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2022-12-31-accounts

DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

REGISTERED COMPANY NUMBER:02472345 REGISTERED CHARITY NUMBER: 803006

ROYAL ARTILLERY MUSEUM REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Page
Chairman's Report 1
Report of the Trustees 2 to 5
Report of the Independent Auditors 6 to 9
Consolidated Statement of Financial Activities 10
Consolidated Balance Sheet 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 29

DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM

CHAIRMAN’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

2022 has seen the implementation of a number of interim plans following the intensely disappointing withdrawal by the Army of the offer of land at Avon Camp West and the resultant loss of the Swindon and Wiltshire Local Enterprise Partnership grant of £1.35m. At the heart of these have been the outstanding work by our small cadre of employed staff, reinforced by a growing and fully committed team of volunteers, to provide a suitable home for the RA Collection during the transitional period which we have been forced to extend significantly. At the heart of this work has been the occupation and improvement of the Wood Road centre of operations, which is currently occupied as a Tenancy at Will but has the option to convert to a five year lease from the MoD (and the handing back of garaging in Larkhill Camp). Here the charity has established a thriving centre encompassing offices, meeting space, stores, a limited display of field artillery and a conservation workshop. The final element is an asset which the museum has not had before, and is enabling us to improve the condition of a number of important pieces which were stored outside during the Firepower years. Having most of the RAM team (less for the Archivist and her volunteers) working in a single, centralised location, has had enormous benefits in terms of output, efficiency and morale, and has also enabled us to host small visits by the serving Regiment (especially trainees), schools and the public.

Despite the loss of Avon Camp West, the charity remains (with strong regimental support) utterly committed to delivering an appropriate new home for its unique Collection near Larkhill. A full site options appraisal was completed in 2022 which identified a preferred location to the east of Larkhill Camp, and initial indications are that the Army will support the building of our new museum in this area. In parallel with this work, options for the initial museum project were developed, accepting that with reduced funding and high building inflation rates, our aspirations would need to be significantly more modest than previously envisaged. Early proposals falling out of this work have been endorsed by the RAM board and the Regiment. The site is not without its challenges (for example providing a suitable access route and utilities connections) but it offers a wonderful location close to the home of the Gunners and within walking distance of the majority of families’ quarters in Larkhill. As such it will provide a unique community hub in the area.

Following the tough financial decisions which the RAM board took last year, the charity has strived to deliver a balanced budget despite the withdrawal by the Army of the Firepower specific support funding (c£70,000 pa). With no visitor income, the charity has been supported most generously by the Royal Artillery Institute and Royal Artillery Charitable Fund with grants for specific projects and the delivery of the Archive capability. This funding has enabled a range of activities to continue including planning for a new catalogue and website, the ongoing oral history project, deep conservation projects and archive research and development work.

In conclusion, I would like to record once again my gratitude for the work of the board and the contribution trustees have made to the charity’s activities during another busy year in which we have occupied new accommodation while developing fresh plans for the future museum project. I would also like to place on record the board’s appreciation for the work and achievements of the core staff and our expanding team of volunteers, who have again delivered well beyond expectations over the last twelve months. The trustees, staff and volunteers remain very much focussed on delivering a new, sustainable home for our nationally important collection near the Regiment’s home on Salisbury Plain, at the same time as addressing many long-running collections management deficiencies, which stretch back to the Firepower days.

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DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The report also incorporates the directors’ report as required by company law. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the charity are to provide a museum, archive and library, and raise funds for future museum development, in order to educate the public and members of the Regiment in its history and traditions. These objectives require it to develop, conserve and care for the Arts Council England designated collection.

Following the sale of the leasehold properties to the Royal Borough of Greenwich in November 2015 the museum in Woolwich closed to the public on 8 July 2016. The capital receipts from this sale, together with any future receipts from fund raising activities, will be re-invested in the development of a new museum near Larkhill to house the Royal Artillery Collection.

Public benefit

The trustees confirm that they have referred to the Charity Commission's guidance on Public Benefit in deciding what activities the charitable company should undertake in order to achieve its aims and objectives.

The future Museum will promote public benefit by providing an effective, interesting and accessible display of the heritage of the Royal Regiment of Artillery through the appropriate presentation of artefacts including artillery pieces of national and international importance. It will provide a source of information for those pursuing education, scholarship and research on matters relating to the Regiment and artillery in general.

Planned conservation that safeguards the collection, and a continuing programme of gathering in the Regiment’s history (in its broadest sense) is also delivered.

ACHIEVEMENT AND PERFORMANCE

Review of Developments

The museum continued to enjoy the support of its major stakeholders during 2022. Financial support came principally from the Ministry of Defence with additional support received from the RAHT (the owners of the Collection) and the RAI.

The main focus of the Collections team during the year was the conservation and restoration of objects stored at Wood Road, specifically items stored outside during the firepower days.

Conservation remained a key priority with the environment of the stores being closely monitored particularly with respect to sensitive items in the Collection.

The Museum continued to benefit from the expertise provided by a fully committed Board of Trustees, chaired by Major General Nick Eeles.

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DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW

Grant income

The museum continued to benefit from the support of its major stakeholders, including the Ministry of Defence whose contributions have totalled over £210,000 (2021 over £290,000).

Investment Policy and Cash Balances

At the year end the charity held cash balances of £136,517 (2021 £110,125). In 2017, the trustees took the decision to invest the majority of cash funds so that these can be held towards the funding of the new museum, whilst generating a return in the meantime. The trustees considered the most appropriate policy for investing funds and put in place an investment policy which does not risk the invested capital sum and which is sufficiently liquid to meet the programme’s cash requirements. The trustees decided that the charity will not invest directly in any organisation whose main activity is the production of tobacco, narcotics or pornographic material, the encouragement or enabling of gambling, provision of home credit (doorstep lending) or which uses child labour or other exploitative employment policies.

In order to meet these objectives, the Finance and Risk Committee has been delegated responsibility for overseeing the investments. The charity has appointed stockbrokers to manage a diversified portfolio of suitable investments on a discretionary basis.

Reserves policy

Unrestricted funds amounted to £1,896,642 (2021 (as restated) £2,483,482), of which £1,831,611 (2021 (as restated) £2,428,743) is freely available.

Reserves are held for the purpose of funding day to day working capital requirements and to provide funding for the new museum.

The policy is to maximise the free reserves available for the funding of the new museum through careful control of the day to day working capital requirements.

Risk Management Policy

The board's Risk Management Group meets regularly to review the risk assessment schedule. This covers five main areas: Governance and Management, Financial, Operational, Environmental/external factors and Curatorial. Each risk is rated according to its likelihood and potential impact and a risk report is presented to the board on a regular basis. This schedule will be regularly reviewed and updated when appropriate.

During the transition period, RAM will be undertaking a review of its current operating procedures to ensure their continued efficacy throughout the business.

Environmental Policy

The board believes that all businesses are responsible for achieving good environmental practice and operating in a sustainable manner. The board is therefore committed to reducing its environmental impact and continually improving its environmental performance as an integral and fundamental part of its business strategy and operating methods.

Trading subsidiary

The charity's wholly owned trading subsidiary (Royal Artillery Museums (Enterprises) Limited) ceased to trade on the closure of the museum. The trustees will consider their future plans for the subsidiary during the period before the new museum is established. During the year the subsidiary was unable to donate any profits to the charity.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, the Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Charity constitution

The company was incorporated on 20 February 1990 as a company limited by guarantee, registered number 2472345. It was subsequently registered with the Charity Commission under the registration number 803006, on 9 March 1990.

The registered office of the company together with details of the company's directors and names and addresses of professional advisors are given below.

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DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Induction and training of new trustees

New directors are provided with a copy of the memorandum and articles of association and informed of their obligations under company and charity law. All directors are encouraged to attend appropriate external courses which may assist them to carry out their role.

Key management remuneration

The Company's Memorandum and Articles of Association preclude the directors from receiving any remuneration for their role as trustee.

Fundraising standards

The charity does not currently carry out significant activity to raise funds from the public

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02472345

Registered Charity number 803006

Registered office

Artillery House Larkhill Artillery Barracks Salisbury England SP4 8QT

Trustees

Major General Nick Eeles (Chairman) Graham Beal David Greenwood Simon Hawkes Peter Wragg James Barnes Mark Milligan Peter Carson Peter Thompson Karen Peek Resigned 28/11/2022 Thomas Foss-Smith Appointed 15/01/2023 Lt Col Benjamin Baldwinson Appointed 09/01/2023

Company Secretary

Sonjeev Sehota

Auditors

Fiander Tovell Limited Stag Gates House 63/64 The Avenue Southampton Hampshire S017 1XS

Bankers

Lloyds Bank Plc Business Banking Service Centre 3rd Floor 10 Booth Street Manchester M2 4AW

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DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

REFERENCE AND ADMINISTRATIVE DETAILS - Continued

Bankers (continued) Lloyds Bank Plc 19/21 Powis Street Woolwich London SE18 6HZ

Investment managers

Brewin Dolphin 12 Smithfield Street London EC1A 9LA

Solicitors

Thompson Snell and Passmore 3 Lonsdale Gardens Tunbridge Wells Kent TN1 1NX

Statement of trustees’ responsibilities

The trustees (who are also the directors of Royal Artillery Museum for the purposes of company law) are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Auditors

Fiander Tovell Limited are deemed to be re-appointed under section 487(2) of the Companies Act 2006.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

26/9/2023 | 09:04 BST Approved by order of the board of trustees on and signed on its behalf by:

………………………….

Sonjeev Sehota Company secretary

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DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ROYAL ARTILLERY MUSEUM FOR THE YEAR ENDED 31 DECEMBER 2022

Opinion

We have audited the financial statements of Royal Artillery Museum (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 31 December 2022, and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ROYAL ARTILLERY MUSEUM FOR THE YEAR ENDED 31 DECEMBER 2022

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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ROYAL ARTILLERY MUSEUM

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ROYAL ARTILLERY MUSEUM FOR THE YEAR ENDED 31 DECEMBER 2022

Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ROYAL ARTILLERY MUSEUM FOR THE YEAR ENDED 31 DECEMBER 2022

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

…………………………………….

Andrew Jay ACA FCCA (Senior Statutory Auditor) for and on behalf of Fiander Tovell Limited

27/9/2023 | 09:38 BST

Chartered Accountants Statutory Auditors

Stag Gates House 63/64 The Avenue Southampton Hampshire SO17 1XS

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DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted Restricted 2022 2021
funds Funds As Restated
Notes Total funds Total funds
£ £ £
£
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 28,570 377,878 406,448 428,900
Charitable activities 3 - - - -
Other trading activities 4 16,750 - 16,750 9,450
Investment income 5 150,472 - 150,472 154,280
Other income 6 - - - -
Total income 195,792 377,878 573,670 592,630
EXPENDITURE ON
Raising funds 7 - - - -
Charitable activities 8 293,231 211,878 505,109 551,122
Total expenditure 293,231 211,878 505,109 551,122
Net gains/(losses) on investments (655,401) - (655,401) 197,613
- - - -
NET INCOME/(EXPENDITURE) 10 (752,840) 166,000 (586,840) 239,121
Transfer between funds 166,000 (166,000) - -
- - - -
NET MOVEMENT IN FUNDS (586,840) - (586,840) 239,121
RECONCILIATION OF FUNDS
Total funds brought forward (as restated) 2,483,482 2,280,625 4,764,107 4,524,986
TOTAL FUNDS CARRIED FORWARD 1,896,642 2,280,625 4,177,267 4,764,107

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

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DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM

CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted Restricted 2022 2021
funds Funds As Restated
Notes Total funds Total funds
£ £ £
£
FIXED ASSETS
Tangible assets 15 42,131 - 42,131 31,838
Investments 16 1,691,116 2,280,625 3,971,741 4,603,614
1,733,247 2,280,625 4,013,872 4,635,452
CURRENT ASSETS
Debtors 17 81,256 - 81,256 92,070
Cash at bank and in hand 18 136,517 - 136,517 110,125
217,773 - 217,773 202,195
CREDITORS
Amount falling due within one year 19 (54,378) - (54,378) (73,540)
NET CURRENT 163,395 - 163,395 128,655
ASSETS/(LIABILITIES)
- - - -
NET ASSETS/(LIABILITIES) 1,896,642 2,280,625 4,177,267 4,764,107
FUNDS
Unrestricted funds 22 1,873,742 2,460,582
Designated funds 22 22,900 22,900
Restricted funds 22 2,280,625 2,280,625
TOTAL FUNDS 4,177,267 4,764,107

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

26/9/2023 | 09:34 BST

The financial statements were approved by the Board of Trustees on and were signed on its behalf by:

………………….

Major General Nick Eeles Chairman and Director

…………………. Graham Beal Director

The notes form part of these financial statements

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DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM

BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted Restricted 2022 2021
funds Funds Total funds As Restated
Notes Total funds
£ £ £ £
FIXED ASSETS
Tangible assets 15 42,131 - 42,131 31,838
Investments 16 1,691,118 2,280,625 3,971,743 4,603,616
1,733,249 2,280,625 4,013,874 4,635,454
CURRENT ASSETS
Debtors 17 81,256 - 81,256 92,070
Cash at bank and in hand 18 136,517 - 136,517 110,125
217,773 - 217,773 202,195
CREDITORS
Amount falling due within one year 19 (60,680) - (60,680) (79,842)
NET CURRENT 157,093 - 157,093 122,353
ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT 1,890,341 2,280,625 4,170,966 4,757,807
LIABILITIES
- - - -
NET ASSETS/(LIABILITIES) 1,890,342 2,280,625 4,170,967 4,757,807
FUNDS
Unrestricted funds 22 1,867,442 2,454,282
Designated funds 22 22,900 22,900
Restricted funds 22 2,280,625 2,280,625
TOTAL FUNDS 4,170,967 4,757,807

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board of Trustees on and were signed on its behalf by:

…………………. …………………. Major General Nick Eeles Graham Beal Chairman and Director Director

Major General Nick Eeles Chairman and Director

The notes form part of these financial statements

Registered company number: 02472345

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DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Cash flows from operating activities:
Cash generated from/(used by)
operations
1
Interest received
Interest paid
Net cash provided by/(used in)
operating activities
Cash flows from investing
activities:
Purchase of tangible fixed assets
Sale of tangible fixed assets
Purchase of investments
Proceeds from sale of investments
Investment income
Net cash provided by (used in)
investing activities
Cash flows from financing activities
Repayment of bank loan
Repayment of repayable grant
Net cash provided by (used in)
financing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
2
Cash and cash equivalents at the
end of the reporting period
2		 2022
£
(68,516)
-
-
(68,516)
(32,036)
-
(1,021,189)
980,799
150,472
78,046
-
-
-
9,530
198,579
208,109		 2021
£
(132,123)
-
-
(132,123)
(4,568)
-
(747,320)
587,042
154,280
(10,566)
-
-
-
(142,689)
341,268
198,579

The notes form part of these financial statements

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DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM NOTES TO THE CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

2.

Net income/(expenditure) for the reporting period (as per the
statement of financial activities)
Adjustments for:
Depreciation charges
Loss/(Profit) on disposal of tangible fixed assets
(Gains)/losses on investments
Interest and dividends received
Interest paid
Decrease in stock
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash provided by/(used in) operating activities
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Bank balances (less than 3 months)
Cash balances within investment portfolio
Overdrafts included in bank loans and overdrafts falling due
within one year
Total cash and cash equivalents		 2022
£
2021
As restated
£
(586,840)
239,121
21,743
12,507
-
-
655,401
(197,613)
(150,472)
(154,280)
-
-
-
-
10,814
(36,917)
(19,162)
5,059
(68,516)
(132,123)
-
-
136,517
110,125
71,592
88,454
-
-
208,109
198,579

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DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES

COMPANY INFORMATION

Royal Artillery Museum ("RAM") was incorporated on 20 February 1990 under the Companies Act 1985, as a private limited company (limited by guarantee without share capital) and is registered in England and Wales.

The registered office of the company is Artillery House Larkhill, Artillery Barracks, Salisbury, England, SP4 8QT. RAM is a charity with Charity Commission registration number 803006.

The principal activity of RAM is to provide a museum and library for the exhibition of artefacts and documents connected with the Royal Regiment of Artillery.

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Charities Act 2011 and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.

The presentational currency is £ sterling and values are rounded to the nearest pound.

Going Concern

The trustees consider that there continues to be sufficient headroom. They therefore consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

Parent Company disclosure exemptions

In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions:

Group Financial Statements

The financial statements consolidate the results of the charity and its wholly owned subsidiary Royal Artillery Museums (Enterprises) Limited on a line-by-line basis. lntercompany transactions and balances between the two companies have been eliminated in full.

A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page 15

DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES - CONTINUED

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income is the amount derived from ordinary activities and stated after any discounts and is net of VAT.

a) Grants

Income from grants is recognised, using the performance model, when the charity has entitlement to the funds, any performance conditions attached to the grant have been satisfied, receipt of the income is probable and the amount can be measured reliably.

b) Donations

Income from donations is recognised on receipt except where the donation includes terms and conditions, in which case income is recognised once any performance conditions attached to the donation have been satisfied.

c) Legacies

Income from legacies is recognised when the charity is aware that there has been grant of probate, notification has been received from the executors that a distribution will be made and any conditions attached to the legacy have been satisfied. Where the charity has been notified of a legacy but there is uncertainty to the amount of the payment, the legacy is treated as a contingent asset.

d) Investment income

Investment income is recognised when receivable and the amount can be measured reliably by the charity.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Redundancy or termination payments are recognised when there is a legal or constructive obligation.

Allocation and apportionment of costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include personnel, finance, administrative and governance costs which support the operation of the museum and its activities. These costs are allocated between the costs of charitable activities and raising funds. Further details of support costs are provided in note 9.

Tangible fixed assets

All tangible fixed assets are initially recognised at cost. Individual tangible fixed assets costing £500 or more are capitalised and are depreciated over their estimated economic lives on a straight line basis. Lower amounts are expensed in the year of purchase.

Depreciation is provided at the following annual rates:

Fixtures and fittings 20% - 33% Motor vehicles 20%

Page 16

DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES – CONTINUED

Investments

Investments are held as fixed assets. The interest in the subsidiary undertaking is stated at cost less provision for diminution in value. Other investments are included on the balance sheet at market value. Changes in the market value of investments between financial years are charged to the Statement of Financial Activities as unrealised gains and losses. Profits and losses made on the sale of investments in the year are shown as realised gains and losses in the Statement of Financial Activities. Interest on cash deposited with banks and investment management companies is included in investment income in the Statement of Financial Activities.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Creditors

Creditors are recognised where the charity has a present obligation resulting from past events that will probably result in the transfer of funds to a third party and the amount to be settled can be measured or estimated reliably.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments

The charity only has financial assets and financial liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Judgements in applying accounting policies

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In preparing these financial statements the trustees have made the following judgements:

The trustees do not consider there to be any key accounting estimates.

Page 17

DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

2. DONATIONS AND LEGACIES

Donations
Legacies
Grants (see below)
Grants received, included in the above, are as follows:
2022
Unrestricted
£
2022
Restricted
£
Royal Artillery Institution
-
-
Ministry of Defence
-
211,878
Grants from RAHC (from RAI and RAHT)
-
166,000
RAHT
NLHF – WW1 funeral guns
-
-
-
-
Covid-19 grants
24,535
-
24,535
377,878		 2022
2021
As Restated
£
£
4,035
7,926
-
1,000
402,413
419,974
406,448
428,900
2022
Total
£
2021
As restated
Total
£
-
-
211,878
294,627
166,000
90,000
-
-
-
-
24,535
35,347
402,413
419,974

In 2021, £294,627 of grants were restricted, all other donations and legacies were unrestricted.

Page 18

DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

3. INCOME FROM CHARITABLE ACTIVITIES

2022
Total
£
Visitor income
-
Education and research income
-
-
4.
OTHER TRADING ACTIVITIES
2022
£
Loans income
16,750
Trading operations
-
16,750
All income from other trading activities was unrestricted for the current and previous year.
5.
INVESTMENT INCOME
2022
£
Investment portfolio income
150,469
Deposit account interest
3
Other interest
-
150,472
All investment income was unrestricted for the current and previous year.
6.
OTHER INCOME
2022
£
Other income
-
Profit on disposal of long leaseholds
-
-
All other income was unrestricted for the current and previous year.		 2021
Total
£
-
-
-
2021
£
9,450
-
9,450
2021
£
154,279
1
-
154,280		 2021
Total
£
-
-
-
2021
£
9,450
-

2021
£
-
-
-

Page 19

DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

7.
RAISING FUNDS
2022
Unrestricted
£
2022
Restricted
£
Raising donations and legacies
Fund raising
-
-
Public relations and marketing
-
-
Trading: Cost of sales and other costs
Cost of sales
-
-
Repairs and maintenance
-
-
Public relations and marketing
-
-
Light and heat
-
-
Support costs
-
-
-
-
8.
CHARITABLE ACTIVITIES COSTS
2022
Unrestricted
£
2022
Restricted
£
Collection management
Staff costs
-
156,217
Motor and travel
2,679
-
Conservation
6,000
-
Storage
53,740
-
Packing
10
-
Transport
-
-
Support costs (note 9)
74,720
27,831
137,149
184,048
Planning for the future museum
Project manager
-
-
Project consultancy
61,764
-
Architect, structural and quantity
surveyors
-
-
Planning, Environmental and
ground investigation
Trade mark and other legal advice
-
150
-
-
Exhibition design
-
-
Travelling and motor expenses
8,236
-
Other costs
10,937
-
Trustee expenses
274
-
Support costs (note 9)
74,721
27,830
156,082
27,830
Total Charitable Activities costs
293,231
211,878		 2022
Total
£
-
-
-
-
-
-
-
-
2022
Total
£
156,217
2,679
6,000
53,740
10
-
102,551
321,197
-
61,764
-
-
150
-
8,236
10,937
274
102,551
183,912

505,109
 2021
Total
£
-
-
-
-
-
-
-
-
2021
Total
£
122,975
5,240
20,000
30,833
17
135,532
90,335
404,932
-
39,920
-
2,469
61
-
8,211
3,597
1,598
90,334
146,190
551,122

Page 20

DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

9. SUPPORT COSTS

2022
Unrestricted
£
2022
Restricted
£
Staff costs and emoluments
23,454
55,661
Staff recruitment and training
-
-
Computer costs
15,489
-
Depreciation - other
21,743
-
Loss on disposal
-
-
Insurance
20,504
-
Legal fees
3,551
-
Bank interest and charges
387
-
Investment portfolio fees
21,965
-
Postage and stationery
3,374
-
Sundry expenses
560
-
Telephone and fax
3,550
-
Bad debts
10,980
-
Wood Road costs
14,610
-
Accountancy
-
-
Auditors remuneration
9,274
-
149,441
55,661
NET EXPENDITURE
Auditors’ remuneration – Fiander Tovell
Lease rentals
Loss on disposal
Depreciation – owned assets		 2022
Total
£
79,115
-
15,489
21,743
-
20,504
3,551
387
21,965
3,374
560
3,550
10,980
14,610
-
9,274
205,102
2022
£
9,274
27,890
-
21,743		 2021
Total
£
95,201
-
7,280
12,507
-
24,557
9,950
519
17,423
1,978
427
3,583
-
-
-
7,244
180,669

2021
£
7,244
26,167
-
12,507

10. NET EXPENDITURE

11. TRUSTEES' REMUNERATION AND BENEFITS

During the year, following previous consultation with the Charity Commission, the charity's chairman invoiced the charity £33,000 (2021: £31,000) in respect of consultancy services, administrative support and research. The chairman did not receive any remuneration in respect of his role as a trustee of the charity.

No other trustees received remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

During the year, 3 trustees were reimbursed travel expenses totalling £4,751 (2021: 3 trustees totalling £3,779).

Page 21

DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

12. STAFF COSTS

STAFF COSTS
Wages and salaries
Social security costs
Other pension costs

Staff costs are allocated as follows:
Collection management (note 8)
Support costs (note 9)
Non payroll costs included
The average monthly number of employees during the year was as follows:
Museum
 2022
£
200,637
15,150
9,584
225,371
156,217
79,115
(9,961)
225,371
2022
No.
7		 2021
£
188,860
14,595
9,386
212,841
122,975
95,201
(3,800)
214,376
2021
No.
6

No employees received emoluments in excess of £60,000.

The company's staffing policy allows for a full-time position to be filled by several part time employees which ensures that a greater flexibility of staffing can be achieved during busy periods.

The museum benefits from grant support from the MoD.

2022 2021
£ £
Employment benefits of key management personnel 85,047 80,371

Page 22

DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (AS RESTATED)

Unrestricted Restricted Total funds
funds funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 134,273 294,627 428,900
Charitable activities - - -
Other trading activities 9,450 - 9,450
Investment Income 154,280 - 154,280
Other Income - - -
Total 298,003 294,627 592,630
EXPENDITURE ON
Raising funds - - -
Charitable activities 256,495 294,627 551,122
Other costs - - -
Total 256,495 294,627 551,122
Net gains/(losses) on investments 197,613 - 197,613
NET INCOME/(EXPENDITURE) 239,121 - 239,121
Transfer between funds - - -
NET MOVEMENT IN FUNDS 239,121 - 239,121
RECONCILIATION OF FUNDS
Total funds brought forward 2,244,361 2,280,625 4,524,986
TOTAL FUNDS CARRIED FORWARD 2,483,482 2,280,625 4,764,107

14. PARENT CHARITY RESULT FOR THE YEAR

The parent charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own separate Statement of Financial Activities and Income and Expenditure Account. The net deficit of the charity for the year was £586,840 (2021 (as restated): £239,104 surplus).

Page 23

DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

15. TANGIBLE FIXED ASSETS

Fixtures
and fittings
£
Group and charity
COST
At 1 January 2022
87,966
Additions
32,036
Disposals
-
At 31 December 2022
120,002
DEPRECIATION
At 1 January 2022
61,370
Charge for year
19,413
Eliminated on disposal
-
At December 2022
80,783
NET BOOK VALUE
At 31 December 2022
39,219
At 31 December 2021
26,596
16.
FIXED ASSET INVESTMENTS
Quoted
investments
£
COST OR VALUATION
At 1 January 2022
4,603,614
Acquisitions at cost
1,021,189
Disposals at opening book value
(1,158,282)
Gains/(loss) on investment assets
(494,780)
At 31 December 2022
3,971,741		 Motor
vehicles
11,650
-
-

11,650

6,408
2,330
-
8,738
2,912
5,242
Total
4,603,614
1,021,189
(1,158,282)
(494,780)
3,971,741		 Total
99,616
32,036
-
131,652
67,778
21,743
-
89,521
42,131
31,838

Investments held by the charity include an additional £2 (2021: £2) relating to the investments in the subsidiary companies (see below).

Included within the quoted investment portfolio is £71,592 (2021: £88,454) of cash balances.

There were no investment assets outside the UK.

Royal Artillery Museums (Enterprises) Limited, a company registered in England and Wales with the registered number 02692172, is the wholly owned trading subsidiary of Royal Artillery Museums Limited. The results of the subsidiary are included in the consolidated accounts.

A summary of the financial position is as
follows:
£
Turnover
-
Total assets
Expenses
(-)
Total liabilities
-		 £
6,680
(452)
6,228

Page 24

DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Amounts owed by group undertakings
VAT
Prepayments and accrued income
Accrued income
Other debtors

18.
CASH AT BANK AND IN HAND
Charities Official Investment Fund a/c
Other bank accounts

Cash in hand


19.
CREDITORS: AMOUNTS FALLING DUE WITHIN
Trade creditors
Amounts owed to group undertakings
Tax and social security
Accruals and deferred income
20. FINANCIAL INSTRUMENTS
Financial assets measured at fair value

Group
Company
Group
As
Restated
Company
As
Restated
2022
2022
2021
2021
£
£
£
£
12,000
12,000
60,870
60,870
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
69,256
69,256
31,200
31,200
81,256
81,256
92,070
92,070
Group
2022
Company
2022
Group
2021
Company
2021
£
£
£
£
10
10
10
10
133,507
133,507
110,115
110,115
-
-
- -
136,517
136,517
110,125
110,125
ONE YEAR
Group
Company
Group
Company
2022
2022
2021
2021
£
£
£
£
17,878
17,878
11,935
11,935
-
6,754
-
6,754
4,310
3,858
18,997
18,545
32,190
32,190
42,608
42,608
54,378
60,680
73,540
79,842
Group
Company
Group
Company
2022
£
2022
£
2021
£
2021
£
3,971,741
3,971,743
4,603,614
4,603,616		 Group
Company
Group
As
Restated
Company
As
Restated
2022
2022
2021
2021
£
£
£
£
12,000
12,000
60,870
60,870
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
69,256
69,256
31,200
31,200
81,256
81,256
92,070
92,070
Group
2022
Company
2022
Group
2021
Company
2021
£
£
£
£
10
10
10
10
133,507
133,507
110,115
110,115
-
-
- -
136,517
136,517
110,125
110,125
ONE YEAR
Group
Company
Group
Company
2022
2022
2021
2021
£
£
£
£
17,878
17,878
11,935
11,935
-
6,754
-
6,754
4,310
3,858
18,997
18,545
32,190
32,190
42,608
42,608
54,378
60,680
73,540
79,842
Group
Company
Group
Company
2022
£
2022
£
2021
£
2021
£
3,971,741
3,971,743
4,603,614
4,603,616

81,256
Group
2022

£
10
133,507
-

136,517

ONE YEAR
Group
C
2022
£
17,878
-
4,310
32,190
54,378
Group

2022
£
3,971,741
81,256
Company
2022
£
10
133,507
-

136,517

ompany
2022
£
17,878
6,754
3,858
32,190
60,680

Company
2022
£
3,971,743

Page 25

DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

21. FUNDS

Unrestricted funds are used at the discretion of the trustees for any of the charity's purposes, this is mainly for the operation of the museum. Designated funds are amounts earmarked by the trustees for specific purposes.

Restricted funds comprise the following:

Rausing donation: A donation received which is to be used for educational purposes

Tony Howitt legacy: A legacy bequeathed to the charity which is to be used for the future development of the new museum

Museum capital fund: Grants received for the capital costs of the delivery of the new RA museum

Heritage and education fund: A legacy bequeathed to the charity which is to be used for the future development of the new museum, or otherwise for heritage and education.

Ministry of Defence funds: Grants received to fund staff and utilities costs.

Royal Artillery Institution: Grants received to fund various projects.

22. MOVEMENT IN FUNDS

Group

MOVEMENT IN FUNDS
Group
Net
At 1/1/22 movement
As restated in funds At 31/12/22
£ £ £
Unrestricted funds
General fund 2,460,582 (586,840) 1,873,742
Designated funds
Future museum project 22,900 - 22,900
Restricted funds
Rausing Donation 580,625 - 580,625
Tony Howitt Legacy 100,000 - 100,000
Museum capital fund 700,000 - 700,000
Heritage and education fund 900,000 - 900,000
2,280,625 - 2,280,625
__ _ ___
TOTAL FUNDS 4,764,107 (586,840) 4,177,267

Net movement in funds, included in the above are as follows:

Incoming Resources Investments Transfers Movement
resources expended £ £ in funds
£ £ £
Unrestricted funds
General fund 195,792 (293,231) (655,401) 166,000 (586,840)
Designated funds
Future museum project - - - - -
Restricted funds
Ministry of Defence grant in aid 211,878 (211,878) - - -
Ministry of Defence support - - - - -
Royal Artillery Institution 166,000 _- _- (166,000) _-
377,878 (211,878) - (166,000) -
_ __ _ __ _
TOTAL FUNDS 573,670 (505,109) (655,401) _- (586,840)

Page 26

DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

22. MOVEMENT IN FUNDS - CONTINUED

The transfer between unrestricted funds and the Royal Artillery Institution restricted fund represents the expenditure in the year in relation to this grant.

In the prior year, the restricted Ministry of Defence grant in aid fund had incoming resources of £215,528 and resources expended of £215,528, the restricted Ministry of Defence support fund had incoming resources of £79,099 and resources expended of £79,099. These were the only movements on restricted funds for the previous year.

Charity
Unrestricted funds
At 1/1/22
As
restated
£
Net
movement in
funds
£
At
£
General fund
2,454,282
(586,840)
Designated funds
Future museum project
22,900
-
Restricted funds
Rausing Donation
580,625 -
Tony Howitt Legacy
Museum capital fund
Heritage and education fund
100,000
700,000
900,000
-
-
-
2,280,625
-
TOTAL FUNDS4,757,807 (586,840)
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Resources
expended
£
Investments
£
Transfers
£
Unrestricted funds
General fund
195,792
(293,231)
(655,401)
166,000
Designated funds
Future museum project
-
-
-
-
Restricted funds
Ministry of Defence grant in aid
Ministry of Defence support
Royal Artillery Institution
211,878
-
166,000
(211,878)
-
_-
-
-
_-
-
-
(166,000)
377,878
(211,878)
-
(166,000)
_
_
_
_
TOTAL FUNDS
573,670
(505,109)
(655,401)
-		 31/12/22
1,867,442
22,900
580,625
100,000
700,000
900,000
2,280,625
4,170,967
Movement
in funds
£
(586,840)
-
-
-
_-
-
_
(586,840)

TOTAL FUNDS 4,757,807 (586,840) 4,170,967

23. RELATED PARTY DISCLOSURES

Grants of £166,000 (2021 (as restated): £90,000) were received from the Royal Artillery Institution (RAI) and amounts of £Nil (2021 (as restated): £41,000) were included in debtors at the balance sheet date. Members of the Master Gunners’ Committee have the right to become members of the Royal Artillery Museum and other applicants to membership must be elected by the Committee.

24. MEMBERS' GUARANTEES

The members’ liability is limited to £1 each which is payable in the event of the company being wound up.

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DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

25. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2022
£
33,735
11,667
45,402		 2021
£
33,735
29,167

62,902

26. PENSION SCHEME COMMITMENTS

With effect from 1 July 1997 a personal pension scheme with Standard Life was implemented for all permanent employees who wished to participate. The company matches the employee's contribution up to 5% and the employee has the option to pay additional contributions.

The amount of pension contributions recognised in the year as an expense is £9,584 (2021: £9,386).

27. ANALYSIS OF NET ASSETS BETWEEN FUNDS

The analysis of net assets between funds at 31 December 2022 is shown in the balance sheets on pages 11 and 12.

Unrestricted
funds
£
Restricted
funds
£
Fund balances at 31 December 2021 (as restated) are
represented by:
Group:
Tangible fixed assets
31,838
-
Investments
2,322,989
2,280,625
Current assets
202,195
-
Creditors: amount falling due within one year
(73,540)
-
2,483,482
2,280,625
Company:
Tangible fixed assets
31,838
-
Investments
2,322,991
2,280,625
Current assets
202,195
-
Creditors: amount falling due within one year
(79,842)
-
2,477,182
2,280,625		 Total
£
31,838
4,603,614
202,195
(73,540)
4,764,107
31,838
4,603,616
202,195
(79,842)
4,757,807

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DocuSign Envelope ID: 5EA5A24D-A835-4FEF-A8E8-CC2459DFA961

ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

28. PRIOR PERIOD ADJUSTMENT

A prior period adjustment has been made to restate income and debtors for grant income that had not previously been recognised in accordance with our stated accounting policy.

Unrestricted
funds
£
Restricted
funds
£
Group
Fund balances at 31 December 2021 as previously
reported:
2,442,482
2,280,625
Adjustments on restatement:
Accrued income
41,000
-
Fund balances at 31 December 2021 as restated:
2,483,482
2,280,625
Company:
Fund balances at 31 December 2021 as previously
reported:
2,436,182
2,280,625
Adjustments on restatement:
Accrued income
41,000
-
Fund balances at 31 December 2021 as restated:
2,477,182
2,280,625		 Total
£
4,723,107
41,000
4,764,107
4,716,807
41,000
4,757,807

Page 29