Charity reglstratlon number 273064 (England and Wales) THE FUSILIERS MUSEUM OF NORTHUMBERLAND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
THE FUSILIERS MUSEUM OF NORTHUMBERLAND LEGAL AND ADMINISTRATIVE INFORMATION Trustses Mf N. Salvesen {Ch8imanl Ms Clare Baxtèr Mr G. Cast18 Lady Victoria Percy MrA. Wlson MrA. McLaughlin Exaofficio TN$tees The Duke of Northumbedand Col. A. Gawlhorpe Charity number 273064 Principal address The Abbot's Tower Alnwick Castle Alnwick Northumbeiland NE66 1NG Indèpendent examlner Colin Frame CA 17 Vvalkergate Berwick-upon-Tweed NorthLtmberland TD15 10J
THE FUSILIERS MUSEUM OF NORTHUMBERLAND CONTENTS Page Trustees. rep¢)rt Independent examinerfs report Slalemenl of ffinancial a¢tivilie5 B818nce sheet Notes lo the finandal statements 8-21
THE FUSILIERS MUSEUM OF NORTHUMBERLAND TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees present their report and accounts for the year ended 31 Dernber 2025. Th& financi&l 5tatemcnts have been prepared in a¢cordanee wrth thè accounting policies set out in note 1 to the financial statements and comply with the Trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practi applicable lo charitiès prÈparing their aeeounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffective 1 January 20191. Objectlvès and activltlws The obSectives of The Fusiliers Museum of Northumberland Ilhe Trust) are:. al To hold the regimental collection, preSeing. safeguarding and displaying the articles lo their best posslble advanlage. bl To apply funds at their disposal to aul[e uniforms, medals, pictures, books. manuscripts. maps, documents and other artides suitabl8 lo enhance the collection. cl To uphokj the traditions of the Regiment. The Iru51ees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake. Achievèmènts and pèrfornianc• Review of activitiès Although slighlty below the record leve15 of 2025, the rnuseum had another good season with visitor numbers exceeding 98,500. The school holiday months of July and August were again the busiest, reflecting the importance ofthe farnity audience. Our new 'Womon in the Fusiliers. display. supported by a grant from Museum Development North. was an important addition to the museum in 2025. We collated very favourable feedback from visitors. The small museum shop also had another excellent year, and we will airn to develop our retail offering despite the physical spa limitations. Incorne was supplèmented further by the first full year of the shooting sirnulator installed on a trial basis in the previous year - rt proved lo be a great success. We also conlinued lo offer a valued iesearch service for people wanting lo know more about the past involvement of thèir (amily members in the regirnent. One of our key objectives Is lo connect with different audiences of all ages and backgrounds, and our voluntèers helped 10 5UPPOrt variou5 events both al the muséum and in the community. The 801h anniversary of VE Day w35 commemorated with a VVVMI object handling presentslion at the museum. and participation in a Teddy Bears. picnic al RAFA House in Rothbury in collaboration with the Royal Britssh Legion. Volunteers also took part in Armed Forces Day at Bents Park in Souih Shields in June. At the beginning of November, the Royal British Legion again inirited the rnusÈum volunteers lo present Remembrance Workshops al schools in the Rolhbury area. Several other sessions were run for local schools and lo¢al history groups. 01 course, we are very grateful for the efforts of staff. including the seasonal Front ol House team. and all the volunteers who continue to make the rnuseurn inlereslin9 and relevant lo $0 many different people. Financial rèview The stalemenl of financial activities for the year is set out on page 5. This shows a surplus for the year of £9.549 {2024 £52,724). Nel assets of the Trust al 31 December 2025 were £301.453 12024.. £291.904} of which £22,702 were capital endowment fvnds12024'. £27,563).
THE FUSILIERS MUSEUM OF NORTHUMBERLAND TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 Reserves policy The Iruslees have rev¢ew8d the reserves of the Trust. The review considered the nature of the iome and expenditure streams and roncluded that the resetves held are sufficient to maintain and preserve tIiE Regimental collection and allow the Tru511o be managed efficAenlly. The trustèe5 feel that the cash al bank of £148.259 is adequate lo covèr immediate needs. as it represents over 6 months of routine expenditure. Financial Su$tainability Some larger items of rnainlenance and refurbishment expenditure were incurred in 2025 but, with reasonable income from variou5 sources, reserves remain heaithy. However. the economi¢ outlook for the tourism sector is Unrtain with con51rainls on family budgets and continuing inflationary w955ure5 affecting tha musgum's cost base_ In these cArcurnstanc•s the trustees aro awarè of the need to manago r*$ources prudènuy. Public Benefit In considering thè opeTation. achievement and performance and flnan¢es of the Trust. the trustees are satisfied Ihal public benefit has been prowded in aceordanTr with the Charities Act 2011 and guidance provided by the Charlty Commission. Risk revièw The trusteès have assessed the major risks lo which the Trust is exposed. and are satisfied that sy$iems are in place to mitl9ate exposure to other major tisks. Independent examlne A resolution proposing that C. M. Frame, Partner in Greaves Wesl & Ayre b9 re-appointed as Independent Examiner of the Trust will be Plrt to the Annual General Meeting. Strueture, governance and management Constltutlon Thè Charitable Trust was set up on 7th February 1977 and 1$ governed by the terms of its Dedaration vl Trust, as varierl by schernes in 1992, 2001 and resolutions in 2001 and 2018. Governing Body The Trust's affairs are under control of the Iwstees, who are responsible for all transactions and matters relating lo the Trust. Thè Duke of Northumberland and the Regimental Colonel Northumberland are ex-offiao trustees. Thertr are up lo seven cmpled Iruslees, who are co-opted by the setving trustees. and are generally appointed for a term of four years. The trustees who Seed during the year are as Staled below.. The Duke of Northumberland Ms Clare BaxteT Lady Victoria Percy Mr G. Castle Mr Neil Salvesen (Chairman) Col. A. Gawthorpe MrAli5dair Wilson MrA. McLaughlin (Appointed 21 Novembèr 20251
THE FUSILIERS MUSEUM OF NORTHUMBERLAND TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Statsm•nt of trusts¥s' résponsibilities The trustees are responsible for preparing the Trustees. Report and the finan¢ial statements in accordance with applicabl• law and UnitÉd Kinodom Accounting Standards {United Kingdom Generally Aecepted Accounting Praclicel. The law applicablè to charities in Endand and Wales requires the trustees to prepare )InancAal statements for each finanaal year which give a true and fair view of the slate of affalrs of the Trust and of the incoming resources and application of resources tsf the Trust for that year. In prepamg these ftnancial 51alements, the Iruslees arè required to.. s818et suitable accounting policiÉs and then apply them consistèntly., observe thè methods and pdndples in the Charities SORP.. make judgements and estimates that are reasonabb and prudent.. ste whether applicable accounting stsndards have been followed, subject to any matersal departures disclosed and explained in the financial stalements; and Prepa the financi81 stslements on the going concern basis unlèss It Is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping suifiaenl accounting records that disclose wlh reasonable acwracy al any lime the financial position of the Trust and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounts and Reports) Regulations 2008 and the prowsions of the Trus( Deed. They are also Tesponsible for safÉguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustèes. report was approved by the Board of TtU5leES. Mr Neil saeSen (Chaimanl Chairman 24 April 2026
THE FUSILIERS MUSEUM OF NORTHUMBERLAND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FUSILIERS MUSEUM OF NORTHUMBERLAND I report to the Iruslees on my axaminalion of the ffinancial Slalemenls of The Fusili&rs Museum of Norlhumberfand (the Trust} for the year ended 31 December 2025. Responslbllltle$ and basis of rèport As the trustees of the Trust you are responsible for the preparation of the financial statements In accordance with the requirements of the Charities Act 2013. I report in respect of my examination of the TNst's fjnancial slalements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under se¢lion 145{5llbl of the 2011 Aet. Independent examlnè¢s Statement I havè cornpleled my examination. I confirm that no matters have come lo my attention in connection with the examination giwng me cause to lIeVe that in any material respect.. accounting records were not kept in respect of the Trust as required by section 130 of the Chafilies Act 2011. the financial statements do not accord with those record5', or the financial statements do not Comply with the applieable requirements conceTning the form and content of financial statements set out in the Charities (Aecounls and Reports) Regulation5 2008 other than any requirement that the financial 5talemenls giv6 a true and fair view, which is not a fflatter considered as part of an independent examination. I have no other concems and have come acros$ no other matters in connection with the examination to which attention should be drawn in this report M) ordèr lo enable a proper understsnding of the financial statements lo be reached. Colln Fram? CA 17 Walkergate BeTwick-upon-Tweed Northumbèdand TD15 1DJ 24 April 2026
THE FUSILIERS MUSEUM OF NORTHUMBERLAND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Currant financial yèar Unrestricted Llnre$triGted fund$ funds general d•slgnatèd 202S 2025 Rèstrict•d funds Totsl Total 2025 2025 2024 Notss Incom• from: Donations and lègaaes Charitabte actiffities Other trading activities Investments 13.091 66.035 19,559 3.403 2.500 436 16,027 66.035 19,559 3,403 42,463 65.524 15,631 2,302 Total in¢omè 102,088 2,500 436 105.024 125,920 Expèndliure on: Raising funds Charitable activities 11,888 82.169 11,888 88.502 3.869 75,693 126 6.207 Total expenditure 94.057 126 6.207 100,390 79,562 Nel gains on investments 12 4,915 4.915 6,366 Tr8n$f¢is between funds 19101 910 Net movèment in fund$ 11.126 2,374 14.861) 9,549 52,724 R•conGiliation olfunds: Fund balances 811 January 2025 180,886 83,45S 27.563 291,904 239.180 Fund balancès at 31 Decembef 2025 192,922 8S,829 22.702 301.453 291.904 The statement of fjnancial activities includes all gains and losses recogni5ed in the yÈ8r. All income and Èxpèndlre derivè from continuing 8¢tivitses.
THE FUSILIERS MUSEUM OF NORTHUMBERLAND STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Prior financial year Unr•$tricted Unrgstrl¢tsd funds funds géneral designated 2024 2024 Restrtcted funds rotsl 2024 2024 Nots8 Incom& from: Donations and legacles Charitable activities Other trading acliwties Investments 37.039 85.524 15.631 2,302 1,500 3.924 42.463 65,524 15,631 2,302 Total Income 120,4 1.500 3.924 125.920 Expenditure on: Raising fLJnd5 Charitable activities 3.889 74.375 3.869 75,693 99 1,219 Total expenditure 78.244 1,219 79,562 Nel gains on investments 12 6.366 6.366 Net Incomè and movement in lund 48.618 1.401 2,705 52,724 Re¢onciliation of funds.. Fund balance5 al 1 January 21Y24 132.268 82,054 24.858 239.180 Fund balancès at 31 December 2024 180.886 83,455 27.563 291,904
THE FUSILIERS MUSEUM OF NORTHUMBERLAND BALANCE SHEET AS AT31 DECEMBER 2025 2025 2024 Notes Fixed asscts Tangibl8 assets Investments 14 15 14.075 133,380 7.869 128,784 147,455 136,653 Current a$$gts Stodis Debtors Cash at bank aiid in hand 16 17 2,472 14,237 148,275 5,529 1.310 155,646 164,984 162.485 Creditors: amounts falllng due within one year {10,9861 17.234) Net current assets 153,998 15S,251 Totsl assets les5 Gurrent liabilitie5 301.453 291.904 The funds of the Trust Restricted incorne funds Unrestricted furKls- general Unrestdrted furKls- designated 19 21 20 22.702 192.922 85.829 27.563 180.886 83.455 301,453 291,904 The financial slalements were approved by the trustees on 24 April 2026 Mr Neil Salvesen Ichairnianl Chaimlan
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 A¢¢ounting pollclos Charfty SnatIon The Fusiliers Museum of Northumberland is a registered charity with the Charities Commission. which is administered by ils own governing documents. 1.1 Accounttng ¢onvention The financial statements have been prepared in accordan¢e with the Trusls governing docurnent, the Charities Act 2011, FRS 102 °The Financial Reporting Stsndard applicable in the UK and Republic of l¥eland C'FRS 102.1 and the Charities SORP 'Accounting and Reporting by Chaiilies.. Statement of Recommended Practice applicable lo charitiès preparing their aontS in accordanee t the Financial Rèporting Standard applicable in the UK and Rèpublic of Ireland {FRS 1021" leffective 1 January 20191. The Trust is a Public Benefrt Entity as defined by FRS 102. The Trust has taken 8dvantsge of the provisions in the SORP for charities not to prepai¥ a Statement of Cash Flows. The financial slalernents are prepared In sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £. 1.2 Golng Concern At the time of approving the financial statements. tha trustees have a reason8ble expectation that the Trust has adequate resources lo continue In operational existence for the foreseeable fulure. Thus the trustees continue lo adopt the going c¢ncem basis of ac¢ounling in preparing the financial statements. 1.3 Charitsble funds The Genèral Fund is an unrèslriLt8d fijnd which is avallable for use al the discretion of tha trustees in furthoran¢e of the general objectives of the Trust. Oesignatod ftjnds comprise UnStrided fvnds which have been set aside by the trustees for particular purposes. The aim and use of eath designated fund is sel out in the notas to the financial slalements. ReStrted funds are funds whieh are lo be used in a¢¢ordance wlh spe¢ffle restrictions imposed by donors or which have been raised by the TNSI for particular purposes. The cost of raising and adminislefing such fijnds arè Charged against thè Specific fund. The aim and use of each restricted fund is sel OLrt in the notes to the rinanrAal statemènts. Endowment funds are rèstricted capital funds, whlth rnusl be held indefinf(ely, and where there is no power lo convert the original capital lo income. The costs of administering sud) funds can be charged against the fttnd. 1A Incom• Income is fecognised when the Trust Is legalty enliiled to it after any performance conditions have begn mel, the amounts ¢an be measured reliably, and il is probable th81 income will be recebved. Cash donations are recognised on receipt. Other donations are Tecognised once the Trust has been notified of the donation, unle55 perforniance condition5 require defertal of the amount. Income lax recoverable in rèlation lo donats'ons received under GittAid or deeds of covenant is recognised at the lime of the donalifm. Legaaes are rec£Jgnised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known. and receipt is expected. If the amount is not known, the legacy is treated as a conlingenl 8Ssel.
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policlas (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer ecoThimic benefit to third party, it is probable that a transfer of economic benefits will be required in $etttemeAt. and the amount of the obligation can be measured reliabty. All expenditure 15 accounted for on an accruals basis. Costs are allocated lo appropriate headings, b¥$ed on the acliwties to which they are attribvlable. Costs of generating funds are the cost of goods sold in the museum shop. Support costs are those Incurred directly in support of expenditure on the ObCtIveS of the Trust Management and 3dminislr8lion ¢osls are those incurred in connection with the admini8tfallon of the Trust and compliance with conslilulional and slattrtory requirements. 1.6 Tan9lblè flxed assets Tangible fixed assets are initially measured at C051 and subsequ$nlly maasured at cost or valuation. net of d&preciation and 4ny impaimcnt losses. Depreciation is re¢ognisèd so as to write off the cost or valuation of as15 lèss their rèsKlual values over their Use lives on the following bases.. Storage equipment Offi¢8 and computer equipment Artefacts Fixtuies and ffittin9S 20% Straighl Line 33.33% Slraighl Line 20% Straight Line The gain or k)ss aiisin9 on the disposal of an asset is determined as the difference ben Ihe sale proceeds and Ihe carrying value of thè assèt, and is racognised in the statement of financ4al 8clivilie$. 1.7 Fixed asset investments Fixed asset investmen15 are initially measured at transaction pri excluding transactlon ¢osts, and ara subsequently measured al fair value al 8ath reporbng date. Changes in fair value are recognised in net incomellexpond¢tur&l for the year. Tran$aetion costs aro oxpènsgd as incurred. 1.8 Impairmont of fixed assets Al trach reporting end dalts. the Twst rèviews the carying amounts of ils lan9ible assets lo d&lèm)ina whèthér there is any indication that Ih05e assets hav6 suffered an impairrnenl loss. If any such indication èxists, the recoverabla amount of the asset is estimated in order to delem)ine the extent of the impairrnenl loss Of any}. 1.9 sto¢k$ Slo¢ks arè statod at th• lowor of eost and estirnated selling price less COSt$ lo ctsmpleto and sell. Cost comprise$ direct materia15 and, where applicable, direct labour costs and those overheads th8t have beèn incurred in bringing the stocks lo their present locallon and condilion. Items held for dislributs'on al no or nominal consideration are measUd the lower of ieplacemenl cost and ¢osl. Nèt reatisable value is the estimated selling prKe less all estimated costs of complolion and costs lo be incurred in rnarkeling, selling and distribution.
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policles Icontlnutrdl 1.10 Cagh and ca¥h equivalents Cash and cash equivalents include cash In hand, deposits held al Call with banks, other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within boirowirigs in current liabilities. 1.11 Financial Instruments The Trust has elected to apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 'Oiher Finanaal Instruments Issues, of FRS 102 to all of its finan¢lal Inslrumenls. Financial instruments are recognL8ed in the Trusfs balance sheet when the Trust becomes party to the contraetual provisions of the in$lrument. Flnancial assets and liabililles are offset, with the net amounts presented in the finanrial slalements, when there is a legally enforceable right lo sel off the re¢o9nised amounts and there Is an intention to settle on a net basis OT to realise the asset and settle the liability simultsneously. 8a5ic financlalassets BasiG finanGial assets, wl)id) iiiGludE debluT5 an¢J Gash and bank balance5, are initially measured at transaction price induding Iran5aclion costs and are subsequenlty carried al 8mortised cost using the effecllve intere51 method unless the arrangement conslilules a financin9 transaction, where the tr2nsa¢tion is measured at the present value of Ihe futuro receipts discounted at 8 market rate of interest. Financial assets classified as ieceivable within one year are not amortised. 8asi¢ financial liabilllits Basic financial liabilities, including crèditors and bank loans are initially recognised at transaction price unless the arrangernenl constitutes a finanang transaction. where the debl instrument is rnèasured at the prÈs@nt value of the future payments discounted at a market ratè of interest. Financial li8bililies classiffed as payaNe wrthln one year are not amSed. Debt instruments are subsequently carried 81 amortised cost. using th& effedive interesl ra16 method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary o)urse of operations from suppliers. Amounts payable are classified as current liabilities rf payrnenl is due within one year or less. If nol, they arè presented as non-currenl liabilities. Trade credf(or8 are recognised initially al transaction price and Subsequent measured al amortised cost using tha effective interest method. Derecognitlon of financial liabilitlos Financial liabltieS arè dere¢ognised when the Trust's contractual obligth.ons explre or are distharged or cancelled. 1.12 Employ•• banèfits The cost of any unus8d holiday entittement is recognlsed in the period in whrch the employee's s8rvicg$ are received. Temiination benefits are recognised immediately a5 an expense when the Trust is demonstrably committed to terminate the ernploymenl of an employee or lo prowde lerminalion benefit5. 10-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policies Icontinuedl 1.13 Govornmont grants Govemment grants are recognised at the fair value of the asset receNed or receivable when there is reasonable assurance that the grant ¢ondilions wll be met and the grants will be received. A grant that specifie5 perforrnance conditions is recogni5ed in income when the p¢rfomiance conditions are met. Where a grant does not specify performance condition5 11 is recognised in income when the pr¢eeed$ are received or receivable. A grant received before the recognition criteria are Satisfied is recognised a5 a liability. Critical a¢¢ountfing 8stfimates and ludgements In the application of the Twsl's a¢¢ounling policies, the trustees are required lo make judgements, eslimales and assumptions about the carrying amount of assets and liabililies that are not readily apparent from other soyr¢es. The eslirnale5 and associated assumptions are basèd on historical experience and other faclors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumption5 are reviewed on an ongoing basis. Rèvisions to accounting éstimates arè recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of Ihfy r&vision and future periods where the revision affects both cuirenl and future periods. 11
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THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Income from charftable adivities Unr•strlet•d funds 2025 Unre$trleted funds 2024 Visitor entr8n¢9 fegs Outreach income Research fees 64.000 410 1,625 63,000 1,878 66,035 65.S24 Income from othertrading activities UnMstricted Unrestricted funds funds 20Z5 2024 Other income 19.$59 15.631 Income from investments Unrestricted Unrestricted funds funds 202S 2024 Income from listed investments Interest receivable 971 1.331 2.349 3,403 2,302 13-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Expenditure on rnlsing funds Unresiricted Unrestricted funds funds 202S 2024 Fundral8ing and publicity Opening stock- shop Shop purchases and donated goods Closing stock- shop 5.529 7.459 {2,4721 1,531 6,690 (5.529} 10,516 2.892 Investment management 1,372 1,177 Total costs 11.888 3,889 14-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Expendlture on charitable activities Charltabl• Activities 202S Other Total Charltable Activities 2024 Oiher Ttstal 2025 2025 2024 2024 Dire¢t costs Staff costs DepreallOn and impairment Conservation Refurbishment costs Cornputer Soare and consumabtes Rent Insurance Repairs and cleaning Travel expense Postaga. stationory at)d telephon& Advertising General administration expènses Bank charge5 ActNily expens&s 65,801 85,601 63,293 63,293 2,338 126 5.270 2,338 128 5.270 1,264 409 1,264 409 1,776 900 1,343 3,535 152 1.776 900 1,343 3,535 152 1.234 850 1.104 452 106 1,234 1,181 1,104 452 10S 331 1.324 395 1,324 395 1.239 317 1,239 317 2,073 531 2,073 531 1,210 971 1,210 971 83 348 83 73,883 12.029 85.912 85.380 7.483 72.863 Share of support and gov•manc8 costs (see note 91 Govemance 2,590 2,590 2,830 2,830 73,883 14,619 88,502 65.380 10,313 75,693 Analysls by fund Unrestricted funds- general Unrestricted fvnds- designated Restricted fvnds 67,550 14.619 82.169 64,062 10,313 74,375 126 6,207 126 6,207 99 1.219 99 1.219 73,883 14.619 88,502 65.380 10.313 75,693 Govemane• costs 2025 2024 Governance costs comprise.. Ac¢ounlancy 2.590 2,830 2,590 2,830 15-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 10 Trustees None of thc trustee5 (or any per¢on8 conneGted with them) reGeiv¢d Ony rwnunwation or expense5 durtng the year12024." £Nill. The lolal amount of donations received wlhout condition from Iru51ees or other related parties during the year was £360 {2024. £3601. 11 Employoos The average monthly number of emplJyee5 during yèarwas.. 2025 Nuwnber 2024 Nnr Adminlslration Seasonal Total Employment costs 2025 2024 Wages and salaries Other pension costs 84,680 1.121 62.327 65.801 83,293 There We no emptOy8as whose annual remuneration was more than £80,000. 12 Gains and losses on Investments Unrestrictèd Unrestrlctad funds nds 2025 2024 Gainsl{lo$se$} arising on.. Revaluation of investments Sale of investments {12.70n 17,622 8.067 299 4.915 6,366 13 Taxation The Tw$t is exempl from tax81ion on its activities bet%use all its income is applied for charitable purposes. 16-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 14 Tanglble fixèd assets Storogo equlpmgnt Office and Artgfacts Flxturgs and Ilttlngs Total equlpment Cost At 1 January 2025 Additson5 18,551 23,033 6.400 805 8,544 48.789 At 31 Dècember 2025 18,551 23,033 6,400 9.349 57.333 Dèprnclation and Impalm)•nt At 1 January 2025 Depreciation charged Sn the year 18,551 21,994 831 375 1,507 40,920 2.338 At 31 Dernber 2025 18,551 22,825 1,882 43,256 Carrying amount At 31 Decembei 202S 208 8,400 7,467 14.075 Al 31 De(xmber 2024 1,039 6.400 430 7.869 All tangible fixed assèts arè used for charitable purposes. The artefacts are stated al currenl market value at the point they are subsumed into thé collèction and due to the nature of the assets have not been dep1141ed. 15 Fixed asset investments Listad inveslments Cash In portfo110 Total Co$t or valuation At 1 January 2025 Additions Valuation changes Investment income Management fees Disposals Cash Investment Gain on sale of investment 127,318 69 112,7071 1.468 {691 128,784 112,7071 1,053 {1,3721 1.053 {1,3721 87.873 187,8731 17,622 17,822 At 31 Decernber 2025 44.427 88.953 133,380 Carrying amount At 31 December 2025 44,427 88,953 133,380 Al 31 December 2024 127.316 1,468 128,784 17-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 16 Stocks 2026 2024 Raw materials and consumables 2,472 5,529 17 Debtors 202S 2024 Amounts falling due withln one year: Trade debtors Prepayment5 and accrued in¢ome 13.8S2 385 971 339 14.237 1,310 18 Crlt0[¥. amounts falling due wlthln one year 2025 2024 Other taxation and social serity Accruals and deferred income 8,266 2,720 4,559 2.675 10.986 7,234 19 Restricted funds The restricted funds of thè Trust comprise the unexpended balances of donations and grants held on trust subjaet to specific conditlons by donors as lo how they may bè used. At 1 January 2025 In¢oming resources Resources expended Transfèrs At31 D•cember 2025 Capital Endowment Fund Gun Safe Grant IAMOTI MDNE Fireamis Cleaning Grant Regimental FAS COVID Grant MDNE Recovery & Developmeni Grant MONE Recovery & Development Grant 2023 MDN Women in the Fusiliers Grant 20.736 89 1,357 29 20.736 89 1,357 29 55 55 1,372 19371 435 3.924 436 15.270) 910 27,562 436 16.207) 910 22,702 18-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 19 Restri¢tèd fund5 (Continued) Pr8viou# y•ar: At l January 2024 Incomlng rèsoLtrces Re$tsiir¢•s expended Transf•rs At21 De¢ember 2024 Capital Endowment Fund Gun Safe Grant IAMOT) MDNE Firearms Cleaning Grant Regim•ntal FAS covirj Grant MDNE Recovery & Development Giant MDNE Recovery & Development Granl 2023 MDN Women in the Fusiliers Grant 20,737 89 1,357 29 20,737 89 1,357 29 55 55 2,591 {1,2191 1,372 3.924 3,924 24.858 3,924 {1,2191 27,563 The Arrny Museurns Ogilby Twst Gunsafè grant represents donations towards the ¢osl of a gunsafv. Tha Museum Development North East IMDNEI giant represents donations towards the Lleanlng offfirearms. The Regimèntal Fusilier5 Aid Sociéty COVID grant represents dtsnalions towards the cost of the charity continuing ils work during the COVID-19 pandemic and the subsequent reopening of the museum after national lockdowns. The MDNE Recovery & Devdopment grant represents donations to produc8 a virtual tour for the charitys website, conservation supplies and an A3 printerlscanner. The MDNE Re¢ovèry & Development Grant 2023 repSents donations towards the EPOS lo streamline activities in the museum shop and recording of shop sales. outdoor signage, conservation supplies and a new laptop. The Women in the FusSllers Project Grant 2024 15 a donation towards graphic panels whith present the Women in th@ fusiliers over the yéars and up to the present day. At 31 December 2025 the balances of Pilgrim Trust and MDNE ConseTwalion Grant, Gun Safe Grant. The Reglmental Fusiliers Aid Society Grant and MDNE Recovery & Development Grants represent the net book values of those assets purchased with the grants received. As those assets are deprectaled each year the restricted fund balances will reduce by the depreciation charged against them until extinguished. 19-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 20 Unrestrl¢ted funds- dèsignatsd These ar& un¥e8triGted funds whlch are materi01 to the Trust'5 aGtivibos. At1 January 2025 Incoming Resources resour¢o$ expended At31 De¢ember 2025 Acqulsrtlon Fund Conservation Fund Refurbishmènt Fund 6,400 17,695 59.360 6.400 20,069 59,360 2.500 1128) 83.455 2,500 {1261 85,829 Previous year: At 1 January 2024 In¢oming resources Resources èxpended At31 December 2024 Acquislllon Fund ConseNalion Fund Refurbishment Fund 6.400 16.294 59.360 6,4(X) 17,695 59,360 1.500 1991 82.054 1,500 199) 83,455 Thè Acquisition Fund Is applied lo acqulre ¢Jlsplay articles foi the regimental colle"On. The proceeds of any mlnor items disposed of are credited to this fund, and used lo make further auSitIonS. Significant disposal proceeds aw ollocaled to funds al the Trustees, discrellon. The Conservation Fund is used for the preservation of items in the regimental colledion. In the year. variou$ omounts have been expended lor this purpose and have been charged to this fund accordingly. In previous years conservation equipment has been capitalised with the depreciation eharged over S years Its the Conservation Fund. The Refurbishment Fund repres&nts donations and transfers designated towards the costs of rédèveloping the museum. TranSfS are made f¥om the General Fund to Ihe Deslgnaled Fund to cover the excess of èxpondilure over income in the year, where applicable. -20-
THE FUSILIERS MUSEUM OF NORTHUMBERLAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 21 Unrestri¢ted fvnds The unTeÉtrictod funds of tho Trust eomprise the unexpended bslanees of donatlons and 9rants whh arg not subject lo specific conditions by donor5 and grantors as lo how they may be used. At 1 January 2025 Incomlng rèsources Resources expended Ttansf8rs Galns and lo$$e$ At31 Dècember 2025 General funds 180,886 102.088 (94.0571 19101 4.915 192,922 Prtvlous year: At 1 Januory 2024 In¢omlng resourtès Resources expet)ded Transférs Galns and lossès At31 Dèeember 2024 General funds 132,266 120,496 178.2441 6,366 180,886 22 Analysis of net assèts bètsyèèn funds Unrestricted Unrèstrlcted funds funds gènèral designated 2025 2025 Restrlcted funds Total 2025 2025 At 31 D•e8mber 2025: Tangible assets Investments Current a5sels/lliabilitiesl 112 133,380 59.430 6,400 14,075 133,380 153,998 79.429 15.139 192.922 85,829 22,702 301,453 Unrestricted Unrestri¢tèd funds funds genèrdl deslgnated 2024 2024 Rèstrietèd funds Total 2024 2024 At 31 December 2024: Tangible assets Investment5 Current assetsllliabilitiesl 112 128.784 51.990 6,400 1.357 7,869 128.784 155.251 77,055 26,2 180.886 83,455 27,563 291.904 23 Related party transa¢tlon$ There were no dlsclosable felaled party transactions during the ygar {2024'. None). 21