Charity registTltion number B03006 Company regSslratlon numljer 02472345 (England and Wale51 ROYAL ARTILLERY MUSEUM ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ROYAL ARTILLERY MUSEUM LEGAL AND ADMINISTRATIVE INFORMATION Trusto0s Major General Nick Eeles Graha￿ Beal David Greenwocxj Siiiioii Hawkes Peter Vvragg Jarnes Bames Mark Milligan Peter Carson Peier Thompson Thomas Foss - Srnilh Ll Col 88njamin Baldwinson (Appointed 15 January 20231 IAppoinl8d 9 January 20231 Secretary SonjÈtsv Sehots Charlty numb•r 803006 Company numbgr 02472345 R•glst•r•d offl Artillery House Lorkhill Artlllery Barracks Salisbury Willshire SP4 8QT Audltor Flandér Tovell Llrnlt8d Slag G8ltss House 63164 Thè Avanuo Southampton Hampshire S0171XS Bank•rs Lloyds Bank PIC Business 8anking Service Centre 3rd Floor 10 BoDlh Slreel Mancheslor M2 4AW Lloyds Bank Plo Powls Street Woolwlch London SE186MZ Sollcltors Thompson Snell and Passmore 3 Lon5d8le Cardens Tunbridge Wells Kent TN1 1NX ROYAL ARTILLERY MUSEUM LEGAL AND ADMINISTRATIVE INFORMATION Investmenl advlsors Brewin Dolphin 12 Smithlield Street London EC1A9LA ROYAL ARTILLERY MUSEUM CONTENTS Page Chairmaii's statenieiil Trustees, report Indèpandent 8udllor's report Statement ol financial activities 9-10 Ba18nce sheol Ststemenl of cash flows 12 Not8s lo thè financial stat•m8nls ROYAL ARTILLERY MUSEUM CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 During 2023 the charity has con5didat8d it5 rnain location al Wood Road and significantly expanded ils cons8rvation and engagement programrnes- wre rnuseurn activities. The care and eevelopment of the collection has dominated the work ol our small staff. augmented by a growing band of commilL8d and higily eNectiva volunteers. We have accept8d numerous irnportanl acquisitions into the collection.. the58 hav8 includ8d artefacls, medals. archive rnaterial and library bo(A(s. Conservation projects have beÈn undÈrtaken al Wood Road and out in loan locations. with a particular focus on older piece5 which hav• dalerioratèd through baing displayed outside. Th* numbar ol visrtors to Wood Road has grown during thè y&ar to over 800,. th8se have included regimental personnel, veteran5, 5chaols and cofflmunity group5 and the general public. Both bespoke Visits and heritage open days are offered with the latter being parb'cularly well attended. The Staff and volunteers have again und8rtak8n a rnajoi 8xieinal engsg8rngnt event al th8 Ca￿1 Military Show which was v8ry well r8cgived. I would reiterate trat having m05t of the RAM team Ile55 for the Archivist and her volunteers) working in a single, cenlralised location, h85 had enormDUS berefits in terms of outpul, efficiency and morale. Th8 charity r8mains (with v8ry strong r89imental support) committod lo d8livoring an appropriate new hom8 for ils ArtB Council England Designated collection near Larkhill. A5 a re5uII of the full site option5 apwai5al cornpleted in 2022, the preferred localic>n lo the east of Larkhill Camp w8S selected by the RAM board and endorsed by the Regiment, and the Army has indicated that it will support lh8 building ol Our n8w mus8um in this area. Work has continued to relin8 the parameters for the new bLJilding. mindfvjl that it must aceornmodat8 th& majority of th8 colleetion in thè first phas8 (including th& lull archiv8 nd libr8ry1, As retxirted last year. the sile is not wilhoul ils challenges Ilor examplts providino 8 suitable access ioults and uts'lits'8s conn8clionsl bul il offers a wonderful location clos8 lo tho homa ol th8 Gunnors and wlthln walklng distanc8 ol th& malorlty ol families. quartèrs in Larkhlll. As such it will provide a uniquè cornmunity hub In th8 arèa. ￿Ork has beén ongoing slnee February lo d8valop an Agreemènt for Lèasè IcoverSng 8 draft18asè document) wlth thè Army ind l am hopèful that IhSs will be signed off in 2024. With a tight control Cin sponding, th¢ Chority h06 dolivorod o balan￿d budgot in 2023 which hos protc¢lod ils ¢opitol for uso on the future museum project. With no visitor income. the charity ha5 been supported mo81 generously by the Royal Arti118ry Institute ane Royal Artillery Charitable Fund with grants tor specific projects and the delivery ol the Archive capability. This funding has enabled a range of acllvllles lo conllnu8 Incl￿dIng dollvery ol a ntrw calalouLJe and websli8, the ongolng oral history project, conservation projects and archive research and developrnenl work. RAM lias also benefilled enormously frorn Ihp Army * 17fAnt in Aid fnr *t2ff fijndino anrl ils Drnvi8inn nf rpnt frpp arr.rJmmndAtinn Al Wnnd Rnxd And Np.IhprAvnn Fijrthpr flnanelal 8s$lstan¢e ha$ now been r6ceiv8d frorn the Arrny lo ¢ov&r ulllilles and malnlenance costs ihes8 locations. In conclu5i0n, I would like to record once again rny gratitude lor tre work of the board and the contribution Irusl8es have made to the charily s a¢livilies during the year. I would also like lo place on re¢Drd the b08rd's appreGiation lor the work and a¢hi8vemenl$ ol Ihtt core staff anQ our wonderful team of volunteers who have again d81ivèred well t￿yond exp&ctalions ovèr the last Iw8lve months. The trustees, slalf and voluntears remain very much focused on delivering a new, sustainable home lor our nalionally important ¢ollectK)n near Ihe Regiment's home on S81isbury Plain while at the same time caring approprial&ly lor th& ¢dleclion and making il availabl& lo increasing numbary of visilois. lajor General Nick Ee￿S Chairman Data,. ROYAL ARTILLERY MUSEUM TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Th8 Irust88s pr8sent Ih8ir annual report and financial statements lor Iha y8ar end8d 31 D8cetnb8r 2023. The fin8nei81 ststemeni$ have been prepared in 8c¢ord8n¢e with the 8¢¢0unb"ng poli¢ies set out in note I to the fin8nci81 slatetnenls and cotnply wilh the charity's governing document. the Cornpanies Acl 2006 and 'Accounts"ng and Reportsng by Charilies. Slatetnent of Recomfflended Practi￿ applicable to chaiitie5 preparing their accounts in accordance ￿th th& Financial Reporting Standard applicable the UK and R8public ol Ireland IFRS 1021" leff8cllve 1 January 20191. Objectives and activitie The oblecllves ol the charlly are lo provSde a mu88um, archlve and Ilbrary, and raise fund$ lor future museum developmgnl, in order to educate th8 public and meTnbers of the Reqirn8nt in ils h story and traditions. These objectives require rt 10 evelop, consetve and care for the Arts Council England designated collection. Fnllowing the sale ol the leasehold properties lo the Roydl Borough of GreenW￿h in November 2015 the museum in Woolwich closed lo the public on 8 July 2016. The majority ol the oapilal receipts from this sale. togelher with any future rgceipls from fund raising activities, will b8 rtr-invasled in the d8velopm8nl ol a naw museum near Laikhill lo house the Royal Artillery co1￿Ction. Publ1¢ b¢n•flt Th8 Iruslees have paid due regard lo guidance issued by the Charity Commisson in deciding what activities the charity should undertake. Th8 lulure rnuseum will promote public benefit by providing an effectiv8, interesting and accessible display of the heritage of the Royal Regiment of Ariillery through the appropriate presentation of artefg¢ls including 8rtillery pieos of n8liono1 and internats'onal importane&. 11 will provide a sour¢e of inforrnalion lor thosa pursuing aducation, ￿hOlarShip and resèarch on matters relating lo the Regiment and artillery in general. Planned consorvation th81 safeguards the ¢o118clion, and a continuing programme of galhgring in Ihg Regimonl'$ history lin ils broadest sensel is also deliv8red. Achlevem•nts and p•rforrnanc• Rovlew of D•v•lopm*nt8 The museutn Gonlinued to enjoy the Support of 115 rnajor slakeholdeT during 2023. Financial Support Came prin¢ipally fro the Ministry ol Oelence with additional support received frorn the Royal Ariillery Institution IRAII and Royal Artillery Charitable Fund IRACFI through the RA Bogid of Manag¥m$nl. The main locus of the collection5 team during the year was the conservation and restoration of objecls stored al Wood Road, specifically iterlls slor8d outsid8 during the firepowgr da>s, and broadenin9 pngagemgnl with the puL4i¢, $grving and rglired Gunners, and schools and community group5. Conservation rernained a key prioiily with the environm￿1 ol Ihg slorgs bging clo$gly tnonilored particularly with re$pe¢l lo sensitive ilems in the Collection. Th8 Museutn continued to benefit Irorn the 8Jp8rtise prowid8d by a lully committed Board of Trusl88s, chair8d by Major Qieneral Nick Eeles. Flnan¢lal r¢vl•w Unrestricted funds arnounted to £2,081,03812022 £1,890,342). of which £1,948,92512022 1,825,311) is freely availeble. Reserves are held for Ihe purpose of funding d8y to day working capital requirernenls and to provide funding for the new museum. The policy is to maximise Ihe free reserves available for Ihe funding of the new rnuseum Ihrough carefvl control ol the day to day working capital requirements. ROYAL ARTILLERY MUSEUM TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grant Income The museum continued to b&n&fil from the support of its major stakeholders. including thè Ministry of Defence bthose contributions hav8 totall8d ov8r £220,00012022 ov&r £210.0001. Investment Pollcy and Cash Balances Al the year pnd the charity held Gash balan¢es of £286,32212022 £136,517). In 2017, the trustees togk Ihe decision lo invest the tnajorily ol cash funds so that Ih9se can be held towards ihe funding ol the new tnuseurn, whilst gen8ialing a 18lurn in the meanlirne. The trustees considered the most appropriate policy for investing funds and put in place an inveslrnenl policy hi¢h does nol risk the invested ¢apilal sum ond which is sufficiently liquid ID meet the programme's cash requirements. The trustees decided that the Charity ￿111 not invest directly in any organisation whose rnain aclivity is tre production of tobacco, narcotics or pornographic material. the encauragement or enabling of gamblin9, prowsion ol horne credit (doorstep lendingl or which usgs Child labpur or olhgr gxploitalbv9 employmgnl poli¢los. In Order to rneel Ihese objectives. the Finance and Risk Commitlee has been dplpgaled responsibility for overseeing the Inveslmenls. The charlly has 8pp¢lnled slixkbrokers lo manag& a ¢lv8rslll&d portfollo ol gjllable Inveslrnenls on a discretionary basis. Rlsk Managom•nt Pollcy The btrard's Rlsk Management Group m88ts regularly to r6vl8w the r18k assèssment 8ch8dul8, Thls Covers flve maSn areas.. Govemance and Manag8menl, Financial. Operats'onal, Environmenlallexternal laclors and Curatorial. Each risk is rated 8c¢ording to its likelihood and potential impact 8nd a risk report is presenlgd to th& board on 8 regular basis. This schedule viill bè rtrgularfy reviewed and updated when appropriate, During the transillon perlod, RAM wll bè und$rtaking 8 revlew of its turrenl opèralinu pro¢edLJrès lo ènsurè thelr ¢onlinu$d efli¢acy throughout the business. Envlronm•ntal Pollcy Th8 board believes that all businesses are responsible lor achieving 9(xxI 8nvironrnental practic& and operatr'ng in a suslginabl& mat)nor. Tho board is Ih&roforo commillod lo roducing lis environmental impget ¥nd contnually Improving its environmental perforrnance as an integral and lundamenlal part of its business strategy and operating methods. Trading &ubBidiary The charity's wholly owned tradin[ subsidiary IRoyal Artllery Museums (Enterprises) Limited) ceased to trade on the 010suie of the museurn. The trustees will cnnsider their future plans lor the subsidiary during the ppriod befo￿ the new museum is established. During th8 year th8 subsidiary was unable lo donate any profits lo the charity. Slruclure, govemance and management Governlng docurn•nt Tho charity Is controlled by its govarning documonl. tho M*morandum and Arbclès of Associats'tsn. and conskn'tutes a lirnit•d company, limrttrd by guarBnte8, aq defined by the Companies Act 2006. Charlty constltutSon The company was incorpor8ted on 20 Februory 1990 as a ¢omp8ny limited by gu8r8ntee, registered number 2472345. It was subEequenly re9islered with the Charity Corntnission under the registration number 803006, on g Mtsrch 1090. The registered office olthe CoMp￿Y together with details ol the company's directors and names and addresses of prole8sional advisors are given bdow. ROYAL ARTILLERY MUSEUM TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Th8 Irust88s, who are also th8 directors lor lh8 purpose of compan> law, and who served during the y8ar and up lo the date of signature (rf the financial 5t8ternen15 were.. Major General Nick Ee￿S Graham Beal David Greenwood Sirnon Hawk8S Peter Wra99 James Barnes lark Mllligan Potgr Carson Peter Thompson Thornas Foss - Smith Ll Col Benjarnin Baldwinson (Appointed 15 January 20231 (Appolnled 9 January 20231 Induetlon and tralnlng ol trustees New directors ar8 provKJed willi a copy ol th8 memorandurn and articles ol associakn'on and inforrned ol their obligations under company and oharity low. All diwlors are encouraged to attend appropriate external courses which may a¥sist them to Carry out their role. R•mun9ratlon poll¢y Tha Company's Memorandum and Articlgs ol As$o¢ialion preclude the directors from recfjlving any rgmuneralion for Ihelr role è5 trusto8. Fundraising slandar(h The charity does not currently carry out si9nili¢ant octivity to rgise funds from the public. Statemènt C41 trusteés, responslbllltl•s The trustees, who are also the directors ol Royal Artillery Musèum fDr the purposè ol company law, ara r8sponslbl8 lor preparing It￿ Trusiees, Report and Ihtr financial statements in aecoidance with applicable law and Unrted Kingdom Accounting Standards juniled Kingdorn Generally Accepted Accounting PractiC81. Company Law requlres Ihe Iruslees lo prepare Iln8n¢lal glalemtrnls for each financlal y8ai whlch olve a true and falr vlew ol the slate of affairs ol tho charity and ol tho incoming resourcos and application ol resourc&s, including the incoma and expenditure, ol the charitable company lor that year. In preparing these financial stal8rnents, the Iru6tees are required lo.. strlecl suitablè accounling polici68 and Ihen apply them consi818niiy., obseNe the methods and principles in the Charities SORP., make judgernen15 and eslimales that are reasonable and prudent.. and prepare the financial sialements on the going concern basis unless il ig inappropriate ￿ presume Ihal tre charity will continue in operation. The Iruslees are responsible for keeping adequate accounting records that disclose with reasonable a¢cura¢y al any time the rinle for sale Juarding the assets of the charity and hence for iaking reasonable steps for prevention end detection of fraud and other irregularities. Audltor In accordance with the company's articles. a resolution proposing that FianderTovell Limited be reappointed as auditor of Ihe Company will be pul al a Gener81 Meeting. ROYAL ARTILLERY MUSEUM TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Irusle&$' raport was approved by the Board of Tru818es. Sonjeev Sehola Comapny 8•cr•tary 25 September 2024 ROYAL ARTILLERY MUSEUM INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ROYAL ARTILLERY MUSEUM Oplnlon Wts h8V& 8udited the finan¢ial stslamènls ol Royal Artillery Muséum Ilha '¢harity'l for tha )'ear ended 31 Decernber 2023 vihich comprise th8 Statement of financial activiti98, th& balance sh£8t. th8 8tatèm8nl of cash flows and notgs to th8 financial slatements, induding significanl a¢counling policies. The financial reporting framework th81 has been applied In their prgpar81ion is applicabb18w and Uniled Kingdom Accounting Siandardg. including Financial Reporting Slandaid 102 The Financial Reporting Standard applicable in tha UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pradi¢el. In our opinion, the financial staternenls.. give a true and lair view ol the slate ol the charitable company's affairs as at 31 December 2023 and of ils incoming resoLJr¢es and application ol resources, lor the year then ended: havg b&8n prop8rly preparad In accordance with Unlled Klngdom Generally Ace8pled Accounllng Practl¢*,' and hav& been prapared in a¢¢crd8nce with Ihts requir&mgnts of th& Compani68 A¢1 2006. Basis for opinlon We conducted our audrt in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our rgsponsibililitrs und9r thosg standards are lurthgr dgs¢ribgd in tho Audilors r&sponsibililies for th$ au(lil of the finon¢i&l stalgments section ol our report. We are independent of the charity in accordanco with the ethical requir8m8nts that are rèlevant to our audit ol the linanc4al statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other elhi¢al responsibilili8s in accordancg wilh these rgquiremenls. We beligve that the audit evidence we have obtained 1$ sufficient arNJ appropriate lo provide a ba515 lor our opinion. Con¢lu81on$ r•latlng to golng ¢¢n¢¢m In audrting Ihe financial statements, we have concluded that the truslee5' Use of the going concem basis ol accounting in the pr8paration of Ihe financial stat8m8nls Is appioprialo. Based on tl* work we h8ve perfomed, we have not identified any m8teri81 un¢ertainlies rèlating lo events or conditions that, individually or colleclivoly, may cast significant doubt on the charity's abilbty lo continug as a 90ing conc•rn for • period of ai least twelve months fr(Yn when the financial statements arè authorised for issuè. Our responsiblli118s and tha r8sponsibillli8s ol th• trustées wllh r8sp8Ct to golng concern ¥8 d•scrlb&J In th8 rol•vanl sèctions of this report. othar Infomiatlon Th8 olh#r Inlormallon comprls#s thè Infomation includ#d in th* annual rtrport othèr than lh# financlal stalemants and our auditor's report Ihereon. The trustees are responslble for the othèr informalion ¢ontainÉd within the annual report. Our opinlon on the financial slaternenls does rrf)I cov8r the othtsr information and we do not expi8s5 any form of assurance conclusion ther8on. Our responsibility is to read the othtrr information and, in dolng so, considtrr whtrther thtr other infomiatior) is materially inconlistenl Mth the Ilnancial statements or oijr knov41edg? oht)ined in the rourse ollhe audlt, nr otheNiise appoars lo b• materially misstated. If wè Idenlily such materlal inconsislenci8s or apparent rnal8ri81 rnisslatom&nls, ￿ ar8 required to determing wh8ther thi5 giv#5 rise lo a mat8rial mis51at8rn8nl in the financial stat8m8nts th8mselves. If, bas8d on the work we have performed, we conclude thal there is a materi81 miss18ternent of this other inforrnation, w8 are required to r¥port that fact. We have nothing to report in this regard. Mattern on which we are required to report by ex¢eplion We have nothing to report In respect of the Idlowing matters in r8lalSon to whlch th8 Chariil•s (Accounts and Raportsl Regulations 2008 iequiie u5 to report to you il, In our opinion.. Ihg Inlom)aWon slven In Ihe fln8n¢lal siaiemgnts Is Inconslsient In any maigrlal r8spact wSth 1he irusr99s' ropofl., or sufficienl a¢counting records have not been kept,. or Ihe fin8noal statements are not in agreemeni with the accounting re¢ords- or we have not received all the information and explanations we require forour audit. ROYAL ARTILLERY MUSEUM INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROYAL ARTILLERY MUSEUM ResponslbllStles of trustees As exp18ined more full￿. in the slalemenl of trustees, responsibilities. th& trustees, who aro al80 the diro¢lors ol tha charity ltyr the purpos8 of company law. ar8 r8Bponsit)18 for th8 preparation of th8 financial statem8nl8 and for b8ing salisfied that they oive a true and lair view, and for such internal ¢ontrol as the trustees determine is ne￿$sarY tts enable the prep8r8tion of financi81 slalemenls that ai8 free from rnalerial mis61alew8nl. whether due to fraud 01 erior. IN pieparing the financi31 statements, the trustees are respcnsible for assessing the charity's ability to continue as a going concem, disclosing, as ppli¢able, mallers reloled lo going ¢on¢ern and using the going concern basis of a¢¢ounling unless the trustees erther inlend lo liquidate Ihe charrtable company or10 ¢88$8 tsperalions. or have oo realistic allernalive but lo do 80. Audltor's responslbllltles for the audlt of the Ilnanelal statements We have been appointed as auditor under s￿IlDn 144 01 the charit￿S Act 2011 and re￿rt in accordance with the Act and relevant regulations mede or having effect Ihereunder. Our Objec￿'Ve5 are lo obtain reasonable assurance about whether th8 financial statem8nts as a whole are free Iro￿ m818rial misstatement, whelher due to fraud or error. and lo issue an auditoffs report that includes our opinion. Reasonable assuran-e is a high lèvgl ol assuranca bul is not a guarantèa that an audit conducted in accordancè with ISAS IUKI will a￿ayS datgth g material mi5Staletn8nl when il exi515. Misstatement5 can arise Irorn Ir8ud or error and are Gonsidered rnalerial Il, individually or in the aggregate, they could reasonably be expected to influence the eGonomiG decisions of users taken on the basis of tho$$ financial $lalom¥nls. The extent to whioh our procedures are capable of detecting irregularilies. includin9 fraud, is detailed below. Ext•nt to whleh th• audlt was con•ld•r•d ¢apabl• of d•t•¢tlno Irr•oularltl•8, Ineludlno fraud Our approach lo idenirfying and assessing the risks of rnaterial rnisslalement in respect of irregularrtie8. including Iraud and non-compliance with laws gnd regulats'ons. was as follows.. the engagetnenl partner ensured Ihal the engagement leam wlleclively had the appropriate co)tnpetence, capabilitie5 and ykills to identify or reccgni5e nOn￿oMpliance with applicable laws end regulation$. we idenlifiod tho law8 and rggulalions applicable lo the ch8rily through discussions with dir$¢lor$ and olhgr tnanagem8nl. and from our commercial knowledge and experience, we fecused on specific laws and regulations which we considered rnay have a direct material effect on the financial $laltrmont$ or the optrralions ol Ihg Charity, including Ihg Chorilitrs A¢1 2011, laxali¢n1ggi$lali¢n, data proleclion. etnploymenl. environment31 and health and saleli leqi51alion. we assessed Ihp extent of Gomplience with the laws and regulotions identified gbovp through mgking enquiries of tnanagemenl. We assessed the susceptibility DI the charily's financial statements lo malerial misstatement, including oblaining an undgrslandSng of how fraud mlghl occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud. their knowledge of actual. su$pe¢led and alleged fraud. considering the internal controls in place lo mitigate risks ol Iraud and non-compliance with laws and regulalions. Audlt r•8ponBa to rlskB Identlfied To address the risk of fraud through managernenl bias and override of control& we.. perfomied analytical pro￿ureS to idenlify any unusuol or unexpected relalionshitts. lest8d joumal 8ntri8s to Id￿lIfy unusual transacliDns. teSt￿j a sample of BACS payments to idenlify payrnents b8ing made to unexpgcled bank accountB. assessed whether judgements and assumptions m8de in determining Ihe 8¢Gounling eslimales were indicative of potential bias. invesligaled the rationale behind significant or unusual transactions. ROYAL ARTILLERY MUSEUM INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROYAL ARTILLERY MUSEUM In re5pon5e lo the risk Df irregularities and non-cornpliance with law5 and regulakn'ons, we designed procedures which included. but were not lirnited to.. agreeing financial slalernenl disclosures to underfying Supporling documentation, 8nquiring of management as to actual and potential litigauon and daims. r8ading minutes of Ihos8 Eharyed wilh gov8manc8 A further des¢riplion ol our responsibilities Is 8vailable on the Financial Reporting Council's website al.. https".Ilwww.Irc.org.uklauiJiiorsresponsitsililies This descripiion forms pan ol ow auQitofs ieport. Oth•r matt•rs Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 'Accounting and Reporting by Charibes., Slalement of Recommended Practice applicable to charities prep8ring their 8¢¢ounls in a￿Ordance vilth ihe Flnandal Reportlng Siandard appllcable In th8 UK and RepJt)Ilc ol Ireland IFRS 1021 las arnendedl In prel8rence to the Accounting and Rerx)rting by Charities.. Slaternent ol Recommended Practice issued Dn 1 April 2005 which is referred ID in the extsnl reuulalions but has now been wilhcjrawn. This has been done in Drder for the financial statements to provide a true and fair wew in accordance with current Generalls, Aeceptod A¢¢ountlng Pra¢tl¢e. Use of our report This report 15 mado solely to the charity s trustees, as a body, in accordance with part 4 of the Charitios (Accounts and Rgportsl R8gulations 2008. Our audit work has boèn undèrtakan so that wa might slatè lo tha charilrfs Iruslaas thosè matters we are rgquired 10 51ale lo them in an auditor's r8port and lor no ottr￿r purp059, To the lullesl exlenl perrnitled by law, we do nol accept or assume ￿SponsIbl111Y to anyone other than Ihe charity and the charity's tru51ee5 as a body. for our audit work for Ihis report. or for the opinions wo have formed. Mark Gr•gory ACA (Senlor Statutory Audllorl for and on behalf of Fiander Tovell Limited 30 September 2024 Chartered Accountants Statutory Audltor Slag Gales House 63164 Thè Avènue Southamplon Harnpshire S017 1XS Lh sx Ln u) tho ) o o co ROYAL ARTILLERY MUSEUM BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Not9¥ FlxÈd 8gse18 Tangib18 asse18 Investrnents 14 15 36,837 4,122.341 42,131 3.971.743 4,159,178 4.013,874 Currgrit assgts Debtors Cash at bank and in hand 16 15,614 286,322 81,256 138.517 301,936 217,773 Credltors: amounts talllng due wlthln one year 17 99,4S1 60.680 N81 current a558ts 202,485 157,093 Total ass•ts 1•99 curr•nt Ilabllltl• 4,361,663 4,170.967 The fvndB of the charity Restriclgd incom8 funds Unr8siricl8d lunds. g8neral Unrestricted funds- des19nated 19 2,280,625 1,985,762 95,276 2,280.625 1,867,442 22.900 20 4,361,663 4.170,967 Th8 cornpany is ent￿ed to the exemption from the audit requirement contained in section 477 01 the Companies Act 2006, lor the year ended 31 Dec8mb8r 2023, although an audit has been carried out under section 144 of the Charl￿'e$ Act 2011. The dir¢¢lors acknowledge Ih¢ir respon9ibil￿¥S lor complying with th& requirements of the Companies Acl 2006 with re$pe¢l lo accounting record5 and the preparation ol linanrAal 5talernents. The members have not required the ￿MpanY lo obtaln an audll of its fln8ncl81 slal8m&ni$ under th6 iequlremenls ol the Companies Act 2006, lor the year in question in accordancg with S￿￿'0n 476. These financial slalernenls have ￿en prepa￿ in accordan￿ with the provisions applicable lo cornpanies subject lo the small companies reg1ff￿. The financial slalements were approved by the trustees on 25 September 2024 Nlalor Gen•ral Nlck Etrl¥s Tru$t•* Graham Beal Trusts• Company registration number 02472345 (England and Wales) 11 ROYAL ARTILLERY MUSEUM STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notss Cash flows from operatlng actlvltl•s Cash generalgd fromllabsorbed by) operation 28 131,092 168,5161 Inve8tlng aetSvltles Purchase ol tangible fiyed asset Proceeds from disposal ol tangible fixed ass8ts 112,5751 132.0361 1,583 11,776.2671 1,E43,777 1S1,917 Purchase ol investments ProGeeds from di8posal ol investments Investrnent Income rècèivèd 11.021 1891 80,799 I SO,472 N•t cash g•n•rat•d from Invostlng actlvltl•s 8.435 78.LH6 N•t ¢•sh u¥&d In flnan¢lng act1￿108 Net Increase In cash and cash e4ulvalenl5 139,527 9.530 Cash aiid cash equival81i1s at b?ginning of year 208, 109 198,579 Cash and cash equivalenlB at end ot year 347,636 208,109 12- ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Ac¢ountSng pollcle8 Ch8rity infowmation Royal Artillery Museum 15 8 privale charitsble company Ilrnit8d by guarant08 incorporated In England and Wal85. Th6 r8glsterod officè Is Arti118ry Housa, Larkhill, Ariillery Barracks, Salisbury, Witshlrè, SP4 8QT. Th8 prlnclpal aclivlty ol RAM13 lo provld8 a museum and Ilbrary for the exhlbbkn'on ol artefacts and documents ronnÉ>rl8d with tha RnyAI Raoim8nl of Artillpry 1.1 Accountlng conventlon The linan¢i81 stalements have t)een prepared in accordan¢e ivith the d)8rity's governing docLJment, the Companies Act 2006, FRS 102'The Financial R8POrting Slandare applicable in th8 UK and Republic ol Ireland" I'FRS 102.1 and thè Charities SORP'Accounling and Rep(xling by Charities.. Statement of R&comm8nd8d Practice applicab18 to charities preparing their a¢counls in a¢¢ordan¢e with the Finanrjal Reporting Stsndard 8pplicable In Ihe UK and Republie of Ireland IFRS 102118ffeclive 1 January 20191. The charity Is a Public Benefit Entity as defined by FRS 102. The financial slalements are prepared in 618rfing, which 15 the functional currency ol the charity. Monetary amounts in firidfiLltil sldli>iri¥ril¥ rour)d¥d tu Ili# Iitldf&?*l £. The linon¢io1 Stolements ho'le been prepored under the historical ¢osl ¢onvents'on with the exception of inveslmenls which are induded 81 market value. The principal 8ccounling policies adopted are $91 oul bgltsw. The Ilnaneial stjlements present Inlormallon about the company as an indlvidual entbty and nol about Its group, Tha company has noi pi•par8d con501idal8d account5 as its Sub￿dian8S ar8 imma18rlal both individually and colloctiv•ly, 1.2 Golng conc8m Al the tirne ol approvin9 the financial slat&rn8nls, tha IruBt88B hav8 consider that thor8 continu8s lo be suttici8nt headroom. They therefore consider tr8t there are no materi81 uncertainties about ¢h8rily's abilrty lo continue as 8 going concern. 1.3 Charllabl• fundy Unr8slrici8d funds ar8 available for u$8 at the discr81ion ol th8 trusiees in furtherance of ih8ir tharitable objectiv89. Designaled funds comprise funds which have been sel aside at the discielion of the trustees for specific wrposes, The purposes and us9s of thg dgsignolgd funds arg sel out in noleg lo lh9 finanrial glaterngnls, Restrfcled lunds are subjÉ¢l to spécffi¢ conditions by d¢nors or grantors 9$ to how they may be used. The purptsses and uses of tho roslrieled funds are sèi out in the notes 10 the linanaal $18t8rnenls. Furiher explanat￿￿ ol the nature and purpose of each fund 15 included in the notes to the financial slalements. 1.4 Incorng Income is recognised when the ¢h8rily has enlillemenl lo Ihe funds, il is probable INql the in¢ome will be received and the amount can be measured reliably. Incom& 1$ the arnounl derlved from ordlnary activities and $la1gd afler any diw)unts and 1$ net of VAT. al DonalSons Income from donations is recognised on receipl except where the donats'on includtrs terms and conditions, in which case income is recognised once ony performan¢e conditions atlached to the dongtion have been satisfied. 13- ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting policies Icontinutdl bl Leg80ies Income Irom18gacies is r8cognls8d wh8n th8 charity is aware that Ih•re has b88n grant of probal&,nolffication has been received trorn the executors that a distribution will be rnzde and any condition5 altached to the legacy have been sallsfied, Where the charlty has been notified ol a legacy bul there is unc8rtainly lo the amount of the payrnenl, Ihe legacy is treated as a contiwent assel. cl Grants Income from grants is recowised, using Ihe perforrnance rnodel, when the charity ha5 entitlernent to the funds, any perfomiance corMYitions attached to Ihe grant have been satisfied. receipt of the income Is probable and the amount can be m&asured ruliably. dl Invgslment Income Inveslmenl incorne is recognis8d wh8n receivable and th8 amount can b8 m8asur8d reliably by th8 charity. 1.5 Expenditure Expenditure Is recognised once there is a legal orconstructive obligation to transfereconomic benelil to a third paty, It is probable that a transfèr ol economic benefits will bè required in selllttmenl, and the amount ol the obligalic>n can b& measured reliably. Expandllure is a¢￿￿nIell for on an a¢crual8 ba818 and has been da881flod under headlngs Ihal aggregale all ¢081 relal8d to the category. Where costs cannot b8 directly allribuled lo particular headings they have been allocated lo activities on a basis consistènt with the use of r¢sourcgs. ReaLJnd8n¢y or termination paymenis are rè¢ognised when Ih8re Is a leg81 or ¢onslru¢llv8 obllg8tion. Allocallon and apportlonrnent of costs Support costs are those functions that assist the ￿ork of the charity but do not directly underiake charitable activities. Support costs Include p•rsonn•l. financ•. adminlsirativa and govèrnancè costs which support thè operation ol Iho museurn and its activities. These costs are allocated between the costs of charitable activities and raising funds. Fumhgr deloil$ ol support co$1$ are provided In nolg 9. 1.6 Tanglblo flx•d as$•ts TongSb19 IIx9d assols aro Inttlolly m&o$ured 01 cost ond sub$¢qugnlly megsurgd al cost or voluallon, nel ol dgprg¢1ollon and any impairmenl1058es. Depreciation is recognised $0 as to wrfie off thè ¢o$t or v81u811on of 8ssets less tr81r residual v8lues over their useful lives on Ihe following base5'. Fixtures and filliDgs Motor vehielès 200A . 330/0 straight line 20'h stralyht Ilnè The ggin or loss arising on the disposal of an asset is delermine(J as Ihe differen¢e belween the sale proceeds 8nd the carrying value ol the a$8et. and is reco9nised in ￿ statement of financial ackn'vilies. 1.7 Flxed asset Investrnent5 Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured al fair value al ¢￿h reportin9 dale. Changes in lair value are recognised in net incomellexpenditurel lor the year. Transaction cosi$ are expensed 8$ incurred. A subsidiary is an entity controlled by the charity. Control is tre power lo govem the financial and operating policies af the entity so as to obtain benefits from ils activities. 14- ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting policies Icontinutdl i.e Imputrmont of f￿0d thssèts Al each reporting end date, the charity reviews the carrying amounls of its tsngible assels to determine whether there is any indication that those assets have sufferocl an impairment loss. 11 any such indi¢alion gxists. Ihe woverablg amount ol the a￿et is e5tirnated in order to delerrnine the exlenl of the impaimient Ios5 lif any!. 1.9 Cash and cash equlvalents Cash and cash equivalents Include rash in hand, dep05115 hdd al call with bank5, other short-lerm liqvid InveSt￿ents with original maturities r)f three months or less. and bank overdrafts. Bank overdrafts are shown within borrawings in curr8nl liabilits'8S. 1.10 Fln¥n¢lal In$trumont$ The charity has elecled lo apply the provisions of Section 11 'Basic Financial Inslrum8nts' and S8clion 12'0ther Financial Inslrurnenls Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the conlraclual provisions ol Ihe instrumfjnt. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right lo sel off the reeognised 8mounls and there is an intention to seitle on a net basis or to realise the 88881 and stillè the liablity Simultaneously. Baslc Ilnanclal assots Basic financial assets, which include debtor5 and cash and bank balance5, are inili8lly measured al Iran58ction price induding transaction costs and are subs•quenlly carried at amortis•d cost using th8 eff8cliv8 inl8r8st rnelhod unl858 th8 arrang8menl conslltulés a Ilnancing Iransactlon, wh8r8 th8 Iransaction is m8asur8d al the pr8sant value of th8 future rècèipts diseountèd ai a markèt ra¢8 of Int•rè$t, Financial assèts classifièd as r8eelvablè within on• yèar ara not amortI￿d. Baslc financlal Ilabllltlgs Basic financial liabilities, including credilors and bank108ns are initially recognised gt transaction price unless the arrangement conslilules a financing Ir8n8a¢lion, wher8 the dobl in8lrum8nl is measured al tha pres&nl value ol the future payments discounlad at a market rale ol interest. Financial liabilities classified as payabla within on8 year ar8 not amortised. Debt instruments are subsequently carried al arnortised cost, using the effective interest rate methixl. Trad¥ crE>dilors are) ubligalions lo pay for yoods or ¥t)IViLeS Ihai Iiavtt b¢￿11 aLqui18d in the ordinary course ol operdtions Irom suppliers. Amounts parfable are ckssilied as Current lidtiililies il payment is due wbthin Dne year or less. If not, they are presented as non-currenl li8bililies. Trade Crelilors are recognised initially al transaction pri¢e and subsequently rneasured al 8mortlged cost using the effective inleresl rnelhod. Derecognition of financial liabilitie8 Financial liabililies are derecognised when the charity's contractual obligation5 expire or are discharged or cancelled. 1.11 Employee benefits The CDSI of any unused holiday enlillgmenl 1$ recognisod in Ihg poriod in which the gmployee's 8grvicgs are rec8ivgd. Teminalion benefits are recognised immediately as an expense when Ihe ¢harity is demonstrably committed to lertninale the etnploymenl of 8n employee or io provide leitninalion b8nelils. 15- ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Crltlcal accounung estlmates and Sudgements In the 8pplie8bon of the ch8rity'$ 8e¢ounting polioes, the trustees are required tts make judgen*nts. e$b"mgte$ and assumptions about carrying atnounl of assets and liabilities that ale not readily apparenl from other sources. Th8 estirnates and associated assumption5 are based on hi5torlcal expèrfence and other lactors that are consldered to be relevant. Actual iesulls may differ from these esllmates. Thp p.*limAIp* And ijndprfying A88iJmptinnq Arg. rp.vipwpd nn An nnonino hAqi¢ Rp.vi*inn* In Aernijnlino p.8lim2ip.8 Arp recogn159d in the perlod in which the estimate is rev158d where the revlsvjn affects only that perlod, or In the period ol the revision and Tutur8 periths where the revision aff8cls both current and future periods. In preparing thèse financial slalèmenls Iha Iruslee8 hav8 made the following judg8m8nls'. Determining whether In￿rne Is reslricled or unrestricted. These decision5 depend upon the whethèr the donor has given the incorne subject to certain terms or COnd￿lOnS which impos8 a restriction in trust law. Determining the allocation of support costs lo aclivilies. These decisions depend upon whether the costs Can be diredy aiiribuled to an aclivity or shared beiween specific aclivities.The balance of costs are apports'oned between the Th8 Iruslees do not consider there to b8 any key accounting 8slimat8s. Income from donationy and legarl•• Unrostrlct8d R•8trlet•d funds fund$ 2023 2023 Total Unrestrletod Restrlcted lund$ funds 2022 2022 Total 2023 2022 Donations and g￿$ Grdnls (see below) 9075 11,000 9,07S 235,076 4,035 24,535 4.035 236.413 224,076 211,878 20.075 224,076 244,151 28,570 211,878 240,448 Grants r•c•lvobl• for cor• actlvltl•g Covid-19 grants Minislry of DefetKe Arms and Armour H8rllag• grant 24,535 24,535 211,878 224,076 224.076 211,878 11.000 11.000 11000 224,076 235,076 24,535 211,878 236,413 16- ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from clwrltable actlvltles Rèstriet*d nds 2023 RoJtri¢tod fund$ 2022 CharStable a¢tlv1118S Performance related grant5 174,500 166.(XX) Perform4n¢e relal?d grants #naly¥i¥ Ch4ril4ble ctlvlll•B 2023 Charilable actlvlll•$ 2022 Royal Artillary Institution 174,500 166,C Income from other trading activitie• Unrestrlctgd Unrostrlctgd lunds lunds 2023 2022 Trading act￿llY income.. other 31,190 16.750 In¢om• from invobtments Unrestrlcted Unrestrfcted funds lundg 2023 2022 Inwme from listed inveslmenls Int8resl receivable 151,838 79 150,469 151,917 150,472 17- ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Othfji Income VnrÈgtricted Unr•9trictèd funds lunds 2023 2022 Net gain on disposal of tan£ible fixed assets Expgndlturg on ¢h8rltabl• a¢tlvlll•s Collo¢titsn Planning for managgmqnt futur• Total Colle¢tion Planning for manag•ment futuro Total mus•um 2023 musèum 2022 2023 2023 2022 2022 Dlr•cl cost$ Staff costs Motor and travel Conservation Storage acking Project consultancy Trad8 mark and oth8r 18gal advica Travelllng and motor expeii¥es Other costs Trustee expenses Acquisition and project costs 136.191 5.078 29,570 165,761 5,078 156,217 2,679 6,000 53,740 156.217 2.679 6,(X)O 53,740 10 81.764 23,098 23.098 38.874 38,874 61,764 150 150 4,69S 6,019 530 4,695 6.019 530 8,23fj 10,937 274 8,238 10,937 274 8.541 8,541 172.908 79,688 252.596 218,646 81,361 300,1X)7 Shar* of support and gov&rnan¢* ¢¢st$ (See noto 91 Support 88.152 88,152 Govern8n¢8 5,899 5,899 176.304 11,798 97,914 4,637 97,914 4,637 195,828 9,274 266,959 173,739 440.698 321,197 183,912 505,109 Analysis by lund Unreslrlcl8d funds general Restricled fund5 101,610 165,349 115,012 $8,727 216,622 224.076 137,150 184,047 156,081 27.831 293,231 211,878 266.959 173,739 440.698 321,197 183,912 505,109 18- ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs allocat￿ to acUvltl•s 2023 2022 Staff wsls Deprecialion Computer and tdephone InsurJn¢ Legal and other professiona fees Bank and investm8nt portlolo charges Postage,stslionwy and office casts Sundry expenses Bad debts Wood Road costs 63,Q34 17,536 27,346 26.903 5.157 21,866 4,397 3,358 69.154 21,743 19,039 22.eG7 7,151 22,352 3.374 4,558 10.980 14.610 6,707 176,304 11,798 195.828 9.274 Govefnan¢e o)sls 188.102 205.102 Analy8ed helw•en: Collgctlon managemgnt Planning lor fuluiè mus8um 94.051 94,051 102,&51 102,$51 188.102 205,102 21123 2022 Gov•rnar)¢• costs comprli•', Audit lees A¢couni8n¢y 6,750 5.048 5,758 3.516 11,798 9,274 10 Trust••• During the year, lollowing previous consullalion with the Charity Commission, tre ch8rily's chairman invoiced the charity £38.28512022.' £33,000) in respecl ol consultancy seNices, adminislrative support and research. The chairman did no1 r¥¢eiv8 any remuneration in i$sp8cl ol his role 8$ 8 truslg8 ol the charity. No other trustees reeeivecj remuneration or olher benefits forthe year ended 31 De￿mber 2023 nor for the year ended 31 Docernber 2022. Tru8tè•8' èXP•n8•8 Durinq the year, 3 trustees were reimbursed travel expenses lolalinq £84212022.. 3 trustees lolalinq E4,7S11. 19- ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Employees The 8ver8ge mtsnthly number of employees during the yeer w8S'. 2023 Numb•r 2022 Numbgr Employmént costs 2023 2022 Wages and $8larles Social security costs Othtsr pension costs 204,866 14,326 ),603 200,637 15,150 228,795 225.371 The cDmpany's staffing policy allows fcf a full-ti￿e position to be filled by ggveral part lirne grnployeg5 whiBh gnsure that a greater flexibility of staffing can be achieved during busy periods. The museum benefits from grant support from the MOD. Thère wèrè no èmployèès whosè annual rèmunerallon was moré than £60,000. Remuneration of key management personnel Th& ron)un8ratlon of key rn8n&gon)eni p8f¥Dnnel 1$ as follows. 2023 2022 A9gregale ¢ompenso1ion 88,310 85.047 12 G•ln$ and lo$$&s on In¥•slm•nt• Unr•strict•d Unr•stricted lund5 lunds 2023 2022 Gainslllossesl arising on= Revolua￿On ol investments Salè of Invèstmonts 28,386 1494,7801 1160,6211 28.386 1655,4011 13 Taxation The charity is exempt from taxation on its activilies because all its incorna is applied for charilabltr purposes. -20- ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Tanglble flxed assets Flx¢ure$ and Motorvehlcles fltllngs Totol Cost At 1 January 2023 Additlons Disposals 120,002 12,575 15.0001 11,650 131,652 12,575 15.IKIOI At 31 Decern￿r2023 127,577 11,650 139,227 Depreciation and impairment At 1 January 2023 Dèpreclalion chargad in th8 yaar Elirninaled in respect ol disFosals 80,783 15,206 14,6671 8,738 2,330 89,521 17,536 14,8671 Al 31 December 2023 91,322 11,068 102,390 Carrylng amount Al 31 Dcccmbor 2023 36,255 582 36.837 Al 31 December 2022 39,219 2,912 42,131 15 Fix¢d as8•t inv•slmonls Litsted Invfj$lmgnl$ Other Invgstmonts Total Co$t or valuollon At 1 January 2023 Addltlons Valuation chang8s Disposals 3,971,741 1,765,989 28,J86 11,643,7771 3,971,743 1.765,989 28.386 11.643,7771 At 31 December 2023 4,122,339 4.122,341 Carrylng amount Al 31 DeGember2023 4,122.339 4.122,341 At 31 De￿mber 2022 3,971,741 3.971.743 2023 2022 Other investmenls cornprise= Not•8 Inveslrngnls in subsidiarigs 25 Included wilhin the lisled investment porttolio is £61,31412022'. £71,592) ol cash balances 21 ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Debtors 2023 2022 Amount8 f8lllng due wlthln one year.. Trade debtors Other debtors Prepayments and accrued income 9,Q59 5,607 948 12.(XXJ 69,256 15,614 81,256 17 Crèdilor&'. amounts falling duè within one yèar Z1123 2D22 Notès Other taxalion and 50clal Security Deleried in¢Dme Tra¢Ye Creditors Other crèditors Accrua15 and delerrgd incorne 3,475 57.811 13.852 6,754 17,559 18 17,878 6.754 32,190 99,451 fj0.680 18 D•forr•d Incomè 2023 2Q22 Olhgr delerrgd income 57.811 Déf8rr8d Incom8 Is Induded In th8 Ilnanclal statem8nts as folkjws,. 2023 2022 Dtrlari¥d incomè is includ8d withln.. Current liabilities 57,811 Movements in the year.. Dèlsrigd incoma al 1 January 202J Resources deferred in the ygar 57,811 Deleried In¢Dme al 31 De¢EMber 2023 57.811 Deferr8d incom8 relates to MOD staff arants r8ceiv8d in advanc•. -22- ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 R•strlcted funds The restrieted funds of the therity eornprise the unexpended bal8nces ol donotion$ and 9r8nts held on trust Subjeet to specific conditions by donori as to how Ihey rnay be used. Al 1 January 2023 Incoming rosourcog R•8our¢os •xpènded Transfèrs4t JI O袕mber 2023 Rausing Donation Tony Howitt L8ga¢y MLlSeLlrn rapilgi I lund Heritage and education lund Ministry of Defewe grant in aid Royal Artillery Inslltutlon 580,625 100.000 70D.OQO 900.000 580,625 100,LNXI 700.(K>O 900,Cx)O 224,07fj 174,500 1224,0761 1174,5001 2,280.625 398,576 1224,0761 1174.5001 2,280.625 Prevloug year: A11 January 2022 Incomlng r•$our¢o8 Resources •xp•nd•d Transfers4t JI December 2022 Rausing Don8lion Tony Howilt Legacy Musourn copitol fund Heril8ge and education lund Minislry of Deferre granl in aid Royal Artillery Institution 580.625 100,000 70D,OQO 900.000 580.625 100.000 700.(J)O g00.CN)O 211,878 166,000 1211,8781 1166,0001 2,280.825 377,878 1211,8781 1188,0001 2,280,625 The rg$lri¢tod funds ar&., Rausing donation.. A dongts'on ieceivpd which is to be used fot ed(Jcafv'onal puipo5es. Tony Howilt legxy.. A legacy bequealhed lo the charity which is lo be used for Ihe fulure developmenl of the new museurn. Museurn capital fund.. Grants received for the capiial costs of the delivery of the new RA museum. Herilege and education fund.. A legacy bequeathed lo the charity which is to be used for the fulure ¢Jevelopment of th& new museum, orotherwise lor heritage and education. Minislry of DeferKe funds.. Grdnts receved to fund staff and utilities cost5. Royal Artillery Instilulion.. Gr8nts re¢eivgd lo fund various proi8cls lo ensure that Royal Artillery Musgum have tho Capability lo mamge the Golection. Thè transfer in thè pritsr yaar betweèn unrastrictèd funds and tho Royal Artillary Institution rastrictsd fund reprosènts the expenditure in the year in relalion to this grant. -23- ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Unrestrlcted funds- deslwated The unre8tri¢ted lunds of the charity ¢ompri$e the ftsllt>wing designated funds whi¢h have been set 8$1de out tsf unreslricled funds by the trustees lor specific purposes". At 1 January 2023 Transfèrs4t JI O袕mber 2023 Future museum project 22,900 72.376 95.276 Pr•vltsus y••r'. At 1 January 2022 Transfer&4t 31 Dec•mbor 2022 Future museum proje¢l 22,900 22,gXJ Th8 Futuro museum prol8cl fund r8pr888nls rnoniès s8t asid8 to fund lubjre costs relating lo the d8veloprn•nl ol the nAW miisèiim. ThA Amniinl trAn.*l•rred nf f72,.176 mDfp8Anl8 mnnièg r.nmmitl•rt hy IriiAI888 tn Iha n*w mii.**iim in 2023. 21 Unr•strlct•d fuTrds Unr8slrSel8d funds ar6 used al thè dlserolon ol th6 Irustaès for any ol tho ¢harlVs purpostss, Ihl8 Is malnli for the operation of the museurn. At 1 Jinuary 2023 In¢omlng resourcgs Ro$our￿$ oxponded Tran$f•rs G8ln$ and4t 31 D•¢•mb¢r lossos 2023 General fund5 1,867,442 204.432 1216,6221 102,124 28,386 1.985.762 Pr•vlou5 y•ar'. At 1 January 2022 Incomlng resources R•Sour￿$ expended Tran5f•rs Galns and4t 31 D•c•mb•r losses 2022 General funds 2,454,282 195,792 1293,2311 166,000 1655.4011 1,867.442 -24- ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 22 Analysls of net assets between fund Ufirottrictod Unrostricted funds lund8 general deslgnated 2023 2023 R•$trictsd funds Totthl 21123 2023 Fund balances at 31 D&¢omber 2023 ale r•presontèd by: Tangible assets Investmen15 Currenl assetsJlliabilitiesl 36,837 1,841,716 107,209 36,837 4,122.341 202,485 2,280,625 95,276 1,985,762 95.276 2,280,625 4,361,663 Unr•slrlct•d Unr•strlctsd fund8 fund8 general designated 2022 2022 R•strfct•d fund8 Total 2022 2022 Fund balan¢•$ at 31 D•¢•mbor 2022 8r• ropresented by: Tangible assats Inveslinents Currenl assètsllliabllltl8sl 42,131 1.é91,118 134,193 42,131 3,971,743 157,093 2,280,625 22,900 1.867,442 22,900 2,280,625 4.170.￿7 23 Opgratlng 1gas• comrnltrnènts Loss•* Al the reporting end date the charity hwj outstanding comrnitments for lulure rninimum lease payment5 under ngn-cancellable operating leases, which lall due as follows.. 2023 2022 Wllhln one year Betwtren two and five years 27,902 33.735 11.667 27.902 45.402 -25- ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Relatsd party transactSons Transactions with related p&rtie8 Grant5 of £174,9)012022.' £166,000} wer• rec•iv8d from th• Royal ArUll8ry Institution IRAII. Memb8rs of th8 Mastor Gunner5, Committee have the light lo becom8 rnombers ol tr￿ Royal Arti118ry Musèum and other applicants to membership rnust be elecled by the Comrnitt8e. 25 SubsidSarles Delaib of the charity's subsidiari85 al 3108ce￿b&r 2023 are as lollows.. Nam¢ of und•rtikSng R¢gl8t•r¢d Nalure of busln&s& Class of •haro• h4ld % H•ld OlreGt Indlre¢t 4)ffi¢• Royal Artillery Museums IEnlerprise51 Limilgd United Kingdom Dormanl Or in dgblors (Decreasal in crodilors Increase in delewed income 65,642 119,0401 57,811 10.814 119,1621 Cash generated fromllab5prbed by) operations 131,092 168,5161 -26- ROYAL ARTILLERY MUSEUM NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 29 Analys1$ of chang83 In net funds The ch8rity h8d no m8teri81 debt during the ye•r. -27- This document was delivered using electronic communications and authenticated in accordance with the registrar's rules relating to electronic fonn, authentication and manner of delivery under section 1072 of the Companies Act 2006.