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2023-12-31-accounts

Charity registration number: 1200607

THE DORCHESTER KEEP MILITARY MUSEUM TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

Chartered Accountants

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

CONTENTS

Trustees' Report 1 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 to 27

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

TRUSTEES' REPORT

The trustees present their annual report along with the Trust’s financial statements for the period from 1 April 2023 to 31 December 2023. The Dorchester Keep Military Museum Trust (DKMMT) was established on 7 October 2022, and assumed responsibility for the Keep Military Museum on 31 March 2023, when the Museum’s previous governing charity, The Devon and Dorset Military Museums Charity, transferred all its assets, liabilities and contracts to the Trust.

OBJECTIVES AND ACTIVITIES

Objectives

Objects

The Trust’s objects, described in its Constitution, are: To maintain a museum and advance education for the benefit of the public and members of the participating regiments about the history of the regiments of Devon and Dorset, past and present, and the military history of those counties.

Strategy

The Trust’s strategy takes into account the lease of the Keep building from the Ministry of Defence, which expires in 2051, and the anticipated reduction of some aspects of other Ministry of Defence support after 2030. The strategy comprises: the trustees’ vision for the Museum’s future; primary and secondary goals; and a structure of broadly sequential projects to achieve them.

Vision

The Keep Military Museum is to become a prominent, independent, regional museum based in The Keep, Dorchester, inspiring and educating the present and future communities of Dorset and Devon. It uses its collection of objects, documents, and testimony in imaginative and compelling ways to tell stories from the past of the soldiers and regiments from the communities of those counties and linked to successor regiments. It is financially sustainable, able to generate revenue and attract grants to cover its costs and invest in the future, with or without MOD support.

Primary and secondary goals

The three primary goals are:

• and to decide whether the best long-term location for the Museum is in the Keep or at an alternative site.

The secondary, or supporting goals are:

Projects

The strategy has two subordinate projects, Accelerate and Evolve. Project Accelerate covers the Museum’s recent and current activity, and is intended to continue the process of moving on from the immediate post-pandemic period. Project Evolve is intended to achieve the long-term vision for the post-2030 Museum. At the heart of Project Evolve is an aspiration for a transformative project to re-present the collection with interpretation that appeals to and reaches an expanded audience in Dorset and Devon.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

TRUSTEES' REPORT

Activities

The Museum holds and cares for the collections and archives of The Devonshire and Dorset Regiment and The Queen’s Own Dorset Yeomanry. A large proportion of the collection is on permanent display to the public at the Museum, which is open throughout the year usually seven days a week. The interpretation explains the activities of the regiments and their members from 1685 to the present day. The Museum has a growing programme of events and activities for schools, intended to complement the National Curriculum.

Public benefit

The trustees have paid due regard to the Charity Commission’s guidance on public benefit in deciding what activities the Trust should undertake.

ACHIEVEMENTS AND PERFORMANCE

The Trust assumed responsibility for the Museum on 31 March 2023. We welcomed 11,395 visitors to the Museum in 2023, exceeding 2022’s 8,030 visitors by 42%. This was far better than in any recent year, and a testament to the hard work of the Director, other members of staff and volunteers. Visitors told us that they enjoyed their visits, finding the Museum a fascinating and compelling insight into the activities of the regiments and the lives of soldiers over the last 300 years.

The achievement and performance highlights during the reporting period were:

• Visitors. 2023’s record visitor numbers were boosted by community events, in particular Armed Forces Day and Dorchester’s Heritage Open Day. In October we sold many tickets in advance as part of Dorchester’s ‘Museums after Dark’ initiative (with The Dorset Museum and Shire Hall). The outcome was an increase of 42% in visitor numbers compared with 2022, a 33% increase in admissions income and a 29% increase in shop sales. It was the first full year in which we were open at weekends, which we judged to be essential to be available to the local audience who are at work or in school during the week.

• Archive. Thanks to a £33,000 Section 106 grant made by Dorset Council, we were able to extend and install new racking in the archive. We intend to fit climate control, but we are on the path to create a much more suitable environment for our documents, ultimately providing an improved service to the public.

• Education Programme. A £5,000 grant from Alice Ellen Cooper-Dean Charitable Foundation (a long-term supporter of the Museum), allowed us to recruit a part time education officer for a day a week. This allowed us to inject some more momentum into our education programme at the end of 2023, building on the strong start made in 2022. We expect this to lead to more school visits in 2024.

• Acquisitions. Over many years, the Museum has been extremely fortunate to receive generous donations of high-quality objects and documents from the public and family members of regimental veterans. We are very grateful again for donations made in 2023. These are far too numerous to list, but highlights include: the Second World War Memorial to 130 Field Ambulance (part of 43 Wessex Division); a large Devonshire Regiment collection of items belonging to and collected by Major R J Roach; and the replica DCM medal group worn by Denis Bounsall, a long-time supporter of the Museum and former stretcher bearer with 1st Dorsets in the Second World War. Denis Bounsall died in 2022, aged 100. Additionally, a quantity of First World War diaries and maps kept by Sgt Stevens of 5th Dorsets were donated, accompanying his medals which were given to us several years ago.

The Museum purchased a 1912 soldiers Home Service helmet, to replace an incorrect pattern that had been found on display. Additionally, the museum purchased the medal group of Sgt L Veale of The Devonshire Regiment, brother of Pte T Veale VC, The Devonshire Regiment.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

TRUSTEES' REPORT

FINANCIAL REVIEW

Income and expenditure

As the Trust assumed responsibility for the Museum on 31 March 2023, the financial reports cover only the last three quarters of the calendar year. The previous charity’s final year (2022-23) covered the 15 months from 1 January 2022 to 31 March 2023. In future our reporting years will match calendar years.

The Trust’s general unrestricted income from all sources in this period was £88,249. This figure excludes designated income as well as restricted income. This compares with the previous charity’s equivalent unrestricted income for 2022-23 (a 15 month period) of £134,907. Restricted and designated income was £28,594, making total income of £116,843 (2022-23 £154,677). General unrestricted expenditure - including depreciation - was £93,757 (2022-23 £153,199) and total expenditure was £117,442 (2022-23 £179,843). The deficit was £5,508 for unrestricted funds (2022-23 deficit of £18,292) and an overall deficit of £599 (2022-23 - deficit of £25,166). The overall value of the Trust’s funds increased by £10,651 to £430,962 because of the increase in value of our investments.

The Board recognises that the long-term financial health of the Trust and Museum depends on continued growth in real terms of unrestricted income coupled with tight control of expenditure. In 2023, we made strong progress in visitor-generated income, and aim to continue to develop this source of revenue in 2024. We are working with the Keep Friends to increase membership and raise more annual income. If they are successful, we expect this to start in 2024. We intend to continue to grow revenue from online shop sales, educational visits and events. In this way we intend to offset the anticipated loss of antenna income (expected in 2024 or 2025) and, ultimately, the reduction of MOD support from 2030. Where possible, we will seek grants to fund projects and development.

Revenue generated from admissions, our shop and events was strong, thanks to the efforts of the Director, his staff and the volunteers. In this period, these activities generated £61,913, which compares very favourably with the £72,686 generated from those sources in the preceding 15 month period. Donors and grant-giving bodies continue to provide vital financial support to our operations and for development projects. We received £15,526 from members of the public and The Devonshire and Dorset Regimental Trust (£10,871). We received £24,753 from grant giving bodies towards our work. Notable grants were made by: Dorset County Council (Section 106 grant) (£16,500 towards archive renewal); The Alice Ellen Cooper-Dean Charitable Foundation gave us £5,000 towards the costs of our part-time education officer; and The Association of Independent Museums granted £2,800 for collections care, following on from our previous collections care audit grant. We are immensely grateful for the donations and grants we received from all our supporters.

Reserves

On 31 December 2023 our reserves were worth £292,181 (31 March 2023 - £278,403). Our reserves are our unrestricted investments and cash not held in the Trust’s current account. They generate essential income in dividends, allow the trustees to mitigate funding risk, and provide a limited source of funding for capital projects. The significant cash holding (£114,167) is intended to ensure cashflow and the Museum’s viability even if there were to be a forced closure for several months, and/or a major setback in the financial markets that affected our investments.

Heritage assets

The Board has reviewed the heritage assets accounting policy of the previous charity, made in 2013. The Trust’s policy, made with advice from the Association of Independent Museums and our accountants, and consistent with the Spectrum museum collection management standard, is stated on page 13.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

TRUSTEES' REPORT

Risks

The Board monitors the risks to the Trust and the Museum. We judge our most significant short-term risk to be a shortfall in unrestricted revenue. The key long-term risks are related to support from the MOD and the risk of failure to attract significant grant funding.

Unrestricted Revenue

The Board recognises that reliable, diversified and growing unrestricted income is key to the financial resilience and viability of the Museum. The Board and staff are determined to grow unrestricted income and control unrestricted expenditure so that the Trust is in reliable and growing surplus over the years ahead. If we can achieve this, it will mitigate many other risks. 2023 has been a good step in the right direction.

End of MOD Support in 2030

The Army will reduce funding the Museum in 2030. It is not clear exactly what will continue and what will cease, and we continue to try and understand the Army’s intentions and obligations.

Major Grant Funding

The Trustees hold a lease on the Keep building and its immediate surroundings from the MOD. The lease expires in 2051. The long-term approach to this issue is addressed in the strategy. This end date may limit the Trust’s access to grant funding. The National Lottery Heritage Fund, for example, requires a funding recipient to have minimum of 20 years remaining on their lease.

Other risks

Other significant non-insurable risks relate to the Keep’s roof and failure to attract minor grant funding. The MOD intends to repair the roof. If they do not do this, there is risk of damage to items in the collection and the operation of the Museum (as happened in 2022). If they do conduct repairs, we may have to restrict access to the Museum while the work is completed. We fund as many of our projects as possible through donations from grant-giving bodies, rather than reserves. We are therefore exposed to the risk that external bodies refuse to fund our development. Projects.

PLANS FOR THE FUTURE

The trustees intend to execute the Trust’s strategy (described above) while building unrestricted revenue, controlling costs, and where possible funding projects from external grants.

Objectives for 2024

The Trust’s business plan for 2024 is organised around six main objectives:

1 - To maximise financial sustainability by making a surplus or at worst making a £10k loss in 2024, as part of moving the DKMMT to become financially sustainable.

2 - To inspire and educate in an imaginative and compelling way to a broader audience in Devon and Dorset and deliver and maintain a programme of work and activity to achieve this. This may well need to include an increasing use of temporary exhibitions and/or a strong public programme (events, participation in festivals, learning and outreach programmes etc).

3 - To resolve by 2027 whether and, if so, how DKMMT can retain beneficial occupation of The Keep building, or if that is not possible identify and secure a new location. Note that occupation does not necessarily imply that the DKMMT needs to own the building. To ensure that the Museum’s building, whether the Keep or not, is fit for purpose and so is refurbished and/or adapted as needed to enable objective 1.

4 - Maintain and strengthen stakeholder relationships, in part to assist with other sources of funding such as donations, grants etc.

5 - Continue to operate in accordance with Spectrum standards and to achieve UK Museum re-accreditation. Ensure that the Board, policies and procedures of DKMMT are able to support the strategy and the development of the Museum.

6 - Maintain a strong network of staff, volunteers and supporters to implement and support strategy.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

TRUSTEES' REPORT

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Dorchester Keep Military Museum Trust is a foundation model Charitable Incorporated Organisation whose only members are its trustees. It was registered with the Charity Commission for England and Wales on 7 October 2022.

The trustees who served during the year are listed below. Katherine Hamilton-Baily and Mark Gidlow-Jackson resigned from the Board during the reporting period. The trustees are very grateful for the contributions they made to the Trust. We welcomed Simon Davies and Martin Fausset to the Board. They live in Dorset and bring extensive experience from the Regular and Reserve Army and from business.

Flora Scott - Visitor Experience Manager since August 2021 - left us in August 2023 for a new job in London. We selected Josh Hookins as her replacement and look forward to working with him. We welcomed Martha Gurd as part-time education officer.

Change in legal form

At a meeting on 2 February 2022, the trustees agreed to create an incorporated charity (CIO) to replace the Devon and Dorset Military Museums Charity. In July 2022, the trustees agreed the constitution of a Foundation Model CIO, The Dorchester Keep Military Museum Trust. The Charity Commission approved the formation of the CIO in October 2022. On 13 January 2023, having sought and gained approval from the Charity Commission, the trustees resolved to dissolve the current Charity and to transfer its assets and liabilities to The Dorchester Keep Military Museum Trust. The new charity has the same trustees as the old charity and continues the work and plans of the old charity.

The Dorchester Keep Military Museum Trust (CIO) (the ‘new charity’) [charity number 1200607] took over the activities of the unincorporated charity The Devon and Dorset Military Museums Charity (the ‘old charity’) [charity number 1054956] with effect from 1 April 2023, and the net assets of the unincorporated charity were transferred to the CIO on this date.

Merger accounting has been applied to the charity reconstruction meaning that the assets, liabilities and funds of the two charities are presented in the financial statements as though they had always been part of the same reporting charity.

Trustees and officers

The trustees and officers serving during the period and since the period end were as follows:

Trustees: Brig R H D Toomey CBE [Chairman] J M Archer Esq. MA V J De Wit D F H Jones Capt C A Parr MBE P A Cooper M W Kinney Col D J L Swann CBE S Davies (appointed 1 January 2024) M Fausset TD (appointed 1 January 2024) Col M C Gidlow-Jackson MBE (resigned 31 December 2023) K Hamilton-Baily (resigned 31 December 2023)

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

TRUSTEES' REPORT

Reference and Administrative Details

Charity Registration Number: 1200607
Principal Office: The Keep Military Museum
Barrack Road
Dorchester
Dorset
DT1 1RN
Independent Examiner: H E Jones BA (Hons) FCCA
Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
Solicitors: Humphries Kirk
3 Acorn Business Park
Ling Road
Poole
Dorset
BH2 4NZ
Bankers: Lloyds Bank
1-2 High West Street
Dorchester
Dorset
DT1 1UG

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

TRUSTEES' REPORT

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The annual report was approved by the trustees of the charity on 23 July 2024 and signed on its behalf by:

Brig R H D Toomey CBE Trustee

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE DORCHESTER KEEP MILITARY MUSEUM TRUST

I report to the trustees on my examination of the accounts of The Dorchester Keep Military Museum Trust for the period ended 31 December 2023.

Responsibilities and basis of report

As the charity trustees of The Dorchester Keep Military Museum Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the The Dorchester Keep Military Museum Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of The Dorchester Keep Military Museum Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

H E Jones BA (Hons) FCCA Edwards & Keeping Chartered Accountants

Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

23 July 2024

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investment income
5
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net (deficit)/surplus
Gains/(losses) on
investment assets
16
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
19		 Unrestricted
£
19,347
37,802
28,747
6,174
-
92,070
14,766
81,091
(95,857)
(3,787)
11,250
7,463
419,300
426,763		 Restricted
£
24,773
-
-
-
-
24,773
-
21,585
(21,585)
3,188
-
3,188
1,011
4,199		 Total
9 month
period
ended
31 December
2023
£
44,120
37,802
28,747
6,174
-
116,843
14,766
102,676
(117,442)
(599)
11,250
10,651
420,311
430,962		 Total
15 month
period
ended
31 March
2023
£
63,357
43,986
36,426
9,579
1,329
154,677
13,922
165,921
(179,843)
(25,166)
(22,219)
(47,385)
467,696
420,311

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for period ended 31 March 2023 is shown in note 19.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

(REGISTRATION NUMBER: 1200607) BALANCE SHEET AS AT 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
14
Heritage assets
15
Investments
16
Current assets
Stock
Debtors
17
Cash at bank and in hand
Creditors: Amounts
falling due within one
year
18
Net current assets
Net assets
Funds of the charity:
Restricted
Unrestricted income
funds
Unrestricted
Total funds
19		 31 December 2023
£
£
20,862
-
292,181
313,043
17,449
1,336
114,167
132,952
(15,033)
117,919
430,962
4,199
426,763
430,962		 31 March 2023
£
£
23,160
-
278,403
301,563
19,658
2,329
107,084
129,071
(10,323)
118,748
420,311
1,011
419,300
420,311		 31 March 2023
£
£
23,160
-
278,403
301,563
19,658
2,329
107,084
129,071
(10,323)
118,748
420,311
1,011
419,300
420,311
301,563
118,748
420,311
420,311

The financial statements on pages 9 to 27 were approved by the trustees, and authorised for issue on 23 July 2024 and signed on their behalf by:

Brig R H D Toomey CBE Trustee

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The charity constitutes a public benefit entity as defined by FRS 102.

Basis of preparation

The charity meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.

Exemption from preparing a cash flow statement

The charity has not included a cash flow statement in these financial statements in accordance with Bulletin 1 published on 2 February 2016.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Merger accounting

The Dorchester Keep Military Museum Trust (CIO) (the ‘new charity’) took over the activities of the unincorporated charity The Devon and Dorset Military Museums Charity (the ‘old charity’) on 1 April 2023, and the net assets of the unincorporated charity were transferred to the CIO on this date.

Merger accounting has been applied to the charity reconstruction meaning that the assets, liabilities and funds of the two charities are presented in the financial statements as though they had always been part of the same reporting charity.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Grants receivable

Income from grants, whether 'revenue' or 'capital' grants, is recognised when the charity has an entitlement to the funds, any conditions linked to the grants have been met, if it is probable that the income will be received and the amount can be measured reliably. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

All resources expended are inclusive of irrecoverable VAT.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including accountancy, strategic management and trustees meetings and reimbursed expenses.

Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £250 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Fixtures fittings and equipment 10% reducing balance
New building work 4% straight line
Computer equipment 25% straight line

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

Heritage assets

It is the policy of the Trust not to capitalise heritage assets belonging to the Museum, where a reliable estimate cannot be made of the asset’s fair value or the information on cost or value is not available and which cannot be obtained at a cost which is commensurate with the benefits to the users of the financial statements. These are in effect inalienable, held in perpetuity, and are mostly irreplaceable. Any financially based valuation would be misleading to the value and significance of the material culture involved. The trust has a clear duty of care for these assets and to make them available for the enjoyment and education of the public as far as is possible, commensurate with their long-term care and preservation. The highest possible standards of collection management are applied, and the catalogues are made available as widely as possible to facilitate all enquiries and requests for information, subject to appropriate security and data protection guidelines.

Sales of artefacts are included in the Statement of Financial Activities as income from the “Operation of the Museum”. Such sales are made in accordance with the Museum’s Collections Management Policy and are earmarked for the development of the collection via the Capital Reserve Fund.

By definition, the Museum has a long-term purpose and should hold permanent collections in accordance with its stated objectives. The trustees accept the principle that, except for sound curatorial reasons as set out in its Collections Management Policy, there is a strong presumption against disposal of any items of the Museum’s collections.

The Museum maintains full details of its collection on a computerised database which are available to the public on application.

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the period, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the period and are credited or charged to the Statement of Financial Activities based on the market value at the period end.

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Trade creditors

are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

2 Income from donations and legacies

Unrestricted

Donations and legacies;
General donations
Keep Friends
Research donations
Legacies
Gift aid reclaimed
(including on admission
donations)
Grants;
Devonshire and Dorset
Regiment
A E Cooper Dean
Foundation
Queens Own Dorset
Yeomanry
Dorset County Council
DWP Kickstart Scheme
Association of
Independent Museums
V&A Museum
Ministry of Defence
Dorchester Heritage
Committee		 General
£
2,612
-
803
-
1,240
10,871
-
-
-
-
-
-
-
-
15,526		 Designated
£
3,821
-
-
-
-
-
-
-
-
-
-
-
-
-
3,821		 Restricted
£
-
-
-
-
-
-
5,000
-
16,500
-
2,800
-
235
238
24,773		 Total
Period
ended
31
December
2023
£
6,433
-
803
-
1,240
10,871
5,000
-
16,500
-
2,800
-
235
238
44,120		 Total
Period
ended
31
March
2023
£
5,981
2,854
330
5,000
2,187
15,000
5,000
3,790
2,400
17,933
1,662
1,220
-
-
63,357

Income from grants, donations and legacies in the previous period was £63,357, of which £43,587 was attributable to unrestricted general funds, £6,634 to unrestricted designated funds and £13,136 to restricted funds.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

3 Income from charitable activities

Unrestricted

Museum admissions
Educational tours
Other receipts		 General
£
37,430
372
-
37,802		 Total
Period ended
31 December
2023
£
37,430
372
-
37,802		 Total
Period ended
31 March
2023
£
43,483
224
279
43,986

All income from charitable activities in the previous period was attributable to unrestricted general funds.

4 Income from other trading activities

Unrestricted

Trading income;
Museum shop and internet sales
Sponsorship income
Communications mast rent
Events, functions and corporate hire		 General
£
20,325
-
4,636
3,786
28,747		 Total
Period ended
31 December
2023
£
20,325
-
4,636
3,786
28,747		 Total
Period ended
31 March
2023
£
21,113
2,000
7,726
5,587
36,426

All income from other trading activities in the previous period was attributable to unrestricted general funds.

5 Investment income

Unrestricted

Unrestricted
Total Total
Period ended Period ended
31 December 31 March
General 2023 2023
£ £ £
Dividends 6,174 6,174 9,579

All income from investment income in the previous period was attributable to unrestricted general funds.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

6 Other income

6
Other income
Total Total
Period ended Period ended
31 December 31 March
2023 2023
£ £
Insurance claim - 1,329

All other income in the previous period was attributable to unrestricted general funds.

7 Expenditure on raising funds

Costs of trading activities

Note
Shop cost of sales
Allocated support costs
9		 Unrestricted
funds
General
£
13,923
843
14,766		 Total
31 December
2023
£
13,923
843
14,766		 Total
31 March
2023
£
12,559
1,363
13,922

All expenditure on raising funds in the previous period was attributable to trading operations relating to unrestricted general funds.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

8 Expenditure on charitable activities

Unrestricted

Note
Operation of museum;
Maintenance
Archive redevelopment
Exhibitions and
museum displays
IT and website
Marketing
Hospitality and event
costs
Depreciation of tangible
fixed assets
Allocated support costs
9
Acquisition of artefacts		 General
£
Designated
£
1,077
-
8,384
-
1,444
-
908
-
1,449
-
2,021
-
1,424
874
62,284
-
78,991
874
-
1,226
78,991
2,100		 Restricted
£
-
16,500
3,124
-
-
-
-
1,961
21,585
-
21,585		 Total
Period
ended
31
December
2023
£
1,077
24,884
4,568
908
1,449
2,021
2,298
64,245
101,450
1,226
102,676		 Total
Period
ended
31
March
2023
£
5,724
-
10,508
8,881
4,797
1,281
4,385
127,792
163,368
2,553
165,921

Expenditure on charitable activities in the previous period was £165,921, of which £139,277 was attributable to unrestricted general funds, £2,205 to unrestricted designated funds and £24,439 to restricted funds.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

9 Analysis of governance and support costs

Support costs allocated to raising funds

Basis of
allocation
Telephone/internet charges
10%
Bank/credit card charges etc
10%
Bookkeeping
10%
Insurance
10%
Governance costs (see below)
10%		 Total
Period
ended
31 December
2023
£
58
132
-
81
572
843		 Total
Period
ended
31 March
2023
£
80
630
16
138
499
1,363

Support costs allocated to charitable activities

Basis of
allocation
Telephone/internet charges
90%
Bank/credit card charges etc
90%
Subscriptions
100%
Bookkeeping
90%
Insurance
90%
Travel
100%
Miscellaneous
100%
Staff costs (see note 12)
100%
Governance costs (see below)
90%		 Total
Period
ended
31 December
2023
£
525
1,189
1,374
-
726
982
703
53,574
5,172
64,245		 Total
Period
ended
31 March
2023
£
718
1,091
1,753
144
1,245
958
7,581
97,787
16,515
127,792

Governance costs

Accountancy and other services
Independent examiner's remuneration
Legal and professional fees		 Total
Period ended
31 December
2023
£
5,124
600
20
5,744		 Total
Period ended
31 March
2023
£
4,487
500
12,027
17,014

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

10 Net incoming/outgoing resources

Net outgoing resources for the period include:

Depreciation of fixed assets Period ended
31 December
2023
£
2,298		 Period ended
31 March
2023
£
4,385

11 Trustees remuneration and expenses

During the period the charity made the following transactions with trustees:

J M Archer Esq. MA

Expenses totalling £266 (31 March 2023 - £Nil) were reimbursed to J M Archer Esq. MA during the period in relation to travel expenses for trustees meetings.

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any other benefits from the charity during the year.

12 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the period were:
Wages and salaries
Social security costs
Pension costs		 Period ended
31 December
2023
£
51,873
-
1,701
53,574		 Period ended
31 March
2023
£
93,410
1,594
2,783
97,787

The monthly average number of persons (including senior management / leadership team) employed by the charity during the period expressed as full time equivalents was as follows:

as follows:
Period ended Period ended
31 December 31 March
2023 2023
No No
3 4

No employee received emoluments of more than £60,000 during the period

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

13 Independent examiner's remuneration

13 Independent examiner's remuneration
Examination of the financial statements
Other fees to examiners
All other services		 Period ended
31 December
2023
£
600
5,124
5,724		 Period ended
31 March
2023
£
500
4,647
5,147

14 Tangible fixed assets

Cost
At 1 April 2023
At 31 December 2023
Depreciation
At 1 April 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 March 2023		 Furniture,
fixtures and
equipment
£
108,436
108,436
88,169
1,559
89,728
18,708
20,267		 Computer
equipment
£
25,859
25,859
22,966
739
23,705
2,154
2,893		 New building
work
£
170,270
170,270
170,270
-
170,270
-
-		 Total
£
304,565
304,565
281,405
2,298
283,703
20,862
23,160

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

15 Heritage assets

Summary of transactions

Purchases and additions
Artefacts
Donations
Artefacts
Total additions		 31
December
2023
£
1,226
1,100
2,326		 31 March
2023
£
2,553
32,000
34,553		 31
December
2021
£
-
9,800
9,800		 31
December
2020
£
-
500
500		 31
December
2019
£
-
-
-

Heritage assets not recognised in the balance sheet

Heritage assets represent the artefacts comprising the Museum's permanent collection.

Heritage assets are not recognised on the balance sheet. See the 'Heritage assets' note in Accounting Policies (note 1) for further details.

It is the policy of the trustees to attribute a monetary value to donated heritage assets only where this is expected to exceed £500. In such cases, fair value is determined by the appraisal of market based evidence by trustees or staff who have relevant skills, knowledge or experience.

16 Fixed asset investments

Other investments
Other investments
Valuation
At 1 April 2023
Additions
Disposals
Revaluation
At 31 December 2023
Net book value
At 31 December 2023
At 31 March 2023		 31 December
2023
£
292,181		 31 March
2023
£
278,403
Listed
investments
£
278,402
155,000
(152,471)
11,250
292,181
292,181
278,402

The cost of the above investments as at 31 December 2023 was £282,867 (31 March 2023 - £223,912).

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

17 Debtors

Prepayments
Accrued income
18 Creditors: amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 31 December
2023
£
863
473
1,336
31 December
2023
£
3,489
1,142
225
10,177
15,033		 31 March
2023
£
669
1,660
2,329
31 March
2023
£
949
1,461
-
7,913
10,323

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

19 Funds

Unrestricted
General
Military Museum Fund
Designated
Capital Reserve Fund
Acquisition Fund
Museum Development
Fund
Total unrestricted
Restricted
Unboxing History Fund
Education Officer Fund
Association of
Independent Museums
Fund
Archive
Redevelopment Fund
Armed Forces Day
Fund
Museum After Dark
Fund
Total funds		 Balance
at
1
April
2023
£
333,190
66,984
6,929
12,197
86,110
419,300
1,011
-
-
-
-
-
1,011
420,311		 Incoming
resources
£
Resources
expended
£
88,249
(93,757)
-
-
3,821
(1,226)
-
(874)
3,821
(2,100)
92,070
(95,857)
-
(151)
5,000
(1,661)
2,800
(2,800)
16,500
(16,500)
235
(235)
238
(238)
24,773
(21,585)
116,843
(117,442)		 Gains/
(losses)
£
11,250
-
-
-
-
11,250
-
-
-
-
-
-
-
11,250		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Balance
at
31
December
2023
£
338,932
66,984
9,524
11,323
87,831
426,763
860
3,339
-
-
-
-
4,199
430,962

See page 26 for the specific purposes for which each fund is to be applied.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

Unrestricted
General
Military Museum Fund
Designated
Capital Reserve Fund
Acquisition Fund
Museum Development
Fund
Total unrestricted
Restricted
Museum Development
Fund
Governance Review
Fund
Keep Friends Fund
CIO Transition Fund
Unboxing History Fund
Association of
Independent Museums
Fund
V&A Museum Uniform
Fund
Bosnia25 Project Fund
Total funds		 Balance
at
1
January
2022
£
371,929
66,984
-
-
66,984
438,913
13,701
2,054
7,818
-
-
-
-
5,210
28,783
467,696		 Incoming
resources
£
Resources
expended
£
134,907
(153,199)
-
-
6,634
(2,205)
-
-
6,634
(2,205)
141,541
(155,404)
-
(1,504)
-
(2,054)
2,854
(6,400)
5,000
(5,000)
2,400
(1,389)
1,662
(1,662)
1,220
(1,220)
-
(5,210)
13,136
(24,439)
154,677
(179,843)		 Gains/
(losses)
£
(22,219)
-
-
-
-
(22,219)
-
-
-
-
-
-
-
-
-
(22,219)		 Transfers
£
1,772
-
2,500
12,197
14,697
16,469
(12,197)
-
(4,272)
-
-
-
-
-
(16,469)
-		 Balance
at
31
March
2023
£
333,190
66,984
6,929
12,197
86,110
419,300
-
-
-
-
1,011
-
-
-
1,011
420,311

See page 26 for the specific purposes for which each fund is to be applied.

The restricted fund 'Keep Friends Fund' shows an amount of £4,272 under the transfers column which relates to the purchase of related capital equipment.

The £2,500 transferred to the Acquisition Fund relates to a bequest received in prior years which was initially allocated to the unrestricted General Fund but that the Trustees have subsequently allocated to the designated Acquisition Fund.

The £12,197 transferred to the designated Museum Development Fund relates to the trustees decision that the fund should be classified as a designated fund rather than a restricted fund.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

The specific purposes for which the funds are to be applied are as follows:

The ‘Capital Reserve Fund’ has been designated by the trustees to ensure the proceeds from the sale of surplus artefacts are reinvested for the development of the collection, and not day to day running costs.

The 'Acquisition Fund' has been designated by the trustees to ensure that specific bequests and donations are available and utilised for the purpose of purchasing specific items and artefacts, and not day to day running costs.

The ‘Museum Development Fund’ represents the balance of funds raised by an appeal for the major refurbishment of The Keep and has been designated by the trustees.

The 'Unboxing History Fund' represents a grant received to be specifically used towards a new unboxing history project.

The ‘Education Officer Fund’ represents a grant received to be specifically used towards the employment costs for the new Education Officer.

The 'Association of Independent Museums Fund' represents grants received to be specifically used towards collections and staff training, and were fully utilised in the year.

The ‘Archive Redevelopment Fund’ represents a grant received to be specifically used towards the redevelopment of the museum archives and was fully utilised in the year.

The ‘Armed Forces Day Fund’ represents a grant received to be specifically used towards the costs of the Armed Forces Day 2023 event at the museum and was fully utilised in the year.

The ‘Museum After Dark Fund’ represents a grant received to be specifically used towards the costs of the Museum After Dark event at the museum and was fully utilised in the year.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 APRIL 2023 TO 31 DECEMBER 2023

20 Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted funds
General
£
Designated
£
20,862
-
292,181
-
40,922
87,831
(15,033)
-
338,932
87,831		 Restricted
funds
£
-
-
4,199
-
4,199		 Total funds
at 31
December
2023
£
20,862
292,181
132,952
(15,033)
430,962

21 Off-balance sheet arrangements

The charity occupies the property known as The Keep, Bridport Road, Dorchester, which is subject to a 50 year lease from the Ministry of Defence dated 10 July 2001 at a peppercorn rent.