REGISTEREDCHA NUVaER: 1198899 eport of the TFUStee5 and Flnancial Statements fortheyear Ended 31Dernber 2023 PWRRANO aU£EN'5REGIMENT MUSEUM ao
PWRP QUEEN'S REGIMENT MUSEUM CIO Contents ol the Finan¢lal Statemerb15 lor the Year Ended 31 December 2013 Reforertè and Admlnistrati¥e Oetalls Reportof theTrustees Independent Éxaminee5 Report stattment of Flnanclal Acts¥ilies Balat Sheel Cash Flowstatement Notes to th Cash Flow Statement Notesiothe Flnandal St*em¢nts 10 to 19 Dttaied 5tsternent of FlnantTral IKtpiitses 20 lo 21
PWRRAND QUEEP¥S REGIMENT MUSEUM CIO ReFeTEnce and Adrnlnlstratlve Details lor ihe Year Ended JI December 2023 Cdonel JBJ Powell 08E Major D Bradley Malor O Pollard BA Mr J Beeston Mrs S CT Warren MrHThos MBE Maiorj BeTrnett ColDnel J Wwwht Ideceastd 11.3.Z31 iigadierow Stoke5 thTperwn lappolnted 12.6.231 PRINCIPAiAODRESS Prfnce5s of We$ Roya R•8lm•nt L$ earrn&s Sturry Road Canterbury Kènt CTI IHR REfj15fEREO CIIARITY NiIM8ER 1198899 INDEPENDEln EXAMINÉR Cakutt Mattheww8zltd 19 North 51reei Ashford TN24 HON. lE¢IALAO0R AM055 ThÈ Royal Bafik of Scotland Pk vittorla Road Famborough GV147NR Sarasln & Partners LLP Juxon House 100 St. Paul's churthyard London EC4M 8BU Page I
PWRR AND QUEEN'S REGIMENT MUSEUM CIO Reportof theTrustee$ Igrthe Year ErKled 31 Oecernber2023 The Trustees ha¥e complied wlth thelr duty to have rteard to the 8Utdance i55ued by the Charity Commi5%0n under sert 4 ofthe Charftles Art IQ06, The remalnder of rtwt des¢rlbes howthe publit benefit standards are bein8 met. The Chèrfty The Charity was formed In 1992 on the ltymatlon ol the Re¥inent froffl forebear regiment thariti& To uphold the tradltions of the Rlment and perwuate Its deeds. Th8 Museum wovlde5 hl£h quality exffiibltlcw and researth servlcestothe 8eneral wbli¢ and the Armv. AallEVEMEIIT ANO PEAFORMANCE Chafftablt adl The PWRR and Quetn's ftegimert Mus•tsm CIO is located wlthln Oovef Castle which 15 all English Hvltage IEHI sl1& Th TtreS hdd meetingson thè 12thJune and 15th December2023 whlth were well attended. The Musetjm remakned open for the p40d of EH openln8 tin throu8hout the year. and ha5 seen a footrall of mort than 125,340. 18k 8reer than 1022 Iwthich 1$ 46% of the Castle's fot)tfall, sli8htly IE55 a5 a percentage than for 2022. vthith wa$47%1. Our relati¢xshSp wlth the stsff of EH rs ¥ery and we ensure that we are represènted wtthln thelr publk and sooal rnedia. Thi5 at tlmes needs to be addressed when new members of thw"r Head Offke stzff thanBe over. a5 thEy sometimes leave us out of handover notes. There Is rtlll an iswe re8ardlng our bull dln¢s roof. whlch ha5 deteriowated over the last 12 nbjnths duÈ to the athtetse weather condltions. Thls has been noted by EH. We see thi5 as a posslblt major Isyje In the c0mlneyéariltWeatheTContlThJe$a$ li h•5 over the last 12 morrths. [er the last 12 monthswe have Intrtsjuced a wogramme of famty arti¥ities whlch ha¥e provenvery successful. trxjth in terms of foottall and for fundrai5th8. We have carritd out access improvemthts to our gallery area to make 6t more naMyt4e for vlsuaNylmpalred peoph. Durkn8 a recont Nhnal Army Museum ¢thr•rKe, a company demonstrated a dl8lial Int¢ractive shootlngr¥y. We engaged with them to $¢all the e4UiPnWt into our galkry. To reduce cos¢s, it Yds agreed that the buikling of interjcdve's area would be ckvnplded by our VolteerS to the comp•ny's spe¢lflcion. The whde wolett was completed Mthin a weeK and all partie5 have beea very pleased as to hLW the ran8e has been taken up by our visit5. Atthe end of2023 3,858 hadtaken a twn •)n the Trn8e. rai5in8 £1,929".IYJftythe museum. During this period. the museum team carried malnteftan to the gallerse5 and deep deanlng. The collection redew of our unrfomi colledlon is almost £rmplete, this wa5 our maln tffort tNs year, to aNryw us to remo¥e duplltated items and objects wlth no provenance, thich has now 8Nen us more storage space to plan the stOrn8e ol our Archives and the rnove ofthe Surry knfamry Co1th)n eaneXt year. Our PhotQ8faphic volunteers hav• taken pod ryality and hithesoluticffj photos olabout a quarter olour collertlon. TheY(Try on thls project over the next 48 months for which we real1 appredate and ¥AII albw us to uptoad these photos onto wr wtb51te. Staff have also llated the oddlllonal work needed to ensure that our d14i1ld Flrst Wortd War matwSal on the 'Ogllby Musttr, webslte Iwhlch hls fun by th¢ Arrny MUsm$ Oiilby TA¢) can be ccessed by the pukth Paoe 2
PWRR AND QUEEN'S REGIMENT MUSEUM CIO Report of the Trustees fcf the Yeaf Ended 31 Decèmber 2023 The museum's webslle Is movlng loard, we now havt a 'What's On, sectlon to erKoufa8e visitors to the Site to en8a8e wlth u5 in the Museum. We contlnue to develop this area of our •t05 ewagement Includi our sotial media. whlth h35 5eeTh an increase in enia8ement. WE now have80 Museum Frlends. and we have seen improvemeDt In retention over the st tsvefvt rrnjnths. The Surrey Infahtry Cdlertkn Ipart of the Tlustees Respon5ibilityl ha5 managed to complete a full colleclion rthlew. It became quits dear that the condltlon cf the entire collection has deteriorated over a period of year5, due tg the con(litions wiihin the 5toRge area of the collection. This m•tter was brovAht up at Qur Trustees Meetings and a deci5h)n was made to cornect this as a matter of ur4ency. To that end, the Dlrector. Cvratw, and the Co#ertions Officer were requested to formulate a plan to the collertknn to a sultable locatlon. This wll be carried out in earfy 2024. We tontinued to engage with Lwjth Guddlord Museum and the LhlbDK in Woklni. The Trtjstees aueed that we should revamp the diways th1fi bDth eablIShMents thi5 in would be athoned in earty 2024 w have thèm completed ty Au8USt 2024. We hwalled two exhilxts wlthln our case at Guildford Museum In 2023. oné wardlr¢ the Malayan Emergerty and ather re8ardln8 the Story of Battle of Festubert from the First Wodd War. The feedback from both the Gulldfofd staff and vlsftuson both dlways were pos¥li¥t. FINA14CIAL REVIEW 2023Sumrnary The Trust ended the iai wrfth a to1 of £1,524.545. an increase of É55.7121+3.8%1 ¢Mr that of 2011 Of the totsl Value. £1.253,094 182.2%> is the DEwoied Fund (Surrty Infantry Collectlonl and E271,451 117.8%) Is the Unrestricted Fund IPWRR and Queen's Museurnl. Of the tofdl asset ¥alue. Investments and Cash in Hand were £1.425.9491935%1, demonstrating a healthy Ilquldlty position. Ta$e and Hethage Assèts were £44334. debto were £77.503and Crethtors were £20.241. Incomt for the year at £9&627 wa$ 83.7%down on the £573,334 of 2012. However. in 2022 theYnJst recwved a fmal insurante payment of £454.125 as unlnsured losses for the Surrey Infantry C¢llettion for the fire at aandon Park In 2015, and a150 a bÈquest of £50,786, apn for the Surr¢y Infanty Collection. Strfpping out these oneff payments, the total irKryne in Z023 saw an increase of £25,2051+36.8%1 an the £68.422 of 2022, on a liktrfor41ke comparwi. Homwer. althe net operatfjni levd lorthe TrusL o¥erall expenditwe exceeded overall Income kn 2023 by £16.049, 4 better outtum than the I1k0r41ke operdtin8 dtfich of £23.99) In 2022 lstrippinB out the on irsuran¢e payment and bequest). In both years. however, thls net operatin8 deficit Came from the PWRA and Queen's Museum IUnre5tritted Fund),. the operarlng defklt in 2023 was Q8,W) and in 2022 itwas £26.W3. R•Nes polky The trusteès have considered the requhrnent5 of the SORP and have concluded that for the museum to be rnaintsined indefinitety there ts a need for its fund5 to be invested in ¢vder to maxlmlse wowth lo cover the future Costs. The poliry 15 current In plKe and revlewed annu311v. The tnte seek to maintaln reserves of three months expenditLYe, which trustees estlme to be in excess 01 £30.OXI. Golnicontern After making approwiate enoulrles. the trustee5 have 8 reasonable expe¢tIOn that the charity has adequ•te rÈsourtes to cmtinue In operatton. Forthls reason. tw contlnue to adopt a golns concern basis in preparin8 for the linancfal statements. Further details regardln8 the growln8 concern basis can be found In the attountlni policies of thefinano4 ststemenis. Page 3
PWRRANO QUEEWS REGIMENT MUSEUM CIO Reptsrt of the Trustees lorthe Year Ended 310e(ember 2023 AMIRE PLANS I¥WAR•nd ¢>Jn's R•thnent We will movè the Surrey Infantry Cdlertlon to the MRR & QuÈen's Regiment Museufft'5 storage, lo ensure thai the c¢lle¢tion can be pre5ewvedfor the fijtureand toalbw rne of thè Items to be ÉXNbed In duècow5e. The PWRR and Quten's Reglmeni arthfves wrllbe addre55ed durfn8 2024.26, to enable th15 material to be accessed by the pJbliL We bEen requested to look at the posslbfjhty of dlsplawn8 ow 0ri8inal Vcs vAthln our Kallery. whKth to the nèturedthe iterns wlll require ? lot of plarlning ar#1 en8aiOni with otheroutside ayn£lests a(hiethI5. We also Intend to rnfre5h our Second Wortd War display to creats a more compelllng narratfve of the confficL Includin8 telllng personal stories of 501diers who seTred In our lorebearrmets In the dlfferent theatresof war. To updateoyr dL$Pl atthe Woklni i1 Box and Guildlord Museu To cornpjete •Jr wogrJmmo of 115posats to removt rernalnl obJ¢rts wl¥th are dupThtate4 ur•mverncI or not rethntto our c105 fvdopm•M pdkv. 5niucniR4 GoveRWKE AND M*JIAGEMENT Pay Day poficyfor ktyrnanaymeffl ptrsonnEI. Thetnstees con5ideted the board of trusrees as ¢sIng the key mana¥ement persorbnel in the charity in charge of dirertlng and contr(411ng the thartiy and runniry and operate chaflry on a day-t4>day basls. AM trustees Ofve of their tim? freely and Tr) tsu51ee rernuneratlon was pald kn the year. l>eta115 of tnJ5tee expenses related party transattlorts are dI5dosed wlthin theactounts. Yrustees are required to dlKkJse am relevant Iransa¢tkns. Approved ty cffder ofthebwd oltntee5 On.......... and slined on tts behaff by: el IIU Powell 08E- Trustee P•Ke 4
Independent Examiner's Report to the Twsiee5 of PWRR AND QUEEN'S REGIMENT MUSEUM CIO Indep•nden¢ examlnorfs¥eportto iho trurtees of PWAR ANDQVEEN'S REGIMENTMUSEUM CIO I report to the charlty tfUStee5 Qn my eXamInaOn of the accounts ol PWRR AND QUEEN'S REGIMENT MUSEUM ao IihÈ Trust}for the year ended 31 Decernber 2023. Rèwnsthlllll•s•nd b•slsol report As the tharlty trustees of the Trust you are re5poftsible for the preparatSon of the accounts in actc¢dance wlth the requ1Ments•f ihe Charities Aci 2011 Ilhe Lt'I. I report in re5pert of my examination ol Ihe T$t,5 attounts tarroed out under Sect)n 145 of the Act an(r in cwryiTrg out rny examination I have followed 1 applKable Dirertion5 8wen by the tharrtycothsslon under Sertlon 145lSllbl of the Acl. Indop•thd•ntexITh51Tht1rn•rt I have tompleted my exnIn81. I tonflrn that no materbal matters have to ny¢ attention in connectlon th the examination8Nln8 me causèto that In any malerfal rwert.. accountln8 r•cord5 werenot kept In respertof theTrust as required by 5e¢lb)n 130 of theAtr. (f the accounts do not accord withthgserecords,. or the accounts do not conytywlth the ¥plicablÈ requlrements concerning the form and content ofaccounts set out in the Charities Ikcounts and Reports) Regulations 2C#)8 othu than any requlrement that the zr¥e a true and fatrwlewwhich hs not a mattercon5idered as parr of an independentexarnination. I have no Concerns and have come acrnss rb) matters In connecth)n with the examlnatlcffi to whith attentioD should be drawll in this reportln order to enable a woperimder5tandin8 of the at¢ounts to bereathed. FcJ4 holas Hume FfA The Institute of Chartered kcountantsin Ewlandand Wales Calcutt Matthews WBZLtd 19 North street A5hftsrd Kent TN24 8LF Page S
PWRR AND QUEEN'S AEGIMENT MUSEUM CIO Siatement of Flnan¢lal actilIeS lor the Year Ended 310ecember 2023 31.IZ.23 Total funds 31.12.22 Total funds Des18nited Llnre5trkted Notes INCOME EIIDOWMEPITS FROM Donai¥)Trs and leydes 34.774 22.958 57,732 Ch•rlt•bl• Frlends ofthe Museum 1.674 1.792 3,466 2,762 IMIlment incofflo Olherincome 25.492 6.937 31429 16599 454,12S 61,940 31.687 93,627 573.334 EXPEf4DIIURE ON Charitable acii¥itles Frlend5 of the Museum 60,587 109.676 92,413 I*T(IPEPATING INCOMVIEXPt14DITURÉI 12.851 128.9LXJI 116.0491 .921 Net 8ains/llossesl on ffj7R5tmerrts 6L184 10.577 7L761 193.039) Ef INCOMVIEXPENDMIRE) Tr•Mlern b•enfndS 74,035 128.667 112,3231 28,667 55.712 387,882 15 45368 SS.712 387,881 RECONCIUATION FUt4DS Totsl lunds brOV fi5rd 1.207.726 261.107 L46&833 I.LTO,951 TOTAL FUNDSCARRieD FORWARD 4253,094 271AS1 1,52454S 1,468,833 The noles formpart ol these Ilnancl•l siaiemont5 POK¢ 6
PWRR AND QUEEN'S AEGIMENT MUSEUM CIO Balance Shwi 31 Detembel 2023 31.11.Z3 Total funds 31.12.22 Total fund5 Deslgnaied Unrestrlcted Notes FIXEO ASSETS Tangible assels Herita8e355elS In¥estrnents io li 12 187 7,222 33?Z5 169,373 3,976 33,925 880,S23 33925 1,354.784 1.18SAII Ll85,598 210.520 1,396.118 918A24 OJRRENT Debtors Cash in hd 13 77,503 71.165 77,171 489,978 67.8C8 3,356 67,B24 7,149 CREDfn)RS ArMuntsfallir¥ due withln omytar 13281 119.9131 120,2411 116.7401 14ETOJRRENY ASSETS 67,496 60.931 128A27 SY) TOTALASSEfs LESS CURRENT U£5 1,253.C84 271A51 I245 IA68.833 1,253.094 InAsi 1.524.545 1468.833 15 Unrestrirt6J funds 1.524.545 L461833 TOTAiFUNDS 524 545 L464833 The fin zl statements were approved by the eoard of Trustees and •Jthori$ed fvr i55ue on rtd were 5rgned on ¢ts befvaby: Poweri 08E- Tntee note5 form part d these Ilnarflol 5titements PJ8e 7
PWRRANO QUEEWS RfGIMENTMUSEUM CIO C4sh Flow St•tement for ihe YtarEnded 3J Derember 2023 31.12.23 31.12.22 Notes Cuh nowslrqm op•rn11 idl¥l•s Cash le1ted from operatkJDs 43,8531 581,3CK Net cash lused IDlIpded byopera artmtles I4353> 582.3C Purchasé of tan8lbiefixed a55ets Purchase of fixed asset inve5tsnentS Sale of fixed asset investTr*nts Interesi reteNed Dr¥idends récwved 14,8B91 1474,2611 71.761 4.334 28m5 14,9841 1125,(rfJOI L114 èt cash used in irNestlniaclp¥ities 374,%01 1113.385 In and e4ts Intht 1418,8131 468,915 489.978 Cash and tash eguhl•ntsaoth• •nd ol 7L165 489,978 Vhe noie5 lorm part ol ihese Ilnanclal 5taiemenlS Pale
PWRB AND QUEE5 REGIMENT MUSEUM CKI Note5 to the Cash Flow5taternent lor rhe Ytay EndEd 31 Dfftmber 2023 RECONCIUATION OF NET INCOME TO NEW CASH FLOW FROM OPERA7ING KfivrnES 3L12.23 31.12.22 Nil Incom• lortr reportlr¢ ptrfod I per ihe St4¢ernent olFlrAnd 55.712 387.882 Adstments{w. Depreaation charges IGainll1055e5 on In¥e5tmevts Inlere5t Te1ve OMdend5 ittei¥ed Ilncreasellderrea5e In debtors Incrts5e in uetffto 1,456 171,7611 14A341 128.095 13321 3.501 2,915 93,039 11.1141 115,485) 112,206 2,857 Mrt ush (used InVprtr•ld•d by prItIons 143,8531 502,3(Kl APIALYSIS OFOIAP4tS IN NETFUNDS At 1.] Cash flow At 31.12.23 Cathat bankand in hand 489.978 I4813) 71,165 71.165 Totsl 489,978 1418.8131 71.165 Ihe notes form part ol these Ilhandal 51atemen15 Pa8Q
PWRft AND QUEEfrIS REGIMENT IALISEVM CK) 14ote5 to ihe Financial siatement5 l( the Year Ended 31 Decethr 2023 ACCOIA¥nNG POLiaE5 8•sb olyowlnl theflnan¢lal ststoments The finaD¢ial siatemÈnts ol the charlty, wN¢h 15 a publK benef entty under FRS 102. have been prepared tn accordance wlth the Charitie5 SORP IFRS 1021 'Ac¢ountlng and Aeportiw by Charrtles.. Statement of Retommended Pradite appllcable to tharitie5 prepadn8 thelr accounts in accwdance w6th the Financl Reportln8 Stsndard applicable in the VK and Republlc of Ireland IFRS 1021 leffectNe l January 20191., Flnantial Reportuig standa 102 7hÈ Financial RepDrtinB Standard aFylkable in the UK arKI Republic of Ireland, andthe Charitles kn12011.The finan¢ial statements have been prepared under the hlstorical cost convention. wilh the exieption of investma)ts whlth are induded at mi&maiket vahje.. as moolfieil b¥ the revaluadon of assEts. The finandal stat•ments are wesented rTr 51erllni twhith 15 the lun¢tlonal curreM¢y of tharliy Ind rowd•d to the nearest £1. Thè PWRR AND QUEEKS REGIMENT MUSÉUM CIO meets the deflnitlon of a wbfic benefft enty under FRS 102. A5sers and liablwties are ifilllaNy ren55ed at historical cost ortrarfjartlon value unle$5 Othe13 ststed i the relevant arujVnmU polkv. Bequests are recorded in the aecounts aftw th ha¥e been notified to the ?l¢w probate ha5 be anted, and when there is sufficient Infomiètion to gntify thenL The trustees have a55e55ed that there are no significant doubts atsrt the £haI5 ability to ¢tinue as a ¢tiing concerrLAs a result these finandal statementsha¥e be prepared onthe80th8 Concern basis. Incom• All In¢¢mE ts recognised orK• Charfty has entltlement to the >Me. il ts probablethat the In¢ome wdl be re1ve and the arnount of irycome recelvat4• (an rneasur reliab. A mjmber ofthe members of Nends of 5urrry Museum pald lo advance for fvtufe years mbershIp. Thls income has been deferred and wlll be released io the SOFA for the perKJd to vthich the membershlp relates. All other membership in¢ome is recognised on a recewed b8sis. and 1$ treated Is due for the year In whi¢h il tsrecthed Irrwetti¥e of wheTr In that yearthe money breceived. Investment Ire 15 aCCOUnttd for in the period In whith the tharity is enthled to recelpt. HMRC repayments of deducted on inlerest rK¥ed 55 ac¢ounted for In ihe puiod in whlch it relates. No arMlmtsa iffluded in the finifKial 5tatement5 for5eN5 donated tyvdunteer5. The recognition ol income from legaties 15 dependent on establlshifig entlknent. the probability of rtteipt. and the abllity to estimate th 5ufficiet)t accurw the amount reCeable. Evldence ot en16tlernent to a leea exlsts when the charty has suffklent evldente that a has be left to them (thrh knowled¥e of the existence of a vatsd and the death of the benefactor) and the executed is saitsfied that tho property in questlon will not be wuired to satisfy daim5 in the estate. Recelpt ol a Iwcy rnust be recOlSed whèn it 15 probable Ihat it wll be recewed and the fair value of th amount ceIVable, whlth 11 ynernlty the e¥pected c85h amunt to be distribute41 to the charity, can b* relSaL4y m¢asufed. Pa8e 10 contlnutd...
PWRAAND (WEEN'S REGIMENT MUSEUM CIO Notes to the Flnancial Slatements- contlnued tty the YtaT Ended 310ecember 2023 ACCOUNTING POUCIU * wnt&)u Grants a induded In the Statement ol Hnanclal Artivilies Dn a rece4vable basis. The balance ol income received for spedfv¢ pJ05S but not •xpended during the period Is shDwn in the relevant funds on the balance sheet. Where Income is received in advance ol entitlement of re¢elpt. its recognition Is doferr•d and included tn creditaws as deferred income. Where ontftlement eKcurs before Income is recelved, the income Is acuued. 'abilltI are ¢0MIsed as expenditLYe a5 soon ¥s ther4 Is a le8al or corystructive Obli8art commrttln8 the tharity to that expenditure. it Is Probable that a transfer of enoMIC beneffts wil be requlred In settlement and the amount of the obligation can be measured r¢liably. Eywenditure is accounted for on an acuuals b85iS and has been dassified uThder headings that aregate all cost related to the categ. Where tosts tannot be direcity attrfbuted io particular headlnp they have been allocared to afflmtles M a ts$ tonslstent wlth the use of resouftès. Expendknr 15 incurred on an Kcwals basts and IncludesVAT¥thereapproprfote. Costs of 8eneratin8 fvnd5 0)mprtse those costs dirtdty attrlbutsble to ihe Investment portfollo and raising investment income. Charltable expendltwe compromlses $t$ inturred by the tharity in delwery of its actiiThties. It includes both costs that can be allated dIreI¥ ttssuch xtmties and those ¢osts of an indife¢t natu necessary to support them. GovemarK¢ ct)st5 irKlude these costs a550ciated wlth meetin8 the ¢onstitulional and statuwry qUrements of thètharity and includes the independertt examlners. lee and costs Inked tglhe maement of the charfty. Expendilvre on rdisln8 fvnds Indudes all expenditure incuired by the Charity to ralse fund5 for its tharltable purposes and inclth costs of all frJndraisin8 )¢tMts evefftsané non-tharitable tr3dw. Expendre on charttable acthiltles 15 [Urred on dlrectty undertakingthe a¢EkntieswlMth furt1 the Chawity$ otyertives. as wem as any ass¢Ké•ted swport Costk Liabilllles and prn¥15 Llabilltte5 are reco8ni5ed when thwe Is an oLqi8ation at the Balance Sheet date as a re5uk of a past evelit. It Is obable that a transfer of ¢£0M[C benefft wim be required in 5etUemenL and the arnount of the settlement ¢aD be estlmated rellably. Liablities are retO8nized atthe amountthat thecharity arstlclpates h wrH payto settle the debt wthe amount it has received a$3¢fvanced payments for the goods or seNces it must wovide. DepreciatTr 15 provided at the followin8 annual rates In orderto 4tyite off Each asset over it5 estlmated useful Fixtuies and fittln85 Computei eqUrneTrt 33% cost 33% on cost Tangthle a5sels c05tlni morè than E5CQ are caplta115ed InclLh4ed at C05t. Pa8e 11 continued...
PWRR AND aiJEÉWS REGIMENT MUSEUM CIO Notes to the FlTrancial Statements- contknued for the Year Ended 31 December 2023 ACCOUNTING POUCIE$- wrtlnued Where herttage a55ets have beth wrdbased, they are Inltlally reco8ntsed at cost. After reco8nition, under the CD5t rnodel, herbtage assèt5 are fisured at cost less any a(cunrated depreclatlon and any attyrnlattd Impalnnent los$e5. The assets relateio paintiry and $1fv8r medals hencethq Are not depted. Thè dorlty a rdlectk)n of Hiskni¢al Military Items a5 wlL thal are Induded kn the Herlts8e Asstt note, but not wesented on the balance sheet. The cojlectfon has béen acqulred ty donatlons recelved 5thcE the charlty cn into exIsten. The Trustees consider that owlng to the incomparable nature of the coNe¢tion, any valuatlon would be )th unreliable and also an onerous cost. compared with thè additional beneffts derlved by the (tharity and users of the acwjnts. A% a sU1( the ¥alue reportéd Is baséd on the Insurance valuatr.on and included kn the not& At each reportlne date. the Charity assesses whetlRr thqre Is any Indkation of Impalnnent. If such Indication exlsts, the re(overablè anKwJnt of the a55ei is derMIned to be hl8her of its falr value less cost to sell and Its value In use. An Impalrmtrtloss 15 recognlsed wherethe ¢airyln8 amountexceeds the recoverable amount. R11$ plnsand1ox•s I galns and Ise$ are tsken to the 5tatefflent of Financlal A¢fvities as thry aris¢ R••lis•d 8•lns and losses on Investments art calculat•d as the difference between sales proceed5 and thelr openinÉ tarryin8 value or thelr purchase value rf acquired stsb5eqtsent io the hrst day ol the Ilnartlal year. Unrea&"sed plns and 1055e5 are calculated as the difference between fall v4fve at the year end and thefjr caryiry value. ReISed and unreallsed irwestment8ains and knes ¥etombird Inthe Ststementol FandalA(ImIIe$. Fd •rwurtl General fvnds are unreslrfrted funds are a¥allalAe for use at the di5crethJn of the Trustee5 in fvrthef•Ke of the yneral obktw of the Charlty and wNth have not be as deskn•ted for other purposes. Desl8natedfiJnds comprjse nIkted fvndsthat have beefi set aside bytheTrLtstees for partkular purposes. The amount of eath desl8natedfund Is set oirt In the note5 to the financial statements Restricted funds can onty be used for partl¢ular re5trkttd PulSeS within the objerts of the thzrity. Restsiction5 aii%e wh•n spetified by the donororwhen funds a raised for partlojlar restricted purposes. Fher explanati(Kh of the ItUre and pu0$e of eath fwd is induded In the note5 to the finandal sTatementS. Investrnent income. lalns and105ses are allocated to the apprc¥>rlatefvfftd. P•Itsk costs and oth•rpost-rettrment b¢neflts The Charrty operates a defined contribution penslon scheme and the penslon tharee represents the amounts payable bythe tharltyto thÈfund in respect of the year. Pa8e 12 contlnued...
PWAR AND QUEEN'S REGIMENT MUSEUM CKI Notes to the Fln•nci•l 5tatement5. t£tInued forihe Year Ended 31 OecembÈr 2023 ciimtALACCOU14TIIIG JUDGEME147S AIID KEY SOLIRCES OF esnwiTION UNCEATAINTY Apart from those thscussed In Note l aiwjve, there ¥e rK) estlmate5 and assumPtn5 that have a siqnlficant risk of ¢ausiry a matwialadlustment to the carying amounts of assets and liabltieS. rJoMAIIONS ¥lNDiEGAaE5 31.12.23 31.12.22 Donations I8? 50,617 39,587 Grants 39.685 Grants Tecèlved, Induded inthe above. are asfdlows.. 31.12.23 31.12.22 Enillsh Herlty Grant NOT. Grant in lid AMOT. Proiert Grant The Royal gjddy i0,¢ 21305 29.68S 39,$87 . IN¥E51MEPIT INCC 31.12.23 ai.u.22 otherfed asset In¥e5t- Fll Depastt account sntere5t 2&(85 4.334 15,48S 1.114 32A29 16.599
PWRIIAND QUEE5 REGIMENT MUSEUM CIO lotos to the Flnanclal Statements- contknued for theyear Ended 31 December 2023 INCOME FROM C1I4RITAOLf ACTWITIES 31.12.23 31.12.22 Friends Oft Mu5eurn Frfend50f the Museum 3,466 2.762 Support costs lsee nots7) Dlrett Totals Frjends of the eurn 9&825 12151 ILYJ.676 Gty4unance Costs Friends of the kluseum 11851 There *re no trustee5' rem4Jntratlon or otherbeneffts fortheyear ended 31 Dttemtw2023 rforth year ended 31 December 2021. There wwe no trustees. exptnses paid fty thè ytar ended 31 Qecentht2023 Dor for th• year ended 31 December 202Z. 31.12.23 3L12.22 Wage5 and ularles Other penslon tosts 51526 693 511 65,516 53.319 The a¥era8e month1 numberofemployeesdurirythe yearwas asfollThvs: 31.1123 31.12.22 NL>employees receNed emdufflents in excess of£60,C4)). Pa8e 14 £onrinued...
PWRII ANO QUEE5 REGIMENT MUSEUM CIO Notes lo rhe Flnancial 518iements. contlnued lor the Year Ended JJ OecEmber 2023 ID. TANGI•LE FIXED ASSETS FiMture5 and Computer equlpment Totals Al l January 2023 Addition5 49.962 876 12,047 4.013 4,889 At 31 De¢embtr 1013 16.060 66.898 DEPAEcwnoN At l January 2023 Charye lor yar 49517 22 8,516 L434 58,033 At 31 De¢•mber 2023 9950 14Ef bOO¥VAWE 31 December 2023 At 31 D2centher 2022 3.531 3,976 ii. MEAITAGE ASSETS Total MAAXETVALUE At l January 2023 and 31 Oe¢emb¢r 2023 33.925 NeT OOOK VAWE At 31 Oecember2023 33,925 At 31 Dember2021 33,925 The aboNp assets relate to medals pur(ha5ed by the tharlty. The (harlty Is a repositiy of thousJnd5 of Items. the rnajority of whfich have been donated over many years both byiTrJ¥ld•Jah and remeal unlts ihat have dosed. In Ilne with FRS 102 and SORP. the aysets have been obtalned over many Yea of the charity exlsting and are not feco8ni5ed on the Balance Sheet due to the cort of individual herftage se1$ not belng Id*niffiable. Off balance gheet assets relate io palntlngs, rnedals and otheriiéms thai are mllliary In nature. Trustees estlmate that the 1• Is potentialty on excess of £2 mllion. The value 15 based on the Insuran¢ pollcy valuatlon. A cuf0toII r415ter of assets 1$ malmalned by each Museum. Pa8e15 tontknued...
PWRIIAND QUEEN'S AEGIMENI MUSEUM CIO Ngies w iht Finantlal 51alemenl>- cgnllfiued lor the Ye•rEnded JJ Decembtr 2023 12. FIXED ASSET INVESIMENTS Cash and settlèment5 pendlne ifjst Investments Totals MAAKET VALUE At l January 2023 Addiiioris Revaluat1$ 800.523 402,5C(I 71,761 2,508 883.031 402.5CO 71.761 At 31 Oecember 2023 1357 292 pRoON$ At l January 2023 and 31 December 2023 NEf OOOKVALUE At 31 December 2023 1.354.784 1,354.784 At 31 December 2022 8,523 880523 Thwe were no kn¥esttassetsoUl5Irtethe UL Cost tywdluation at JI D4¢embw202315represented by.. Cash aThl Imiestmthts pendng Tota15 Valuat#)n In 2022 S,523 883.031 11 OEBTOR&. AMOUNTS FAUING DUE WIT•IWIONE YEAR 31.1123 31.IZ.22 85 aub lnlewoupAunt. PWIIR Prepayments and a¢¢rued Inwme 77,183 77.171 Page 16 continued...
PWRR AND QUEEN'S AEGIMENT MUSEUM CIO NoTeS 10 Ihe F0CIal Stalemeni$- coTrllnued lor ihe Year EMled 310ecernber 2023 14. CREDITORS: AMIXINTS FAWNG DUE WITHIN ONE YEAR 31.12.23 31.12.22 Trade credllOWS Taxation and social securlty Other creditors 7.248 1,262 11,731 949 2,164 13,627 ZO.241 14740 MOVEMENT IN FUNDS Net movemert in fvnds TrslerS between frjnds At 31.12.23 At 1.123 Unfestritledfvnds PWR8 and Queen's Re8irnent ISe Fund Surrey Infaffttrymuseum Fund 261,107 1207.726 1143231 74.035 28.667 I2867) 271.451 1253.094 L468.833 55,712 1524.545 TOTAL FUNDS 1,46&833 55,712 1524,545 Net movemert in fwd5, included inthe aboveare as follgw5: In¢4Y$ rexlwces ResouKes expend GaFn5 and ovemer¥t fund5 Unwtrktsd funds PWRR and Qvee41's Regiment Museum Fund Sltrrtylnfantry Museum Fund 31ffl7 61.940 160.5871 149,0891 10.577 6L184 118.3231 93.627 109 6761 71.761 $5,712 TOTALFUNOS 93.627 109.67 71.761 55.712 Pag* 17 tontlnued.-.
PWAR AND QUEE5 AEGIM£NT MLISEUM CIO Note5 10 lh+ FbnJn¢W si4ieirnts- contlnu lty ihe Year Énd•d JI DKembtw 2023 15. MOVEMEIITIN FU14DS- toDllnued Coffi¥ lorrnowm•nt kn lund5 Net rnovemeni in funds At 31.12.22 At 1.1.22 Ufvrestritled PWRR and queen's Re&lment Museum Fund Surrey Infantry Musèum Fund 235.045 845,906 26,062 361,820 261.107 L207,726 1,080951 387,882 1,468,833 TOTALF4Ds 1.080.951 387,882 L468,833 ComparnUv net rno¥ement ID funds, included In the above we as f(dlws.' Incl14 Resour¢es Gains and %)vennt lomes fvnd5 Unrestthdlunds PWRR and Queen'5 Rtylment Museum Fund Surrey Infantry Museum Fund 53,075 520,259 179.Bni IIZS351 52.865 26,061 36 I45.) 10 573.334 1914131 193.0391 387,882 573.331 192A13} 193.0391 387.882 Acwrentyear 12 nw)nths and prtoryear 12month5 comblned posiilon15 as Net Trar&lers At 31.12.23 At 1.1.22 Infunds PWRR and Queen's Rqiment PAuseum Fund 5wrey Irrfantry Museum Fund 235.045 845,926 7,739 435,855 28.667 28.6671 271,451 1.080,951 443,594 1524,545 TOTAL FLWOS 1.$24.$4S Pèae 18 tOnlbTrlWd..
PWRft AND QUEEN'S REGIMENT MUSEUM CIO Notes io the Finanrlal StatemeDis- Conilnued loi the Year Ended 31 Dertmber 2023 15. MOVEPNTIN FUN05.foMlnu•d A currenl year 12 months and prior year 12 months comblned net movement In lun< included in the ove irÈ a5 follows: Incomln8 Resource5 resowces expended Galnsand losses Movement Infunds UnrnstrlcledfvDds PW(IR Queen's Ae8lment Museu Fund iey Infantrymuseurn Fund 84.762 582.199 1140,4651 16L6241 63,442 7.739 435.855 666.961 202,089 1212781 443,5Y TOTALFUNDS 66&961 20iOZ91 212781 443,SY fteswnslblllty for thè SuThey Infantry Museum was traleThed to the PWIIR on l July 2011. The trustees agreed at the time th the Surrey Infantry should be a5 a Oslgned Fund witn the PWRR Museum mntenanCe Fund. The reason for this dtCb51M was ihat the Trustet5 still wanted to review the ormance of each rn separatelv. Durin¢ the ye¥, there was a shortfall of £28,667 wthin the uRr*rtwided fund. A transfer was m¢ from the designated fund whith had a sUlfi¢ swplus during the perwd to coverthls IIELAIEO DISCiOSURE5 The PWRR AND QUEEN'S AEGIMENT MV5EVM CIO oprnte in the same locatDM as The Prince55 of Wales's Royal ReBirnent iauEÈn's and Royal Hamp5hiresl Be¥ent Fd. Ihe respective chotitles do not sh¥e tN5tee5. However. 2 mtmbefs of thetwstee board serve a5 e5 key manaiemeni Feone1 for The PrlrKess of Wales's Royal Reelment lQueen's afbd Royal Hampshires) Benevolent Fund. Both eniities fal under the Princessof Wales's Royal Reglment umbrella of Ch•r61k5. At the y•ar end, the amount due from the The CeSS of Wales% Royal Rewment lQueen's and liwil p$hIre$j e•nwolenl Fuhd was É76.98212021..E169,803}. PaEe 19
PWRR ANO QUEEN'S REGIMENT MUSEUM CIO DètaHed 5t•temeni ol Finan¢lal Actl¥ltles for the Year Ended 31 December 2023 11.11.23 31.12.22 INCOME AND E14DOWMENTS Donallons Leiaaes Grants 047 50,617 39587 39.68S 57,732 Investment Inme Otherfixed assèt irwest- Fll Deposit acctyjnt Interest 28.095 4,334 15A85 1.114 32,429 16.599 Frknds ofthe Muwm 3.466 1762 Oth•rlrtwm¢ Inwrance l•Kome 454,125 Totsl Incl1 MSOUf¢ 93.627 sn.334 Wages Pensions Olheroperatin8 leases 65A05 sii 9.533 52.626 693 7.779 1.575 1,869 2.710 1.153 729 350 4,899 Telephone Sundrks Membership Fees Prlntlng and siatfjonery Repaaw5 and Renewa15 Con5ultanLv Insurance Bad Debts Fixture5 and frtt1s Computerequipment 2,S34 5,920 702 6.216 2.130 4.188 1.346 iio 1.871 %,825 87.090 Support rnsts Ths page does not form partofthe stslutory financrdl st*merrts Page 20
PW8RANO QUEEN'S REGIMENT MUSEUM CIO Oelalled Staternent of Financlal Actlvltles for the Year Ended 31 December 2023 31.12.23 31.12.21 Aud0, remuneratlon for non audlt work Atcounlancy and Iwl fee5 6.360 6.491 1567 3.756 12,851 5.323 Total resources expended 92,413 NtleMpendltur•)lkncome beloreylns an.d 116,0491 480.921 Aethsed r•t4¢ithd i•lns and kbss Aea115ed 8alos/llossesl on fixed asset investments 71.761 193,0391 N•tlnÉome 55.711 387.882 This pa8e does not fc*m part of the statutory finandal statements Pa8e 21