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 WorCester5h￿re 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 M￿eurn 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