COMPANY REGISTRATION NUMBER: 13462932 CHARITY REGISTRATION NUMBER: 1202306 Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limited by Guarantee Unaudited Financial Statements 31 March 2025 HASWELL BROTHERS LLP Chartered Accountants First Floor Pernbroke House Ellice Way Wrexham Technology Park Wrexham LL13 7YT
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limlted by Guarantee Flnancial Statements Year ended 31 March 2025 Page Trustees, annual report (incorporating the director's report) Independent examinels report to the trustees Statement of financial activities {including income and expenditure account) Statement of financial position Notes lo the financial statements 10 The following pages do not fomi part of the financlal statements Detailed statement of financial activities 25 Notes to the detalled statement of financial activities 27
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2025 Thg trustees. who ara also the dire¢lors for the purposes ol company law, present Ihelr report and the unaudiled tinancial slalem&nls of the charity for the year ènded 31 March 2025. R&ference and Admlnlstrative Details Registered charlty name Royal Welch Fuslliers Regim6ntal Museum Trust Lid Charity registrgtlon number 1202306 Company r•glstratlon llumb8r 13462932 Principal offl¢a and registered RHQ The Royal Welsh ottice Highlown Barfacks Wrexham LL13 8RD Thé Trustees Brigadier G H Wh8elar (Chair) Captain E D Williams DCM Colonel P J Knox OBE Mr H E S Beaumont Colonel N J Lock OBE MA MrA D Pool6 Mrs A Pedley Mr S M M Hughes Ms T Ingles MS A Kerr-wilson {Appoinled 7 M<irch 20251 {Appoinled 7 March 20251 (Appointed 7 March 2025) Ex-officio TTuslees= Commanding Officer l R Wglsh Commandlng Officer 3 R W8lsh The Mayor ol Caemarfon The Mayor ofwrexham Independent Examiner Mr A H Thomas, FCA Haswell Brothers LLP Chartered Accounlanls Structure. Governancè and Management Thè Royal Welch Fusiliers Regimental Museum Tiust Ltd was fom)ally esiablishad (bn 17 Juno 2021. Its regislere(t company number is 13462932 and roglslered charfty number is 1202306 . The Trustees meel al least Iwica 8 year. One meetSng is always held in Caernarfon. Separafa to the Trustee meetings, the Charitable Companies Management CommittÈè, chaired by Colonel Lock. meets mor6 frequently lo provide more detailed focus on issues of opBrallonal concern, lo sel the agenda foT Trust meetings and to make recommendations to Truslees.
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limited by Guarantee Trustees, Annual Report (Incorporaling the Director's Report) (coiitlnueill Year ended 31 March 2025 Structure. Governance and Managèment (conlAiiued) Recruitment and Appointment of Trustees Trusle8S are recruited from former officers of the Royal W61ch Fusiliers. Museum and other piofessionals are also reciLEiled lo broaden tha span of expertlse available lo the Trusl. The 8x Officio Tiuslee posts ensure Ih8t close links are retsined with the servlng Regiment, The Royal Welsh, Ihg Royal Town of Caernarfon and Wrexham CBC. Inductlon and Tralnlng Most TTUSteos are familiar with the Trust's role from their regimental experience whllsl serving with the RBglment. The Management Committè8 affords non-mi1Stary members the opportunlty of an accompanied visil lo the Collection and they are provldèd with written brfefs which includo copies of The Trust D8ed, a sel of currenl aceounts and tho mlnutes of the last meeling. The Chairman briefs the Trustegs on Ihe history and 51rueture of the Tiusl, and covers curr6nl issues, strategic plans and the specific ro16 required of tho Tiuslees. Risk Managèment Periodically, Ihe Truste88, normally Ihrough thè management commillee. id8ntrfy and review Ihe major rlsks which may affect Ihe stability and buccessful operÈtion of the Trust. Action is then planned and implemented, as lar as possible, to minimise or remove Ihe identified ilsk. An annual review of reseNes is conducted by the Chairman of the Trustees and the Chalrman of th9 Management Committee with the inv8slment brokers. Oblectives and Activities Mission Stat8ment To maintain a leading inleinalional Reglmèntal Museum whi¢h portrays Ihe story of over 300 y88rs of 5ervic6 by rnembèrs of the Royal Wel¢h Fusiliers by displaying a w1dè range of objects In an informative and allra¢tlve manner to lh6 wldesl posslb19 audience. To assist in keèping the modern Army 8nd the succassor Regiment In the public eye and to increase PLJblic awareness. To collect obj8rtS And documents rolevant to the history of the Regimènt from 1689 until 2006 in a¢cordanco with thè Collecting Policy uf Ihe Museum. To collect objects and documgnts relating to 181 Ballalion The Royal Welsh. fo conserve and document tho archives and objécts. To make the archives and reserve ¢o1160lion accessiblè to researchers and for educational purposes.
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Llmlted by Guarantee Trustees. Annual Report {Incoi'porating the Director's Report) (contliiuedl Year ended 31 March 2025 ObJ¢¢tlves and Activltlès (coniinued) Key Alms To care ftkr, presetve and add now material to Ihg collectton. To interpret the colleclion In high quality publEc dlsplays. To provide acc6SS to the archives and reserve 11¢¢(10n for Ilfe-long learning and resèarch. To un(Sert8ke research into thè history of the Regiment and irblo the collection. FormatiorE of the Trust In 2024 the Royal Welch Fuslliers Colleolion Trust and Ihe Royal Welch Fusiliers Regimental Museum Trust Charities were mèrged into a single enlily Royal Wèlch Fusiliers Reglmental Museum Tiusl Llmitad. Actlvltbes The Trust alms lo educate tho publlc and members of the rogimenl ir* the history and accompli.8hments of the Royal Wèlch Fusiliers, to promote military efficiency and encourage recruitment. by ihe public exhibilion of Ihe regimèntal colleolion in a museum and other public places. The collecllon is located in thè Royal Welch Fusiligrs Museum at CAernarfon Castlo and the reserve ollection is on long-leim loan lo Wrexham County Borough Council. Publlc Benefit ststemènt The trustees b8li8v& that the services provided by the Royal Welch Fuslllors Regimenial Mus8um Twsl Ltd are complS8nl with the Charity Commission giJidAnce on Public Bonefil and the public benefil is furtlier exemplllled in Ihe followlng Sl818menls of Achlavemenls and Performance and Plans for Future Periods.
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Llmited by Guarantee Trustees, Annual Report {Incorporating the Dlrector's Report) (coiillnugdl Year ended 31 March 2025 Achlevements and Performallcè Overview. The 2024125 financial year was full of challengès but also slgnificanl progress against the objectives of tha Trust's Resilience Project. Having secured a new Museuin Dire¢tor in July, family illness resulted in the nèw director reslgning in February 2025. Fortunately, the Trust had just replacéd our Education Officer post with a ngw Learning and Engagement Officer post. The new incumbent of that p05t was able lo slep up lo Ihg director appointment temporarlly and following an an excellent inlerim p8rformance. Mrs Chelsey David was confirmed as our new Director by Truslaes. Following the d&parture ol our ¢hair of Trustees, and a number of other Trustees. the Tiusl was d81iuhled lo appoint Brigadier Genèral Whppler as Chair of Trustees and lo recruit a number of new trustees with relevant skill sets lo bring lo tha Trust. There are now a total of len liustees on the board. Significant projects undertaken wilhin th8 ya8r were as follows.. Ralionalisation ol Trusts and investments Into one Museum Trust and Investment portfolio. Tho appointment of Haswells as our bookkeepers rosponsiljle for financlal matters. A naw multi-media display lor the batllg of 's-H8rtogènbosch Ith6 first new dlsplay in th8 Museum in 25 years). The publishing of a finBI Volum8 of Regimental Records lo complete the story of the Regimenl. Acquisition of a new branded gaxebo for outreach activity. Continued rallonalisalion of loan items to Ihè Museum. The planning and start of work io deliver 8 new retail expèrience wilhln the Museum. Continued growth of thé Friends of the RWF Mus8um group to 132 members. Dellvèry ol our second RWF History Feslival al Highlown Ba¢racks with a doubllng of altendancg. Commencement of work in preparation for accredlt8tion renewal. Financial R¢vlew Full details of ihe financial transaolions are included in the Iln8nci21 accounts which follow. Net incoming resources for the year were £18.691 as compared lo net Incoming resources of £76,809 in thè previous y&ar. The Trusl's net assets al 31 March 2025 wer6 £1,017.998 (2024- £999,307).
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limlted by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (conllnu8dJ Year ended 31 March 2025 Financlal Review (GOMtlnue41) Reservès Policy In the Trustees, vlew. the reserves should provide the charity with adequale finandal stability and the means for il lo meet its charitable objectives for Ihe foreseeable futuro. The Iruslees gularlY review the amount ol reserves that are required to ensure Ihal Ihoy are adequate lo fulfil the charSly's continuing obligations. Principal Funding Sources The principal source of funding comas from the agreement wllh The Welsh Government lo manage and administer the Museum al Caernarfon Castlè and lo provide lifelong learning and other public engagèment and education services. Fundlng also comes from educational and exhiblllon grants. D6tails of grants received Can bg found in the financial accounts. One mernber of staff is funded by Ihe MOD by means of a grant in aid. Small Company Provlslons This report has been prepared in accordance with the provisions applicablè to companl6s entitled lo the small companies oxemplion. The trustees, annual report was approved on 25 Seplember 2025 and signed on behalf of the board of Irusleès by.. rlg (Reldl Geihard Wheeler Chairman
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limited by Guarantee Independent Examiner's Report to the Trustees of Royal Welch Fusiliers Regimental Museum Trust Ltd Year ended 31 March 2025 I report lo the Irusl&ès on my examinalion of th8 financial slalemenls of Royal Welch Fusillers Regirnental Museum Trust Ltd ('Ihe ch8fily'} for tho year ended 31 Mar¢h 2025. Re5pectlve Responslbilities of Trustees and Examiner The Irustees arg iesponsibl8 for th& preparation of Ihe finan¢l*l statements. The trustees conslder that an (iudil is not required for this yeBr under section 144121 ol the Charilies Act 2011 (the 2011 Act) and thal an indopendenl examinallon Is needed.11 Is my responslbllily lo.. examine the accounts under section 145 ofthe 201 fj Act., lo follow Ihe procedur6s laid down in the general DITeclions given by th6 Charity Co¥nmission undér sèction 145(5llb) of thg 2011 A¢l', and to slate wheiher partIlar mallers havts come lo my allenlion. Basis of Ind&pendent gxamlnerfs report My 8xaminalion was carried out in accordanré with the g9neral directions given by thè Charity Commission. An examination includes a revi9w of Ihe accoLFnlin£J iecords kept by the charity and a omparison of Ihe accounts prasenled with those records. It also includes consideration of any unusual items or disclosures in the accolsnts, and seeking explanations from you as Iruslees ¢oncÉrning any such matters. Th8 procedures undertak8n do not provide all the evidenco that would be require Sn an audit and consequently no opinlon is given 8S to whether Ihe aOUnts present a 'true and fail viaw and the report is limited lo those mallers set oul in Ihg noxt statement. Indèpèndent ExamÈnerfs Statement In connection with my examlnalion. no matter has comg lo my allenllon: 11) which gives me reasonable caus8 lo believe that in any maleTial iespect thè requirements.. lo keep accounting recoTds In accordance wilh section 130 ot the 2011 Acl, and lo preparé accounts which accord with Ihe accounting records, comply with thè 8ccounling f8quirem8nts of the 2011 Act hav& nol been mol, or {21 to which, In my opinion, allpnlion should bts drawn in order to anable a proper understanding of Ihe accounts lo be reached." MrA H Thomas. FCA Haswell Brothers LLP Charterèd Accounlanls Ind8pendenl Examiner Flrst Floor Pembroke House Ellice Way Wrexham Technology Park Wrexham LL13 7YT 25 September 2025
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limited by Guarantee Statement of Financial Actlvlties {including income and expenditure account) Year ended 31 March 2025 2025 Rostricled funds Total funds Total funds 2024 Unreslrlcled ILJnds Not8 Income and endowments Donaliuns and legacies Charitable aclivlties Investment Snoome 111.853 18,355 20,423 39,495 151,348 18,355 20,423 190,126 191,091 22,944 20,731 Total Income 150,631 39.495 234,766 Expenditure Expenditure on charltable activities Olhor axpendilure Total expènditure 152,452 36,189 188.641 190 222,406 180 152,642 36,189 188,831 222,586 Nel gain8 tsn investmonts 12 117,396) {17,396) 164,6291 Net incomè and net movement in funds 15,385 3,306 18,691 76.809 Rgconclllation of funds Total funds brought fOard Total funds carrlèd fOard 983,026 998,411 16,281 19.587 999,307 1,017.998 922,499 999,308 The stslement of financial acliv¢lies induées all gains and10&88s reoognised In Ihe year. All Income and expenditure derlve from conlinuing activities. Thg notes on pag6s 10 to 23 form part of these financlal 8tatement8.
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limited by Guarantee staternent of Financlal Position 31 March 2025 2025 2024 Noto Flxed Assets Tangible fixed assats Invéstments 18 20 8,506 957,992 9.029 920,172 929,201 966.498 Cuyrent Assets Stocks Debtors Cash al bank and in hand 21 22 2,520 28,171 31,886 10,888 7,334 56,150 74.372 62.577 Crgdltors: amounts falling du8 withln one y8ar 23 11,077 4,266 Net Current Assèts 51,500 70,106 999.307 999.307 Total A$$ots Less Current Llabilities 1,017,998 1,017.898 Net Assets Funds of the Charity Reslricled funds Unreslricled fijnds 19.587 998,411 1,017,998 16.281 983.026 Total charity funds 999.307 For the year endiiig 31 March 2025 the charlly was entitled to exemptlon from audit under section 477 of thè Companies Act 2006 relating lo small Companies. Directors. resKK)nsibililies'. The m8mb¢rs have not rèquired Ilie company to obtain an audil of its financlal sl2lemtsnls for Ihe year in question in acGordanGe wlh section 476., The dire¢lors acknowledge their responsibilities for ¢omplying with the iequirements of Ihe Act with respe¢l ID accounling records and Ihe preparalion of financial slaletntsnls. These financial slal8menls havg been pr8pared eecordanco wllh the provisions applicable lo companies subject to th8 small companies, regime. The statement of financial position continues on the following page. Th& noles on pages 10 to 23 form part of those linanclal statement$.
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limited by Guarantee statement of Financial Position (conllnuedj 31 March 2025 Thes8 Ilnancial statements were approved by the board of l¥usle8s and aulhorised for Issue on 25 September 2025, and are signed on behalf of the board by.. Brigadi Trustee G H Wheeler Ichairl The not85 on pag88 10 to 23 form part of thgs8 flnanGlal statements.
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2025 General information The charity is a public benefit entity and 8 priva19 company lirniled by gu2rantee, registeied in England and Wales and o regisler8d charity in England and Wales. The address of the reglstered offi¢0 is RHQ The Royal Welsh, Hightown Barraoks, Wrexham. LL13 8RD. Statement of compliance These financial Statemen have been prepared in compliance Wlth FRS 102, The Financial Reporting Standard dpplicabl$ in the UK and Ihe Republic of Ireland,. the Statement of Recornmended Pracliae applicable to charities PTopa¥ing their a¢counls in accor(fan¢e with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 (Charities SORP (FRS 1021) and the Companies Act 2006. Accountlng policles Basis of preparatlon Tha financial s(alements have been prepared on the hist(xieal cost basis, as mlfied by the rovalualion of eertain finanei81 assets and liablliti6s and investment properties measured at lair value Ihlough income or oxpendilure. The financial slalements are prepared in sterllng, which is the functional curreney of the onllly. With approval by lh8 Iruslees on 1st April 2024 The Royal Welch Fuslllers Reg5menlal Collèction Trust charity regislrati(bn number 1057884 and The Royal Welch Fusiliers Museum Trust charity reglslration number 211019 merged into one charity The Royal W8lch Fusiliers Regimental Museum Trust Limited regisler8d company numbèr 13462932 and registered chality numboT 1202306. Gharities SORP {FRS 1021 requires that merger accounting be applied under these ¢lreumslanc8s provided Ihal certa1n p-CondItiOnS are $81Ssfied. The Trustees are of the view thal these conditions are satisfied and Ihewfore those accounts follow tha convonllons for merger accounting as detailed In Charities SORP (FRS 102). Golng concfjrn There ar8 no mateTial uncertainties about the charittys ability to continue. Judgements and kèy sources of estlmation uncertainty The preparation of the linancial statements requlres management to make judgemerbls, estimates and assumplion8 Ihal Bffect tho amounls reported. Theso eslimales and judgements aré continually reviewed and are based on experionce and other laclors, includinu expectations of fLJlure ev8nls Ihal are believed lo be reasonablè under the eiroumstans. 10
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limited by Guarantee Notes to the Flnancial Statements (conflnuédj Year ended 31 March 2025 Accountlng policl8s (coTrlliiu$dJ Fund aecountlng Unrestricted funds are donallons and other incoming r8sourcE>S receSvable or gonerated for lh6 obje¢ls of Ihg charity wilhoul furlher specafied purp058 8nd are available as gen8ral funds. Do$ignated funds are unrestricted funds oarmarked by the Iruslees for a particular future proj8Ct or commllmant. Reslricl6d funds are to be used for specific purposes as laid down by the donor. Expenditure which m6ets the ciiterla is chargad lo Ihe fund. Incomlng resour¢È5 All income is included in the gt#temenl of linan¢ial aclivilies when enlillèmenl has passed lo th8 charily, il is probabla thal the economic ben8fils associated with the Iransaclion will flow to the charily and the amount can b6 roliably mea$ur6d. The following specific policies arè applied lo partlcijlar oalegoii¥s ol incom6'. Incowno from donations or grants is racognis8d whgn thei'e is evidence of entillemenl lo the gift, receipt is probabl& and its amount Can be m&asured reliably. inaome from property donations such as Bxhibits recorded in an 'accesslons book. maintained by the Trust. No valualion is included In the Statement of Financial Acllviliés for thèse donalions unless lh8 value can be derived from the cosl lo th8 donor OT Ihe value can be reliably tneabvred. Donated faoili118s and services are recognlsed in the 8ccounls when rocvlv¥d if the value can be rellably measured. No amounts are included for Ihè contribuliotb of general volunteers. Incomg from ch8rilable a¢lltieS includa research Income and the sale of goods. Income is accounted for in full In the Slalemenl of Financlal Activities upon receipt. Resources Èxpended Expendiluro is recognis8d on an accrua15 basis as a Ilabilily Is incurred. Expgndilure includes any VAT which cannot be fully recovered, and is classSfied under headin95 of the Statement of Flnancial A¢tivities lo which il relales. All costs sjra allocated lo oxpendilurts categories raflecting the use of Ihe rosource. Dlrect costs 211ribulabla to a singlo aLlivily are allocated directly to that Activity. Sharcd Costs are apportion9d betweèn the a¢livities they conlfibute to on a reasonable, luslifiable and consistent basis. Resources exp6nded relate to the costs incuffed in respecl of the red8velDpmenl ol the muséum and Ihe upkeèp 8nd maintenance of the reglmenlal mèmorabilia and other exhibits, whether held at the museum premlses or elsewhere, together with the mainlon8nce and rtsdesign of th& area within the ty¢1Stle designAted lor use by the Ray81 Welch Fusiliers. 11 also includes r61aled expensès and adminislralion costs incurred in fullllling the CharitS aims. Tanglblfy assets All fixed assets aig initially recordèd al cost.
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limiled by Guarantee Notes to the Financlal Statements IGonllnued) Year ended 31 March 2025 Accounting policles (¢ontlvued) Depreciatlon Depreciatlon is calculated so as lo write off the cost or valuation of an assel, less Its sIdUal value, over the usgful economitt Ilfa of that asset as follows.. Straight lino basis over tha term of tho lease 25% rèducing balanco Leasehold expenditurè Furniture. fittin98 and equipment Herltage assats The charity holds heritagè assels. which are iangible fixed ass818 of htstorical Importance that are held lo advance preseivalion and eonseNalion objectives of the chaiily. In future new purchased heritage assÈls will be capllallsed arsd Included at cost including any in¢id8ntal expenses of aequisilion. Where herltage asseis were acquiTed Sn past accounting periods and not capllalised. il can be diffl¢ult or costly lo allrlbute a cost or value lo th6m. Many of Ihe items have been donated and Iheiofore valuation C¢iiinol easily be oblained. The cost of comMeral v81ualion would be extremely prohibitive given th¢ size of th8 collection. In such cas8s, these assets are excluded from the balan¢e she81 because reliab19 ¢osI information is not available. conventional valuation approBches lack sufficient ieliability and significant costs are involved in th8 reconstruction gr analysis of pa¥1 accounting records or In valuation, which are onorous compared with tho additional bBn¢fit derived by users of the a¢coLJnts in assessing thè trusle8s' stewardship of the assets. The very long expeclod lives of h8ritsge assèls, due lo their nature. value and nèed to be prote¢l8d and preserved means Ihal deprectalion is not material and is, Ihtsrofore. not provided. Investments Unlisted equily inveslmenls aro Initially recorded at cost, and subsÈquenlly measured al falr value. If fair valu& cannot be roliably measured, assets are measured al Cost less Imp8irment. Listed investments are measured al fair vale with chanues in fair value being recognls8d in Sneome or expendiiure. Impalrment of flxed assets A review for Indicators (>f impairme1 ts carried out at each reporting dalè, wllh the re¢ov8r8ble amount bÈlng eslimal8d where such indicators exlsl. Where the carrying value exceeds the recoveiable amount, the asset is impaired accordingly. Prior impairments a also r&vi6wed for possibla reversal al each reporting dale. For thè purpos8s of impairment tesling, when 11 is not possible lo esumale th6 recoverabl amount of an individual asset, an gslimate is made of the rècoverablo amount of tho cash-generaling unit to whl¢h the asset belongs. Thè cash-generating unil is the smallest identifiabl8 group of assets that includes Ihe ass91 and genof<iles cash inflows that largely indepgndenl of th8 cash inllows from othfrr assets or groups of assets. 12
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limlted by Guarantee Notes to the Financial Statements (conllnuedj Year ended 31 March 2025 Accounting policles {conllnu8d) stocks Stocks are measured at tha lower of cost and eslimalod selllng price less costs lo complete and sell. Cost includes all costs of purchase, cos(s of convwsion and other costs incurrèd in bringing the stock lo ils PTos¢nl location and eondiiion. Flnanclal instrumènts A financial assat or a linanclal Ilabilily is recognised only when tha oharity becomes a party lo tho ¢onlraclual provisions of the inslrumenl. Basic fin8nclal Snslruments arè inili8lly recognised al the amount receivable OT payable includlng any related transaction costs. Current assets and ctsrrenl liabilities aro subsequently maasured at thè cash or other conslderalion expec18d lo b? paid or re1Ve and not discounled. Debt Instruments arg subseouenlly measured Bt amortlsed aosl. Whèr6 investments in shares are public5y Iraded or Ihelr fair value can olhgrwise b8 measured Teliably. the invéstn7enl is subsequenlly measured al fair value with changes in fair value re¢ognised in income and Bxpendilure. All other such Inv8slmenls aro subsequenly m8asured at cost less impalrmenl. Other financial inslrumenls. including deiivalives, are initially reGoonised al fair value. unless payment foi an dssel is deferrad beyond notmal business lèrms or financed al a rale of inlOT&St that is not a market rate, In which case th6 8ssel is moasured at the pro59111 value of the future paym8n15 discounted al a market rale of inlerast for a similar debt insliumènt. Othér financial insliuments are subsequently measured al fair value. with any changes re¢ognised in the statement of fin£n¢lal aclivilies, with the exception of hedging in8lrumenls in a deslgnaled hedging ralationship. Financial assets Ihal are measured al cost or amortised cost are revi6wed for objeGliva evidence of impdirmenl at thè end of eacli reporting dale. If Ih6r6 is objective evidence of impairment, an impairment loss Is recogn5sed und6r the appropriate heading in the statement of financial activities In which the inilial galn was reoognisgd. For all equity Snslruments regtrdless of significance, and olher finanGlal assets that are indTvidu811y significant, Ihosè are assessed individually for impairment. Olher financial assets are either assessed individually or grouped on th6 basis of 8imilar credit risk characleristics. Any reversals of impalrm6nt are recognised immediataly, to the exlenl Ihal the reversal does not result in a carrying amount of the fin¥ncial asset that CeedS what the carrying amount would have been had Iha impairment not previously been re¢ognised. Defined contributlon plans Contributions to defined conlrlbulion plans are reoognisod As an expens6 in the Pefiod in which the related setvice is provided. Prepaid conlribulions are recognised as an asset lo the 8Xtenl that Iha prepayment will18#d to a reduction in fvlure paymen(s or a cash ieftjnd. 13
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Llmited by Guarantee Notes to the Financial Statements IGonllnu&d) Year endèd 31 March 2025 Accounfing policles (¢onllnuod) D•fined contrlbution plans {conllnued) When contributions are not expected to bè settled wholly wilhln 12 months ol the and of the r8POrting dale in which the employees render Ihe relaled Setvice, Ihg liabilily is moasured on a discoijnted prosent value batsis. Thg unwinding of the discount is recognlsed as an expensg in the period in whiLh it arises. Llmlted by guarantee The charity Is a company limited by guarantè6. The members of tho Company are the ITuslees named on pagÉ 1. In th8 gvenl of th6 charity belng wound up. Ihg Ilabilily in respect of the guarantee is limiled lo £1 per m8mber ol Ihe charlly. Donatlons and legacle Unreslricled Funds Reslrleled Total Funds Funds 2025 Donatlons G¢neral donations Donation from RWF Comrades Donation from RWF Officers Benevolent Fund 5,091 5.091 10,000 lo,0 Grants CADW admlssions grant MOD visitor services officer 9ranl Finesf Hour Project Educallon grallt8 Cost of living granl Hotjse of Memoiles Cymru 94.762 94,762 24,728 24,728 14,767 14.767 Sponsorship Corporate sponsorships 2,000 111,853 2.000 151.348 39,495 Unrestriclod Funds Restricted Totsl Funds Ftjnds 2024 Donatlons General donations Donalion from RWF Comrades Donation from RWF Offlcers Ben6volenl Fund 7.608 20.000 10,000 7,608 20,000 10.000 Grants CADW admissions grant MOD visilor setvioe& officer grant Finest Hour Pfojecl Education grants Cost of livlng 912nl House of Memories Cymru 99,750 99.750 23.663 2.536 7,784 18,000 1,750 23.663 2.536 7,784 18,000 1,750 14
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Llmited by Guarantee Notes to the Flnancial Statements (coJJtlnuedJ Year ended 31 March 2025 Donations and lègaciès (¢onlliJyed) Unrostricled Funds R6slricled Total Funds Funds 2024 Sponsorshlp Corporal6 sponsorships 137,358 53,733 191,091 Charltable activitlès Unreslricled Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 FRIENDS 8V6nl and fundTalser Online liokel sales Sale of goods Book royalties 4.956 1,175 11,493 731 4,956 1,175 11.493 731 5,523 1,058 16,363 5,523 1.058 16.363 18,355 18,355 22,944 22,944 Investment income Unreslricled Total Funds Unreslri¢led Total Funds Funds 2025 Funds 2024 Income from cash inveslmenls 20,423 20,423 20.731 20,731 Expendlturè on charitable activities by fund typè Unre$lricled Funds Reslricted Total Funds Funds 2025 PfeseNalion ol thé Regimental Collection Support costs 121,134 31.318 36.189 157,323 31,318 188.641 152,452 36.189 Unrestricted Funds Restricted Totsl Funrls Funds 2024 Preservation of ihe Regimental Collection Support costs 98,892 56,369 61,776 5,369 160,669 61,737 222.406 155,261 67.145 15
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limited by Guarantee Notes to the Financlal Statements {¢oi)flnuedl Year ended 31 March 2025 Expenditure on charitable actlvities by activity type Activities undeilaken directly Supporl Total funds costs 2025 Total fund 2024 PreseNalion ofthe Regim8nlal Colleclio Governance cosls 157,323 22,278 9.040 179,601 9.040 188.641 185,309 37.097 157,323 31,318 222.406 10. Analysis of support costs Preservation of Ihe Regimental Collection Total 2025 Total 2024 Communications and IT Genéral offlce Finance costs Governance costs Travèl costs Depreeialion 9.261 7,160 345 9,040 2,637 2,875 31,318 9.261 7,160 345 9,040 2,637 2.875 10,202 7,413 254 37,097 3,760 3.011 31,318 61.737 11. Other expendlture Unrestrictèd Total Funds Unreslrioted Totsl Funds Funds 2025 Funds 2024 Transfer of funds - RWF Yales Trusl 190 190 180 180 12. Net gain5 on investments Unreslri¢18d Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Gainsl{lossesl on cash held for investment purposes 17.396 17.396 64,629 64.629 13. Net Income Net income is stated after Chargingllcrediling): 2025 2024 Depreciation of tangible fixed assets 2,875 3.011 16
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Llmited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2025 14. IndepBndent examination f0¢S 2025 2024 Fees payable to the ind6pendent examiner foi.. Independent examination of the fin8neial slalemenls 3.600 3,750 15. Staff costs The lolal staff costs and 8mployee benefits for the reporting period are analysed as follows.. 2025 2024 Wagès and salaries Employer conlrSbullons lo pension plans 89,469 842 98,004 1,338 99.342 90,311 Thg average head count of employees duri the year was 7 {2024.' 71. Thé average number of full-time equivalent employees duTlng the year is anatysad as follows.. 2025 2024 No. Full lim8 museum and adminlslratlon No èmployee received employee benefits of more than £60,000 during thè y8ar {2024= Nill. 16. Trustee remuneratlon and expenses None of the trustees have been paid remuneration or received other bonefils from employment with the aharity or a related enlily. During the year six of the Irust6es have claimed expenses or had thr expensès met by th8 charity. The total amounl of expenses rèimbursed lo trustè6s for Irav81, subslslence and offioe costs uring the year was £2,637 {2024- £3.7601. 17. Transfers between funds Thèrè were no fund transfers made this year12024 - £839 was made to Iha goneral urireslriclèd fund from the restricted fundsl- 17
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limited by Guarantee Notes to the FSnancial Statements (conlliiugd) Year ended 31 March 2025 18. Tanglble fixod assets Furniture, fillings & equipment Leasehold expènditure Total Cost Al 1 Apr 2024 Additions 47,162 73,032 2.352 120,194 2,352 At 31 Mar2025 47,162 75,384 122,546 Depreclatlon Al 1 Apr 2024 Charg8 for the year At 31 Mar 2025 47,162 64,Q03 2,875 111.165 2,875 47,162 66,878 114.040 Carrying amount At 31 Mar 2a25 8,506 8.506 At 31 Mar 2L)24 9,029 9.029 IS. H8ritage asset8 The Charity holds items of liistoiical Importance al tho museum which is housed in Caernarfon Castle. The curfenl documented ¢olle¢lion is $ted in AXIEL al 23,808 items. AXIEL is a recognised museum collection dalabase system approved as part of Museums A¢creditation. Most enlrleg In the database include details af acquisitlon. provious ownership antl location as well as a doscriplion including value il known. Some items ar8 pholugraphed. The vast majorlly of objects In the collecllon have been gIn lo Ihe Trust and no values havé 43ver been allached to them. A few items hava been purchased, mainly madals and th8 like, and tho purchase cost of these items is normally sel out in thè catalogue. Not all of the 23,808 Items in the collaclion can be displaytrd al once and so m8ny are on display in Caernarfon Castlè while Ihe remainder, Ihe reservè colleelion. 18 kgpl at Wrexham Museum under an a9reem8nl with Wrexham CBC. Some i18ms are pul on lempordry display while others are available for th6 publlc lo see on request. All of Ihe oblecls in the co118cEion are considered to be heritage iloms and non& are kept for Ihe purposes of investment or similar. The Trust has a formal Acquisitions and Disposals Pollcy which was developed and amended by the prevlous museum curator. A major format rèvision will be required for Ihe next year's Accredilalion return bul lh8 basic principles for acquiring and disposing of objects will remain Iho sam6. Items collected musl be cle&rly of regimenlal importance however it is somèllmès necessary to acquiro material relating more broadly lo Ihe British Amy in order lo nairalg the story of the Regimènt in an imaginative manner, Ihus énabling people lo explore Ihts coll8¢tion and regimental archives lor inspirxtion. lea¥ning and enjoyment. Thg mlssion of thè Trust is lo preservg. thè collection in porpeluily. The govorning body Ihereft)r& accepts Ihg principle that sound curatorial reasons for disw)sal must ba established bgfor? consider811on Is given lo the disposal of <iny items in thè collection. 18
Royal Welch Fusillers Regimental Museum Trust Ltd Company Llmited by Guarantee Notes to the Financial Statements (¢oiillnuedJ Year ended 31 March 2025 20. Investments Cash or cash equivalents Cost or valuation At 1 Apr 2024 Additions Fair valu8 movements 920,172 20,423 17.397 At 31 Mar2025 957.992 ImpaTrm8nt At 1 Apr 2024 and 31 llay 2025 Carrylng amount At 31 Mar 2025 957.992 Al 31 Mar 2024 920,172 All inveslmenls shown above are held at valuation. Invèstments are staled in the fin8ncial slatemants at UK Slo¢k Exchang6 market value of £957,99212024- £920,172). Tha aggregate hlslorical cost of Investments Is £504,403 {2024- £483,9801- 21. Stocks 2025 2024 Retail stock 2,520 10.888 22. Dek)tors 2025 2024 Prepayments and accru8d Sncome Other dgbtors 1,465 26,706 1.970 5.364 28,171 7,334 23. Crodltors: amounts falling due within one year 2025 2024 Trad8 creditors Accrual8 and deferred incomè Social security Bnd other taxes Other credilois 5,330 5,747 4.089 72 105 11,077 4,266 19
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limited by Guarantee Notes to the Flnancial Statements fcohtlnuedj Year ended 31 March 2025 24. Pensions and othér post retiroment beneflts Definéd contrihutlon plans Tho amount récognised in Incomg or pendIture as an exp8nse in relallon to defined contribution plans was £842 (2024.. £1,338). 25. Analysls of charStable funds Unrestrictod funds At Gains and 21 Mar 202 losses Al 1 Apr 2024 Incorne Expèndilur Transfers Cenaral funds BNY Investments 62,854 g20,172 130.208 20.423 1152.6421 40,420 g57.991 17.396 983,026 150.631 11 Jf2,6421 17.396 g98,411 Al Gains and 31 hAar 202 losses Al 1 Apr 2023 Income Expenditure Transters Gener81 funds BNY Inveslmetbls 57.156 834,811 160,301 20.732 {155.4411 838 62,854 920,172 64,629 64.629 891.967 181.033 1155,441) 838 983.026 20
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Llmlted by Guarantee Notes to the Flnancial Statements (¢otJlliiue(4 Year ended 31 March 2025 25. Analysls of charitab18 funds (¢ontlnuedJ Restricted funds At Gains and 31 Mar 202 losses At 1 Apr 2024 Income Expenditur9 Trxnsfers Education grants Christmas Truce exhibllion Local Heroes project M8m6lz Wood exhibition Mod Visitor Svrvices Manager grant HWB C8arn8rfon grant Art Fund grant House of Memories Finest Hour Prolèct Cost of Living Grant 5,871 14,767 {12,000) 8,638 885 885 309 309 1,896 1.896 24.728 124,0481 680 1,180 4,249 1.180 4.249 1.750 1,750 141 11411 136,1891 16,281 39,495 19.587 Al Gain3 and 31 Mar 202 losses Al 1 Apr 2023 Income Expandilure Transfers Education grants Christmas Truce exhibition Local Hèroes project M8m6tz Wood exhlbilion Mod Visitor Services Manager grant HW8 Caernarfon grant Art Fund grant Hous& of Mgmories Finest Hour Project Cost of Living Gi'ant 11,697 7.783 113.092) {5171 5.871 3,961 13,075) 886 309 309 1,896 4,896 23.664 {24.1231 459 1,180 11,489 1,180 4.248 17.2411 1.750 1.750 2.536 {1,7551 17811 18.000 117,8591 167,145) 141 30,532 53.733 18391 16.281 21
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limited by Guarantee Notes to the Flnanclal Statements fGOnflnued) Year ended 31 March 2025 25. Analysls of charltable funds (coiillnuedj Education Grants Educatlon Grants are monies received to provide educallon programnS for school groups and famllies. During the year. the following amounts w&re received= £6,000 (rom Thts Thomas Howell Tru$l £150 from The Blakemore Foundation £1,950 IloTn Ynys Mon Anglèsay £500 from The Lennox Hannay TTUSI £1,500 from Conwy County Borough Council £1,000 from Tesco Stronger Starts £360 fmm Gwendolin8 and Margaret Davies Charity £3,307 from The Fed8ration of Wales Museums Chrlstmas Truce Exhibillon The svm of £885 rtsmains unspent at 31 March 2025. Local Heroes Pro]oct The sum of £309 rtsmains unspent at 31 March 2025. Mametz Wood In previous years the sum of £4.030 was received towards the Mamglz Wood ball18 display from various providers, of which th8 sum 01 £1,896 r8n7ains unspent al 31 March 2025. MOD Vlsltor Services Manag6r £24,728 was receivod from The Ministry of Defence in order to fltnd the cost of a Visitor Servlcès Manager of which (he sum of £680 remains unspent al 31 March 2025. HWB Caernarfon In premous years a grant of £2.500 was recéived to pay for a large screen projection of WW1 faces for this new prol6Ct, ofwhich the sum of£q,180 remains unsp8nt al 31 March 2025. Art Fund Grant Grants lolallino £16,824 wer8 ceiVed during 2022 and 2023 from the Art Fund for the digilisalion of arl wotk. £5,334 of the grant was spent during 2023 on photography. Last year a fuylher £7,241 was spent on photography and dullilisation. A sum of £4,249 remains unspenl al 31 Mar¢h 2025. House of Memories A grant of £1,750 was received fiom National Museums Livert)ooI. This was lo pholograph artefacls for the House of Memorf&s app. The moni8s remain unspent al 31 March 2025. 22
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Llmlted by Guarantee Notes to the Flnancial Statements {confliJuedJ Year ended 31 March 2025 26. Analysls of not assèts between funds Unreslricled Funds Restricted Total Funds Funds 2025 Tangibl8 fixed assets Invoslments Curr8nt 5bls Creditors less than l year Net assèts 8,505 957,992 42,989 {fj 1,075) 998,411 8,505 957,992 62,576 {11,0751 1.017.998 19,587 19,587 Unrestricted Funds Reslricl8d Toial Funds Funds 2024 Tangiblo fixed assets IrFveslmenls CurrÉnt assets Creditors less than 1 year Net as80ts 9,030 920,172 58,091 {4.2661 983.027 9.030 920,172 74,372 14,2661 Q99.308 16,281 16,281 27. Financial instruments The carrying amount for oach category of financial Instrument Is as follows: 2025 2024 FTnanclal assets that are d&bt Instiumènts measured at amortlsed cost FinanGial assets that aro debt instruments measured at amortised eosl 55.577 13.0031 Flnanclal liabilltles moasured at amortlsed cost Financial liabililles measured al amortised cost 5,842 347 28. Related partles During th& year undar review, the following transactions look place with related parlies- Thè Royal Welch Fusilieig Regimental Museum Trust Ltd made paymenls to1811ing £19012024 - £1801 on behalf of The Lieulenanl Colonel L H Yales Trust Thls year Royal Weleh Fusiliers RegiFnenlal Museum Trust Ltd recelved no donallon from The Royal Welch Fusiliers Comrades Assoeiation12024 - £20,000). A £10,000 donation was received from Thg Royal Welch Fusiliets Officers Benevolenl Fund12024 - £10,0(K)I. There wa5 no expenditiirp incurred in Iho year analysed as R¢uimenlal Records costs {2024 £3,179}. The expenditure last year consisted of consultancy fees paid to Generalship Ltd, a company of which foim8r trustee Lieutenant General J P Riley is sole diie¢tor and sharoholdèr.
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Llmlted by Guarantee Management Information Year ended 31 March 2025 The followlng pages do not form part of the flnanclal statemonts. 24
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Llmited by Guarantee Detailed Statement of Financlal Activities Year ended 31 March 2025 2025 2024 Income and 8ndowments Donatlon5 and legacles Genéral donations Donallon from RWF Comrades Donatiuii Irom RWF Officers Benevolenl Fund CADW admissions oranl MOD visitor Sèrvices ofticer grÈnt Fines1 Hour ProjBcl Education grants Cost of living grant House of Memories Cymru Corporat8 sponsorships 5,091 7,608 20,000 10,000 99,750 23,663 2,536 7.784 18,000 1,750 10,000 94,762 24,728 14.767 2,000 151,348 191.091 Charltable actlvltlgs FRIENDS ovenl and fundraisor Online ticket sales Sale of goods Book royalt£es 4.956 1.175 11.493 731 5.523 1.058 16.363 18,355 22,944 Investment income Income from cash investments 20,423 20.731 Total Income 190,126 234.766 25
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Limited by Guarantee Detailed Statement of Flnanclal Activities (coijlliiued) Year ended 31 March 2025 2025 2024 Expendlture Expendlture on charilaljle aclivitios Purchases Wages and salarles Pension costs Rent R8t8s and water Light and heat Insur¢ince Othèr motornravel costs Legal and professlonal fees Telephone Other oflice costs Depreciation Leaflets and lilerature Exhibition costs Reglmèntal Records costs Atlendanls, uniforms Buildings repairs and maintenance Alarm system tnalnlenance Dlsplay maintenan¢$ Education IT support costs Subscripliong Recruilmenl adverts Bank eh8rges and inlere8t 13,105 89.469 842 670 147 13,413 3,934 3.814 9.040 2,573 5.653 2.875 6,362 98,004 1.338 147 7,804 4,280 5,974 37,097 1,645 6,222 3,011 1.239 12 6,423 286 11,458 2.088 2,743 12,000 6,688 902 161 345 3.179 182 15,252 2,645 17 18,556 8,557 634 254 188,641 222.406 Other expendltur• Transfer of funds- RWF Yates Trust 190 180 Total expenditure 188.831 222.586 Net gains on Investments Gains on cash hsld for investment PUTposes 117,3961 164.6291 Net income 18,691 76,809 26
Royal Welch Fusiliers Regimental Museum Trust Ltd Company Llmlted by Guarantee Notes to the Detailed Statement of Financial Actlvities Year ended 31 March 2025 2025 2024 Expendlture on charltable activllles PreseNation of the Reglmenlal Colleotlon Activities underlaken directly Purchasés Wages and salaries Pongion costs RWF FEST R¢iles & wat9r Liqht and heal Insurance Travel and subsis18ncè Lèallets and lileTalure Exhibition costs Regiingnlal Records costs Attendants. unifurins Buildings r6pairs and maintenance Alaim syslem maintenance Display maintenance Education Recruiimenl advèris 13.105 89.469 842 670 147 13,413 3,329 1,177 6,362 98,004 1,338 147 7.804 3.723 2.214 1.239 12 6,423 3,179 182 15,252 2,645 17 18.556 11.458 2.088 2.743 12,000 161 157,323 160,669 Support cosls Insurance Travel and svbsislence Tel¥phune Other office costs Depreciation IT support Costs Stjbscriplions Bank ¢hargas and interest 605 2,637 2.573 5,653 2,876 6,688 902 345 557 3.760 1,645 6.222 3.011 8,557 634 254 22,278 24,640 Governance costs Govarnance costs- financial and other professlonal fees Governance costs- legal fees 9,040 6,247 30.850 9,040 37.097 Expenditurè on charltabjle act5vities 188,641 222,406 27