Shropshire Regimental Museum Trust
Report and Accounts 31[st] March 2022
Charity Registration number: 294260
SHROPSHIRE REGIMENTAL MUSEUM TRUST
Report and accounts for the year ended 31 March 2022
Contents
| Page | ||
|---|---|---|
| Charity information | 1 | |
| Trustees' Annual Report | 2 | |
| Statement of trustees' responsibilities | 5 | |
| Independent examiners ' report | 6 | |
| Funds Statements:- | ||
| Statement of Financial Activities | 7 | |
| Statement of Financial Activities - Prior Year statement | 8 | |
| Statement of total recognised gains and losses | 9 | |
| Movements in funds | 11 | |
| Revenue Funds | 11 | |
| Income and Expenditure account | 12 | |
| Summary of funds | 12 | |
| Balance sheet | 13 | |
| Notes to the accounts | 15 |
SHROPSHIRE REGIMENTAL MUSEUM TRUST
Trustees' Annual Report for the year ended 31 March 2022
The Trustees present their Report and Accounts for the year ended 31 March 2022.
Reference and administrative details
The charity name.
The legal name of the charity is:- SHROPSHIRE REGIMENTAL MUSEUM TRUST.
The charity is also known by its operating name, SHROPSHIRE REGIMENTAL MUSEUM TRUST.
The charity's areas operation and UK charitable registration.
The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 294260.
.
The charity does not operate in any overseas jurisdictions.
Legal structure of the charity
The charity is constituted as an unincorporated charity, established by Trust Deed. The governing document of the charity is the Trust Deed establishing the charity.
The governing document is dated 20 December 1985 There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law.
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SHROPSHIRE REGIMENTAL MUSEUM TRUST
Trustees' Annual Report for the year ended 31 March 2022
The principal operating address, telephone number, email and web addresses of the charity are:-
Shropshire Regimental Museum Shrewsbury Castle, Castle Gates Shrewsbury , SY1 2AT Telephone 01743 761598
The Trustees in office on the date the report was approved were:-
R P Sartain
T J Downes G P Chambers C Whitaker
F Acton M J G Hamilton- Russell M Coulon M Evans H Salwey
The following persons served as Trustees during the year ended 31 March 2022 :-
The trustees who served as a trustee in the reporting period were as shown above, and there were no changes during the year, or in the period between the year end and the approval of the accounts.
Objects and activities of the charity
The purposes of the charity as set out in its governing document.
The charity is a public benefit entity. It exists for the purpose of keeping and protecting the Historic Collections of the Shropshire Regiments open and available to the public, who can learn about the stories and sacrifices of the Soldiers from the County and how these impact our contemporary lives.
The charity sought to incorporate the traditions and history of all the Shropshire Regiments (The King's Shropshire Light Infantry (KSLI), The Shropshire Yeomanry, The Shropshire Royal Horse Artillery, and the Shropshire Volunteer and Militia units) into a single museum (the Soldiers of Shropshire Museum). The Museum Trust collected, documented, conserved, exhibited and interpreted items relevant to the history of the Shropshire Regiments represented by the Constituent Regimental Museum Trusts as well as the current and future Shropshire based Regiments and successor Regiments (Queen’s Own Mercian Yeomanry/Royal Yeomanry, Light Infantry/The Rifles) to include a regularly updated display of items illustrating the order of battle, tactics, weapons/equipment and deployments – at home and abroad.
The trustees have had regard to the Charity Commission's guidance on public benefit in managing the activities of the charity.
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SHROPSHIRE REGIMENTAL MUSEUM TRUST
Trustees' Annual Report for the year ended 31 March 2022
The main achievements and performance of the charity during the year.
Bosnia 25 years on: This documentary film is due for release/display in summer 2022. Geoff Ward (the filmmaker) has compiled eleven interviews alongside archive footage from the theatre and stills kindly shared by the veterans we’ve spoken to. The finished 20ish minute long film will be on display in the Museum and shared with other museums for display, whilst the online archive of the full interviews will be added to by their own local veterans. We are very grateful to AMOT (Army Museums Ogilby Trust) for the grant for this project.
Hidden Histories Project - Korea: With support from West Midlands Museum Development, we undertook a project to reveal the hidden histories tied up with our display from the Korean conflict - and have been in contact with the Korean Cultural Embassy in Seoul who helped us re-interpret the items from the theatre in our collection and to an eventual re-display. We are soon to be mounting a supplemental display using our growing collection of recorded interviews with veterans from the conflict. In addition, following the donation of the Shropshire Korean Veterans Standard to the Museum, we held a Dedication Ceremony with ten local veterans from the conflict, supported by the Armed Forces Covenant Outreach Team, and attended by the Lord Lieutenant, along with General Sir Peter de la Billiere, in November. General Sir Peter joined the KSLI as a soldier before getting his Commission with the DLI, and Korea was his first overseas service. He said that conflict taught him more about soldiering than any other experience, and let’s not forget he led our land troops into the first Gulf War in 1991!
The difference the charity's performance during the year has made to the beneficiaries of the charity.
Schools and Learning: We have re-started our learning programme building on the strong foundations of our trials from late 2019, but now with the assistance of the Learning Team at Shrewsbury Museum and Art Gallery. Two further trials have helped bring us up to date as well as training new staff and we are soon to extend the programme for a full launch in summer term of 2022. Further grant money has been secured to train the teaching team and help deliver the sessions in the museum as well as devising further themes for the future.
Steps to Sustainability: We began this National Lottery funded project virtually and in lockdown just before Easter 2021 – and we were awarded a grant to undertake visitor surveys and engage a Heritage Consultant to embed us in the Big Town Plan and Shropshire Council’s Cultural Strategy. As part of the scheme, we are also meeting regularly with a business advisor who specialises in Social Enterprise, Sustainable Partnerships and Community Projects. We have now received the second part of the grant (Feb 2022) which will explore feasibility studies connected with our lease and future strategic direction.
The degree to which the achievements and performance during the year have benefited wider society.
Bright Futures Programme: Supported by West Midlands Museum Development, we are one of six museums across the region involved in measuring our environmental impact and devising an energy use audit that we can monitor and improve against. Included in the scheme is a year’s support form Pilio, an energy saving company; We are ‘plugged’ into their monitoring software which will present real-time energy usage showing where we can make savings and reduce our impact on the planet. The initial audit has taken place, and we were given high marks for our existing initiatives, especially the change to LED lighting throughout the display cases. Costing less in rising energy bills might benefit the Council – our landlords – financially, but still gives us all a warm feeling that we’re helping the planet and protecting our future should we have to pay the bills ourselves
Structure, governance and management of the charity
The methods used to recruit and appoint new charity trustees.
Existing trustees review the make of the board of trustees to consider where a gap in skills exist, once identified potential new recruits to fill this gap are approached, a resume is obtained from the potential new trustees and their appointment is voted on by the board of trustees.
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SHROPSHIRE REGIMENTAL MUSEUM TRUST
Trustees' Annual Report for the year ended 31 March 2022
Financial review
The charity's financial position at the end of the year ended 31 March 2022
The financial position of the charity at 31 March 2022 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-
| Restricted Revenue Funds Total Funds Net income Unrestricted Revenue Funds available for the general purposes of the charity |
2022 £ 32,660 577,866 - 597,923 |
2021 £ 76,115 542,567 - 565,263 |
|---|---|---|
Financial review of the position at the reporting date, 31 March 2022 .
The Trustees consider the financial performance by the charity during this reporting year to have been satisfactory given the recent pandemic, enforced closures and a reticence of the public to visit public inside spaces such as museums. The Trustees continually review the accounts and note footfall improved throughout the year and the Soldiers of Shropshire Museum has generally bucked the trend of reduced footfall in the museum sector.
Specifically, there have been limited changes to our fixed assets which have included the installation of LED lights to improve lighting and reduce costs.
There is a continued trend in the improvement of shop sales, due in the main, to improved footfall, intelligent stock management and the new EPOS (Electronic Point of Sale) system.
The museum has also benefitted from several legacy donations and the Director has found grants for the great benefit of the museum including:
£4800 from Arts Council/West Midlands Museum Development for a part time curatorial assistant for 6 months. £5000 from AMOT, for the Bosnia film
£5000 from Social Enterprise Academy/National Lottery fund for Heritage
The Ruffers investment still provides a good return noting that the value as at the end of this financial year is £538,543 and the museum has not drawn down from the account for a number of months.
Policies on reserves.
The board of trustees maintain a financial position of 24 -36 months of expenditure held in reserve, a proportion of which is held in immediately available cash funds.
Availability and adequacy of assets of each of the funds
The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.
Details of The Independent Examiner
C Jones
Member of Chartered Certified Accountants
Sigma House Hadley Park Telford Shropshire TF1 6QJ
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SHROPSHIRE REGIMENTAL MUSEUM TRUST
Trustees' Annual Report for the year ended 31 March 2022
Statement of Trustees' Responsibilities
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations,the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2015, (as amended by the Bulletin issued in October 2018 and applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), .
In particular, charity law requires the Trustees, if they prepare accounts on an accruals basis, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Trustees are required to :-
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to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
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select suitable accounting policies and apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate
to presume that the charity will continue in business;
- state whether applicable accounting standards and statements of
recommended practice have been followed, subject to any material
departures disclosed and explained in the financial statements;
The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.
The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with regulations made under the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.
This report was approved by the board of trustees on 2 November 2022.
R Sartain Trustee
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SHROPSHIRE REGIMENTAL MUSEUM TRUST
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE SHROPSHIRE REGIMENTAL MUSEUM
I report on the accounts of the charity for the year ended 31 March 2022 which are set out on the following pages.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
•examine the accounts under section 145 of the 2011 Act;
•follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
•state whether matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
1 Which gives me reasonable cause to believe that, in any material respect, the requirements:
•to keep accounting records in accordance with section 130 of the 2011 Act; and
•to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
2 To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com/
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163.
Integrity Partnership Chartered Certified Accountants Sigma House Hadley Park Telford Shropshire TF1 6QJ
C Jones FCCA CTA C Jones
Dated: 2 November 2022
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SHROPSHIRE REGIMENTAL MUSEUM TRUST - Statement of Financial Activities for the year ended 31 March 2022
Statement of Financial Activities for the year ended 31 March 2022
| Current year Unrestricted Funds 2022 £ Income & Endowments from: Donations & Legacies A1 100,582 Charitable activities A2 9,133 Investments A4 23 Total income A 109,738 Expenditure on: Charitable activities B2 108,114 Total expenditure B 108,114 Net gains on investments B4 31,036 Net income for the year 32,660 Net income after transfers A-B-C 32,660 32,660 Reconciliation of funds:- E Total funds brought forward 565,263 Total funds carried forward 597,923 SORP Ref Net movement in funds |
Current year Restricted Funds 2022 £ - - - - - - - - - - - - |
Current year Total Funds 2022 £ 100,582 9,133 23 109,738 108,114 108,114 31,036 32,660 32,660 32,660 565,263 597,923 |
Prior Year Total Funds 2021 £ 60,219 2,179 58 62,456 71,792 71,792 85,451 76,115 76,115 76,115 489,148 565,263 |
|---|---|---|---|
The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.
A Statement of Total Recognised Gains and Losses is included as a primary statement in these accounts.
All the prior year transactions were unrestricted items, and no further analysis is required
All activities derive from continuing operations
The notes attached on pages 15 to 21 form an integral part of these accounts.
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SHROPSHIRE REGIMENTAL MUSEUM TRUST - Statement of Financial Activities for the year ended 31 March 2022
| Prior Year Unrestricted Funds 2021 £ Income & Endowments from: Donations & Legacies A1 60,219 Charitable activities A2 2,179 Other trading activities A3 - Investments A4 58 Other A5 - Total income A 62,456 Expenditure on: Raising funds B1 - Charitable activities B2 71,792 Other B3 - Tax on surplus on ordinary activit B3 - Other taxation B3 - Total expenditure B 71,792 B4 85,451 Net income for the year 76,115 Transfers between funds C - Net income after transfers 76,115 76,115 Reconciliation of funds:- E Total funds brought forward 489,148 Total funds carried forward 565,263 Net movement in funds SORP Ref Net gains on investments |
Prior Year Restricted Funds 2021 £ - - - - - - - - - - - - - - - - - - - - - |
Prior Year Total Funds 2021 £ 60,219 2,179 - 58 - 62,456 - 71,792 - - - 71,792 85,451 76,115 - 76,115 76,115 489,148 565,263 |
|---|---|---|
All activities derive from continuing operations
The notes attached on pages 15 to 21 form an integral part of these accounts.
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SHROPSHIRE REGIMENTAL MUSEUM TRUST - Statement of Financial Activities for the year ended 31 March 2022
Statement of Total Recognised Gains and Losses for the year ended 31 March 2022
| Surplus for the year :- Realised gains on disposals of social investments which are programme related Income from operations before tax in the Statement of Financial Activites Add/(deduct) non income and expenditure items:- Unrealised gains on investments Net Movement in funds before taxation Funds generated in the year as shown on Statement of Financial Activities Net excess of income over expenditure from operations before tax |
2022 £ 1,624 - 1,624 31,036 32,660 32,660 |
2021 £ (9,336) - (9,336) 85,451 76,115 76,115 |
|---|---|---|
The notes attached on pages 15 to 21 form an integral part of these accounts.
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SHROPSHIRE REGIMENTAL MUSEUM TRUST - Statement of Financial Activities for the year ended 31 March 2022
SHROPSHIRE REGIMENTAL MUSEUM TRUST - Resources applied in the year ended 31 March 2022 towards fixed assets for Charity use:-
| Funds generated in the year as detailed in the SOFA Net resources available to fund charitable activities |
2022 £ 32,660 32,660 |
2021 £ 76,115 76,115 |
|---|---|---|
The resources applied on fixed assets for charity use represents the cost of additions less proceeds of any disposals.
The notes attached on pages 15 to 21 form an integral part of these accounts.
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SHROPSHIRE REGIMENTAL MUSEUM TRUST - Statement of Financial Activities for the year ended 31 March 2022
Movements in revenue and capital funds for the year ended 31 March 2022
Revenue accumulated funds
| Accumulated funds brought forward (From)/To unrestricted revenue funds Closing revenue funds Exceptional items Net actuarial realised gains on defined pension benefit schemes Costs of fundamental reorganisation or restructuring Recognised gains and losses before transfers |
Unrestricted Funds 2022 £ 565,263 32,660 597,923 - - - - 597,923 |
Restricted Funds 2022 £ - - - - - - - - |
Total Funds 2022 £ 565,263 32,660 597,923 - - - - 597,923 |
Last year Total Funds 2021 £ 489,148 76,115 565,263 - - - - 565,263 |
|---|---|---|---|---|
Designated revenue funds included within the unrestricted funds above
| Total Funds 2022 £ At 1 April 22,696 Transfer (to)/from revenue accumulated funds (2,639) At 31 March 20,057 Summary of funds Unrestricted Restricted Total and Funds Funds Designated funds 2022 2022 2022 £ £ £ Revenue accumulated funds 577,866 - 577,866 Revenue designated funds 20,057 - 20,057 The purposes for which these funds have been designated are described in Note 24 to the accounts. |
Last year Total Funds 2021 £ - 22,696 22,696 Last Year Total Funds 2021 £ 542,567 22,696 |
|---|---|
The notes attached on pages 15 to 21 form an integral part of these accounts.
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SHROPSHIRE REGIMENTAL MUSEUM TRUST - Statement of Financial Activities for the year ended 31 March 2022
SHROPSHIRE REGIMENTAL MUSEUM TRUST Income and Expenditure Account for the year ended 31 March 2022 as required by the Companies Act 2006
| Income Income from operations Interest receivable Gross income in the year before exceptional items Gross income in the year including exceptional items Expenditure Charitable expenditure, excluding depreciation and amortisation Realised losses on disposals of social investments which are programme related Total expenditure in the year Tax on surplus on ordinary activities Retained surplus for the financial year All activities derive from continuing operations Net income after tax in the financial year Net income before tax in the financial year Investment income |
2022 £ 109,715 23 109,738 109,738 108,114 - 108,114 1,624 - 1,624 1,624 |
2021 £ 62,398 58 62,456 62,456 71,792 - 71,792 (9,336) - (9,336) (9,336) |
|---|---|---|
In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.
The notes attached on pages 15 to 21 form an integral part of these accounts.
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SHROPSHIRE REGIMENTAL MUSEUM TRUST - Balance Sheet as at 31 March 2022
| Note SORP Ref Fixed assets A Investments held as fixed assets 13 A4 Current assets B Stocks B1 Cash at bank and in hand B4 Total current assets Net current assets The total net assets of the charity Restricted funds Restricted Revenue Funds 22 D2 Unrestricted Funds Unrestricted Revenue Funds 22 D3 Designated Funds Designated Revenue Funds 22 D3 22 D3 Total charity funds The total net assets of the charity are funded by the |
2022 £ 536,894 13,834 9,800 47,195 49,605 61,029 59,405 61,029 597,923 - - - 577,866 542,567 577,866 20,057 22,696 - 20,057 - 597,923 funds of the charity, as follows:- |
2021 £ 505,858 59,405 565,263 - 542,567 22,696 565,263 |
|---|---|---|
The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..
The Trustees acknowledge their responsibilities for complying with the requirements of charity legislation with respect to accounting records and the preparation of accounts.
The charity is subject to Independent Examination under charity legislation, and the report of the Independent Examiner is on page 6.
The Trustees are satisfied that, although the charity is not registered under the Companies Acts, if it were so registered, it would be eligible to prepare accounts in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.
R Sartain
Trustee
Approved by the board of trustees on 2 November 2022
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SHROPSHIRE REGIMENTAL MUSEUM TRUST - Balance Sheet as at 31 March 2022
The notes attached on pages 15 to 21 form an integral part of these accounts.
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SHROPSHIRE REGIMENTAL MUSEUM TRUST
Notes to the Accounts for the year ended 31 March 2022
1 Accounting policies
Policies relating to the production of the accounts.
Basis of preparation and accounting convention
These accounts have been prepared under the receipts and payments basis. The accounts comply with the requirements of the Sorp in that the gross recorded income from all sources did not exceed £250,000 and that the charity is not a company incorporated under the Companies Acts.
Going Concern
The charitable activities are entirely dependent on continuing grant aid and voluntary donations as well as trading revenues. As a consequence, the going concern basis is dependent on the future flow of these uncertain funding streams. Accordingly, the Trustees have reviewed the financial position of the charity and believe that there are sufficient reserves to meet any expected commitments post 31 March 2022, the Trustees are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. Other than these matters, the Trustees are not aware of any material uncertainites about the charity's ability to continue as a going concern.
Risks and future assumptions
The charity is a public benefit entity.
We are working under the assumption that one of the following will happen as we near the lease end:
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1.The lease is extended, and we continue in the Castle
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2.The lease is terminated, and we move to an alternative premises
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3.The lease is terminated, and we move into storage whilst alternative premises is sought
We do not foresee that The Trust will cease under any of these circumstances. Grant monies are applied for regularly to allow for organisational growth and to better place the Trust in a changing marketplace.
Risks to The Trust (other than the above) are in line with prevailing business risks at the time of writing and are considered of low impact relative to the Trust’s adaptability and agility:
Short – medium term:
•Loss of visitors through tourism contraction post-pandemic
•Loss of visitors due to the impact of higher cost of living
•Lower visitor (secondary) spend due to the impact of higher cost of living Medium – long term
•Gradual contraction within the tourism/visitor attraction or heritage sector
•Longer term change of habits of visiting audiences following years of under-funding/higher costs of living/on-costs of the pandemic/digital media.
- •Impacts on audience/society of potential War in Europe/mass-migration/Climate Emergency.
Policies relating to categories of income and income recognition.
Income from legacies
Income from legacies is recognised when the charity has sufficient evidence that a gift has been left to them, that where required, probate has been granted, the executor is satisfied that the property in question will not be required to satisfy claims in the estate, that it is probable that the amount will be received by the charity, and the amount to be received can be estimated with sufficient accuracy, and that any conditions attached to the legacy are either within the control of the charity or have been met.
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SHROPSHIRE REGIMENTAL MUSEUM TRUST
Notes to the Accounts for the year ended 31 March 2022
Donated goods, facilities and services
Donations received by the museum mainly comprise of three categories, money, goods for resale and items for display, any money received is banked and recorded at the value received, donated goods for resale generaly comprise second hand books, these of minimal value and the resale price is recorded as the donation, items for exhibition are currently not financially recorded, these may have a very limited resale potential and lttle or no monetary value.
Membership subscriptions
The income and any associated Gift Aid or other tax refund from a membership subscription received by the charity in the nature of a gift, is accounted for on the same basis as a donation.
The income from a membership subscription received by the charity where the subscription purchases the right to services or benefits is recognised as income from charitable activities.
Policies relating to expenditure on goods and services provided to the charity.
Volunteers
In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity.
However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers and this is described more fully in Note7.
Policies relating to assets, liabilities and provisions and other matters.
Stocks and work in progress
Stock is valued at the lower of cost and net realisable value.
Financial instruments including cash and bank balances
Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.
Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
There are no designated funds earmarked by the Trustees for particular purposes.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal or as implied by law. These funds are termed "Friends Fund".
There are no endowment funds.
2 Liability to taxation
The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities.
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SHROPSHIRE REGIMENTAL MUSEUM TRUST
Notes to the Accounts for the year ended 31 March 2022
3 Winding up or dissolution of the charity
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.
4 Significance of financial instruments to the charity's position
The charity uses an investment adviser to maintain its financial investments, the charity's assets are almost exclusively held in money or monetary equivalent investments, the investments produce a significant return each year and enable the museum to ride out problematic years.
5 Net surplus before tax in the financial year
| The net surplus before tax in the financial year is stated after charging:- Pension costs 6 Investment gains Unrealised gains /(losses) and writing down of carrying values Listed investments - Unrealised 31,036 Total unrealised gains/(losses) etc 31,036 Total realised and unrealised gains 31,036 All the gains and losses in the prior year was unrestricted. Unrealised gains /(losses) and writing down of carrying values Listed investments - Unrealised 85,451 Total unrealised gains/(losses) etc 85,451 Total realised and unrealised gains 85,451 |
- - - - - - |
2022 £ 654 31,036 31,036 31,036 85,451 85,451 85,451 |
2021 £ 1,670 85,451 85,451 85,451 |
|---|---|---|---|
7 The contribution of volunteers
The charity depends on the support of its volunteers, which is much appreciated. The charity had 12 Volunteers who donated over 1200 hours of their time working on the Collection management, website content and back-of-house support. Without them, the trust would need to find the equivalent of over £20,000 to obtain similar services. The arrangements with volunteers are difficult to value precisely in monetary terms and have not been recognised in the Statement of Financial Activities. The volunteers and the charity accept and agree that no contract of employment is created by these arrangements.
8 Staff costs and emoluments
| Salary costs Gross Salaries excluding trustees and key management personnel Employer's contribution to defined benefit pension schemes Total salaries, wages and related costs |
2022 £ 76,678 654 77,332 |
2021 £ 51,234 1,670 52,904 |
|---|---|---|
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SHROPSHIRE REGIMENTAL MUSEUM TRUST
Notes to the Accounts for the year ended 31 March 2022
The trust employ wardens on zero hours contracts, these salaries are reimbursed by Shropshire County Council.
| The average number of full time staff employed in the year was 2 The estimated full time equivalent number of all staff employed in the year was 17 The estimated equivalent number of full time staff deployed in different activities in the year was:- Engaged on management and administration 2 The estimated full time equivalent number of all staff employed as above 17 |
1 17 1 17 |
|---|---|
Neither the trustees nor any persons connected with them have received any remuneration from the charity or any related entity, either in the current or prior year.
No employees received emoluments (excluding pension costs) in excess of £60,000 per annum.
9 Defined contribution pension schemes
The charity operates a defined contribution pension scheme, the costs of which are shown above.
10 Defined benefit pension scheme
The charity does not operate a defined benefit pension scheme.
11 Remuneration and payments to Trustees and persons connected with them
No trustees or persons connected with them received any remuneration from the charity, or any related entity.
12 Heritage assets not included in the accounts
There are no inalienable or heritage assets, except for the collection of historical artefacts which the charity maintains and safeguards, and which is considered to have little cost value, while being of significant cultural importance, and would be costly to replace.
13 Investments held as fixed assets
| Carrying values of investments At 1 April 2021 Revaluation at 31 March 2022 At 31 March 2022 |
Investments in subsidiaries £ - - - |
Listed investments £ 505,858 31,036 536,894 |
Other Classes of Investment £ - - - |
Total £ 505,858 31,036 536,894 |
|---|---|---|---|---|
18
SHROPSHIRE REGIMENTAL MUSEUM TRUST
Notes to the Accounts for the year ended 31 March 2022
14 Analysis between fair value and historical cost
| Investments as above held at fair value 536,894 15 Stocks & Work in Progress Stocks before write downs Analysis of the carrying value of stocks and work in progress by activities 2022 2021 £ £ Activity Primary purpose and ancillary trading - - - - Work in Progress |
536,894 2022 2021 £ £ 13,834 9,800 13,834 9,800 2022 2021 £ £ 13,834 9,800 13,834 9,800 Stocks |
|---|---|
16 Loans to trustees included in debtors
No loans were made to the trustees in the year.
17 Guarantees made by the charity on behalf of trustees
No Guarantees were made by the charity on behalf of the trustees
| 19 Income and Expenditure account summary At 1 April 2021 Surplus after tax for the year At 31 March 2022 |
2022 £ 479,812 1,624 481,436 |
2021 £ 489,148 (9,336) 479,812 |
|---|---|---|
20 No related party transactions
The museum did not enter into any transactions during the year with any related parties.
19
Notes to the Accounts for the year ended 31 March 2022
SHROPSHIRE REGIMENTAL MUSEUM TRUST
21 Particulars of how particular funds are represented by assets and liabilities
| At 31 March 2022 Unrestricted Designated Restricted funds funds funds £ £ £ Investments at valuation:- Fixed asset investments 536,894 - - Current Assets 61,029 - 597,923 - - At 1 April 2021 Unrestricted Designated Restricted funds funds funds £ £ £ Investments at valuation:- Fixed asset investments 505,858 - - Current Assets 36,709 22,696 - 542,567 22,696 - Change in total funds over the year as shown in Note 21 , analysed by individual funds Funds brought forward from 2021 Movement in funds in 2022 See Note 23 See Note 23 £ £ £ Unrestricted and designated funds:- Unrestricted Revenue Funds 542,567 32,660 2,639 Total unrestricted and designated funds 565,263 32,660 - Restricted funds:- Friends Fund 22,696 (2,639) - Total restricted funds - - - Total charity funds 565,263 32,660 - Transfers between funds in 2022 |
Total Funds £ 536,894 61,029 597,923 Total Funds £ 505,858 59,405 565,263 Funds carried forward to 2023 £ 577,866 597,923 20,057 - 597,923 |
|---|---|
22 Change in total funds over the year as shown in Note 21 , analysed by individual funds
20
SHROPSHIRE REGIMENTAL MUSEUM TRUST
Notes to the Accounts for the year ended 31 March 2022 23 Analysis of movements in funds over the year as shown in Note 22
| Unrestricted and designated funds:- Unrestricted Revenue Funds Restricted funds:- Friends Fund |
Income 2022 £ 109,738 1,065 109,738 |
Expenditure 2022 £ (108,114) (3,704) (108,114) |
Other Gains & Losses 2022 £ 31,036 - 31,036 |
Movement in funds 2022 £ 32,660 (2,639) 32,660 |
|---|---|---|---|---|
24 The purposes for which the funds
Unrestricted and designated funds:-
Unrestricted Revenue Funds
These funds are held for the meeting the objectives of the charity, and to provide reserves for future activities, and , subject to charity legislation, are free from all restrictions on their use.
Restricted funds:-
There are no restricted funds
Designated funds : -
These funds are called "Friends Funds" by the charity, they are used in relation to the museum exhibits and are accounted for separately from the charity's general funds.
25 Ultimate controlling party
The charity is under the control of its legal members.
Every member of the charity has unlimited joint and several liability for the debts of the charity.
21