Oowsign Envelope ID.. 99103A21>214M17.ADE747AE3C89482D REGISTERED COMPANY NUM8ER..02472345 REGISTEREO CHARITY NUMBER: 803006 ROYAL ARTILLERY MUSEUAI REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Z5FJV• 28111912021 COMPANIES HOLISE A03 Oocusign Envdope ID.. g9103A2￿214￿46l7-A￿E/4?￿E3e￿g•e2o ROYAL ARTILLERY MUSEUM CONTENTS OF THEFINANCIALSTATEMENTSFOR THE YEAR EtIDEO 31 DECEMBER 2020 Page Chaim)an's Report Report ol the Truslees 2to5 Report of the In(lependenl AuditOTS 6t09 Consolidaied staiementolFinaneialAc￿vStDeS 10 Con501hlated 88￿￿e Sheet Balance Sheet 12 Cash Fkjw Statement 13 Notes to the Cash Flow Stalement Noles to the Financial Stalements 15to28 OorA&9n En¥elope ID." 9910wr￿2I4￿4617-ALE7-e7￿E3cB9I62O ROYALARTILLERY IIUSEUM CHAIRIIAN'S REPORT FOR THE YEAR ENDED 310ecEIIBER 2020 The devekjrffient by RAM ofdelailed ￿an$ fora spectacuLar new Arb"tkry Museum at Avon Cwnp West on Salisbury Plain ￿ntinU*￿ throwh ts first hawof Ihg year. An updataj tW5iW5s pk8r* and deiailed site and bJi1ding designs were devek)ped. a￿1 the p1anri￿j applicalM)n {50m¢ 1,000 pag851 {Jraft￿. Sub51antive c￿sU1￿b.0n and briefing sessions We￿ carried out ￿ the k)cal eommunty and alihouJh iherè*re g)me objeCt￿n9 rws*J to the [￿leCt there was strtjng 511PPM)rt from counTrHor5 and Ih)se the trMeffits which Ihe museum would brinq lo lh8 area. FuTrJ raising for Ihe phase of Ihe m￿￿uM buikl was tx*rtpleted sucts55fv1ty ar*J dgtailetl lease negotiath?ns for the land conts.nued lo make swJnrftsrt prc¥)￿S wth Amy Hea&]uarters the Delence Infrastr￿tu￿ Organisab'on. I￿re10re carre as a wmpletdy Urexp￿d a￿1 exceptpjnalty dvsapr4)inb"r¥J when the head of th8 Regim8nt rgctrived a letter out ol fv t4ue Irom Ihe Chief of the General Slaff *i￿r￿￿7ng Ihe offer ofthg land at A￿n Camp West. Despite intens* lobbyirvJ by maty stakelKsklets it was dèar that thi5 decis¥)n *Y¥Jld not b• misited. As an imnELliate sutt the Swindon and WItshI￿ Lc¢al Ente￿se Partr￿h￿ grant of£1.3&n had Eo be released as it was now impr*iral to SP8nd il I)efO￿ Ihe (J￿￿ne in 2021. After a period of refiects.on the wilhyrwal ol the larn1. Ihe Rwment confirmed that it still wshed th8 charity to 8ThJeavour to find a suitabk site fof rts ne4V museum near Lthhim. Iwhi￿ in￿4 I￿rk was undertaken to ￿entsfy pJssib18 sites and ￿fifte them down tts a short h'5t for detailed considera*'on. the thanty was forced by the Amiy s wthdrawal of Avon Carwj We5110 address other as a pnonty." Ihe storage ofthe ¢ol*(*"on and the chanty's operatir¥J Costs deficit. As the main artefaci stw site at Wroujhton was WL*r•J lo be T￿eaS￿ ￿ to the Soence MuseLMn in spriry 2021. the Collections Management foujs svritcthd to sdeth"rKJ suitatye storage for tre o)Ile¢tion which be available for ai ast five yea￿. As this issue was &SJre5sed Arny Healquarters. It tecame dear thatthe charrty's srnallerse¢ondary slorage and display k)cation in LarthiH vK)uld also r*wJ to b8 released in 2021. NvJoiialions with the Army an¢J DIO I￿ to confirmation that stofage in har4Jars on Nelheravon Airfdd Camp and in the W¢MI Roa(J Hangars at Larknill would be m&le available lo Ihe R&Jirw)t loran inrtiai olffive y¥rs. *nnKYJ lor Ihe substantia ar*Y (thallenging moves into these $it¢s Cornme￿￿. Based on the Avon CanwWe5t an exp￿ts1*￿ ofvi5rtor reVer￿e being accrued from 5priNJ 2022. the chanty's tru$te¢s had agreed io run an operab"NJ costs defiut in the paiiod up kn OK￿l￿J. Ihal the prosped gf a na¥ rnus¢um was several ytars distsnL the trustees trKJk ihe painful de¢iwn lo e￿1 act*Jn to balance Ihe cue budget lor the coming years. Given that Ihe majority olthe ch3rity's costs lie in staff nurnbers it was unavoxlable that ihe majonty of savings %4vuhl b8 found here. A restwcluring St￿yy was loltywed ty a p￿fe$￿ty dd1ve￿d redurylancy process which r&Suced ern￿Oyed staff by 1.5 wsts. ai the same time a rar#Je ofothers8virvJs Ittlth staff ron-staff) were identifiaj and agr98d to by Ihe b)ard. These We￿ Implemen￿ in late 2020 in 0￿r to proY￿e the requisite balanc¢d bjdget for 2021 aTrJ beyond. ￿pite the thsapwinting nthbs on Avon Camp West arKJ ts very swjnificant di$ruplion to routine Collections Trlanagement activty caused by Covid.19. Ihe tharity ojntinued to deveb)p ￿ne aecess to the knhive. and cornrne￿￿ a major WW1 dvJtsation pll)grnmme *iih AMOT. In condusion. l %*TrJkJ like to ￿rd my gratrtude forthe ￿￿)rk of the t￿rd and the contribution trustees bave made to the harily's activibes during an in*nsety d15appointing year. 114rvld also Id(e ￿ ￿¥¢* on recLJrd the board's app￿￿al￿)n of the work and achievernents of the stsff have a¢hiev&l much ￿e$￿e the fru5tralions which they havè encouniered. ¢0 record its regret al haviNJ to run a redut¥Jancy prc4JramffE. The trustee5 ar%J staff remain firmly f￿￿SSed on delivering a new, financially sustainabk hcme for a unique and nationalty important ¢x)Ile¢tK)n near the Regimenys home on Salisbury Rain but und8r5totrJ Ihat ad)ustrnents nee(1&1 to be made to enab￿ the charity to husband its Capital reserves lor a future pr£xJrarnrne. Once ihe cnllectk)n is safdy nTh)v& into its new Ior3tions the focus will switch bad( to securing a suitable m￿seuM site near L*kh￿ arml dev8loFXThJ winatrye pkn ￿ it for ¢j)ns#Jwa￿on by RgJiment and W¢ltshire Couneil. P89e 1 DoLJJSign Enwelope ID.. 5910JA2(k214H617AtE747AE3C89WID ROYAL ARTILLERY MUSEU REPORTOF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 The Irustees aLs0 direekn>ts oflhe tharity for ptsryKJses oftt* Companies Act 2006, presert their ￿[KIrt wth the fina￿187 5taiernents of Ihe thanty for Ihe yeareThJed 31 Oecember2020. The rewrt also incotporales Ihe diredors. report as required by company law. The tr￿te8S have adopw the provisK)ns ol A¢¢ounting and Reporting by Charits"es'. Statement of Recomft*rLled Practice applicable io charitse5 preparir#J their acrnunts in accordance with the F￿n¢la1 Reporting StaThJard ary1rat￿e in UK arKJ RepJbl¢ of Irelar¥J IFRS 1021. OBJECTIVES AND ACTMTIES Oble¢tiv•s antl wms The Objecti￿ of the charty are to WOVKle a arrhve arx1 library. aThY raise fuThJs for futu￿ muswm devdopment. In orrjer to educate Publ￿ and Mem￿15 01 ihe RegirrÈnl in its hislory arKS tradit*Jrs. These obieciives require It to ¢Yev￿0p. conserve 8Th1 care for Ihe Ans En9laThJ desgnat&J (Ljllecbon. FolknwNJ thg sae lease￿1￿ PfDfért¢e5 to the Royal ofGreenwth in NoYwnlJer 2015 the mwum in Woofwich closed lo the public on 8 Juty 2016. The caprt4 recwpts frrm this sale, togelher wyth any fvture receipts from fund raisiThJ a¢b￿b"e$. w￿1 èe re-invest&J in devekjwnwt of a new mLtseum near Larkhill to I￿)USe tre ROYJ Artjllery Coll￿tIon. Public benefit The trustees confim) Ihat have r818Tf8d to th• Charty CoinrThs5i)n'5 guidane8 on Fltlic B￿tfft in derydirg whal actmthts the charitabte company shJuk1 urKJertake in to its aims and obJ"ective5. The fLrture Museum wll prcwnote putrJ¢ benefft ty provKYiThJ an effthe. interesb.ng an¢J arLessible d￿pLaY of the heritage ol the Royal R￿lment of Artillery appropiiate presentatK)n of artefacts W¥d￿J1n9 artillery pieces of nat￿l￿al and inlernational importance. It %%ill provide a Sour￿ ol inl0rrt0t￿ft for Ih059 &wsuirKJ ￿￿tiOn, scholarship research on matters rdatiffj to the Regwnent ènd arbllwy ￿ gen￿￿. Planne£l wn5ervaiion that safeguards Ihe c*Jlkdion. a t￿lou￿￿ progr3TThne of galhering in Ihe Regiment's history lin its broadest sensel ts ￿$0 delNered. ACHIEVEMENT AND PERFORMANCE Re¥lew of Oevelopments The rnuseurn oxtinued to en￿￿ t￿ of its stakthkYpJs durin9 2020. FHiancial silPFOrt ￿rne prir¢ipally I￿>M the Ministry of Defenc8 wilh **litK)nal suprA)rt receNed from ihe RAHT {ih8 ownw5 of the Coll8ctionl and the RAI. The main foojs ol th8 colled￿5 team duriThJ 1118 year wa5 on the D)nserVa￿n and restoration of objects skx&J al Wraughion v*th a ¥N8W to ￿loCal￿1n in 2021 UFrf>n ￿ expralion. Cons8rvatr>n rern￿ned a key prK)rity with lh8 enwrc#yneniof the St￿ beirg c&)sely fr#￿ilDre￿ paitulaFtywilh resP8cI to sensitive items in Ihè Colect¥)n. The Museum continued to benefit from the wp8rtise by a fidly c£rnitted Bowd of Tru51ee5, ehèired by Maitir General Nick Eeks. Page 2 Docusign Envthpe 10.. 99103A?￿2l4S46l7-ADE?-07AE)CB￿8Zo ROYAL ARnLLeRY AIUSEUM REPORT OF THE TRUSTEES FOR THE YEAR ENDED31 DECEMBER 2020 FINANCIAL REVIEW Grant ine£#ne The museum conbnuert to ber*fit from the SUPFQrt of its mai)r stakal￿*￿￿5. I￿￿11r￿j ￿ Ministry of DeferKe whose contributions have lotslW ovef £280.WO. lA￿s￿*￿t Polity and Cash Balw¢e* At the year end the rknarity hek1 cash bal8n￿ of £127.28712019 t32,6731. In 2017. the trustees took the decision to invest the m8tr?rity of cash funds so that these can be hek1 IrMar(Is the fundfftg of the rnuseum. whilst g8nerairy 8 retum in the ￿EantIMe. The tN5t8e5 consider￿1 the appropriate rA)licy lor inve5tir¥J funds and pul in an investrnenl policy which does noi risk the invested caprtal surn arKI vknich 15 su￿￿￿￿Y I￿U￿1 to meet the programrne's cash requirements. The trustees dechyed that Ihe tharty wll Th)t invesi directty in arry organisation whose main acbvty is the woauclion Oft0b￿￿. nafrolrs or p¥)rrK)graphic rna¢enal. the e(wuwement or eThat4iry of gamblww, p¥owsion ol home credrt {dootst•p lar￿1r￿J) or whth uses ¢h4tr1 latrfjurorother expknitative policies. In order to meei these ot4ecbves thè F￿ance and Risk has t*en debega¢ed responsibility loroverse¢ing tha inv8slments. The charity has apwinted Slcthkers kn Manage a dwpxsffj￿l of ￿lIab￿ inv•str￿nts on a disueti)nary basis. Reserv98 polky Un￿s1nctea fuftds amunted to £2.244.361 12019 È2.426.4611. ofwhth £2.181,68412019 t2,377,8571 is freely available. R8serve5 are hdd for Ihe puwe offthJir¥J day to tArykn"r¥J ca￿1 8TrJ to prDVhle funding k*th6 new rnUS8Urn. The p¢41￿ is to nwmise the ￿$0￿￿$ avwl8ble forthe fuThJifvJ ofthe new mwjm through ￿TefvI rontrol ofthe day lo day thirwJ wtal r8quir8rnents. Rlsk Management Policy The tjtsard's Rtsk Management Group meets fegularty to revie* Ihe risk assessrnent sthedule. Ths covets five main areas." Govemance and Man4emeni. Finanoal. Orwaitjnal. EnvironmentaV8Xtwnal factors aTrJ Curatorial. E￿h rsk 15 rated ac£ordirMJ to its likelih)od and potential impact arKI a nsk rwrt is wÈsènbJ to the ￿ard rm 8 regular basis. This schèdule wll be reg￿artY rewe*ed aThJ upKJated when approryple. thjring the transiti￿ perth. 114M will be undertakn.rg a its fAfftnt OFer&"ro t￿0c*y￿reS to erffjure their¢￿11￿ gfficacy thrOug￿)ut the bugness. En¥lronm¢ntsl Policy The board believe5 that all b￿lneSSeS are r8SFon5it4e for 90￿ environrrtht81 practice and OFerating in a suStainat￿e mannef. The is tr1e￿[0￿ (x)m￿tted to its eftmronrnenta and eontinualty improving ib enwronmental rwfoMian￿ as an integral and fund￿*)131 part of 115 bu￿neSS strategy a￿1 operats.ng methcxys. Tradlng subsidlary The charivs wholly owr￿(j trddiThJ subswjiary (Royal Artilkry Museum5 IEnterprise51 Limit￿) ceased to tra¢Je on the c105ure of the museum. The trustees wll cor6hJw th&rfuture ￿anS forthe SubS￿lary duriry the period befo￿ the new muwm is e5tsbkSh￿. year Ihe sttsKliary was un&J* t* ¢S)n* any proffts lo the ¢h8ri1y. STRUCTURE. GOVERNANCE AND IIANAGEMENT Governing document The charity is controlléd by its govemirYJ docwnenL Ihe Mwn0￿vm and Arbc18s of A5$￿•alKIn. eonsbtutes a limited company, by gvaranle8. a5 defined by the Companie5 Act 20C6. Charlty ¢on$Ututlon The Lxsmpany was incOr￿ra￿ t)n 20 Febru￿ IW) as a ￿MpanY Srrited ty 9uaranlee. registered number 2472345. It vrds SubseqU￿11Y r8gi5tered with the Chaiity COM￿ls$￿)n uThJer the registralK)n number 803￿6, on 9 Marth 1990. The wistef&Y offte ofthe company Ic¥ether with dtrtsits ofthe comparfs direek*ts ar¥J names aThJ aE1dresses of prol¢s$¢onal wl¥isor$ are gwen bek)w. Pag? 3 I)0¢uS￿n Eo¥doF* ID." 99103A2Lk214&4617-AtE7-87AE3C894820 ROYAL ARTILLERY MUSEUM REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 Indu¢tlon and tralnln9 of new Irustets N&v dir8Ctors ar8 pro¥￿ed wth a ￿pY of Ihe merrwarKJum aThJ of assouabon arkj info￿￿ pf th•$rO￿lgati0r urKYer (L)mpany and charity law. Al director5 are encx)urag*J to atterKJ aprw)priate exiefflal cour5e5 ￿1¢h may a$$isl them io ouitreir ro*. Key mana9ement r¢muneraUon The Cornpanys Mernorandum Art￿je$ ofA8SlWtiw We￿￿￿e tst1K¥ior5 from re￿i￿J any rBnK6naiatKJn lor IheiT T￿8 a5tnJsl88. Fundraising standards The charity doe5 mt cuTrntty carry out stynknt thly b r•sefwKls from Ihe publ REFERENCE AND ADMINISTRATwe DETAILS Regl$tered Company number 02472345 Regi$t•r•d Charity number 803006 Rtglsthred oifi Artillery House LaTkhli Artillery Barracks Salisbury EnglaTrY SP4 8QT Trustses Major Gep)eral NKk Eeles {Charnw> Graham 8eal Richarrj Davies David Greenwood sIn￿)n Hawke5 Peter Wragg Jèrnes 83rn¢s Mark Milligan Susan Tapliss Peter Carson Charfotte More Peler Thomp50n Ka￿n Peek Reswd 31 ALNJ￿1 2020 Resigned 4 Febwary 2020 Appjinted 16 SeF4ernber 2020 Company Secrntary Sonjeev Seh)ta Auditors Fiandef Tovdl Limite Sta9 Gates House 63164 The Avenue Sothhampton Hampshire S017 1XS Bankers Lloyds Bank Pl¢ Busine55 Banking Seryice Cen 3rd Floor 10 Booth Street Manchester M2 4AW Pag8 4 Doojsign Envelope ￿.. 991D￿214￿6l7-A[E7-a7AEJcB9IBZo ROYAL ARTILLERY MUSEUIJ REPOR T OF THE fRUSTEES FOR THE YEAR ENOÉO 31 OECEMBER 2020 REFERENce ANO ADPJ1141STrATIVE DETAILS- ConllTh*d Bankers l¢onlnued) Lloyds TSB Bank P 19121 PO￿5 Streel Woowch Lon(k)n SE186HZ Investment rnanag8 Brewin Dolphin 12 Smithfi¢SJ Street Lontkn EC1A9LA Solleltors Thompson Sftell and PayJrr 3 Lonsdale Garda)s Tunbrklge Wells Kent TN1 1NX Statement of trugtees. ￿SPOnSIbl[lI1*S The Injstees (who are a150 thtr direct￿ ofRoyal Artillery Museum lorthe purp)ses ofcompany lawl a￿ ￿pOns1t￿e for Preparing Ihe finarrial stale￿nts in acrrJrdarKe wlh applicable a￿$ United KiWm AccounliNJ stsndwds IUnlt¢d ￿"￿￿orn CAnernly ACc￿￿j Acuuiling Prthxl. Compary law r￿UIreS the trustees to pvepare finartial statements foi each firwThl year which give a and fair vitrw of the stste of affairs of the charilaL4e c(xnpany 3rxJ of the incomiry r850urce5 and apKlicab"Dn of resourc95. I￿u￿•ng Ihe income arK1 eypeThJrtu￿. of the ¢harrtat* wmpary for that per¥>J. In kYepariThJ ￿se financK stalemenls. Ihe tDJ5tee5 are Tequiredt selectsuitable accounting F<)liries andthenapplytheMw￿ISlen1l￿. observe Ihe methods and principles in Ihe Charity SORP., rnake judgements and e51imates Ihat are rea￿at￿e prLhlenL p￿pare the finantial statements on the piThJ c￿￿￿eM ba5i8 st is inapprDWatè to thal Ihe eharitaL48 ctsmpany wll a)ntirnJe in ￿￿1[195￿. The trustees are ￿pOnSible for keeiMTrJ prOpera(￿o￿lI￿j reoyds vthith drsdose rea￿￿3b￿ acoxacy al ary time the financial position of the charilayo C￿PanY to enable thwn to ensure that the finanryal Statements eomply the CompaThes Ad 2006. They a￿ also resF￿nSitle for saleguardww the assets of the charitab company and hene8 for t3￿ng reasonat48 s￿P9 for thè Pr￿￿tiOn arvj dettciK•n of fraud and otheriffegularitses. In 30 far 85 the trustees are aware= there is no relevant audit infomation of which the charitablè Company's a￿JItOrS are unaware". and the trustees have taken all steps Ihat Ihey ought to have taken to rn8ke ltsmselv85 of any rdevant audit informal￿n aThJ to establtsh that the a￿itOrS are awao of that lnfDrrnat￿jn. Audltors FiarNJerTovell LI￿￿ted are deamed lo be r￿app￿rtd ￿[erSect￿n 48712) of Ihe Compan*5 Aet 2006. This reFQrt has been prepared in *cordar¢e wilh the S￿la1 relaW lo smal crmpaThes wthin Part 15 of Ihe Companies Act 20C6. ApFKov8d by orferofthe toard oflnjstees on 201912021 1 10.. 10 BS&nd 5ign8d on its b•half by. Sonjeev Sehota Company seuetsry Pa9e 5 Dotrjsign EnvElope10.. 991Ow￿214￿￿6I7-ADE?-87AE3c894e2D ROYAL ARMLLÉRY MUSEUM INDEPENDENT AUDITOR'S REPORT TO THE IIIEMaERS OF ROYAL ARTILLERY MUSEUM FOR THEYEARENOED 31 DECEMBER 2020 Oplnl¢ W8 have athl1￿1 the financial stalemerrts of Floyd thllery muse￿ (the'pa￿nI thantabk company'l and its subsrdiane5 {the'group'l lorthe year ended 31 Decernter 2020 CAynprise the statement of finanrjal aclNities. the bal8nce sheet, lh8 statement of cash flows and notes to the fina￿al 5tstements. indurjiw a summary Of sgnificant xcounting t￿l￿e5. The financi￿ fraM￿rnk that ha5 been applie¢ in th•r preparatk)n Is app1￿￿tr￿ law an(J Uniied Kingdom Ac¢ountiro Star¥Jards. indudiw Financia ReL¥)rtsrpJ Standard 102 The Finartial RewrtirvJ Standard applrAbl¢ in thg UK and Republic gf IrelaTrY IUnitgJ ltiwjom Accepkny Ac(thnbNJ PWb.￿). In our opmiron the finanoal ststements.. give a true and fair ¥￿W ol slate of the group's and parent charitable (xynpany's affairs a$ at 31 December 2020, and oflhe group's incOrn￿g resour￿9 and application of resour￿$. ￿udIng its inr4)me and exppndrture, forthe yearthen en¢ed'. . have been t¥epa¥￿ in acoj1dan￿ vAlh un￿8￿ Gen8raHy Accep￿ Accountiro practi￿.. aTrJ . have been prepargd in act0rdar￿ Ih8 reqU1w￿ ofthe C4ywrM85 Ad 20Cfj. 8asls for oplnlon We conducted our aL*dil in aLu)rdarK* IntemaknTr￿ Sl*%Jards Auditiro {UKI IISAS IUKII and applicable bw. OUT $ponsibilit*$ under those stsndards a￿ ftFrther de5crribed in Ihe AuditDrf$ ￿Sp¢n511yl￿eS for the Olhlil of the finan￿al statements section of our ￿￿1. We are indepeThYenl of Ihe group aFQ par￿t tha11ta￿e company in accordance with the ethrcal reqUI￿r￿ents that a￿ rebEvant to our athlit of the finanoal Statements in the UK. indudin9 the FRC'S Ethical sta￿ard. we have fUffill￿ our other ethral reS[A)￿l￿"1It￿ in arcordarKe with these ￿qUirern8nts. We be￿e¥¢ ihat the auditevidence we have Dblain&J is suffKienl and apwoprialB to provvje a ba515 for our D￿niOn. Concluslons relatlng to going ¢on¢ern In aLklitir9 the financiJ stateN*nts. we h￿e conckTd&J that the trttstees. ￿$B ofthe goiro o)ncem basis of acwuntiThJ in the p￿paratiOn of Ihe financk31 stolem￿lS is appropri81e. 885ed on the worf( we have 1*rfom￿J. ¥￿ have rKJt thtsfied any material ￿n￿l￿nts"e$ ￿Lsting to events or eoTrJitioris that, indmdually or col*bvety. may cast signfficant doubt on the group's or parent tharitabk c(mpany s abilily to coniinue as a gcAThJ cor￿eM for a penc•J of81 least ￿￿)nthS from ¥￿n th8 fina￿81 statem8nts are 8uitrK1ri5ed for sue. Our ￿ponsIbIlitIeS aThJ the ￿￿￿1t41￿)eS ofthe tru5te8s resped to gopw C4)neem are deS￿be￿ in the fdevant se¢tions of Ihis ￿port. Other info￿all1)n The ¢nJslee$ a￿ re5k￿$￿e for the other Ir￿M￿￿n. The olh¥ In[￿rnal￿￿1 the infwmalKJn Induded in Ihe trustees, annual report othef Ihan Ihe financ•al stat￿ents and our auditots report thereon. Our opinion on the finanual slatements (k)os not ￿ter the olhw inf0M￿¢￿)n arvj. except to ￿tent otheNMsa e￿￿￿Y state(J in Ouf reFOrt, we do not exprass arry fwm ofasSuran￿ condusityi ther￿n. In coftneC￿n %wth our a￿lit of the finarKial 5tatenwts. ¢wr resrA)nsibilty Is to read the other infornatK)n aTrJ, in ¢Joing so, consider whether Ihe ￿r inf0mlat￿n is materialty incor6iSteN wlh the finanoal st3ternents or our knowledge obtaine(S Ime auditorolherwi$¢ appears lo be malerialty misstaw. ttwe Ndenbfysu¢* rnateriaf irts)ftsistencies orapparenl rnaterial misslatemenls. w8 are reouired to deteM)I￿ W￿her the￿ ks a rnaterial rrisstat8ment in the financial statements or a material misstatement ol the other inloffnalion. If. based on Ihe woth we have I￿10m￿j. we ￿nClUde thal there is material misstslernentof Ihi% other informaiun. we 3re required to repKMt that faLI. We hav8 noUuThJ to repjrt in this regard. Pa9e 6 Dowsign Envelope ID.. 99103A20-214W17-AOE7-67AE3CB94820 ROYAL ARTILLERY MUSEIJI INDepENDENY AUOITOR'S REPORT TO THE IIFM8ERS OF ROYAL ARTILLERY MUSEUM FOR THEYEAR ENDED 310ECEMBER 2020 Oixnions on oth¥ matt•r& pre5crlbed by tho Companle5 Act 2006 In our opinion. based on the w)rk UThJertak￿ in t￿ c4)urse rAthe audt. the infomation given in Ihe tnjsiees. report linc£vporalin9 Ihe director5, report) for Ihe finafitsal yeaf for bthich the finartial stat￿￿nts a￿ pr•pared 15 conystent wth finarK4al statements". aThJ the Ill￿tc￿S, feport has been prepared in aLwdance t•thh appItal￿e k9al rewirements. Matters on whlch ar¢ v¢qulred to ftport by exc¢pifjon In the light rjfour ￿￿WI•￿ge and ￿￿8rSta￿alThj gfthegroup arnl ￿r￿n1 charita￿8 company ￿n￿￿nm￿n¢ obtaingd in the COU￿ of ihe audrt. have not idenbfied matenal mi5Statements In Ihe ¢rustee5' rtptyl. We have nothiro lo r8FM)rt in ffjsp￿l of Ihe follw"ThJ mattws ￿ rela￿n to whth Ihe CompaniOS Aci 20C6 r6quir¢s U$ 10 r8POrt to yov rf, in our otynion.. arjequate accounting r￿01￿$ have rt)t been Wt try Ihe parent charitatle C£1￿ry. or retums adewate kn our audit have rv)¢ roceNed from Th)t us.. or the pawt eharitsble cijnpanfs ffinanri81 a￿ not in ag￿eMentI￿ Ihe accounting I¢￿rdS and ￿tUrn￿., Of rtain disdosures ofd¥eeitits' lemw*￿.0n spetsfied by are N)t made." or we have not recewed thè inforrnation explanat￿n5 we require for ouraud( or the trustees ￿Te not entileil lo [Kep0￿ the finanrial stolements in a￿OrdanCe the ¥rnall cornpanies. rEgime and take advantage ol ihe srnall cornpanies, exemptions in prepanrwj the truskes. report from Ihe requiremenl to prepa￿ a Strale9￿ re￿rL Responslbllltle$ of tru8tees As explained more fully in the tnJstees' responsbithties statementset out on page S, ihetrust88s (who are atso Ihe diw¢ors of the charIta￿e company for Ihe PUTLoses of 0)r￿anY I￿) are resw)nsitAe forthe preparation of the financial staternents and for bein9satisfiedlhattheygsve a true aThl fairview. arKJfof such intemal conlToI as lhelT￿StPes dEtenNinpis nEces5ary to enaL4e the weparats.on ol f￿H￿al s¢atsrr￿ts that are Iree (rom rna￿1* ryM55tatemwl. wh8therdue to or error. In preparing the financial statemenls. the tnJ$tees ore ￿pOn￿ble for assessing the group'5 and parent charitable Ct)rnpany s ability its Continue as a g￿ng con￿rn disdosing. as applicable, rnatters related to going (oncem and using the going ￿nCern basis of acwunb"r¥J unkss the twstees ertl*r intend to IiqLKlate ¢he group orthe P8fent cha11tab￿ company or to cease operation5. or have no ￿81￿￿ aliern&"¥e Ixjt ts) do so. Audilorfs respons￿1 Illtles forthe •udii of the finan¢i•l $tsttments Ourobjectives are￿ab[aIn reasonable assufance ab)u1t*hetherthefjna￿ialS13t8rn￿ts asawhole a￿freefrOM materlal misstatemenL whether due to traLKJ or error. aThJ 10 issue an audrtorf5 rep)rt that indude5 our opirsion. Reasonable aSsura￿e is a high ￿Ve1 of assura￿ L¥Ji is not a guarantee that an audit cnn(l￿ted in ac(x)rdafKe with ISAS IUKI will always ¢Jeteet a material misstalernent when it exists. Mtsststements ean aiise from fratsy or error and a￿ COns￿lered material it. indNiduallyor in the aggregale, iTheytoukJ reasonabty te exF*bJ to infi￿nCe e￿￿m￿￿￿￿$ions of users taken on the basts ofthese finawal stalerngts. Irregulaiities, including Iraud, are insiances of txjn-compliance with laws and regulations. We design proce¢Jures in line with our respon5ibiliti¢s. outlined ab)ve. to del￿1 material misslatgments in respect of irr8gularili8s, includin9 fraud. The extent lo which our procedures are Capable of t1et•cts'n9 irregularibes. In￿l￿Ing fraud, is detailed below. Pago 7 C*)￿&9￿ Envelope10.. 99Io3A2￿2I4W17.Acf?-87AE3eB9402o ROYAL ARnLLERY MUSEUII INDEPENDENT AUOITOR'S REPORT TO THE IAIEMBERS OF ROYAL AR TILLERY MUSEUM FOR THE YEAR ENOED 31 DeCEkl3ER 2020 Extent to which Ihe audlt w•s consid•r¢d capable ol det•ctsng irr•gvlaiities, including fraud Our approach to i¢Jeniilying and assessing the risks of material missiatementinresp8Ctof irregularities. ittcluding fraucl and non-compliance wilh laws and rtgulath)ns. was a5follows'. the engagement partner ensured thal the engagement team collectively had the appropriate ¢ompetence. capabilities and skjlls to Idenlrfy or reco9ni$e non-compl￿nce ￿1h applicèbbe laws and regulations. we idenlif18d the laws and regulations applicable to the company through ¢i5¢u$sionswith directors and other m3nagement. and from our commercjal knowle(Jge andexperience. we focused on 5peofK law5 and ￿gulationS which we con5id8red may have a dir•¢t malerial effect on the rinarKial slalernents or the operations of the o)mpany. including lh¢ Companie5 Acl 2006. taxation legislatvjn. data protection. emrdoyment. environrnental and health and safely legislation. we a5ses5ed the exlenl of CA)mpliance tmlh th8 laws and regulations idents"r￿d above through m8kin9 enquine5 of rnanagement. We a$$essed the $us¢epb"bilrty of the company'$ financial SMement$ to material mi$statement. induding obtaining an undorstanding of how fraud might occur. by. makin9 enquiries of management as to where they cons•JereiJ the￿ was susceptibility to Ifaud. Iheir knovAedge of actual. suspected and alleged frawj. considering the iniemal cont¥o15 in place to rnth.gate ri5k5 of frnud ayd non-eompliance with18ws an ulaiions. Audit response lo risks Identilied To a¢dre55 the risk of fraud through marogement bias a￿1 overrK1e of controls. we.. performed analytical procedures lo iilernify any unusua OT unexpected relationshiF6. tested journal entries to Iijenlify unusual Iran$actKJn$. performed transactional lesling on payroll CA)Sts in ￿SpeCt of those employees with re5pJnsibility or authority in eonnection wth the payroll lunctiorb. assessed whether &udgernent5 and as5umptitins made in determining the accounbng t5timales were i￿11¢alIv8 of Poientbal bia5. investsgated the rationale behind sNJnificanl or unusual transactY)￿. In response lo the nsk of irregthanties and non-compliance Tith ￿&¥$ regulath"ons. we designed procedures which included. bul were not limited ￿.. agreeing finanrial staiement disdosures to underfying supwbng documentatK)n. enquiring of management as 10 actual and wtential llbgat￿n.andc1a1M$. There a￿ inherent limilal￿rn5 in our audil procedures described at#)ve. The more rernoved Ihat laws afid regulations are Irom finafiiial transacth?ns. Ihe less likdy tt Is Ihal we would become aware of non-complian¢e. Auditing standartls also limil the aLtdil procedures required to Kfentify non-complianc¢ with laws and regulations to enquiry of Ibe dir8Ctors and olher rnaThag8ment and the inspec1￿n of regulatory and legal corresponden¢8. rf any. Maierial misstalernenis Ihal arise due lo fraud can b8 harder lo dètect than Ihosa thal aiise from as thèy may involve #eliberate concealrnent or collusion. A further description of our ￿por64￿.1￿$ lor ts a￿1 of the finwoal statements is kxated on the Finanaal RewrtiThJ Council's website at.. vAsw.frc.ory.uk1audrt￿s￿SpQnyb1lI￿e$. ThB de5criplion fom5 Part of our al￿110￿5 rerx)rt. Poge 8 DowSKJn Envelwe ID.. 99103A21>21484617-ALE747AE3CB94820 ROYAL ARTILLERY IfUSEUM INOEPENDENT AUOITOR'S REPORTTO THE MEII8ERS OF ROYAL ARTILLERY MUSEUM FOR THE YEAR ENDED3t DECEIABER 2020 Us• of our rnport This report is made sdety to the tharitat4e ts)mpany's mernber& as a body. in accordance with Chapter 3 of Part 16 ofthe Companies Act 2(th. Our al￿11 **yk has W uNlertaken so that mvJht state to the tharilabSE o)mpany's trustees those rnattets we are required to slate to them in an audit￿$ ￿port and for no other purpose. To fiJlle$t exienl pemiitted byltrd. wèdo notacceptorassume resFonsibilrtyto aTry(￿* otherthan ￿ charitsbleo)mpanyand the charitable pany's twstees as a bcty, for ourauditth, for Ihis reFrt or tr the opin*)ns ￿ ha¥e formed. Andrew Jay ACA FCCA {S•nlor Ststutory Audltor) lor and on b•hall of Fiandor TO￿11 Urnlied Chartered Accountants Registered Audllors Slag Gales HOl￿e 63164 The Av8r¥Je Southamtthn Hampshire S017 1XS Pogo 9 D￿￿gn En￿ope K): 99103A2￿2l4&46IF.ADE7￿7AEJCB94a2D ROYAL ARTILLERY IIUSEUM CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THEYEAR ENOEO 31 0Ece48eR 2020 Unrgstrlcted R*$tri¢ttd funds Funds 2020 Total funds 2019 Total fund$ INCOME ANO ENDOWMENTS FROM Clonalions and legacies Charitable a￿1VIlle$ Okher tradin9 actiwlies Investment incoft Other Ir￿￿rre 287.848 368,492 1.232.596 14.oc 146.082 171 14.000 146.082 171 22,7CKJ 193.242 Totsl Income 8 745 1448 538 EXPENDITURE ON Raising fvncls Charita￿e acli¥ii*S 1.200 Totsl txp•ndiiure Nel 9841s111055esl on Investn￿ {4.0￿2) 14.IyJ2 J 157.979 NET INCOMEIIEXPENDMJREI 10 1182,1(A)I (182.1001 917.343 Trartsfer behvw luThJs NET MOVEMENT IN FUNDS I182.1￿) {182,100} 917,343 RECONCILIATION OF FUMDS rotal lund5 broLtyhtfr*rward 78 TOTAL FUNDS CARRIED FORWARD CONTINUING OPERATIONS All income and expenditur* has arisen Irom eon1in￿n9 activit￿$. The not85 1o¥rn part of these financial Slatements P390 10 OoLvSign E￿lOpE10.. 99103A20-214N617.AOE7-87AE3CB948ZD ROYAL ARTILLERY MUSEUM CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDEO 31 DECEIIBER 2020 Unrestrlcted funds Re5trfci8d Funds 2020 To¢al fund$ 2019 Total lund Fixeo ASSETS Tangible assets Invesirnents 15 16 39.7n 39,777 4 371266 54,604 2.130.418 2.280.625 4,411,043 4,753,354 CURRENT ASSETS Debior5 Cash at t>ank and in har#J 17 18 55.153 127270 55,153 28,841 CREDITORS Amount falling t1uv ￿1n one year 19 NET CURRENT ASSETSIILIABJLITIESI 13 NET ASSETS4LIABILITIES) FUNDS Unrestricted fu)ds De51gnaled funLIs R&%trict8d fuThYs 2,221.461 22.9CI) 2.426.461 22 22 TOTAL FUNOS Companies Act 2006 re18ting to 5rNall thantal)le Cr￿￿nies. Thefinanoal Statements were apwoved bythe Board ofT￿l￿85 on and Iwe signed on its behalfby.. tdLS Major General Nick Edes Chaifrnan and Director 16/912021 1 17:47 8ST Graham Beal Director 21191?021 1 17-.Q9 BST The ￿te$ form partofthe5e financial slaten*nts Page11 Oo¢uSyn ID". 9910WO-21484817.NLIE747AE3CB94a20 ROYAL ARTILLERY MUSEU BALANCE SHEET FOR THE YEAR ENDÉD 31 DECEMBER 2020 Unr•stricted fvnd$ Restrfcted Funds 2020 Total fund5 2019 Totsl funds Noles FIXED ASSETS Tangible as$8ts Investments 15 16 39.777 39.771 4 371 268 54,604 4 698 752 2.130.420 2,280,625 4.411.045 4.753.356 CURRENT A5SErs Debtors Cash al bank and in htr 17 18 55,153 127 55.153 127287 28.841 32 673 182.440 182.440 61,514 CREOWTOAS Amount faling due one ye8r 19 NÈT CURRENT ASSETSIILIABILMESI 107 TOTAL ASSETS LESS CURRENT UABILITIES 2.238,078 2.280.625 4.518,703 4,700,784 NET ASSETSI{LIA81LITIESI FUNDS Unrestricled funds Designaled furKJs R¢stric¢ed furLIs 2.215,178 22.g 2 280 625 2.420,1S9 2 280 625 TOTAL FUMDS These financial siaternents have been wepar8d in ￿0)rd￿ ￿th Ihe spe(ial prwwn5 of Parl 15 ofthe Companies Ad 2CXA rdab.ng to $m8U charitabkcompar#8S. The finawal statements wefe a￿[OVe(l by Board 0fTW￿•S0n afxl were signgEI on its bghalf by: fx Major General Nick Eeles Chairman a￿(1 DITector 161912021 1 17-47 BST Graham Beal Director 21/9/2021 1 17:09 BST The rth fomi part ofthese financial statements R￿l$lere￿ rNJmber. 02472345 P8ge 12 Docuslgn Envelope ID. 99103A2fh214&46174tE7-87AE3C89182D ROYAL ARTILLERY MUSEUII ¢OIISOLIDATEO ¢ASH FLOWSTATEIIJENT FOR THE YEAR ENDED 3108CEM8ER 2020 2020 2019 Cash Ilowsfrom operating •etiviii•s'. Cash generated fromllused by) operations Interest received Interest paid Net cash provlded byllused In) operalln9 adivllles {374.9691 1288,260 74 Cash flows from inv•stin9 tl¥ltl•$'. Purchase of trrvJible fixed awls Sale of tangible fixed assets Purchase of invg$tments Proceeds from Sale of in¥estrnen¢s Investment income 152,798} {763.3441 1.111.848 (2,181.1981 561,859 N•t rAsh provided by lus•d in) In￿￿n9 acll¥lbes Cash flows Ilnandng aeti¥ili•* Repaymenl of tonk108n Flepaymenlof repayaNe grant ¢a$h provlded by lus¢d In) financing activiti•S Change In cash and cash equivalents in the reporting piiod 119.617 {170.6351 Cash and ca$h •quivalonts atth¢ beglnning of the reportlng period 221 651 392 Cash and ¢a¥h oqul¥al•fftts •tth• end of the reporting period The notes fomi part of thwde financial statements P89& 13 OowSi9n En￿ope10." 99103￿ll4￿17-ADE7.87AE3c69482D ROYAL ARTILLERY MUSEUM NOTES YO THE CASHFLOW SYATEIAENT FOR THEYEAR ENDED 31 DECEMBER 2020 RECONCILIATION OF NET INCOIIE1{EXPEMD￿uREl TO NET CASH FLCVI FROM OPERATING ACTIVITIES 2020 21119 N•t In¢•A*llexppndlturel forthe reporflThJ perlod (•s perth• statement of finandal actmties) Adju$tm*nts for. Depreciation charges LossllProfitl on disposal ol tangl￿e fixed assets IGains>nosses on investments Interest and tlividends received Interest paid Decrease in stodt Decreasellincreasel in debtors ID¢creasellincrease in ¢redttors (182.1(¥J) 917,343 14.360 467 4.002 1146,082) 9.205 1157.9791 1193,2421 126.312) 7D8.489 Net e48h provided byl(used In} operatin8 acuvllles ANALYSIS OF CASH AP40 CASH EQUIVALENTS Cash in han 88nk balances (les$ than 3 months) Cash balances within investment pOrff￿10 Overdrarts induded in bank loans and overdrafts tdHing due thin one year 127,270 213,998 32,675 188.976 Totsl rash and ￿$h equlvalonts Page 14 00￿Js19n En¥elope10.. 991O3A2(￿214￿46l7A￿E?￿7AE3cB9I82D ROYAL ARTILLERY Musevm MOTe$ TO THE FINANCIAL STA7EA*NT$ FOR THEYEAR ENDEO 31 DECEMBER 2020 Accoup¥nNG POLICIES COMPANY INFORMATICIY Royal Artillery Ilvseum I"RAM"I wasincorporated on 20 Febwary 1990 underthe Cornpanies Act 1985, asa privale limit￿j company {limiled byguarantee wthou1sha￿caprta1)aThd 1$ regkstered in England and Wales. Thewisiered oificeofthecompany is Artillery House Larkhill, Artillery Barracks. SalK%bury. En9land. SP4 BOT. RAMIS a charity with Charity Commission registration number 803006. The princip￿ actiwty of RAM is to provide a museum and library fry the •xhitrition of artefacts an¢J L1ocuments connected with the Royal Re9iment olArtillery. 8asls gf pr•parlng the finan¢lal 6tat•m*nts The finartial statements ofthecha[itab￿ o)mpany. f5 a txJbl¢ benefil enb.ty uTh*r FRS 102, have prepared in acujrdartè Chaiitsès SORP IFRS 1021 Acwuntry Repo￿r@ by Chanties". Slatemenl of Re(x)mM￿ed Pra¢tice appI￿able lo charttw p￿paring t￿1r account5 in acujrdance with the Financial Reportiro StaThYa(d ap[4￿￿e in Ihe UK aTrJ RepJblic of Irdand IFRS 1021 leffe¢tiV8 1 January 20191., FinarKial Rewrtirvj s13f￿al[l 102 The Finanrial RwrtiTrJ SlaTrJa¥d ar¥￿1£a￿• in the UK and Reput4￿ of Irela￿.. the Charilie5 Ad 2011 and the Comwies Act21)J6. The financial statements have b••n ￿epa￿ urKler th¢ hisknical c05t con¥enb"on with Ihe exception of investments which ar¢ induded at markèt value. Th8 presentsb.onal oJrren¢y is £ sterfin9 and ¥alL￿ are rounded to the nearest p)und. Going Concern The Iruslees have the iftwact of Co¥¥1 19 arnj oy6ider Ihat It￿ to te S￿￿￿ent heaL1r￿M. They therefore w*K1er that there a￿ MI material uncerta￿1%$ about the tharity'5 abil'ty to ntinue as a goir¥J C￿￿ern. Par•nt Company dlselosur• exempllons In preparing the separale financial stsiements of the parenl ¢ompany, advantage has been taken of the following disclosure exemptions.. No Cash flow statement has been presented forthe parenl company.. Disc105ures in resp￿ of the parent ojmparrfs finarK4al instruments hava Tr)t been Present￿ as equivalent disclosures are induded in respect of the g￿up as a whole,. arn1 No disclosure ha$ been gtven lor the aggregate ￿m￿neratION of the key mana9emenl personnel of the parent company as t￿1r￿mUr￿8t¥>n is included in Ihetotals forth¢ group a5 a whol8 Group Flnanclal Statements The financol statements cons(Aidale the ￿ults of th•ch* and ils wholly subsKlory Fbyal Artillery 4UseU￿￿ {Enterprises) Lirymtej on a llre-ty-l￿e b*is. Intert)￿n￿Y trawXJrs aThJ balances betr￿en the companie5 have teen ¢liminal•Y in lull. A separate Statement d Fin)tsal A*Nit*s a￿1 ExFthJrtur9 AcCo￿t for the charity has Tr)t CryMpanies Act 2(Th. In accordarte wlh Ihe tran*In￿ exwnptK)ns avaiabla in FRS 102. th& groLP has ehosen not retr95￿ctivety 8PF4y 5taTrJard io bJsin855 crynbinat*￿$ that the dale oftransib"on. Fund accounting Unre5tricled funds can bè used in accordan￿ with Ihe ¢haritalJle Obpcti￿S ai thè diE¢r•ts"on of ihe trustees. Reslricted funds can onty be used lor parb"cular restrreted wrposes withtn the objecis of Ihg charity. Restrictions arise when specified bylhedonororwhen funds are r84seil forparbcularrestrict8¢1 purposes. Further explanation of the nature aTrl wrp)se of eth fLnJ is lThyud￿ in the Mtes to the fwnri ststeTh*nts. Page 15 Docu&gn Envelope10." 99103A20-214W17-AOE747AE3C&94a20 ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMEPITS ICONTINUEDI FOR THE YEAR ENDED 31 OECEIABER 2020 ACCOU14TING POLICIES.ccwrKEI Incorne All income is rocogni5ed inthe Sialement olFinancial Activitw oncg Ihg ¢harityhas enlillementto thefuThJ$. it is proba￿8 that Ihe income be ￿CeIVed and the amovnl can be measur0¢ reliably. Incomè is the amount derived from ordinary activitie5 and $taW after any discounts and is net of VAT. al Grani$ Income from grants is recognised, ilSTn9 Ihe perfom)ance mtjjel. when the charity has entitlement tD th lund5. any perforrnan¢e condition5 attached lo the granl have been sabsfied, receipt of the income 15 probable and the amount Can be measured ￿l￿￿y. bl Donations Incom8 from donations is ￿Ognised on rec8tpl excepl where the donation includ8S tem)s and conditions. in which case i￿0Me is r8CQgnised once any perfomwrb¢e condition$ altached to the ¢onatK¢n have been satisfied. cl Legacies Irrtome frorn legacie5 ts reco9nised when the charity is awa￿ fftat lThe￿ has been grant of probate. notification has been wwved from the exe¢utor5 that a di5tribulion will be made aThJ any conditions attached to the legacy have been salisfied. Where th8 charity has been noiif18d ol a legacy but there is uncertainty to the amount ofthe payment. the legacy is I￿ated as a contingent asset. I Investment income Investment ino)me is reco9nised %¥then recewable and the ￿tsUn1 be measurerf reliabty by the charity. Expenditure Liabilities are ￿cOgnised as eWen¢itU￿ as soon as is a legal or cornstructive obligatioft commrtting Ihe charity lo that èxpeThJiture. il is probaue thai a transfer of economic benefits will be ￿qUIred in settlement and the amount of the 0￿19a1￿)n can be rneasured reliabty. ExPe￿Ilure is accounted for on an actruals basis and has been classified under heading5 that aggregate all c05l relaled to the category. Where cost5 cannot be directly altribvie(J to particular headings they have been allocated lo activities on basi3 ¢OnSlStent with the use of fesoufces. RedUThJa￿ or tem)ination payments a￿ Te¢o9niBed when Ihefy is a legal or construciive obligalK*n. Allocatlon and apportionmenl of costs . Support costs a￿ those lundiorts that assisi Ihework olV)e ¢harity butth) not dI￿¢11Y undertake Charitable adrvities. Supwrt costs include personnel. finance, administrative and govemance costs which support the operabon of the mv5eum and its activf(w. These costs are allocated be￿een the ¢xs¢s of charitable activities and raising fund5. Further details of support costs are provhled in ￿te 9. Tanglble fixed assets All tangible fixed as5el$ are initially recognised atC05t. Individual langibk r￿ed a55etS C05bng £500 ormore are capitalisèd and are d8preciated over thwr estirnated eo)nomic lives on a stratght line ba515. Lower amoLtnts are expensed in the year ofpur¢hase. Depwafion is PTovided at the lollowing annual rates.. Fixtures ano fittings 20% Molor vehides 20% Paye 16 OorAJ&gn Envdope1Tr. 99103A2￿2l4Wl7.ADE?.&7Ae3C894820 ROYAL ARTILLERY MUSEUM IIOTESTO THE FINANCIAL STATE￿NYs lcoNT￿uED? FOR THEYEAR ENDED 31 DECEMBER 2020 ACCOUNnNG POLICIES4¢YITh Investm•nls Investments are hekl as fixed assets. The irrteresl in Ihe subskjiary uThJertaWing ts slaled at cost 1855 PfOVi5ion for¢iminulon in ¥￿Ue. (Xher investments are on the balan￿ sheelal rnarket value. Changes in Ihe rnarket value of InV￿1￿￿nIS te￿ finanaal ye￿5 are charg￿j to the stsiement of Finanoal ￿ts￿tIeS as unlea￿￿ 9ains and ￿$se$. Profts and bssus m*Je on Ihe saleof irNe5trnents in th8 year are as realwj gains k)sses in Ihe Stalern￿t of Financial ktMti85. Interest on cash derK)sited wlh banks arKJ in¥e5tment management Cornpan￿ is IndUd￿ in investn*nt incoff in the Sta*m*rt of Financial Acts￿1￿. Debtors Trade and olher deblors are recog￿eYing op8ratbJn5 14,CKKI 22,7Tr) INVESTMENT INCOME 2020 2019 Investment portlolio irKome Dewsit account intergst other interest 146,079 193.237 All in¥estment inr£*me w35 unreStr1th￿ ftr cwrenl aTrJ pY8WOU5 year. O. OTHER INCOME 2020 2019 Other income Profit on disposal of long leaseholds 171 oth8r Incon￿ was unrestricted for lh8 cwrert year. P89e 19 Do￿&0￿ Envelope10.' 991O3A20-21484617-A￿747AE3C694s2D ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMEPffS ICOIITINIEOI FOR THE YEAR ENDED 31 DECEMBER 2020 7. RAISING FUNDS 2020 2020 UM•8trici•d R•stslcted 2020 Total 2019 Totsl Raising donolions ￿ le9acl•¥ Fund raisir Put4￿ reM￿S a￿¢ mathebThJ 1.200 Tradlng.. C05t of ¥ales and othv costs Cosl ol sales Repair5 and maintena Publ¢ relalwxs markebTrJ Ligh¢ and heat Suppc¥t costs CHARITABLE ACTIVITIES COSTS 20x1 2020 Unrestricled Restricted 2020 Total 2019 Totsl Collection managemenl Staff ¢05ts lolor an4J trav¢1 ConservatN)n SIoTage Packing Transport Support rx¥$ts Inole 91 187,004 187,004 189,423 11.274 3,376 77.760 479 33.023 11.130 311 311 73.403 125 43 73.403 125 43 Plannlng for the future mus¢um Project mana er Projeu consu tancy Archilect. struLtural ouanlity surveyors Planning, Environmental and ground invesbgation Trade rnark and othw legal adwce Exhibition desi9n Travellin9 and molor expenses Other costs Trustee expenses Support ujsls (note 9) 34.625 168,692 34,625 168.692 48.1 111.676 479 479 3,896 18.331 18.331 4,451 3,189 3.189 8.958 2.786 5.761 7,691 7,030 2.786 72 Totd Ch•iiatAe AL*Mtres c￿ts Paoe 20 Doojsign ID.. 991D3A20-214N617-AtE7-87AE3C894820 ROYAL ARnLLeRY MUSEU NOTES TO THE FINANCIAL sTATE￿NTs ICONTIMUEDI FOR TIIEYEAR ENDED 31 DECEMBER 2020 SUPPORT COSTS 2020 2020 2020 Total 2019 Total Stsff costs ant1 emoluments Stsff recruitment and Iraining Computer rDsts Dep￿ya1￿)￿. ot￿r L(6s on diskY)S Insurance Legal fè•s Bank interest ant1 charges Investment portfolio fees Post￿8 and siationery Sunijry expenses Telephone and fax Bad debis Accountancy Auditots 23.874 104,470 2.050 6.801 14,3ei) 467 18,824 6,500 687 23.603 2,010 1,258 3.596 S.686 480 93,751 1.530 6.454 9,205 6,801 14.360 467 15,057 3.767 15.296 4.633 714 38,665 1,591 752 3,345 23.603 2.010 1.258 3.596 720 478 10. NET EXPENDITURE 2020 21119 AudftO￿. ￿M￿r￿￿tiOn- Fonder Tovdl Lease ￿nts L05s on d￿7 DepretsatkM-own*J assets 6,975 58.760 467 7.478 58.760 11. TRUSTEES. REMUNERATION ANO BENEFITS DurirrfJ thèyear. prevpjus eonsurtatiL￿ ¥*ththe thar1tycommiss￿n. the eharityS chairman irsvw the charity £34.62512019." £45.500 ￿latsn9 to 2019 ctrwrges anij £2.5(KJ ￿lating to 20181 in respect of consultsncy seNces, adrninistrative support anLI research. The chairman did not receivè any remuneration in respect of his rol• as a twstee of Ihecharity. No other trustees re¢eNed r¢mun¢ration orolhw benefils forthe year end8d 31 D8cernbgr 2020 norfor the year ended 31 December 2019. Trustees. expenses During thè yèar 4 trustees **rÈ f*mt￿rsed travel eXPE￿ lolalliro £4.275 {2019'. 5 trusiees totalk.rs £13.6991. Pagt 21 Docu5tyJn En¥elope ID." 9910142￿214W17-ADE7-V7AE3CB94 ROYAL ARTILLERY MUSEUM IIOTES TOTHE FIFIAIICIAL STATEMENTS IcopmNuEOI FOR THEYEAR ENDED 31 DECEMBER 2020 12. STAFF COSTS 2020 2019 Wages and salaries Socu?I security ¢(6ts oth8r o)srs 259,569 20,717 246,117 21,902 Slaff costs are aWt*J as folk)w&'. Colle¢tv)n management lTr)te 8) Surwrt ¢OSts Irk)te 91 Non payrDII Lwts 4rWud&l 187.(X)4 104.470 189.423 93,751 Th8 avewe monthty nurnt4r of W￿40yeeS duriTrJ year¥dS as 2020 2019 Nc*. M￿￿m No employees ￿¢eNed eM￿un￿#ts in exctss of£60.COJ. The company's staffing alk1￿ (or a tuW4irne p)*bon to be filted by Several part li￿ en4Yoyee5 e￿ureS that a greater flexitrjlity of $taffirvJ w be achi￿e0 duriffj busy peri(￿5. The museurn i*neff15 frcffi grant swfrom MOD. 2020 2019 EmplO￿(￿nI benefits of key mWwgen￿I Pag? 22 Docuslgn Envelope10". 99103A21>21484617-AL%7-87AE3CB9482D ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS ICONTINUEOI FOR THEYEAR ENDÉ031 DECEk18ER 2020 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES Unrestricted funds Rè8triet•d Total funds lun418 INCOME AND ENDOWMENTS FROM Donations antl legacies Charitable activities Other trading activities Investment Income Other Income 53. 1,178.6 1.232,596 22.7 193.242 22,7(K) 193.242 Total 1 178690 EXPENDITURE ON Raising funds Charitable activilies Other costs 1,2C() 687.974 409,284 278.690 Total Net 98￿$1(10s$0s) on investments 157.979 157.979 NET INCOMEIIEXPENDITUREI Transfer be￿een fvThJs 17.343 9￿.000 917,343 NET MOVEMENT IN FUNDS 17,343 917.343 RECONCIUATION OF FUMDS Total funds broughl fonward TOTAL FUNDS CARRIED FORWARD 14. PARENT CHARITY RESULT FOR THE YEAR Tho parent charity has laken a(Ivantage of the eXempl￿n alknwed under seC￿n 408 oflh8 Companies Acl 2006 and has not presented its own separate Statementof Fsnanaal Ac15Vities an¢J Incorne and Expenditure AttounL The net defrt oflhe charity for the yearwas £182.08112019.. £917,406 5urplusl. Pa98 23 Oocvsgn Envelope IO". 99l03A2￿2l48467?.ADE7.87AE3CB9¢S2D ROYAL ARTILLERY IIVSEUM NOTES TO THE FIl4￿cIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED31 DECEMBER 2020 15. TANGIBLE FIXED ASSETS Flxiur¢s and filliry5 Motor v•hicles Total Gtoup and charlty COST Al 1 January 2020 Addition5 Di8p)saL8 At 31 Dec8rn1)Er 2020 90.398 11.650 102.048 DEPRECIATION At 1 January 2020 Charge for year Elirninated on d￿￿)SaI At December 2020 45,696 12.03J 1,748 2.330 47.444 14,360 NET BOOK VALUE At 31 fknen*8r 2020 •* At 31 D￿eMb￿r 2019 16. FIXED ASSET IPIVESTIAENTS Quot Total COST OR VALiIATION At 1 January 2020 Acquisitions at O)51 Disr￿$81$ at 0s)eThry tx)ok value Gain51(kxsl on imiestrnenl a55ets At 31 Oece¢thr 2020 4.698.75J 788.3e6 (1.122.278) 4.698.79J 788.366 {1.122.2781 6428 71 Investments held by the chanty indvde an addits￿al £2 12019". £21 relats.￿ to the investments in the subsidiary cornpanies (see below). Intjuded within the quoted in¥estffent Port1￿￿) rs £213.99612019.. £188,976) of cash bèltnce5. There were rMI investment asseis outSKJe the UK. Royal Artillery Musevms IEnterprise51 Liryuted. a cmpary rv3istered in EThJand and Wales wilh the registered number02692172. is the w￿lIY owned tr&1iw subsidiary of Roy81 Artillery Museums LIMI￿￿. The re￿ ol Ihe subsMJiary af6 I￿￿Je￿ li the cowlidai&J ac£ounLs. A sumrnary of the finar￿1 pxitK)n 15 a5 lo110￿.. Tumover Expenses Total assets 6,704 Total liabilities 469 69 Pa9e 24 Oocu&gn ETr¥￿0pe ID.. 9910WW14&4617-ADE7-87AE3C89482D ROYAL ARTILLERY MuseL NOTES TO THE RII*J4CIAL STATEIIENTS ICONTINUEDI FOR THEYEAR ENOEO 31 DECEMBER 2020 17. OE8TORS: AMOUNTS FALUNG DUE MTHIN ONE YEAR Group 20211 Cornpany 2020 Gr0￿P 2019 Company 2019 Trade debtors Amounts owed by group undertakings VAT 14,768 14.768 14,C63 14.063 11,245 3.333 11,245 3.333 Prepayments and accrued In￿m9 Accrued incorng Otherdebtors 13.$07 13.507 18. CASH AT 8Atr4K AND IN HAND GffJup 2020 Cornpan 202 Group 2019 Company 2019 Charities Offiaal Inveslment Fund *c Other bank ac¢x)unts Cash in hand 10 127.260 10 127.277 10 32,665 10 32.663 19. CREDITORS: AM¢XINTS FALu1￿ DUE WITHIN ONEYEAR Group 2020 Company 202Q Group 2019 Company 2019 Trade Cfeditors Amounts owed to group unLlertakin9S Tax and social security Acryuals and deferreil inc(Nne 37.063 37.063 6,754 18,963 44.991 44,991 6,754 17,183 19,41S 17,635 20. FINANCIAL INSTRUMEMTS Group 2020 Company 2020 Group 2019 Cofflpany 2019 Financyal assets mea￿red at fair value Pa9e 25 Oocusign EnveW10. 9B10W1%214H617.AtE747AE3¢891820 ROYAL ARTILLERY IAUSEUII IIOTE$ TOTHE FIN1￿cIAL STATEMENYS {CONTrNLEOI FOR THEYEAR ENDE031 DECEMBER 2020 21. FUNDS Unrestricted fund5 areus8d atthedyscretionofthetru$tees foranyofthecharity's purpose5,thi5 is mainly for the operation of themuseum. O¢s￿nated funds are amounis earmafked by Ihe tsusleeslor specific purposes. Restricted funds ¢omwise the follo￿n9- Rau5ing ¢JonatvJn: A $3onalion received which ts to tse used for ed￿ational purkvs85 Tony No￿tt legacy.. A legacy bg]ueath&J tr) the c*anty **ych i8 to l)e used tr)r Ihe fijturedeveljprnenl of the new muwm Musevm Capital furKI: Grants fye8ived lor th8 ca￿) costs of ddTrvery of the n8w RA M￿urn HLvitage and &JucalbJn lund". A legacy t￿qL￿al￿ io ch• vh¥ch ts io be u5•a forth8 fviure devekjpmenl of the new museuffl. or othemse for hentage aThJ MinKs1ry of Defe￿ ￿Tro5.. Gwts wived to I￿￿ staff a￿1 ubthbes o)sls. 22. MOVEMENT IN FUNDS G￿up Net movenwnt AI 111120 In funds At 31112120 Unrestrlcted fvnd$ General fun Deslgnatsd funds Future m￿e￿n woje Restricted funds R8using fx)natron Tony Howit Leg Mus8um capilal fund Heritsge and e¢u¢atK)n fun 2.426.461 I205,1￿0) 2,221.461 22.900 22,900 580.625 100,000 700.000 $80,825 100.000 700.000 0000 TOTALFUNDS Nei rnovement in fitnds. included in the at4Jve a¥e as 101h￿S.. Incoming Resources Investments resour¢e$ ¢xp¢nded owement In funds Unre51rlct•d fvnd5 General fund 217.937 1418.9951 14,0021 1205,0001 Designated funds Futur• mLseLHn ppJJec* 22.900 R¢$trl¢ted fund$ Ministry ol Defence 9ranl in aKI Ministy of Defer￿ suprKMt 210.678 1210.6781 287 TOTAL FUNOS P4e 26 DopJSign En%*lope ID.. 99103A2¢>214&4617-ADE7-87AE3C69482D ROYAL ARTILLERY MUSEUII NOTES TO THE AMANCIAL STATEMENTS IcoimNUEDI FOR THE YEAR ENDEO 31 DECEMBER 2020 22. MOVEMENT IN FUNDS - COMTINIJED In the prior year. Ihe ￿trthd Ministry of Defe￿e grant in avj fU￿j had inLz￿1ry resources of £203.402 an# resources expeThJed of£203.402. the restiided Ministry of Deferte swportlw)d had no)ming resour￿ of£75,288 and resour￿$ expe￿e￿ of£75.288 aTrY the￿ was restrided inc¥)me Of£9CK).t￿ fgr the heritage and &luCali￿ lund. Th•5e the orty on resiricted funds the kyevious year. Chanty At 111120 Not movement In £ funds At 31112120 Unrestrlcted lund* General fund 2.420.159 1204.9811 2.215.178. D•signat•d lund5 Future museum proje¢t RestrScted funds Rauslng Donation Tony Howilt Legacy Museum capital fund Heriiage and edutatwjn fund 22.9LKI 22.9 580,625 1CKI.000 7W.000 580.625 100.000 7(KS,O(X) 2 280 625 2 280 625 TOTAL FUNDS Net movern8nt in funds, included in the at()ve are as folhJw5'. Incomlng Resourees Invtstments resour¢e$ ¢xpgnd¢d Mov•rn•nt In fund$ Unrestrlcied f￿dI General fur Deslgnatsd funds Futur¢ m(L8eum Pro￿ 217.gJ7 1418.9761 {4.CQ21 1204,9811 22.900 R85tr1cted fund$ Ministry of Defen￿ gran¢ in Min￿try of OeferKe sUPFKIrt 210,678 77,170 (210.6781 ITT.1701 TOTAL FUNDS 23. RELATED PARTY DISCLOSURES Grants of £38,25012019." £Nill We￿ r￿lY￿j from the Royal Artillery Instrtubon IRAII and amounts of £Nil12019.. £Nillwere indud&J in debtors al Ihe b*ance sheet date. Members ofthe Ma$ierGunners' Committee have the ri¥it to LEcome rT*rnkn of ts Royal Artrflery Mweum arnl otlv aFWic* lo ￿￿mberShiP rn￿t be el￿ by Ihe Commtttee. 24. MEMBERS. GUARANTEES The members. liability is limited to £1 each whith is payable in the ￿ent of the company boirwJ up. P89e 27 ODwSwJn Envelo￿10". 991QWO-21484617.ADE7.87AE3CB9482D ROYAL ARTILLERY MUSEUM NOTESTO THE WIIANCIAL STATEMENTS IC014Tr4UEDI FOR TMEYEAR ENDED31 OECEMBER 2020 25. LEASING AGREEMENTS Minimum lease payments ￿ljer non-car*dlable operating leases fall due as follows.. 2020 2019 thin one year 8etween one and five years 26.167 69.500 PEXSION SCHEME COMMITIAENTS th effect from 1 July 1997 a pe￿nal pension scheme T￿th Stsndard Lrfe was implementetj for all pemanent employee5 who wished io parbapate. The cnmpany matches the employee's ¢ontnbution up to 5% and the eM￿Oyee has the optim to pay addtiional contrtbtstion$. The amount of pen￿On conknbulion5 recognised in the year a$ an exp*￿ is £7.388 (2019". £10.355I. 27. ANALYSIS OF NET ASSETS BEfwEEN FUN05 Th8 anatySiS ofnet a5seLs bet￿n fuThts St 31 Dewnber 2020 15 sWn in lh8 ballqnca Sheets on pages 10and 11. Un￿￿triCted fvnds Restrfcted funds rotal FUTh# balance5 at 31 De¢ernber 2019 ar8 represenled Group: Tangible fixed assets Investmenis Current a95ets c￿110￿.. ak7X)wt falltrrfJ duewlhw ¢)n8 year 54.604 2.280.625 4.698.750 61.516 2.418.125 61,516 Company". raThJit4e f￿e0 assets Investments Cutrent assets Creditors.. 8munt falhrMJ due ￿1h1n one year 54,604 2.418.127 61.514 114086 54.604 4,698.752 61.514 2.280.625 Page 28