DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
**Charity number: 278181**
## **THE GUARDS MUSEUM TRUST**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2021**
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **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 - 30|
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021**
|**Trustees**|Major General C J Ghika CBE, Chair|
|---|---|
||Lieutenant Colonel S G Soskin|
||DSS Chichester Esq|
||Lieutenant Colonel Guy CGR Stone (resigned 4 February 2022)|
||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 6AY||
Page 1
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
The Trustees present their annual report together with the financial statements of the charity for the 1 January 2021 to 31 December 2021.
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 UK 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
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **Achievements and performance**
## **a. Key performance indicators**
The accounts show a defecit, excluding restricted funds, of £19,782 (2020 - £8,725 - surplus). After allowing for unrealised gains and losses on the investments, the overall net movement on funds was a current year surplus of £20,152 (2020 - £4,918 defecit).
In addition funds of £748 (2020 - £1,613) 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 £Nil (2020: £1,859) 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 31 December 2021 were £1,009,761 (2020 - £989,611). 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.
During this financial period we also suspended all project ork and have reduced our operating costs to the absolute minimum. Through historic prudence in our financial management we have funds in place to see the museum through this period of uncertainty.
Going forward, the trustees confidently expect the museum to re-open to the public in 2022 and for the musuem to recommence it's vital commercial work to support the musuem's charitable aims and objectives.
## **b. Reserves policy**
Our 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**
Page 3
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **Structure, governance and management (continued)**
## **a. Constitution**
The Guards Museum Trust is a registered charity, number 278181, and is constituted under a Trust deed.
## **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 coopted 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 Kingdom Accounting Standards (United Kingdom 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
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: 16-09-22
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DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
**INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021**
## **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 31 December 2021.
## **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. You 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.
Page 5
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021**
## **Independent examiner's statement**
Your 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 UK 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:
1. accounting records with respect to the parent charity were not kept as required by section 130 of the 2011 Act and with respect to its subsidiaries as required by section 386 of the Companies Act 2006; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)].
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: 16-09-22 Ross Andrews ACA
Wellers, 1 Vincent Square, London, SW1P 2PN
Page 6
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021**
|**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
7
**Total income**
**Expenditure on:**
Raising funds
8
Charitable activities
9
**Total expenditure**
**Net (expenditure)/income**
Transfers between funds
19
**Net movement in funds before other**
**recognised gains/(losses)**
**Other recognised gains/(losses):**
Gains/(losses) 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**
**2021**
**£**
**88,771**
**-**
**59,233**
**11,456**
**13,499**
**172,959**
**65,587**
**127,902**
**193,489**
**(20,530)**
**748**
**(19,782)**
**39,934**
**20,152**
**989,609**
**20,152**
**1,009,761**|**Restricted**
**funds**
**2021**
**£**
**23,053**
**-**
**-**
**-**
**-**
**23,053**
**-**
**22,305**
**22,305**
**748**
**(748)**
**-**
**-**
**-**
**-**
**-**
**-**|**Total**
**funds**
**2021**
**£**
**111,824**
**-**
**59,233**
**11,456**
**13,499**
**196,012**
**65,587**
**150,207**
**215,794**
**(19,782)**
**-**
**(19,782)**
**39,934**
**20,152**
**989,609**
**20,152**
**1,009,761**|_Total_
_funds_
_2020_
_£_
_84,447_
_12,763_
_41,026_
_11,900_
_26,867_
_177,003_
_37,116_
_131,162_
_168,278_
_8,725_
_-_
_8,725_
_(13,643)_
_(4,918)_
_994,527_
_(4,918)_
_989,609_|
|---|---|---|---|---|
The Consolidated statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 30 form part of these financial statements.
Page 7
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2021**
|**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**|**18,412**
**2,167**
**282,373**
**302,952**
**(16,858)**|**2021**
**£**
**18,470**
**705,200**
**723,670**
**286,094**
**1,009,764**
**1,009,764**
**1,009,764**
**-**
**1,009,764**
**1,009,764**|_18,412_
_65,565_
_233,155_
_317,132_
_(12,955)_|_2020_
_£_
_20,167_
_665,266_|
|---|---|---|---|---|
|||||_685,433_
_304,177_|
|||||_989,610_|
|||||_989,610_|
||||||
|||||_989,610_|
|||||_-_
_989,610_|
||||||
|||||_989,610_|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ **Lieutenant Colonel S G Soskin**
Date: 16-09-22
The notes on pages 10 to 30 form part of these financial statements.
Page 8
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **CHARITY BALANCE SHEET AS AT 31 DECEMBER 2021**
|**Note**
**Fixed assets**
Tangible assets
14
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**|**75,678**
**238,819**
**314,497**
**(13,954)**|**2021**
**£**
**1,750**
**705,201**
**706,951**
**300,543**
**1,007,494**
**1,007,494**
**1,007,494**
**-**
**1,007,494**
**1,007,494**|_109,417_
_212,871_
_322,288_
_(7,812)_|_2020_
_£_
_-_
_665,267_|
|---|---|---|---|---|
|||||_665,267_
_314,476_|
|||||_979,743_|
|||||_979,743_|
||||||
|||||_979,743_|
|||||_-_
_979,743_|
||||||
|||||_979,743_|
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: 16-09-22
The notes on pages 10 to 30 form part of these financial statements.
Page 9
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **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 2AX.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (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 UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK 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 SORP (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 (SOFA) 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.
Page 10
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **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.
## **2.4 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. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.
## **2.5 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:
- Short-term leasehold property 20% straight line - Fixtures and fittings 25% Reducing balance - Office equipment 25% Reducing balance
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DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **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.
## **2.9 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.
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DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **2. Accounting policies (continued)**
## **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.
## **2.14 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**
**2021**
**£**
Donations
48,939
Grants
-
Government JRS grant
39,832
88,771
_Unrestricted_
_funds_
_2020_
_£_
Donations
_22,083_
Grants
_-_
Government JRS grant
_44,244_
_66,327_|**Restricted**
**funds**
**2021**
**£**
748
22,305
-
23,053
_Restricted_
_funds_
_2020_
_£_
_1,613_
_16,507_
_-_
_18,120_|**Total**
**funds**
**2021**
**£**
**49,687**
**22,305**
**39,832**|
|---|---|---|
|||**111,824**|
|||_Total_
_funds_
_2020_
_£_
_23,696_
_16,507_
_44,244_|
|||_84,447_|
Page 13
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **4. Income from charitable activities**
|Museum admissions
_Unrestricted_
_funds_
_2020_
_£_
Museum admissions
_12,763_|**Total**
**funds**
**2021**
**£**
**-**|
|---|---|
||_Total_
_funds_
_2020_
_£_
_12,763_|
Page 14
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **5. Income from other trading activities**
## **Income from non charitable trading activities**
|**Unrestricted**
**funds**
**2021**
**£**
Sales
43,075
Insurance funds - trading
16,158
59,233
_Unrestricted_
_funds_
_2020_
_£_
Photograph/DVD/print sales
_578_
Sales
_8,289_
Insurance funds - trading
_32,159_
_41,026_|**Total**
**funds**
**2021**
**£**
**43,075**
**16,158**|
|---|---|
||**59,233**|
||_Total_
_funds_
_2020_
_£_
_578_
_8,289_
_32,159_|
||_41,026_|
Page 15
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **6. Investment income**
|**Unrestricted**
**funds**
**2021**
**£**
Listed investments
11,427
Deposit account interest
24
Interest receivable
5
11,456
_Unrestricted_
_funds_
_2020_
_£_
Listed investments
_11,698_
Deposit account interest
_176_
Interest receivable
_26_
_11,900_
**Other incoming resources**
**Unrestricted**
**funds**
**2021**
**£**
Insurance funds charity
13,499
_Unrestricted_
_funds_
_2020_
_£_
Insurance funds charity
_26,867_|**Total**
**funds**
**2021**
**£**
**11,427**
**24**
**5**|
|---|---|
||**11,456**|
||_Total_
_funds_
_2020_
_£_
_11,698_
_176_
_26_|
||_11,900_|
||**Total**
**funds**
**2021**
**£**
**13,499**
_Total_
_funds_
_2020_
_£_
_26,867_|
## **7. Other incoming resources**
Page 16
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **8. Expenditure on raising funds**
## **Costs of raising voluntary income**
|**Unrestricted**
**funds**
**2021**
**£**
Purchases
27,981
Repairs and maintenance
1,473
Travel
6,383
Entertainment
1,000
Office costs
8,066
Bank fees
130
Accounts and bookkeeping
4,858
Costs of raising voluntary income - wages and salaries
5,739
Depreciation
5,062
60,692|**Total**
**funds**
**2021**
**£**
**27,981**
**1,473**
**6,383**
**1,000**
**8,066**
**130**
**4,858**
**5,739**
**5,062**|
|---|---|
||**60,692**|
Page 17
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **8. Expenditure on raising funds (continued)**
## **Costs of raising voluntary income (continued)**
|Purchases
Advertising and marketing
Repairs and maintenance
Travel
Entertainment
Office costs
Bank fees
Bookkeeping
Wages and salaries
Depreciation|_Unrestricted_
_funds_
_2020_
_£_
_5,808_
_300_
_1,352_
_7,619_
_2,139_
_6,238_
_236_
_6,000_
_2,560_
_4,762_
_37,014_|_Total_
_funds_
_2020_
_£_
_5,808_
_300_
_1,352_
_7,619_
_2,139_
_6,238_
_236_
_6,000_
_2,560_
_4,762_|
|---|---|---|
|||_37,014_|
## **Other trading expenses**
||**Unrestricted**|**Total**|
|---|---|---|
||**funds**|**funds**|
||**2021**|**2021**|
||**£**|**£**|
|Administration expenses|4,895|**4,895**|
Page 18
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **8. Expenditure on raising funds (continued)**
## **Other trading expenses (continued)**
||_Unrestricted_|_Total_|
|---|---|---|
||_funds_|_funds_|
||_2020_|_2020_|
||_£_|_£_|
|Administration expenses|_102_|_102_|
Page 19
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **9. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2021**
**£**
Museum
127,902
_Unrestricted_
_funds_
_2020_
_£_
Museum
_114,655_
**10.**
**Analysis of expenditure by activities**
**Activities**
**undertaken**
**directly**
**2021**
**£**
Museum
137,208
_Activities_
_undertaken_
_directly_
_2020_
_£_
Museum
_117,048_|**Restricted**
**funds**
**2021**
**£**
22,305
_Restricted_
_funds_
_2020_
_£_
_16,507_
**Support**
**costs**
**2021**
**£**
12,999
_Support_
_costs_
_2020_
_£_
_14,115_|**Total**
**funds**
**2021**
**£**
**150,207**|
|---|---|---|
|||_Total_
_funds_
_2020_
_£_
_131,162_|
|||**Total**
**funds**
**2021**
**£**
**150,207**|
|||_Total_
_funds_
_2020_
_£_
_131,163_|
Page 20
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **10. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|Wages and salaries
Insurances
Office costs
Wages and salaries
Insurances
Office costs
Travel
**Analysis of support costs**
Accountancy
Office costs
Bookkeeping|**Museum**
**2021**
**£**
132,450
3,707
1,051
137,208
_Museum_
_2020_
_£_
_106,283_
_3,688_
_1,014_
_6,063_
_117,048_
**Museum**
**2021**
**£**
5,250
264
7,485
12,999|**Total**
**funds**
**2021**
**£**
**132,450**
**3,707**
**1,051**|
|---|---|---|
|||**137,208**|
|||_Total_
_funds_
_2020_
_£_
_106,283_
_3,688_
_1,014_
_6,063_|
|||_117,048_|
|||**Total**
**funds**
**2021**
**£**
**5,250**
**264**
**7,485**|
|||**12,999**|
Page 21
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **10. Analysis of expenditure by activities (continued)**
## **Analysis of support costs (continued)**
|Accountancy
Office 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|_Museum_
_2020_
_£_
_5,250_
_394_
_300_
_6,400_
_837_
_833_
_101_
_14,115_
**2021**
**£**
**1,500**
**3,750**|_Total_
_funds_
_2020_
_£_
_5,250_
_394_
_300_
_6,400_
_837_
_833_
_101_|
|---|---|---|
|||_14,115_|
|||_2020_
_£_
_1,500_
_3,750_|
## **12. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes|**Group**
**2021**
**£**
**112,892**
**13,565**
**11,731**
**138,188**|_Group_
_2020_
_£_
_93,724_
_5,370_
_9,748_
_108,842_|**Charity**
**2021**
**£**
**107,153**
**13,565**
**11,731**
**132,449**|_Charity_
_2020_
_£_
_91,164_
_5,370_
_9,748_|
|---|---|---|---|---|
|||||_106,282_|
Page 22
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **12. Staff costs (continued)**
The average number of persons employed by the charity during the year was as follows:
||**Group**|_Group_|
|---|---|---|
||**2021**|_2020_|
||**No.**|_No._|
|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 _(2020 - £NIL)_ .
During the year ended 31 December 2021, no Trustee expenses have been incurred _(2020 - £NIL)_ .
## **14. Tangible fixed assets**
## **Group**
|**Cost or valuation**
At 1 January 2021
Additions
At 31 December 2021
**Depreciation**
At 1 January 2021
Charge for the year
At 31 December 2021
**Net book value**
At 31 December 2021
_At 31 December 2020_|**Short-term**
**leasehold**
**property**
**£**
**7,500**
**-**
**7,500**
**375**
**1,425**
**1,800**
**5,700**
_7,125_|**Fixtures and**
**fittings**
**£**
**106,364**
**1,364**
**107,728**
**93,321**
**3,387**
**96,708**
**11,020**
_13,042_|**Office**
**equipment**
**£**
**-**
**2,000**
**2,000**
**-**
**250**
**250**
**1,750**
_-_|**Total**
**£**
**113,864**
**3,364**|
|---|---|---|---|---|
|||||**117,228**|
|||||**93,696**
**5,062**|
|||||**98,758**|
|||||**18,470**|
|||||_20,167_|
Page 23
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **14. Tangible fixed assets (continued)**
## **Group (continued)**
## **Charity**
|**Cost or valuation**
At 1 January 2021
Additions
At 31 December 2021
**Depreciation**
At 1 January 2021
Charge for the year
At 31 December 2021
**Net book value**
At 31 December 2021
_At 31 December 2020_|**Fixtures and**
**fittings**
**£**
**65,838**
**-**
**65,838**
**65,838**
**-**
**65,838**
**-**
_-_|**Office**
**equipment**
**£**
**-**
**2,000**
**2,000**
**-**
**250**
**250**
**1,750**
_-_|**Total**
**£**
**65,838**
**2,000**|
|---|---|---|---|
||||**67,838**|
||||**65,838**
**250**|
||||**66,088**|
||||**1,750**|
||||_-_|
Page 24
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **15. Fixed asset investments**
|**Group**
**Cost or valuation**
At 1 January 2021
Revaluations
At 31 December 2021
**Net book value**
At 31 December 2021
_At 31 December 2020_
**charity**
**Cost or valuation**
At 1 January 2021
Revaluations
At 31 December 2021
**Net book value**
At 31 December 2021
_At 31 December 2020_|**Investments**
**in**
**subsidiary**
**companies**
**£**
**1**
**-**
**1**
**1**
_1_|**Listed**
**investments**
**£**
**665,266**
**39,934**
**705,200**
**705,200**
_665,266_|**Listed**
**investments**
**£**
**665,266**
**39,934**|
|---|---|---|---|
||||**705,200**|
||||**705,200**|
||||_665,266_|
||||**Total**
**£**
**665,267**
**39,934**|
||||**705,201**|
||||**705,201**|
||||_665,267_|
The trust's investments are held in a common investment fund of the Household Division. The market value represents a 7.433% share of that fund.
Page 25
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **15. 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**||||
|Yes||||
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**
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income|**Group**
**2021**
**£**
**-**
**1,445**
**722**
**2,167**|**Income**
**£**
**Expenditure**
**£**
**59,223**
**51,624**
**Group**
**2021**
**£**
**18,412**
_Group_
**Charity**
_2020_
**2021**
_£_
**£**
_-_
**75,060**
_64,176_
**-**
_1,389_
**618**
_65,565_
**75,678**|**Net assets**
**£**
**2,269**
_Group_
_2020_
_£_
_18,412_|
|---|---|---|---|
||||_Charity_
_2020_
_£_
_81,934_
_26,867_
_616_|
|||||
||||_109,417_|
Page 26
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **18. Creditors: Amounts falling due within one year**
|Trade creditors
Other taxation and social security
Pension fund loan payable
Accruals and deferred income|**Group**
**2021**
**£**
**(94)**
**5,647**
**2,304**
**9,001**
**16,858**|_Group_
_2020_
_£_
_2,577_
_2,225_
_321_
_7,832_
_12,955_|**Charity**
**2021**
**£**
**-**
**5,647**
**2,304**
**6,003**
**13,954**|_Charity_
_2020_
_£_
_600_
_2,225_
_321_
_4,666_|
|---|---|---|---|---|
|||||_7,812_|
Page 27
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **19. Statement of funds**
## **Statement of funds - current year**
|**Balance at 1**
**January**
**2021**
**£**
**Unrestricted**
**funds**
General Funds -
all funds
**825,383**
Revaluation
reserve
**105,202**
JRS Grant inco
**-**
Insurance funds
charity
**26,867**
Insurance funds
trading
**32,158**
**989,610**
**Restricted**
**funds**
Grant in Aid
**-**
Donation
**-**
**-**
**Total of funds**
**989,610**|**Income**
**£**
**Expenditure**
**£**
**103,471**
**(153,656)**
**-**
**-**
**39,832**
**(39,832)**
**13,499**
**-**
**16,158**
**-**
**172,960**
**(193,488)**
**22,305**
**(22,305)**
**748**
**-**
**23,053**
**(22,305)**
**196,013**
**(215,793)**|**Transfers**
**in/out**
**£**
**89,430**
**-**
**-**
**(40,366)**
**(48,316)**
**748**
**-**
**(748)**
**(748)**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**39,934**
**-**
**-**
**-**
**39,934**
**-**
**-**
**-**
**39,934**|**Balance at**
**31**
**December**
**2021**
**£**
**864,628**
**145,136**
**-**
**-**
**-**|
|---|---|---|---|---|
|||||**1,009,764**|
|||||**-**
**-**|
|||||**-**|
|||||**1,009,764**|
Page 28
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **19. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted**
**funds**
General Funds -
all funds
Revaluation
reserve
JRS Grant inco
Insurance funds
charity
Insurance funds
trading
**Restricted**
**funds**
Restricted Funds
- all funds
Grant in Aid
**Total of funds**|_Balance at_
_1 January_
_2020_
_£_
_875,684_
_118,845_
_-_
_-_
_-_
_994,529_
_-_
_-_
_-_
_994,529_|_Income_
_£_
_55,612_
_-_
_44,244_
_26,867_
_32,159_
_158,882_
_-_
_18,120_
_18,120_
_177,002_|_Expenditure_
_£_
_(107,527)_
_-_
_(44,244)_
_-_
_-_
_(151,771)_
_1,613_
_(18,120)_
_(16,507)_
_(168,278)_|_Transfers_
_in/out_
_£_
_1,613_
_-_
_-_
_-_
_-_
_1,613_
_(1,613)_
_-_
_(1,613)_
_-_|_Gains/_
_(Losses)_
_£_
_-_
_(13,643)_
_-_
_-_
_-_
_(13,643)_
_-_
_-_
_-_
_(13,643)_|_Balance at_
_31_
_December_
_2020_
_£_
_825,382_
_105,202_
_-_
_26,867_
_32,159_|
|---|---|---|---|---|---|---|
|||||||_989,610_|
|||||||_-_
_-_|
|||||||_-_|
|||||||_989,610_|
Page 29
DocuSign Envelope ID: 954A7136-0685-494F-B64F-5D55500DD6EE
## **THE GUARDS MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021**
## **20. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2021**
**£**
Tangible fixed assets
18,470
Fixed asset investments
705,200
Current assets
302,952
Creditors due within one year
(16,858)
**Total**
1,009,764|**Total**
**funds**
**2021**
**£**
**18,470**
**705,200**
**302,952**
**(16,858)**
**1,009,764**|
|---|---|
## **Analysis of net assets between funds - prior year**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
**Total**|_Unrestricted_
_funds_
_2020_
_£_
_20,167_
_665,266_
_317,132_
_(12,955)_
_989,610_|_Total_
_funds_
_2020_
_£_
_20,167_
_665,266_
_317,132_
_(12,955)_
_989,610_|
|---|---|---|
## **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 £11,731 (2020 - £9,748). Amounts payable to the fund at the balance sheet date total £2,304 (2020 - £321) and are included in group creditors.
## **22. Controlling party**
No one person had overall control of the charity or subsidiary in the current or prior period.
Page 30