THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) (REGISTERED CHARITY NO: 276510) TRUSTEES, REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Il,I'l, Iworcestershirel Rtyl8t•r•J Chwlty No. 278510
THE MERCIAN REGIMENT MUSEUM IWORCESTERSHIRE) CONTENTS Page Reference and administrative detslls of the charlty, its trustees and advlsers Trustees, report 2-12 Independent examlner's report 13-14 ststement of Ilnanclal artlvltles Is Balance she•t 16 Notes to the flnanclal statements 17-25
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) REFERENCE AND ADMINISTRATIVE DETAIL5 OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Russell Walker, Trustee (appointed 3rd June 20241 Tim Fisher, Trustee Mike Green, Secretary Mèrk Jackson, Chairman Darrell Rivers, Trustee (appointed 4th March 20241 Hugh Richards, Trustee Andrew Wadland, Trustee Helen Miles, Treasurer Charity reglstered number 276510 Prlnclpal offlce Dancox House Army Reserve Centre Pheasant Street Worcester Worcestershlre WRI 2EE Accountants DCBoorn&Co 88 Cowleigh Road Malvern Worcestershlre WR14 IQW Bankers CAF Bank Kln85 Hlll West Mallln8 Kent ME19 4TA Investment Mana8ers EFH Harris Allday Church Mew5 Omber51ey Worcestershire WR9 OEW Hawksmoor Investment Mana8ement Ltd Unit 7 Top Bam Buslness Centre Holt Heath Worcester WR6 6NH
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present thelr annual report together wlth the financial statements of Mercian Regiment Museum Iworcestershirel (the charityl for the year ended 31 December 2024. The Trustees confirm that the annual report and financial staternents of the charity comply with the current statutory requlrements, the requirements of the charity's governing document and Charities Act 2011, the Charities IAccounts and Reports) Regulatlons 2008, and the Charities SORP IFRS 1021, second edition, effertive from 2019. INTRODUCTION The Museum Is constltuted by Deed of Trust dated May 1978 and the permanent exhibltlon is housed in Worcester City Art Gallery and Museum on a lease due for renewal In 2026. The offlce, archive5 and reserve collection are in a MOD building a short distance from the City Museum. The Ministry of Defence IMODI withdrew Its annual Grant In Aid £20,O¢XI in 2017. The Mercian Re8lment Charity replaced this wlth an annual grant of £20,OIY] until 31 Mar 2022, while undertaking a strategic review of It5 herltage and four museums. The MOD funding for the four antecedent Regiments, mu5eum5 w511 be reduced to a Single grant of £20,Ol for a Mercian Reglment Museum by 2030, or earller If fundlng Is further reduced. Worcester Museums and Worcester Clty Council have formally informed the Museum that when its current lease termlnates In 2026 It should vacate the Space Its turrent dlsplay occupSes in the CStVs Museum and Art Gallery. It has offered alternatlve accommodatSon and a new lease In the Ilsted Commandery bulldlng for a new dlsplay. Thls wlll create a Single museum encompassln8 the 50clal and military hlstory of the Clvil War and the Reglment from 1642 to today. At the termlnatlon of Its annual Grant in Ald the Mercian Re8lment gave the Museum a one off grant of £lOO,IY)O to help finance the new dlsplay In the Commandery and thu5 ensure the Museum's contlnued ex15tence. PURPOSE The Museum exlsts to collect and preserve the history, tradition5 and achievements of the Reglment, Its antecedent component5 and those who have served or are servlng In It from 1694 to the present dav and to present them In a way which entertalns, educates and In5plres a5 wlde a range of vlsltors as possible. OBJEcllvES ANO ACTIVITIES POIICIES AND OBJECTIVES The Trust's overall objectives are set out In the Trust Deed May 1978 and In the foll¢)wln8 polScles approved by the Trustees.. Forward Plan (approved 20201 Flnanclal policy (approved 20191 Investment policy Irevlewed 20191 Care and Conservation Irevised 20191 As a museum governing body, the Trust'5 activitie5 are also guided by the requirements of the Arts Council England Accreditation Scheme. The Museum re-applied for. and wa5 granted, accreditation In May 2018.
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) TRUSTEES, REPORT FOR THE YÉAR ENDED 31 DECEMBER 2024 Vblon The Trustees, vision for the future is that the Museum should be recogni5ed as an inclusive and progressive institution that contributes to the cultural offering of Worcestershlre, capitalises on the strengths of its collection and modern technoloEV to reach out and provide an experience for visitors and users that excite5, In5plres and educate5 and which generates sufficient income for the Museum to develop and flourish. Key Aims l. To ensure that the Museum remalns flnanclally sound and well managed by a strong body of Trustees 5UPPOrted by a professionally qua15fied curator. 2. To manage and care for the collectlons to acknowledged professlonal standards. 3. To maintaln stimulating and high quality permanent and temporary dlsplays in Worcestershlre that wlll provide activities and events for the enjoyment and education of vlsltors, schools and others. 4. To Create a marketlng and promotlon pro8ramme and develop advocacy for lon8 term stabllity. 5. To ensure that the collection remains relevant to the Aeglment and valued by the publlc 50 that lon8-term sustainability of the Museum15 secure. 6. To maintaln a hi8h standard of customer service and 8uardlan5hlp in keeplng wSth museum's core values and accredlted museum standard5. Oblertlves l. Secuie the flnanclal future of the Museum p05t-2021. 2. Develop a sustalnable lon8-term Staffin¥01Unteer structure. 3. Contlnue updatlng the catalogue and dlgltlsbng the collectlons. 4. Develop and Implernent a phased conseNatlon programme. 5. Expand the offer to schools/colle8es. 6. Implement the collertlons policy that actlvely target5 POSt.1945 conflicts. 7. Promote wlder publlc awareness of and access to the collectlon. 8. Identlfy other spaces In WorCester5hre for the d15play of the collertlon. 9. Maintaln and Improve rating Under the VAQAS Scheme in 201S. 10. Raise the Museum's profile and increase and dlverslfy our vlsltors and users and stakeholder support. 11. BrSn8 dlsplays up to present day Incorporatlng materlal on Iraq and Afghanlstan. 12. Fundralslng. 13. Expand the appeal of the Frlends of the Museum to Increase membershlp and actlvlty- ACTIVITIES FOR ACHIEVING OBJECTIVES The Trust operate5 a Museum for the publlc benefit. whose permanent displays is housed in the City Museum and Art Gallery and Is known as the Worcestershire Soldler Gallery. This is open SSX days a week and attrarted approximately 17,910 vlsStors. Comments In the vi51tor5' book continue to be overwhelmingly complimentary. The Museum pur5ue5 an educational policy and provide5 educational projects and opportunltles for scholar5 of all ages from Primary school to university students. We achieve this through partnershlp with a number of Ioc31 educational institutions including the Universlty of Worcester.
THE MERCIAN REGIMENT MUSEUM IWORCEsfERSHIREI TRUSTEES, REPORT FOR THE YEAR ENDEO 31 DECEMBER 2024 PUBUC BENEFIT The Trustees have pald due regard to the Charity Commission's guidance on public beneflt in declding what activities to undertake. The Museum provldes public benefit (benefit to the public at largel by.. Educatlng the publlc about the character, artivities and history of the Brit15h Army, and partlcular Its County Reglment. Commemoratlng and rememberlng those who have10st ihelr1Sves or suffered Injury or put themselves at risk of105s of life or injurvi in servlce of the public. StrenBthenln8 the link between the mllitary and civlllan communltSes, in partlcular asslstlng with recrultlng the soldlers of the future. AsslstSn8 Serwlce personnel more effertively to perform thelr mllltary duties. achleves thls by recordlng the deeds of thelr forbears, thereby helping to inculcate the ethos and esprlt de corp5 whlch generates the fl8htlng splrlt necessary for successful operatlons. As a result, the Museum promote5 the efflcSency of the Armed Forces ol the Crown by enhancing the 8ritlsh Army's capability to undertake the roles demanded of it, includln8 the defence of the Unlted Kingdom and its interests. ACHIEVEMENTS AND PERFORMANCE REVIEW OF ACTIVITIES Edu¢atlon: The Trustees supported the Learnin8 and Access Offlcer at the Clty Museum In the teaching of Hlstory to key stage 1, 2, 3 and 4. Educatlonal resources for teachers to download have been placed on the Museum's webslte. In 2024, 392 pupils and students In 8roups vlslted the Museum. Dlsplèys: In AuBU5t, the Museum arranged for profe5slonal photography of the Gheluvelt palntln8 In the Worcester Soldier Gallery to enable the production of a lacsimile for display in Passchendaele Museum. It used this opportunity to also arrange hlgh resolutlon photography of a group of slgniflcant framed work5. The Museurn's temporary exhlbltlon on the Glorious 1st of lune was taken to Reglmental Reunion In Worcester. R•s•arch: 60 research enquirles were processed by the Museum In 2024. Acuedltatlon Updat•: The Museum was awarded full accredltatlon on 10th May 2018.
THE MERCIAN REGIMENT MUSEUM {WORCESTERSHIRE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 AcqulsStlons and objKts talogUed and packed: The museum staff undertook a review of the museum holdings of silver and updated all locations on the collettions database. 26 si8nificant framed works In the collectlon were professlonally photographed, including the oil painting of the Battle of Gheluvelt on display in the Worcestershire Soldier Gallery. A high-resolutlon copy of this painting w35 provided to the Passchendaele Museum for use in their redeveloped display. There have been 27 new catalogue entries In 2024 raislng the total of the collection to 13.928. In addltlon, the museum has acqu5red the foll¢)wlng objects.. A commemoratlve album comprislng a bound album of photographs from the 1995 Colours Parade wlth Princess Royal. Green leather-bound album inscribed 'lst Battallon, The Worcester5hlre and Sherwood Foresters Reglment129th 45th Footl, Presentatlon of Colours, 24th June 1995, From the Merclan Reglment. A soldlerf5 Small Book and two photographs of 10865 Pte Willlam Ball, enlSsted In Worce5ter5hlre Reglment 1907, killed In attion wlth 2nd Battalion, June 1915. From S Silvester and P M Ball. A handwrltten letter from Salonlka, dated 1919, belleved to be from 30282 Joseph Auden of Ilth 8attallon to Alice Penoyre, aunt of W H Auden. From Veronica Bryan-smlth. A typewrltten letter from J P Bate DSO MC to hls 50n, dated 1928, descrlblng a photograph taken whlle he was commandln8 hls battallon durlng World War One and recalllng how colour5 had been carried Into battle In Italy by B and C Companles. From Ruth Wright. A group photO8raph of 1st Volunteer Battallon, Worcestershlre Reglment, August 1918. From lane Stanley. In July, an opportunlty arose to acquSre four Important medal groups from Spinks for the Museum collectlon. Successful applications were m3de to the V&A grant fund, The Merclan Regiment Heritage Fund, WFRA and the Frlend5 of the Museum, for the purchase of the followinB'. A Boer War D.S.O. and Great War O.B.E. group of seven awarded to Lleutenant-colonel G. C. Larnbton. A Boer War Distinguished Conduct Medal group of seven to Quartermaster & Captaln J. Batchelor, Worcester5hlre Reglment. A WWI trio to Pte W Garlick 2nd BN The Worcestershire Reglment "a Gheluvelt charger." A scarce General Servlce Medal awardeil to Private J. Banner, Worcestershire Regiment, who wa5 killed in action on 22 February 1951 at the Melville Estate, near Labis, Se8amat, Malaya.
THE MERCIAN REGIMENT MUSEUM IWORCE5TERSHIRE) TRUSTEES. REPORT FOR THE YEAR ÉNDED 31 DECEMBER 2024 Projects For the whole of the 2024 the museum staff and volunteers have been focused almost entlrely on the Worcestershlre Soldler at the Comfflandery Project IWSGI. On the 5, January 2024 the National Lottery Heritage Fund formally offered the museum as grantee for the WSG prolett a Development Grant of up to £243,200. (This is 72% of the total approved Development work costs of £338,100). The Approved Purposes are set out below.. l. Undertake other activltie5 and produce any other documentatlon as requlred for the Dellvery Phase appllcatlon. 2. Appoint Exhlbltlon Deslgner to use consultatlon to develop plan, deslgns, and Interpretation lor exhlbltlon across four 8alleries. 3. Appolnt consultant to undertake conseNatlon survey of both collertlons and produce 25- year Collectlon Care Plan for each trust. 4. Revlew and recrult relevant staff and consultants for Implementation of the Development Phase. 5. De-lnstall and store current exhibltlon. 6. Appoint oral hlstory consultant to collect storles about Natlonal Servlce and the reglments and produce an oral history archlve wlth exlstin8 and new recordin85. 7. Take proactive measures to be Inclusive, remove barrlers to access and reach new and diverse audlences, Includln8 durlng development of the ActSvity Plan. 8. Contlnue dlgltlsatlon of collectlon. 9. Undertake consultation* pllotin& and development of partnerships to produce ActlvSty Plan. The Development Phase start up meetin8 with the National Lottery Heritage Fund team was held on the 7th of February. At thi5 meetlng the areas that requlred further work to be done before they would Issue slgned Perm1551on to Start were Identifled. Following a complete rewrlte of all the prevlously submitted documentatlon by the MRMW staff Includln8 all the brlefs for the tonsultants, appalntments and cashflow, permlsslon to start was finally grznted on the 5 of June 2024.
THE MERCIAN REGIMENT MUSEUM IWORCE5TER5HIRÉ) TrU5TEES' REPORT FOR THEYEAR ENDED 31 DECEMBER 2024 Pro ress since June 2024 Recruitment of consultants. Adverts for tenders for the followlng consultant posltlons were placed In early July 2024-. Artivity consultant. Haley Sharpe was appointed. Evaluation consultant. Jenn5 Waugh was appointed. The second tranche of advert5 were placed In early August for the followlng.. Design Consultant. Redman DesSgn was appointed. Projett Assistant. Grace Bowyer was appolnted. Project Manager. Dale Copley of Lode Heritage was 3ppolnted. Conservatlon Consultant. Spencer Fry was appolnted. This means that all the consultants, except for the oral h15tory consultant Iwho wlll be recruited Sn January 20251, are now in post. The MRWM Contrlbutlon In kSnd to the Dellvery phase of the WSG prolect.. By the end of November, MRMW staff wlll have spent over 500 hours on the Commandery prolect slnce Permission to Start was Branted in June. Thls equates to a ost of over £11,000 to the organ15atlon, meanlng MRMW wlll have made 9¢YA of Its pledged In-kind contrlbutlon to the project budget wlthln the flrst slx months. In addltlon, over 100 volunteer hour5 have been contrlbuted by Trustees, valued by the Natlonal Lottery Herltage Fund at over £2,000. Web51te •nd Facebook: The museum has contlnued to publish blogs on the website relatlng to Re8lmental history, battles and battle honours and other malor events, particularly relatlng to Its Involvement In the Flrst World War. Relevant excerpts from Battallons, War DlarSe5 on the Facebook page accompanled by Ima8es from the Reglmental photography albums. Revlew of the Forward Plan: The Trustees formally approved a new plan to cover the period 2020 to 2025 Sn March 2020.
THE MERCIAN REGIMENT MUSEUM {WORCESTERSHIRE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER2024 INVESTMENT POUCY AND PERFORMANCE In 2019 the Trustees approved The Mercian Regiment Museum Iworcestershlrel Investment pollcv The purpose of Museum capital and cash reserves are to.. Provide an Endowrnent Fund that provldes a steady source of income to enab5e the employment of a Curator, maintenance of the museum and its servSce5, its accesslons and displays, and thelr further development. Enable the acquisition of accessions as deemed appropriate by the Trustees Provide reserves in the event of a downtum in funds from other sources. In future, any balance outstandln& and any future surplus, wlll be transferred to the Reserves for Investment. This pollcy conforms to Clauses 7, 8 and 12 of the Charity's Trust deeds approved In Aprll 2012. There shall be an Investment Commlttee, whlch shall meet at a mlnlmum twlce yearly. It shall compr15e: The Chalrman of the Board of Trustees. b. The Honorary Treasurer A representatlve of the Investment Manager Company (in an advS$0ry capacStvl The oblectSves of the Snvested reserves are to- Maint3Sn suffSclent funds In easily accesslble sources to cover up to 6 months, operatlng C05t5. Dellver a mlnlmum Income of £30,000 p. Maxlmlse the value of the portfollo In real terms by obtaSning a balanced return between income and capltal. Accumulate an addltlonal reserve that can be used for further capltal development, large scale malntenance or refurbishment. The Investments Should be at the lower level of Moderate Rlsk, wlth a low torrelatlon to equSties. The Museum has no ethlcal conslderatlons that would restrlrt Investment optlons. There shall be an annual agreement sSgned between the Manager and the Investment Committee. The Investment performance shall be benchmarked u51ng the relevant ARC IA5set Rlsk Consultants) Index and UK Consumer Prlce Index, subjett to change at the Investment Man8ers dSscretion should a more suitable measurelsl be identlfied. The Investment Manager shall transfer the Investment Income to the Museum's General Account by the third Friday of March, June, September anij December each year. There should be an investment report included on the Agenda of the Quarterly Trustees, meetings.
THE MERCIAN REGIMENT MUSEUM {WORCESTERSHIRE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW G0114G CONCERN After making approprlate enqubrles. the trustees have a reasonable expectation that the charity has adequate resources to contlnue In operatlonal exlstence for the foreseeable future. For this rea50n, they continue to adopt the golng concern basis in preparing the flnancbal statements. Further details regarding the adoption of the going concern basis can be foun¢J In the Accounting Policies. RESERVES POLICY The Snvestments portfollo constltute5 the reserve5 of the CharSty Into an Endowment Fund wlth one of It5 purposes belng to generate income towards the salèries of the professional Curator and the Collectlon5 Manager. The Trust Should malntain 6 months of operatSng costs as a mlnlmum reserve. The Museumls Implementlng a new Strategy to enable substantlally greater publlc access to the collectlon dlsplayed In the gallery, and that to ensure easSer accessibllSty vla di8ltal means. The flrst part Is a joint project recently underway with Museums Worcestershire, WoTce5ter City Councll and the Worcestershlre Yeomanry Trust to create a new display Ballery In The Commandery, an exlstlng hlstorlc bulldSn8 Sn the herltage quarter of the Clty. The Museum Trustees have formally set up a Designated Fund from Reserves of up to £150,000 to towards the costs of removal, Installation, and new dlsplay cases. PRINCIPAL RISKS ANO UNCERTAINTIES The Trustees have consldered the prlnclpal rlsks and uncertalntles facln8 the charlty. The key rlsks Identlfied are: Fundlng rlsk- fallure to secure sufflclent fundrilslng and grant Income for the new dlsplay at the Commandery. Operatlonal rlsk- dependency on a small number of staff and volunteers,. rSsk mltlgated through 5uccesslon plannlng and volunteer recrultment Investment risk. volatility in flnancial markets may reduce Investment Income; mltlgated through dlverslflcatlon and overslght by the Investment Commlttee. Reputatlonal rlsk- malntainlng public engagement and relevance. addressed through educatlonal pro8rammes, soclal media And collaboration with Museums Worcestershlre.
THE MERCIAN REGIMENT MUSEUM {WORCESTERSHIRE} TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEM8ER 2024 YEARLY REVIEW In the year ende(131 December 2024 we Incurred a Surplus of £32,708 {2023.'1£62,159JJ. This surplus Ilossl is built up o* an unrealised gainlllossl on the investment portfolio of £13,57012023.' (£4,666)). Total funds avallable as at 31 December 2024 stand at £883,44912023.- £850,741), of which the Majority is deslgnated for sustainability of the charity and conservation of the collection with some restricted funds for the Friends, Grants received for specifi'c piolects and EIOO,000 allocated for the future Worcester5hiTe Soldier gallery at the Commandery. The chèrity holds an Investment portfollo, as detalled above, which 55 used to generate Income to help fund the runnlng of the charSty and In particular staff cost5, which was valued a5 at 31 December 2024 £771,25112023.' £789.6811. The bank current account of £105,167 f2023.. £48,128J is sufflcient to meet the day to day operational needs of the charlty, The board 15 comfortable wlth the level of reserves at the year end. STRUCTIJRE, GOVERNANCE AND MANAGEMENT CONSTITUTION The Museum is constituted by Deed of Trust dated May 1978. The Trust Deed as amended by Resolution of 16th Aprll 2013 provides for four ex"offi¢io and between four and seven IndSvldual Trustees. There are currently elght Trustees. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The Governln8 Dotument I"GD"l of the Trust is the Deed executed on 10 May 19781.the Deed") as amended by resolutlon of the Trustees at a meeting on 16 April 2012. The Deed currently provldes for 4 to 7 indlvldual trustees and 2 to 4 ex-offldo trustees. However, there must always be a malorlty of indlvidual trustees so long as there are Indlvlduals wllllng to serve. The number of Indlvldual tnjstees can be varled uslng the 'statutory power,. The provlslons as to ex-officlo trustees, Is governed by Clause 15 of the Deed. The ex-officio trustees are.. The Colonel of The Worcestershire and Sherwood Foresters Reglment or its successor. The Deed does not permit amendment of thls provlslon. The Colonel of the Mercian ftegiment has stated that he would prefer to be able to nomlnate someone In his place. Up to two serving or retired officer5 who may be nominated by Dep Col MERCIAN. Of the current trustees Jackson, Rlchards, Wadland and Fisher would be available to be so nominated, with jackson and Rlchards elected a5 Chairman and Vice Chairman respectlvely. Fisher has been appolnted as an ex-officio trustee. There are currently 4 individual trustees: Walker, Green, Miles and Rivers The number of Individual Trustees lin addition to ex-officio Trustees) shall be not les5 than Flve nor mc&re than Eight in number. The Board 15 actively seeking to broaden its equalltyi diversity and Inclusivity. io
THE MERCIAN REGIMENT MUSEUM IWORCESfERSHIRE) TRUSTEES, REPORT FOR THE YEAR ENDEO 31 DECEMBER2024 ORGANISATIONAL STRUCTURE AND DECISION MAKING The Trustees are responsible for providlng the Strategit directlon for the museum, approvlng Its budget and Forward Plan. Day to day rnanagement of the museum antl its affairs is delegated to the Curator, who is directly responsible to the Board of Trustee5 and Is1Sne managed by the Chairman. The Curator is gulded in this work by a Finance Policy lappraved by the Trustees July 20191 and a Five Year Forward Plan (Approved by the Trustees December 20191. Dr John Paddock was appolnted In January 2013 to the Post of Curator and is full time. In May 2022, Dr Helen Hunter was recrulted as the Meurn Collections Manager, and is full time. PLANS FOR FUTURE PERIODS FUTURE DEVELOPMENTS The Museum's maln effortls the move and creatlon of the new dlsplay the Commandery. Thls wlll entall the closure and removal of the current dlsplay from the Museum and Art Gallery, the deslgn and creation of the new updated display In the Commandery. Itls a detalled compllcated project and Is expected to cost circa £1,200,(N)O. Thls wlll be found from moneys allocated from the Central Government P05t.COVID Towns Fund1£175,0001 the Grant from the Merclan Reglment Charlty I£IOO,0001 a grant from the Yeomanry Trust1£5,(NJOI followed by NatSonal Heritage Lottery Fund Development and Delivery Grants. In addition the Trustees of the two Trusts have launched a publlc Capltal Appeal. To grow the portfolio sufficlently that It wlll be able to generate sufficlent Income to cover the Curatorfs and the CollectSon Managerfs salarles. The Museum's financial strategy ha5 two Strands: To Increase its annual revenue Income from dlverse sources In order to be flnancSally sustalnable In fvture years. In partnershlp wlth Worcester5hlre Museums, Worcester Clty Councll and the Worcestershlre Yeomanry Trust launch a Capltal Appeal for the new dlsplay In the Commandery. At an EGM on the 19th lune 2025, the Trustees agreed to apply to the Charity Commlsslon for The Merclan Regiment Museum IWorcester5hlrel to convert to a Charltable Incorporated Organlsatlon ICIOI. li
THE MERCIAN REGIMENT MUSEUM IWORCESTERSHIRE) TrUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees are re5pon5ible for preparlng the Trustees, report and the financlal statements in accordance with applicable law and Unlted Klngdom Accounting Standards IUnSted Kingdom Generally Accepted Accountlng Practlcel. The law appllcable tts charlties In England & Wales requlres the Trustees to prepare financial statements for each financlal year whlch 8lve a true and falr vlew of the state of affalrs of the charity and of the Incoming resources and applicatlon of resource5 of the chartty for that perlod. In preparlng these flnanclal statements, the Trustees are requlred to- select sultable accountlng policle5 and then apply them consistentlv obseNe the methods and principle5 in the Charities SORP. make ludgments and actountln8 estimates that are reasonable and prudent, prepare the financial statemenls on the going concern basls unle55 It Is Inapproprlate to presume that the charlty wlll contlnue In operatSon The Trustees are responslble for keeplng proper accountlng records that are sufflclent to show and explaln the charlty's transactlons and disclose wlth reasonable accuracy at any tlme the financlal posltlon of the charSty and enable them to ensure that the flnanclal 5tatemenls comply wlth the Charities Act 2011, the Charlty (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also Tesponslble for safeguardlng the assets of the charity and hence for taking reasonable steps for the preventlon and detectlon of fraud and other Irregularltles. Thls report was approved by the Trustees on 20+4 OG+L£i loz 5 beh f by.. and slgned on thelr Mar Jackso hairma 12
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 INDEPENDENT EXAMINER'S REPORTTO ThE TRUSTEES OF THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) I report on the financial statement5 of the charity for the year ended 31 December 2024 which are set out on pages 15 to 25. This report is made solely to the charity's Trustees, as a body* In accordance wlth section 145 of the Charities Act 2011 and regulations made under section 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 charlty's Trustees as a body. for my work or for thls report. The financlal statements have been prepared in accordance with Charltles Act 2011, the Charltles IAccounts and Reports) Regulations 2008. and the Charities SORP IFRS1021, Second edition, effectlve from 2019. This has been done in order for the accounts to provide a true and fair vlew in accordance wlth the Generally Accepted Accounting Practice effective for reporting periods beglnnlng on the after l January 2015. RESPEcfivE RESPONSIBILITIES OF TRUSTEES AND EXAMINER The charity's Trustees are responslble for the preparatlon of the financlal statements, and they consider that an audit is not qUired for this year under section 144121 of the Charltles Act 2011 Ithe Act) and that an independent ex3mlnation1s needed, It Is my responslbillty to: examine the flnanclal statements under sectlon 145 of the Act,. follow the procedure5 lald down in the general Directions given by the Charlty Commission under section 14515llbl of the Act: and state whether partlcular matter5 have come to my attentlon. BASIS OF INDEPENOENT EXAMINER'5 REPORT My examination wa5 tarrled out In accordance with the general Directlons glven by the Charity Commlssion. An examination includes a revlew of the accounting records kept by the charlty and a CDmparlson of the financlal statements presented with those records. It also Includes consideration of anv unusual items or disclosures in the financial statements, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provSde all the evidence that would be required in an audit, and consequently no opinion is given as to whether the financial statements present 'true and fair view, and the report is limited to those matters set out in the statement below. 13
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 In connection with my examination, no matter has come to my attention: which gives me reasonable cause to belleve that in any materSal respert the requirements: to keep accounting records In accordance with sectlon 130 of the Act,. and to prepare financial statements whlch accord with the accounting records, Accountlng and Reportlng by Charltles preparing thelr accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland IFRS 1021 and in other respects comply with the accounting requlrements of the Act. have not been met,. or 2. to which, In my opinion, attentlon should be drawn In order to enable a proper understandlng of the financial statements to be reached. Signed: D C Boom AFA AAIA DCBoorn&Co 88 Cowlel8h Road Malvern Worce5ter5hlre WR14 IQW 14
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIREI srATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Funds 2024 Restrlrted Funds 2024 Note Total Funds 2Q24 Totsl Funds 2023 INCOME FROM: Donations and legacies Other tradin8 activitie5 Investments & Bank Int Designated Friends Fund IRI Museum Collection Fund IRI Museum Grant5 ReceSved IRI Worcestershlre Soldier FundlRI Museum Su5tainablllty Fund IDI Museum Conservation Fund IDI TOTAL INCOME 3,934 2,096 36,386 3,934 2,096 36,386 1,746 16,388 8,050 739 33.990 1.392 1,746 16,388 105,132 105,132 42,416 123,266 165,682 44,171 EXPENDITURE ON: Raising funds Charltable activltles Designated Frlends Fund IRI Museum Collection Fund IRI Museum Grants Received IRI Worcestershlre Soldier FundlRI Museum Sustalnablllty Fund IDI Museum Conservatlon Fund IDI TOTAL EXPENDITURE NET INCOME BEFORE INVESTMENT GAINSIILOSSES) Net 8alns/llossesl on investments 6&7 101,840 3,513 2,545 17,193 105.353 2,545 17,193 101,479 185 21,453 21.453 101,840 44,704 146,544 101.664 159,4241 78,562 19,138 IS7,4931 15 13,570 13,570 14,6661 NEf INCOME I (EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND LOSSES 145,8541 78,562 32,708 162.1591 Transfer to Fixed Assets NET MOVEMENT IN FUNDS 145,8541 78,562 32.708 162,1591 RECONCILIATION OF FUNDS: Total funds brought forward 850,741 850,741 912,899 TOTAL FUNDS CARRIED FORWARD 804,887 78,562 883,449 850,741 All activities relate to continuing operations. The notes on pages 17 to 25 form part of these financial statements. 15
THE MERCIAN REGIMENT MUSEUM IWORCE5TERSHIREI BALANCE SHEET AS AT 31 DECEMBER 2024 Unrestrlcted funds 2024 Restrlrted Funds Total Funds Total Funds 2024 2023 Note FIXED ASSErs Tangible assets Investments 14 6,467 622,975 6,467 771,251 12,932 789,681 15 148,276 629,442 148,276 777,718 802,613 CURRENT ASSETS Stocks (Notlonall Debtors CAF Cash at bank and in hand Worcestershire Soldier Friends Cash at bank and in hand 16 17 565 14,558 565 14,558 82,635 7,973 39,356 82,635 7,973 8,772 15,123 90,608 105,731 48,128 CREDITORS.. amounts fallSn8 due wlthln one year 18 NET CURRENT ASSETS 105.731 48,128 NET ASSETS 883,449 850,741 CHARITY FUNDS Restrlcted Unrestrlcted 238.884 644,565 883,449 160,322 690,419 850,741 19 TOTAL FUNDS The fSnancial statements were approved by the Trustees on Zo+KibolÈc 2025 and slgned on their behalf, by: Mark kson, halrman The notes on pages 17 to 25 form part of these financial statements. 16
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIREI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The flnancial statements have been prepared under the historical c05t convention with items recognlsed at cost or tran5attion value unless utheNise stated in the relevant notes to these accounts. The flnancial statements have been prepared In accordance with the Statement of Recommended Prattice.. Accounting and Reporting by Chèrlties preparing their accoun15 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelan(J IFRS 1021 issued on 16 July 2014 and Flnanclal Reporting Standard appllcable In the United Kingdom and Republlc of Ireland IFRS 1021 and Charitles Act 2011. The Merclan Re8lment Museum IWorcester5hlrel Trust constltutes a publlc benefit entlty as deflned by FRS 102. 1.2 FUND ACCOUNTING General funds are unrestrlcted funds whlch are avaSlable for use at the dlscretlon of the Trustees In furtherance of the general oblectlves of the charlty and which have not been de518nated for other purposes. Deslgnated funds comprlse unre5trlcted fund5 that have been set aslde by the Trustees for particular purposes. The alm and use of each deslgnated fund is set out in the notes to the flnanclal statements. 1.3 INCOME All income Is recognlsed once the charity has entitlement to the Intome, It Is probable that the Income wlll be recelved and the amount of Income recelvable can be measured rellably. Donated seNlces or facllltSes are reco8nlsed when the charlty has control over the item, any conditlons assoclated wlth the donated Item have been met, the recelpt of economlc beneflt from the use of the charSty of the Item Ss probable and that economic beneflt can be measured reliably. In accordance with the Charitie5 SORP IFRS 1021, the general volunteer tlme of the FrSends is not recognlsed and refer to the Tru5tees' report for more Information about their contrlbutlon. On recelpt, donated professional setvice5 and donated facilltie5 are recogni5ed on the basls of the value of the gfrft to the charlty whlch 15 the amount the charlty would have been wllling to pay to obtaln servltes or facilltie5 of equivalent economic benefit on the open market: a corre5pondln8 amount Is then recognlsed In expendlture In the perSod of receipt. Income tax recoverable In relatlon to donatlons recelved under Glft Ald or deeds of covenant Is recoBnlsed at the tlme of the donatlon. Other income is reco8nised in the period in which it is receivable and tu the extent the goods have been provided or on completion of the seNice. 17
THE MERCIAN REGIMEMf MUSEUM {WORCESTER5HIRE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1.4 EXPENDITURE Expenditure is recognised once there is a legal or con5trurtwe obligation to transfer economlc benef to a third party, it is probable that a transfer of economic benefit5 will be required in settlement and the amount of the obllgatlon can be measured rellably. Expenditure is classified by activlty. The costs of each actlvlty are made up of the total of dlrect cost5 and shared costs, includlng support costs Snvolved In undertaking each artlvf(y. Direct C05t5 attributable to a single actSvlty are allocated directly to that actlvlty. Shared costs whlch contrlbute to more than one artivity and support cost5 which are not ttrlbutable to a sin8le activlty are apportloned between those activities on a basis consistent wlth the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charge5 allocated on the portion of the asset's use. Fundraising costs are those Incurred In seekin8 voluntary contributlons and do not Include the costs of dissemlnatln8 Informatlon In support of the charitable actlvltles. Support cost5 are those costs Incurred dlrectly In support of expendlture on the oblects of the charlty and Include prolert management carrled out at Headquarter5. Governance cost5 are those Incurred In connectlon wlth admlnlstrallon of the charlty and compliance wlth constltutlonal and statutory requirements. Costs of generatlng funds are costs incurred In attractln8 voluntary Income, and those Incurred In tradSn8 actlvities thal raise funds. Charltable ?ctlvltles and Governance costs are costs Incurred on the academy trusvs educatlonal operatlons, inclvdlng support costs and costs relatlng lo the governance of the academy trust apportloned to charltable actlvltles. All resources expended are Incluslve of Irrecoverable VAT. 1.5 TANGIBLE FIXED ASSETS AND DEPRECIATION All assèts tostlng more than £1,000 are capltalised. Tanglble flxed assets are carrled at C05t, net of depreclatlon and any provlslon for Impalrrnent. Depreclatlon15 provided at rates calculated to write off the cost of flxed assets, less thelr estlmated resldual value, over thelr expected useful lives on the followlng bases: Flxtures and fSttln8S 33.33% straight Ilne 1.6 INVESTMENTS Flxed asset investments are a form of financial instrurnent and are Initlally recogni5ed at thelr tiansaction cost and subsequently measured at fair value at the Balance sheet date, unless falr value cannot be measured rellably In whlch case It Is measured at cost less impalrment. Investment galns and losses, whether reali5ed or unrealised, are Combined and shown In the headlng'G3ln5111055esl on Investments, In the Statement of flnanclal actlvities. 1.7 INTEREST RECEIVABLE Interest on funds held on deposlt is included when receivable and the amount can be measured rellably by the charlty- this is normally upon notificatlon of the irbterest paid or payable by the Bank. 18
THE MERCIAN REGIMENT MUSEUM {WORCESTERSHIRE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 1.8 sfocKS Stocks are valued at the lower of cost and net realisable value after making dve allowance for obsolete and slow-movin8 Stocks. Cost includes 311 direct costs and an appropriate proportlon of fixed and variable overheads. INCOME FROM DONATIONS AND LEGACIES Unrestrlcted 2024 Restrlcted 2024 Total 2024 Total Fund 2023 Donatlons and Glft Aid Appeals MODGrantlnAd Museum Collectlon Worcestershlre Soldler Grant5 Total donatlons and legacles 3,934 3,934 4,735 16,388 105,132 16.388 105,132 3,315 8,050 3,934 121,520 125,454 ACTIVITIES FOR GENERATING FUNDS Total 2024 Totsl Fund 2023 Research Event5 Shops Sales & Publlcatlon rl8hts Other Income 1,893 225 203 514 2,096 739 OTHER ACTIVITIES 2024 2023 Museum Friend5 desi8nated activitie5 1,746 1,392 INVESTMENT INCOME & BANK INTEREST Total 2024 Total Fund 2023 Bank Interest & Dividends received 36,386 19
THE MERCIAN REGIMENT MUSEUM IWORCESTERSHIRE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER 2024 DIREcf COSTS Unrestricted 2024 Restricted 2024 Total 2024 Totsl Fund 2023 Museum Display & Acqulsltlons 17,193 17,193 5,911 1.518 923 235 Subscrlptlons and sundrles Conservation Insuran Research costs Posta8e IT Equipment Offlce supplies Depreclation Wages and salarles Worcestershlre 5oldler A5 31 December 2024 5,911 1,518 923 235 7.426 7,203 924 235 440 6,465 86,348 440 6,465 89,861 21,453 143,999 6,465 79,219 3,513 21,453 42,159 101,840 101,479 GOVERNANCE COSTS 2024 2023 Governance Audltor5' remuneratlon OTHER COST5 2024 2023 Transfer to Investments Friends Designated activities 2,545 2,545 185 185 ANALYSIS OF RESOURCE5 EXPENDED BY EXPENDITURE TYPE stsff costs 2024 Other costs 2024 Total 2024 Total 2023 Expendlture on ralsing voluntary income COSTS OF GENERATING FUNDS Support t05ts Expenditure on governance TOTAiS 89,861 54,138 143,999 101,478 89,861 54,138 143,999 101,478 20
THE MERCIAN REGIMENT MUSEUM IWORCE5TERSHIRE) NOTES TO THE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 DECEMBER 2024 10. INCOMING RESOURCESIIRESOURCES EXPENDED) 2024 2023 Thls is stated after char8in8: Depreciation of tangible fixed assets: - owned by the charlty Auditors, remuneration audit 6.465 6,485 6,465 6,485 11. AUDITORS, REMUNERATION The Independent Examlner's remuneratlon amounts to an Independent Examlnatlon fee of £NIL f2023.' £NIL). 12. STAFF COSTS 2024 2023 Staff costs were a5 follows.. Wage5 and 5alarles The average number of per50ns employed by the charlty durfng the year was as follow5: 2024 89,861 79,219 2023 No employee rece5ved remuneratlon amountln8 to more than £50,000 In elther year. 13. RELATED PARTY TRANSAcfioN No Trustee recelved any remuneration for their role as Trustee. No expenses were reimbursed to Trustees In ihe year12023.' NILJ There were no related party tran5attion5 in the year12023.' none). 21
THE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) NOTES TO ThE FINANCIAL STATEMEf+lTS FOR ThE YEAR ENDED 31 DECEMBER 2024 14. TANGIBLE FIXED ASSErs Flxture5 & 1Sttlngs 2024 Flxtures & Ilttln8S 2023 COST At ljanuary 2024 Addltlons At 31 December 2024 19,397 19,397 19.397 19,397 DEPRECIATION At l January 2024 Charge for the year At 310ecember 2024 NET BOOK VALUE 6,465 6,465 12,930 6,465 6,465 At 31 December 2024 6.467 12,932 15. FIXED ASSET INVESTMENTS Llsted securltles 2024 Usted securftles 2023 MARKET VALUE At l January 2024 Transfers Revaluatlons At 310ecember 2024 789,681 132,WOI 13,570 771,251 794,347 14,6661 789,681 HISTORICAL COST 689,681 INVESTMENTS AT MARKET VALUE COMPRISE: 2024 2023 L15ted Investments All the flxed asset Investments are held Sn the UK 771.251 789,681 16. STOCKS 2024 2023 Finished 8oods and goods for resale 17. DEBTORS 2024 2023 Other debtor5 565 22
THE MERCIAN REGIMENT MUSEUM (WORCESTER5HIREI NOTES TO THE FINANCIAL ATEmENTs FOR THE YEAR ENDED 31 DECEMBER 2024 18. CREDrroRS: AMOUNTS FAWNG DUE WITHIN ONE YEAR 2024 2023 Other creditors 23
THE MERCIAN REGIMENT MUSEUM {WORCESTERSHIRE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 P O r*) # O tTi r4 c c J J J o 24
ThE MERCIAN REGIMENT MUSEUM (WORCESTERSHIRE) NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20. ANALY51S OF ASSETS BETWEEN FUNDS Unrestrlcted 2024 Restrlcted 2024 Total 2024 Total Fund 2023 Tanglble flxed a55ets Fixed asset Investment Current assets Creditors due within one year 6,467 622,975 15,123 6,467 771,251 IOS,731 12,932 789,681 48,128 148,276 90.608 644,565 238,884 883,449 8SO,741 25