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← Royal Artillery Museum

2024-12-31-accounts

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

Charity registration number 803006 (England and Wales) Company registration number 02472345

ROYAL ARTILLERY MUSEUM

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Major General Nick Eeles
Graham Beal
David Greenwood
Simon Hawkes
Peter Wragg
James Barnes
Brigadier Mark Milligan
Peter Carson
Peter Thompson
Thomas Foss - Smith
Samantha Jolley (Appointed 14 October 2024)
Rosalind Skellorn (Appointed 22 October 2024)
Christof Masheder (Appointed 6 May 2025)
Secretary Sonjeev Sehota
Charity number (England and Wales) 803006
Company number 02472345
Registered office Artillery House
Larkhill
Artillery Barracks
Salisbury
Wiltshire
SP4 8QT
Auditor Fiander Tovell Limited
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
Bankers Lloyds Bank Plc
Business Banking Service Centre
3rd Floor
10 Booth Street
Manchester
M2 4AW
Lloyds Bank Plc
Powis Street Woolwich
London
SE186HZ
Solicitors Thompson Snell and Passmore
3 Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NX

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

LEGAL AND ADMINISTRATIVE INFORMATION

Investment advisors

Brewin Dolphin 12 Smithfield Street London EC1A 9LA

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

CONTENTS

Page
Chairman's statement 1
Trustees' report 2 - 5
Independent auditor's report 6 - 8
Statement of financial activities 9 - 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 27

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

In 2024 Royal Artillery Museum (RAM) has continued to deliver further significant improvements in its care of its Arts Council England designated collection, while hosting just under a thousand visitors to its temporary site at Wood Road, Larkhill. This has been delivered by our core staff and just under 40 committed and capable volunteers. We have once again accepted a large number of acquisitions into the collection; these have included artefacts, medals, archive material and library books. Conservation projects have continued apace at Wood Road and out in loan locations, with a particular focus on older pieces which have deteriorated through being displayed outside. Our policy now is to move as many of these indoors wherever this is achievable. The staff and volunteers have again undertaken a major external engagement event at the Capel Military Show, and provided a display at Sandown for the RA Gold Cup day which proved very popular. I would again note that having almost all of the RAM team (less for those in the Archive) working in a single, centralised location, has had enormous benefits in terms of productivity, flexibility and morale.

The charity remains (with very strong regimental support) committed to delivering an appropriate new home for its unique collection near Larkhill. As a result of the full site options appraisal completed in 2022 the preferred location to the east of Larkhill Camp was selected by the RAM board and endorsed by the Regiment, and the Army has continued to indicate that it will support the building of our new museum in this area. A memorandum of understanding to this effect was signed by the Chief of the General Staff and the Master Gunner St James’s Park at Wood Road in March 2024. Work has continued to develop these plans at the same time as negotiations continue for an Agreement for Lease (covering a draft lease document) with the Army. The latter has taken longer than expected but I am confident that it will be signed off in 2025. (Afternote: the AFL was signed with the Army/DIO on 4 June 2025.) Once this is signed, fundraising and stakeholder engagement activity can commence in earnest.

With a tight control on spending, the charity has again delivered a balanced budget in 2024 which has protected its capital for use on the future museum project. With no visitor income, the charity has been supported once again 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 the completion of the delivery of a new catalogue, the ongoing oral history project, conservation projects and archive research and development work. RAM has also benefitted enormously from the Army’s grant in aid for staff funding and its provision of rent-free accommodation at Wood Road and Netheravon.

The board agreed in December to invite Lieutenant General Sir Andrew Gregory (the current Master Gunner St James’s Park) to be the charity’s President.

In conclusion, I would like to thank the trustees for their wholehearted commitment to the charity’s activities during the year, and the staff and volunteers for the outstanding work they have delivered during a very busy 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 at Larkhill while at the same time caring appropriately for the collection and making it available to modest numbers of visitors.

.............................. Major General Nick Eeles Chairman

22/09/2025

Date: .........................

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

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 majority of 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 have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

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.

Achievements and performance

Review of Developments

The museum continued to enjoy the support of its major stakeholders during 2024. Financial support came principally from the Ministry of Defence with additional support received from the Royal Artillery Institution (RAI) and Royal Artillery Charitable Fund (RACF) through the RA Board of Management.

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, and broadening engagement with the public, serving and retired Gunners, and schools and community groups.

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.

Financial review

Unrestricted funds amounted to £2,397,962 (2023 £2,081,038), of which £2,221,515 (2023 1,948,925) 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.

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Grant income

The museum continued to benefit from the support of its major stakeholders, including the Ministry of Defence whose contributions have totalled over £230,000 (2023 over £220,000).

Investment Policy and Cash Balances

At the year end the charity held cash balances of £377,920 (2023 £286,322). 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.

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 on the legal and administrative page.

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Major General Nick Eeles Graham Beal David Greenwood Simon Hawkes Peter Wragg James Barnes Brigadier Mark Milligan Peter Carson Peter Thompson Thomas Foss - Smith Lt Col Benjamin Baldwinson (Resigned 6 May 2025) Samantha Jolley (Appointed 14 October 2024) Rosalind Skellorn (Appointed 22 October 2024) Christof Masheder (Appointed 6 May 2025)

Induction and training of 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.

Remuneration policy

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.

Statement of trustees' responsibilities

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

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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently;

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

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Auditor

In accordance with the company's articles, a resolution proposing that Fiander Tovell Limited be reappointed as auditor of the company will be put at a General Meeting.

The trustees' report was approved by the Board of Trustees.

.............................. Sour. Sulota Sonjeev Sehota Company Secretary 22/09/25

Date: .............................................

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ROYAL ARTILLERY MUSEUM

Opinion

We have audited the financial statements of Royal Artillery Museum (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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:

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 charity 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 charity’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROYAL ARTILLERY MUSEUM

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’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 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

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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 charity’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:

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ROYAL ARTILLERY MUSEUM

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ROYAL ARTILLERY MUSEUM

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

agreeing financial statement disclosures to underlying supporting documentation. enquiring of management as to actual and potential litigation and claims. reading minutes of those charged with governance

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Gregory ACA (Senior Statutory Auditor) For and on behalf of Fiander Tovell Limited

22/9/2025 | 14:21 BST Date: .........................

Chartered Accountants Statutory Auditor

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

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

Total 2023 £ 244,151 174,500 31,190 151,917 1,250 603,008 440,698 440,698 28,386 190,696 - 190,696
Restricted funds 2023 £ 224,076 174,500 - - - 398,576 224,076 224,076 - 174,500 (174,500) -
Unrestricted Unrestricted funds
funds		 general designated 2023
2023		 £
£		 20,075
-		 -
-		 31,190
-		 151,917
-		 1,250
-		 204,432
-		 216,622
-		 216,622
-		 28,386
-		 16,196
-		 102,124
72,376		 118,320
72,376
Total 2024 £ 383,773 249,932 15,950 160,117 15,150 824,922 537,901 537,901 29,903 316,924 - 316,924
Restricted funds 2024 £ 235,630 249,932 - - - 485,562 235,630 235,630 - 249,932 (249,932) -
Unrestricted Unrestricted funds
funds		 general designated 2024
2024		 £
£		 148,143
-		 -
-		 15,950
-		 160,117
-		 15,150
-		 339,360
-		 266,954
35,317		 266,954
35,317		 29,903
-		 102,309
(35,317)		 249,932
-		 352,241
(35,317)
Notes 3 4 5 6 7 8 13 10
Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Other income Total income Expenditure on: Charitable activities Total expenditure Net gains/(losses) on investments Net income/(expenditure) Transfers between funds Net movement in funds

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

Total 2023 £ 4,170,967 4,361,663
Restricted funds 2023 £ 2,280,625 2,280,625
Unrestricted Unrestricted
Restricted
Total
Unrestricted Unrestricted		 funds
funds
funds
funds
funds		 general designated
general designated		 2024
2024
2024
2024
2023
2023		 Notes
£
£
£
£
£
£		 Reconciliation of funds: Fund balances at 1 January 2024
1,985,762
95,276
2,280,625
4,361,663
1,867,442
22,900		 Fund balances at 31 December 2024
2,338,003
59,959
2,280,625
4,678,587
1,985,762
95,276		 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

BALANCE SHEET

AS AT 31 DECEMBER 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 15 56,529 36,837
Investments 16 4,285,771 4,122,341
4,342,300 4,159,178
Current assets
Debtors 17 72,619 15,614
Cash at bank and in hand 377,920 286,322
450,539 301,936
Creditors: amounts falling due within 18
one year (114,252) (99,451)
Net current assets 336,287 202,485
Total assets less current liabilities 4,678,587 4,361,663
The funds of the charity
Restricted income funds 21 2,280,625 2,280,625
Unrestricted funds - general 23 2,338,003 1,985,762
Unrestricted funds - designated 22 59,959 95,276
4,678,587 4,361,663

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

22/09/2025

The financial statements were approved by the trustees on .........................

Mk ules Eralam Beal
.............................. ..............................
Major General Nick Eeles Graham Beal
Trustee Trustee

Company registration number 02472345 (England and Wales)

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ROYAL ARTILLERY MUSEUM

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 29 92,941 131,092
Investing activities
Purchase of tangible fixed assets (43,083) (12,575)
Proceeds from disposal of tangible fixed
assets 15,150 1,583
Purchase of investments (1,413,720) (1,776,267)
Proceeds from disposal of investments 1,275,310 1,643,777
Investment income received 160,117 151,917
Net cash (used in)/generated from investing
activities (6,226) 8,435
Net cash generated from financing activities - -
Net increase in cash and cash equivalents 86,715 139,527
Cash and cash equivalents at beginning of year 347,636 208,109
Cash and cash equivalents at end of year 434,351 347,636

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

Charity information

Royal Artillery Museum is a private charitable company limited by guarantee incorporated in England and Wales. The registered office is Artillery House, Larkhill, Artillery Barracks, Salisbury, Wiltshire, SP4 8QT.

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.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value. The principal accounting policies adopted are set out below.

The financial statements present information about the company as an individual entity and not about its group. The company has not prepared consolidated accounts as its subsidiaries are immaterial both individually and collectively.

1.2 Going concern

At the time of approving the financial statements, the trustees have 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.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

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

1.4 Income

Income is recognised when 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) 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.

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

b) 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.

c) 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.

d) Investment income

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

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is 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.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 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. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments 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 to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

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:

• Determining whether income is restricted or unrestricted. These decisions depend upon the whether the donor has given the income subject to certain terms or conditions which impose a restriction in trust law.

• Determining the allocation of support costs to activities. These decisions depend upon whether the costs can be directly attributed to an activity or shared between specific activities.The balance of costs are apportioned between the activities.

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

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2024
2024
£
£
Donations and gifts
148,143
-
Grants
-
235,630
148,143
235,630
Grants
Ministry of Defence
-
235,630
Arms and Armour
Heritage grant
-
-
-
235,630		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
148,143
9,075
-
235,630
11,000
224,076
383,773
20,075
224,076
235,630
-
224,076
-
11,000
-
235,630
11,000
224,076		 Total
2023
£
9,075
235,076
244,151
224,076
11,000
235,076

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

4 Income from charitable activities

Restricted Restricted
funds funds
2024 2023
£ £
Charitable activities
Performance related grants 249,932 174,500
Performance related grants analysis
Charitable Charitable
activities activities
2024 2023
£ £
Royal Artillery Institution 249,932 174,500
5 Income from other trading activities
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Other income 15,950 31,190
6 Income from investments
Unrestricted Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 159,969 151,838
Interest receivable 148 79
160,117 151,917

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

7 Other income

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Net gain on disposal of tangible fixed assets 15,150 1,250

8 Expenditure on charitable activities

Collection
management
Planning for
future
museum
2024
2024
£
£
Direct costs
Staff costs
142,025
30,575
Storage
50,507
-
Haulage and transport
10,541
-
Project consultancy
-
68,517
Travelling and motor
expenses
4,766
6,043
Other costs
-
4,257
Trustee expenses
-
3,236
Acquisition and project
costs
16,638
-
224,477
112,628
Share of support and governance costs (see note 9)
Support
95,255
95,255
Governance
5,143
5,143
324,875
213,026
Analysis by fund
Unrestricted funds -
general
151,335
115,619
Unrestricted funds -
designated
-
35,317
Restricted funds
173,540
62,090
324,875
213,026		 Total
Collection
management
Planning for
future
museum
2024
2023
2023
£
£
£
172,600
136,191
29,570
50,507
23,098
-
10,541
-
-
68,517
-
38,874
10,809
5,078
4,695
4,257
-
6,019
3,236
-
530
16,638
8,541
-
337,105
172,908
79,688
190,510
88,152
88,152
10,286
5,899
5,899
537,901
266,959
173,739
266,954
101,610
115,012
35,317
-
-
235,630
165,349
58,727
537,901
266,959
173,739		 Total
2023
£
165,761
23,098
-
38,874
9,773
6,019
530
8,541
252,596
176,304
11,798
440,698
216,622
-
224,076
440,698

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

9 Support costs allocated to activities

Staff costs
Depreciation
Computer and telephone
Insurance
Legal and other professional fees
Bank and investment portfolio charges
Postage,stationary and office costs
Sundry expenses
Wood Road costs
Governance costs
Analysed between:
Collection management
Planning for future museum
Governance costs comprise:
Audit fees
Accountancy
10
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets
Profit on disposal of tangible fixed assets		 2024
£
62,808
23,391
16,738
30,771
27,448
22,228
4,794
1,161
1,171
10,286
200,796
100,398
100,398
200,796
2024
£
6,750
3,536
10,286
2024
£
6,750
23,391
(15,150)		 2023
£
63,034
17,536
27,346
26,903
5,157
21,866
4,397
3,358
6,707
11,798
188,102
94,051
94,051
188,102
2023
£
6,750
5,048
11,798
2023
£
6,750
17,536
(1,250)

11 Trustees

During the year, following previous consultation with the Charity Commission, the charity's chairman invoiced the charity £41,350 (2023: £38,285) 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 2024 nor for the year ended 31 December 2023.

Trustees' expenses

During the year, 5 trustees were reimbursed travel expenses totaling £3,236 (2023: 3 trustees totaling £842).

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

12 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
7
2024
£
210,722
14,861
9,825
235,408		 2023
Number
7
2023
£
204,866
14,326
9,603
228,795

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.

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2024 2023
£ £
Aggregate compensation 91,092 86,310
13 Gains and losses on investments
Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Revaluation of investments 29,903 28,386

14 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

15 Tangible fixed assets
Fixtures and Motor Total
fittings vehicles
£ £ £
Cost
At 1 January 2024 127,577 11,650 139,227
Additions - 43,083 43,083
Disposals (7,765) (11,650) (19,415)
At 31 December 2024 119,812 43,083 162,895
Depreciation and impairment
At 1 January 2024 91,322 11,068 102,390
Depreciation charged in the year 17,403 5,988 23,391
Eliminated in respect of disposals (7,765) (11,650) (19,415)
At 31 December 2024 100,960 5,406 106,366
Carrying amount
At 31 December 2024 18,852 37,677 56,529
At 31 December 2023 36,255 582 36,837
16 Fixed asset investments
Listed Other Total
investments investments
£ £ £
Cost or valuation
At 1 January 2024 4,122,339 2 4,122,341
Additions 1,408,837 - 1,408,837
Valuation changes 29,903 - 29,903
Disposals (1,275,310) - (1,275,310)
At 31 December 2024 4,285,769 2 4,285,771
Carrying amount
At 31 December 2024 4,285,769 2 4,285,771
At 31 December 2023 4,122,339 2 4,122,341
2024 2023
Other investments comprise: Notes £ £
Investments in subsidiaries 27 2 2

Included within the listed investment portfolio is £56,431 (2023: £61,314) of cash balances

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

17 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
9,057
14,710
48,852
72,619		 2023
£
9,059
5,607
948
15,614

18 Creditors: amounts falling due within one year

Notes
Other taxation and social security
Deferred income
19
Trade creditors
Other creditors
Accruals
19
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 January 2024
Released from previous periods
Resources deferred in the year
Deferred income at 31 December 2024		 2024
£
5,932
56,993
19,862
8,331
23,134
114,252
2024
£
56,993		 2023
£
3,475
57,811
13,852
6,754
17,559
99,451
2023
£
57,811
2024
£
56,993
57,811
(57,811)
56,993
56,993		 2023
£
57,811
-
-
57,811
57,811

Deferred income relates to MOD staff grants received in advance.

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

20 Retirement benefit schemes
2024 2023
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 9,825 9,603

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

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.

21 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At
Future RA Museum Project
Ministry of Defence grant in aid
Royal Artillery Institution
Previous year:
At
Future RA Museum Project
Ministry of Defence grant in aid
Royal Artillery Institution		 1 January
2024
Incoming
resources
Resources
expended
£
£
£
2,280,625
-
-
-
235,630
(235,630)
-
249,932
-
2,280,625
485,562
(235,630)
1 January
2023
Incoming
resources
Resources
expended
£
£
£
2,280,625
-
-
-
224,076
(224,076)
-
174,500
-
2,280,625
398,576
(224,076)		 Transfers
At 31
December
2024
£
£
-
2,280,625
-
-
(249,932)
-
(249,932)
2,280,625
Transfers
At 31
December
2023
£
£
-
2,280,625
-
-
(174,500)
-
(174,500)
2,280,625		 Transfers
At 31
December
2024
£
£
-
2,280,625
-
-
(249,932)
-
(249,932)
2,280,625
Transfers
At 31
December
2023
£
£
-
2,280,625
-
-
(174,500)
-
(174,500)
2,280,625
2,280,625

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

21 Restricted funds

(Continued)

Included within the "Future RA Museum Project" total, is the following funds:

*Interpretation: providing an audio/visual story narrative to the Collection

Other restricted funds include:

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

22 Unrestricted funds - designated

The unrestricted funds of the charity comprise the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

At 1 January Resources Transfers At 31
2024 expended December
2024
£ £ £ £
Future museum project 95,276 (35,317) - 59,959
Previous year: At 1 January Resources Transfers At 31
2023 expended December
2023
£ £ £ £
Future museum project 22,900 - 72,376 95,276

The Future museum project fund represents monies set aside to fund future costs relating to the development of the new museum. The amount transferred in the prior year of £72,376 represents monies committed by trustees to the new museum in 2023. In the current year, £35,317 of resources have been expended in relation to future museum costs.

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

23 Unrestricted 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.

At 1 January At 1 January Incoming Incoming Resources Transfers Gains and At 31
2024 resources expended losses December
2024
£ £ £ £ £ £
General funds 1,985,762 339,360 (266,954) 249,932 29,903 2,338,003
Previous year: At 1 January Incoming Resources Transfers Gains and At 31
2023 resources expended losses December
2023
£ £ £ £ £ £
General funds 1,867,442 204,432 (216,622) 102,124 28,386 1,985,762
Analysis of net assets between funds
Unrestricted Unrestricted Restricted Total
funds funds funds
general designated
2024 2024 2024 2024
£ £ £ £
At 31 December 2024:
Tangible assets 56,529 - - 56,529
Investments 2,005,146 - 2,280,625 4,285,771
Current assets/(liabilities) 276,328 59,959 - 336,287
2,338,003 59,959 2,280,625 4,678,587
Unrestricted Unrestricted Restricted Total
funds funds funds
general designated
2023 2023 2023 2023
£ £ £ £
At 31 December 2023:
Tangible assets 36,837 - - 36,837
Investments 1,841,716 - 2,280,625 4,122,341
Current assets/(liabilities) 107,209 95,276 - 202,485
1,985,762 95,276 2,280,625 4,361,663

24 Analysis of net assets between funds

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

25 Operating lease commitments

Lessee

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2024
£
39,235
83,052
122,287		 2023
£
27,902
-
27,902

26 Related party transactions

Transactions with related parties

Grants of £249,932 (2023: £174,500) were received from the Royal Artillery Institution (RAI). 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.

27 Subsidiaries

Details of the charity's subsidiary at 31 December 2024 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Royal Artillery Museums United Kingdom Dormant Ordinary 100.00
(Enterprises) Limited shares

28 Members' Guarantees

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

Docusign Envelope ID: 9BB1F19C-AF2D-4C02-9DD1-DEAC5E566F5D

ROYAL ARTILLERY MUSEUM

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

29 Cash generated from operations 2024 2023
£ £
Surplus for the year 316,924 190,696
Adjustments for:
Investment income recognised in statement of financial activities (160,117) (151,917)
Gain on disposal of tangible fixed assets (15,150) (1,250)
Fair value gains and losses on investments (29,903) (28,386)
Depreciation and impairment of tangible fixed assets 23,391 17,536
Movements in working capital:
(Increase)/decrease in debtors (57,005) 65,642
Increase/(decrease) in creditors 15,619 (19,040)
(Decrease)/increase in deferred income (818) 57,811
Cash generated from operations 92,941 131,092

30 Analysis of changes in net funds

The charity had no material debt during the year.