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2023-12-31-accounts

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

Charity number: 278181

THE GUARDS MUSEUM TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

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
Consolidated statement of cash flows 10
Notes to the financial statements 11 - 32

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees Major General J M H Bowder OBE, Chair (appointed 29 September 2023)
Major General C J Ghika CBE (retired 29 September 2023)
Brigadier Mark Simon Peter Berry
Lieutenant Colonel G C Light
Lieutenant Colonel J E N B Shaw
D S S Chichester Esq
J A C Campbell-Johnston Esq
Charity registered
number
278181
Principal address
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
Evelyn Partners
45 Gresham Street
London
EC2V 7BG

Page 1

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the financial statements of the charity for the 1 January 2023 to 31 December 2023.

Pursuant to a resolution passed by the Board on 11 December 2023 and a Deed of Appointment and Retirement. the Household Division Charity CIO (registered charity number 1200873) became the sole trustee of the Charity with effect from 16January 2024.

The Trustees of the Household Division Charity are:

Major General J M H Bowder OBE Brigadier M 5 P Berry Lieutenant Colonel G C Light Lieutenant Colonel CMJ Foinette D S S Chichester Esq J A C Campbell-Johnston Esq

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 artifacts 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: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance

a. Key performance indicators

The accounts show a surplus, excluding restricted funds, of £197,830 (2022 - £16,747). After allowing for unrealised gains and losses on the investments, the overall net movement on funds was a current year surplus of £222,606 (2022 - £52,152 deficit).

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 2023 were £1,180,218 (2022 - £957,612). 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 have been mindful of the severe impact of the Global pandemic in previous years.

During this financial period, we suspended all project work. Through historic prudence in our financial management, we have funds in place to see the museum through this period of uncertainty.

In line with the Trustees expectations the museum was fully open to the public in 2023 and recommenced it's vital commercial work to support the museum’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. Going forward the museum will restart prudent investment in capital projects and 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.

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.

Page 3

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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:

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 Gareth Colin Light (Chair of Trustees)

Date: 31-10-24

Page 4

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

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

We report to the charity Trustees on our 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 2023.

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.

We report in respect of our examination of the consolidated accounts carried out under section 152 of the Charities Act ('the 2011 Act'). In carrying out our examination we 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 we express no opinion as to whether the consolidated accounts present a 'true and fair' view and our report is limited to those specific matters set out in the independent examiner's statement.

Page 5

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Independent examiner's statement

Since the Trustees have opted to prepare consolidated accounts for the Group your examiner must be a member of a body listed in section 145 of the 2011 Act. We confirm that we are qualified to undertake the examination because we are a member of Association of Chartered Certified Accountants in England and Wales, which is one of the listed bodies.

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.

We 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.

We have completed our examination. We confirm that no matters have come to our attention in connection with the examination giving us 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)].

We 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. Our work has been undertaken so that we might state to the charity's Trustees those matters we are required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charity and the charity's Trustees as a body, for our work or for this report.

Signed: Dated: 31-10-24 Ross Andrews ACA

Wellers Accountants 1 Vincent Square London SW1P 2PN

Page 6

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
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
2023
£
89,684
132,615
270,151
21,708
514,158
154,785
161,543
316,328
197,830
24,776
222,606
957,612
222,606
1,180,218		 Restricted
funds
2023
£
26,203
-
-
-
26,203
-
26,203
26,203
-
-
-
-
-
-		 Total
funds
2023
£
115,887
132,615
270,151
21,708
540,361
154,785
187,746
342,531
197,830
24,776
222,606
957,612
222,606
1,180,218		 Total
funds
2022
£
144,350
7,600
112,682
18,468
283,100
119,531
146,822
266,353
16,747
(68,899)
(52,152)
1,009,764
(52,152)
957,612

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

The notes on pages 11 to 32 form part of these financial statements.

Page 7

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 3,212
180,552
376,557
560,321
(58,475)		 2023
£
17,294
661,077
678,371
501,846
1,180,217
1,180,217
-
1,180,217
1,180,217		 18,412
6,844
318,946
344,202
(37,184)		 2022
£
14,292
636,301
650,593
307,018
957,611
957,611
-
957,611
957,611

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

................................................

Lieutenant Colonel Gareth Colin Light

(Chair of Trustees) Date: 31-10-24

The notes on pages 11 to 32 form part of these financial statements.

Page 8

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
13
Investments
14
Current assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
18
Unrestricted funds
18
Total funds		 199,463
340,228
539,691
(17,721)		 2023
£
1,750
661,078
662,828
521,970
1,184,798
1,184,798
-
1,184,798
1,184,798		 100,854
252,365
353,219
(29,078)		 2022
£
1,750
636,302
638,052
324,141
962,193
962,193
-
962,193
962,193

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

................................................

Lieutenant Colonel Gareth Colin Light

(Chair of Trustees) Date: 31-10-24

The notes on pages 11 to 32 form part of these financial statements.

Page 9

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Net cash provided by investing activities
Cash flows from financing activities
Purchase of intangible fixed assets
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 11 to 32 form part of these financial statements		 2023
£
46,966
17,108
17,108
(6,463)
(6,463)
57,611
318,946
376,557		 2022
£
18,684
18,056
18,056
(167)
(167)
36,573
282,373
318,946

Page 10

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 and donations 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 11

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 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.

2.5 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

2.6 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.

Page 12

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.7 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.

2.8 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.

2.9 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.

2.10 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.

2.11 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.

2.12 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.

Page 13

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.13 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
2023
£
Donations
89,684
Grants
-
89,684
Unrestricted
funds
2022
£
Donations
119,843
Grants
-
119,843		 Restricted
funds
2023
£
-
26,203
26,203
Restricted
funds
2022
£
2,202
22,305
24,507		 Total
funds
2023
£
89,684
26,203
115,887
Total
funds
2022
£
122,045
22,305
144,350

Page 14

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. Income from charitable activities

Unrestricted
funds
2023
£
Museum admissions
132,615
Unrestricted
funds
2022
£
Museum admissions
7,600		 Total
funds
2023
£
132,615
Total
funds
2022
£
7,600

Page 15

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5. Income from other trading activities

Income from non charitable trading activities

Unrestricted
funds
2023
£
Sales
270,151
Unrestricted
funds
2022
£
Sales
112,682		 Total
funds
2023
£
270,151
Total
funds
2022
£
112,682

Page 16

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. Investment income

Unrestricted
funds
2023
£
Listed investments
17,108
Deposit account interest
4,599
Interest receivable
1
21,708
Unrestricted
funds
2022
£
Listed investments
18,056
Deposit account interest
412
18,468		 Total
funds
2023
£
17,108
4,599
1
21,708
Total
funds
2022
£
18,056
412
18,468

Page 17

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted
funds
2023
£
Purchases
69,231
Advertising and marketing
74
Repairs and maintenance
689
Travel
9,671
Entertainment
3,378
Office costs
9,749
Bank fees
118
Accounts and bookkeeping
9,825
Charitable/political donations
1,500
Wages and salaries
47,089
Depreciation
3,461
154,785		 Total
funds
2023
£
69,231
74
689
9,671
3,378
9,749
118
9,825
1,500
47,089
3,461
154,785

Page 18

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Expenditure on raising funds (continued)

Costs of raising voluntary income (continued)

Purchases
Repairs and maintenance
Travel
Entertainment
Office costs
Bank fees
Accounts and bookkeeping
Wages and salaries
Depreciation		 Unrestricted
funds
2022
£
56,694
808
14,790
1,922
7,870
103
7,500
25,500
4,344
119,531		 Total
funds
2022
£
56,694
808
14,790
1,922
7,870
103
7,500
25,500
4,344
119,531

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2023
£
Museum
161,543
Unrestricted
funds
2022
£
Museum
124,517		 Restricted
funds
2023
£
26,203
Restricted
funds
2022
£
22,305		 Total
2023
£
187,746
Total
2022
£
146,822

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Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. Analysis of expenditure by activities

Museum
Museum
Analysis of direct costs
Wages and salaries
Insurances
Office costs
Wages and salaries
Insurances
Office costs		 Activities
undertaken
directly
2023
£
175,061
Activities
undertaken
directly
2022
£
134,322		 Support
costs
2023
£
12,685
Support
costs
2022
£
12,500
Museum
2023
£
169,520
4,364
1,177
175,061
Museum
2022
£
129,491
3,717
1,114
134,322		 Total
funds
2023
£
187,746
Total
funds
2022
£
146,822
Total
funds
2023
£
169,520
4,364
1,177
175,061
Total
funds
2022
£
129,491
3,717
1,114
134,322

Page 20

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Accountancy
Professional fees
Bookkeeping
Accountancy
Professional fees
Bookkeeping
Office expenses
10.
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
2023
£
3,750
1,135
7,800
12,685
Museum
2022
£
3,750
400
7,950
400
12,500
2023
£
3,750
6,000		 Total
funds
2023
£
3,750
1,135
7,800
12,685
Total
funds
2022
£
3,750
400
7,950
400
12,500
2022
£
3,750
6,000

Page 21

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

11. Staff costs

Group
Group
Charity
2023
2022
2023
£
£
£
Wages and salaries
190,226
135,081
143,137
Social security costs
16,266
7,267
16,266
Contribution to defined contribution pension
schemes
10,117
12,643
10,117
216,609
154,991
169,520
The average number of persons employed by the charity during the year was as follows:
Group
Group
Charity
2023
2022
2023
No.
No.
No.
Employees
5
3
5		 Charity
2022
£
109,581
7,267
12,643
129,491
Charity
2022
No.
3

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

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL) .

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Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Tangible fixed assets

Group

Cost or valuation
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Short-term
leasehold
property
£
7,500
3,012
10,512
3,427
898
4,325
6,187
4,073		 Fixtures and
fittings
£
107,894
3,450
111,344
99,424
2,563
101,987
9,357
8,470		 Office
equipment
£
2,000
-
2,000
250
-
250
1,750
1,750		 Total
£
117,394
6,462
123,856
103,101
3,461
106,562
17,294
14,293

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Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Tangible fixed assets (continued)

Charity

Cost or valuation
At 1 January 2023
At 31 December 2023
Depreciation
At 1 January 2023
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
14.
Fixed asset investments
Group
Cost or valuation
At 1 January 2023
Revaluations
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Fixtures and
fittings
£
65,838
65,838
65,838
65,838
-
-		 Office
equipment
£
2,000
2,000
250
250
1,750
1,750		 Total
£
67,838
67,838
66,088
66,088
1,750
1,750
Listed
investments
£
636,301
24,776
661,077
661,077
636,301

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Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. Fixed asset investments (continued)

charity
Cost or valuation
At 1 January 2023
Revaluations
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Investments
in
subsidiary
companies
£
1
-
1
1
1		 Listed
investments
£
636,301
24,776
661,077
661,077
636,301		 Total
£
636,302
24,776
661,078
661,078
636,302

Page 25

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. 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
15.
Stocks
Finished goods and goods for resale
16.
Debtors
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Income
£
Expenditure
£
Net assets
£
270,151
(153,832)
4,580
Group
Group
2023
2022
£
£
3,212
18,412
Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
62,434
-
62,434
-
-
-
110,492
94,397
8,358
5,837
3,884
5,837
109,760
1,007
22,653
620
180,552
6,844
199,463
100,854		 Income
£
Expenditure
£
Net assets
£
270,151
(153,832)
4,580
Group
Group
2023
2022
£
£
3,212
18,412
Group
Group
Charity
Charity
2023
2022
2023
2022
£
£
£
£
62,434
-
62,434
-
-
-
110,492
94,397
8,358
5,837
3,884
5,837
109,760
1,007
22,653
620
180,552
6,844
199,463
100,854
Charity
2022
£
-
94,397
5,837
620
100,854

Page 26

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Pension payable
Other creditors
Accruals and deferred income		 Group
2023
£
8,117
39,101
1,447
3,361
6,449
58,475		 Group
2022
£
5,381
22,818
3,285
-
5,700
37,184		 Charity
2023
£
1,800
7,363
1,447
3,361
3,750
17,721		 Charity
2022
£
1,800
19,791
3,287
-
4,200
29,078

Page 27

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. Statement of funds

Statement of funds - current year

Balance at 1
January
2023
£
Unrestricted funds
General Funds - all funds
957,611
Revaluation reserve
-
957,611
Restricted funds
Grant in Aid
-
Total of funds
957,611		 Income
£
Expenditure
£
514,158
(316,328)
-
-
514,158
(316,328)
26,203
(26,203)
540,361
(342,531)		 Gains/
(Losses)
£
-
24,776
24,776
-
24,776		 Balance at
31
December
2023
£
1,155,441
24,776
1,180,217
-
1,180,217

Page 28

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
General Funds
- all funds
Revaluation
reserve
Restricted
funds
Grant in Aid
Donation
Total of funds		 Balance at
1 January
2022
£
1,009,763
-
1,009,763
-
-
-
1,009,763		 Income
£
258,593
-
258,593
22,305
2,202
24,507
283,100		 Expenditure
£
(244,048)
-
(244,048)
(22,305)
-
(22,305)
(266,353)		 Transfers
in/out
£
2,202
-
2,202
-
(2,202)
(2,202)
-		 Gains/
(Losses)
£
-
(68,899)
(68,899)
-
-
-
(68,899)		 Balance at
31
December
2022
£
1,026,510
(68,899)
957,611
-
-
-
957,611

Page 29

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2023
£
Tangible fixed assets
17,294
Fixed asset investments
661,077
Current assets
560,321
Creditors due within one year
(58,475)
Total
1,180,217		 Total
funds
2023
£
17,294
661,077
560,321
(58,475)
1,180,217

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2022
£
14,293
636,301
344,202
(37,184)
957,612		 Total
funds
2022
£
14,293
636,301
344,202
(37,184)
957,612

Page 30

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

20. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Decrease in stocks
Increase in debtors
Increase in creditors
Net cash provided by operating activities
21.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
22.
Analysis of changes in net debt
At 1
January
2023
£
Cash at bank and in hand
318,946
Debt due within 1 year
(3,286)
315,660		 Group
2023
£
197,830
3,461
15,200
(173,708)
21,291
64,074
Group
2023
£
376,557
376,557
Cash flows
£
57,611
1,839
59,450		 Group
2022
£
16,747
4,344
-
(4,677)
20,326
36,740
Group
2022
£
318,946
318,946
At 31
December
2023
£
376,557
(1,447)
375,110

23. 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 £10,116 (2022 - £12,643). Amounts payable to the fund at the balance sheet date total £1,447 (2022 - £3,286) and are included in

Page 31

Docusign Envelope ID: 81DAAA9D-B048-4A45-98A7-F9D495917301

THE GUARDS MUSEUM TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

23. Pension commitments (continued)

group creditors.

24. Controlling party

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

Page 32