THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Vnre8trl¢ted funds The unrèslncled funds ol the Trust (xffiprise Ihe unexpended balances of donat)nS and grant8 which are nol subject to SfiC condibons by donors aThJ granlors as to how they may be used. At l January 2024 Incoming Re8ource8 resource• expendod Gains and lo$$es At31 DeCemr 2024 Genero1 fundi 132.288 120.4 (78.2441 180.886 Pr•wlou• ye•r'. At 1 January 2023 Incorning ResOUTC•8 ource• •xpend¢d G•lns ond At31 D?c•mhr 2023 GaMro1 lunds 111.188 94,278 (78.145) 4.967 132,288 22 An•ty858 of n•t I•ts b•tw••n fund• Unmtrict•d Unr••tricted fund• fund• g•noral d••lgnated 2024 2024 Rtstrlct•d fund• Totsl 2024 2024 At 31 08mber 2024.. Tangible assels Inv$stments Current asse¢IlbI1thI 1.357 7,869 128.784 155,251 128.784 51,990 77,055 28.2Cfj 180,886 83,455 27,583 291,W4 Unrestrlcted Unr•atrlcted lund fund neral de8lgnated 2023 2023 Re•trl¢ted fund8 T¢)tsl 2023 2023 At 31 Decemb•r 2023.. Tangible assels Investment5 Current assetrJlltat41it81 259 103.825 28.184 1,850 103.825 126,845 75.654 23.C4)7 132,268 82,054 24,857 239,179 23 R•lated party trarCtions There We no diados#tAc TCtell party transacti¢ duiww thc y¢aT P23." N¢Jnel. 21
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Unr•8trietod funds . dign•t i Msa are unr98tle fvnds whk are malwial 10 Ihe Twusfs aciNibe8. At 1 January IncomlrvJ 2024 rtswrcos Resour¢es exnd¢d Tr•n•fer• At31 De¢eMbor 2024 Awui$ilion FuTrJ Conservation Fund Rglurbi8hment Fund 6,400 11.695 59.360 10.294 199) 82,054 (991 83.455 Pr•vlou• y•ar'. At 1 Janu•ry 2023 In¢omlng R•sour¢• our¢ •xp•nd•d Trnn•fern At31 c•mber 2023 A¢9$1ton conserv8ts.on Fund Refurblshment Fund 8.40) 16,294 59,360 14.9 {1751 80.329 1175 400 82,054 Th• Acquisilion FurKI is applied lo wuire dISpY 8rtides the regimèntsi colkntin. The proLwdJ ol any minor items di$posed of a ttedrted to lth's fund. and us•d lo make bjrlher a9]ui$l.9s. svnrft disposal woceed$ are alkncat•d to fwJs 4t Tru$loe$' dwel. The ConseNatKM FurKJ is us•d for the preswvatin of items in the regIts1 cc41ectn. In lh• Yr. variou¥ amounls have been xped for this purpose and have l)een Larged to this lund attordingly. In pwiou$ years conserva'on equipment has l)een capjtaltsed Yath the depreCtIon ¢thargèd over 5 ye8rs to the ConseNalp)n Fund. The RefiJth$hment Fwhj reprewts donatim$ aThJ transth desyiated tc*•Ards Ihe costs of rèdèYglopTng the museum. Translers ar¢ madè frorn the General FWKI to ts Dewwaknj Fund to )Ver the excess of éXFérnthlu over Income in the year, where appIab.
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Rèstrl¢td funds (Continued) Prevlous yoar. At 1 January Intdminy resources Rèsourte expended TAnsfer At31 December 2023 2023 Caprtal Endowment Fund Pilgnm Tru81 and MDNE Conservalion Grant Gun Sale Grant IAMOD The Joicey Tru51 Regimental Colours Grant MDNE Fir•am)s Cleanirg Grant Regimental FAS COVID Grant MDNE RecoYery& Oeveloprnènt Granl MDNE Recovery & Oeveloprnent Grant 2023 20.737 20,737 1184) {138) 225 89 I4) 1.357 142 1.357 29 1113} 231) 55 3.320 I7> 2,590 23.331 3.320 11.394} I4) 24,857 Th• Pl&M Trust and Museum DeVelopnt North Easl IMONEI Con8eNatvJn Grant r¢pre8¢nt$ datIonS mad• towards the ¢nvironrr¢nlal IrttOring èquimntinl lof thè ftwjwm. Th• Amiy Museums Ogilby Twutyt Gun¢ grani rwos•nts ¢J)nabon$ towds the co¥l ol o gun8afg. Thg Joic•y Twst Grant Tepreaents donalKW Iwards makn'ng and dispLqwnq new 9raphic images of the Regirn•ntal CoK)ur8. The Museum Deveh)prnent North Eas¢ IMDNEI granl represents dwtions tthvards the deanlng of fiamiS. The Regimental Fusiliers Aid Socw COVID grant rtpros•nts donations towards thè e05t ol the charty continuing its work during thè COVID-19 pand•mic and tha subsaqLnt rèoFening of the rnu5eurn after na'onal lockdowns. The MDNE Recovery & Devebpmerrt oranl represenis dti to a virtual tour Icf the Gharty's website. conseryation supplie$ and an A3 Printer1nner. Th• MDNE Recovery & DeVelopt Grwl 2023 reprewnts dwtions towards the EPOS to streamline adNits'e5 in the rnu8eum Sh and reoyding of shop sale8. Wtdcw signage, conservaTr and a new laptop. The Wornen in the Fuslliers Pr(4ect Grant 2024 is a (k)naiw twards graph panet$ whi¢ repsent the wornen in tho luwliw8 over tho years and vp to the preeonl d•y. A¢ 31 Oecernber 21Y24 the balartes of Pi19rim Trust and MDNE ConseryatK)n Grant. Gun Safe Grant. The RegKnental Fusilrs Aid SOC Granl and MDNE Reo)very & tlevelopment Grants repseftt the net book values of those assets purchased wrth the grants receNed. AS those assets are ijepreuated each year the restnded fUj bnces wiu reduce by depreoation ¢harpJ against unts"l exts"nwished. 19-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Stock8 2024 2023 Row rnaterials and c4nsthTraN•s 1,531 17 Debtorn 2024 2023 Amounts falllrtg due v41th1n ono year. Trade debtors otr d8btor¥ Prepaymen18 and acau•d hKom• 971 242 357 261 339 1,310 18 Crndltorn: amounts lalllng due wlthln (w y••r 2024 2023 Other Ioxatson and wdal s•cJJrlty Accnjals and dèfèrrèd inco 4.559 2,875 13,471 3.190 7.234 18.661 19 Ro8trlcted lund• restncled funds of the Trust COM8• the umxwded balan ol don8tions aThJ grants hek1 on trust subject io 6pedfic CondOn$ by doTh)rs as to hr they may be used. At 1 January Incomlng Re•OU*$ TAn8f•rn At31 Docomber 2024 CaFYtal End<Mment Fund Gun Safe Grant IAMOD MONE Firearrns Cl&aning Grant Regirnental FAS COVID Grant DNE Flecovery & Development Grant MDNE Reo)very & Developmenl Grant 2023 MDN VI4)men in the Fusiliers Grant 20,736 89 1.357 20,736 89 1.357 2.591 11,2191 1,372 3.W24 3,924 24.857 3.924 {1.2191 27,$63 18-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 14 Tangible fixed a558ts Stor9• off• Ind Art•foGts •Dd 44ulpffl•nt comput•v Totsi Cost Al 1 January 2024 AdditK)n$ 18.551 6.4CIJ 48.165 624 824 Al 31 D•cember 2024 18.SS1 23.033 6.4 80S 48.789 DepreGSatfjon and IMp•lrni•nt Al 1 January 2024 Dtpredalion charged in the year 18.460 91 20.981 1.013 215 160 39,656 1,264 At 31 December 2024 18,551 21,994 375 40,920 Clrrylng amount At 31 December 2024 430 7,869 At 31 Decemt•r 2023 91 1.428 All tangiNe filed u¥gd fw ¢arilabi¢ purpts8•¥. The artef8Ct$ are slated al cJJTrnt rnarket value at Il F4)ini they Bre 8ubiumed into the cdlecon and dug 19 the nature ol Ihe 8588ts have not té•n dtprociaiad. 15 Flxed a•••t Inv•8tments Ll•t•d InVlm•nI Ca•h In portfollo Total Co•t or ¥¥luatlon Al 1 January 2024 AoaiNons Valuation change$ Investmenl irwmg Managemenl fees Disposals Cash wi¢hdrawn Cash Inve$lrnent Gain on sale of Inves¢merrt 103.081 20.051 6.C67 744 12U,US11 103.82S 6,067 970 11,17n 970 11,17n 2,182 11.2001 12,1821 11,2Crt)I 20,OJO At 31 December 21Yd4 127.318 128.784 Carrying amount At 31 Derxnber 2024 127.316 1,468 128,784 At 31 Decemb8r 2023 103,081 744 103,825 17-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Tru$te None oflhe tyuste8s Ic any F•son$ Iheml rece4ved ItTreration or expenses durinq th¢ year12023.. £Nill. The total amount ol donatbjns rgceNed without c4)ndft trTh tru5t8es or other rgloted part duong the year was £36012023.. £2801. 11 Emay8 Th• av•rng• m¢)nthly numbw of•mployg9s duriry tho year wa6.. 2024 Nurnb8r 2023 Numb8r AdminlslraiKJn S•asonal Total Employmont costs 2024 2023 we8 and 8aLgries Other pe)sion Costs 82.327 80.020 1,220 63,293 e11,240 Th•r• wgro no lOyeeS whose annu•l remunwation was rMr• than £.{K1. 12 Galn• and lo•¥ on InvMtm•nts Unr••¢rf¢t•d Unr••tricted tund8 tund• 2024 2023 GaSnalllou•sl i8ing on.. Revaluath)n of investmnts Sale of investrnen18 6.C67 4.7 4.967 13 Taxatlon The TN$l 1$ exempl frcn taxati on Its activitits bttause al its incon* is 8wli8d tharilable purposes. 16-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Exnditle on charitable actsvities Charitable viti Othor Totsl Charitable Activitie• 2023 Other Total 2024 2024 2024 2023 2023 D5rect costs Slaff costs D8prea8tion and impairment Conservation Computer sofware w)d C4Jnsumabla8 Rent Insurane• Repairs and an1Th9 Travel expènse Posts9e, stalion8ry and teleph( Advertising General adrninijtration expens¢$ Bank Chargei Activrty exper 63,293 61,240 81,240 1.264 1.7 175 1,744 175 1.234 1.234 1.181 1.104 452 1.957 850 1.167 1,957 1,170 1,167 320 1.104 154 154 1,239 317 878 878 317 1.210 971 1,210 971 83 473 473 550 7.483 63.743 8,628 70,371 Share of aupport and 9ov•m•nc• co•ts IM• not• 91 G¢)vernance 2.830 2,830 3.165 3.165 10.313 75.693 63.743 9.793 73,$38 Analy913 by lund Unrestncted fund$- gèneral unstriCted funds- designated RostrKted funds 10.313 74.375 62.174 9.793 71.867 175 1.394 175 1,394 1.219 1.219 10.313 75.893 63.743 9.793 73.536 Govern#n¢• ¢osl• 2024 2023 Accountancy 2.830 3.165 2,830 3,165 15-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Exp¢ndltur• on rnising funds Unr*itrict•d UnrestrSet•d funds funds 2024 2023 Ralslng funds Opening stock. shc Shop purchases and donated 9c#)d• CK)8ing Stock- shop 1,531 6.690 (5,5291 1,103 11,5311 2,692 5,140 Inveslmenl rnana9erM 1,177 1,038 Totsl 1¥ 6,178 14-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2024 In¢omo from ¢haritablt •cbvltfjes Unrestricted fund5 2024 Unrestrictsd funds 2023 Visrtor entrance fee¥ Outreach ine£¥ne Research fe98 63.0(X) 646 1,878 4rK) 1,553 65,524 61,953 Income from other tradlng actfviti88 UnrnJtdct•d Unre#trl¢tod fund• fund• 2024 2023 Olher Sncomg 15,631 11,729 Incom• from Inv••tm•nt• Unr••irl¢i•d Unr••tri¢t•d fund• fund8 2024 2023 Income from hsled irwe8lfflwrt$ In18r85t receivable 971 778 778 1.556 13-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.13 Government grants Government grants are recognised at the fair value of the asset received OT TeceNable when the is reasonatile assuranr£ that the gr8nl cnnditions ¥11 be mel and the grants will be 1ve. A grant Ihat 8pwfies perfomwnrx dith)n$ is rewnised in inctffie when the perfcwmance coTrditK)ns are met. Where a 9rant does nol $pecJfy perfOrnn fxJndth)ns rt is re(t)gnised in income when the proceeds are receNed or receivable. A 9ranl receNed beth the re(x)gnthn criteria a satisfiecl is recognised as a In the applicatmjn of Ihe Tryst'$ a¢xounlry policaes. the Injslees are required to make judgements, esbmales and assumplKJn$ 8boul the carryiThJ amount ol ass$ and liabile5 Ihal are nol readily apparent from other sources. The ests'mates and a$8wated assumptions are based on historical expenence and other factors that af• eonsk1ered to be relevant. Adu81 re8Urts mey drfler from thew eslim•tes. Tht estimates and underfy*r4J assumptsons a reYthve<l on an basis. Revisions to acLounling •stimates are recognised in Ihe pefiod in whKh Ihe estsmale is revised where the revision affects only Ihat p•riod, or In the pe of Ihe ¥1$m)n and future periods Wtr the revisK)n affeds both ojrrenl and lutur• pèriods.
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting polici Icontinuedl 1.10 Cah ind eih oqulvalents Cash and cash equivalents indLth cash in hand. dep)5ils held al call wth bank$. other short-lern Ipuid investments with original malunties of Ihree monlh5 or le&s. and b8nk ovgrdrafts. Bank overdrafts ¥8 5hwn within ts)rrowings in ¢)Jrrent liabililS. 1.11 Flnan¢lo1 In•trum•nt• The Trust has 8leced lo arply the proviwons of Sec11 11 '8agc FSnancial Instruments. and Sectlon 12 'Olh•r Financial In51ruments Issu88' ol FRS 102 lo all of ils finanual in$trThnls. Flnanool inslruments arg in Tru81'8 bats sheet when the TnJsl becomes paty to the contractual provi5iLw of the instrwnenl. FinAncial assets and liabilrt1 off3el. the net amounls presented in Ihe finandal ststemenl$, when there is a legalty ents¢goble rvJht to $el off the recognised aut5 and there is an witénlK)n to ttl on 8 nét bas or t¢ r8alise the asset 8nd se the liabilty simuttaneousty. B•8lc Iln•n¢l•l •ss•ts Basic finaroal assets. Ind debtors ar#J cash and bank balane•s, are inrtially rn8asured al Ir8n3oc¢ion pri indudirmJ transaction o)sl$ and are iubwuenty carried at amottiséd e05t uslng the effectiv• interest melhcxy unless the arrangement ConstrteS 8 finanung transaction. wh8r8 the transaction 1$ measured al the present value ol the lubjre recews dlscounied at a market fate of inthr•st. Firtanc a55eli do9$ifigd 88 recthoble wtthin one year are Th)t ¥ntised. Bislc Iln•n¢l•lll•bllltl•• B88ic fInarla1 lialit, induding cnditors and bank h)ans arn initkllly recognised at transaLion pru unle$8 the ¥rr8noement ¢(StituteS * financiTra transaction. wL th• debt instrum•nl is m•asur•d #t th• pr•sgnt V8lue of the fthure payments discounled at a mk•t fat• of intw•st. Fknanciil liabilknés datsifitd $$ payabl¢ within one year are not amoth'sed. D•bl instrum•nts arè subsequgnlty eawri¢d •t arThyli¥ed g)il, using ts offedi¥e intwejt rale rnethod, rrade trtditors are oblvJaln$ to pay for 9ood$ or seNres Ihal have been a0]Ui M Ihe ordinary o)urse ol operations from suppliers. Amounts payable are da$$ified a$ currenl liabilthes if paymenl 1$ due wthin ona year CY If not, Ihey are wesented a$ non[rent k"abilths. Trade credilors are reniSed #)ilially al tr8n88dM)n price and SLib8equenty measured at amortised cost usiwJ the effeetN• interest mtrthod. Derecognttlon of fln•ft¢l•l Ilblllll•s Finanoal Irdbilrties dor•ets3nised en th• Trusf$ tsjntr4du tthgakn5 expire or are di¥¢h8rged or cancelled. 1.12 Employ ben•fits The cost of any unu8ed holiday entit 15 rec£43ni8ed n Ihe peric#J Vb whKh Ihe empknyee's 8erte$ are rec8N•d. TerrrNnation benefrts are reojgnised immedkqtety as an expen8e when the Trust 1$ demonstrably caynmftted to teinate the 8rnployn( of an employee to prov*le leThination berbefils. 10-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ounting policles Icontinuedl l.S Expènditure Expenditure 1$ recognised once there is a legal or Ix)nstrKtwe oNpJation io transfer economic ben8frt te third party. it is probable that a transfer ol eoYKJmb¢ nefitS will be required in settsemenl. and the amount of Ihe cèligatson can be ffa$Ud lIablY. All expenditure 15 alOunted fcrf on an accruals b3%5. Costs are alkncated to appropria18 headings, based on the activrties lo %thich they are attribLrtable. Costs of generating fvTrJ5 are Ihe cost ol gcods 8dd in the museum shop. Support cost$ are those incurred direclly in 5UPPOrt of expendilure on Ihe obiectwes of the Trust. Management and adrninistration costs are Ihose injed in oJnneLon with Ihe administration of the Trust and compliance wrth n$tul1tl ond stalulory requirerngnts. 1.6 Tanglblo Ilx•d al Tangible fixed assets ar8 inrtialty asured at Cost b$•Qu•ty m•#surèd at ojsl cr valuahon, n•t ol deprerjab'on and any irnpainngn¢ losw. D•preciation i8 recogniseil so as to lte off lh¢ cosl or valualion of asBels $8 thwr dUal value& over their ustsful lives on the loll¢)wtn9 bose$.' Storage •quipmenl Office and compulgr ¢qUint Artelact5 Fixlijres 8nd fittirvJJ 20% Slr•gM Lln 33.33¢A StravJht 20% Slraight Linti Th¢ oAin 011088 arising on the thsposal of an a86et is deteined as Ihe thfference tJetrMen the sale proceed8 and Ihe carrying value of the asset. and is fecognised in the Statement ol finano818ctivrties. 1.7 Flx•d aM•l Inv••tsn•nts Fixed a$set invtsiments are initkqlly measured at transaaion price exduding transaction (y)stS. 8nd are subsequently measured at lair value al each reporting date. Change5 in fair Value arg reojgnised in nel Incomellexpendilurel the year. Transadion costs are expen8ed a8 irvred. 1.8 Impalmi•nt of fix¢d ets At eath reporting date. the Trust rev$ the c8nwng 8mounts of its tangi14e assets lo deterrnine whether lhe is any indicatn Ihat those assets have suffered an Impairn1 Ios5. 11 any such ind8110 exists, thè recovernIe amoun¢ of Ihe 088el ig ¢$'m9t¢d in sxd¢r to determine Ihe extenl of Ihe impairrnenl (rfanyl. 1.9 Stocks Stocks are Stated al the lower of tost and estimated selling pnce less tost5 to eomplete and sell. Cost o)mprise$ direct rnaterials and. where applicable. direci labour costs and those overheads that have been Incurred in bringing the 5IoLs lo Ihw'r we5enl ltyxtion 8ThJ e¢ThJiiw)Tr. Items held lor distributs'on at no or rInal congderatn are measured the kM8r ol raceMent cost and c05t. Net reah"sae value 18 the esimated sdling pe kss al estimated $ts of ¢))mplelKJn and costs to be incurred in matheting. Selling and dL8tritAJtsC.
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accoun9 pollci charity IOrmaOn The Fusiliers Kluseum of N(¥lhumbedand k5 a regstered dwrity with the Chanbes Commission. which Is administed by its govemiNJ dooJment& 1.1 Accountlng ¢on¥•nUon The finandal statements ha bgen prepwed in xo)rdance with the Tru5fs goveming dK¥rrnt, Ihg Charilies Act 2011, FRS 102'The FinarKial Repwting Standard applble in the UK and Republic of Ireland" rFRS 102.1 and the ChBiibe8 SORP 'A¢xKJunting and RekK)rtirvJ ty Charitse5.' StalerneTht of Recommended Pradic• appliebh to chwitio6 prewin9 Iheir anIS in tsccordanee %wth thc Finunaal Rcporting Standard applicable in UK and Republic of Ireland IFRS 1021" leffecve 1 January 20191. The Tru$l 1$ a Publi¢ B8nefrt Enlty a8 d9ftyb by FRS 102. Th• Trust ha$ taken odvanta98 ofthe tffovisKM In the SORP for thjt to prepare a slate of Cash Flows. The financ481 slatements are wepared in ¥terfin9. which 1$ ts fiJnctk)nd currnrw ol th• TNst. Monoiary amounts in Ihes8 finanaal Stalgnts are rourthd to the rrest £. 1.2 Golng ¢onc•m At Ihe time ol approving the fin8nL?al stalements. Iho INstees hav• a r•asonable expectstion that the Twst has adequate re80urc$ to c4nlinue in operabonal exlstence lor the fornstsable future. Thus thg trLt¥l•ei com'nue to adopt thg goiry tiasis of OLXI)unb"ng in preparing the finanual staternent5. 1.3 Charlt•bl• fund• The General Fund 18 an unr•sth'et•d fvnd whith l• avlable fi)r u9e al the dl•uokn of the truit••8 In luFlheranc• of th• 9orwal obi•Gtiv•• of th• Tru•t. Deslgnaled fimds cKJmprise unreslricted fuThJs whith have bwi s•t #SK by the trustees lor partKular purposes. The Jirn and use of eath tleswnalod fund is s•t in Iht ncrtes to the financial statement$ Re$trid•d fijnds are fijnds whkh 19 be used in <nCe with speryfic re knpos•d by or which have been raised by the Trusl for parbojiqr purposes. The cosl ol raising and administering sueh lunds are charged against th¢ specJfic fund. The aim and use of eac rnsln.cted lund is sel oul ITh the not0$ to the finanoal ststernents. Endowment lunds 8r• restrid•d caimtal ld$, mu be hgbj ind?fmitgly, aTrJ re there is no to onvert Ihe orSglnal eakmtal to incc¥M. Th• costs of ththYwnist•ring lunth can bg again$t the fund. 1.4 Ineom• Inwn¢ is cOgnised en the Trust Ss legally enlilled to it afttr any performance condit$ have bgen met. Ihe arnntS can tr measured lIablY. aThJ rt is KW(thble Ihat income wll be roeeNed. Cash donallons arn r•ts)gnis•d on re(xpt. Other OJnalJns are recc#Jnised once the Trust has been notified of Ihe ¢)nation. unle55 perfomwnce Cond[tnS require defeThal of Ihe amount Income tax recoveraNe In latiOn lo donations receNed under GfftAJd or deeds ol covenanl is regnised al the time of the ¢Jonation. Legacies are recognised on rewpl or olherww nlthe Trusl has teen [rted of an irry)endiThJ dislribulion, the amount is knovm. and receipt is exle. If the a7M)unl is not kntrwn. Ihe legacy is treated as a contingent asset.
THE FUSILIERS MUSEUM OF NORTHUMBERLAND BALANCE SHEET AS A T 31 DECEMBER 2024 2024 2023 Fixed o$891$ Tanglt assets Investments 14 15 7.869 128.784 103.825 136,653 112,334 Current a888t• Slo¢k8 Oeblors Cash 8t barbk and in harKI 16 17 5,520 1,310 1SS.648 1.531 141.11S 162.485 143.5C6 ¢r•dltorn: amounts falllng du• twlthln on• yèar 17,2341 116.e81 N•t ¢urr•nt a•ts 155,251 128,845 Tot1 •••l• l••# eurr•b)t Il*bllltl•• 291.9)4 239,179 The fund8 of tho Trust Restricted income funds Unrestrict•d funds- gon•ral UnrestrKted funds- Ilesignaled 19 21 27.563 180.886 83.455 24,857 132,268 82,054 201.fxm 230,170 The finanwl tytatemenls rg approved by the truJtee8 25 Awl 202S Mr Neil Safvesen Ichoinnan) ¢Ir[an
THE FUSILIERS MUSEUM OF NORTHUMBERLAND STATEMENT OF FINANCIALACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Prlgr flnan¢l¥l yr UtrIoted Unrctr015tcd Rc¥triotcd lunds funds fund8 genertl d•slgnatrd 2023 2023 2023 2023 Incom¢ Irom: Donations and acig Charilable aG¢ivilies Oiher trading actbt81 Inve$lments 19.040 81,953 11.729 23,W) Ot.9of3 11.729 1.$56 To¢¥1 incom• 94.278 3,320 Exp8ndltur• on: Raising funds ¢harftable Bctlvlk 8.178 71.7 6.178 73,530 175 1.394 TotAI exwndltur• 78.145 175 1,394 79,714 N•t gaifti on invè3tment¥ 12 4.7 4.g67 Not Incom• 21.1) 1,325 1,928 24,351 Tfan$f•rs b•hv••n fvnds 14C Net mOVgrn•nt In fvndi 21.1C(I 1,725 24,351 Reconclllatlon ollund8: Fund balanees at 1 January 2023 111,188 23.331 214,828 Fund hn¢•I #t 31 D•e•rnr 2023 132,268 82.054 24.857 239.179
THE FUSILIERS MUSEUM OF NORTHUMBERLAND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Current financial year Unrestricted Unrwdtricted lunds lunds goneral designated 2024 2024 Restricted funds Total Total 2024 2024 2023 Income froffl: Oonatjons and legacies Charitsble actwiliej other trading activit$ Inve$lrn¢nts 37.039 65.524 15.631 2.302 3.924 42.463 65.524 15.631 2.302 23.880 61,953 11.729 1,558 Tolal Incom• 120.496 3,924 125,920 Expendltur• on- Roising funds harilable 8clivrtia8 3.869 74.375 3.869 75.693 6,178 73,536 1.219 Totsl exp8nditur• 78,244 1,219 79,582 79,714 Net 90inB on Inv¢¥tm•n 12 4,967 N•t movam•nt In fundB 48.81A 1.401 2.705 .12.724 R•¢on¢lIla0n of fvn(l•: Fund balances at 1 January 2024 132,268 82, 24,857 239,179 214,828 Fund balances at 31 Oecember 2024 180.888 83.455 27.3 291.ty)4 239,179 Th statmpnt of fin8ncial actm1$ iThgudes gains and rwnIrf in thft yAr All inrA)rn Anrl xphndiliJr a*re fr(Yn Continn9 aclivrfies.
THE FUSILIERS MUSEUM OF NORTHUMBERLAND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FUSILIERS MUSEUM OF NORTHUMBERLAND I report to the twstees on my examinatiw ol Ihe fina 8tatwnenls of The FUSI$ Museum of Northumbedand {the Trugt) lor the year en(bed 31 December 2024. Responsibilitte$ and ba81$ of r¢port As the trustees ol the Trust you are respJnsl>K8 for the prep8ralion of the finanp¥ ststements in arurdanco wilh the requirements of CharitiesAd 2011. I rep(rft In resped ol my tsxaminatitin of Il TNSYS flr1 statemgnts oul wthr 145 of the 2011 Act. In Carn9 out my examirwti¢)n I hwe lollod all Ihe aF4ble Direclion$ 9Nen by the Charty Commi88iOn under seclion 14515llbl of Ihe 2011 Aci. Ind•p•nd•nt •x•mln•f• •tat•m•nt I have coMeted my 8xaminats'on. I confirm Ihat no rnatters have txm8 to my attentit kn o)nneclk)n with the eX8min8tion giving Se lo teli¢ve Ihat in any Matw1 SE¢t.. accounting recL)rds were nol kepl in resped ol the frusi as required by aéckn 130 of the Chaiitk$ Acl 2011. the financial $teMentS do Trjt accord with th08e recwds., or the financi81 statements do not o)mpty the aOicaN• rwuir•m•nts ca)num9 lh• fomi eont•nl of flnawal slalements sel o¢Ji In the Chariiies (Accounts and Reports) Regulations 2008 olher Ihaft sny equiremenl that Ihe fanal statemenls we a true and Iw"r view. whth is not a matter tonsklered as part 01 an independent exnina. I have no other c4)ncem$ and have cLYne aw6s no ots mattern in 1>3nnethn *lth tho examlnatkin to whlth •tt8ntion 8lv)uld be drawn in Ihis reFryt in order to en•ble a proFer T$tdIng of th• finandal 81at8mont8 to reached. Colln Fr•m• CA 17 Walkergale 8erwlck.upoTrTweed Northurnbèrland TD15 1DJ 25 April 2025
THE FUSILIERS MUSEUM OF NORTHUMBERLAND TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statemen¢ of trustees. ponsibl11 The Iruslees are resp)nsible for PPall tht Trusi8es' Report aTrJ the finanraal sta¢ernents in 8(xord8nce with applicabk law and United Kingdom Acowntiw Stsndards (Untted KinqtKn Gertr1V ActeJed A¢ntIn0 Practice). The law applicable to thaiiknes in England and wa requi Ihe trustees to prepa finanoal statements for each financial year which gnie a twe and fair view of the stste of affwrs ol the Trust afftl of the incoming resour$ and application ol resource$ of the Tnbst f(v Ihal year. In paring these financial statemenls. the trustees a requlred to - setht surtatle accountino poIJe$ ond Ihen aprAv lh7 conssstenuy." - ob8em the methods and prinrydes in the Charrftes SORP.. . make ludgements and estimates that are (fran and yudunt., - slat• whether applicable acct)unting slandafds lth• b••n foMd. 5ubiBct 10 any Material departure5 disdosgd and eXained in the finarKial statements,. and - prtr• th• financial stst•ments tho b0 unl98¥ it 1$ irwpropriatg lo presume that the carily will conllnue In operation. Th• tru51O•S ar• r•sponsibl• for k••p'ng suffitient accounting rrS that disdo$e vAth re88onabL8 acwracy al any lime the financkil posrtion ol the frust and enable them lo ensure that the financial slalements cornpty %wth the charit5 Act 2011. Ihts Charrty (Accounts and Repvrt51 Regulations 2(1 and the provision$ of the Tru$1 Deed. They are also ffjsponble lor saleguarding the a5set5 01 the Trusl and hen for taking r¢980nabb $tgp$ for th? prevention 8nd detection ol tra¢Jd ond olher imegulaiiti•s. Th• trt••¥' f•POrt w98 4ppro¥•d by th• Board ofTNstw. Mr Ntril Safves•n (Ch&mi) Ch¥lrnian 25 April 202S
THE FUSILIERS MUSEUM OF NORTHUMBERLAND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Re88rv88 policy The trustees have revieed the reserves ol the Trusl. The re¥w4 sIde the nature of the inrxffle and expenditure strearn5 aTrJ concluded that Ihe reseThe$ held are surni to maintsin and preseNe Reglmenial eolleclion and alk)w the Trust to b8 m8naged eifKrttly. The tnjstees feel thal the $h at tiank of £154,293 is adequate lo cover irnrnediate n8eds, as rt represents over 6 monlhs of rouline expenditu. Flnne5al Sustainab511ty ¥Mth visdor numbers as they have been in the lasl few years, tho entrance fe88 earned from AlnWty Casl1• Ventures have all(wed the museum lo maintsin a Thd financial '0Th. Regular and unscheduled dornationl have added to reseNes. However, inflatKrflary FY8ssures, SFeafKally on wa99$ and salaros, persi81. The mus8Urn 16 vory n806 ofthe )eed to it6 ttyJre<¥s ofint•mo and to koop a tight ojntrol ofco•ts. Publ1¢ B¢n•fit In considenng the operatbon. achtevem•nt and parfomi8• and financ85 01 tha Twst, the trustees are satisfièd that public benefrt has been Pfovided in accordance whh t1 Charits•$ Aet 2011 and guidAnt4 provided by th Charity Cornmiswn. Rl•k revlew The trustees have 8s8ewd t mapy iiiks to thich lh• Tftt is èxfftd. oThJ •r• sati#fvd thai 8y5temi ar? In plac 10 mlllgaie exposuro 10 other mr nsk8. Ind?ndent ex•mln•r• A resolijlion proposing Ihat C. M. Frarne. Partrnr In Greaves & Ayrn b• r•-aPWnt•d a8 Indopendènt Examiner of tTrUst will be pul lo theAnnual General Meeting. Structur• go¥•m•n¢• •nd man•g•rn•nt Con•tltutl The Charilablo Tru8t wa8 801 up on 71h Febrnwy 1977 and l• go¥•mod ty lh• t•mi6 of Its D•darallon ofTNtsi. ts$ V8rt by s¢heffs in 1992. 2th1f aThJ r•sohJtion8 in 2CiJ18nd 2018. Oov•rnlng Body The Trust's 8ffaits Ar• undar contrc4 of thè trust•tt, wfv) •r• rèspon11? lor all transatt)ns and matter8 rting lo thè Trust. The Duke of Northltmberfand and Ihe Re9imenlal C¢4)nel Nrylhumberland are gx-officao tnjstees There a up to seven ctrwed truslee¥. who ore cwled ty the seryiry trustees. and are 9eneralty 8ppinted for temi ol low years. The trustees bvho served durin9 the yew are os *aled 1. The Duke ol Northumberland Mr John Arm$trorq Ms Clare Baxter Lady Ifictorkq Percy Mr G. Casle Mr Neil Safvesen Ichaifflwnl Col. A. Gawlhorpe MrAli5dair W50n (Retwed 19ri12024)
THE FUSILIERS MUSEUM OF NORTHUMBERLAND TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustee5 present Iheii report and account5 for Ihe year ended 31 December 2024. The finanaal statements have been prepared in a¢xx)rdarKe with the a(Xnting poIic4es set out in note 1 to the financial statements and oynply with the Twsfs goveming dcKument. the Charitse$ Acl 2011 and 'Accounling and Reporting by Charit'es.. Statement of RecAYnmended Practice applicable lo thanties preparing their accounts in accordance wrth Ihe FiThancio1 Repr'Th9 Standard 8Wi¢able in Ihe UK and Re1¢ of Ireland IFRS 1021. leffe¢iNe 1 January 20191. Obj8¢t1V and activiti The objethes olThe Fusillers MuswJm ol Northumberfand {the Twstl èr•.'- l Tu Ili 1gwnenl81 LYAlé¢XiLV), woarviiw. ¥of¥yuaidiiN ¥ri¢J di¥Wuyiiy ¥rith¥ l() Ilwii ¥¥1 pu¥¥ibl¥ advantage. bl To Apply funds ai Ihtsir dlsp)sal to wuire unrftimis. m•d&ls. Frfdurès. books, manukfipts, maps, ¢kxJJmonts and other articles 5uilable lo enhance the co118Cth?n. ¢} To uph&A thè trAditierts of thè R•gim•nt. Th• trusioos havè pall du• rngard lo gUtin¢? iwed by the Chaiity cornrnl$s in dwding what a¢ty'Yrtie$ th T1 ¥IM)uld uiNl¥iiak. Achievement8 and perfonn#ne• Revlew of o¢tlvltl 2024 saw another good yearfor visitor ThJmb•rn with th8 museum r8cordiThJ 101.39J visitorn duriw AInwk Castle, opèn season frorn Marth to Octobtr. This w85 a rnC4Jest inc¥ease over the previou5, very successful year bul repr5•nleé thtr highest daity av•rag• lor ovèr a dècade. The holiday month5 of July and August were again the strongost. f•lnlordrwJ th• inwtsnc• of tho farnity audienc•. Th? small shop th rnus¢um al89 had another good year. In addition to the permanenl dispk8ys. Ihere were several aes$4ons run lor the benefil of brAI schools and loc41 history groups logelher wth regular objecl handling sessn$ at the museum during the season. It is an area that Ihe musèum should continue to devek)p are 10 rema¥1 relevant and interè5tirrfJ to a youngtr oudneè. Ay evèr, thè mus•um is grateful to lh• staff and volLmte•r t•am who supp)rt th• rnnning •v•ni8. During 2024 work progressed on the project lo intrthjuce a new display charting the d)anging role ol Wbmen in the Fusiliers which the museum WAII have in ace for the 2025 season. In 8d¢Jits"on. the museum trialled 8 shooting simulator on a sale t¥ rtsbjm basis. This proved to b• a Ky¥ular addilitin and afy)thor sourcè of inc0rn8 and, follLw4lng Ihe PlQVi5K>nal pD¥I of LhE Iruslee5 ublainBd at thB End of last year. the museum has proceeded wllh it5 in51allath?n the Uptng se810n. There were some mainten8nce and n0Vatn projects whKh the nwseum took forward In 2024. notably the long outstandirrtj repair lo the fi delectv)n syslem the p1aTrn1 of the fire suppreSs)n gas cylinder In the archNe 0. Some of the assooated costs wll be iTh%rred during 2025. Also. the MOD support for tsur phone syslem was wilhdrwn bsl year and. afler some disrupts)n. Ihe museum has arranged ils own contract for a digital phone system. FlnanGlJl revlew The 51atement of fina81 actNdiès lor thè y•ar 15 581 rrtrt on p8ge 5. This stbyws a surplus for the year of £52,724 12023 £24.3511. Nel assets ol Ihe Trust at 31 Decern 2024 wefe £291,9)4 12023.. f239,1791 of whK £27,3 were capital endtyvment funds12023.. £24.8571.
THE FUSILIERS MUSEUM OF NORTHUMBERLAND CONTENTS Pa9• Trustees. rèport Ind8P8ndent exarningrf$ fgFryI Stalgrnent of finanual aL%ivities BalanrA shget Note$ io tho fmwl 8tatgm•nts 8.21
THE FUSILIERS MUSEUM OF NORTHUMBERLAND LEGALAND ADMINISTRATIVE INFORMATION Trttste8s Mf J. Armstrong Iresgned as Chainnan arKI trustee on 19 April 20241 Ms Clare Baxter Mr G. Cas¥• Lady vlOa Percy Mr N. Safvesen lappThnted Chainnan on 19 April 20241 MrA. Imlson Ex-offl¢lo Trust•o• The Duke ol Norf[18nd Col. A. G Chrbty nurnb•r 273064 PrIn¢l1 addmi The Abbtsfs T¢y4ver Morthumberfand NE66 1NG Ind•p•n(l•nt •x•mln•r Coliri Friirne CA 17 Walkergate Bek.UpOn-Tw••d Northurnterland TD151DJ
Charity registration number 273064 (England and Wal881 THE FUSILIERS MUSEUM OF NORTHUMBERLAND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024