```
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`**
|||**`Page`**||
|---|---|---|---|
|**`Chairman's Report`**||`1`||
|**`Report of the Trustees`**|`2`|`to`|`4`|
|**`Report of the Independent Auditors`**|`5`|`to`|`7`|
|**`Statement of Financial Activities`**||`8`||
|**`Balance Sheet`**||`9`||
|**`Notes to the Financial Statements`**|`10`|`to`|`16`|
|**`Detailed Statement of Financial Activities`**|`17`|`to`|`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
```