Charity registration numbor 273064 THE FUSILIERS MUSEUM OF NORTHUMBERLAND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE FUSILIERS MUSEUM OF NORTHUMBERLAND LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr J. Amstrong (Chairman} Ms Clare Baxter Mr G. Castle Lady Victoria Percy Mr N. Salvesèn MrA. Wilson Ex-offielo Trustees The Duke of Northumberfand Col. A. Gawthorpe Charity number 273064 Principal addrèss The Abbofs Tower Alnwid( Casllg Alnwid( Northumberland NE66 1NG Independent examsner Colin Frarne CA 17 Walkergale Berwick-upon-Tweed Northumberland TD15 1DJ
THE FUSILIERS MUSEUM OF NORTHUMBERLAND CONTENTS Pa9e Trustees, report Independent examinerfs report Statement of financial activitses Balance sheet Notes to th8 ffinanual statements 8-21
THE FUSILIERS MUSEUM OF NORTHUMBERLAND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Iruslee5 present their report and accounts for the year erKled 31 December 2023. The finanaal statements hav8 been prepared in accordan with the accounting policies set out in note 1 to the financial statements and cornply wrth the Trusfs governing document, the Charities Act 2011 and 'Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Iretand {FRS 102)" leffe¢tive 1 January 2019). Objectives and activlti The obJ'Èdtves of The Fusiliers Museum of Norlhumberfand (the Trust) are:_ al To hold the reglmental collèction, preserving, safeguarding and displaying the artides to their best possible advantage. bl To apply funds al their disposal to acquire unifornis. medals, pictures, books, manuscripts, maps, document$ and other articles suitable to enhance the collection. cl To uphold the traditions of the Regiment. The trustees have paid due regaid lo guidance issued by the Charity Commission in deciding what aciivities the Trust should undertake. Achievements and perforniane• Review of activities The Fusillers Museurn recorded 99.892 vi511ors in 2023. in the seven months of Alnwick Castle's open season from Easter to October. This unexpectedly high number was an inuease of 11.000 on the previous year, 2022, and also well above pre-covid numbers. The sumrner holiday months of Juty and August acLounted for 45% of visitor numbgrs. amphasising the importance of the family audience. V1511or feedback had three leading themes.. lop of the list. children and famli ies, enthusiastic enjoyment of the attractive and unusual museum trail in particular,. wide apprerialion for the welcome and friendliness of Ihe Front of Hou8e Ststr. the responses ofvisitors who found the displays moving and thought-provoking. In other museum activity. the museum's volunteers were fully involved throughout the year. Rèsponses from users of the farnily researth service confirmod how much the volunteers. thorough and expert reports are valuad. Volunteers also conducted welreCeIVed workshops and presentations to older and younger audien$.. to SOTne Societies and groups in town and country, and to the intently engaged pupils of some Northumberland Sthools. Behind the SneS, volunteer5 continued their invaluable assistance with cataloguing and conservation. To keep in touch with our supporters and friends, the museum publlshed well-illustrated colour Newsletters during the year. One regular feature. 'From the Archives,, reported on the variety of acquisitions donated during Ihe yeaT. for example.. from ihe First Worfd War an album of drawing8 $ent home from Fran for a daughterfs birthday,. from Ihe Second a Medica1 OffIS instruments used when a Far East Prisonèr of lrt&r. and a wartima collaction of letters lo his fiancee from a local man. Investment policy The Trust Deed allows the Iwslees lo invest funds In Bny investrnent Ihey think fit, 81 their ab801ule di3trets"on. Financial rèvlew The statement of financial activiti95 for thè yèar is set out on page 5. This shows a surplus for the yeaT of £24,351 P022.' £12.523 deficill. Net assets of the Trust at 31 December 2023 were £239,179 12022.. £214,828} of which £20,737 were capital endowrnenl funds (2022.. £20.737}.
THE FUSILIERS MUSEUM OF NORTHUMBERLAND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Reserves pollcy The tiustees have reviewèd the reserves of the Trust. The review considered the nature of the income and expenditure streams and concluded that the reserves held are sufficient to maintain and preserve the Regimental collection and allow the Trust to be managed èfficiently. The trustees feel that the cash al bank of £141,040 is adequate to cover immediate needs, as it represents over 6 months of routinè expenditure. Finanelal sustainability Last year the trustees reported that discussions had begun with Alnwick Castle Ventures with a view to finding a mutually acp1able and more sustainable 801ution to the contribtstion which the Museum reiVeS for visrtors, there having been no amendment to the entrance fee basis since 2013. The settment for 2023 was ultimately agreed 8ftèr the Museum had ¢losed for the year, but with an aged basis and Mechanism to conclude annual agreements for future years in a timely faShn going forward. This arrangém8nl is currenuy being lesled, and the Iruslees hope lo report on the arrangements for 2024 at the April trustee rneeling. Some other initiatives for generating more income were implemented during 2023 wth a new cashless donation point installed in the Museum, and a more commercial approach to certain outreach activities. Inflationary pressure3 continued thioughout 2023 and there will be further wag8 inflation lo absorb for the forthcoming season. The trustees are acutely aware of the need to grow existing revenue streams, lo develop new SoUrS of income, and lo manage costs appropri8lety to keep the Musoum in a sustainable position. Publie Benefit In considering the operation. achievement and perfomiance and finances of the Trust, the trustees ar8 satisfied that public b6nafrt has been provlded In ac<x)rdance w¢th the Charitles Act 2011 and guidance provided by the Charity Commission. Risk review The Iruslees have assessed the rnajor risks lo which the TIu5t is gXPOsed, and are satisfied that systom5 are in place to fflitigale exposure to other rnaior risks. IndeperKlent examlners A resolullon proposing th* C. M. Frame, Partnef In Greaves Wesl & Ayre be re-appointed as Independent Examiner of the Trust will be pul to the Annual General Meeting. Structure. governanc• and management Constitution The Gh8rit8ble Trust was set up on 7th February 1977 and is govèmed by the teims of its Dedaration of Trust, as varied by schernes in 1992, 2001 and resolutions in 2001 and 2018. Governlng Body The Trust's affairs are under control of the Iru51ees. who are responsible for all transactions and matters relating to the Trust. The Duke of Northumberland and the Regimental Colonel NorthurnberlaThJ are ex-officio tru51ees. There are up lo seven eOPted Iruslees, who are co-optad by the serving trustees. and are ganèrally apwinled for a term oflour years. The trustees who served during the year are as stsled below.. The Duke of Northumberland Mr J. Amstrong (Chairman) Ms Clare Baxter Lady ViclorH Percy MrG. Casde Mr Neil Saesen Col. A. G8Wthorpe mrAlialr Wilson
THE FUSILIERS MUSEUM OF NORTHUMBERLAND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of trustees. re8pon8lbllitle8 The Iruslees are responsible fr)r preparing the Trustees. Report and the financi81 stslements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wdles requires the trustees to prepare financial staternents for each finanaal year which give a true and fair view of the stale of 8ffalrs of the Trust and of the incoming iesources and appli12tion of sour$ of the Trust for that year. In prepaTing these financial statements, the trustees are required lo.. select suitable aw)unling policies and then apply them consistently., - observe the methods and principlès in the Charities SORP., - make judgements and estimates ihal are reasonable and prudènl.. slate whether appiicable accounting standards have been followed, sublect to any materlaj departures disclosed and éxplained in the fmancAal slalements.. and prepare the financial st*ements on the gung concem basis unle65 11 is inappropriate lo presume that tho ¢harity will continue in operation. The trustees are respon$ibl$ for kaèplng sufficient accounting records thal disc105e with reasonable acraCY at any time the finanrial position trf the Trust and enable them to ensure that the financial slaternenls comply with the Charities Act 2011, the Charity IAcwunls and Rèports) Regulations 20Q8 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets ol the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees, report was approved by the Board of Trustees. Mr J. Armstrong (Chairman) Chairman 19 April 2024
THE FUSILIERS MUSEUM OF NORTHUMBERLAND
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE FUSILIERS MUSEUM OF NORTHUMBERLAND
l port lo the trustees on my ex8mination of the financial $talemenls of The Fusiliers Musèum of Northumberland
Ithe Trust) for the year ended 31 Dember 2023.
ResponsibilitieB and basls of report
As the trustees of the Trust you are responstt)lÈ for the preparatson of the finan
THE FUSILIERS MUSEUM OF NORTHUMBERLAND STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Curront finanelal yèar Unrestrlctod Unrestricted fvnds funds gen8ral d8slgnated 2023 2023 Restricted funds Tgtsl Total 2023 2023 2022 Notes Income from.. Donation5 and legaaes Charitable activit$ Other trading activities Inveslrnenls 19,040 61,953 11,729 1,556 1.500 3,320 23,860 61.953 11,729 1,556 22,022 37.900 10,151 753 Total Income 94,278 1.500 3.320 99,098 70.826 Exp*ndltur• on: Raising funds Charitable activit$ 6,178 71,967 6,178 73,536 5,117 68,666 175 1,394 Total expenditure 78,145 175 1.394 79.714 73.783 Net gainslllosses) c investments 12 4,967 4.967 (9.5661 Net incomel{•xp•nditurel 21,100 1,325 1,926 24.351 112.5231 Transfers been fund5 400 14001 Nat movement In funds 21,100 1,725 1,S26 24.3SI 112.523} RecoD¢iliation of funds: Fund balances at 1 January 2023 111,166 80,329 23,331 214,828 227,351 Fund balancès at 31 D•e•mbgr 2023 132.268 82,054 24,857 239,179 214,828 The statement of finanrial activities includes 8119ains and losses recognised in the year. All income and expenditure derive from continuing adivities.
THE FUSILIERS MUSEUM OF NORTHUMBERLAND STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Prior financial year UnstrICted Unrestrlcted funds funds general dèsignated 2022 2022 Restricted funds Total 2022 2022 Notès In¢gme from: Donations and legacies Charitable activities Other trading activilles Inveslrnents 20.522 37,900 10.151 753 1.500 22,022 37,900 10.151 753 Total income 69.326 1,500 70.828 Expendltur• on: Raising funds Charltable activities 5,117 66,974 5,117 68,666 112 1.580 Total expenditure 72,091 112 1,580 73.783 Net losses on investments 12 19,5661 19,5661 Net incomel{expendlturo) and movement In funds 112.3311 1.388 {1,580} 112,5231 Reconciliation of funds: Fund balanS at 1 January 2022 123.499 78,941 24.911 227.351 Fund balances at 31 December 2022 111,168 80,329 23,331 214.828
THE FUSILIERS MUSEUM OF NORTHUMBERLAND BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Notes Flxed assets Tangible assets Investments 14 15 8,509 103,825 7.853 100.317 112,334 108.170 Current assets Stocks Debtors Cash at bank and in hand 16 17 1,531 860 141,115 1,103 590 108.840 143,5( 110,533 Creditors: amounts falling due within one year 18 16.661 3.875 Net CUTrent assets 126,845 106,658 Total assets less curr•nt liabilitl•s 239,179 214,828 The funds of thè Trust Rest[ed income funds Unreslricled funds- general Unrestricted furKls- designated 19 24,857 132,268 82,054 23,331 111,168 60,329 21 239.179 214.828 The f#)ancial statements were approved by the Iru8tees on 19April 2024 Mr J. Armstrong {Chairmanl Truste¢
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollclo$ Charlty Information The Fusiliers Museum of Northumberland is a regtslered charity with the Charitiès Commission, whh is administer1 by ts own governitvJ documonts. 1.1 Accountlng convention The finanual staternents have been prepared in accordan with thè Trust's goveming document, the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland. I'FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended practi applicable to charrties preparing their accounts in accordance with the Finanaal Reporting Standard applicab18 in the UK and Republic of Ireland IFRS 102}. {effe¢tive 1 January 20191. The Trust is a Public Benefit Entty as defined by FRS 102. The Trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in steding. which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded lo the nearest £. 1.2 Golng eoneèrn At the time of approving the financial statements. the trustees have a reasonable expectalon that the Trust has adequate resources lo continue in operational exlsten¢e for the foreseeable future. Thus the Iruslees continue lo adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds The General Fund is an unrestricted fund whlch 1$ 8vailable for use at the discret10n of the Iruslees in furtherance of the general objectives of thè Trust. Designated funds compdse unieslricted funds which have been sel 83ide by the trustees for particular purposes. The aim and use of each designated fund is sèl out in the notes lo the financlal statements. Restricted funds are frjnds which are lo be used in accordance with spedfic restrictions irnposed by donors or which have been raised by the Trust for particular purposes. The cost of raising 8nd administering such funds are charged against Ihe specffic fund. The aim and use of each restricted fund is Sel out in the notes to th8 ffinancial statements. Endowment funds are restricted capital funds. whi¢h must be held indeffinitely. and where there 18 no power to convert the original capital lo income. The costs of •Jministering such fvnds can be ¢harg8d against the fund. 1.4 Income In¢ome is recognised when the Trust is legally entrtled to it after any performance conditions have been meL the amounts can be measured rèliably, and il is probable that income will be received. Cash donalions are recognised on receipt. Other donations are recognised once Ihe Trust has been notified of the donation, unless perfomiance conditions require deferral of the amount. Income tsx recoverable in relation to donations received under GifiAid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on receipt or otherwisè if the Trtjst has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is Irealed as a contingent asset.
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Aecountlny policies Icontlnuedl 1.5 Expendlture Expenditure Is Tecognised once there is a leg81 or txjnslructlve obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will bè required in settlement, and the amount of the obligation can be measured reliably. All expendilure is accounted for on an arual$ basis. Costs arè allocated to appropriate headings. based on the activities to which they are attributable. Costs ofgen&iating funds are the cost of goods sold in the museum shop. Support C051s 8re those incurred directly in support of expenditure on the objectives of the Trvsl. Management and 8drninistralion Gtssls are those incurred in connection wilh the administration of the TN51 and complianTr with con51ilulional and statutory requirements. 1.6 Tangible fixed a839ts Tangible fixed assets a initially measured at cost and subsequently mea$urgd al ¢osl or v81uation. net of depreciation and any impairmant losses. Depreciation is reccxJnised so as to wrile off the Cost or valuation of assets1gSS thèir r8$idu81 values over Ihetr useful lives on the 1016owing bases.. Storage equipment Office and computer equipment Artefacts Fixtures and frttings 20% Straight Line 33.33% Straight Line 20Yo Straight ne The gain or loss arising on the disposal of an a5581 is detwmin6d as the drffere beeen the sale proceeds and the carrying value of the asset, and is Tecogni8ed Ihtr $latement of financial activities. 1.7 Flxed asset investments Fixed a5s&I inveslments are Inf(Sally measured at transaction price excluding Iransa¢lion ¢osts, and arè subsequently measured at fair value at each reporting date. Changes in fair value are recognised in nel incomel{expendilurel for the year. Tr8ns8Ction costs are expensed as incued. 1.8 Impairrnent of fixed assets At each reportlng end date. the Trust reviews the carrying amounts of its tangible assets to determine whether there is Any indication that those assets have suffered an impairrnent loss. If any sud) indication exists, the recover8blg amount of th& asset is estimated in order to determine the extent of the imp8irm?nt loss lif anyl. 1.9 Stocks Stocks are stated at the lower of c05t and estimated selling pri less costs to complete and sell. Cost comprises direcl malerials and, where appbcable. direct 18b()ur costs and those overheads that have been incurred in bringing the stock5 to their present location and condition. Items held for distribjtion at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the eslirnaled selling price les5 all esb'mated costs of completion and costs to be Inrred in marketing. selling and distribution.
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 AccountSng polic5es (Continued) 1.10 Cash and ¢?sh equivalents Cash and cash equivalents indude cash in hand, deposils held at call th banks. other short-lem liquid investments wrth original maturities of three rronlhs or less, and bank overdiafts. Bank overdrafts are shown thln borrowings in current liabil"rtw. 1.11 Financial instruments The Tru81 has elected to apply the provi3ions of Section 11 'Basic Financial Inslrumenls. and Section 12 'Othèr Financial Instruments Issu@s' of FRS 102 to all ol its financial instrument3. Finan(aal instruments are recognised in the Trusfs balance sheet when the Trust becomes party to the contractual provisions of thè instrument. Financial assets and liabilities are offset. with the net amounts pre3enled in the financial statements, when there is a legally enforceable right lo set oifthe recognised amounts and there is an intenth)n to settle on a net basis or to realise the as$el and settle the liabilty simultaneously. Basic flnaneial assets Basic financial assets, which include debtors and cash and bank balances, are iniiially measured 81 transaction price includlng transaction costs and are subsequently rarried al amortised cost using the effective interest method unless the arrangement conslilules a financing transaction, where the transaction is measured at the presenl value of the future reiptS discounted al a market rale of interest. Finanaal assets classified as receNable within one year are not amortised. Baslc flnanclal liabilities Basic financial liabilities. in¢ltJding edItors and bank loans are inittally recognised al transaction price unl$$$ the arrangement constiiutes a ffin8n¢ing transaction. where the debt instrument is measured at the present value of the future payment5 discgunled at a market rate of intèrèst. Financial liabilities classified as payable within one year are not amortlsad. Debt instruments are subsequently carried at amortised cost, using the elfeclive interest rate method. Trade ueditors are obli9alion$ lo pay for goods or seNic8s th81 have been ao4uired in the ordinary couise of operations from suppliers. Amounts p8yable are dassffied as current liabilities if payment is due within one year or less. If not, thèy are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortIs cost using the effective interest method. Derecognition of fin4ncial liabiliti•s Financial liabilities ara derécogntsed when the Trust's contractual obligations expire or are discharged or 8n¢elled. 1.12 Employee benefits The cost of any unused holiday entitlément is recognised in the period &) which the employee's services arg received. Terminalion benefits are recogni5ed immediately as an expense when the Trust is demonstrably committed lo terminate the employmenl of an employee or to provide temiinalion benefrt8. 10-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Icontinuedl 1.13 Government grants Government grants are recognised at the fair value of the asset received or receNable when there is 8$0nable assurance that the grant conditions will be mel and the grants will be rerEived. A grant that specifies perfomiance conditions is recogni5ed in income when the performance conditions are rnel. Where a grant doès not specify perforniance conditions it is recognised in income wh&n the proceeds are received 01 receivable. A grant received before the recognrtion criteria are satlsfled is recognised as a Crltlcal accounting estimates and judgements In the application of the Trust's accounting policies. the Iwslees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabiSilies that are not readily apparent from other SoUrs. The esbmatbs and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actu81 results may differ from these estimates. The eslimales and underlying assumptions ale reviewed on an ongoing basis. Revisions lo accoynbng eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of Ihe revision and future periods where the revision affects both current and fvtUTe periods. 11
Z5 (Y rfo iryo *Jw O(J L)
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from charitablè activiti•s Unrestrlcted funds 2023 Unrestrlcted funds 2022 Visitor elltr8n¢e faas Oulreath income Research fees 60,000 400 1,553 36,050 100 1,750 61,953 37,900 Income from other tradin9 a¢tivitie Unrestrlcted Unrestrlcted fund¥ fund¥ 2023 2022 Shop $81è$ 11,729 10,151 Incomtr from Investments Unrestrictsd Unre3tri¢ted funds funds 2023 2022 Income from listed investments Interest re1vable 778 778 505 248 1,556 753 13-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditurè on ral8ing funds Unrestricted Unrestricted funds funds 2023 2022 Ralslng fund$ Opening stock- shop Shop purchases anrt don*ed goods ClosSng shop stock 1.103 5,568 (1.5311 3,031 2,149 {1,103} 5,1AO 4,077 Inveslment management 1.038 1.040 Total costs 6.178 5,117 14-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expendlture on charltable activities Charltable Activiti•s 2023 Other Total Charitablè Activitse 2022 Other Total 2023 2023 2022 2022 Direct costs Staff costs Depreaation and ImP8irmenl Conservation Computer software and consumables Rent Insurance Repairs and cleaning Travel expenses Postage, stationery and telephone Advertisin9 General administration expenses Bank charges Activty ¢xp¢nses 61.240 61,240 56,682 56,682 1,744 175 1,744 175 2.020 112 2,020 112 1.957 850 1,167 509 154 1,957 3,170 1,167 1,230 850 1,069 913 69 1,230 1,144 1,069 913 320 294 154 678 290 678 2) 769 473 550 473 550 264 499 389 389 264 768 63.743 6.628 70,371 59,876 5,788 6S.664 Share of support and governanc? ¢o$ts Is•è not• 91 Governance 3,165 3,165 3,002 3,002 63,743 9,793 73.536 59,876 8.790 68,666 Analysis by fund Unrestricted funds- general Unrestricted funds- designated Restr¢cted fvnds 62,174 9.793 71.967 58,184 8.790 66,974 17S 1,394 175 1,394 112 1,580 112 1,580 63,743 9.793 73,536 59,876 8.790 68,666 Governance costs 2023 2022 Govemance costs wmprise". Aczounlancy 3,165 3.002 3,165 3,QKJ2 15-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Tru$t¢¢s None of the trustees (or any persons connectèd with them) received any rèmuneration or expenses during the year {2022." £Nil}. The total amount of donations recefved wilhoul condit'on from trustees or other related part$ during the year was £28012022.. £2401. 11 Ernployees The average monthly number of employees during the year was.. 2023 Number 2022 Number Administration Seasonal Total Employrnent costs 2023 2022 Wages and salaries Other pension costs 60,020 1.220 55,827 855 61,240 56.682 Yhere were no employees whose annud reMuneratiC was moTe than £60.000. 12 Gains and lossès on investments Unrestricted Unrestricttd funds funds 2023 2022 Gainsl(losses) arising on-. Revaluation of investments Sale of investments 4,967 (9,436) 1130} 4,967 {9,566} 13 Taxatlon The Trust is exempl from taxation on its activities because all its income is applied for Charitab purposes. 16-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Tangibla fixed assets Storage equlpment Office and computsr oqulpmont Artofacis Flxtures and ffittlngs Totsl Cost Al 1 January 2023 Additions 18,551 20,539 1,870 6.400 275 530 4S.76S 2.400 Al 31 December 2023 18,551 22.409 6,400 805 48.165 Dèprsclatlon and Smpairment At 1 January 2023 Depre(xalion charged in the year 18,125 335 19.732 1.249 55 160 37.912 1.744 At 31 December 2023 18,460 20.981 215 39.656 Carrying amount Al 31 December 2023 91 1,428 6.400 590 8.509 Al 31 December 2022 426 807 6.400 220 7.853 All tangible fixed assets are used for charitable purposes. The artefacts are stated at current market value at the point they are subsumed into the collectton and due to the nature of the assets have not been depreciated. IS Fjxed asset investsnents stsd investments Cash in portfolio Totsl Cost or Valuaon Al 1 January 2023 Additions V8lualion changes Investment income Management fee5 Disp05315 Cash withdrawn 98,050 64 4.967 2,267 100,317 4,%7 778 {1.0381 1631 {1.2001 778 {1,0381 (631 {1,2001 Al 31 Dec$mr 2023 103,081 744 103,825 Carrying amount Al 31 December 2023 103,081 744 103,825 At 31 Oecember 2022 98.050 2.267 100,317 17-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Stocks 2023 2022 Raw material$ and consumables 1,531 1.103 17 Debtors 2023 2022 Amounts falllng due vAthln ono year: Trade debtors Other debtors Prepayments 8nd accrued income 242 357 261 124 158 18 Credltors.. amounts falling due wlthln one year 2023 2022 Other laxalion and social security Accruals and deferred income 13,471 3,190 1,145 2.730 16,661 3,675 19 Restrlct•d fund¥ The tricted fvnds of the Trust comprise the unexpended balanes$ of donations and grants hekl on trust subject to specific conditions by donors as to how they may be used. At 1 January 2023 Incoming r•sourc•$ Resources expended Transf•rs At31 December 2023 Capitsl Endowment Fund Pilgrim Trust and MDNE Conservation Grant Gun Sale Grant {AMOTI Th8 Joicey Trust Regimentsl Colours Grant MDNE Fire8rms CleaniThJ Grant Regimental FAS COVID Grant MDNE Recovery& Development Grant MDNE Recovery & Developrnenl Grant 2023 20.737 20,737 184 225 1184) 1136) 89 400 1.357 142 {4001 1.357 29 {113) 1231) 55 3,320 30) 2,5) 23,331 3,320 (1.3941 14001 24,857 18
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Restricted funds (Continu•dl Prevlous year: At 1 January 2022 Ineomlng resources Resources Èxpended Transfers At31 December 2022 Capital Endowment Fund Pilgrim Trust and MDNE Ctsnservation Grant Gun Safe Grant IAMOT) The Joicey Trust R8girnental Colours Grant MDNE Firearms Cleaning Grant Regimental FAS Covid Grant MDNE Recoyery & Development Grant 20.737 20,737 1,284 361 11.100) 1136) 184 225 400 1,357 255 4CX) 1,357 142 1113) 517 (231) 24,911 11.580) 23,331 The Pilgrim Trust and Museum Development North East (MDNE) Conservation Grant represenis donations madè towafds the environmental monitoring equipment ft)r the museum. TheATmy Museum$ Ogilby Tnjst Gunsafe grant represents donations low8rds the cost of 8 gunsafe. The Joicey Trust Grant represents donalons towards making and displaying new graphic images of the Regimental Colours. The Museum Developrnenl North East IMDNEI grant rapresents donations towards the cleaning of fireaTrnS. The Regimental Fusiliers Aid SocAety COVID grant represents donations towards the cx)sl of the charity continuing its work during the COVID-19 pandemie and the subsequent reopening of the museum after nation81 lod(downs. The MDNE Recovery & Development grant repre5ent5 th)nations to produce a virtual tour for the charity's website, conservation supplies and an A3 printerlscanner. The MDNE Recovery & Development Grant 2023 represents donations towards thè EPOS to streamline activities in the museum shop and r8¢tsrding of shop sales. outdoor signage, conservation supplies ar a new kiptop. At 31 December 2023 the balances of Pilgrim Trust and MDNE Conservalh)n Grant, Gun Safe Grant. The Regimental Fusiliers Aid Society Grant and MDNE Recovery & Development Grants represent the nel book Valuès of those assets purchased with the grants received. As those assets are depreciated each year the restricted fund balances will redu by the depreciation charged against them until ex1inguished. 19-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Unrestricted fund$ The unrestricted funds of the Tiusl cornprise the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as to how they rnay be used. At 1 January 2023 Incomlng resources Resources expended Galns and 10$$gs At31 December 2023 General funds 111.168 94,278 (78,1451 4,967 132,268 Previous year. At 1 January 2022 IneomlTrJ reSoue5 Resources expendod G8lns and los$es At31 December 2022 General fund8 123,499 69,326 (72,0911 19,5661 111.168 21 Unrèstrieted funds- deslgnatad These are unrestricted funds which ale m81erial lo the TrusV6 activities. At l January 2023 Incomlny resources Resource¥ ¢XP8nded Transfers At31 Decembèr 2023 Acquisition Fund Conservation Fund Refurbi$hThnt Fund 6.400 14,969 58,960 8.40D 16,294 59.360 1,5fKI {1751 80,329 11751 82,054 Previou3 year. At 1 January 2022 Incoming resources Rg¥ources expended Transfers At31 December 2022 Acquisition Fund conSeNatn Fund Refvrbishment Fund 6.400 13.581 58.960 6,400 14,969 1,500 1112) 78.941 1,500 1112) 80,329 -20-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Unrestricted funds - designated {Contlnuedl The Acquisition Fund is applied to acquire display articles for the reglmental colledion. The prOedS of any minor items disposed of are credited to this fund, and used to make further acquisitions. Significant disposal proctred$ arè alk)cated to funds at the Trustees. discretion. The Conservation Fund is used for the preservatk)n of Items in the regimental collection. In the year, various amounts have been expended for this purpose and have been charged to this fund accordingly. In previous years conservation equipment has been catilalised wlh the depreciation charged over 5 years to the Conservation Fund. The Refurbishment FLtnd represents donations and transfers designated towards the costs of redeveloping tho museum. Transfers 8re made from the General Fund to the Designated Fund lo cover the ex¢es$ of expenditure over income in the year, where applicable. Analys5s of net assets between funds Unrestrlcted Unrestrfcted funds fvnds general dèslgnated 2023 2023 Restricted fvnd¥ Total 2023 2023 Fund balances at 31 December 2023 are represented by= Tangible assets 259 Investments 103,825 Current assetsllliabilities} 28,184 6,400 1,850 8,509 103.825 126.845 75,654 23.007 132.268 82,054 24,857 239.179 Unrg¥trf¢tod Unr•strlcted funds funds general designated 2022 2022 Restrlcted fvnds Total 2022 2022 Fund balan¢es at 31 December 2022 arè r•pr8sented by: Tangible assets 609 Investments 100,317 Current assetsllliablliliesl 10,242 6.40 7,853 100,317 106,658 73.929 22,487 111,168 80,329 23,331 214,828 23 Related party tran$a¢tion$ There were no disdosable related party Iransadton$ durtng the year12022'. None). 21
THE FUSILIERS MUSEUM OF NORTHUMBERLAND DETAILED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Donations and legacies Donations and gifts- unrestricted Grants- unrestricted ConseNation - designated Grants- restri¢t¢ 17.311 1.729 1.500 3.320 19,548 974 1,500 23.860 22.022 ActivStles for generating funds Shop sales 11.729 10.151 Investment Ine¢)m¢ Investment income Dewstt a¢¢ount interest 778 778 505 248 1.556 7S3 Incomlng resources from charitablè activities Visitor entran fees Outreach income Research fees 80,cKJo 400 1,553 36,050 100 1,750 61.953 37,900 Totsl in¢oming resources 99.098 70.826 Résour¢e8 expended Costs of generating donations and legacies Opening stock- shop Shop purchases and donated 9dS Closing stock- shop 1,103 3.031 2.149 11,103) 11,531) {5.140) 14,0771 Investment managemènt costs Investment management costs {1,038} 11,0401 Balance Carried Forward 92,920 65,709 -22-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND DETAILED INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Balancè Brought Forward 92,920 65.709 CharitableActivities Wages and 58larie5- unrestricted Staff Pension Costs- unrestricted Office equipment depre(ialion- unreslri¢tgd Storage equipment depreciation - unrestricted Fixlures and fittings depreciats'on- unreslricted Hire of equipment- unrestricted Activity expen5es- unrestricted Conservation- designated Storage equipment Office equipmen¢ deprerialion- restri¢ted Fixtures and fittings dep¢18on- Stricted 60,020 1,220 281 15 55.827 855 320 65 55 294 768 112 1.236 344 320 284 175 320 106 163,743) 159,8761 Other Computer software and )nsumables- unrestricted Rent- unrestricted Insuran - unroslricièd Repairs and ckaning- unrestricied Travel expenses- unrestricted Postage, stationery telephontr- unrestrided Adverti$ing- unrestricted General administrative expenses- unrestricted Bank charges- unrestrthd knount8ney- unr6Stricled 1,957 850 1,167 1.230 850 1,(9 913 69 769 154 678 290 473 550 3,165 499 389 3,002 (9,793) {8,7> Surplus before movement on Investments 19.384 (2,9571 Net Ilosse5llgains on Investments Unrealised gainslllosses) on investments Realised gain on disposal of investments 4.7 {9.4361 11301 4,967 19.5661 Surplu51lDeficitl for the Year 24,351 112.523} -23-