THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) (REGISTERED CHARITY NO: 276510) TRUSTEES, REPORT AND FINANCIAL STATEMErirs FOR THE YEAR ENDED 31 DECEMBER 2023 Il,Il, lig4 worcester5hirel . 276510
THE MERCIAN REGIMENT MUSEUM WORCESTERSHIRE) CONTENTS Page Reference and administrative detslls of the ¢harity. its trustees and advisers Trustees. report 2-10 Independent examin*s report 11-12 Statement of financial activities 13 Balance sheet 14 Notes to the financlal statemerts 15-22
THE MERCIAN REGIMENT MUSEUM IWORCEStERSHIRE) REFERENCE AND ADMINISTRATIVE OAlL5 OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Simon Butler, Trustee (re$gned 4 December 20231 Tim Fisher, Trustee Mike Green. Secretary Mark Jackson, Chairman Keith Norton, Trustee (resigned 4 December 20231 Hugh Richards. Trustee Sandra Taylor Ireisgned 4 December 20231 Andrew Wadland, Trustee Helen Miles. Treasurer lappointed 4 September 2023) Charity registered number 276510 Principal office Dancox House Army Reserve Centre Pheasant Street Worcester Worcestershire WRI 2EE Accountants DCBoorn&Co 88 Cowleigh Road Malvern Worcestershire WR14 IQW Bankers CAF Bank Kings Hill West Malling Kent ME19 4TA Investment Managers EFH Harrrs Allday Church Mews Ombersley Worcestershire WR9 OEW
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their aftnual report together with the financial statements of Mercian RegFment Museum Iworcestershirel (the Charttyl for the year ended 31 December 2023. The Twstees confirm that the annual report and financial statements of the charity comply wrth the current statutory requirements, the requirements of the chartty's governing docurnent and the provisions of the 2015 Statement of Recommended Practice1SORPI "Accounting and Reporting by Charities". INTRODucfioN The Museum is constituted by Deed of Trust dated May 1978 and the permanent exhibition is housed in Worcester City Art Gallery and Museum on a lease due for renewal in 2026. The office, archives and reserve collertion are in a MOD building a short disiance from the Ctty Museum. The Ministry of Defence IMODI wtthdrew its annual Grant In Aid £20,(KK) in 2017. The Mercian Regiment Charty replaced this with an annual grant of £20,(KM) until 31 Mar 2022, while undertaking a strategic review of its heritage and four museums. The MOD funding for the four antecedent Regiments. museums will be reduced to a single grant of £20,(KJO for a Mercian Regiment Museum by 2030. Dr earlier if funding is further reduced. Worcester Museums and Worcester Council have formally infomied the Museum that when tts current lease terminates in 2026 wt should vacate the space its current display occupies in the Ciirfs Museum and Art Gallery. It has offered alternative accommodation and a new lease in the listed Commandery building foi a new display. This will create a single museum encompassing the social and milttary history of the Crvil War and the Regimellt from 1642 to today. At the termination of its annual Grant in Aid the Mercian Regiment gave the Museum a one off grant of £IlY).o to help finance the new display in the Cownmandery and thus ensure the Museum's continued existen. PURPOSE The Museum exists to collert and preserve the history, traditions and achievements of the Regiment, its antecedent components and those who have served or are serving in tt from 1694 to the present day and to present them in a way which entertains, educates and inspires as wide a range of visitors as possible. OBJEcfivES AND ACTIVITIES POLICIES AND oBJEIVEs The Trust's overall objectives are set out in the Trust Deed May 1978 and in the following polices approved by the Twstees-. Forward Plan (approved 20201 Financial policy lapproved 20191 Investment policy Ireviewed 20191 Care and Conservation Irevised 2019} As a museum governing body. the Trusvs activities are also guided by the requirernents of the Art5 Council England Accredttation Scheme. The Museum r&applied for. and was granted. accredwtation in May 2018.1.
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) TRusfEE5' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Vision The Trustees. vision ft)r the future is that the Museum should be recognised as an incluswe and progressive institution that contributes to the cultural offering of Worcestershire, capttalises on the strengths of its collection and modern technoloBY to reach out and provide an experience for visitors and users that excites, inspires and educates and which generates sufficient income for the Museum to develop and flourish. Key Airns l. To ensure that the Museum remains financÉalty sound and well managed by a strong body of Trustees supported by a professionally qualified curator. 2. To manage and care for the tollections to acknowledged professional standards. 3. To maintain stimulating and high quality permanent and temporary displays in Worcestershire that will provide actrvtties and events for the enjoyment and education of 4. To create a marketing and promotion programme and develop advocacry for long term stability- 5. To ensure that the collection remains relevant to the Regiment an(1 valued by the public so that long-term sustainability of the Museum is secure. 6. To maintain a high standard of customer service and guardianship in keeping wtth museum's core values and accredited museum standards. Objectives l. Secure the financial future of the Museum post-2021. 2. Develop a sustainable long-term staffin¥Jvolunteer structure. 3. Continue updating the catalogue and digitising the collertions. 4. Develop and implement a phased conservation programme. 5. Expand the offer to schoolslcolleges. 6. Implement the collections policy that actively tsrgets post-1945 conflicts. 7. Promote wider public awareness of and access to the collection. 8. Identify other spaces in Worcestershsre for the display of the collection. 9. Maintain and improve rating under the VAQAS Scheme in 2015. 10. Raise the Museum's profile and increase and diversify our visttors and users and 11. Bring displays up to present day incorporating material on Iraq and Af8hanistan. 12. Fundraising. 13. Expand the appeal of the Friend5 of the Museum to in(aSe membership and activity. A1VITIEs FOR ACHIEVING OBJECTIVES The Trust operates a Museum for the publrc benefft, whose permanent displays is housed in the City Museum and Art Gallery and is known as the Worcestershire Soldier Gallery. This is open six days a week and attracted approximately 17,910 visitors. Comments in the visitors, book continue to be overwhelmÉngly complimentary. The Museum pursues an educational policy and provides educational projects and opportuntties for scholars of all ages from Primary school to untversity students. We achieve this through partnership with a number of local e(lucational institutions including the University of Worcester.
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) TRusfEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 PUBLIC BENEFIT The Trustees have paid due regard to the Chartty Commission's guidance on public benefft in deciding what activities to undertake. The Museum provides public benefit Ibenefft to the public at largel by- Educating the public abo the character. attNities and history of the British Army, and in particular its County Regiment. Commemorating and remembering those who have lost their lives or suffered injury or put themselves at risk of loss of lrfe or injury. in service of the public. Strengthening the link between the mTrlitary and civilian communitie5, in particular assisting with recruiting the soldiers of the future. Assisting SeNice personnel more effertivety to perform their military duties. It achieves thi5 by recordirbg the deeds of their forbears. thereby helping to inculcate the ethos and esprtt de corps which generates the fighting spirtt necessary for successful operations. As a result. the Museum Promotes the effrciency of the Armed Forces of the Crown by enhancing the British Army's capability to undertake the roles demanded of it. including the defence of the United Kingdom and its interests. ACHIEVEMENTS AND PERFORMANCE REVIEW OF AcnvmES Education: The Trustees work in tollaboration wtth the Learning and Access officer for the City Museum. Information was circulated to all schools in January 2017. setting out a programme of events and activwties to support the teaching of History at Key Stage 1. 2. 3 and 4. Educational resources for teachers to download have been plad on the Museum'5 website. In 2023, 1.020 pupils and students in groups visited the Museum. 0Ssplays'. The Museum's temporary exhibition on 1st Battalion Worcestershire Regiment in Northwest Europe in World War Two was on display in Worcester City Art Gallery and Museum until June 2023. Part of this exhibition was then taken to Regimentsl Reunion in Worcester. Research: 41 research enquiries were processed by the Museum in 2023, 17 of which resulted in research being commissioned and supplied. The Museum facilitated research by two visiting researchers and supplied 48 images for use in new publications. Accreditation Update: The Museum was awarded full accreditation on 10th May 2018.
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) TRUSTEES. REPORT FOR THE YE4R ENDED 31 DECEMBER 2023 Acquisitions and objects catalogued and packed: In 2023 59 objerts were acquired by the Museum as gifts or bequests. Significant acquisitions included-_ Half of a bass drum of 4th {Militial, 8atta140n, wOrstershIre Regiment dating from 1881- 1900 British Army water bottle used by Williarn Nicholls of the Worcestershire Regiment in the Boer War. Gold sweetheart brooch based on pre-1923 worcestershi Regiment officer's collar badge. There were no significant purchases. 50 items were newly catalogued and overall collection stood at 13.842 items at the end of 2023. 573 new scans or photographs were added to the collection database and 423 preservation-grade reproductions were rnade. Projects WWI database enhancement and au8rnentatn continues. There are cYrntlY 68.178 entries for individual soldiers available to Search. WW2 Database- To mark the annrversary. the Museum has continued a biographical database of all those soldiers who Served with the Worcestershire Regiment during World War Two, in whatever theatre or capacÉty- This is a lonB-term project, designed as a earch tool and to att as a memorial to their service. This work continues and there are currentty 32,474 entries. The collections database is being developed to include links to existing research and transcription5, making these resources more easily discoverable. A grant funded projert was completed to aid the preservation of the Museum's 120+ historic photograph albums by rehousing them in appropriate boxes. A grant funded project to asse55 the condition of the Museum's bound works and therr suttabiltty for digitisation wa5 completed. This project included training for Museum volunteers. Trustees and friends. A significant project was completed to conserve the Farrington Papers. the founding documents of the regiment. dating to 1694. A sÈgnificant loan was organised of a painting of the Battle of Neuve Chapelle by Matania to 1st Battalron Mercian Regiment. Website and Facebook: The Museum has continued to publish blogs on the website relating to Regimental history. battles and battle honours and other major events. partKularly relating to its involvement in the First World War. Relevant excerpts from the Battalions. Wai Diaries on the Facebook pa8e accompanied by images from the Regimental photograph albums. Review of the Fon¥ard Plan: The Twstees formally approved a new plan to cover the period 2020 to 2025 in March 2020.
THE MERCIAN REGIMENT MUSEUM IWORCESTERSHIREI TRusfEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 INVESTMENT POLICI AND PERFORMANCE In 2019 the Trustees approved The Mercian Regiment Museum Iworcestershirel Investment policy The purpose of Museum capital and cash reserves are to: Provide an Endowment Fund that provides a steady rce of income to enable the employment of a Curator. maintenance of the museum and tts servrces, its accessions and displays, and their further development. Enable the acquisitM)n of accessions as deemed appropriate by the Trustees Provide reseThes in the event of a downturn in fijnds from other sources. In ftrture. any balance Outstandi and any future surplus, will be transferred to the Reserves for investment. This policy confonns to Clauses 7. 8 and 12 of the Charity's Trust deed5 approved in April 2012. There shall be an Investment Commwttee. which shall meet at a minimum twice yearly. It shall comprise= The Chairman ofthe Board of Twstees_ The Honorary Treasurer A representative of the Imie5tment Manager Company lin an advisory capacity) The objectives of the invested reseThes are to- Maintain sufficient fund5 in easily accessible sources to cover up to 6 months. operating costs. Deliver a rninimum income of £30,1XIO p.a. Maximise the value of the portfolio in real terms by obtsining a balanced return between income and capital. Accumulate an addttional reserve that can be used for further capital development, large scale maintenance or refiJrbishment. The investments should be at the lower level of Moderate Risk. with a low correlation to equities. The Museum has no ethical constderatFons that would restrict investment options. There sh311 be an annual agreement signed between the Manager and the Investment Committee. The Investment performance shall be benchmarked USFng the FfsE Pll Balanced. The Investment Manager shall provide a monthly investment update to the Treasurer. The Investment Manager shall transfer the investment income to the Museum's General Account by the third Friday of March. June. September and December each year. There should be an investment report included on the Agenda of the Quarterly Trustees. meeting5.
THE MERCIAN REGIME MUSEUM IWORCESTERSHIREI TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW GOING CONCERN After making appropriate enquiries. the tnjstees have a reasonable expectation that the charty has adequate resources to continue in operational existence for the foreseeable future. For thi5 reason. they continue to adopt the going concern basis in pparIng the financial statements. Further details re8arding the adoption of the goin8 concern basis can be found in the Accountirbg Policies. RESERVES POLICY The investments portfolio constitutes the reserves of the Charity into an Endowment Fund with one of its purposes being to generate income towards the salaries of the professional Curator and the Collections Manager. The Trust should maintain 6 months of operating costs as a minimum reserve. The Museum is implementing a new Strategy to enable substantially greater public access to the collertion displayed in the gallery. and that to ensure easier accessibility via digital means. The first part 15 a joint project recently underway with Museums Worcestershire, Worcester City Council and the Worcestershire Yeomanry Trust to create a new display gallery in the The Commandery. an existing historic building in the heritage quarter of the City. The Museum Trustees have formally set up a Designated Fund from Reserves of up to £150.LKKJ to towards the costs of removal. installation. and new display Cases. YEARLY REVIEW In the year ended 31 December 2023 we incurred a defictt of {£62,159112022.' {£82,444J). This surplus Iloss) is built up of an unrealised gain Ilossl on the investment portfolio of1£4,6661 f2022.'1£139,300JJ- Total funds available as at 31 December 2023 stand at £850.74112022.- £912,899). of which the majority is designated for sustainability of the charity and conservation of the collection with some restricted funds for the FrFends. Grants recerved for specific projects and £ILX).IYJO allocated for the future Worcestershire Soldier gallery at the Commandery. The chartty holds an investment portfolio. as detailed above. which is used to generate income to help fund the runnlng of the charity and in particular staff costs, which wès valued as at 31 December 2023 £789.68112022.- £794,347). The bank current account of £48.128 (2022.. £99.155J is sufficient to meet the day to day operatFonal needs of the charity. The board is comfortable wrth the level of reserves at the year end. srRucfuRE. GOVERNANCE AND MANAGEMENT CONSTITUTION The Museum is constituted by Deed of Trust dated May 1978. The Trust Deed as amended by Resolution of 16th April 2013 provides for four ex-officio and between four and seven individual Trustees. There are currentFy seven Trustees.
THE MERCIAN REGIMENT MUSEUM (WORTERsHIftEI TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 METHOD OF APPOINTMENT OR ELEclloN OF TRuEE5 The Governing Document l~Gtri of the Trust is the Deed executed on 10 May 19781.the Deed") as amended by resolution of the Trustees at a meeting on 16 April 2012. The Deed Current provides for 4 to 7 individual trusiees and 2 to 4 ex-officio trustees. However, there must always be a majority of individual trustees so long as there are individuals willing to serve. The number of individual trustees can be varied using the 'statutory powerf. The provisions as to ex-officio tnistees. is govemed by Clause 15 of the Deed. The ex-officio trustees are: The Colonel of The Worcestef5hire and Sherwood Foresters Regiment or its successor. The Deed doe5 not permit amendment of this provision. The Colonel of the Mercian Regiment has ststed that he would prefer to be able to norninate someone in his place. Up to two seTring or retired officers who may be nominated by Dep Col MERCIAN. Of the current trustees Jack50n. Richards. Wadland and Fisher would be available to be so nominated, wwth Jackson and Richards elected as Chaimian and WI Chairman respectively. Fisher has been appoirbted as an -officI0 trustee. There are currently 8 indrvidual trustees= Fisher, Green, Jackson. Richards, Wadland and Miles The number of IndIvu31 Trustee5 {in addition to ex-officio Trustees) shall be not less than Five nor more than Eight in number. The Board És actively seeking to broaden tts equality. diversity and inclustvity. ORGANISATIONAL STRucfuRE AND DECISION MAKING The Trustees are responsible for providing the Strategic direction for the museum, approving its budget and Forward Plan. Day to day management of the museum and its affairs is delegated to the Curator, who is directly responsible to the Board of Trustees and is lÈne managed by the Chairman. The Curator is guided in this work by a Finance Policy (approved by the Trustees July 20191 and a Five Year Forward Plan (Approved by the Trustees December 20191. Dr John Paddock was appointed in January 2013 to the post of Curator and is full time. In May 2022. Dr Helen Hunter wa5 recruited as the Museum Collections Manager, on a two year fixed contrart. The Museum is SUPPOrted by 18 volunteers who are involved in research activwties including responding to enquiries from the public. cataloguing the collection and assisting the City Museum's front of house staff.
THE MERCIAN REGImEp MUSEUM (WORCESTERSHIRE) TRusfEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 PLANS FOR FUTURE PERIODS FUTURE DEVELOPMENTS The Museum's main effort is the move and creation of the new display the Commandery. This will entail the closure and removal of the current display from the Museum and Art Gallery. the design and creation of the new updated display in the Commandery. It is a detailed complicated project and is expected to cost circa £1,200.(KJO. This will be found from moneys allocated from the Central Government post-COVID Towns Fund1£175.O) the Grant from the Mercian Regiment Chartty (£IOO,0001 a grant from the Yeomanry Trust(£5.1]0l followed by National Heritage Lottery Fund Development and Delivery Grants. In addition the Trustees of the two Trusts have launched a public Capital Appeal. To grow the portfolio sufficiently that It will be able to generate sufficient income to cover the Curdtorfs and the Collertion Managerfs salaries. The Museum's financial strategy has two strands- To increase its annual revenue income from diverse sources in order to be financially sustainable in future years. In partnership with Worcestershire Museums, Worcester Cty Council and the Worcestershire Yeomanry Trust launch a Capital Appeal for the new display in the Commandery. TRUEEs, RESPONSIBILITIES STATEMENT The Trustees are responsible for preparing the Tnjstees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financi31 year which grve a true and fairview of the stste of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the Trustees are required to- select Suttable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP- make judgments and accounting estimates that are reasonable and prudent,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charty wÈll continue in operation
THE MERCIAN REGIMENf MUSEUM IWORCESTERSHIRE) TRUEEs, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees are responsible for keeping proper accounting records that are sufficient to Show and explain the charity's transactions and disclose wtth reasonable accuracy at any time the financial Posttion of the charÉty and enable them to ensure that the financial statements comply with the Chartties Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the chartty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report was approved by the Trustees on behalf by: 4tslqeMbLC 2os and signed on their Ma aimian io
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 INDEPENDENT EXAMINER'S REPORT TO THE TRUStEES OF THE MERaAN REGIMENT MUSEUM (WORCESTERSHIRE) I report on the financial statements of the charity forthe year ended 31 December 2023 which are set out on pages 10 to 19. This report is made solely to the charity's Trustees. as a body. in accordance wtth section 145 of the Charities Art 2011 and gUlationS made under settion 154 of that Act. My work has been undertaken so that I might state to the charity's Trustees those matters l am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the chartty's Trustees as a body, for my work or for thi5 report. The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the FÈnancial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in prefence to the Accounting and Reporting by Charities- Statement of Recommended practi issued on l April 2005 which 15 referred to Ln the extant regulations but has been wtthdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on the after l January 2015. RESPEcnvE RESPONSIBILlEs OF TRU5fEES AND EXAMINER The charity's Trustees are responsible for the preparation of the financial statements. and they consider that an audit is not required for this year under section 144121 of the Charities Act 2011 (the Actl and that an independent examination is needed. It is my responstbiltty to.. examine the financial statements under sertM)n 145 of the Art,. follow the procedures laid down in the general Directions given by the Chartty Commission under sertion 14515llb) of the Act- and state whether particular matters have come to my attention. BASIS OF INDEPENDENT EXAMINER'S REPORT My examination wès carried out in accordance with the general Directions gwen by the Charity Commission. An examination includes a vIeW of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual rtems or disc105ures in the financial statements. and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audtt, and consequentty no opinion is given as to whether the financial statements present a 'true and fair view, and the report is limited to those matters set out in the ststement below. li
THE MERCIAN REGIME MUSEUM IWORCESTERSHIRE) INDEPENDENT EXAMlhlER'S REPORT FOR THE YEAR ENDED 310ECEMBER 2023 In connection with my examination. no matter has come to rny attention- which gives me asonable cause to believe that in any rnaterial SpeCt the requirements- to keep accounting records in accordance wtth section 130 of the Act: and to prepare financial statements which accord wwth the accounting records, Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland IFRS 102} and in other resperts comply with the accountiriE requIrnents of the ACL have not been met; or 2. to which. in my opinion, attention should be drawn in order to enable a proper understanding of the financial ststements to be reached. Signed.. D C Boorn AFA AAIA DCBoorn&Co 88 Cowleigh Road Malvern Worcestershire WR14 IQW 12
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) STATEMENT OF FINANCIAL ACTlVtTIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrirted Funds 2023 Restrirted Funds 2023 Note Total Funds 2023 Totsl Funds 2022 INCOME FROM: Donations and legacies Other trading activities Investments & Bank Int Designated Friends Fund IRI Museum Collettion Fund IRI Museum Grants Received IRI Worcestershire Soldier FundlRI Museum SLtstainability Fund IDI Museum Conservation Fund IDI TOTAL INCOME 4,735 739 33.990 3.315 8.050 739 33,990 1.392 124,073 l.(XJ8 30,202 1,188 1.392 1,250 157,721 39,464 4,707 44,171 EXPENDITURE ON: Raising funds Charitable activities Designated Friends Fund IRI Museum Collection Fund IR] Museum Grants Received IRI Worcestershire Soldier FundlRI Museum Sustainability Fund ID] Museum Conservation Fund IDI TOTAL EXPENDITURE NET INCOME BEFORE INVESTMENT GAINSI(LOSSESI 6&7 94.276 7.203 185 101.479 185 95.355 380 152 4,978 100,865 94,276 7.388 101,664 154.8121 12,681) 157,4931 56,856 Net gainslllossesl on investments 14 14.6661 14,6661 1139,3001 NET INCOME / {EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES 159,4781 {2.6811 {62,1591 182,4441 Transfer to Fixed Assets NET MOVEMENT IN FUNDS 13 19,397 163,0471 {59,4781 {2,6811 162,1591 RECONCILIATION OF FUNDS: Total funds brought forward 912,899 912,899 975.946 TOTAL FUNDS CARRIED FORWARD 853,422 12.6811 850,741 912,899 All activities relate to continuing operations. The notes on pages 12 to 22 form part of these financial statements. 13
THE MERCIAN REGIMENT MUSEUM (wORSTERSHIRE} BALANCE SHE AS AT 31 DECEMBER 2023 Unrestricted funds 2023 Re5trirted Funds Totsl Funds Total Funds 2023 2022 Note FIXED ASSErs Tangible asset5 Investment5 12.932 629,681 12,932 789,681 19,397 14 160,(K 794.347 642.613 160.OCrt) 802,613 813,744 CURRENT ASSErs Stocks INotiorbal} Debtors CAF Cash at bank and in hand Friends Cash at bank and in hand 15 16 39.034 322 8.772 39.356 8.772 91.590 7,565 39,034 9,094 48,128 99,155 CREDITORS: amounts falling due within one year 17 CURRENT AsSs 48.128 99,155 NET ASSEfs 850,741 912,899 CHARITY FUNDS Restricted Unrestricted 160,322 690.419 163,003 749,896 912,899 18 TOTAL FUNDS 850,741 The financial statevnents were approved by the Tnjstees on 44u 2024and signed oft their behalf, by: Mark kson. Chaimian The notes on pages 12 to 20 form part of these financial statements. 14
THE MERaAN REGIMENT MUSEUM IWORCE5tERSHIRE) NOTES TO TrIE FINANCIAL STATEMErirs FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POUCI£S 1.1 BASIS OF PREPARATION OF FINANCIALsfATEMEpifs The financial statements have been prepared under the historical cost convention wtth items recognised at cost or transartion value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepad in accordarn with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accor(lance with the Financial Reportirg Standard applicable in the UK and Republic of Iland IFRS 1021 issued 16 July The Mercian Regiment Museum Iworce5ter5hire) Trust constitutes a public benefit entity as defined bv FRS 102. 1.2 FUND ACCOUNTING General funds are unrestricted funds which are available for use at the discretion of the Trustees In furtherance of the general objertNes of the charity and whith have not been de5i8nated for other purposes. DesFgnated funds comprise unrestrirted funds that have been set de by the TryteeS for particular purposes. The aim and use of each designated furKI is set out in the notes tothe financial statements. 1.3 INCOME All income is recognised ts[ the charity has errtitlement tothe inwme. it is probable that the income will be received and the amount of income re1¥able can be measured reliably. Donated services t¥ facilities are ¢0815ed when the chartty has contrd over the ttem, any conditions 3S50ciated with the donated item have been met. the receipt of economic benefft from the use of the charity of the item is probable and that economic benefit can be measured reliably. In actordance with the Charities SORP IFFiS 1021. the general volunteer time of the Friends is not recognised and refer to the TrtAstees' report for more inforrnation about their Contribution. On receipt. donated professional seTvice5 and donated faulitie5 are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been wtllirg to pay to obtain services or facilities of equivalent economic benefit on the open market: a corresponding amount is then recogni5ed in expenditure in the period of recapt. Income tsx cOVerable in relation to donations recetved under Grft Aid or deeds of covenant is recognised at the time of the donation. Other 4nCOFne is reccgnised rn the period in which it is receivable and tothe extent the goods have been provrded or on completion of the serwce. 15
THE MERaAN REGIMENT MUSEUM IWORCEStERSHIRE) NOTES TO THE FINANCIAL STATEMEpif5 FOR THE YEAR ENDED 31 DECEMBER 2023 1.4 EXPENDITURE Expenditure is recognised once the is a legal or conStrL¥e i)bligation to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be required in sethement and the amount of the obligation can be measured re15ably. Expenditure is classified by activity. The costs of each artivity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated dirertly to that attivity. Shared costs whid) contribute to more than one actrvty and support costs which are not attributable to a single activity a apportioned between th[ artivities on a basis con51Stent with the use of resources. Central staff costs are allotated on the basis of time spent. and depreciation charges allocated on the portion of the asseys use. FLtndraising costs are those incurred in seekirÉ voluntary contributions and do not inclu(le the costs of disseminating information in supm of the charitsble activities. Support costs are those costs incurred directly in support of expendtture on the objetts of the charity and include project management carried out at Headquarters. Governance ¢osts are those incurred in connection with administration of the harity and compliance wtth constitutional and statutory requirement& Costs of generating funds are costs incurred in 3ttracttng voluntary income. and those incurre(l in trading artivitie5 that raise funds. Charitable activities bnd Governance costs are costs incurred on the academy trusys edutational operations, including support Costs and costs relatingto the govemance of the academy trust apportioned to charitable artivities. All resource5 expended a inclusive of irrecoverable VAT. 1.5 TANGIBLE FIXED ASSEfs AND DEPRECIATION All assets costing more than £l,(MX) are capitalised. Tangible fixed assets are carried at cost. net of depreciation and arky provision for imp3irTnent. Depreciation is prwded at rates calculated to write off the cost of fixed assets, less their estimated residual Value. over their expected useful lives on the following bases.. Fixtures and fittings - 33.33% straight line 1.6 INVESTMENYS Fixed asset Ènvestments are 3 form of finanaal instnjmerrt and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date. unless fair value cannot be measured reliably in which case Ft is measured at C05t less impairment. Investment E3ins and losses, whether realised or unrealised, are combined and shown in the headire'Gains/llossesl on investments. in the Statement of finan(3al attiyfties. 1.7 INTEREST RECEIVABLE Interest on funds held on depostt is included when reteivable and the amount can be measured reliably by the charity. this is normally upon notification of the interest paid or payable by the Bank. 16
THE MERCIAN REGIMENT MUSEUM {WORCEsfERSHIRE) NOTES TO THE FINANCIAL StATEMErir5 FOR THE YEAR ENDED 31 DECEMBER 2023 1.8 STOCKS Stocks are valued at the lower of cost and net realisable Yalue after making due allowance for obsolete and slow-moving stocks. Cost indudes all dirert costs and an appropriate proportion of fixed and variable overheads. INCOME FROM DONAnoNS AND LEGACIES Re51rirted 2023 Total 2023 Total Fund 2022 2023 Donations and Gift Aid Appeals MODGrant in Aid Museum Collettion Grants Total donations and legacies 4.735 4.735 19,073 3.315 3,315 3.315 8.050 106,250 125.323 4,735 In 2022, of the total income from donations and legacies. £124.073 was to unrestrirted fijnds and £1.250 was to restricted funds. AcnviTIES FOR GENERAnNG FUNDS Totsl 2023 Totsl Fund 2022 Research Events Shops Sales & Publication rights Other Income 225 664 514 i¢x> 243 1.007 739 In 2022. of the total income from actrvFties for generating funds, £1,7 was to unrestricted fvnds and £NIL wa5 to restricted funds. OTHER AcnviTIES 2023 2022 Museum Friends designated actiwties 1.392 1,188 INVESTMENT INCOME & BANK INTEREST T¢)tsl 2023 Total Fund 20Z2 Bank Inte5t & Dividends reCeve(l 33.990 In 2022. of the total investment income. £30,202 was to unrestricted funds and £NIL was to restricted funds. 17
THE MERaAN REGIMENT MUSEUM IWORCESTERSHIRE) NOTES TO THE FINANCIAL STATEMErirs FOR THE Y&4R ENDED 31 DECEMBER 2023 DIRECT COSTS Totsl 2023 Total Fund 2022 2023 2023 Museum Display & Acquisttions 296 9,454 4.978 929 316 subscriptions artd sundries Conservation Insurance Research costs Postage IT Equipment Office supplies Depreciation Wages and salaries Training As 31 December 2023 7.426 7.426 7.203 924 7.203 924 235 235 19.397 491 6.465 79,219 6.465 79,219 64,025 590 100,484 94.276 7.203 101.479 GOVERNANCE COSTS 2023 2022 Govemance Auditors, remuneration OTHER COSTS 2023 202Z Transfer to Investments Friend5 Designated aCtItieS 185 185 380 ANALYSIS Of RESOURCES EXPENDED BY EXPENDttURE TYPE Total 2023 Total 2022 2023 2023 Expenditure on raising voluntary income Cosrs OF GENERATING FUNDS Support costs Expenditure on governance TOTALS 79,219 22.259 101.478 l(X),484 79.219 22.259 101,478 I,484
THE MERCIA14 REGIMENT MUSEUM (WORCEStER5HIRE) NOTES TO THE FINANCIAL sfATEMEPITS FOR THE YEAR ENDED 31 DECEMBER 2023 10. NET INCOMING RESOURCES/IRESOURCES EXPENDED) 2023 2022 This IS stated after charging: Depreciation of tangible fixe(l assets-. - owrsed by the char¥ty Auditors, remuneration- audit 6,465 6,465 During the year. no Trustees received any remuneration12022= £NIL}. During the year, no Trustees received any benefits in kind12022= £NILI. During the year. no Trustees received any reimbursement irfexpenses12022- £NILI. 11. AUOITORS. REMUNERATION The Independent Examiner's remuneration amnts to an Independent Examinatton fee of £NIL (2022.. £NILJ. 12. STAFF COSTS 2023 20ZZ Staff costs were as follows: Wages and Salaries 79.219 The average number c>f persons employed by the charity during the year vrds as follows: 2023 64,025 Z022 No employee reiVed remuneration amountingto more than £50.(KM) in etther year. 13. TANGIBLE FIXED ASSETS rtureS & ffttings 2023 Flxture5 & frttin%s 2022 COST At l January 2023 Additions At 31 December 2023 19.397 19,397 19,397 19.397 DEPRECIATION At l January 2023 Charge for the year At 31 December 2023 NET BOOK VAWE 6,465 6.465 At 31 December 2023 12,932 19.397 19
THE MERCIAN REGIMENT MUSEUM IW(NRCESTERSHIRE) NOTES TO THE FINANCIAL 5TATEMErit5 FOR THE YEAR ENDED 31 OECEMBER 2023 14. FIXED ASSET INVESTMEIUS Listed securitie5 2023 2022 MARK VALUE At l January 2023 Revaluations At 31 December 2023 794.347 14,6661 789.681 933,647 I139.3) 794,347 HISTORICAL COST 689.681 INVEsfMENTS AT MARKET VALUE COMPRISE: 2023 2022 Listed investments All the fixed asset investments are held in the UK 789,681 794.347 15. STOCKS 2023 2022 Finished goods and goods for resale 16. DEBTORS 2023 2022 Other debtors 17. CREDITORS: AMOUNTS FALUNG DUE WtTHIN ONE YEAR 2023 2022 Other creditors 20
THE MERCIAN REGIMENT MUSEUM IwoR(SsfERSHIRE) NOTES TO THE FINANCIAL STATEMEiirs FOR THE YEAR ENDED 31 DECEMBER 2023 oo Ln ID O Ln O r4 N o r4 o rOffl vo mor (f* Ci ¢ 21
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) NOTES TO THE FINANCIAL ATEMEr$ FOR THE YEAR ENDED 31 DECEMBER 2023 19. ANALYSIS OF ASSEfs BEfwEEN FUNDS Unrestri¢ted 2023 Restricted 2023 Total 2023 Total Fund 2022 Tangible fixed assets Fixed asset inve#ment Current assets Credttors due within one year 12.932 629,681 48,128 12,932 789.681 48,128 19,073 794,347 99,155 160,0 690,741 160.IX)O 850,741 912,575 22