THE MERCIAN REGIMENT MLISEUM IWORCESTERSHIREI TRUST (REGISTERED CHARrrY NO- 276510) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2021
THE MERCIAN REGIMENT MUSEUM IWORCESTERSHIRE) TrUST CONTENTS Page R•fer8nce and admlnl8tratfv• details of the ch•rity, Its trustees and odvlsern Tru6tO0S' f•POrt Independent oxamlneV8 report Statement of flnancial activities 10 Balanc• 8hoOt 11 Not88 10 tho ftnan¢lal ststsm•nt• 12-19
THE MERCIAN REGIMENT MUSEUM IWORCESTERSHIREI TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 Trnstee8 Nigel Bradford, Trustee John Davies. Truslee Tim Fisher. Trustee Mike Green, Treasurer and Secretsry Mark Jackson. Chairman Fiona Macklin. Trustee Keith Norton, Trustee Hugh Richards, Trustee Andrew Wadland, Trustee Charlty reglstored number 276510 Prlnclpal offl Dancox House Army Rw3er¥e Centre Pheasant Street Worcester Worcestershire R12EE Accountsnts DC8oom&Co 88 Cowleigh Road Mafvern Worcestershire IM114 1QW Banker• CAF Bank Kings Hill West Malling Kent ME19 4TA Invostm•nt Man•gorn EFH Harris Alklay Church Mews Ombersley Worcestershire WR9 OEW
THE MERCIAN REGIMENT MUSEUM IWORCESTERSHIRE) TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees present their annual rert together with the financial statements of Mercian Regiment Museum Iworceslershirel Tnist (the charity) for Ihe year ended 31 December 2021. The Trustees confirm that the annual report and financial statements of the chanty comply with the current ststulory requirements, the requirements of the charity's governing document and the prOv10n$ of the 2015 Ststement of Recommended Practice ISORPI "Accounting and Reporb"ng by Charittes". INTRODUCTION The Museum is ¢onstitLrted by Deed of Trust daled May 1978 and the permanent exhibibon 1$ housed in Worcester Cty Art Gallery and Museum on a lease due for renewal in 2026. The office, archives and reseNe collection are in a MOD building a short distance from the City Museum. The Ministry of Defence IMOD} withdrew its annual Grant In Aid £20.000 in 2017. The Mercian Regimersl Chanty has replaced this with an annual grant of £20,000 until 31 Mar 2022. while undertaking a strategic review of ts hertsge and four museums. The MOD funding for the four antecedent Regiments, museums will reduced to a single grant of £20,000 for a Mercian Regimonl Museum ty 2030, or earlier if fvnding is further reduced. PURPOSE The Museum exists lo collect and preserwe the hislory, tradib.ons and achievements of the Regiment, ils anle¢edent components and those who have served or are seNing in it from 1694 to the present day and to present them in a way whth entertains. educates and inspires as wide a range of visitors as possible. OBJECTIVES AND ACTIVITIES POLICIES AND OBJECTIVES The Trust's overall objectives are Sel out in the Trust Deed May 1978 and in the following polic88 approved by the Trustees.. Forward Plan {approved 20201 Financial policy (Approved 2019) Investment policy (Reviewed 20191 Care and Conservation Plan {Revised 20191 AS a museum goveming body, the Trust's acbvities are also guid by the requirem8nts of the Arts Council England A¢¢reditation Scheme. The Museum re-applied for, and was granted. accreditation in May 2018.}. Vl¥lon The Trustees, vision for the fulufe is that the Museum should be recognised as an inclusive and progressive institution that contn"bules to the cuUral offering of Worcestershire. caprtalises on the strength8 of its collecbon and modern technology to reach out and provide an experience for visitors and users that excites, inspires and edu¢ates and which generates sufficient income for the Museum to devekjp and flourish. Key Alms To ensure that the Museum remains financialty sound and well managed by a strong body of Trustees supported by a professionally qualified curator. To manage and care for the colle¢tions to aCknOwged professional standards. To maintain slimulaling and high qualty permanent and temporary displays in Worcestershire that will provide activities and events for the enjoyment and educal¢on of visitors, schools and others To create a marketing and promotion programme and develop advocacy for long t8rn1 Stability. To ensure that the collection remains relevant to the Regiment and valued by the public so that long-temi sustainability of the Museum is secure. To maintain a high standard of customer service and guardianship irs keeping with museum's core values and accredited museum standards. Obio¢tiVO9 Secure the financial hjture of thè Museum post-2021. Develop a sustainable lOng-te staffinglvolunteer structure. Continue updating the catalogue and doitising the collecb"ons. Develop and implement a phased conservation program1r.
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Expand the offer to s¢hoolsleolleges. Implement the collections policy that tety targets post-1945 Conflicts. Promote wider public awareness of and aesS lo the collectjon. Idenlfy other spaces in Wor¢este(shire for the display of the colle¢bon. Maintain and improve rats.ng under the VAQAS Scheme in 2015. Raise the Museum's profile and increase and diversify our visitots and usefs and stakeholder support. Bring displays up to present day incofp)rating material on Iraq and Afghanistan. 12. Fundraising. 13 Expand the appeal of the Friends of the Museum to increase membership and activty. 10. ACTIVITIES FOR ACHIEVING OBJECTIVES The trust operates a Museum for the public benefit. whose permanent displays is housed in the City Museum and Art Gallery and is known as thé Worcestershire Soldier GaIry. This is open six days a week and attracted approximately 7,853 due to COVID 19 restn'ctions visitors (3.500 in 20201. Comments in the visitors, book continue to be ovemhelmingly complimentary. The Museum pursues an educatsonal policy and provides educational projects and opportunilEs for scholars of all ages from Primary school lo university students. Wo achieve this through partnership with a number of local educational institutions including the University of Worcester. PUBLIC BENEFIT The Trustees have pa due regard to the Chanty Comms4on'S guKlance on public ben&fit in deciding what actwities to undertake. The Museum provide$ public benefit (benefit to the public at largel by.. Educating th? public about the character. aCtivitS and history of the British Arry, and in particular 11$ County Regiment. Commemorating and remèmbering those who have lost their lives or suffered injury or put themselves at rlsk of loss of lrfe or injury, in servKe of the public. Slrenglhening the link ben the military and cNilian communibos. in particular assistin9 Wlth reciuiling the soldiers of the fulure. As$i$ttng Service personnel more effecbv•ly to perfom) their military duties. It achieves this by wording the deeds of Iheir forbears. thebY helping to in¢ul¢ate the ethos and esprit de corps which generates the fighting spirtt necessary for sucossful operations. As a result, the Museum promotes the efficiency of the Armed Force5 of Ihe Crown by enhancing the British Amy's capability to undertake the roles demanded of it, including the defence of the Unrted Kingdom and rts Interests. ACHIEVEMENTS AND PERFORMANCE REVIEW OF ACTivrriES Due to COWD 19 restrictions rt has been a challenging year for the museum. Education: The Trustees work in ¢ollat*)ration wth the Leaming and A¢ces$ officer for the City Museum. Informabon was circulated lo all Schools in January 2017, seth'ng out a programme of events and 8Ctivilies to support the teaching of History at Key Stsge 1, 2. 3 and 4. The Museum's three resource boxes on Worcestershi at War and the First and Second Wodd Wars conb.nue to be in demand by schools. Due to COVID 19 reslriclion$ nil pupils and students in group$ visited the Museum in 2021. In additKJn, new educat31 resources for teachers to download have been plaeed on the Museum's website. Displays: Due to COMD 19 restriconS no displays were put on in 2021 Research: There have been 34 research enquiries received this year and the gross income from these is £865.
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 A¢¢rodltatlon Update: The Museum was awarded fvll accredrtation on 1 Oth May 2018. AGqulsitlons and objects catslogued and packed: The have been no 51gnifi¢ant purchases since the last Trustees meeting. In 2021. the Museum catabgued and photographed 340 objects from our backlog. Five new objects have been catalogued and photographed. The overall collection now stand$ at 13,727 items. Projects I database enhancemenl and augTr8ntab'on. Thi8 work continues and there are currenuy 65415 entries. 2 Database.. To mark the annNersary, the Museum has conty.nued a biographical database of all those soldiers who seNed with the Worcesletshire Regiment during World War Two. in whatever theatre or capaGity. This is a long-term project. designed as a research tool and to 8Ct ag a memorial to their Service. AMOT Muster and accessions sent to the Libor Pro In September 2020. 57 boxes of Boer War and 7 archival material were dispatched for digitisab"on. These We returned in March 2021, this resulled in over 40,000 images being PTcwJuced. Wab8lte and Facobook: The Mus8um has Continued to publish blogs on websrte relating to Regimental history. battles and battle honours and other major events, parts'cularly relating to ils involvement in the First Wodd War. Relevant excerpts from the Battalions, War DBries on the Facebook page ac¢ompani8d by image5 from the Regimental photograph albums. Revlew of th• Forward Plan.. The Trustees fomwlly approved a new plan to COV8r the penod 2020 to 2025 in March 2020. INVE8TMENT POLICY AND PERFORMANCE In 2019 the Trustees approved The Mercian Regiment Museum {worst&r8hlr8} Inv8stm8nt policy The purposes of Museum capital and cash reserves are to.. Provide an Endowment Fund that Provides a steady source of income to enable the employment of a Curator, mainlenanee of the museurn and rts servKes, its accessions and displays, and their further development. Enable the acquisf(ion of aecessions as deemed appropriate by the TNstees Provide reserves in the event of a downturn in fvnds from other sources. In future, any balance outstsnding, and any fvture surplus, will be transferred lo the RèseNe$ for investment. This policy conforms to Clauses 7, 8 and 12 of the Charity's Trust deeds approved in April 2012. The shall be an Investment Commrtlee, which shall Treet at a minimum ¥¢6 yearfy. 11 shall comprise.. The Chairman of the Board of Trustees. The Honorary Treasurer A representstNe of the Investment Manager Company {in an adv*ory capacity) The objecttves of the invested reserves are to: Maintain sufficient funds ift easity accessible Sour to cover up to 6 mnths. operating costs. Deliver a minimum income of £30.000 p.a.
THE MERCIAN REGIMEKf MUSEUIA IWORCESTERSHIREI TRUST TRU8TEES' REpoFrr FOR THE YEAR ENDED 31 DECEIJiBER 2021 Mw'mi8e Va ofthe in Yeal terwo ty oblaining a balanced retum b8tsveen income and ¢aprtal. Accumulate an addrtmmd reseNe that can be Iwd fvrthor Capit d8¥elopmen( large scale maintenance or refurbishment The investmènts should t• at the kmw level of Moder wilh a kyw cA)rrelation to equibe8. The MuÉeum has no ethul crjnsideralions that TAThihJ restrlct wwestmt optK)n8. Thore shall an annual agreemnt 8hJned the Manw and tho Inve8trwt Commth8. The InveStn Perfr 8hall bo borKmathl uslng th• FfsE Pll Balanced. The Investment fvlanw 8h811 O¥[de a nKJnthty Inve8tsr upJ8te to Iho Tr•a8urnr. Tho Inv88trnnt Manager Shall tran8for tho Inve8tsrnnt INx¥n• to the Mu80um'8 Gener81 Account by the thlrd Frw ol March, June. Septeffthr and DKembw y•w. There •hould be an inve81n r•wt indJad on tho ofth• Quarterfy Trust888' nxeWng8. FINANCIAL REVIEW GOING CONCERN After making approprlate enqulr188, the trustées hv•e a reoKffiabkn expkn that th8 ¢hanty has adequate resources to contsnue in operational oxL8tsnce for the fore8eeable luture. Forthls reason. they continue to adopt the golng o)ncem basis In preparfng the financtal statennts. FUrItdelai1s rfjgardlng adOptn ofthe going concem be81$ Can be found in the Acwuntlng Polkies. RE8ERVE8 POLICY The investments portfolio constitute8 the re8er4es of the Charity into an Endowment Fund tsth one of it8 PurPe$ being lo gfrnorats incom8 t(r•MS the salaries of the profesn81 Curator and the Colleclknn8 Manager. The Trust should maintain 6 month8 ofoperatlng ¢))8ts a8 a minimum re8errfe. The Museum is IMtntirj a Strategy to enable substsnlially greater Publ a8$9 to tha collection displayed in the gallery. and that to ensure easier sSibIlity via dKJital means. The first part Is a joint project recently underway wrth Worcester Cty Council to rve the display gaIry to Th Commandery. an exlstlng histort building in the hentage quarter of the Crty The Museum Trustees have fomwlty set up a Designaled Fund from Reserves of up to £150,rKKI to c¥)ver the (x)sts of r1, rffjtsllaiion, and 0p1aY cases. YEARLY REVIEW In thè year ended 31 Decaff 2021 incurred a surplus (loss) of £51,318 {2020: £20,020). This surplus (Ioss) is built up of an Unrled gain (loss) on Ihe Invostment p110 of £47.394 12020.. £4,854). Tot81 fund8 available as at 31 Decembw 2021 stand at £975,946 (21r20'. £924.6221. of whth tho majortty is designated for 8U8lainabillty of the charity and conservalM)n of the collediDn with soTh reStrt•d hjnds for the Friends. Grants received for SFrfth¢ project8 and £100,0() alkxated for the firture lfytsrcostershiro Soldier gallery at the Commandery. The charfty hokl8 an Investmart portfolio. as détsiw above. which is used to generate Income to help fund the running of the chanty and in particular staff ¢ts, Ythich was valued as at 31 Decemb8r 2021 £933,64712020'. £886.253). The bank frerrt ac#))unt of £42,298 {2020: £38,369) is Suff10n1 to meet the day to day operational naeds of tr The LK>ar(l is comfotsbfe with the knl of resems at the year end.
THE MERCIAN REGIMEp¥f IAUSEUM IYrnCE8TER8HWIE) TRUST TRU8TEE8' REPORT FOR THE YEAR ENDED 31 DECEIABER %121 STRUCTURE, GOVERNANCE AND MANAGEMEpir CON8TITUTION The Museum is constrtutad ty Deed of Trust datèd May 1978. The Tntst Dead as amènded by Rwdolution of 16th April 2013 wwde8 for frr ex? and bettyen and seven IrKINhlual Trusta8s. There are curréntty nine Trustee8. IAEfHOD OF APPOIPUMEKf OR ELECTION OF TRUSTEES The Goveming D<Thnt I'GD'I of the Trust Is Iha Deed exacuted (x) 10 May 19781.the Deed.) a& amended by re8dutw ofthe Trustees at a nts'n9 on 16 A.1 2012. The Deod ¢urr•nty prwde8 for 4 to 7 ThlNidual trustees and 2 to 4 eX4)ffiC tru8te8s. H(ywever, thère must aTrways be a Mai of indNiduo1 trustees so k)ng as there are iTrJNua1$ willlng to Serva. The number of indivKlual trustees can be varied using the '8tatutory poweff. The provisions as to ex4offlLXO trustees. 18 govarrd by Clau$8 15 of tho Oe•J. The Cobnd of The V4brce8t8r8hrn and Shanhx)d Fore8ters Regim8nt or Its successor. The Deed thx8 not pemilt anxndrront of this pr1y4i9n. The Colonel of the MeTryan Regimenl has ststed that h6 woutd prefer to bg abre to rnnats 8(mYne in hi6 plac•. Up to Mr serving or rets' officers who may be nomina by Dop Col MERCIAN. Of the ujrmnt trust•e$ Jack80n, Rthards. Wadkqrrfl and Fk8her would bo availablo to bo so nominated, wth Jackson and RKhard8 818Ct8d 88 Chairman and ChamHn rospactivety. Fisher ha8 beon apwnted as an ex-Off) trus. There are ojfrenty 7 individual tru8tee8'. Bfadford, Butler, Green. Jt£k8on, Macklln {Rulgned Sep 21), Nort, Richards, and Wadland. The number of Indlvidual Tru8te88 (In addKk)n to exclO Trusta) 8haN be not leu than Flve nor rrwe than Elght In numbor. OROAN18ATIONAL STRUCTURE AND DEC1810N PAAKING The Trustees are responsible frx $YovTr9 the Strategic direct)n for thè museum. approvlng It8 budget and Forward Plan. Day to day rnanageffnt ofthe mu8eum arKI its affairn is deat8d to th8 CuTator, who Is dlrecty Sponsible to tho Board of Trustees and 1$ line Manag by tho Chairman. The CuratOT is gulded In thi8 work by a Finance Poltcy (approved by the Trustees Juty 2019) and a Five Year Fopward Plan {Approved by the Trustaos De¢ember 2019). Dr John Paddock wa8 appobnted in January 2013 to the p05t of Curator and 18 full time. Regrettably the Board of Trustees were Obled in 2020 to reduce Staff costs due to a kJsB of income a8 a result ofthe COVID 19 pandemic and 80 the A83iStant Curator, Mrs. Parrela Langford, who had bn appointed In Juty 2014, to work 4 days a week vras made redundant wi March 2021. The Museum is supportèd by 33 volunteers who are involved In research activrties induding resFrf)nding to 4wNuiries from the publ, catsloguing the collection and wwting the Cty Museum's tront ol hou8e 8tsff. PLANS FOR FUTURE PERIOD8 FUTURE DEVELOPMENTS To grow the pcthllo suTri8nty that it wll be able to gwier sUffict income to Wer the Cur8tol$ salary, and in 2022 the Collecuon Manage18 sakqry. On the Mercian Regiffent flnancfral support is removed, and failure to find altemative Sources ol income. The aim is to be fina101 sustsinable when the Merckqn Regiment grant 8nds in April 2022.
THE MERCIAN REGIMENT IAUSEiRA IWORCESTERSHIRE) TRIIST TRUSTEES. REpoKr FOR THE YEAR ENDED 310ecEMBER 2021 TRUSTEES. RE8PONSIBILmE8 8TATEPAEKr The TnJste8s are re$pon&bl8 for preparing thè Trustees, reFxJt and the financial statements in aOrdance wrf(h appllc8ble law and United Kingdom Aoun9 Standards (Unrted lfjngdom Goneralty Aoxpted Attounb'ng Pra¢tsc8). The law applicable to charltkn in England & Wath requife8 the Tnjstees to wepar8 finCial statem?nts for each financial y8ar whth give a true and f•'r of the stste of affalr8 of the charty and of th& inwming resources and applution of resour of tho tharty for Ihat FWKXI. In preparing these finan¢ial statements, the Trustees are required to.. seknt Suitable aCC£nn9 polbci88 and then apply them con8iStenlly; obseNe the methods and prinapl8s in the CharitEs SORP,. make judgm8nts and accounting estimatss that are reanable and pnJd•nt preparo thè financial Statements on the golry nCern ba8is unl88s It 18 inapproprth to pr6sum• th8 chanty will contlnue wi cyratton. Trustaes are wpon8ible for keeplng proper ac0ntsng fecrAds that are sufficient to show and explain the charity's transathons and dl8do88 wllh rea80rble a¢curacy at any bme th• fin8ncio1 positlon of the charlty and enable them to en8ure that the financial statemnts comply wrth the Chantie8 P£t 2011. th8 Charlty (Accounts and Report8) Regulatn3 2ryJ8 and the prowsK)ns of the trust deed They are 8180 responsible for safeguarding the assets of tho charity and hon ft>r ta'n9 reasonable steps for the preventlon and det&tr'on of fraud and other lrr•gularit. Th18 report wa8 aFprov•d by the Tru•tees on 6 £*J I g<) %Z and slgnod on ttlolr beh8ff by.. Mark almwi
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MERCIAN REGIMENT MUSEUM IWORCESTERSHIRE) TRUST I report on the financk41 statements of the chanty for the year ended 31 December 2020 which are set out on pa9es 10 to 20. This report is made solety to the chanty's Trustees. as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under $e¢ti)n 154 of that Act My work has been undertaken so that I might stste to the charity's Trustees those matters l am required to State to them in an Independent examiners report and for no other purpose. To the fullest extent pemiitted by law, I do not accept or assume responsibility lo anyone other than the chanty and the charity's Trustees as a bJy. for my or for this report. Thé ffnancial statements hava been prepared in aecordance wrth A¢¢ountsng and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 102} in preference to the Accounb"ng and Reports"ng by Charities.. Statement of Recornmended Practice issued on 1 April 2005 which 18 releed to in the extant regulatnS bul has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordan¢e with the Generally Accepted Accounts'ng Practice effective for reporb.ng periods teginning on the after 1 January 2015. RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The ¢harity's Trustees are r8swnsible for the preparab.on of the financial stateffents. and they consider that an altdit is not required for this y8ar under secbon 144(21 of the chanIS Act 2011 (the Act) and that an Independent examination is needed. It is my responslbility lo.. examine the financial statements undef seCtn 145 of the Act., follow the procedures laid down in the general Directions given by the Charity Commission under section 14SISI(bl of the Ac( and stale whether particular matters have come to my attenlion. BASIS OF INDEPENDENT EXAMINER'S REPORT My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a companson of the financial statements presented wrth those records. 11 also includes consideralbon of any unusual itsms or disclosure$ In the financial statements. and seeking explanations from you as Twslees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audrt. and consequently no opinion is given as to whether the financial statements present a 'true and fair view. and the report 1$ limited to those matters set out in the statement tfjlow.
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) TrUST INDEPENDENT EXAMINER'S STATEMENT In conna¢b'on with my examination, no matter has to my attention.. (11 which gives me 8$Onable cause lo believe that in any material respect the requirements.. to keep aGGounting records in accordance wrth section 130 of the Act; and to prepare financial statements which accord wrth the accounb.ng records, ACCOUnng and Repoiing by Charitie5 preparing their accounts in accordance with the Financial Reporting Stan¢Jard in the UK and Rèpublic of Ireland IFRS 1021 and in other respects comply with the accounts.ng requirements of the Act have not been met,. or (2) to which, in my opinion, attentk?n should be drawn in orderto enable a proper understanding ofthe financk41 ststements lo be reached. Sned.. Dated: D C Btsgm AFA AA1A oc8m&co 88 Cowleigh Road Malvern Worcestershire WR14 1QW
THE MERCIAN REGIIAEKf MUSEUII (4%X)RCESTERSHIRg TRUST 8TATEMEpif OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31 DECEMBER 2021 Totsl Tot•1 Fur 23747 29298 Oth•rtradlna acth• In¥é•trMntg & Bank trrt 1137 12020 28474 thin•t•d Ftsr¥l• t Colkxah)n FuThJ IRJ Mumum Grnnts RK•rfftJ ER] 1411 Muwum SuknabW IDJ Mumum CoTrwNath)n Fund PJ TOTAL INCQME 71414 EXPENDITUAe ON: Rohi lund• Ch•rfi&¥k• xtmlb 5729 D•nt•d Frf•1 Fyrnl IR) 624 M¢Muffj CoHxlkn Furl tR] Mu••um Gr•nts IR] Wort•thr•hh S¢)Idl¥ FuThlRI IAu••Jm sIn*l Flmd IDJ TOTAL EXPENDrruRe 88207 IS207 14 qaln•llioMMI on sn¥91 47394 48S4 NET INCOAIE I IEXPENDrnJRQ BEF( OTHER RECOGNISED GAINS AND LOSSES S1306 Tothl fur1$ browMfrJnv8 FundsAdlu•trMrt 41 TOTAL FUNDS G411RIED FoifiiAAD 975451 490 924622 TM notss on pog88 12 10 20fcrfm oltlM• fmanoBI st8tenwnts. 10
THE MERCIAN REGIMEp¥f IAUSEUM IWORCESTERSHIREI TRUST BALANCE SMEET AS AT 31 DE¢EIABER >)21 Tatsl Tthl FurKI$ 2020 FIXED A88ET3 TngW¢ 081•1s 13 14 •&W7 888203 15 16 CAF Cmh •t bank 32312 1767 6707 CREDITOA8.' du•YAhkn oThi 17 NET A88ETS CHARifi FUNDS 93M4T 886253 18 TOTAL FUND8 •78H8 924622 The fina were approvfftl by th8 Tru8teo8 on 6 &Jyand $1gned on thelr behaLI, by: Mark J Immn The note statements. ptyas 12 to 20 fom) part of the* financial 11
THE MERCIAN REGIMENT MUSEUM IWORCESTERSHIRE) TRUST 1. ACCOUNTING POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial staternents have been prepared under the historical cost convention with iterrts recognised at cost or transaction value unless otheNise stated in the relevant notes to these aecounts. The financial statements have been prepared in accordance with the Ststement of Recommended Practice.. Accounting and Reporbng by Charities preparing their accounts In accordance wth the Financial Reporting Standard applicable in the UK and Republ of Ireland IFRS 1021 issued on 16 July 2014 and Financial Reporting Stsndard applicable in the United Kingdom and Republ of Ireland IFRS 1021 and Charities Act 2011. The Mercian Regiment Museum IINorcestershire) Twst conststLrtes a public beneffit entity as defined by FRS 102. 1.2 FUND ACCOUNTING General funds are unrestrted fvnds which a available for use at the discretson of th8 Trustees in fvrtheran¢e of the general obFcbve$ of the charity and which have nol been designated for other purposes. Designated funds comprise unrestricted funds that have been set asKde by the Trustee$ for particular purposes. The aim and use of each designated fund Is set out in the notes lo the financial statements. 1.3 INCOME All income is recognised once the charity has entitlement to the Income, it is probable that tha income will be received and the ant of incoff* receivable can be rneasud reliably. Oonaled services or facilities are recogni$ed when the charty has control over the item, any conditions associated wrth the donated item have be8n mel, the receipt of economic benefit from the use of the charity of the item is probable and that econom benefft Can be measured reliably. In accordance with the Charities SORP IFRS 1021. the general volunteer time of the Friends is not Cognised and refer lo thé Trustees, report for more InformatKJn about their contnbution. On receipt, donated PTof85sional sen4ices and donated fa¢IlrtS are reco9nised on the basis of the value of the gift to the charity which is the amount the charity woukl have been willing to pay lo obtain servth$ or facilities of eqUivanI economic benefit on the open market.. a CorrespdIng amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation lo donaljons weNed under Gift Aid or deeds of covenant is recognised * the tsme of the donats'on. Other income is recognised in the Fer in whh it is receivab and lo the extent the goc•Js have been provided or on completion of the seplice. 12
THE MERCIAN REGIMENT MUSEUM IWORCESTERSHIRE) TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 1A EXPENDITURE Expenditure is re¢ognised once there is a legal or ¢onstructs've obligats.on to transfer economic benefit to a third party. it 1$ probable that a transfer of economK benefits will be required in settlement and the anv)unt of the obligation can be measured reliably. Expenditure is classified by activity. The Costs of each activity are made up of the total of direct costs and shared costs, including SUPPOrt costs involved in undertaking each activrty. Direct costs attributable to a single activity are allocated alty to that actrvity. Shared costs which contribute lo more than one acb.vty and support costs which a not attributable to a single activity a apportioned behveen those activrties on a basis consistent with the use of fesources. Central stsff costs are allocated on the basis of ts.me spent, and depreciation charges allc¢ated on the portion of the asset's use. Fundraising costs are those incurred in seth'ng voluntary contributions and do not include the costs of disseminating infomalion In support of the charitsble a¢b"vrtw. Support costs are those ¢osts incurred direclty in support of expendrture on the objects of the chanty and include project management ¢arried out at Headquarters G¢)vemance costs are those incurred in connection with administration of the charity and compliance with consts"tutional and ststutory requirements. Costs of generating funds are costs incurred in attracting volunlary income, and those incurred in trading acts'vltlès that raise funds. Charitable aclivilies and Governance costs are costs incurred on the academy trust's educational operations, including support costs and costs relabng to the govemance of the academy trust apporb'oned lo charitable activities. All resources expended are inclusive of irrecoverabb VAT. 1.0 TANGIBLE FIXED ASSETS AND DEPRECIATION All assets costing mofe than £1,000 afe capitalised. Tangibl8 fixed assets are carried al cost, nel of depreciation and any provision for impairmenL Deprwakn"on is provided at rates cal¢ulated to write off the cost of fixed assets, ths their estimated residual value. over their expected us&fvl lives on the following bases.. Fixtu$ and fittings 33 33% straight line 1.6 INVESTMENTS Fixed asset investments are a form of financial instnJffnt and are initi.alty recognised at their tran$a¢tson co$1 and subsequently measured al fair value at the Balance sheet date, unless fair value cannot be measured relblY in which case it is measured al cost less impaimient. Investment gains and losses, whether realised or unrealised. are Combined and shown in the heading 'Gainsl{lossesl on investments, in the Statement of financial activiti'es. 1.7 INTEREST RECEIVABLE Inte$t on lunds held on deposit is included when receNable and the amount Can be measured reliably by the charity., this is nom)alty upon notsficab.on of the interesl paid or payable by the Bank. 13
THE MERCIAN REGIIAEtir IAUSEUM IWORCESTER8HIIW TRusr NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 DECEMBER 2021 IA 8TOCK8 Stocks are valued * the luwer of o)st and net realisabk vafue after makn'ThJ due allowance for obsolete and stthv.movw)g stocks. Cost uKiudes all direct costs and an appropriate prowtion offixed and vanable ovetheads. Z INCOME FROM DONATIONS AND LEGACE8 FurKIs 2021 2021 2¢Y20 Donations and Gift Aid Appeals MOD Grant In Ald Museum Collactlon Grants Total donaknj and 3747 3747 25910 23747 24247 29296 In 2020, 01 the total incom from donatlons I•9, £29296 to unrellrthd fvnd# and £NIL was to r•8trICt lund8. 3. ACTivrnES FOR GENERATING FUND8 Unr••trlct•d T¢thl Fund Fund 20 2021 2020 Re8garGh 720 Events Shops Sal86 & Publication right8 other Incof 21 21 11038 261 281 1137 12020 In 2020. of the total income from for genernlirtrj funds. £12020 was to unrestrKted lunds and £NIL w88 to re8tn'(*ed lund8. 4. OTHER ACTNMES 2021 2020 Museum Friends designated activibes 1409 1624 14
THE MERCIAN REGIMEpif MUSEUM IWORCESTERSHIRE) TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 5. INVESTkEKr INCOME & BANK IiirEREST fund• 2021 Furth 2020 Bank Interest & Dmdends r1¥1 28717 28474 In 2020, of the totsl investrwit £28474 wa8 to re11rKeO fvNls and £NIL wa8 to reStred fund8. 6. DIRECT COST8 Total 2020 Mu88um Di8pkqy & Alxuisitions Sub8¢rfpllon$ and $undr188 Insurance R•search co•ts Postsge Events Shop pur¢ha8e8 Offte 8uppI Deprea'ation Wages and 8Alarte8 Training At 31 Dec•mt•r 2021 1453 3359 111 302 5729 43W23 60726 55822 7. OOVERNANCE COSTS Tolal fund• Total funds 20 8. OTHER COSTS TfAal fvnd• Total fund 2020 Trark8fer to Inve8tments Friends DeSnated actmtses 15
THE MERCIAN REGIMENT MUSEUM IWORCESTERSHIREI TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE Staff costs Total festated Total 2021 2021 2021 2020 Expenditure on ra15ing voluntary income COSTS OF GENERATING FUNDS Support costs Expenditure on governance TOTALS 2867 69021 45921 5204 51125 45921 5204 51125 71888 10. NET INCOMING RESOURCESI{RESOURCES EXPENDED) 2021 2020 Thi8 Is slated after charging.. Depreciation of tangible fixed as8ets'. - owned by the charity Auditors, remunèration - audit Ouring the year, no Trustees received any Temun•ralh)n12020.' £NIL). Durin9 the year, no Trustees received any benefits in kind {2020' £NILI. During the year, no Trustees received any 1Mbur5ernent of expense$12020'. £NIL). 11. AUOITORS. REMUNERATION The Independent Examinerfs remunerabon amounts to an Independent Examinats'on fee of £0 (2020.. £NILI. 12. STAFF COSTS Staff co8t8 were as follows.. 2021 2020 Wages amd Salaries £45921 £56149 The average number of persons employed by the charity during Ihe year was as folkjws.. 2021 2020 No. No employee received rernUneratn amounts'ng to rne than £40,000 in ether year. 16
THE MERCIAN REGIMENT MUSEUM oRcESTERSHlRE) TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 13. TANGIBLE FIXED ASSETS Flxturns & fittlngs 2021 Fixtures& fftb'ng$ 2020 COST At 1 January 2021 Additions At 31 December 2021 DEPRECIATION At 1 January 2021 Charg8 for the year Al 31 December 2021 NET 800K VALUE At 31 December 2021 14. FIXED ASSET INVESTMENT8 Llsted ¢urftle Ll8tod socuritio8 2021 2020 MARKET VALUE At 1 January 2021 Valuation Adjustment Revaluations At 31 December 2021 886253 881399 47394 933647 886253 HISTORICAL COST 689681 INVESTMENTS AT RKET VALUE COMPRISE: 2021 2020 Listed investments 933647 25 All the fixed asset investments a hehj In the UK 17
THE MERCIAN REGIMENT IIUSEUM IWORCESTERSHIREI TrUST NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 DECEMBER 20 15. STOCK8 2021 2020 Finthed wds and good3 for resale 16. DEBTORS 2020 Other dobtors 17. CREDrroR8: AMOUNTS FALLNG DUE TTHIN ONE YEAR 2020 other credlto 18. 8TATEMEpif OF FUNDS 2021 Brouq FoMrd DE8W3NATED FUN DMb)n•t•d Fd•nd8 Fund MuMum ColB¢lbn Fwl 140• 16742 Grant• R•c•W Worc••rSoh1 Fut¥J Tot•1 d••i9nat•O Fw 1141•) 116347 QENEIIAL FUPID8 Q•n•rnl Furvj 1 Jan 2021 G•n Fund A 19 Museum Su•l•lnIlfy Fund Museum CorTr••ry•kn Fuj G•ngr41 Fd 31 Do¢ 2021 Total fiJnd6 I768 18
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) TRUST NOTES TO THE FINANCIAL STATEMEirrs FOR THE YEAR ENDED 31 DECEMBER 2021 sUMIt OF FUNDS ILo•M•) Dnthd FrfeTrJs FuThJ 10742 Mu••LthI ColKxon fund MuMum Cmnts Reth¢d Worcwt•rnhtr• SolJ Fwd MuMum sln•bIl FuThJ •Ay$•um Con¥grv4don Fth 1141 Tot•1 (kn•lJtwtsd FWKI G•n Fvnd 1 Jan W21 G•n Fund h4t Total Q•ntAI Fund 31 D 2021 {2JO) ISOU667) 911616 Tot•1 Fund 8F 19. ANALY818 OF NET A88Efs 8EfwEEN FUNDS UM••trO Il••trld•d fotsl• I7 Totsl fvnd• 20 2021 2020 Tangible fixed as88ts Fixed asset Investn*nt Current assets Creditor8 due within ono year 773647 8757 19