**REGISTERED COMPANY NUMBER: CE022294 (England and Wales) REGISTERED CHARITY NUMBER: 1190086** **Report of the Trustees and Unaudited Financial Statements for the Year Ended 31st March 2025** **for** **The King's Royal Hussars Museum CIO** Wheeler & Co Ltd Chartered Accountants The Shrubbery 14 Church Street Whitchurch Hampshire RG28 7AB **The King's Royal Hussars Museum CIO** ## **Contents of the Financial Statements for the Year Ended 31st March 2025** ||**Page**| |---|---| |**Report of the Trustees**|1 to 3| |**Independent Examiner's Report**|4| |**Statement of Financial Activities**|5| |**Balance Sheet**|6 to 7| |**Notes to the Financial Statements**|8 to 13| |**Detailed Statement of Financial Activities**|14 to 15| **The King's Royal Hussars Museum CIO** ## **Report of the Trustees for the Year Ended 31st March 2025** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and Aims** The objects of the charity are to educate the public and members of the Regiment in the history and military accomplishments of the King's Royal Hussars and its former Regiments, to promote military efficiency and encourage recruitment by public exhibition of the Collection in a Museum or Museums or such other places as the charity trustees may from time to time decide, and to conserve, restore, repair, re-construct and preserve articles in the Collection. ## **Public Benefit** The trustees have given serious consideration to the Charity Commission's general guidance on public benefit when reviewing the CIO's aims and objectives and in planning activities. This year, following the general easing of Covid restrictions, the museum has re-opened to the public, and has also welcomed several school groups for educational visits. Direct research enquiries from the public have increased, and the WW1 era archives have been made accessible to the public through The Ogilby Muster (TOM), a digitisation project, led by the Army Museums Ogilby Trust (AMOT). ## **ACHIEVEMENT AND PERFORMANCE** Visitor numbers have returned to pre-covid levels, and we have increased our number of volunteers, which means we can open 6 days per week. Shop and online sales have increased correspondingly. The focus of work behind the scenes has been on rationalising and merging the collections, along with detailed planning for the resulting redesign of the museum's layout and displays. We have also recruited 2 new part-time members of staff on a 2-year contract to work on the museum refurbishment and fundraising appeal. ## **FINANCIAL REVIEW** The CIO recorded a deficit of £84,299 during this financial year, mainly as a result of the costs of the museum refurbishment. Entrance fees have increased to £5.00 from £3.00 (£2.50 on the WMM Joint Ticket) resulting in an increase in income to £4,495. A poor summer, and the closure for refurbishment in December 2024, has seen shop income fall to £3,332. Donations have increased to £22,548 as a result of the museum appeal. In accordance with the CIO Constitution, the trustees have the power to invest such stocks, shares, investments and property in the UK as they see fit. The CIO's small portfolio was converted to cash in 2019 for use in the museum refurbishment, and we received a generous legacy of $240,000 from a former 11th Hussars officer. The funds are held by the Regimental Investment managers in a cash account, returning an interest rate of over 5% and where it remains immediately available to the refurbishment project. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document** The King's Royal Hussars Museum CIO was registered with the Charity Commission on 24th June 2020 with the Registered Charity Number 1190086 and constituted by a signed Constitution of The King's Royal Hussars CIO also dated 24th June 2020. Following this, the Museum of the King's Royal Hussars in Lancashire (14th/20th King's Hussars) Registered Charity Number 272107 was merged with The King's Royal Hussars Museum in Winchester Trust Registered Number 271942 in order to initially merge both KRH collections prior to their subsequent merger into the new CIO detailed above. ## **Organisational Structure** The trustees listed above have overall control and manage the CIO. They meet formally twice a year and Minutes from the Meetings are held in the Minutes Book. The King's Royal Hussars (serving Regiment) is represented by an officer (currently the QM) who is an ex-officio trustee. The staff of the charity comprise the Regimental Secretary as the Hon Curator, overseeing Museum management as part of his appointment duties, and a full-time Museum Assistant/Archivist funded with GiA by MOD(A). MOD(A) also provides the building and utilities at no cost to the charity. The charity has employed two part-time staff on a two-year contract from 1 March 2024, to help deliver the museum refurbishment work. Volunteer staff assist in caring for the Collection, opening the museum on weekends and public (bank) holidays and when the Museum Assistant is working on the Collection, attending training or absent on Page 1 leave. Page I **The King's Royal Hussars Museum CIO** ## **Report of the Trustees for the Year Ended 31st March 2025** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Connected Charities** The charity is connected with the King's Royal Hussars Officers' Trust (No: 1052828) and the C B Wilson Bequest (No: 200524), both registered charities, by virtue of some common trustees. The independence of the charity is ensured due to there being a majority of trustees who serve only as trustees of the KRH Museum CIO. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company number** CE022294 (England and Wales) ## **Registered Charity number** 1190086 ## **Registered office** Home Headquarters The King's Royal Hussars Peninsula Barracks Winchester Hampshire SO23 8TP ## **Trustees** Colonel G H R Tilney MBE Chairman Brigadier J N N Orr Colonel of the Regiment (ex officio) Brigadier A T L Potts Mrs C D Beresford MBE Mrs J Sutcliffe Major T C Tayler Captain M Oldfield Quartermaster (ex officio) Mr S D A Butler **Museum Mentor** Mrs K Kremmida In accordance with the Trust Deed, future co-opted trustees shall be appointed for such terms as the trustees from time to time think fit by resolution made at a special meeting of their body called for that purpose and for which not less than 21 days' notice has been given. **Independent Examiner** Kevin Wheeler FCA Wheeler & Co Ltd Chartered Accountants The Shrubbery 14 Church Street Whitchurch Hampshire RG28 7AB ## **Bankers** Lloyds Bank plc Guards and Cavalry Branch PO Box 10000 BX1 1LT Page 2 **The King's Royal Hussars Museum CIO** ## **Report of the Trustees for the Year Ended 31st March 2025** ## **REFERENCE AND ADMINISTRATIVE DETAILS Investment advisor** Tom Quicke Senior Investment Director Investec Wealth and Investment Management 30 Gresham Street London EC2V 7QN Approved by order of the board of trustees on 18[th] June 2025 and signed on its behalf by: ........................................................................ Colonel G H R Tilney MBE - Trustee Page 3 ## **Independent Examiner's Report to the Trustees of The King's Royal Hussars Museum CIO** ## **Independent examiner's report to the trustees of The King's Royal Hussars Museum CIO ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st March 2025. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Kevin Wheeler FCA Wheeler & Co Ltd Chartered Accountants The Shrubbery 14 Church Street Whitchurch Hampshire RG28 7AB Date: ............................................. Page 4 **The King's Royal Hussars Museum CIO** ## **Statement of Financial Activities for the Year Ended 31st March 2025** |31.3.25
Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
60,034
Other trading activities
3
10,493
Investment income
4
11,633
**Total**
82,160
**EXPENDITURE ON**
Raising funds
6,312
Other
161,974
**Total**
168,286
Net gains on investments
1,827
**NET INCOME/(EXPENDITURE)**
(84,299)
**RECONCILIATION OF FUNDS**
Total funds brought forward
281,843
**TOTAL FUNDS CARRIED FORWARD**
197,544|31.3.24
Total
funds
£
225,307
9,120
5,720
240,147
5,742
33,550
39,292
-
200,855
80,988
281,843| |---|---| The notes form part of these financial statements Page 5 ## **The King's Royal Hussars Museum CIO** ## **Balance Sheet 31st March 2025** |31.3.25
Unrestricted
funds
Notes
£
**FIXED ASSETS**
Investments
8
205,674
**CURRENT ASSETS**
Stocks
9
3,451
Debtors
10
833
Cash at bank and in hand
11
30,155
34,439
**CREDITORS**
Amounts falling due within one year
12
(42,569)
**NET CURRENT ASSETS**
(8,130)
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
197,544
**NET ASSETS**
197,544
**FUNDS**
13
Unrestricted funds:
General fund
73,504
Museum refurbishment fund
124,040
197,544
**TOTAL FUNDS**
197,544|31.3.24
Total
funds
£
254,000
3,870
3,795
21,502
29,167
(1,324)
27,843
281,843
281,843
86,513
195,330
281,843
281,843| |---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements continued... Page 6 **The King's Royal Hussars Museum CIO** ## **Balance Sheet - continued 31st March 2025** These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 18[th] June 2025 and were signed on its behalf by: ............................................. G H R Tilney MBE - Trustee The notes form part of these financial statements Page 7 **The King's Royal Hussars Museum CIO** ## **Notes to the Financial Statements for the Year Ended 31st March 2025** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Stocks** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. DONATIONS AND LEGACIES** |Donations
Legacies
Grants
Subscriptions
Admissions|31.3.25
£
22,549
7,664
24,727
599
4,495
60,034|31.3.24
£
741
195,330
24,798
639
3,799| |---|---|---| |||225,307| Donations received of £22,549 includes £21,138 in respect of the museum refurbishment appeal. continued... Page 8 **The King's Royal Hussars Museum CIO** ## **Notes to the Financial Statements - continued for the Year Ended 31st March 2025** ## **2. DONATIONS AND LEGACIES - continued** Grants received, included in the above, are as follows: |||31.3.25|31.3.24| |---|---|---|---| |||£|£| ||Grant in Aid - museum assistant funding|24,727|23,750| ||Regimental Association|-|1,048| |||24,727|24,798| |**3.**|**OTHER TRADING ACTIVITIES**||| |||31.3.25|31.3.24| |||£|£| ||Fundraising events|6,554|122| ||Souvenir sales|3,939|8,998| |||10,493|9,120| |**4.**|**INVESTMENT INCOME**||| |||31.3.25|31.3.24| |||£|£| ||Deposit account interest|11,633|5,720| Investment income received of £11,633 includes £8,845 attributed to the museum refurbishment appeal. ## **5. SUPPORT COSTS** |Governance
Management
costs
£
£
Other resources expended
160,456
1,518|Totals
£
161,974| |---|---| All costs, with the exception of the museum refurbishment costs of £103,100, are attributed to the general fund. ## **6. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31st March 2025 nor for the year ended 31st March 2024. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31st March 2025 nor for the year ended 31st March 2024. continued... Page 9 **The King's Royal Hussars Museum CIO** ## **Notes to the Financial Statements - continued for the Year Ended 31st March 2025** ## **7. STAFF COSTS** The average monthly number of employees during the year was as follows: |Museum assistant
No employees received emoluments in excess of £60,000.
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1st April 2024
Disposals
Revaluations
At 31st March 2025
**NET BOOK VALUE**
At 31st March 2025
At 31st March 2024
There were no investment assets outside the UK.
Cost or valuation at 31st March 2025 is represented by:|31.3.25
31.3.24
3
1
Listed
investments
£
254,000
(50,153)
1,827
205,674
205,674
254,000| |---|---| ## **8. FIXED ASSET INVESTMENTS** |||||Listed| |---|---|---|---|---| |||||investments| |||||£| ||Valuation in|2025||1,601| ||Cost|||204,073| |||||205,674| |**9.**|**STOCKS**|||| ||||31.3.25|31.3.24| ||||£|£| ||Stocks||3,451|3,870| continued... Page 10 ## **The King's Royal Hussars Museum CIO** ## **Notes to the Financial Statements - continued for the Year Ended 31st March 2025** ## **10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Other debtors
Prepayments and accrued income
**11.**
**CASH AT BANK AND IN HAND**
Museum
General
refurbishment
fund
fund
£
£
Cash in hand
126
-
Bank current account
10,760
18,896
Investec deposit account
373
-
Total
11,259
18,896
**12.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accrued expenses
**13.**
**MOVEMENT IN FUNDS**
At 1.4.24
£
**Unrestricted funds**
General fund
86,513
Museum refurbishment fund
195,330
281,843
**TOTAL FUNDS**
281,843
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
52,177
(65,186)
Museum refurbishment fund
29,983
(103,100)
82,160
(168,286)
**TOTAL FUNDS**
82,160
(168,286)|31.3.25
31.3.24
£
£
-
3,795
833
-
833
3,795
31.3.25
31.3.24
Total
Total
funds
funds
£
£
126
187
29,656
21,095
373
220
30,155
21,502
31.3.25
31.3.24
£
£
42,569
1,324
Net
movement
At
in funds
31.3.25
£
£
(13,009)
73,504
(71,290)
124,040
(84,299)
197,544
(84,299)
197,544
Gains and
Movement
losses
in funds
£
£
-
(13,009)
1,827
(71,290)
1,827
(84,299)
1,827
(84,299)| |---|---| continued... Page 11 **The King's Royal Hussars Museum CIO** ## **Notes to the Financial Statements - continued for the Year Ended 31st March 2025** ## **13. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |At 1.4.23
£
**Unrestricted funds**
General fund
80,988
Museum refurbishment fund
-
80,988
**TOTAL FUNDS**
80,988
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
44,817
Museum refurbishment fund
195,330
240,147
**TOTAL FUNDS**
240,147|Net
movement
At
in funds
31.3.24
£
£
5,525
86,513
195,330
195,330
200,855
281,843
200,855
281,843
Resources
Movement
expended
in funds
£
£
(39,292)
5,525
-
195,330
(39,292)
200,855
(39,292)
200,855| |---|---| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
Museum refurbishment fund
**TOTAL FUNDS**|At 1.4.23
£
80,988
-
80,988
80,988|Net
movement
in funds
£
(7,484)
124,040
116,556
116,556|At
31.3.25
£
73,504
124,040
197,544
197,544| |---|---|---|---| continued... Page 12 **The King's Royal Hussars Museum CIO** ## **Notes to the Financial Statements - continued for the Year Ended 31st March 2025** ## **13. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
Museum refurbishment fund
**TOTAL FUNDS**|Incoming
resources
£
96,994
225,313
322,307
322,307|Resources
expended
£
(104,478)
(103,100)
(207,578)
(207,578)|Gains and
Movement
losses
in funds
£
£
-
(7,484)
1,827
124,040
1,827
116,556
1,827
116,556| |---|---|---|---| ## **14. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31st March 2025. Page 13 **The King's Royal Hussars Museum CIO** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Legacies
Grants
Subscriptions
Admissions
**Other trading activities**
Fundraising events
Souvenir sales
**Investment income**
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Fundraising costs
**Other trading activities**
Opening stock
Shop stock
Shipping costs
Closing stock
**Support costs**
**Management**
Wages
Insurance
Sundries
Trustees' meeting expenses
Maintenance
Museum collection acquisitions
Postage
Computer costs
Museum refurbishment costs
Subscriptions
Volunteers' expenses|**Detailed Statement of Financial Activities**
**for the Year Ended 31st March 2025**
31.3.25
31.3.24
£
£
22,549
741
7,664
195,330
24,727
24,798
599
639
4,495
3,799
60,034
225,307
6,554
122
3,939
8,998
10,493
9,120
11,633
5,720
82,160
240,147
5,174
611
3,870
1,231
423
7,252
296
518
(3,451)
(3,870)
1,138
5,131
49,700
25,533
2,740
2,558
604
400
158
-
141
241
1,627
-
467
670
577
-
103,100
-
324
1,484
1,018
1,830
160,456
32,716| |---|---| ||| This page does not form part of the statutory financial statements Page 14 **The King's Royal Hussars Museum CIO** |**Management**
**Governance costs**
Accountancy and legal fees
Total resources expended
**Net (expenditure)/income**|**Detailed Statement of Financial Activities**
**for the Year Ended 31st March 2025**
31.3.25
31.3.24
£
£
1,518
834
168,286
39,292
(86,126)
200,855| |---|---| ||| This page does not form part of the statutory financial statements Page 15