RFLISTERED COMPANY NUMBEIL CEm2294 {EDil*￿ WAkg REGISTERED CHARITY NUMBEIL. 1190D86 ttd d 31st M* Wheeler & Qi Ltd ChBrtertd AccountWLts Th¢ ShrubFKry 14 Church Strc Whitchurch Harnp5hir¢ RG28 7AB Tht Kill I HUSSA￿ M ci C o*tbts ofthe FIDalltlil temen for the Y Ended Jlsl M*r Report •f th¢ Tr•*ke4 INde￿ndent Ex•mkn•rl4 R•port StAtemMt of Fkn#•clal Actlvltl•8 IAne* Sh••t Nol•• to the Fln•n¢knl StAtetheDts 7 ￿ 11 D•t•lhd St*tsm•Dt ol Flnaoeknl Attlvitlt4 12 ￿ 13 rs Mu5 ftheTrn for the Year EDded 315¢ M#r¢h 2024 The tru8te¢s who are directors of ihe thoriiy for th¢ putpo8e5 of ihe Companies A(a 2006, present their ryrt with the financial statements of the ¢haTity for th¢ yeaT ended 3 l$t March 2024. The tnjstecs have adopted the provisions of Accounting and Rep)fling by Charities.. Siaiement of Rccommended Practic¢ applicthl¢ to ¢hoJiti¢s preparing their a¢wuncs in accordarKe with the Financial Reporting Standhrd applicable in the UK and Republic of [relaT￿ IFRS 102) (cffectivt l January 2019}. OBJECTIVFS AND ACTtVlTILS Objectives Alth$ Th¢ objeas of th¢ charity are to educ4te the public and Tn¢mb¢rs of the R¢gim¢ni in the history alld Thilitary accoTnplishTnents of the King's Royal Hussars gnd its former Regimenis. to promote military efficiency and et￿0￿ra8¢ re¢ruitmcnt by piljlic exhit7ilion of the Collcction in a Museum or Museums or such oiher places ihe charity Irustccs may from time to tirnc decidc, and to conscTve. rc5torr. Rpjir. r¢-conslruct and preserve articles in the Colle¢lion. Publ1¢ B¢wefit The tTu8iecB have giv¢n ￿10￿5 con$idEration to th¢ Ch8rity O)mmis8ion's gencral guid￿£¢ on publiL bcnefit when reviewing the CIO'5 8Lm5 and objeclive5 and in planning a¢iiviii¢s. This year, following Ihc gcncral using of Covid Te$trirliolls, the museum his re-opened to the public. and has also welcomed 3evcTal school groups for educational visits. DiTCCt rc5Earch enquiriu from the public have incre&sed. the WWI era archives have been made a¢c¢ssible the public Ihrou8h The 08ilby Muslcr ITOMI, d di8ilisation projecL led by the Army Museums Ogilby Trust (AMOT). ACHIEVEMENT AND PERFORMANCE Visitor numbcT5 havc rcturncd to pr¢•¢ovid l¢vel& we have increased OUT numbcr nf volunteers. which M￿n5 we Can open 6 d&ys per week. Shop llnd onlinc ￿leS havc inGrcaJcd currespondingly. The r￿US of work bchind the b¢¢n¢s hos bccn on raiionalising Mnd merging the eollectionB. along with delailcd pl￿ThIng for ihe r￿ul11n8 rede518n of th¢ mus¢um's loyoul and displays. Wc hllve also Te¢ruited 2 Dew part-time memF*ts of stsff on Fd 2-yeAr coniract ¢0 work ¢ the rnuaeum refurbi$hm¢n¢ and fwJdrni8in8 appeal. FINANCIAL REVIEW The CIO rtCOTded a 5urplu$ of £200.855 during this financial year. Entrance ftts have remained at £3.001£2.50 on the WMM Joini Tickctl and shop incomc increascd lo £8,998. Donaiionj f¢ll 10 £742. TTUStees arc exploring options to raise cntranc¢ fees ihis summer. lrt #Gcordan¢e with th¢ CIO Con3Llliiiion, the In￿te¢S have the TKMcr to invest su¢h sto¢ks, share5. invc5Lmcnl$ and property in the UK ￿ they stt fi¢. The Cl￿$ gmoll portfolio converted to cash in 2019 for us¢ in the rnuseurn refurbiyhmenl. and we received a gcncrous le8icy of $240,000 from & fom)er I Ith Hussar5 OtTicer. Thc lund$ are hcld by the Rcgirllcnt41 Investm￿1 managtrs in 8 accounL retuming an intcrcst ot'over 5% and where il remains immedialcly available to Ihc refurbishrncnt proje¢t. STRUCTURE COVERNANCE AiYD MANACEMENT Gov¢rnint Dotum•nt The King'& RoyBi Hussars Museum CIO w&8 registered with thc Charity Commission on 24th June 2020 with th¢ R¢gi$i¢red Charity Number 11900¥6 and constitukd by & ligned consti￿tion of The King's Royal Hussars CIO &lso d4ted 24th Jun¢ 2020. Following this, the Mu5etsm of the King's Royal HussNr5 in L8nfa5hiT¢114th120th King's HUS￿rS) Registered Charity Number 272107 w&8 merged with The Kintys Royd Hussars Museum in Win¢h¢si¢r Trn￿l Regisl¢red NuIn￿r 271942 in ord¢r lo initially merge Eoih KRH collcclions prior to their subsequeni merger into thc ncw CIO dctBiled thv 0rygnl8*tiox41 Strnet•re Thc tTUStees listed above have overall conlrol and rnanage thr CIO. They meet fornially Iwicc a year Minute5 from Ihe Meetings are htld in the Minutcs B￿)k. Th¢ King's Roylll Hus8ars15ervlng Regimwt) 1$ represented by an offic¢r (currently the QM) who is ¢X-offLGJO Irusw. Th¢ 51aff of the charily cornpri5¢ ¢he Re8imentg1 Secretary as the Ho Curdior, overseeing Museum mana8emeni &8 part of his appointyD¢nt duties. 8nd a full.tim¢ Museum A5SLStènVArchivi8t funded with GIA by MOD(A}. MOD(Al a180 provid¢5 the building ond utilities at no cos¢ 10 th¢ chftrity. The chArity has employed two part-time staff on d tWO"y¢OT coniwi from l March 2024, to help dclivEr the museum refurbishjnenl work. Volunt¢er 51aff &ssist In caring for thc Collection. openin£ the museum on weekends 8nd publiG {b&nkl holiday5 and when the Museum A$3i3taTht is working on the Collection, att¢nding ir8ining or ab￿nI on leave. Poge I f ht Trusttt5 for the Ye4r Ended 31st M•r¢h 2024 STRUCTURQ GOVERNANCE AND MANACEMENT Conn•tted Chariti The charity is connected with the King'$ Roya] Hussars OfficeTS' Trust (No.. 1052828) and the C B Wi150fb B¢qU￿t (No: 200324). ly)th registered chaThtiCs, by virtue of som¢ eommon trusle£s. Thc indep2TKiffite of the charity is ¢n5ured due lo there bcirt8 a majorty of trusttt5 who serve only as truslets of the KRH Mus¢um CIO. REFERENCE AND ADMINISTRATIVE DETAIIS Reiiiter*d Company number CE022294 (England and WalE81 Registered ChArlty Trumber I1￿086 Re8ht¢v¢d fjffl¢e Home Headquarters The King's Royal Huss&rs Peninsula Barrack5 Win¢hesier Hampshire S023 8TP Trnst¢¢i Colonel G H R Tilncy MBF BrigAdier J N N Orr Colonel of the Regiment Brigadler A T L Potts Mrs C D Beresford MBE Mr8 J Sut¢liff¢ Major T C Taylcr C4Ytain C J Pople Mr S D A Buil¢r Mr J Wylic MBE Chairman (ex offl¢iol Quartermaster (ex otTiciol Mis¢um M••t•r Mrs K Kremmido S¢¢r•tary Major S Pcnkdhmaft In aC￿rdance wilh ihe Tru81 Deed. fiJtUTC Co-opted tru51ccs 5h811 b¢ appointed for swh terms as th¢ Iru$tee5 from time lo tim¢ ihink flt by rcyolu¢ion made At f4 sp¢¢is] meeting of their body called for that purp)ge md for which le35 th8n 21 days, notitt hos b¢¢n given. Ind¢p¢ndent Examlner Kevin Wh¢eler FCA Wheeler & Co Ltd ChartCTcd Ar¢ountants The Shrubbery 14 ChuT¢h Strttt Whitchurch HampshiT¢ RG28 7AB BAnk¢rs Lloyds Bank pl¢ Guards and CFdvg1ry Branch PO Box 100 BXI ILT Page 2 'sRo #l Huss*rs Mu$ Trn5tees Ye•r Endtd 31st M%￿h 2024 REFERENCE AND ADMINISTRATIVE DETAILS Investment xdvlgor Investec Wealth and Invuthi¢nt Lirnitcd 2 Gresh8m Stretnpany for the year ended 31si March 2024. Relponsibilities and b*Jis of report As the charity's tru8tre8 of the COm￿nY19￿d 8150 Its diredors for the PLitposes of company law) you ate responsible for the preparation of the a¢¢owits in ￿cordIn¢t with the requirements of the Compani¢s Art 2006 Ilhe 2(XI6 Ace). HavlnR ￿1sfIed mys¢lf that the ac￿Unts of the Company ar¢ Mt required to be audited under Part 16 of th¢ Act and are eligible for indcpendcnt ¢xamination, I rep)rt in respeet of my examinAtion of your charity'$ ac¢ourttS &8 carried out undtt Scction 143 of the Charities Act 2011 {'th¢ 2011 Act). In ￿rrying out my ¢xamination I h8v¢ followgj the Direaions 8Lven by the Charity Commission under SeGtion 145{5) Ibl of the 201 l ACL IndepeAd**t exAmlner'J it•tem¢Dt I hav¢ cornpleted my ex￿ninallon. I confirni that rA) matteT5 have come io my fitteniion In connection with thc exAmination 8iving me cause to believe.. accounting records wrrc not kot In r¢spe¢i of the CompBny &8 required by Sectton 386 of the 2006 A¢t,' or the &ceounts n¢A accord with ihose rccords. OT thc accounty th) not o)mply with the llceounting requi￿[￿rnts of Sc¢tion 396 of the 21>06 Act other thon any r¢quirement that the accounts give Fd true ond fair view which is no¢ a mHttcT considercd as part of an Ind¢prnd¢ni ¢xaminaiion', or thc accounts have llot bccn wep*rnJ in a¢o)rdance with the metlx>d5 prSn¢ipl¢8 of the Siatement of Recommended Practic£ for accounting and reporting by Charities (appli¢abl¢ ￿ charitlCS PTeparin8 th¢ir accoun¢s In accordance with ¢h¢ Financial Reporting Standard appliGttblc in th¢ UK and R¢public of Ireland IrRS 102)). I have no concerns and have ¢ome ￿ro$S other matters in conncctioTh with ihe examination to which att¢ntion should be drwn in this report in ordET to enabl¢ a proper under8tgndin8 of the accounts to be reachcd. Kcvln Wheeler FCA Wh¢el¢r & Co Lid Chortered Accountants The Shrubbery 14 ChuKh Stre¢t Whiichurch Hampshire RG28 7AB Date.. Page 4 The Klh *1 Hussa￿ Museum CI tatemtnt of FlnAn¢lAI A tlvi for the YtY4r Ended 31st MaNh 2024 31.3.24 un￿￿trI￿d fur￿5 31.3.23 Total tiit¥J5 Notes INCOME AND ENDOWMENfs FROM Donations and lega¢ie$ 225.307 27.871 Other tradin8 activiti¢s Inv¢51m¢nt incom¢ 9.120 6,563 216 Tol*l 240.147 34.650 EXPKNDITURE ON Raising fuThd5 5.742 2.605 OthEr Tolgl 39.292 32.139 NET INCOME 200,855 2.511 RECONCILIATION OF FiJNDS Total funds brought forward 80,988 78,477 TOTAL FUiYDS CARIUED FORWARD The ttDtes fotm p&rtof thr5r financi￿ 5tat¢rTh¢rJts P88¢ 5 '5Ro l H￿$￿15 Muse l#ott SILeet 3151 Mlroh 2024 31.3.24 31.3.23 Total fund5 Unresirictcd nds Not FIXED ASSETS Investments 254.0 CURREIYT ASSETS Stocks Debtors Cash ot bank and in hand 3,870 3.795 1.231 1,535 10 29,167 82.540 CREDITORS AmO￿nts fallin8 due within on¢ year 12 (1,3241 {1.552} NET CURRENT A&8ETS TOTAL ASSETS LLSS CURRENT LIABILITIFS 281.843 BO.988 NET ASSETS FUNDS Unr¢5trhcted funds 13 281.843 80.988 TOTAL FUIYDS 281 843 80.988 Th¢ chwitable comp8ny is cnlitled fo ex¢mp¢ion from audit under S￿lI0n 477 of ihe Compgmi¢$ Ad 2￿ for th¢ yeAr ended 31st March 2024. Thc membern hav¢ not required th¢ o)mp8ny to obtain an audit of its finan¢lal $w¢m¢nts foT the y¢ar ended 31st March 2024 in accordan¢e with Section 476 of th¢ Companies Act 2006. The truJtces a¢k￿￿1t￿ge th¢ir re5pon5ibilit5¢8 for (8) ensuring Ihdt the ¢hari¢able company keeps a¢¢ountin8 records that ¢omply with Scctiony 386 ond 387 of th¢ Compani¢$ Aci 2006 and PTcparin8 fI￿n(la1 Stotements which givc a true 8nd fair view of the $thie of aff￿r5 of the Gharit*ble wmpany as at ihe end of ￿ch financial year ond of its surplu$ or d¢ficit for tach finarKial year in accordan¢¢ with the rcqyir¢ments of Sedions 394 395 and which oiherwi5¢ ¢Dmply with lh¢ requlrement5 of the Componi¢s A 2006 rclaling kn fJnallci&l stat¢m¢n￿. 80 far 95 applicable to the charitable Gompany. These finan¢ial $latements have been PTcpor¢d in accordancc wlth the provisions Bppli¢•bl¢ to chaTitable ¢ompaniu 5ubje(I to the small compwLiCS regime. {b) Th¢ fin8nc*al st*mcnts were approva by the Board of Trnstees 8nd wthorised for i&8ue on . and We￿ signed on its behalf by.. G H R Tilney MBE- Trustee The Th)t¢s fonn part of these financi￿ statcmcnt5 Th u$tum Cl Notes to tht Flnanclwl Ststernents for lh¢ Ye4r Ended 31st MArch 2024 AccouNfiNG POLICIES B4119 of prep*rlDi the fin8D¢lal g¢ateme*ts The finan¢ig] statements of the ch8ritabl¢ cottLpany* which is a publlc benefit ¢ntity w)d¢r FRS 102, have been prepared in accordance with thc Charities SORP IFRS 1021 'Ac¢ouniing and R¢tKbrting by Charities.. Siatem¢nt of R￿mm¢￿ded Practice applicftbl¢ ￿ charities preparing their ac£ount8 in accordance with ihc FinatLcial RqN)rting Siandgrd applScabl¢ in lh¢ UK 8J)d R¢publir of ITcloJJd (FRS 102) leffcctive l jartu￿ 20191,, Financial RerM)rting Stondwd 102 The Financial Rtyoriing Standard applicable in the UK and Republi¢ of IrelgDd' and the Companies A¢1 2006. The financial statcments h&ve been pr¢p8rtsl under the historical wst convention. Wlth the ex¢¢prion of investments which ore included At marka vBJue. In¢om• All income is re¢ognlstyJ in the Staiemenr of Flnancial Activitles once the ch&rity ha8 ¢t)tiIlun￿t to the fwds, it li probabl¢ lh* the income will be reeeived And the •Anount bc me&sured Ttliably. ExpeAdltur¢ Liabilities are re¢o8ni&ed as ext*nditure L8 8oon as thcrc is a IcBal or con5tNctive obliytion ¢ommitting ihe charity 10 that ey(pendiiure. it 1$ probable that a transfer of ¢¢onomi¢ IKnefi15 will bc TCqUITcd in settlement and Ihc 4mouTht of Ihe obligation Can br measured reliably. ExpendItU￿ is acLounted for on an accru&ls basis and has ¢en cl&85ificd undeT hcadings ih&l aggr¢gol¢ all rosi rclalcd lo thc catcgnry. Where cosis eannoi be direLIIy otiriby¢ed ￿ particular he4din88, they hE4V¢ kcn allocatcd to activitle8 on a basis c(*nsi$tent with thc of re50urccs. Stot ock5 are valued al the lower of cost and net realisable value, after mDkin8 duc llllowance for obsolete AfKI 8low-movin8 Itan TAxatlo Th¢ choriiy is exempt from ¢orpoTaiion on irg ¢hthiablc &ctiwitie& Fund accouTrtlni Unrestricled fvnds ￿ be used in s￿ord8￿ce with the cheritsblc objectives at the discretion of the trustees. Restricted funds Can only bc used for particulBr resiriaed purp05U Wlthin the objects of the charity, R¢51ri¢tlons llrisc when 5pecifL¢d by the donoror when funds are rAi3¢d for p8ni¢uler resiricted purpose Furth¢r ¢xplanalion of th¢ noture ond PUTpoye of ea¢h fund IJ included in the note$ to ihe financi￿ statemen¢s. DONATIONS AIYD LECACIES 31.3.24 31.3.23 DOn￿long LegACi¢$ GTFmts Subscription5 Admis510n5 741 195.330 24,798 639 1,331 22.751 729 225 307 Grthts rec¢iv¢iL i￿luded in the above, bre as follows: 31.3.24 31.3.23 Orant ih Aid- ttLU5eum assistant funding Regimental Association 23,750 22.751 Page 7 continued... Tht Kin 'JRo stum othÈFi ntial Stateme C4)ntin for the Year Endtd 31st Marth 2024 OTHKR TRADING AcfivFTILS 31.3.24 31.323 Fundraising cvcnts Souv¢nir$a1¢5 122 9,120 6.563 IP4vL$TME￿ INCOME 31.3.24 31.3.23 Deposit ac¢ount int¢re5t 216 TRUSTEES, REMUNEIL4TION AND BENEFITS Thett were no trust•es' rtmun¢TatSon or other benefits for thr ye8r thded 31s1 M8T¢h 2024 for the year ended 31st March 2023. Trnite*•' •xp¢nw Therc wcre no ¢TUStee8' exp¢n$M p•id for the year endrd 31siMoyth2024 nor for the ye4r ¢nd¢d 31st March 2023. STAFF COSTS The av¢T48¢ monihly Thumbcr of employees durin8 the yegr wu aJ follows: 31.3.24 31.3.23 Mu8¢um 835i3tsnt No employecJ recelvrMJ cmolumeDts in exce&8 of £fA).IXKI. COMPARATIVES FOR THE STATEMENT OF FINAIYCIAL ACTIVITILS Unrestyicted fjjnd 1Tr4COME AND EIYDOWMKNTS FROM Donations and lega¢i¢s 27,871 Other iTadinB activities Inv¢8lmeni income 6.563 216 Tulal EXPENDITURE O Raisin8 funds 2,605 Othrr Totsl NKf INCOME 2.511 Page 8 ntinued.. Tht Klh o the Fin*n¢i*l Statemtht$- tollti for tht Ye r End¢d 3lJt Mar¢h Z024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- c•ntlDued Unr¢styided fijnd RECONCILIATION OF FUNDS Total fund8 brought forward 78.477 TOTAL FUNDS CARRIED FORWARD FIXED ASSET INVESTMENTS Li$ied investrncnts MARKET VALUE Addition5 NET BOOK VALUE At 3 1st March 2024 At 315t Marth 2023 There were rn investmcnt assets outside the UK. STOCKS 31.3.24 31.3.23 Sts)ck5 io. DEBTORS,. AMOUNTS FALLING DVE WITHIN OiYE YEAR 31.3.24 31.3.23 Othcr debiorj Prepaymenls 3,795 190 345 535 ii. CASH AT BANK AND IN HAND 31.3.24 To¢ funds 31.3.23 Total funds C&8h in ha￿1 BAnk turrent acwunt Inv¢st¢¢ d¢postt account 187 21.095 220 234 43,320 Total Pog¢ 9 ¢on¢inued.. Ki 'sRo *1 Hu55* MCIO N tts to the i#1 StAtement5- C for the Ye*r End¢d Jlst Mareh 2024 CREDITORS: AMOUNTS FALLINC DUE WIIHIN ONE YEAR 31.3.24 31.3.23 A¢cn*d Èxpenses 1,552 13. MOVEMENT IIY FUNDS Nct movement in funds At 31.3.24 At 1.4.23 Unrtstrfcted fundi GenuAI fund Mu5eurn refurbishmeni fvnd 80,988 5,523 195 330 86,513 195 330 80.988 200 855 281 843 TOTAL FUNDS 80.988 Net movtmeni In fvnds. incI￿led in the above ar¢ as follows: In¢ATrmlng resources R¢sourtt8 expended Movemen¢ in fundy Unrestrl¢t¢d 0¢ner￿ fund Museum r¢lurbi$hm¢nt ffijnd 44,817 195 330 {392921 5.525 195 330 240 147 TOTAL FUNDS 240 147 Comparntlvu for movement Sn movemcnt in futtd8 Al 31.323 At 1.4.22 U•reJtrleted fund General fuThJ 78,477 2,511 80.988 TOTAL FUIYDS Compgrative Thet movemeni in includuj in the giK)ve are 85 fol]ow$: In¢oming Re8ourc Movement ¢XFXTthd in fiLnds U•restritt¢d fund Genual fvnd 34,650 (32,139) 2,511 TOTAL FUNDS Pag¢ 10 ¢ontinucd... ht Kin cio tes to Din¢ial Statemtnt$- contin lor tht Year Emded 31st Marth 2024 13. MOVEMENT IN FUNDS- tontioutd A current y¢w 12 month$ and prior year 12 month4 combincd position i5 as follows: Net Movement in fund5 At 31.3.24 At 1.4.22 Unre5tritted funds Genera] fund Museum rcfuTbishment ffijnd 78,477 8.036 195 330 86,513 195 330 78.477 281843 TOTAL FUNDS 78.477 203 366 A CUTr¢n¢ year 12 month5 and Prior year 12 months comblned net rnovan¢ni In fund5, included in the above ar¢ as follows: Incomin8 sour¢e8 R¢gour¢es expcnded Movement in funds UThrestrfcttd h*d• Qen¢ral fund r¢lurblshrncnt fijnd 79.467 195 330 171,431) 8,036 195 330 274 797 TOTAL FUNDS 274 797 71.431 203.366 REiATED PARTY DISCLOSURES Ther¢ were r¢lAt¢d ￿rtY transactions for ihe ye¥ ended 3151 March 2024. Po8¢11 *IHu useum CIO etailed StA ofFingncial for the YeAr Ended Jl$t M*reh 20Z4 31.3.24 31.3.23 INCOME AND EfwowMENTS Don•tiOns **d leqAeios Donations Leg￿leS Grants SubscriptiOll8 Admis5iOnS 741 195.330 24,798 639 1,331 22,751 729 225,307 27.871 Oth•r tradlni gctlvitlei FundraiSLng ¢v¢nl$ Souvenir sllles 122 6,152 9,120 6,563 IDvt4tment IA¢ome Deposit a¢￿unt inlere5t 216 Tol•l lmtomlni re￿￿r£ 240,147 34.650 EXPEIYDITURE R•lJlttg d•n4tlthn$ Ind le8*clei Fundraising w818 202 Olh¢r tradin8 JlCtlvltle¥ Opening Str>¢k Christma8 card wst5 Shop stock Shipping c05 C105ing swck 1,231 947 558 2,129 7,252 518 5,131 2.403 Support tos M*n¥%tment W8gc8 Insuranc¢ SundTICS Trustees. M¢¢t]￿ expenses Maini¢nan¢¢ Poglage Q)mput¢r costs Stordge costs SubsGriplioThs Volunteers, cxpens¢s 25,533 2.S58 400 22,052 2.778 123 57 673 241 670 1.221 830 748 452 1,484 32,716 28.934 Thi$ pa8e d(Ks not form part of the Sts¢u￿ry fin8ncial sta¢¢rn¢nts Page 12 5 R al Mknseu etAiltd StAttmtnt of Fiaa al Activitie5 gr Endtd Jlst Marth 2024 31.324 31.323 MaM%emell¢ Govenjantt tosts Acwuthcy and legal feej 834 600 39.292 32,139 N¢t In¢othe 200.855 2.311 This page thc5 not forn of th¢ stHtulory finFnciai 8￿tern¢nts P8g¢ 13