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2024-12-31-accounts

Charity registration number: 1200607

THE DORCHESTER KEEP MILITARY MUSEUM TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Chartered Accountants

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

CONTENTS (CONTINUED)

Trustees' Report 1 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 25

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

TRUSTEES' REPORT

The trustees present their annual report along with the Trust’s financial statements for the year to 31 December 2024. 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 in succession to the Museum’s previous governing charity, The Devon and Dorset Military Museums Charity.

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 (MOD), which expires in 2051, and the anticipated reduction of some aspects of other MOD 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:

• to become financially sustainable, particularly after 2030;

• to inspire and educate a broader audience in Devon and Dorset;

• 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, Resilience and Evolve. Project Resilience is intended to mitigate the impact of the closed building. Its aims include maintaining the Museum’s momentum and protecting the collection at risk. 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.

> Temporary Closure. On 1 October 2024, the building’s owner, the MOD, closed the museum building due to safety concerns about the roof. It has become clear that this closure could last many months - potentially all of 2025.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

TRUSTEES' REPORT (CONTINUED)

Activities

The Museum holds and cares for the collections and archives of The Devonshire and Dorset Regiment and The Queen’s Own Dorset Yeomanry. Until the Museum closed at the start of Quarter 4, a large proportion of the collection was on permanent display to the public at the Museum, which was open seven days a week. The interpretation explains the activities of the regiments and their members from 1685 to the present day. The Museum had prepared, for launch in Autumn 2024, a programme of events and activities for schools, intended to complement the National Curriculum. We had to cancel this when the MOD closed the building. A number of additional events and activities were held throughout the year, including a regular programme of talks, the Young Historians group and special open days for Armed Forces Day and Heritage Open Days.

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

We welcomed 8,602 visitors to the Museum up to 1 October 2024, compared with 11,395 in 2023 and 8032 in 2022. Had we continued in the final quarter as forecast, visitor figures for 2024 would have likely been around the same as 2023. This continued the excellent progress made under the Director, other members of staff and volunteers since 2021. Visitors told us that they found their visits stimulating, informative and enjoyable. This gives us confidence in the long-term viability of the Museum as a heritage attraction.

The achievement and performance highlights during the reporting period were:

• Visitors. 2024’s visitor numbers were boosted by community events, in particular Armed Forces Day and Dorchester’s Heritage Open Day. Sadly, due to the museum closure at the start of October, many visits and activities had to be cancelled. These included our successful ‘Museums after Dark’ initiative from 2023 (with The Dorset Museum and Shire Hall) and some other private hire and school bookings.

• Archive. We were successful in securing a Collections Care Grant of £5,000 in November 2023 from The Association of Independent Museums (with the Pilgrim Trust). We received half of it in 2024, to install environmental monitoring equipment and start the process of re-packing the archival collection in better storage. The other half of the grant will be available when the Museum reopens.

• Education Programme. With thanks to the Alice Ellen Cooper Dean Charitable Foundation, our part time education officer built ties and contacts within the local school network. A number of school visits were booked for the autumn, but sadly these were cancelled due to the museum closure. The education officer produced a high quality offer, with a host of resources and activities, which will stand us in good stead when we re-open.

• Accreditation. The Trust was successful in its application for re-accreditation by the Arts Council. This involved a significant volume of work by the Board Secretary, the Director and certain trustees to update policies and associated processes.

• 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 2024. These are too numerous to list, but highlights include: a large quantity of paperwork, letters and medals of Pte Collis, killed in action with the Devonshire Regiment in 1918; an L86 Light Support Weapon; and a Second World War Airborne Denison smock.

The Museum purchased a Military Cross medal group to Capt J A Fergusson of 2nd Devons, who was wounded and captured at Bois des Buttes in 1918. This was achieved with the generous assistance of the V&A Purchase Fund. We also purchased a group of Devonshire Regiment medals to fill gaps in the collection.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

TRUSTEES' REPORT (CONTINUED)

Audience Development Plan. Over 2024, it became clear that we would need an Audience Development Plan (ADP) before embarking on any major redevelopment. The supporting study would help us identify who currently engages with the museum and critically, who does not. By understanding our audience, we can make the museum more relevant and accessible to a wider audience, whilst still appealing to our traditional core visitors. The Plan would lay out the approach to creating and sustaining the revised approach.

In June, the charity commissioned an ADP, and after careful consideration, appointed consultants Chloe Bird and Jane Frederick to undertake the work. We are most grateful to The Alice Ellen Cooper Dean Charitable Foundation for providing a grant to commission this. The work was undertaken with staff, volunteers and trustees, and completed in December.

FINANCIAL REVIEW

Income and expenditure

The Trust’s unrestricted income from all sources in 2024 was £110,971. This compares with the equivalent unrestricted income for 2023 (a 9-month period) of £92,070. Restricted income was £13,718 making total income of £124,689 (2023 £116,843). Unrestricted expenditure - including depreciation - was £126,162 (2023 £95,857) and total expenditure was £139,591 (2023 £117,442). The deficit was £15,191 for unrestricted funds (2023 equivalent deficit of £3,787) and an overall deficit of £14,902 (2023 - deficit of £599). It should be noted that part of the unrestricted deficit is net expenditure of £3,559 for collection acquisitions, compared with net income of £2,595 for acquisitions in 2023. The overall value of the Trust’s Total funds increased by £432 to £431,394.

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 2024, we aimed to develop visitor-generated income, with some success, but this source of income ceased with the museum closure. The board have set a budget for 2025 which reflects the assumption that a closure could be prolonged. Accordingly targets have been set to contain expenditure to the maximum extent realistically possible with strict cost monitoring controls in place. In addition, all sources of income from other sources are being energetically pursued in order to compensate for the loss of such admission income. These include but are not limited to shop sales online, events held off-site and seeking support through applying for relevant grants and donations. We are grateful in particular for the continuing support of The Devonshire and Dorset Regimental Trust, The Alice Ellen Cooper-Dean Charitable Foundation, The Association of Independent Museums and Dorset County Council. This financial assistance was instrumental in largely offsetting the cost of the important work undertaken for the Audience Development Plan, the cost of necessary enhancements to the storage facilities for the collection, to enable the continued employment of an education officer and to make possible a number of small but important acquisitions for the collection. We remain immensely grateful for all the donations, support and grants received from our benefactors.

Whilst the Board is vigorously pursuing a resolution to the current circumstances that have caused a temporary closure of the museum this remains a complex situation. When a future remediation plan and way forward is agreed it is the assumption that it will take time to implement, in particular it is anticipated that the time necessary to define, commission and complete the necessary building works may be protracted. Accordingly, the financial plan for 2025 reflects this with an assumption of a worst case being closure for the whole of 2025.

Reserves

On 31 December 2024 our reserves were worth £307,515 (31 March 2023 £292,181). Our reserves are our unrestricted investments and cash not held in the Trust’s current or deposit accounts. 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 (£85,159) 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.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

TRUSTEES' REPORT (CONTINUED)

Heritage assets

In 2023, the Board reviewed the Trust’s policy for accounting for heritage assets. The policy was made with advice from the Association of Independent Museums and our accountants, and is consistent with the Spectrum museum collection management standard. It is stated on page 13.

Risks

The Board monitors the risks to the Trust and the Museum. Prior to the closure on 1 October, we assessed that our most significant short-term risk was a shortfall in unrestricted revenue. We had not anticipated that the cause would be an extended building closure without ongoing repair. At the end of the year we assess that our risks from the closure include loss of revenue, loss of staff and volunteers, damage to the collection, and loss of engagement with current and potential audiences. In Project Resilience (see below under plans for 2025), we are aiming to mitigate all these risks. 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.

> End of MOD Support in 2030. The MOD (the Army) will reduce funding for 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, and the full implications for the Museum.

> 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 will in due course 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. 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 do not assist us in funding our development.

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. The immediate challenge is mitigating the impact of the current closure and continuing to build momentum towards the strategic objectives.

Objectives for 2025. The Trust’s business plan for 2025 has been significantly adjusted to take account of the closure. It has been written assuming a worst case that the Museum will be closed all year. It is organised around four main objectives:

1 - To maximise financial sustainability by limiting the annual loss (excess of expenditure over income) to £17,000.

4 - Maintain the Museum’s resilience to protect the heritage at risk (a project potentially funded largely by the National Lottery Heritage Fund).

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

TRUSTEES' REPORT (CONTINUED)

Concurrently, the Trustees will work with the Ministry of Defence (the landlord) to achieve the necessary repairs to allow the Museum to re-open.

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.

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)
**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 (CONTINUED)

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 year 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 Charities (Accounts and Reports) Regulations 2008, 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 trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The annual report was approved by the trustees of the charity on .................... 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 year ended 31 December 2024.

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

Date:.............................

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investment income
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net (deficit)/surplus
Gains/(losses) on investment
assets
15
Net income
Gross transfers between funds
18
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
18		 Unrestricted
£
28,798
38,160
33,972
10,041
110,971
7,833
118,329
(126,162)
(15,191)
15,334
143
3,346
3,489
426,763
430,252		 Restricted
£
13,718
-
-
-
13,718
-
13,429
(13,429)
289
-
289
(3,346)
(3,057)
4,199
1,142		 Total
Year ended
31 December
2024
£
42,516
38,160
33,972
10,041
124,689
7,833
131,758
(139,591)
(14,902)
15,334
432
-
432
430,962
431,394		 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
-
10,651
420,311
430,962

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for period ended 31 December 2023 is shown in note 18.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

(REGISTRATION NUMBER: 1200607) BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
13
Heritage assets
14
Investments
15
Current assets
Stock
Debtors
16
Cash at bank and in hand
Creditors: Amounts falling
due within one year
17
Net current assets
Net assets
Funds of the charity:
Restricted
Unrestricted income funds
Unrestricted
Total funds
18		 31 December 2024
£
£
26,104
-
307,515
333,619
20,659
2,975
85,159
108,793
(11,018)
97,775
431,394
1,142
430,252
431,394		 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 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
313,043
117,919
430,962
430,962

The financial statements on pages 8 to 25 were approved by the trustees, and authorised for issue on .................... 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 YEAR ENDED 31 DECEMBER 2024

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.

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.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

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 YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

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 year, 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 year and are credited or charged to the Statement of Financial Activities based on the market value at the year 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

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.

Trade creditors 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 YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

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 YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

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
Association of
Independent
Museums
Ministry of
Defence
Dorchester
Heritage
Committee		 General
£
5,191
-
1,171
-
1,853
13,286
-
1,640
5,000
-
-
-
28,141		 Designated
£
657
-
-
-
-
-
-
-
-
-
-
-
657		 Restricted
£
-
718
-
3,000
-
-
10,000
-
-
-
-
-
13,718		 Total
Year ended
31 December
2024
£
5,848
718
1,171
3,000
1,853
13,286
10,000
1,640
5,000
-
-
-
42,516		 Total
Period ended
31
December
2023
£
6,433
-
803
-
1,240
10,871
5,000
-
16,500
2,800
235
238
44,120

Income from grants, donations and legacies in the previous period was £44,120, of which £15,526 was attributable to unrestricted general funds, £3,821 to unrestricted designated funds and £24,773 to restricted funds.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

3 Income from charitable activities

Unrestricted

Museum admissions
Educational tours		 General
£
37,796
364
38,160		 Total
Year ended
31 December
2024
£
37,796
364
38,160		 Total
Period ended
31 December
2023
£
37,430
372
37,802

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
Shooting simulator income
Communications mast rent
Events, functions and corporate hire		 General
£
21,423
332
6,181
6,036
33,972		 Total
Year ended
31 December
2024
£
21,423
332
6,181
6,036
33,972		 Total
Period ended
31 December
2023
£
20,325
-
4,636
3,786
28,747

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

5 Investment income

Unrestricted

Interest receivable and similar income;
Bank deposit interest
Dividends		 General
£
257
9,784
10,041		 Total
Year ended
31 December
2024
£
257
9,784
10,041		 Total
Period ended
31 December
2023
£
-
6,174
6,174

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 YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

6 Expenditure on raising funds

Costs of trading activities

Note
Shop cost of sales
Allocated support costs
8		 Unrestricted
funds
General
£
6,768
1,065
7,833		 Total
31 December
2024
£
6,768
1,065
7,833		 Total
31 December
2023
£
13,923
843
14,766

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

7 Expenditure on charitable activities

Unrestricted

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
8
Acquisition of artefacts		 General
£
Designated
£
1,906
-
-
-
3,336
-
2,694
-
3,957
-
2,022
-
2,285
1,049
96,864
-
113,064
1,049
-
4,216
113,064
5,265		 Restricted
£
-
-
90
-
-
-
-
13,339
13,429
-
13,429		 Total
Year
ended
31
December
2024
£
1,906
-
3,426
2,694
3,957
2,022
3,334
110,203
127,542
4,216
131,758		 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

Expenditure on charitable activities in the previous period was £102,676, of which £78,991 was attributable to unrestricted general funds, £2,100 to unrestricted designated funds and £21,585 to restricted funds.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

8 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%
Insurance
10%
Governance costs (see below) - accountancy
10%
Support costs allocated to charitable activities
Basis of
allocation
Telephone/internet charges
90%
Bank/credit card charges etc
90%
Subscriptions
100%
Insurance
90%
Travel
100%
Miscellaneous
100%
Staff costs (see note 12)
100%
Governance costs (see below) - accountancy
90%
Governance costs (see below) - professional fees
100%
Governance costs
Accountancy and other services
Independent examiner's remuneration
Legal and professional fees		 Total
Year
ended
31 December
2024
£
305
253
101
406
1,065
Total
Year
ended
31 December
2024
£
2,747
2,285
1,770
901
1,252
1,420
82,101
3,655
14,072
110,203
Total
Year ended
31 December
2024
£
3,421
640
14,072
18,133		 Total
Period
ended
31 December
2023
£
58
132
81
572
843
Total
Period
ended
31 December
2023
£
525
1,189
1,374
726
982
703
53,574
5,172
-
64,245
Total
Period ended
31 December
2023
£
5,124
600
20
5,744

THE DORCHESTER KEEP MILITARY MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

9 Net incoming/outgoing resources

Net outgoing resources for the year include:

Depreciation of fixed assets Year ended
31 December
2024
£
3,334		 Period ended
31 December
2023
£
2,298

10 Trustees remuneration and expenses

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

J M Archer Esq. MA

Expenses totalling £101 (31 December 2023 - £266) were reimbursed to J M Archer Esq. MA during the year 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.

11 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 Year ended
31 December
2024
£
78,665
888
2,548
82,101		 Period ended
31 December
2023
£
51,873
-
1,701
53,574

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

ws:
Year ended Period ended
31 December 31 December
2024 2023
No No
4 3

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

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

12 Independent examiner's remuneration
Examination of the financial statements
Other fees to examiners
All other services
13 Tangible fixed assets
Furniture,
fixtures and
equipment
£
Cost
At 1 January 2024
108,436
Additions
8,577
At 31 December 2024
117,013
Depreciation
At 1 January 2024
89,728
Charge for the year
2,355
At 31 December 2024
92,083
Net book value
At 31 December 2024
24,930
At 31 December 2023
18,708		 Computer
equipment
£
25,859
-		 Year ended
31 December
2024
£
Period ended
31 December
2023
£
640
600
3,421
5,124
4,061
5,724
New building
work
£
Total
£
170,270
304,565
-
8,577
170,270
313,142
170,270
283,703
-
3,335
170,270
287,038
-
26,104
-
20,862		 Period ended
31 December
2023
£
600
5,124		 Period ended
31 December
2023
£
600
5,124
5,724
Total
£
304,565
8,577
313,142
283,703
3,335
287,038
26,104
20,862
25,859
23,705
980
24,685
1,174
2,154

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

14 Heritage assets

Summary of transactions

Purchases and
additions
Artefacts
Donations
Artefacts
Total additions		 31 December
2024
£
4,216
3,500
7,716		 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

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.

15 Fixed asset investments

Other investments 31 December
2024
£
307,515		 31 December
2023
£
292,181

Other investments

Other investments
Valuation
At 1 January 2024
Revaluation
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Listed
investments
£
292,181
15,334
307,515
307,515
292,181

The cost of the above investments as at 31 December 2024 was £282,867 (31 December 2023 - £282,867).

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

16 Debtors

Prepayments
Accrued income
17 Creditors: amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 31 December
2024
£
1,122
1,853
2,975
31 December
2024
£
3,902
1,142
-
5,974
11,018		 31 December
2023
£
863
473
1,336
31 December
2023
£
3,489
1,142
225
10,177
15,033

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

18 Funds

Unrestricted
General
Military Museum Fund
Designated
Capital Reserve Fund
Acquisition Fund
Museum Development
Fund
Total unrestricted
Restricted
Unboxing History Fund
Education Officer Fund
Keep Friends Fund
Audience Development
Plan Fund
Knight Bequest Fund
Total funds		 Balance
at
1
January
2024
£
338,932
66,984
9,524
11,323
87,831
426,763
860
3,339
-
-
-
4,199
430,962		 Incoming
resources
£
Resources
expended
£
110,314
(120,897)
-
-
657
(4,216)
-
(1,049)
657
(5,265)
110,971
(126,162)
-
(90)
-
(3,339)
718
-
10,000
(10,000)
3,000
-
13,718
(13,429)
124,689
(139,591)		 Gains/
(losses)
£
15,334
-
-
-
-
15,334
-
-
-
-
-
-
15,334		 Transfers
£
8,626
(5,280)
-
-
(5,280)
3,346
-
-
(718)
-
(2,628)
(3,346)
-		 Balance
at
31
December
2024
£
352,309
61,704
5,965
10,274
77,943
430,252
770
-
-
-
372
1,142
431,394

See page 25 for the specific purposes for which each fund is to be applied.

The restricted fund 'Knight Bequest Fund' shows an amount of £2,628 under the transfers column which relates to the purchase of related capital equipment.

The restricted fund 'Keep Friends Fund' shows an amount of £718 under the transfers column, £669 of which relates to the purchase of related capital equipment and £49 of which relates to related expenditure that was incorrectly recognised within unrestricted funds in the prior year.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

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 YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

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 and was fully utilised in the year.

The 'Audience Development Plan Fund' represents a grant received to be specifically used towards professional fees on an audience development plan and was fully utilised in the year.

The 'Knight Bequest Fund' represents a bequest received to be specifically used towards outdoor equipment.

The 'Keep Friends Fund' represents donations received to be used for a specified purpose, namely the acquisition and installation of CCTV equipment.

THE DORCHESTER KEEP MILITARY MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)

19 Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted funds
General
£
Designated
£
26,104
-
307,515
-
29,708
77,943
(11,018)
-
352,309
77,943
Unrestricted funds
General
£
Designated
£
20,862
-
292,181
-
40,922
87,831
(15,033)
-
338,932
87,831		 Restricted
funds
£
-
-
1,142
-
1,142
Restricted
funds
£
-
-
4,199
-
4,199		 Total funds
at 31
December
2024
£
26,104
307,515
108,793
(11,018)
431,394
Total funds
at 31
December
2023
£
20,862
292,181
132,952
(15,033)
430,962

20 Related party transactions

There were no related party transactions in the year.

21 Post balance sheet events

The Museum temporarily closed on 1 October 2024 due to significant safety concerns being identified whilst scoping a project to replace or repair the building's roof. The Trustees subsequently took the decision in January 2025 to announce publicly their expectation that the Museum will remain closed for the duration of 2025. An accurate estimate of the financial effect of the forced temporary closure cannot be made at this stage. The Trustees are working to mitigate this through expanding the Museum's online shop, running events and fundraising initiatives and by exploring available grant funding.

22 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.

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