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 O￿AlL5 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 oBJE￿IVEs
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.
A￿1VITIEs 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 pla￿d 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, wOr￿stershIre 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 au8rnentat￿n continues. There are cYr￿ntlY 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 p￿parIng 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 (WOR￿TERsHIftEI
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
METHOD OF APPOINTMENT OR ELEclloN OF TRu￿EE5
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 IndIv￿u31 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.
TRU￿EEs, 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)
TRU￿EEs, 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:
4tslq*eMbLC 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 prefe￿nce 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 RESPONSIBIL￿lEs 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 requI￿rnents 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 (wOR￿STERSHIRE}
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 AsS￿s
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 prepa￿d 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 I￿land 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 Try￿teeS 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 re￿1¥able can be measured reliably.
Donated services t¥ facilities are ￿¢08￿15ed 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 Inte￿5t & Dividends reCe￿ve(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 aCtI￿tieS
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 am￿nts 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 re￿iVed remuneration amountingto more than £50.(KM) in etther year.
13. TANGIBLE FIXED ASSETS
r￿tureS &
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
r￿Offl
vo
mor
(f* Ci ¢
21

THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE)
NOTES TO THE FINANCIAL ￿ATEME￿r$
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