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 MS 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¢ll￿tieS 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 Charit￿S 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 comMer￿al 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 val￿e with chanues in fair value being recognls8d in Sneome or expendiiure. Impalrment of flxed assets A review for Indicators (>f impairme￿1 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