THE MERCIAN REGIMEiif MUSEUM (WORCESTERSHIRE) TRUST (REGISTERED CHARITY NO: 276510) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAFI ENDED 31 DECEMBER 2020
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) TRUST CONTENTS Page Reference and admlnlslralive delalls of the charity. fts trustees and athi18er8 Trustees, report Independent examin*s report Statement ol flnancial activilies 10 Balance Sheel 11 Notes lo the tlnancial stalernents 12-19
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020 Trustees Nigel Bradford. Trustee John Davies, Trustee Tim Fisher. Trustee Mike Green, Treasurer and Se¢relary Mark Jack50n, Chairman Fiona Macklin. Trustee Keilh Nonon. Trustee Hugh Richards. Trustee An(Jrew Wadland. Trustee Charlty registered number 276510 Principal offlce Dancox House Army ReseNe Centre Pheasant Streel Worcester Worcestershire WR1 2EE Accountants DCBc•yn&Co 88 Cowleigh Road Malvem Worcestershire WR14 1QW Bankers CAF Bank Kings Hill West Malling Kent ME19 4TA Investment Managers EFH Harris Alklay Church Mews Ombersley Worcestershire WR9 OEW
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) TRUST TRUSTEES. REPORT FOR THE YEAR ENDEO 31 DECEMBER 2020 The Trustees present their annual report together wilh Ihe financial statements of Mercian Regiment Museum (Woreestershire) Trust {Ihe charity) for the year ended 31 December 2020. The Trustees ¢(lIMi that the annual report and linancial statements ol the charity comply wtth the Current slalutory requirements, the requirernenls of the ¢harily's goveming documenl and the provisions ol the 2015 Statement of Recc*nmended Practice (SORP) "Accounting and Reporting by Charities.. INTRODUCTION The Museum is consthuted by Deed of Trusl dated May 1978 and the permanent exhibition is housed in worSter City Art Gallery and Museum on a lease due for renewal in 2026. The office, archives and reserve collection are in a MOD building a short distance fr(Mn the City Museum. The Ministry of Defence IMODI withdrew Its annual Grant In Aid £20,000 in 2017. The Mercian Regiment Charity has replaced Ihis with an annual grant ol £20.(X)O unlil 31 Mar 2022. while undertaking a strategic review ot ils heritage and four mL¢seums. The MOD funding lor the four antecedent Regiments. museums will reduced to a single grant of £20,000 lor a Mercian Flegimenl Museum by 2030. or earlier rf funding is further reduced. PURPOSE The Museum exists to collect and preserve the history. traditions and achievements of the Regiment, ils anlecedenl components and those who have served or are serving in it from 1694 to the present day and lo present them it? a way which entertains. educates and inspires as wide a range of Msitors as possible. OBJECTIVES AND ACTIVITIES POLICIES AND OBJECTIVES The Trust's overall objectives are set out in the Trust Deed May 1978 and in the following poliS approved by the Trustees- Forward Plan {appToved 2020) Financial w)licy {Approved 2019) Investment policy {Rewewed 2019) Care and Conservation Plan (Revised 20191 As a museum goveming body, the Trusys activtlies are also guided by the requirements of the Arts Council England Accreditation Scheme. The Museum re-applied lor. and was granted. accredilalion in May 2018.). Vlslon The Trustees. vision for Ihe future is that the Museum should be recognised as an inclusive and progressive institution Ihal (x)ntributes to the eultural offering of WcKcestershire. capitalises on the slrengths ol its collection and miKJeTn technology to reach oul and provide an experience for visitors and users that excites. inspires and educates and which generates sufficient inccmne lor the Museum to develop and flourish. Key Aims To ensure that the Museum remains financially sound and well managed by a strong body of Trustees supported by a professionally qualFfied curator. To manage and care for the cdlections to acknowledged professional standards. To maintain stimulating and high quality permanent and temporary displays in wceSterShlre that will provide activities and events for the enjoyment and educatw)n of visitors, schools and others. To create a marketing and promotion programffle and develop advocacy lor long term stability. To ensure that the collection remans relevant lo Ihe Regiment and valued by the public so that long-term suslainabilily of the Museum is secure. To maintain a high standard of customer Serv and guardianship in keeping with museum's core values and accredited museum stsndards. ObJectlve8 Secure the financial future of the Museum F)OSt-2021. Develop a sustainable long-lerm staffintyvolunteer struclure. Continue updating the catalogue and digilising the collections. Develop and implement a phased conservalion programme.
THE MERCIAN REGIMENT IAISEUM IYIORCESTERSHRE) TRUST TRUSTEES. REpoirr FOR THE YEAR ENDED 31 DECEIABER 2020 Expand the offer to schoolslcoll8ges. Implement the collectKsrts polKy that activety targets post-1945 conflth. Promote wider public aKareness of and access to the collecbon. Identfy other spaces in Worcestershire for the display of the colkntion. Maintain and improve rating under the VAQAS Scherre in 2015. 10. Raise the Museum's rKofile and increase and diversify our visitor5 and users aTrJ Stake1er support 11. Bring di$ayS up to present day incorp)rating material on Iraq and Afghank8tan. 12. Fundraising. 13 Expand the appeal ofthe Fr of the Museum to n(xease mnbwship and aLvty. ACTivmES FOR ACHIEVING OBJECTIVES The trust OFat8$ a Museum for the publr benefiL penrowt ds is Pthised in the Cty Museum and Art Gallery arKF Is known as the VbbrcestershKe Soldr GaIry. This is OFen six days a week and attracted approximatety 3.500 due to COVID 19 $trt)n$ visitors {14,556 in 20191, Comments in the visitors, bC)k continue to be overwhelmingty complimentsry. The Museum wrsues an &luc4tional Fdicy and provides educati¢Jnal projects and opportuniS for scholarn of all ages from PriThHry scKd to unNersty Stents. We achieve thi8 through partnership with a nurtw of local education institutions induding the University of PUBLIC BENEFrr The Trustees have paKI due regard to the Charity Corn)tssth's guidan on public benefft in decwjing what tivities to undertake. The Museum provptses Publ tenefft (Lnefft to the public at large) by: Educatirtg the publ the character. ivrtEs and of the Britlsh Army, and In pathular ils County RegiTrenL Comffemorating and rememLvtng th(e have lost ther Mv8S (x suffered injury put themselves at risk of loss of life or injury. in seprfice of the publ. Strengthening the link betn the mlIY and avilian communities. in partlar assisting witrt reCrUng the soldiers of the fLrture. Assisting Service petsonnel rrm effecti4ety b) perforni their military duties. Itachieves thr& by reccffding the deeds of thelrfcthars, thereby helping to irthlc the ethos and esprtt de corps which generates the fighting writ necessary for successful operations. As a resu. the Museum promotes the effiGiency of the Arn F¢)r of the Crrp•m by enhancing the Bntish Amy's capabilty to undertake the roles demanded of 1¢ induding the defence of the United Kingdom and its intwest& ACHIEVEMENTS AND PERFORMANCE REVIEW OF ACTivmES t)ue to COVID 19 restrtrS it has tjeen a dwllerying year for the wseum. Education.. The Trustees Work in collab(xion wrlh the Learning and Access offir for the Cty Museum. Infonnation was Cirlated to all schcx)Is in January 2017, seth'ng out a 09ram of events and activitEs to support the teachin9 ofHiory at Key Stage 1. 2. 3 and 4. The Museum's three resource tXeS on Vthcestershire at War and the Fitst and Secortd Wortd Wars continue to be in derrond by schools. Due to COVID 19 restrictions nil pupils and students in groups visiw the Museum in 2020. In aydition, edutstional resounx forteachers to downlo&J have been placed MUset'S Th)5rte. Dl8play8: Due to COWD 19 restr11 no displays wt on fft 2020 Researeh: There have been 29 r8sear(* erK4uffies re(wed this year and the gross InMe from these is £720.
THE IAIERCIAN REGIMENT IIUSEUM IWORCESTERSHIIE) TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 Arxrodltation Update: The Museum TYaS awarded fvll &cTrjJitatK on 10th May 2018. Aquhltlons and otyocts catalogued and packed: The have been no significant purchases since the last Trustees meeting In 2020, the Museum catslogued and photographed 15 objects from our backlog. Five new obiecis have been catagUed arKI ptwraphed. The overall collectic stands at 13.688 items. Projécts WWI database enharWnt and augnHrtaliM. This 7hy)rk {xtinueS and there are currently 63886 WWf2 Database: To Ma the anniversary, the Museum has rx)ntinued a bM)graphical database of all those soldiers who served with the Worcestsrshire Regiment during World War Two, in whatever theatre or cap•. This a long-temi proje¢( designed as a research tool and to act as a memorial to their Servi. W•hlte and Facebook: The Museum has continued to wblish blogs on the website relating to Regimental history, batM8s and batde honrS arKI other events, parbcularly relating to its involvement in the First Vklrtd Vtsr. Reant eXrpts from the Battalions. War DIleS on the Facebook page 0mpanIed ty IrgeS from the Regimental ptI3[aPh albJm& Rovlow of ts Forward Plan: The TnKes fIXnty aFVOV&t a F4an to the peric¥J 2020 to 2025 tn March 2020. INVESThIEpif POLICY AND PERFORMANCE In 2019 the Trustees approved the The Nknaan RegInrt Museum IV¥tscesknhirel InvastnEnt licY Provide a steady source of income to enable the maintenance of the museum and its seprfices. tts accessKJns and displays, and thr further devefopment. Enable the acquisition of accessts)ns as dèenW appropriate by the Trustees Provth reserves in the event of a d(wmtum in fijnds from other sources. In future, any balance outstanding. and any fuiure surplus, will be transferred to the Reseprfes for ¥8Stment This nformS to Clauses 7, 8 and 12 of the Charity's Trust deeds apwoved in April 2012. There shall be an Investsypnt ComtY#ttts. thich shall at a minirwm Iwice yearty. It shall ¢omprise'. The Charnnan of the Board ofTnthes. The Honorary Treasurer A representative of the Investrwrt Manw Company (in an advisory capacty) The obithes of the investsd resevves are to." Maintain sufficient fvnds in easty Sr¢e5 to cover up to 6 Irnths, operating Deliver a minimum InMe of £30,000 p.a. Maximise the value of the portrolio in real tom ty obtainiry a balanced rebjm betsveen income and capital. Accumukts an addllional reserve that can be used for fuTtrw capital devekynent, large Sca maintenance or refurbishment
THE MERCIAN REGIIAEKf kWSEUM (WORCESTERSHIRE) TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The investrnents should l at the Iw tevel of M(xler RISK with a Corretk)n to equities. The Museum has no ethical (¥)nSiderats th lkI restrict investMt optKm& There shall be an annual agreemwtt signed betww the Manager arKI the Investment ComrThttee. The Investment be beFKhmarted usirKJ the FfsE Pll Bakncd. The lnvestrrnt Manager sham provrde a monthty investrwtt upjats to the Treasurer. The InvestnRnt Manager shall trarthr the Investrt income to the Museum's Gen Awount by the third Friday of Marth, June. September and Oecelrber each yew. There should be an investrrrt refvxxt included on the W of the Quartth Truste8s' meetings. FINANCIAL REVIEW GOING CONCERN After woking appropriate enquir, the trustee5 have a reasonable eXptstn that the ¢harity has adequate resources to continue in operational existence for the foreseeab fvture. For this reason, they continue to adopt Ihe going concem basis in preFQriNJ the finarla1 slatenrt. Further detaib regarding the adoption of the going concem basis can be found in tre A(%¢Kmting PolrAs. RESERVES POLICY The investments portfrJlio constitutes the reserves of th8 Chwity into an Erxl(ywnnt Furnj with one of rb purposes being to gener incovrt to (a)ver the Curalorfs salwy. The Trust should maintain 6 rrK)nts of operating costs as a minimum reserve. YEARLY REEw In the year ended 31 December 2020 we incurred a surplus (loss) of £20,020 (2019.. £106,016). This surplus (loss) is up of an unrealised gain (k)ss) on Invests of £4,854 (2019: £105.888}. The reserves as at 31 December 2020 stsnd at £924.622 (2019: £904.515) and are all unrestrthd in nature. This is within the reseNes of 6 ThK)ntrts operating costs. whh &]uates to r¢a £30,000. The charity hokls an investrnent portfolh), as detsiled above, Wh is used to generate income to help fvnd the running of the chanty. As at31 December2020 £886.253 ofthe reseNes were held in trtfom ofinvestments {2019'. £881.399), meaning that £38,369 is held as working captsl to meet the OFeiational needs of the charity (2019.. £23,116). The board B comfortable with the level of reserves at the year end. 8TRUCTUR4 GOVERNANCE AND MANAGEMENT CONSTITUTION The Museum is constitirted by Oeed of Trustdated May 1978. The Trust Oeed as arrended by Resolution of 16th April 2013 provides for four ex-officio KI between fr arnl seven Th1¥mIu81 Trustaes. There are currentiy nine Trustees. METhOD OF APPOINThIENT OR ELECTION OF TRUSTEES The Governing tkKument l-Gtr) ofthe Trust is the D*J eXted on 10 May 1978 (Ihe Dee(I") as amended by resolution of the Trustees at a meeting on 16 April 2012. The Deed currenty KYo¥ides for 4 to 7 indplidual trustees and 2 to 4 ex-Offic trust. However, there must afrrys be a ffAiority of ivjividual trustees so h)ng as there are indNhJuals willing to sefve.
THE MERCIAN REGIMENT PAISEUM IWORCESTERSHIRE) TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The number of indivMJual trustees can be vailed using the 'sktuW ¥Kpweff. The provisions as to ex-officio trustees, is govemed by Clause 15 of the Deed. The Colonel of The V4brcestershire arKI SheThnod Foresters Regitrent or Tts succeS)r. The Deed dS not peit arrendment of thks provision. The ColorEI ofthe Mercian Regiment has stated that he would prefer to be able to nominate someone in his pthe. Up to iwo serving or retired officers who rrrdy te nominated by Dep Col MERCIAN. Of the ourrent trustees JackSC, Rrchards. Wadland and Fisherwould be avaikble to be so rK)minated, with Jackson and Rthards ekcted as Chaimwn and VKe Chaiman respectively. Fisher has been app)inted as an ex4kro Irustee. There currenty 8 indivMYual truste8&' Brajford. Davw, Green. JksOn, Macklin, Norton, Richards, and WadlaMI. The number of IndNidual Trustees (in additp)n to exthio Twstaes) shall be not less than Five n more than Eht in nurthr. ORGANISATIONAL STRUCTURE AND DECISION IAAKING The Trust are reskX)nsible for provwjing the str9 direclim for the museum. apFxoving its budget and Forward Plan. Day to day management ol the museum and its affairs is del&Jated to the Curator, who is directly re$rx)nsible to the Board of Trustees and is line nnag&d by the Chaiman. The Curator is guKled in this Vrk by a Finance Policy {apEKov&J by the Trustees Juty 2019) and a Fp Year FoiwaTd Plan (Approved by the Tnjstees December 2019). Dr John Paddctk Was appointed in January 2013 to the Frf)St ot Curator and is full time. Règrettabty the Board of Trustees were obliged in 2020 to redu staff costs due lo a knss of income as a resu of the COVID 19 pandemic so the part4im@ adminislralor, Mrs. Parrela Latuth, who had been apttsinted in Juty 2014, to work 4 days a week was rrwde redundant The Museum SUPF()rted by 33 volunteers who are invofved In research activitres including responding to enquiries from the public, catalo9uing the coltion and assisting the Cty Museum's front of house Staff. PLANS FOR FUTURE PERIODS FUTURE DEVELOPMEtirs To grow the portblio sufficienty Ihat it will be atjle to generate suffient irK(Kne to cover botti the Curator and the Asst curat0¢AdmInl$trative As'Stan$ salary in the v4ent of reduction, or rerrxwal, of Mercran Regiment financial suppo¢ and failure to find alternative Sour of income. The aim is to be financialty $ustainable when the Mercian Regi[tt grant ends in April 2022. TRUSTEES. RESPONSIBIUTIES STATEMEKr The Trustees e responSie for prepanrvj TnJstees' we[ and the financial statements in accordance applicable law and UnitJ KFngdom knnting Standards (Unitl lQngdom Generally Accepted Accounting Practice). The law applicable to charilies in Engknd & Wtales requires the Trustees to prepafe financHI statements for each financial year vthich give a true and fair view of the state of atrairs of the charity and of the inccming resources and applicatN)n of resour of the charity for that period. In preparing these financral statements, the Trustees are required to: select suitable policies and then apply thern con•., observe the meth(hls and prlpleS in the Charilres SORP," make judgments and accounting eslimates that are reasonable and pent prepare the financial statements on the goin9 a)ncem basis unths it is inappropriate to presume that the chatity will continue rn operakn.
THE MERCIAN REGIMENT AWSEUII oRcESTERsHIRE> TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEIABER 2020 The Trustees are resp)nsibl8 for keepirvJ propw ac£ountiTrJ rets)rds that are suffic*nt to sh(Y4V and explain the charity's transactions and dioSe with reasonab accury at any the finanual p)sitson of th8 charity and enable them to ensure that the financrdl ststements cornpty ¥th the Charities Act 2011, the Charity (Accounts and Reports) Regulatons 2008 and the prowsions of the trust deed. They are a&0 P)nSIble for safeguarding the assets of the Chanty and hwKe ts taking r6asonable steps for the weventn and etlon of fraud and other irregularities. approved by the Trustees on 16 J<( J LJt)& l ald s19r1 on their b8half by: This rep)rt n, Cholnnan
THE MERCIAN REGIMENT IAUSEUM (WORCESTERSHIRE) TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MERCIAN REGIIAEKf MUSEUM (WORCESTERSHIRE) TRUST I report on the financial statements of the chanty for tre year ended 31 t6rrl)er 2020 which are set out on pages 10 to 20. This report is made solely to the charitS Trustees. as a LM>ty. in rdance with section 145 of the Charities Act 2011 and regulations made urKler 154 of thatAct My work has been undertaken so that I mKJht state to the charity's Tfustees those matters l am requwed to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent pennrtted by law. l th not a( crf assume responsbilty to anyone other than the charity and the tharity's Trustees as a bcmty. for my work or for this rewL The financial Statents have been prepared in accordance with Accounting and Reporting by Charities prepanng theiraccounts in accordan th the FinarKial Repxxfing Standards applicable in the UK and Republic of Ireland IFRS 102) in preference to the Arxx)unting and Reporting by Charities: Statement of ReLx)mmended Practice issued on 1 April 2LM)5 whith is referred to in the exiant regulations but has b88n wittKlrawn. This has been done in order for the accounts to provth a true and fair VI in rdan with the Generalty Acwbj Accounting Practic effe¢ve for reporbng beginning on the after 1 January 2015. RESPECTIVE RESPONSIBILMES OF TRUSTEES AND EXAMINER The charity's Tnjstees are rewnsible for the preparation of the financial slaternts. and they Gonswjer that an audf( is not required forthts year undwÉe¢gion 14412) ofthe CharitEsAct 2011 (the Act) and that an indeperKJent examinatKJn is needed. It is my responsibrtty to: examine the financial ststetronts under SeCtK 145 of the Nrt fdk)w the predureS laJ dun in the generat DIrec1nS given by the Chaiity Commission under section 145(5)Ib) of the J4rt and BASIS OF INDEPENDEKf EXAfAIINERE REPORT My examinalw)n was carried ¢Jut a(xx)rdm with the general tWions given by the Charity Comrnission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those Teo)rds. It algo indudes consideratK)n of any unusual ite0 or disclosures in the financial statements. and seeking explanations from you as Trustees ¢1cernIng any such rrratters. The procedures undertaken do not prowde all the e¥#lence that Kld be rg]uired in an audtL and nseqUentty no opinion is given as lo whether the finawal Statnts wesent a Irue and fair vi** and the rep)rt is limited to those matters set out in the statert below.
THE MERCIAN REGIMEKf IAISEUM IWORCESTERSHIRE) TRUST INDEPENDEKf EXAIAINER% STATEMEKr In connection with rny exaffllnatK, no matter has to attention: (1) whth gives rre reasonable cause to b&le that in any material resFttt the requirements." to keep a(yxunting re¢xrds in acxordm with sectN)n 130 of Art and to prepare financial statements whrh acc4Jrd with tho ¥xounts'ng records. Anting and Reporbng by Charities preparing their accounts in accordance with the Financid Reporting Standard In the UK arKI Republic of Irend {FRS 102) and in other respects CW with the accounting rffjuirements of have not been rmt or {2) to which, in my OFMnion, att8ntN)n &Trwkl be dmm in 4ydertoentha propor underslanding ofthe financial ststements to be reached. Signed: Dated. I f rfu O C Boom AFA AA1A DCBoJm&Co 88 Cowl9h Road Malvern WorL%Stershire VbR14 1QW
THE MERCIAN REGIMEKf MUSEUM RcEsTERsHRE1 TRUST STATEpaENT OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31 DECEIAi8ER 2019 Totsl Funds Total Funds funds 2020 2020 2019 INCOME FROM: Donatn5 and Wxs Other trading activities Investsnents other {Museum Fttends actrvibes) TOTAL INCOME 36995 7395 26558 2690 73638 12020 28474 1624 71414 12020 28474 1624 71414 EXPENDrruRE ON= Raising funds Charitsble actl+irt Other (Museum FThjs aclivitsts) TOTAL EXPENDITURE 6729 $0093 2867 69021 1575 73463 6,7&8 56207 NEf INCOME BEFORE IIIVESThIEPIT GAIPIWOSSES) Net gainsllFosses) on inVestnts 15207 15207 175 105888 14 NEf INCOME I (EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES 1CIS063 NEf w)VEIAEKf IN FUNDS 106063 RECONCILIATION OF FUNDS: Total fijnds 1Xght fryward Funds Adjustjrent 904520 904520 798405 41 41 47 TOTAL FUNDS CARRIED FORWARD 924622 924622 904515 All activities relate to continuing ¢)perati)ns. The notes on pages 12 to 19 fcvm part of these finaKial slatements 10
THE MERCIAN REGIMEKf AWSEUM (WORCESTERSHIRE) TRUST BALANCE SHEEr AS AT 31 DECEIABER 2018 2019 FIXED ASSETS Tangible assets 13 InveStrts 14 886253 881399 886253 881399 CURRETr¥f A8SErs Stocks {Noltonal) 15 Debtors 16 Cash at bank arKI in hand 23116 23116 CREDrroRS: aNw)unts falling due wrthin cme year 18 NEf CURRENT ASSErs 23118 NET ASSETS 924622 904515 CHARrrY FUNDS Unrestri(tsl funds TOTAL FUNDS 18 924622 924622 904515 904515 The financial statements were approved by the Trustees on and nedo aw. by: , Chairman The notes on pages 12 to 19 form m of these financial ststements 11
THE MERCIAN REGIIAENT MUSEUM IWORCESTERSHIRE) TRUST 1. ACCOUNTING POLICIES 1.18ASIS OF PREPARATION OF FINANCIAL STATEIEP The financial statements have been prepared under the historical ry)st convention wilh iterrs recognised at cost or transaction value unless otherwise stated in the reant notes to these accounts. The financhql statements have been prepared in OrdanCe wtth the Ststement of Recommended practi.. Accounting and Repofts"ng by chareS prepanng their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Rewblic of Ireland {FRS 102) issued on 16 Juty 2014 and FinaneAal Reporting standard appltsble in the United Kingdom and Republ of Ireland {FRS 102) and Chariks Act 2011. The Mercian RegirrEnt Museum IWWcestthIre) Tnjst CStitits a publ befft entity as defined by FRS 102. 1.2 FUND ACCOUNnNG General funds are Unrestric funds whith are wailable for use at the discret[ of the Trustees in furtherance of Ihe general obithes of the chwrty and which have not been dosrgnated for other purposes. Designated funds comprise unrestrMd fvnds that have teen set aside by the Trustees for particular purposes. The aim and use of designated fund is set out in the notes to the finanryal statements. 1.3 INCOPAE All income is recognised once the charity h&% rtiUe to the irwrrt, it is wobable th the income 11 be received and the aNwnt of receivabte can be npasured reliabty. Donated services or facilttses are rwniswj wn the charity has (x)ntrol over the item, any condits'ons asscciated wrth the donated item have ten the lpt of e(x)nomic benefit from the use of the ¢haTity of the item is probable arKI th economic benefft be measured ljabty. In accordance with the Charities SORP {FRS 102). the general volunteer time of the FrdS is not recognised and rnfer to the Trustees. report for more inftwnHti)n ab(Mrt their T[butIOn. On receipt. donated professional sefvices and don f¥tlibes are rec¢¥nk8ed on the bask8 ofthe value of the gift to Ihe tharity whth is the amount the charty wouhj have been willing to pay to ¢)btain ServeS or thliknes of equNalent ecC¢1¢ benefft on the open marf. a cotresp)nding amount is then rwnised in eXllUTe in the period of receipL Income tax recoverable in rdation to dOnab e1veJ under Gift AKI or deeds of cthenant is reccgnised at the time of thè donalion. Other incoff is reCC3ned in the Fer in whth it is recelvable and to the extent the goods have been provKled or on completA)n of the serrfti. 12
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) TRUST NOTES TO THE FINANCIAL STATEhlENTS FOR THE YEAR ENDED 31 DECEMBER 2020 IA EXPENDrruRE Expenditure is recognised once there is a lega or constructive oNigatN)n to transfer economic benefft to a third paty. it is probable that a transfer ofeconomK beneffts will te required in settlement and the arrn)unt of the obligatton can be nwasured reliabty. Expenditure r8 dassified by a¢tP4ty. The costs of activty are made up of the total of direcl costs and shared ts)sts. induding SUPFrtyt costs involved in undertaking each activity. Direct costs attributable to a single a¢tsvity are allted directly to that activity. Shared costs which o)ntribute to nTh)re than one activty aThJ support costs which are not attributabie to a singte activlty are apportioned bets¥een thoge actNtbes on a basis congstent with the use of resources. Central staff costs are alktated on the basis of tim8 spen( and d8w0uab charges allorated on the portion of the assefs use. Fundraising costs are those wJrred in seeking vduntsry Contrilxrtio aThS do not include the costs of disseminating information in support of the ctsritabk activities. Support costs a those costs incurred direcdy in support of expenditure on the objects ofthe charity and indude project managem8nt [rIed out at Headquarters. Govemance costs are Irred in con•n wilh administration ofthe chartty and compliance wtth constitubonal and stattrtw requirernents. Costs of generating fvnds are costs Inrred in atr¥tmg YUntary inwme. and those #icurrèd in trading activities that raise funds. Charitable activitles and Governan costs a costs Inrd on the •eMy twsys educational operations. including support costs aTrJ costs relating to the governan ofthe adeMY trust apF)Ttioned to charitable activÈli8s. All sourceS expended are #KIUSr of irrecwrable VAT. 1A TANGKBLE FIXED ASSETS AND DEPRECIATION Ail assets costing more than £1.IXMJ a caprtalised Tangible fixad assets are Caled at cos( net of deprlatIOn and any provision for impairnEnt. DepreciatK)n is prrwhyed at rs calcajtated to wrrte off the cost of fixed assets, less their estimated Tesidual value, over theii exFCted useful lives on the following bases.. Fra8 and ffttin 33.33% straight line 1.6 INVESTMENTS Fixed asset investrnents are a fomi of financaal in5trurrent and are initially reco3nised at thetr transaction cost and subsequentty nEasured at fair value at the Bakqnce sheet date, unless fair value cannot be measured reliabty in whth case it is at cost less itnpainrEnt Investrrent gains and losses, whether realised or unrealised, are wmbined * shtr•ffl in the he&JiThJ 'Gainsl(k>sses) on Invest, in the Stalement of financial activities. 1.7 INTEREST RECEIVABLE Interest on fvrKls hetd on deFAXt Incl wPtn r*xvable aThl the amount can b8 rTEa$ured reliabty by the d)arity" this 15 ncmlty Up( notifration of the interest paid or payab by the Bank. 13
THE MERCIAN REGIMENT MUSEUM IWORCESTERSHIRE) TRUST NOTES TO THE FINANCIAL STATEMEiirs FOR THÉ YEAR ENDED 31 DEcER 2020 1A STOCKS Stocks are valued at the k)wer of cA)st and net realisatAe value after making due alluwance for obsolete and slow-moving stocks. Cost includes all dir& o)sts and an appropriate proportion of ed and variab overheads. 2. INCOME FROM DONATIONS AND LEGACIE8 Unrostrl¢ts d funds Totsl Funds Funds 2019 Donations and Glft Aid Appeals MOD Grant in AKI Grants 7117 25910 25910 29750 Total donations and Iws 29296 995 In 2019, of the total inc4)rne from donatK)ns and leg. £36995 vras to unrestrthl fUJ$ and £NIL was to restrycted funds. 3. ACTivmES FOR GENERAT114G FUNDS Unrtstrict• Total Fund d funds Totsl Fund 2020 2020 2019 Research 765 Events Shops Sales & PUbltIon rights Other income 11036 2092 1676 2862 12020 12020 7395 In 2019, of th8 total income frorn &bvitses for generatr'ng fvnds, £7395 was to unr8strthd funds and £NIL was to restricted funds. 4. OTHER ACTivmES 2019 Museum Frlends deslgnated activites 2690 14
THE MERCIAN REGIMENT MUSEUM IWORCESTERSHIRE) TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 6. INVESTMENT INCOME & BANK INTEREST Total Funds Total Funds 2019 2020 Bank Inte$t & Dividends received 28474 28474 26558 In 2019. of thè total investrnent 4)me, £26558 was to unrestrKtsI fu arKI £NIL was to restrthd fvnds. 6. DIRECT COSTS 2019 Museum Dispk9y & Acquisit SUbsCrfptnS and sundries Insurance Research costs Postage Eveftts Shop purchases Office supplies Deplation Wages and salaries Tralning At 31 DeMber 2020 6150 3580 495 14 3369 29 2867 930 56149 1106 71888 7. GOVERNANCE COSTS Total Totsl funds 2019 Govemance Auditors, remuneration 8. OTHER C08TS Totsl funds Total fund 2020 2019 Transfer to Inveslments Friends DeswJnaÈd activittes 1575 15
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHRg TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2020 9. ANALYSIS OF RESOURCES EXPENDED BY EXPENDrruRE TYPE Total Totsl 2019 2020 2020 Expenditure on raising voluntary Inco 2867 COSTS OF GENERATINO FUNDS Support Costs Expendilure on govemanc• TOTALS 5729 2867 69021 43923 6170 43923 11899 S5822 71888 10. NET INCOMING RESOURCESI{RESOURCES EXPENDED) 2020 2019 This is stated after charging: Depreciation of tangible fixed asset&. - owned by the charity Audttors, remuneration- audit Durin9 the year, no Trustees receNed any rernuneralion (2019: £NIL). During the year, no Trustees recerrfed any be ka {2019.' £NIL). During the year, no Trustees received ary reimbursement of exp8nses (2019. £NIL). 11. AUDITORS. REIAUNERATK)N The Independent ExarnineV$ muneral anK)unts to an 1ndePwt Exanination fee of £0 (2019." £NIL}. 12. STAFF COSTS Staff costs wefft as folfuws: 2020 2019 and salaries £43923 £56149 The average number of persons emthed by the drity during the ywwas as follovts: 2019 No employee received remuneration amountirvj to more than £40,000 in either year. 16
THE MERCIAN REGIMENT MUSEUIA (WORCESTERSHIRE) TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 13. TANGIBLE FIXED ASSErs Fixtures & fftting5 2020 FExtures& fittings 2019 COST At 1 January 2020 Addttions At 31 December 2020 DEPRECIATYJN At 1 January 2020 Charge for the year At 31 De¢ember 2020 NEf BOOK VALUE At 31 Dernber 2020 14. FIXED ASSEf INVESTMEKrs 2019 MARKEf VALUE At 1 January 2020 Valuation Adjustment Revaluab'ons At 31 December 2020 881399 775611 881399 HISTORICAL COST INVESTMENTS AT MARKEf VALUE COMPRISE: 2020 2019 Listed investments Ati the fixed asset investrnents are held in the UK 1399 17
THE MERCIAN REGIMENT MUSEUM (WORCESTERP•HIRE) TrUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 15. STOCKS 2020 2019 Finished goods and goots re 16. DEBTORS 2019 Other debtors 17. CREDITORS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 2019 Other ¢xedit(X5 18. STATEMENT OF FUNDS Carrfed ILoswl FOrd Fornard In loui DesiGNATED FUNDS Designated Friends Fund Fund adjt Total designatsd Fund GENERAL FUNDS General Fund 1 Jan 2020 Gen Fund Adit General Fund 31 Dec 2020 Total Unrestricted funds 4618 (385 5857 900260 69790 155822) 919082 41 918616 899793 69790 {55822 15620n 904615 71414 4854 924622 Brought In¢¢)mé Forwa Galn#l (LosM•) Forwa SUMMARY OF FUNDS i1rt Designated FrreTrJs Fund Fund adjt Totsl designated Fund Gen Fund 1 Jan 2020 Gen Fund Adjt Total General Fund 31 Dec 899793 2020 Total Fund BF 4618 1624 5857 58S7 919082 41 918616 900260 69790 155822) (55822) 904515 71414 (5620n 924622 18
THE MERCIAN REGIMENT IAUSEUM IWORCESTERSHIRE) TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEPIBER 2020 19. ANALYSIS OF NEf ASSEf8 BETWEEN FUNDS Unrestrtct •d fvnds Totsl Funds Total Funds 2019 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 886253 881399 23116 924622 924622 )4515 19