REGISTEREDCHA￿ NUVaER: 1198899
eport of the TFUStee5 and
Flnancial Statements
fortheyear Ended 31De￿rnber 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
Bala￿t 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
MrHTho￿s MBE
Maiorj BeTrnett
ColDnel J Wwwht Ideceastd 11.3.Z31
iigadierow Stoke5 th*Tperwn lappolnted 12.6.231
PRINCIPAiAODRESS
Prfnce5s of W*e$ Roya R•8lm•nt
L￿$ earrn&s
Sturry Road
Canterbury
Kènt
CTI IHR
REfj15fEREO CIIARITY NiIM8ER
1198899
INDEPENDEln EXAMINÉR
Cakutt Matthew￿w8zltd
19 North 51reei
Ashford
TN24
HON. lE¢IALAO￿0R
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 R￿lment 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* T￿￿treS hdd meetingson thè 12thJune and 15th December2023 whlth were well attended.
The Musetjm remakned open for the p￿40d of EH openln8 tin￿ throu8hout the year. and ha5 seen a footrall of
mort than 125,340. 18k 8re*er than 1022 Iwthich 1$ 46% of the Castle's fot)tfall, sli8htly IE55 a5 a percentage than for
2022. vthith wa$47%1.
Our relati¢x*shSp wlth the stsff of EH rs ¥ery and we ensure that we are represènted wtthln thelr publk
and sooal rnedia. Thi5 at tlmes needs to be addressed when new members of thw"r Head Offke stzff thanBe over. a5
thEy sometimes leave us out of handover notes. There Is rtlll an iswe re8ardlng our bull dln¢s roof. whlch ha5
deteriowated over the last 12 nbjnths duÈ to the athtetse weather condltions. Thls has been noted by EH. We see thi5
as a posslblt major Isyje In the c0mlneyéarilt￿WeatheTContlThJe$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 N*hnal Army Museum ¢thr•rKe, a company demonstrated a dl8lial Int¢ractive shootlngr¥y. We
engaged with them to ￿$¢all the e4UiPnWt into our galkry. To reduce cos¢s, it Yds agreed that the buikling of
interjcdve's area would be ckvnplded by our Vol￿teerS to the comp•ny's spe¢lflc*ion. The whde wolett was
completed Mthin a weeK and all partie5 have beea very pleased as to hLW the ran8e has been taken up by our
visit￿5. Atthe end of2023 3,858 hadtaken a twn •)n the Trn8e. rai5in8 £1,929".IYJftythe museum.
During this period. the museum team carried malnteftan￿ to the gallerse5 and deep deanlng. The collection
redew of our unrfomi colledlon is almost £rmplete, this wa5 our maln tffort tNs year, to aNryw us to remo¥e
duplltated items and objects wlth no provenance, **thich has now 8Nen us more storage space to plan the stOrn8e ol
our Archives and the rnove ofthe Surry knfamry Co1th*)n ea￿neXt year.
Our PhotQ8faphic volunteers hav• taken pod ryality and hithesoluticffj photos olabout a quarter olour collertlon.
TheY￿￿(￿Try on thls project over the next 48 months for which we real￿1 appredate and ¥AII albw us to uptoad
these photos onto wr wtb51te. Staff have also llated the oddlllonal work needed to ensure that our d14i1l￿d Flrst
Wortd War matwSal on the 'Ogllby Musttr, webslte Iwhlch hls fun by th¢ Arrny MUs￿m$ 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 lo￿ard, 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 ￿•t0￿5 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 L￿hlbDK in Woklni. The Trtjstees aueed that we
should revamp the diways ￿th1fi bDth e￿ablIShMents 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
a￿ther 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 i*ai wrfth a to￿1 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 one￿ff
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 I1k￿0r41ke 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 tn￿te￿ seek to maintaln ￿ reserves of three months expenditLYe, which trustees estlm*e 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 ¢>J*n'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 rn￿e of thè Items to be ÉXNb￿ed 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(hi￿ethI5.
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 lorebearr￿me￿ts In the dlfferent theatresof war.
To updateoyr dL$Pl￿ atthe Woklni i￿1 Box and Guildlord Museu
To cornpjete •Jr wogrJmmo of 115posats to removt rernalnl￿ obJ¢rts wl¥th are dupThtate4 ur•mver￿nc*I or not
rethntto our c￿*￿10￿5 f*vdopm•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 oltn￿tee5 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 eXamIna￿On 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
requ1￿Ments•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•ntex￿ITh￿51Tht1rn•rt
I have tompleted my ex￿nIn81￿￿. 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 acti￿lIeS
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
IMI￿lment 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•￿enf￿ndS
74,035
128.667
112,3231
28,667
55.712
387,882
15
45368
SS.712
387,881
RECONCIUATION FUt4DS
Totsl lunds brOV￿ fi5￿rd
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 h￿d
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
I￿24￿5
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 befva￿by:
Poweri 08E- Tn￿tee
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 le1￿￿ted from operatkJDs
43,8531
581,3CK
Net cash lused IDlIp￿ded byopera* artmtles
I43￿53>
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 e4￿￿￿￿￿ts 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 QUEE￿5 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
Ad￿stments{w.
Depreaation charges
IGainll1055e5 on In¥e5tmevts
Inlere5t T￿e1ve￿
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 p￿rItIons
143,8531
502,3(Kl
APIALYSIS OFOIAP4t*S IN NETFUNDS
At 1.]
Cash flow
At 31.12.23
Cathat bankand in hand
489.978
I4￿813)
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 en￿ty under FRS
102. A5sers and liablwties are ifilllaNy re￿n55ed at historical cost ortrarfjartlon value unle$5 Othe￿13* ststed
i the relevant arujVn￿mU polkv.
Bequests are recorded in the aecounts aftw th* ha¥e been notified to the ?l¢w probate ha5 be
anted, and when there is sufficient Infomiètion to g￿ntify thenL
The trustees have a55e55ed that there are no significant doubts ats￿rt the £haI￿5 ability to ¢￿tinue as a
¢tiing concerrLAs a result these finandal statementsha¥e be￿ prepared onthe80th8 Concern basis.
Incom•
All In¢¢mE ts recognised orK• Charfty has entltlement to the ￿￿>Me. il ts probablethat the In¢ome wdl be
re￿1ve￿ and the arnount of irycome recelvat4• (an ￿ rneasur￿ reliab￿. A mjmber ofthe members of Nends
of 5urrry Museum pald lo advance for fvtufe years ￿￿mbershIp. Thls income has been deferred and wlll
be released io the SOFA for the perKJd to vthich the membershlp relates. All other membership in¢ome is
recognised on a recewed b8sis. and 1$ treated Is due for the year In whi¢h il tsrecthed Irrwetti¥e of wheTr In
that yearthe money breceived.
Investment Ir￿￿￿e 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 for5eN￿5 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 reCe￿able. Evldence ot en16tlernent to a leea
exlsts when the charty has suffklent evldente that a has be￿ left to them (thr￿h 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 recO￿lSed 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¢ pJ￿05￿S 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 ￿¢0￿MIsed as expenditLYe a5 soon ¥s ther4 Is a le8al or corystructive Obli8a￿rt commrttln8 the
tharity to that expenditure. it Is Probable that a transfer of e￿noMIC 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 a￿regate 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 all￿ated dIre￿I¥ 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 ￿qU￿rements
of thètharity and includes the independertt examlners. lee and costs Inked tglhe m￿a￿ement 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 )¢tMt*s evefftsané non-tharitable tr3dw￿.
Expend￿￿re 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.
Depreciat￿Tr 15 provided at the followin8 annual rates In orderto 4tyite off Each asset over it5 estlmated useful
Fixtuies and fittln85
Computei eqU￿rneTrt
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$- wrtlnued
Where herttage a55ets have beth wrdbased, they are Inltlally reco8ntsed at cost. After reco8nition, under the
CD5t rnodel, herbtage assèt5 are fi￿sured at cost less any a(cun￿rated depreclatlon and any attyrn￿lattd
Impalnnent los$e5. The assets relateio paintiry and $1fv8r medals hencethq Are not dep￿￿ted.
Thè dorlty a rdlectk)n of Hiskni¢al Military Items a5 w￿lL thal are Induded kn the Herlts8e Asstt note,
but not wesented on the balance sheet. The cojlectfon has béen acqulred ty donatlons recelved 5thcE the
charlty cn into exIsten￿. The Trustees consider that owlng to the incomparable nature of the coNe¢tion,
any valuatlon would be ￿)th unreliable and also an onerous cost. compared with thè additional beneffts
derlved by the (tharity and users of the acwjnts. A% a ￿sU1( the ¥alue reportéd Is baséd on the Insurance
valuatr.on and included kn the not&
At each reportlne date. the Charity assesses whetlRr thqre Is any Indkation of Impalnnent. If such Indication
exlsts, the re(overablè anKwJnt of the a55ei is d￿erMIned to be hl8her of its falr value less cost to sell and Its
value In use. An Impalrmtrtloss 15 recognlsed wherethe ¢airyln8 amountexceeds the recoverable amount.
R￿11$￿ plnsand1ox•s
I galns and I￿se$ 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. Re￿ISed and
unreallsed irwestment8ains and knes ¥etombir*d Inthe Ststementol F￿andalA(ImIIe$.
F￿d •rwurtl
General fvnds are unreslrfrted funds are a¥allalAe for use at the di5crethJn of the Trustee5 in
fvrthef•Ke of the yneral obktw of the Charlty and wNth have not be￿ as deskn•ted for other
purposes.
Desl8natedfiJnds comprjse ￿n￿￿Ikted fvndsthat have beefi set aside bytheTrLtstees for partkular purposes.
The amount of eath desl8natedfund Is set oirt In the note5 to the financial statements
Restricted funds can onty be used for partl¢ular re5trkttd Pul￿SeS within the objerts of the thzrity.
Restsiction5 aii%e wh•n spetified by the donororwhen funds a￿ raised for partlojlar restricted purposes.
F￿her explanati(Kh of the I￿tUre and pu￿0$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-rettr*ment 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 assumPt￿n5 that have a siqnlficant
risk of ¢ausiry a matwialadlustment to the carying amounts of assets and liab￿ltieS.
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
otherf￿ed asset In¥e5t- Fll
Depastt account sntere5t
2&(85
4.334
15,48S
1.114
32A29
16.599

PWRIIAND QUEE￿5 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 r￿forth 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 month￿1 numberofemployeesdurirythe yearwas asfollThvs:
31.1123
31.12.22
NL>employees receNed emdufflents in excess of£60,C4)).
Pa8e 14
£onrinued...

PWRII ANO QUEE￿5 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 y*ar
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 D￿ember2021
33,925
The aboNp assets relate to medals pur(ha5ed by the tharlty.
The (harlty Is a repositi*y of thousJnd5 of Items. the rnajority of whfich have been donated over many years
both byiTrJ¥ld•Jah and re￿me￿al 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 cuf0to￿II 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
pRo￿￿ON$
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¥est￿￿tassetsoUl5Irtethe 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
lnlewoupA￿unt. PWIIR
Prepayments and a¢¢rued Inwme
77,183
77.171
Page 16
continued...

PWRR AND QUEEN'S AEGIMENT MUSEUM CIO
NoTeS 10 Ihe F￿0￿CIal Stalemeni$- coTrllnued
lor ihe Year EMled 310ecernber 2023
14. CREDITORS: AMIXINTS FAWNG DUE WITHIN ONE YEAR
31.12.23
31.12.22
Trade credllOWS
Taxation and social securlty
Other creditors
7.248
1,262
11,731
949
2,164
13,627
ZO.241
14740
MOVEMENT IN FUNDS
Net
movemert
in fvnds
Tr￿slerS
between
frjnds
At
31.12.23
At 1.123
Unfestritledfvnds
PWR8 and Queen's Re8irnent I￿Se￿
Fund
Surrey Infaffttrymuseum Fund
261,107
1207.726
1143231
74.035
28.667
I28￿67)
271.451
1253.094
L468.833
55,712
1524.545
TOTAL FUNDS
1,46&833
55,712
1524,545
Net movemert in fwd5, included inthe aboveare as follgw5:
In¢4￿Y￿$
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 QUEE￿5 AEGIM£NT MLISEUM CIO
Note5 10 lh+ FbnJn¢W si4ieir*nts- 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
TOTALF￿4Ds
1.080.951
387,882
L468,833
ComparnUv* net rno¥ement ID funds, included In the above we as f(dlws.'
Incl￿1￿4
Resour¢es
Gains and ￿%)ven￿nt
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.
MOVEP*NTIN 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 tra￿leThed to the PWIIR on l July 2011. The trustees
agreed at the time th￿ the Surrey Infantry should be a5 a O*slgn*ed Fund wit￿n the PWRR
Museum m￿ntenanCe 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 B￿e¥￿ent F￿d. Ihe respective chotitles do not sh¥e
tN5tee5. However. 2 mtmbefs of thetwstee board serve a5 e5 key manaiemeni Fe￿o￿ne1 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 In￿me
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 Incl￿1￿ 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 frtt1￿s
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
Aud￿0￿, 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
N*tleMpendltur•)lkncome beloreylns an.d
116,0491
480.921
Aethsed r•t4¢ithd i•lns and kbs*s
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