THE SUFFOLK REGIMENT MUSEUM AND TRUST FUND REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 CHARITY NO. 275468
THE SUFFOLK REGIMENT M SEUM AND TRUST FUND In P•ge No. Trustees. Annual Report Independent Examlnerfs Report StateThnt of Financial Athities Balance Sheet Notes to the Attounts
THE SUFFOLK REGIMENT MUSEUM AND TRUST FUND TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 The trustees present their reFOrt for the year ended 31st December 2024. The Suffolk Regiment Museum and Trust Fund is registered wlth the Chatibes Commission, No. 275468 and governed by the charity's consbtution under a trust deed dated 28 12.1977 and by appIable law. The Suffolk Regint Museum and Trust Fund address is The Keep Gibraltar Barracks Bury St Edmunds Suffolk IP33 3RN The Trustees for the year were". BrKJadier A J K Calder OBE DL Lieutenant Colonel A D Staler OBE Colonel C M Elsden DL Lieutenant Col D S Denson TD Colonel GW French Colon61 M Knight MBE DL Councillor R D Everitt Major O J D Bullen Lieutenant Colonel M H Wenham Malor G O Lulon Major P J Machni¢ki (Hon) Secretary Rened- July 2024 {Honl Treasurer Re¥gned - August 2024 Chaimian Appointed - 21st March 2024 AppJnted - 1st August 2024 Organl8atlon Trustees are appointed by the tijard of tnjslees. The trustees meet in a quorum per year to assess the overall running of the museum. The ¢haiman, treasurer, curator and secretary meet regularty to discuss the daily running affairs of the charity. Objocts, OrganlsatloTr and A¢tlvltlo8 The objects of the charty are lo educate the public and MberS of the Regiffnt in the history and military accomplishments of the Regiment and lo pronKte milrtary èfficiency and encourage recruiknenl by public exhibition of the collection in a museum or museums or such other public places as the trustees may from time lo ts'me decKle, and to conserve. resto, paIr, reconstruct and preserve objects in the collection. Tho Musèum and Archlves The Museum was closed until Juty 2024 for a major refurbishent of the main gallery. There has been a steady increase in visitor numbers Sin the Museum reopened wth very positive feedback. Donat$ have also increased. The number of volunteers has Ireased all¢yMng the Museum to open mre: now three days a week and the first Sunday each month. The volunteers are a vital part of the Museum team. They help men the Museum when it is open and have done a huge amunt of work helping with the relurbishmenL This project would not have been possible without them. Following the move of the Records Office to Ipswrch the Suffolk Reglrrnt archNes have been returned lo the Museum, moved to Wesl Suffolk House and a part tsrrE archNist has been engaged to maintain the records and ensure their availability. The rerdS and Photograph collection of the Cambridgeshire Regiment have been added. There is now a comprehensNe Regimental ArchNe close to the Museum whh will become accessible to the public in April 2025. The work on a major long tenm project to check and Ufxjale the accession register5 and MODES continued. The Curator continues lo receive a significant numtrer of requests for help wrth histori121 and family research.
Flnan¢ial Revlew and Investhient Polky Interest from the invested fijnds and grants are usgj lo fvnd a fvll time curator, a part-tr'me Museum Assistant and maintain the Museum. The funds a invested wth COIF Charity Funds ty CCLA Investment Management Ltd in order to provkle ars endowment available to ensure the long temi future of the Museum. It has been a Teasonable year for the invested funds wrth improved Ferfomtsnce of the Stock Market. Thefe has been an increase of 2.0 % in the value of the investrnents (a increase of 7.2Q/o in 20231. The Trustees have carried out an annual review of the investnnt strategy. The Trustees feel that their investrnent strategy is the best possible one under the prevailing conditions. There are no restri¢ti"on$ on the charity's power to invest. The investnnt strategy is set by the Iruslees al its six monthly meetings and takes account of recent demand for fijnds. The overall strategy is to invest in low to medium risk investments. Res•rv•• Polky The charity maintains enough cash at bank in an instant access interest bearing a¢count to cover foreseeable expenses, with a balance of £1.417.000 held in longer temi investments. Rlsk Management The trustees have examined the major strategic, business and operational risks which the charity faces and confim that systems have been established to enable regular rerM)rts lo be produced so that the necessary steps can be taken to lessen these risks. Truote•8' RpOnsIbIlItI Stsl•m•nt The trustees are re$[KsIble for prepanng the Trustees. Report and the financial statements in accordancè with applicab law and United Kingdom Accounbng Standards (United Kingdom Accepted Accounting Praclicel. The law applicable to ¢haritw in England & Vlal83 requi8 trustees to prepare financial ststements for each financial year which give a true and fair vw of the state of the afPdirs of the ¢harity and of the incoming resoufces and applicatn of resources of the chanty for that penTrJ. In preparing these linanckql stal8ments, the trustees are required to.. set surtable accountin9 wilicies and then appty them Consistently.. observe the methods and pnnciples in the Chanty'es SORP 20191FRS 102)., make judgements and estsmates Ihat are reasonable and prudent; stste whether applicable accounting Slandards have b8en followed, subject to any material departures disclosed and exIned in the financial stalenEnls', prepare the finanoal Statents on th6 going concem basis unless it is inappropriate to presu that the charity will contsnue in oFwat¥yi. The trustees are resp)nSIb for keeFHng accounting redS that dixbse with reasonab accuracy al any time the finanaal F¥)Sition of the charty and enabk them to ensure that the financial statements comply with Charitss Act 2011, the Charity (Accounts and Reports) Regulations 2008 and trust deed. They are also responsible for safeguarding the assets of trle charty and hence for tsking aSOnab steps for the prevents'on and deteclion of fraud and other irregulariti'es The Charity'$ bankers are Lloyds Bank at Bury St Edmunds. The Independent Examiner is H Tacconi. Chartergd Accountant. Approved by the trustees and signed on tr1[ tehalf by: LLthL Lieutenant Colonel AD Slater OBE {Honl Sec & Trustee Date 11 14 L
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SUFFOLK REGIMENT MUSEUM AND TRUST FUND I report to the charity trustees on ry examinab'on of the Unts of the chanty for the year ended 3151 December 2024 which are set out on pages 5 10 9. Responslbllltles and basls of roport As the charity's Iruslees you are resr)nsible for Ihe preparat of the accounts in accordance with the requirennts of the Charities Act 2011 {'the A£VI I repjrt in respect of my eXaMinan of the charity's accounts carned out under section 145 of the Act and in carrying out my examinabon I have followed all the applicable Direcb"ons given by the Charity Commission under section 1451511bl of the Act. Indep•ndent èxamlnerfs 8tstsment I have completed my examination. I confim that no matenal matters have come lo my attention in conneclion with the examination giving cau8e to believe that in any material resFeCt'. 1. accounting records were not kept in respect of the tharity as required by secbon 130 of the Act.. or 2. the accounts do not accord wth those records: or 3. the accounts do not Comply wrth the applble requirements conceming the form and conlenl of the accounts sel out in th8 Charibes (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view which is not 8 matter considered as part of an independent examinat7n. I have no concerns and have come across no other mallers in cOnneCtn with the examinats'on to which attention should be drawn in this reFM)rt in order to enable a proper understanding of the accounts to be reached. H Tacconi {FCAI 32a East Street St. Ives Cambs PE27 6PD Dated..
THE SUFFOLK REGIMENT MUSEUM AND TRUST FUND STATEMENT OF FINANCIAL ACMv1Es FOR THE YEAR ENDED 31ST DECEMBER 2024 Unre8tri¢ted RtrIcted Endowm•nt Funds Funds Funds Total 2024 Total 2023 INCOME Investment incon Donations & Grants Bequest Shop sales 44,867 16.243 44.667 18,243 43,710 19,489 524 524 239 TOTAL INCOME 61,434 34 63,438 EXPENDITURE Charitable activities Other 26.168 61,983 26,168 61,983 19,875 50,560 TOTAL EXPENDrruRE 88,151 N•t lexpendhurel for th• year 126,717) (26,7171 16,9971 Galn on Inv•stm•nt 26,873 26,873 100.400 Surplus for the y•gr 156 156 93,403 Accumulated Fund brought loard 1,485,048 1.485,048 1,391,645 Accumulated Fund carrlod forwanl ,204
THE SUFFOLK REGIMENT MUSEUM AND TRUST FUND T AS AT 31ST DECEMBER 2024 BALANCE SHE Unrestrlctod Rostricted Endowment Funds Fund8 Fund8 Totsl 2024 Totsl 2023 Flxod Assots Investments 1,417.291 1,430.418 1,417,291 1,417,291 1,430,418 Currnnt Assets Stock for resale Debtors Cash at bank & in hand 1,814 12.860 58,186 1,814 12.860 68,186 1,874 59,496 Tolal Cuffent A•••ts 72,840 61.370 LM• Currnnt Ll4bllltlo8 Creditors {4.927) 14,927) 16,7401 Net Curr•nt A•Mts 67,913 67,913 54,630 Total A•sfrts 1,485,204 1.485,048 Ropr•s•nted by Incom• Funds Unrn6trtctsd funds 1,485,204 1,485,204 1,485.048 Rostrlcted fund8 TOTAL 1885.204 148S,204 1,485,048 These accounts were approved on behaw on the Managing Commrttee by Jp.uO- lo Lieutenant Colonel MH 14Venham (Chairman) Date
THE SUFFOLK REGIMENT MUSEUM AND TRUST FUND TES TO THE ACCOUNTS YEAR NDED 31ST DECEMBER 2024 1 ACCOUNTING POLICIES Basls of preparfng the flnanci•l Statements The financial statements of the charitsble company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Chartknes SORP IFRS 102} 'Accounling and Reporb"ng by Charrties.. Statement of Recommended Practice applicable to charitses preparing their ac¢ounts in ac¢ordance wrth the Financial Reportj'ng Standard applicable in the UK and Republ of Ireland IFRS 1021 {effective 1 January 20151., Financial Reporting Standard 102 'The Financial Reporting standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial stslements have been prepared under the historical cost conventton. The financial statements have been prepared to gNe a 'true and fairf view and have departed from the Charits'es (Accounts and Reports) RegulalK)ns 2008 only lo the extent required to provhJe a 'true and fair view,. This departure has involved following the Accounting and Reporting by Charities.. Statement of Recommended PTactice applicable lo chanknes preparing their accounts in accordance with the Financial Reporting Stsndard applicable In the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 father than the Accounting and Rewrb"ng by Clwrilies. Ststenxnt of Recommended Practice eff8th.ve from 1 April 2005 which h8s since been withdrawn. The flnancial st8lements are prepared on a going concern basis under the historical cost convention, modified to include certain items at faif value. The financial statements are presented in sterling which is the fvnctional currency of the chanty and rounded to the neast pound. Income All income 18 recognised in the Ststement of Financial Acbvrties once the charity has entitlement to the funds, it is probable that the intoffe wll be received arwj the arUnt can be aSure<l reliably. Expendlturn Liabilities are recognised as exFenditure as soon as there is a legal or constructive ob11gats.on committlng the charity to that expenditure. it is probable that a transfer of economic tenefils will be required in settlement and the amount of the oblbgation ¢an be measurod reliabty. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. There costs cannot direcuy attributed to particular headings thoy have been alkjcated to activitss on a basis consistent wth Ihe use of resources. Inveslments Investments are in¢luded at market value at the balancè sheet date. The Ststemenl of Financial Aclivib"es includes the net gains and losses ar5sing on revalUatn$ and disposals throughout the year. The artefacls in the museum are not brought into the accounts al cost or valuation because the tnjstees conyder that they have no value other than as part of the collection. Fund accountlng Unrestricted funds can be used in accordance wth the chanlable objectives at the discretion of the trustees. Restricted funds can onty be used for particular restrided purposes within the objects of the chaTty. Reslricbons arise when specffied by the donor or when funds are raised for particular restricted purposes. Endowment fvnds represent those assets which must be held pertTkanently by the charty, principally freehold land and buildings.
THE SUFFOLK REGIIAENT MUSEUM AND TRUST FUND NOTES TO THE ACCOUNTS YEAR ENDEO 31ST DECEMBER 2024 Note Investh)•nt Incom• 2024 2023 Interest received Other investment incom& 1,159 43,508 670 43,040 44,667 43,710 3 8•qu••t During the year tha sum of £0 was left to the charity12023 £0). 4 Charft•ble ExndItle 2024 2023 Display items purchased for the museum Minden Oay Grants Donations Best Soldier Competition 20,318 2,500 2,000 900 450 11.160 5,500 2.000 750 465 26,168 19.875 S Oth•r 2024 2023 Insurance AccountanGy fees Sundry expenses Wages & expenses paid Postage, stationery and adve.$ing Websrte and computer ¢osts Cosl of sales Alarm system Rent- West Suffolk House 2,051 900 1,498 51,261 66 4.021 2.124 825 1,703 43,046 125 1,077 129 1,531 1.453 673 61,983 50,560 8 Gain on Invtment 2024 2023 Increase in value of COIF investmgnt 26,873 100,400
THE SUFFOLK REGIMENT MU AND TrUST FUND NO TOTHEA ENDED DECEMBE Investments 2024 2023 COIF propety fijnd COIF ¢harities inveslment fvnd COIF fixed interest fund M&G Investments 142,989 1,274,302 145,538 1.284.880 1,417,291 1,430.4 Cr•dft4)rn 2024 2023 Accountancy fees PAYE & NI Other creditors 600 S50 854 5336 6,740 Mov•m•nt In Fund• Net movement in funds At 1.1.24 At31.12.24 Unrn8trlet•d fund8 1,485.048 1,485,204 R•8trlcted fund• Endowment fund• TOTAL FUNDS 156 1485 204 Net movement in funds, indudeoj In above are as1011tr4fi: Incomirwj Resources Gains & Movement in funds Unmtrf¢tod fund• 61.434 188.151) 26,873 156 Re•trict•d fund8 Endowm•rtt funds TOTAL FUNDS