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2020-12-31-accounts

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Charity number: 278181

THE GUARDS MUSEUM TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

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THE GUARDS MUSEUM TRUST

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 4
Independent examiner's report 5 - 6
Consolidated statement of financial activities 7
Consolidated balance sheet 8
Charity balance sheet 9
Notes to the financial statements 10 - 29

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THE GUARDS MUSEUM TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees Major General C J Ghika CBE, Chair
Lieutenant Colonel S G Soskin
DSS Chichester Esq
Lieutenant Colonel Guy CGR Stone
Colonel Crispin Alexander Lockhart MBE
Mr Campbell-Johnston (appointed 18 February 2021)
Charity registered
number
278181
Principal address
Andrew Wallis MBE, DL
Director
The Guards Museum
Birdcage Walk
London
SW1E 6HQ
Accountants
Wellers
Accountants
1 Vincent Square
London
SW1P 2PN
Bankers
Royal Bank of Scotland
Lawrie House
Victoria Road
Farnborough
Hants
GU14 7NR
Investment Managers
Smith & Williamson Investment Management
25 Moorgate
London
EC2R 6A�

Page 1

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THE GUARDS MUSEUM TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their annual report together with the financial statements of the charity for the 1 January 2020 to �1 December 2020�

The trustees have adopted the provisions of Accounting and Reporting by Charities� Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the U� and Republic of Ireland (FRS 102) (effective 1 January 2019)�

Objectives and activities

a. Policies and objectives

The objects of the charity as set out in the trust deed are�

�Educating the public including members of the Household Division in the traditions of the Division and the memorialisation of its deeds��

The Guards Museum exists to tell the story of the development of the five Regiments of Her Majesty�s Foot Guards� It collects and preserves artefacts that represent these Regiments� rich history since 1642 to the present day�

b. Activities undertaken to achieve objectives

The Museum in Central London is open daily and receives many visitors� Children are admitted free of charge and the museum welcomes many school groups� The Trustees aim to make the Museum accessible to everyone to learn about, enjoy and be inspired by the Foot Guards� The Museum is registered with Arts Council England (ACE) and received accreditation in 2008 and was successfully re accredited in 2012 and again in 2017�

c. Main activities undertaken to further the charity's purposes for the public benefit

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance �Public benefit� running a charity (PB2)��

The charity undertakes various activities in order to raise funds for the work of the Museum� Many of these are now undertaken in a wholly owned trading subsidiary which donates all of its profits to the Trust�

Page 2

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THE GUARDS MUSEUM TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements and performance

a. Key performance indicators

The accounts show a surplus, excluding restricted funds, of �8,725 (2019 - ���,782)� After allowing for unrealised gains and losses on the investments, the overall net movement on funds was a current year deficit of �4,918 (2019 - �118,844 surplus)�

In addition funds of �1,61� (2019 - �57) were received for the Flanders Fields Memorial Garden project� As the project has now concluded the trustees have decided to release any remaining restricted funds balance to the unrestricted reserves�

During the period the Charity was gift aided �1,859 (2019� �101) by its 100� trading subsidiary�

The Trust�s reserves have historically been accumulated slowly over the years as unrestricted funds� The unrestricted reserves are held to maintain continuity and financial stability for the Museum and to provide funds for the purchase of artefacts as additions to the collection�

The charity�s reserves at �1 December 2020 were �989,611 (2019 - �994,529)� The reserves are principally held as investments with a further amount held as working capital for the trading activities and are considered adequate by the trustees�

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future� For this reason, they continue to adopt the going concern basis in preparing the financial statements�

The trustees are mindful of the severe impact of the Global pandemic� To mitigate the effects of this unprecedented phenomenon the museum has taken full advantage of the government�s financial assistance in the form of the staff furlough scheme and the subsequent job security scheme� We have also suspended all project work and have reduced our operating costs to the absolute minimum� Every care and attention is being paid to the wellbeing of our staff and the security and care of the collection during the enforced closure of the museum� Through historic prudence in our financial management we have funds in place to see the museum through this period of uncertainty�

b. Reserves policy

�ur current reserves would provide for at least three years of trading without any revenue�

The deliberate policy to build up the trust fund as our �rainy day fund� has been prudent in that the Global pandemic has certainly proved to be calamitous for the heritage sector� The museum will continue to keep sufficient funds in place to allow for at least two years of trading without revenue going forward�

Structure, governance and management

a. Constitution

The Guards Museum Trust is a registered charity, number 278181, and is constituted under a Trust deed�

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THE GUARDS MUSEUM TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Structure, governance and management (continued)

b. Methods of appointment or election of Trustees

The management of the Group and the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed�

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees� report and the financial statements in accordance with applicable law and United �ingdom Accounting Standards (United �ingdom Generally Accepted Accounting Practice)�

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Group and the charity and of their incoming resources and application of resources, including their income and expenditure, for that period� In preparing these financial statements, the Trustees are required to�

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the charity�s transactions and disclose with reasonable accuracy at any time the financial position of the Group and the charity and enable them to ensure that the financial statements comply with the Charities 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 Group and the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities�

Approved by order of the members of the board of Trustees and signed on their behalf by�

������������������������������������������������ Lieutenant Colonel S G Soskin (Trustee) Date� ��������

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THE GUARDS MUSEUM TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Independent examiner's report to the Trustees of The Guards Museum Trust ('the Group')

I report to the charity Trustees on my examination of the consolidated accounts of the Group comprising the The Guards Museum Trust (�the parent charity�) and its subsidiary undertakings for the year ended �1 December 2020�

Responsibilities and basis of report

As the Trustees of the parent charity you are responsible for the preparation of the consolidated accounts of the Group in accordance with the requirements of the Charities Act 2011 (�the 2011 Act�) and you have chosen to prepare consolidated accounts for the Group� �ou are satisfied that the accounts of both parent charity and the Group are not required by charity law to be audited and have chosen instead to have an independent examination�

I report in respect of my examination of the consolidated accounts carried out under section 152 of the Charities Act (�the 2011 Act�)� In carrying out my examination I have followed the Directions given by the Charity Commission under section 152(5)(b) of the 2011 Act�

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts� The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide� Consequently I express no option as to whether the consolidated accounts present a �true and fair� view and my report is limited to those specific matters set out in the independent examiner�s statement�

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THE GUARDS MUSEUM TRUST

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Independent examiner's statement

�our attention is drawn to the fact that the Group has prepared the accounts in accordance with Accounting and Reporting by Charities� Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the U� and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities� Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn�

I understand that 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 or after 1 January 2015�

I have completed my examination� I confirm that no matters have come to my attention in connection with the examination giving me cause to believe�

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached�

This report is made solely to the charity�s Trustees, as a body, in accordance with section 145 of the Charities Act 2011� My work has been undertaken so that I might state to the charity�s Trustees those matters I 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 parent charity and the charity�s Trustees as a body, for my work or for this report�

�������� Signed� Dated� Ross Andrews ACA

Wellers, 1 Vincent Square, London, SW1P 2PN

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THE GUARDS MUSEUM TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Income from:
Donations and legacies
�
Charitable activities
4
�ther trading activities
5
Investments
6
�ther income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net income
Transfers between funds
19
Net movement in funds before other
recognised gains�(losses)
Other recognised gains�(losses):
(Losses)�gains on revaluation of fixed
assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2020
£
66,327
12,763
�1,026
11,�00
26,867
1�8,883
37,116
11�,6��
1�1,771
7,112
1,613
8,72�
(13,6�3)
(�,�18)
���,�2�
(�,�18)
�8�,611		 Restricted
funds
2020
£
18,120
�
�
�
�
18,120
�
16,�07
16,�07
1,613
(1,613)
�
�
�
�
�
�		 Total
funds
2020
£
8�,��7
12,763
�1,026
11,�00
26,867
177,003
37,116
131,162
168,278
8,72�
�
8,72�
(13,6�3)
(�,�18)
���,�2�
(�,�18)
�8�,611		 Total
funds
2019
£
91,657
141,314
92,935
20,165
-
346,071
119,671
192,618
312,289
33,782
-
33,782
85,062
118,844
875,685
118,844
994,529

The Consolidated statement of financial activities includes all gains and losses recognised in the year�

The notes on pages 10 to 29 form part of these financial statements�

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THE GUARDS MUSEUM TRUST

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2020

Note
Fixed assets
Tangible assets
14
Investments
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors� amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 18,�12
6�,�6�
233,1��
317,132
(12,���)		 2020
£
20,168
66�,266
68�,�3�
30�,177
�8�,611
�8�,611
�8�,611
�
�8�,611
�8�,611		 18,412
111,909
207,887
338,208
(40,043)		 2019
£
17,456
678,909
696,365
298,165
994,530
994,530
994,530
-
994,530
994,530

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by�

������������������������������������������������ Lieutenant Colonel S G Soskin (Trustee) Date� ��������

The notes on pages 10 to 29 form part of these financial statements�

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THE GUARDS MUSEUM TRUST

CHARITY BALANCE SHEET AS AT 31 DECEMBER 2020

Note
Fixed assets
Investments
15
Current assets
Debtors
17
Cash at bank and in hand
Creditors� amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 10�,�17
212,871
322,288
(7,811)		 2020
£
66�,267
66�,267
31�,�77
�7�,7��
�7�,7��
�7�,7��
�
�7�,7��
�7�,7��		 179,574
160,276
339,850
(34,098)		 2019
£
678,910
678,910
305,752
984,662
984,662
984,662
-
984,662
984,662

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by�

������������������������������������������������ Lieutenant Colonel S G Soskin

(Trustee) Date� ��������

The notes on pages 10 to 29 form part of these financial statements�

Page 9

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. General information

The Guards Museum Trust is a charity, registered in England and Wales� The charity�s registered office address is Household Division Funds, Horse Guards, Whitehall, London, SW1A 2A��

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities S�RP (FRS 102) - Accounting and Reporting by Charities� Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the U� and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the U� and Republic of Ireland (FRS 102) and the Charities Act 2011�

The financial statements have been prepared to give a �true and fair� view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a �true and fair� view� This departure has involved following the Charities S�RP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities� Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn�

The Guards Museum Trust meets the definition of a public benefit entity under FRS 102� Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy�

The Consolidated statement of financial activities (S�FA) and Consolidated balance sheet consolidate the financial statements of the charity and its subsidiary undertaking� The results of the subsidiary are consolidated on a line by line basis�

2.2 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably�

Grants are included in the Consolidated statement of financial activities on a receivable basis� The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet� Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income� Where entitlement occurs before income is received, the income is accrued�

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable�

The premises in which the museum operates out of are donated by the Ministry of Defence� As the premises would not be rented out for any other activity other than that of the museum it is not possible to attach a market rate to the transaction�

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably� Expenditure is classified by activity� The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity� Direct costs attributable to a single activity are allocated directly to that activity� Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources� Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset�s use�

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading�

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group�s objectives, as well as any associated support costs�

All expenditure is inclusive of irrecoverable VAT�

2.� Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned� �ther grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred�

2.� Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group� this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited�

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost� After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses� All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost�

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, �

Depreciation is provided on the following bases�

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment� Investment gains and losses, whether realised or unrealised, are combined and presented as �Gains�(Losses) on investments� in the Consolidated statement of financial activities�

Investments in subsidiaries are valued at cost less provision for impairment�

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks� Cost includes all direct costs and an appropriate proportion of fixed and variable overheads�

2.� Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered� Prepayments are valued at the amount prepaid net of any trade discounts due�

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account�

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably�

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide�

Provisions are measured at the best estimate of the amounts required to settle the obligation� Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability� The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost�

2.12 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments� Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method�

2.13 Pensions

The Group contributes into a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year�

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.1� Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes�

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes� The costs of raising and administering such funds are charged against the specific fund� The aim and use of each restricted fund is set out in the notes to the financial statements�

Investment income, gains and losses are allocated to the appropriate fund�

3. Income from donations and legacies

Unrestricted
funds
2020
£
Donations
22,08�
Grants
-
Government JRS grant
44,244
66,�27
Unrestr��ted
funds
2019
£
Donations
70,157
Grants
-
70,157		 Restricted
funds
2020
£
1,61�
16,507
-
18,120
�estr��ted
funds
2019
£
57
21,443
21,500		 Total
funds
2020
£
23,6�6
16,�07
��,2��
8�,��7
Total
funds
2019
£
70,214
21,443
91,657

Page 1�

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

�. Income from charitable activities

Unrestricted
funds
2020
£
Museum admissions
12,76�
Unrestr��ted
funds
2019
£
Museum admissions
141,314		 Total
funds
2020
£
12,763
Total
funds
2019
£
141,314

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

�. Income from other trading activities

Income from non charitable trading activities

Unrestricted
funds
2020
£
Photograph�DVD�print sales
578
Sales
8,289
Insurance funds - trading
�2,159
41,026
Unrestr��ted
funds
2019
£
Photograph�DVD�print sales
728
Sales
92,207
92,935		 Total
funds
2020
£
�78
8,28�
32,1��
�1,026
Total
funds
2019
£
728
92,207
92,935

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

6. Investment income

Unrestricted
funds
2020
£
Listed investments
11,698
Deposit account interest
176
Interest receivable
26
11,900
Unrestr��ted
funds
2019
£
Listed investments
19,745
Deposit account interest
324
Interest receivable
95
�ther
1
20,165		 Total
funds
2020
£
11,6�8
176
26
11,�00
Total
funds
2019
£
19,745
324
95
1
20,165

7. Other incoming resources

Unrestricted Total Total
funds funds funds
2020 2020 2019
£ £ £
Insurance funds charity 26,867 26,867 -

Page 16

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted
funds
2020
£
Purchases
5,808
Advertising and marketing
�00
Repairs and maintenance
1,�52
Travel
7,619
Entertainment
2,1�9
�ffice costs
6,�40
Bank fees
2�6
Bookkeeping
6,000
Wages and salaries
2,560
Depreciation
4,762
�7,116		 Total
funds
2020
£
�,808
300
1,3�2
7,61�
2,13�
6,3�0
236
6,000
2,�60
�,762
37,116

Page 17

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. Expenditure on raising funds (continued)

Costs of raising voluntary income (continued)

Purchases
Advertising and marketing
Repairs and maintenance
Travel
Entertainment
�ffice costs
Bank fees
Bookkeeping
Wages and salaries
Depreciation		 Unrestr��ted
funds
2019
£
49,561
4,450
1,349
28,654
2,764
5,036
635
6,000
15,891
5,331
119,671		 Total
funds
2019
£
49,561
4,450
1,349
28,654
2,764
5,036
635
6,000
15,891
5,331
119,671

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

�. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2020
£
Museum
114,655
Unrestr��ted
funds
2019
£
Museum
171,175
Analysis of expenditure by activities
Activities
undertaken
directly
2020
£
Museum
117,048
��t���t�es
underta�en
d�re�tl�
2019
£
Museum
159,828		 Restricted
funds
2020
£
16,507
�estr��ted
funds
2019
£
21,443
Support
costs
2020
£
14,115
�u��ort
�osts
2019
£
32,789		 Total
funds
2020
£
131,162
Total
funds
2019
£
192,618
Total
funds
2020
£
131,163
Total
funds
2019
£
192,617

10. Analysis of expenditure by activities

Page 19

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10. Analysis of expenditure by activities (continued)

Analysis of direct costs

Wages and salaries
Insurances
�ffice costs
Travel
Wages and salaries
Insurances
�ffice costs
Travel		 Museum
2020
£
106,28�
�,688
1,014
6,06�
117,048
�useu�
2019
£
138,794
3,541
3,790
13,703
159,828		 Total
funds
2020
£
106,283
3,688
1,01�
6,063
117,0�8
Total
funds
2019
£
138,794
3,541
3,790
13,703
159,828

Analysis of support costs

Accountancy
�ffice costs
Professional fees
Bookkeeping
Website costs
Cleaning
Bank charges		 Museum
2020
£
5,250
�94
�00
6,400
8�7
8��
101
14,115		 Total
funds
2020
£
�,2�0
3��
300
6,�00
837
833
101
1�,11�

Page 20

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Accountancy
�ffice costs
Professional fees
Bookkeeping
Website costs
Cleaning
Bank charges
11.
Independent examiner's remuneration
Fees payable to the charity�s independent examiner for the independent
examination of the charity�s annual accounts
Fees payable to the charity�s independent examiner in respect of�
All other services not included above
12.
Staff costs
Group
�rou�
2020
2019
£
£
Wages and salaries
�3,72�
129,751
Social security costs
�,370
15,341
Contribution to defined contribution pension
schemes
�,7�8
9,593
108,8�2
154,685		 �useu�
2019
£
5,250
436
420
6,000
11,430
9,077
176
32,789
2020
£
1,�00
3,7�0
Charity
2020
£
�1,16�
�,370
�,7�8
106,282		 Total
funds
2019
£
5,250
436
420
6,000
11,430
9,077
176
32,789
2019
£
1,500
2,250
��ar�t�
2019
£
113,860
15,341
9,593
138,794

Page 21

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

12. Staff costs (continued)

The average number of persons employed by the charity during the year was as follows�

Group �rou�
2020 2019
No. �o�
Employees 3 3

No employee received remuneration amounting to more than �60,000 in either year�

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £���) �

During the year ended �1 December 2020, no Trustee expenses have been incurred (2019 - £���) �

1�. Tangible fixed assets

Group

Cost or valuation
At 1 January 2020
Additions
At �1 December 2020
Depreciation
At 1 January 2020
Charge for the year
At �1 December 2020
Net book value
At �1 December 2020
�t 31 �e�e��er 2019		 Short�term
leasehold
property
£
�
7,�00
7,�00
�
37�
37�
7,12�
-		 Fixtures and
fittings
£
106,36�
�
106,36�
88,�08
�,�13
�3,321
13,0�3
17,456		 Total
£
106,36�
7,�00
113,86�
88,�08
�,788
�3,6�6
20,168
17,456

Page 22

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1�.
Tangible fixed assets (continued)
Group (continued)
Charity
Cost or valuation
At 1 January 2020
At �1 December 2020
Depreciation
At 1 January 2020
At �1 December 2020
Net book value
At �1 December 2020
�t 31 �e�e��er 2019		 Fixtures and
fittings
£
6�,838
6�,838
6�,838
6�,838
�
-

Page 2�

����������������������������������������������������������

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1�. Fixed asset investments

Group
Cost or valuation
At 1 January 2020
Revaluations
At �1 December 2020
Net book value
At �1 December 2020
�t 31 �e�e��er 2019
charity
Cost or valuation
At 1 January 2020
Revaluations
At �1 December 2020
Net book value
At �1 December 2020
�t 31 �e�e��er 2019		 Investments
in
subsidiary
companies
£
1
�
1
1
1		 Listed
investments
£
678,�0�
(13,6�3)
66�,266
66�,266
678,909		 Listed
investments
£
678,�0�
(13,6�3)
66�,266
66�,266
678,909
Total
£
678,�10
(13,6�3)
66�,267
66�,267
678,910

The trust�s investments are held in a common investment fund of the Household Division� The market value represents a 7�4��� share of that fund�

Page 24

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1�. Fixed asset investments (continued)

Principal subsidiaries

The following was a subsidiary undertaking of the charity�

Name Company Registered office or principal Holding number place of business Guards Museum Enterprises Limited 06461708 Wellington Barracks, Birdcage 100� Walk, London, SW1E 6HQ Included in consolidation �es

The financial results of the subsidiary for the year were�

Name
Guards Museum Enterprises Limited
16.
Stocks
Finished goods and goods for resale
17.
Debtors
Due within one year
Trade debtors
Amounts owed by group undertakings
�ther debtors
Prepayments and accrued income		 Group
2020
£
�
�
6�,176
1,38�
6�,�6�		 Income
£
Expenditure
£
�0,���
�0,���
Group
2020
£
18,�12
�rou�
Charity
2019
2020
£
£
96,893
�
-
81,�3�
11,584
26,867
3,432
616
111,909
10�,�17		 Net assets
£
�,868
�rou�
2019
£
18,412
��ar�t�
2019
£
88,783
88,589
1,595
607
179,574

Page 25

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

18. Creditors: Amounts falling due within one year

Trade creditors
�ther taxation and social security
Pension fund loan payable
�ther creditors
Accruals and deferred income		 Group
2020
£
2,�77
2,22�
321
�
7,832
12,���		 �rou�
2019
£
1,279
21,616
707
1,554
14,887
40,043		 Charity
2020
£
600
2,22�
321
�
�,666
7,811		 ��ar�t�
2019
£
-
21,616
707
1,554
10,221
34,098

Page 26

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1�. Statement of funds

Statement of funds � current year

Unrestricted
funds
General Funds -
all funds
Revaluation
reserve
JRS Grant
income
Insurance funds
charity
Insurance funds
trading
Restricted
funds
Restricted Funds
- all funds
Grant in Aid
Total of funds		 Balance at 1
�anuary
2020
£
87�,68�
118,8��
�
�
�
���,�30
�
�
�
���,�30		 Income
£
��,612
�
��,2��
26,867
32,1��
1�8,882
�
18,120
18,120
177,002		 Expenditure
£
(107,�27)
�
(��,2��)
�
�
(1�1,771)
1,613
(18,120)
(16,�07)
(168,278)		 Transfers
in�out
£
1,613
�
�
�
�
1,613
(1,613)
�
(1,613)
�		 Gains�
(Losses)
£
�
(13,6�3)
�
�
�
(13,6�3)
�
�
�
(13,6�3)		 Balance at
31
December
2020
£
82�,383
10�,202
�
26,867
32,1��
�8�,611
�
�
�
�8�,611

Page 27

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1�. Statement of funds (continued)

Statement of funds � prior year

Unrestricted
funds
General Funds -
all funds
Revaluation
reserve
Restricted
funds
Restricted Funds
- all funds
Grant in Aid
Total of funds		 �alan�e at
1 �anuar�
2019
£
747,186
128,498
875,684
-
-
-
875,684		 �n�o�e
£
324,572
-
324,572
57
21,443
21,500
21,500		 ���end�ture
£
(290,845)
-
(290,845)
-
(21,443)
(21,443)
(312,288)		 Transfers
�n�out
£
57
-
57
(57)
-
(57)
-		 �a�ns�
(�osses)
£
-
85,062
85,062
-
-
-
85,062		 �alan�e at
31
�e�e��er
2019
£
780,970
213,560
994,530
-
-
-
994,530

Page 28

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THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

20. Analysis of net assets between funds

Analysis of net assets between funds � current period

Unrestricted
funds
2020
£
Tangible fixed assets
20,168
Fixed asset investments
665,266
Current assets
�17,1�2
Creditors due within one year
(12,955)
Total
989,611		 Total
funds
2020
£
20,168
66�,266
317,132
(12,���)
�8�,611

Analysis of net assets between funds � prior period

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestr��ted
funds
2019
£
17,456
678,909
338,207
(40,043)
994,529		 Total
funds
2019
£
17,456
678,909
338,207
(40,043)
994,529

21. Pension commitments

The group contributes into a defined contribution pension scheme� The assets of the scheme are held separately from those of the group in an independently administered fund� The pension cost charge represents contributions payable by the group to the fund and amounted to �9,748 (2019 - �9,59�)� Amounts payable to the fund at the balance sheet date total ��21 (2019 - �707) and are included in creditors�

22. Controlling party

No one person had overall control of the charity or subsidiary in the current or prior period�

Page 29

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