REGISTERED CHARITY NUMBER: 1195441
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2024
for
The Army Museums Ogilby CIO
Brewers Chartered Accountants (Statutory Auditors)
Bourne House
Queen Street
Gomshall
Surrey
GU5 9LY
The Army Museums Ogilby CIO
Contents of the Financial Statements for the Year Ended 31 March 2024
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Chairman's Report |
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Report of the Trustees |
2 |
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4 |
Report of the Independent Auditors |
5 |
to |
7 |
Statement of Financial Activities |
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8 |
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Balance Sheet |
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9 |
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Notes to the Financial Statements |
10 |
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16 |
Detailed Statement of Financial Activities |
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18 |
The Army Museums Ogilby CIO
Chairman's Report
for the Year Ended 31 March 2024
Inthelastyear,the70thyearsinceitscreation,AMOThascontinuedtoconsolidateitspositioninsupport of
themuseumsinitsnetwork.Thisconsolidationhasinvolvedadetailedexaminationofourstrategy which
confirmedthatAMOTwillcontinuetobethevoiceforArmymuseums,supportingthemthrough networking,
collaboration and advocacy.
InordertoreaffirmAMOT's relevanceintheheritagesector,theTrusteesundertooka comprehensive overhaul
ofthegovernanceoftheTrustanditsworkingproceduresthusensuringthatitsfocusandresources are
directed at our charitable objects.
NewTrusteeshavebeenselectedandappointedinordertostrengthenoursupporttothenetworkin the
areas of museum and heritage experience and expertise, and digital communications.
FundamentaltothesecurityofAMOT'sfuturehasbeenthetotalrebuildingofourfinancialcontrolsystems in
everyparticular,fromtheuseofnewofficeaccountingsystems,newprocedures,checksandbalances and
newaccountantsandauditors.ThishasbeenthededicatedworkoftwonewTrusteeswhohave brought
immense experience from their daily work; AMOT has hugely benefited from their expertise.
DuringtheyeartheTrusteesagreedtoclosedownTheOgilbyMusterglobalarchiveofWW1documents. This
closedownhadbecomeatechnicalandfinancialnecessity.Thedigitisedarchivesarebeingplacedwith the
participating museums free of charge for their own use.
DuringtheyearAMOTinstigatedavisitprogrammetomuseumsacrosstheKingdomandattended many
regionalnetworkmeetingsinordertounderstandmorecloselytheircommonconcernsandto spread
beneficialpracticesbetweenmuseumsandthusunderstandonwhatouradvocacycouldbestbe focused.
ThisnetworkingwasfurtherunderpinnedbyaconferenceinOctoberinBirminghamattendedby 130
delegates from 50 different museums as well as other organisations and interested individuals.
The conference was recorded for our You Tube site at:
https://www.youtube.com/@armymuseumsogilbytrust7965/playlists
AMOThashadabusyandsuccessfulyearensuringthatitisfittohelpournetworkof140+museums and
collections as they evolve within the heritage arena.
Page 1
The Army Museums Ogilby CIO
Report of the Trustees
for the Year Ended 31 March 2024
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31March 2024.
ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
TheobjectsoftheCIOaretopromotetheefficiencyoftheArmybyeducatingthepublicand inspiring
membersoftheArmy.ThisisachievedbyitssupportandpromotionofexistingRegimentaland Corps
museumsandbythepromotionoflearningeducationandresearchintomattersrelatingtoBritish Military
Forces.
Public benefit
TheTrusteeshavepaiddueregardtotheCharityCommission'sguidanceonpublicbenefitintheirdirection of
the Charity's activities.
TheCharityprovidespublicbenefit(benefittothepublicatlarge)byitspromotionandsupportof Regimental
andCorpmuseumsthateducatethepublicaboutthecharacter,activitiesandhistoryoftheBritishArmy. The
closelinkswiththepublicandtheencouragementofrelationshipbetweenthemuseumsand the
communitiesthattheyserveenhancethereputationoftheBritishArmytherebypromotingtheefficiency of
the Armed Forces of the Crown.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
TheCharity'sactivitieshavecontinuedtoconcentrateon"Thesupportandpromotionoftheinterestsof the
RegimentalandCorpsmuseumsoftheBritishArmy,andassistanceinthepreservation,presentation and
interpretation of its history and traditions for the stimulation and education of the public"
Inallareasofactivityanactive,supportiveandknowledgeableBoardofTrusteesthatexerciseseffective and
responsible governance oversees its operation.
Thecharityworkedacrossthe140+strongnetworktobuildresilienceandengagedwithcollections who
wishedtoclosetheirexistingmodelandfindlongtermsustainablesolutionswhichprovidecontinued access.
ThisprocesshelpedtheCIOtothinkaboutthesupportitshouldofferoverthenextfewyearsand the
possibilities around technology.
FINANCIAL REVIEW
Financial position
Asat31March2024theCIOhadfundsof£2,554,013(2023:£3,155,294)ofwhich£156,270(2023: £234,250)
were restricted and £1,475,871 (2023: £1,467,053) were endowment funds.
Thedropinthecharitiesnetassetsisofnoteandduetoanumberofoneofffactors.Therewereduring the
yearalargeamountofunavoidable,butthankfullynon-recurring,expenditureonprofessional advisers,
impairmentofloansandthecostsofrunningTheOgilibyMusterwhichwerenolongercoveredbythe original
LIBORgrant.Thismeantthatourincomeandexpenditurewereconsiderablyoutofbalanceintheyear and
wehadtodrawonourreserves.Wearehappytoreportthatthisisnolongerthecaseandyeartodate we
areonbudgettoonlyspendwhatwehaveearnedas income.Thisisevidencedby thetrust'sassets standing
at £2,608,264 at the 31st Dec 2024 versus £2,554,013 at the year end.
Investment policy and objectives
TheassetsofthetrustarenowinvestedintheBlackRockArmed ForcesGrowthandIncomefundhaving been
withInvestecinthepast.Thisisa highlyliquidvehiclethatiswelldiversifiedbywayofgeographicaland asset
allocationthatisinlinewiththetrust'sInvestmentPolicyStatement.Inessencethisistoachievea balance of
IncomeandGrowthwithouttakingunduerisk.Theperformanceofthefundandtheinvestmentpolicy are
reviewed regularly by the Finance Committee and all the trustees at least annually.
Page 2
The Army Museums Ogilby CIO
Report of the Trustees
for the Year Ended 31 March 2024
FINANCIAL REVIEW
Reserves policy
Themajorityofthetrustsassetsareinvestedandthisisitsprincipalsourceofincome.TheTrustDeed permits
expenditureofcapitalaswellasincome.TheTrust'sinvestmentportfoliowasvaluedat £2,353,090
(2023:£312,874)as at the31stMarch2024.ThereasonforthelargeshiftisthemovefromInvestecto Blackrock
fallingoverthepreviousyearend.ThebalanceisheldwiththeTrust'sbankersHoltsLimited.Duringtheyear a
reasonablyhighlevelofcashwasmaintainedduetotheuncertaintysurroundingourexpenditure.We have
beenabletoconsiderablyreducethisinthecurrentyearandarenowworkingtowardshavingsixmonths of
expenditure in cash as a reserve.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The Charity is governed by a Charitable Incorporated Organisation Foundation dated 9th August 2021.
Recruitment and appointment of new trustees
TrusteesareappointedforaperiodoffiveyearsbyaResolutionoftheTrusteesandbysigninga Declaration
ofAcceptanceandWillingnesstoAct.Trusteesmaybeappointedforfurthertermsoffiveyearsat the
invitationoftheChairman,butshallnotbeappointedorre-appointedfora termwhichexpiresaftertheir 75th
birthday unless the other Trustees otherwise determine.
Financial Controls
A monthlybankreconciliationwasundertakenbythetrusteesthroughouttheyeartoensureexpenditure was
controlledandasanintermediateFinancialcontrol.Thetrusthasmovedallofitsaccountingtothe Xero
Softwarepackageandappointednewaccountants.InadditiontheFinanceCommitteehasused an
externaladviser,(anexperiencedCharteredaccountant),andworkedwithournewaccountants and
bankers to develop a rigorous set of financial controls that are now fully in place.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
1195441
Principal address
Room 121
Robertson House
Royal Military College Sandhurst
Camberley
Surrey
GU15 4NP
Trustees
Lt Gen Sir P Trousdell KBE, CB (appointed 27.11.2023)
Mr C Elwell (appointed 27.11.2023)
Mr P de Zulueta
Colonel D Gray
Mrs C Cary
Maj Gen C Harvey OBE QVRM
Colonel S Davies MBE
Maj Gen D McDowall CBE
Mrs T K Robson
Brigadier A Mallinson
Mr E Sayer (appointed 01.03.2024)
Ms C Bernath (resigned 21.07.2023)
Ms N Sykes (resigned 06.08.2023)
Maj Gen M L Riddell-Webster CBE, DSO (resigned 27.11.2023)
Mr N Shryane MBE (resigned 27.11.2023)
Page 3
The Army Museums Ogilby CIO
Report of the Trustees for the Year Ended 31 March 2024
REFERENCE AND ADMINISTRATIVE DETAILS
Auditors
Brewers Chartered Accountants (Statutory Auditors)
Bourne House
Queen Street
Gomshall
Surrey
GU5 9LY
STATEMENT OF TRUSTEES' RESPONSIBILITIES
ThetrusteesareresponsibleforpreparingtheAnnualReportandthefinancialstatementsinaccordance with
applicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAccepted Accounting
Practice).
ThelawapplicabletocharitiesinEnglandandWales,theCharitiesAct2011,Charity(Accountsand Reports)
Regulations2008andtheprovisionsofthetrustdeedrequiresthetrusteestopreparefinancialstatements for
eachfinancialyearwhichgiveatrueandfairviewofthestateofaffairsofthecharityandofthe incoming
resourcesandapplicationofresources,includingtheincomeandexpenditure,ofthecharityforthat period.
In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonable accuracy
atanytimethefinancialpositionofthecharityandtoenablethemtoensurethatthefinancial statements
complywiththeCharitiesAct 2011,theCharity(AccountsandReports)Regulations2008andtheprovisions of
thetrustdeed.Theyarealsoresponsibleforsafeguardingtheassetsofthecharityandhencefor taking
reasonable steps for the prevention and detection of fraud and other irregularities.
30/01/2025
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
...........................................................................
C Elwell - Trustee
Page 4
Report of the Independent Auditors to the Trustees of
The Army Museums Ogilby CIO
Opinion
WehaveauditedthefinancialstatementsofTheArmy MuseumsOgilbyCIO(the'charity')fortheyear ended
31March2024whichcomprisetheStatementofFinancialActivities,theBalanceSheetandnotesto the
financialstatements,includinga summaryofsignificantaccountingpolicies.Thefinancialreporting framework
thathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdomAccounting Standards
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK)) and
applicablelaw.OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors' responsibilities
fortheauditofthefinancialstatementssectionofourreport.Weareindependentofthecharity in
accordancewiththeethicalrequirementsthatarerelevanttoourauditofthefinancialstatementsinthe UK,
includingtheFRC'sEthicalStandard,andwehavefulfilledourotherethicalresponsibilitiesinaccordance with
theserequirements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriate to
provide a basis for our opinion.
Conclusions relating to going concern
Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasis of
accounting in the preparation of the financial statements is appropriate.
Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoevents or
conditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharity'sabilitytocontinueas a
goingconcernforaperiodofatleasttwelvemonthsfromwhenthefinancialstatementsareauthorised for
issue.
Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedin the
relevant sections of this report.
Other information
Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformation included
in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttothe extent
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformation and,
indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatements or
ourknowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentify such
materialinconsistenciesorapparentmaterialmisstatements,wearerequiredtodeterminewhetherthis gives
risetoamaterialmisstatementinthefinancialstatementsthemselves.If,basedontheworkwe have
performed,weconcludethatthereisamaterialmisstatementofthisotherinformation,wearerequired to
report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
WehavenothingtoreportinrespectofthefollowingmatterswheretheCharities(Accountsand Reports)
Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 5
Report of the Independent Auditors to the Trustees of
The Army Museums Ogilby CIO
Responsibilities of trustees
AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrusteesareresponsiblefor the
preparationofthefinancialstatementswhichgiveatrueandfairview,andforsuchinternalcontrolas the
trusteesdetermineisnecessarytoenablethepreparationoffinancialstatementsthatarefreefrom material
misstatement, whether due to fraud or error.
Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharity'sabilityto continue
asagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoing concern
basisofaccountingunlessthetrusteeseitherintendtoliquidatethecharityortoceaseoperations,orhave no
realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
WehavebeenappointedasauditorsunderSection144oftheCharitiesAct2011andreportin accordance
with the Act and relevant regulations made or having effect thereunder.
Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawhole are
freefrommaterialmisstatement,whetherduetofraudorerror,andtoissueaReportofthe Independent
Auditorsthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnota guarantee
thatanauditconductedinaccordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhen it
exists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorin the
aggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenon the
basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Basedonourdiscussionswiththecharity'smanagementandtheTrustees,weidentifiedthatthefollowing laws
and regulations are significant to the entity:
Thoselawsandregulationsconsideredtohavea directeffectonthefinancialstatementsincludeUK financial
reporting standards and Charity Law.
Thoselawsandregulationsforwhichnon-compliancemaybefundamentaltotheoperatingaspectsof the
charityandthereforemayhaveamaterialeffectonthefinancialstatementsincludecompliancewith the
charitableobjectives,publicbenefit,safeguardingandhealthandsafetylegislation.Thesematters were
discussedamongsttheengagementteamattheplanningstageandtheteamremainedalert to
non-compliance throughout the audit.
Auditproceduresundertakeninresponsetothepotentialrisksrelatingtoirregularities(whichinclude fraud
andnon-compliancewithlawsandregulations)comprisedof:inquiresofmanagementandtheTrusteesas to
whethertheentitycomplieswithsuchlawsandregulations;enquirieswiththesameconcerninganyactual or
potentiallitigationorclaims;inspectionofrelevantlegalcorrespondence;reviewofTrusteemeting minutes;
testingtheappropriatenessofjournalentries;andtheperformanceofanalyticalreviewto identify
unexpected movements in account balances which may be indicative of fraud.
Noinstancesofmaterialnon-compliancewereidentified.However,thelikelihoodofdetecting irregularities,
includingfraud,islimitedbytheinherentdifficultyindetectingirregularities,theeffectivenessofthe entity's
controlsandthenature,timingandextentoftheauditproceduresperformed.Irregularitiesthatresult from
fraudmightbeinherentlymoredifficulttodetectthanirregularitiesfromerror.As explainedabovethereis an
unavoidableriskthatmaterialmisstatementsmaynotbedetected,eventhoughtheaudithasbeen planned
and performed in accordance with ISAs (UK).
A furtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedonthe Financial
ReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.Thisdescriptionformspartofour Report
of the Independent Auditors.
Page 6
Report of the Independent Auditors to the Trustees of
The Army Museums Ogilby CIO
Use of our report
Thisreportismadesolelytothecharity'strustees,asabody,inaccordancewithPart4ofthe Charities
(AccountsandReports)Regulations2008.Ourauditworkhasbeenundertakensothatwemightstateto the
charity'strusteesthosematterswearerequiredtostatetotheminanauditors'reportandforno other
purpose.Tothefullestextentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyone other
thanthecharityandthecharity'strusteesasabody,forourauditwork,forthisreport,orfortheopinions we
have formed.
Brewers Chartered Accountants (Statutory Auditors) Bourne House Queen Street Gomshall Surrey GU5 9LY 30/01/2025 Date: .............................................
Page 7
The Army Museums Ogilby CIO
Statement of Financial Activities for the Year Ended 31 March 2024
Notes
INCOME AND ENDOWMENTS
FROM
Donations and legacies
Charitable activities
Charitable
Other trading activities
2
Investment income
3
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
Charitable
Other
Total
Net gains/(losses) on
investments
NET INCOME/(EXPENDITURE)
Transfers between funds
13
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED
FORWARD |
Unrestricted
fund
£
855
44,348
338
76,301
121,842
-
247,570
369,652
617,222
(4,038)
(499,418)
(32,701)
(532,119)
1,453,991
921,872 |
Restricted
funds
£
-
-
-
1,859
1,859
-
120,774
-
120,774
8,234
(110,681)
32,701
(77,980)
234,250
156,270 |
Endowment
fund
£
-
-
-
-
-
-
-
-
-
8,818
8,818
-
8,818
1,467,053
1,475,871 |
31.3.24
Total
funds
£
855
44,348
338
78,160
123,701
-
368,344
369,652
737,996
13,014
(601,281)
-
(601,281)
3,155,294
2,554,013 |
31.3.23
Total
funds
as restated
£
259,435
53,138
7,273
77,747
397,593
15,700
702,721
-
718,421
(130,379)
(451,207)
-
(451,207)
3,606,501
3,155,294 |
|
|
|
|
|
|
The notes form part of these financial statements
Page 8
The Army Museums Ogilby CIO
Balance Sheet
31 March 2024
Notes
FIXED ASSETS
Heritage assets
9
Investments
10
CURRENT ASSETS
Debtors
11
Cash at bank
CREDITORS
Amounts falling due within
one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
13
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS |
Unrestricted
fund
£
29,000
743,622
772,622
11,700
147,742
159,442
(10,192)
149,250
921,872
921,872 |
Restricted
funds
£
-
133,597
133,597
-
22,673
22,673
-
22,673
156,270
156,270 |
Endowment
fund
£
-
1,475,871
1,475,871
-
-
-
-
-
1,475,871
1,475,871 |
31.3.24
Total
funds
£
29,000
2,353,090
2,382,090
11,700
170,415
182,115
(10,192)
171,923
2,554,013
2,554,013
921,872
156,270
1,475,871
2,554,013 |
31.3.23
Total
funds
as restated
£
29,000
312,874
341,874
454,683
2,405,923
2,860,606
(47,186)
2,813,420
3,155,294
3,155,294
1,453,991
234,250
1,467,053
3,155,294 |
|
|
|
|
|
|
The financial statements were approved by the Board of Trustees and authorised for issue on 30/01/2025 ............................................. and were signed on its behalf by:
.............................................
C Elwell - Trustee
The notes form part of these financial statements
Page 9
The Army Museums Ogilby CIO
Notes to the Financial Statements
for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
withtheFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS102) (effective
1January2019)',FinancialReportingStandard102'TheFinancialReportingStandardapplicablein the
UKandRepublicofIreland'andtheCharitiesAct2011.Thefinancialstatementshavebeen prepared
underthehistoricalcostconvention,withtheexceptionofinvestmentswhichareincludedat market
value, as modified by the revaluation of certain assets.
Income
All incomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementto the
funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswill be
requiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is
accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey have
been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetoverits estimated
useful life.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted
purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
2. OTHER TRADING ACTIVITIES
OTHER TRADING ACTIVITIES |
|
|
|
31.3.24 |
31.3.23 |
|
|
as |
|
|
restated |
|
£ |
£ |
Report income |
338 |
212 |
Conference income |
- |
7,061 |
|
338 |
7,273 |
continued...
Page 10
The Army Museums Ogilby CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
3. INVESTMENT INCOME
4.
|
31.3.24 |
31.3.23 |
|
|
as |
|
|
restated |
|
£ |
£ |
Investment income |
76,483 |
76,906 |
Interest received |
1,677 |
841 |
|
78,160 |
77,747 |
RAISING FUNDS |
|
|
Investment management costs |
|
|
|
31.3.24 |
31.3.23 |
|
|
as |
|
|
restated |
|
£ |
£ |
Portfolio management |
- |
15,700 |
BlackrockdonotchargeaseparateInvestmentManagementfeeandthecostsareincludedin the
fund price, hence the absence of Investments costs in this year's accounts.
5. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31March2024norfor the
year ended 31 March 2023.
Trustees' expenses
Trusteeswerepaid£1,313inrespectofreimbursableexpensesintheyearended31March2024 (2023:
£3,799).
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Charitable
Other trading activities
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Charitable
Total
Net gains/(losses) on investments |
Unrestricted
fund
£
259,435
53,138
7,273
73,082
392,928
15,021
386,925
401,946
(121,173) |
Restricted
funds
£
-
-
-
4,665
4,665
679
315,796
316,475
(9,206) |
Endowment
fund
£
-
-
-
-
-
-
-
-
- |
Total
funds
as restated
£
259,435
53,138
7,273
77,747
397,593
15,700
702,721
718,421
(130,379) |
|
|
|
|
|
continued...
Page 11
The Army Museums Ogilby CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
fund
£
(130,191)
1,584,182
1,453,991 |
Restricted
funds
£
(321,016)
555,266
234,250 |
Endowment
fund
£
-
1,467,053
1,467,053 |
Total
funds
as restated
£
(451,207)
3,606,501
3,155,294 |
|
|
|
|
|
7. PRIOR YEAR ADJUSTMENT
Intheyearto31March2024thetrusteesdeterminedthatfundsreceivedfromMODunder strict
instructiontodistributetospecifiedArmyRegimentalmuseumsonanagencybasisdonot represent
restrictedfunds.Inpreviousyearssuchactivitieshavebeentreatedas restrictedfundswithinthe charity
whichthetrusteesconsiderportraysaninaccuraterepresentationofcharityincome.Theprior year
restrictedincomeandcharitableexpenditurefigureshavebeenrestatedasaresultofchange in
policy.
8. TANGIBLE FIXED ASSETS
TANGIBLE FIXED ASSETS |
|
|
Fixtures |
|
and |
|
fittings |
|
£ |
COST |
|
At 1 April 2023 and 31 March 2024 |
4,497 |
DEPRECIATION |
|
At 1 April 2023 and 31 March 2024 |
4,497 |
NET BOOK VALUE |
|
At 31 March 2024 |
- |
At 31 March 2023 |
- |
The values of the following assets belonging to the CIO are not reflected in these financial statements:
- Library Books
- The Founder's Medals, Uniform and Desk (on loan to The London Scottish Regimental Trust)
- Nine Pictures
9. HERITAGE ASSETS
MARKET VALUE
At 1 April 2023 and 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023 |
Total
£
29,000 |
|
29,000 |
|
29,000 |
continued...
Page 12
The Army Museums Ogilby CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
10. FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 April 2023
Additions
Disposals
Revaluations
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023
There were no investment assets outside the UK.
Cost or valuation at 31 March 2024 is represented by:
Valuation in 2024 |
Listed
investments
£
209,101
2,540,382
(419,906)
23,513
2,353,090
2,353,090
209,101 |
Cash and
settlements
pending
£
103,773
1,021
(104,794)
-
-
-
103,773 |
Totals
£
312,874
2,541,403
(524,700)
23,513
2,353,090
2,353,090
312,874
Listed
investments
£
2,353,090 |
|
|
|
|
ListedinvestmentsaremanagedbyBlackrockFundManagersLimitedandheldintheBLK Armed
Forces Charities Growth & Income Fund without charge.
Thehistoriccostoftheinvestmentsheldat31March2024was£2,329,577(2023:£200,799)of which
£738,162washeldinthegeneralfund,£12,362intheCameroniansFundand£1,467,053in the
endowment fund.
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Other debtors
Other loans
Prepayments and accrued income |
31.3.24
31.3.23
as
restated
£
£
11,700
11,700
-
67,570
-
367,068
-
8,345
11,700
454,683 |
|
|
continued...
Page 13
The Army Museums Ogilby CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
12.CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Taxation and social security
Other creditors
MOVEMENT IN FUNDS
Net
movement
At 1.4.23
in funds
£
£
Unrestricted funds
General fund
1,453,991
(499,418)
Restricted funds
Libor Fund
88,072
(120,775)
Grant in Aid
2
-
Cameronians
146,176
10,094
234,250
(110,681)
Endowment funds
Endowment Fund
1,467,053
8,818
TOTAL FUNDS
3,155,294
(601,281)
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
121,842
(617,222)
Restricted funds
Libor Fund
(1)
(120,774)
Cameronians
1,860
-
1,859
(120,774)
Endowment funds
Endowment Fund
-
-
TOTAL FUNDS
123,701
(737,996) |
31.3.24
£
-
10,192
10,192
Transfers
between
funds
£
(32,701)
32,703
(2)
-
32,701
-
-
Gains and
losses
£
(4,038)
-
8,234
8,234
8,818
13,014 |
31.3.23
as
restated
£
5,096
42,090
47,186
At
31.3.24
£
921,872
-
-
156,270
156,270
1,475,871
2,554,013
Movement
in funds
£
(499,418)
(120,775)
10,094
(110,681)
8,818
(601,281) |
|
|
|
13.MOVEMENT IN FUNDS
continued...
Page 14
The Army Museums Ogilby CIO
Notes to the Financial Statements - continued for the Year Ended 31 March 2024
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Libor Fund
Grant in Aid
Cameronians
Endowment funds
Endowment Fund
TOTAL FUNDS
Comparative net movement in funds, included in the above
Incoming
resources
£
Unrestricted funds
General fund
392,928
Restricted funds
Libor Fund
841
Cameronians
3,824
4,665
TOTAL FUNDS
397,593 |
At 1.4.22
£
1,584,182
397,988
2
157,276
555,266
1,467,053
3,606,501
are as follows:
Resources
expended
£
(401,946)
(310,757)
(5,718)
(316,475)
(718,421) |
Net
movement
in funds
£
(130,191)
(309,916)
-
(11,100)
(321,016)
-
(451,207)
Gains and
losses
£
(121,173)
-
(9,206)
(9,206)
(130,379) |
At
31.3.23
£
1,453,991
88,072
2
146,176
234,250
1,467,053
3,155,294
Movement
in funds
£
(130,191)
(309,916)
(11,100)
(321,016)
(451,207) |
|
|
|
|
Restricted funds
LIBOR Fund
HMTreasuryprovideda grantfromtheLIBORfundamountingto£5,000,000in2016.ThisisfortheTrust to
completethedigitilisationoftheWW1recordswiththeRegimentalandCoreMuseumsofthe British
Army.
Cameronians Fund
ApaymentfromtheclosureoftheCameronians(ScottishRifles)Trustamountingto£136,000 was
received in 2016. This is restricted to expenditure on Cameronians heritage.
continued...
Page 15
The Army Museums Ogilby CIO
Notes to the Financial Statements - continued
for the Year Ended 31 March 2024
14. RELATED PARTY DISCLOSURES
At 31March2024anemployeedebtof£366,811(2023:£367,068)wasowedtothecharity;the trustees
have made full provision against the likelihood of recovery of that debt in these accounts.
At31March2024TOMCommerceLimited,awhollyownedsubsidiaryofthecharity,owed £32,703
(2023:£45,847afterwritingoff£246,515inthatyeardeemedas irrecoverable)whichhasbeenoffset by
atransferfromthegeneralfund.ArrangementsarebeingmadetowindupTOMCommerceLimited in
the following year to 31 March 2025.
Page 16
The Army Museums Ogilby CIO
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
Detailed Statement of Financial Activities
for the Year Ended 31 March 2024 |
|
|
|
31.3.24 |
31.3.23 |
|
|
as restated |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Donations and legacies |
|
|
Donations |
855 |
259,435 |
Other trading activities |
|
|
Report income |
338 |
212 |
Conference income |
- |
7,061 |
|
338 |
7,273 |
Investment income |
|
|
Investment income |
76,483 |
76,906 |
Interest received |
1,677 |
841 |
|
78,160 |
77,747 |
Charitable activities |
|
|
Fees re GIA administration |
33,948 |
32,338 |
Consultancy income |
10,400 |
20,800 |
|
44,348 |
53,138 |
Total incoming resources |
123,701 |
397,593 |
EXPENDITURE |
|
|
Investment management costs |
|
|
Portfolio management |
- |
15,700 |
Charitable activities |
|
|
Wages |
55,729 |
72,590 |
Insurance |
1,080 |
10,365 |
Conference |
3,939 |
7,192 |
Travel and subsistence |
4,931 |
25,060 |
Website and computer costs |
7,756 |
11,377 |
Grants to museums |
2,423 |
45,774 |
Admin and office |
1,809 |
12,369 |
Office support |
91,015 |
152,069 |
LIBOR |
117,933 |
310,757 |
|
286,615 |
647,553 |
Other |
|
|
Impairment of employee loan |
369,652 |
- |
Support costs |
|
|
Governance costs |
|
|
Auditors' remuneration |
6,000 |
6,000 |
Legal & Professional fees |
57,929 |
30,595 |
Carried forward |
63,929 |
36,595 |
This page does not form part of the statutory financial statements
Page 17
The Army Museums Ogilby CIO
Detailed Statement of Financial Activities for the Year Ended 31 March 2024
Detailed Statement of Financial Activities
for the Year Ended 31 March 2024 |
|
|
|
31.3.24 |
31.3.23 |
|
|
as restated |
|
£ |
£ |
Governance costs |
|
|
Brought forward |
63,929 |
36,595 |
Accountancy fees |
17,800 |
18,573 |
|
81,729 |
55,168 |
Total resources expended |
737,996 |
718,421 |
Net expenditure before gains and losses |
(614,295) |
(320,828) |
Realised recognised gains and losses |
|
|
Unrealised gains/losses fa inv |
13,014 |
(130,379) |
Net expenditure |
(601,281) |
(451,207) |
This page does not form part of the statutory financial statements
Page 18