january 2025 Approved by the Board on 28 October 2025 Signed on behalf of the Board by the Managing Trustee 28 October 2025 THE RIFLESWARDROBE AND MUSEUMTRUST RECEIPTS AND PAYMENTS Receipts 2024 2023 Not&5 Operating Activities to Further Charity's Objertive5 Museum tlcket sale5 21978 23,216 Operating Activities to Generate Funds Museum Shop Sales Post and Packing charges made for sales Research Talks at The Wardrobe Schools Visit Room Hire (not through WTCI Royalties & Copyright 7041 705 2.237 6,359 800 1,6 116 66 1.733 54 495 66 10.660 10.611 Investment Income Proceed5 from Sale of Investments Bank interest (COIF account) Bank interest INationwidel Bank interest IWMSFIPatrons Account) siocmj 691 231 38 134 51038 1056 Donations, Legacies and Other Similar Receipts Wardrobe Trading Companv Donation5 Contattless Giving Device Grants 35.061 15,425 397 112,010 2634 40,476 4.085 297 24,000 2,713 4.321 GiftAid W and MSFIPatrons 4.046 169,573 75.892 other Receipts Total Receipts 253,249 110.775 THE RIFLES WARDROBE AND MUSEUM TRUST Payments Payments for Generating Funds Coach House Maintenance Research costs Museum Shop Operating C05t5 Museum Shop Stock Purchases 2024 20Z3 250 1,561 4,083 270 1.557 2,542 5894 CharitablÈ Payments Tourism related Subscriptions Museum related Subscriptions Fire & Security Buildings Insurance Contents Insurance Trust Manager Curator 4,369 168 420 1.008 718 189 3303 3640 36.733 39.257 19,381 10,390 198 6,009 4.147 36,689 32,848 4,363 5.107 462 925 2,4S3 Marketing As51Stant Weekend Desk Manning Paid Staff Expenses Volunteer Expenses 8uilding/Garden Maintenance Ilncl. Ground Rent) General Museum Purchases Museum Artefact Acquisitions Conservation Exhibition costs Public Events Schools Visit Costs Advertising Publicity lincl Printing) Web Site and IT Equipment 364 1.146 1,030 70 2,659 2,713 22 3,042 754 1,149 56 3.232 884 5,753 128,168 103.120 Management and Administration Management Costs Training Office Equipment Office Postage Office Consumables Ilncl. Printer Usage) Bank Chargesl Investment Administration WTC Costs 240 306 3,291 62 1,737 336 20,IS5 247 20 1.442 404 13 5,972 22.281 Other Payments Lease Reassignment costs New Legal Entity costs Garden Project Update25 Project Grant For Growth Project 135 25,0(KJ 16,800 1.231 120,468 120,468 260,502 43,166 172,938 Total Payments THE RIFLES WARDROBE AND MUSEUM TRUST Net ReceiptslPayments Cash and Other Monetary Funds a5 at I" Jan Cash and other Monetary Funds a5 at 31" Det -7253 36.023 .62,161 98,184 28.770 36.023 Notes.. Buildings insurance classed a5 "additional rent~ ha5 previously been paid by the MOD as part of their support. However. with no warning these bills have not been paid, and at present the Trust has had to fund these costs. A staff restructure was conducted during Q4 and the post ol Trust Manager combined with the Curator p05t. as Managing Curator- saving one FTE salary for 2025. The post of Marketing Assistant has been confirmeil by the 8oard and the fixed term contract made permanent. Management Costs were inflated during 2023 as the Trust invested £20,000 in mining comp3ny Jade Vault and this was allocated to the Management line. The 2024 li8ure reflects an accurate run rate. The Trust invested £25,000 during 2023 In improving the Museum's Garden. This project wa5 completed so there are no a550Clated 2024 costs. Payments fof the Update25 project, taking place during 2024, have continued to be paid, sourced Irom a mixture of project specific grants, donations and Trust reseNes. THE SHOP 2024 2023 Shop Sales Ilncl. Postlpack Charges) 7,746 7,159 Cost of Sales Opening Stock Shop Purchases 7.489 4,083 11,572 7,495 8,284 2,542 10,826 7,489 Closing Stock 4,077 3,669 3,337 3,822 Shop Profit before operating cost5 Operating Costs Card payment device Postage Cardnet Charges EPOSTill Website Transaction Fees Shop Consvmables Total 252 217 382 364 456 483 360 360 115 1.432 2,237 1,557 2,265 Shop profit Percentage Profit Calculator 2024 2023 Cost of Goods Sold Opening Stock + Stock In + Operating Costs Value of goods Disposed of at Cost (gifts, write-offsl Add value of Closing Stock at cost 13,004 12,383 7,495 7,489 7,495 7,489 4,894 Cost of Goods Sold IA- B) 5,509 Income from Sales Sales Income + Closing Stock Deduct figure at B above Income from Sales 15,241 7,495 14.648 7,789 7,746 7.159 Profit Income from Sales (Fig DI Deduct tost of goods sold (Fig Cl Profit 7,746 5,509 7.159 4,894 2,237 2.265 ExlOO 46% Percentage Profit is: Exloo 41%