The Royal Scots (The Royal Regiment) Museum Trust Fund Report and accounts for the year ended 31 March 2023 Charity number." SC005163
The Royal Scots (The Royal Regiment) Museum Trust Fund Contents Page Reference and administrative information Tru51ees report Independent examiner's report Stslement of f4nancial activities 8alance sheet Statement of ca5hflow Notes lo the accounts
The Royal Scots (The Royal Regiment) Museum Trust Fund Reference and administrative inforniation Trustees Committge Treasurer Address Bankers Royal Bank of Scotland 142-44 Princes Street Edinburgh EH2 4EQ Indepèndent examiner Henderson Loggie LLP 11-15 Thistle st1 Edinburgh EH21DF Investment Managers 8rewin Dolphin Ltd Sixth Floor, Atria One 144 Morrison Street Edinburgh EH3 8EX
The Royal Scots (The Royal Regiment) Museum Trust Fund Report of the Trustees for the year ended 31 March 2023 The Trustees present their report along wrf(h the financial statements of the Charity for the year ended 31 March 2023. The financial slalements are prepared in accordance with the accounting policies as sel out on pagos 9 and 10 and comply wth applicable charity law. Objoctivgs and activitiés The Trust Deed stales that the Triislees are lo hold in Trust all property belonglngs lo the Regimental Museum and ensure its upkeep. The fund inwme is to be applied after payment of ordinary expenses of running the Museum. in the purchase of such items of interest lo the Regiment calculated to preserve the history and traditions of the Regiment. This has resulted in a wider Herit8ge rather than lust Museum role for the Tfusl. Achiovements and performance The Museum finally re-opened its doors to the public on Tue 10 May 22 following Covid-19. Thi$ was within the restrictions plac8d on visitors numbers to Edinburgh Castle by Historic Environment Scotland. After two po8tponemènts of the aredItatiOn process, due to Covid-19, the was granted Full Accredilalion in Ocl 22 which will last for 5 years until Ocl 27. The Museum will recelve an invil8140n for reaccreditalion 6 months prior to this dale. Following the managed move of the Museum Assistant within the Civil SeNice, the Museum successfully cruIted a Museum Curator lo replace him. The new curator has brought with her, knowledge, and experience from her time with St Anotraw's University museums whieh has paid dividends in the short lime that she has been In post. Following the creation of the new Ranger Regiment where 1 SCOTS became the 1st Ranger battalion, tranches ol silver and piclLITes have been lumed from them and accessioned into the Museum. 11 is intended lo move some of the silver and pictures to the Royal Scol$ Club so that they can be displayed lo a wider audience due to the 18ck ol d15play space in the Museum. The saga of the water ingre55 Into the Museum has yet lo be fully resolved. Whilst the outside wall has been repointed to slop the water ingress Into the Museum, the floor damaged by the water is yel lo be repaired. The dehumidifier in the storeroom broke down in Dec 22 and DIO removed il for instR¢tion. They have tttnfirmed that It is beyond economic repair IBERI and will have ID pIaGe il with a new one. This ha5 yel lo be completed. A temporary solution of a free-standing dehumidifier has been source lo cover the interim period until a permanent solLJb'on is implemented_ The heats.ng system failed during the reporting perd bul has now been completely refurbished and is now in perfect working order. The lighting system in the meda15 areas of the MLkseum failed in Jan 23. 11 has been inspected and an interim solution has been implemented. Following a full inspection of the wiring and fillings," the lighting system wll need lo be replaced. The Museum is wailing for a quote for the cost of the project which will be competed in the next FY. A number of projects have been completed during the reporting period.. Colour Belts and DIM Sash- Following the completion of the new display cases for the Colour bells, the new backing board has been completed and filled into the Museum. The three display cases were then filled to the new backing board which ¢ompeled the project on 13 Ocl 22.
The Royal Scots (The Royal Regiment) Museum Trust Fund Report of the Trustees for the year ended 31 March 2023 (continued) Achi&vem•nts and performance {continuedl Post 1945- Post 1945 project is now complèted. The Northern Ireland diorama has now been installed and th8 Gulf War diorama has been moved and is now complete. The films have been loaded onlo the interactive screen and Il is now completed The screen for the WW2 area covering Europe and Kohima are now install&d. Digilisalion of the Thistle- The digilisalion ol the Thistle has now been loaded onto the compulers in the research area, storeroom and Ihe Regimental Office and is proving invaluable for research purposes. 11 is hoped lo have the Thistle loaded onlo the Web Sile soonest. Libmry- following the installation of the new shelving the library the indexing of the library is well underway bLJI is not yet completed. Financial Inforniatlon The slalement ol financial activities for the year is sel out on page 6 of the Financial Statement. A summary of the financial results is 9iven below. The income for the year was £55,784 (2022.. £19.1861 and expenditure was £71.96312022. £71,963). This produced a surplus of expenditure over income of £34,80412022,. £52,777 deficill prior to investment losses. Trustees consider reserves produce suffictenl income ID meel the ordinary running expenses but will continue to raise funds fDr specific projects. Investmentpolicy The investment objective set 1$ to obtain a mix r>f income and growth retum over a diversified risk portfolio. The onty specific reslriclion to investment powers is that no more than 15Yo is placed In fixed interest. The investment portfolio is monitored regulaily by the Trustees in Gonjunclion with dis¢relFonary management from the investment advisers. All investments are held for the TrLJStees by a nominee company of Brewin Dolphin Risk The Committee, on behalf of TrL¢slees, review the major risks faced by the Trust gn an annual basis and pul steps in place lo mitigate them. Future plans The Trustees will continue to seek a high level of pwentslion wtthin the Museum and the library and lo add to the Collection when suitable items beffte available, In addition, the Trustees are looking at enhancing the story of the Royal Scots by both upgrading some of the information boards in the museum and by finding space lo display significant artefacls that are currenly slortd in the Sto room Structuret govarnance and managament Governing document The Trust was established by a Trust Deed dated 20 July 1959.
The Royal Scots (The Royal Regiment) Museum Trust Fund Report of the Trustees for Ihe year ended 31 March 2023 (continued) Appointment of fruslees The Trustees have the power to appoint new Trustees. Management The Trustees, assisted by Ihe Commltlee. delermlne the policy and made during the year. Day lo day managemelll is carried out b Thé Committee and Trustees are consultsd as and when necessary. ree an major expenditure to be he Museum assistant, Statement of Trustees, responslblllt4es Charity law requires the Trustees lo prepare accounts for each financial year which show a true and fair view of the Slate of affairs of the charity and ils financial activities for that period, In preparing those accounts, the Trustees are requifed to.. Select suitable accountsng policies and then apply them consistently., Make judgements and estimates that are reasonable and prudent., Slate whether applicable accounling standards and slalemenls of recommended practice had been followed, subject lo any departures disclosed and explained in the accounts.. an Prepare the a¢¢ounls on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence. The Trustees are responsible for keeping proper aeeounling records which disclose with reasonable accuracy at any lime the financial position of the Charity and lo enable them lo ensure that the account5 comply with the Charities and Trustee Invegtmenl {S¢ollandl Act 2005 and the Charities Accounts {Scollandl Regulations 2006 las amended). They are also responsible lor safeguardin9 the asse15 of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on their behalf airman Trustee 30 October 2023
The Royal Scots (The Royal Regiment) Museum Trust Fund Independent examinerfs report to the Trustees of The Royal Scots {The Royal Regiment) Museum Trust Fund I report on the accounts of the Charity for the year ended 31 March 2023 which are sel out on pages 6 10 15. Respective responsibilities of Trustees and examiner The Charity's Trustees are responsible for the preparation of the accounts within the terms of the Charitie5 and Trustee Investment Iscolland) Act 2005 an¢J the Charities Accounts {Scollandl Regulations 2006 las amended). The Chafity Trustees consider th* the audit requirement of Regul8llon 10{Illal to Icl tsf the Accounts Regulalions does not apply 11 is my responsibility lo examine the accounts as required under section 4411)(cl of the Act and lo slate whether parb'cular mallers have come to my attention. Basis of Indèpendenl examlnerfs ststement My examination is carried out IN accordance with Regulation 11 of ttte Charities Accounts (Scollandl Regulations 2006. An examination includes a review of the accounting records kept by the charty and a comparistsn Of the accounts presented with those records. 11 also includes consideration of any unusual items or disclosures in the accounts and seeks explanatlons from the Trustees concerning any such matters. The pro¢Édur&$ undertaken do not provide all the eviden¢e that would b& required in an audit, and ¢onsequenlly I do not express an audit opinion on the view given by the a¢counls. Independent examlner's statement In the course of my examination, no maller has come lo my attention: which gives me reasonable caLtse to believe that in any material respect the requiremenl8". lo keep accounlirig records in accordance with Section 44{1)lal of the 2005 Act and Regul81ion 4 of the 2006 Accounts Regulations,, and lo prepare accounts which accord with the a¢¢ounting rectsrds and compty with Regulation 8 of the 2006 A¢counls Regulations have not been mel, or to which, in my opinion, atlentson should be dr8wn in order to enable a proper understanding ot the accounts lo be reached. 30 October 2023
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The Royal Scots (The Royal Regiment) Museum Trust Fund Balance sheet as at 31 March 2023 2023 2023 2022 2022 Note Investments 230,205 246,309 Current a$8ets Deblors Cash at bank and in hand 1,217 39,044 698 4,785 40.261 5,483 Creditors Amounts falllng due within one year 12,2701 12,0901 Net Current a$s¥ts 37,991 3,393 Total a$sgts less current Ilabllltles 268,196 249,702 Fund$ Unrestricted fvnd Restricted fund 239.426 28.770 243,620 6,085 Total funds 268,196 249,702 The accounts are prepared in accordan with ihe Statement of Recommended Practice ISORPI °A¢¢ounting and Reporting by Charities" issued 2005. The accounts were approved by the Trustees on 30 October 2023 and signed on their behalf., The note5 on pages 9 10 15 form part of these ac¢ounls.
The Royal Scots (The Royal Regiment) Museum Trust Fund Statement of cash flow for the year ended 31 March 2023 2023 2023 2022 2022 Cash flows from opefating activities Net movement in funds Net lossesllgainslon investments Income from investments Ilncreaselldecrease in debtors Increase in cdItorS 18,494 16,31D 16,4441 15191 180 145.3581 {7,4191 {5,0261 10 50 Cash (used inl operating activities 28.021 157,7431 Cash used in investing a¢tlvllles Investment income P8yments lo acquire investments Receipts from sale ol investments Movement in cash held In investment portlDIio 6.444 137,4201 38.621 {1,4071 5,026 135,4371 34,796 187 Cash provided by imi8sting a¢tlvltles 6,238 4,572 In¢reaselldècreasel in Gash ancl Gash gqulvalents in year 34,259 (53,171) Cash and cash equivalents at the be9lnning of the year 4.785 57,956 Total cash and cash equivalents at the end of the year 39.044 4,785 Cash and cash equivalonts comprise: Cash al bank 39.044 4,785
The Royal Scots (The Royal Regiment) Museum Trust Fund Notes to the accounts Ac¢ounting policies Basls of preparation The financial statemen19 have been prepared on a going concern basis in ordanCe wrth applicable accounting standards and under the historical cost accounting rules, except Ihal investments held as fixed assets are carried al fair value, and In accordance with applicabte accounting standards. The accounts comply with the Charities and Trustee Investment {Scollandl Act 2005, the Charities Accounts ISGotlandl Regulations 2006. the Statement of Recommended Practice ISORPI FRS102 "Accoijnting and Rèporting by Charities" (revised 20161 and in accordance with Financial Reporting Standard 102 IFRS1021. The accounts comprise three primary financial statements, the Slalement of Financial Activities (incorporating the income and expenditure), the Balance Sheet and a Cash Flow Statements. The Trustees ¢onsider that the accounts should be drawn up on a going con¢ern basis a6 investments generate funds sufficient lo cover the grants paid and other expenditure. Charity status The charity, which is unincorporated was established by Court Decree dated 10 December 1967. Fund accountlng General funds are unrestricted funds which are available for use at the discretion Dlthe Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Reslricled funcls can only be used for particular restricted purposes within the objects of the charity. Financial Instmments Financial instruments comprise financial assets and financial liabilities which are ini118lly recognised al transaction value and subsequèntly measured al their settlernent value with the exception of investments. Investments are measured initially at their transaction value and subsequently measufed at their fair value a5 al the balance sheet dale using the closing quoted markel price. The ststement of financial aclivilie5 includes the nel gains and losses arising on revaluations and disposals throughout the year. All investments are carrierl at their market value. The Trust's exposure to investment risks and the significance of financial instruments lo the ongoing financial suslainabilily of the Trust is considered in the financial VieW and slruclure. govemance and management sections of the Report ofthe Trustees. The market risks lie in the combination of uncertain investment markets and volatility in yield The liquidity rssk is low as the Investments are traded in markets with good liquidity. The ¢di1 risk is low as the underlying assets of the pooled arrangement are ring fenced from the pooled manager. The Trust manages the risks by retaining expert advisors and making them aware ol the Trust's investment policy. In¢omfy All incoming resources are included in the 8¢counts vrfhen the is legal entillemenl lo the income and the amount can be quantified wrth reasonable accuracy.
The Royal Scots (The Royal Regiment) Museum Trust Fund Notes to the accounts (continued) A¢countlng poll¢les (continued) Expgnditura All expenditure is accounted for an on accruals basis and has been classified under headings that aggregate all ¢osl$ related lo the category. Expenditure on rdiSing funds Investment management fees are recogni5ed in the period in which they aTe charged. Investments Investments are slated al market value 81 the balance sheel dale. Heritage as$gt$ The value of the artefacls in the museum are not capitslised as the cost of ascertaining the value Is cost prohibitive and lacks sufficient reliability. Cash at bank and in hand Cash al bank and in hand includes cash which is accesslble on demand. Debtors Other debtors are recognised al the selllement amount due. Prepayments are v81ued al the amount prepaid net of any trade discounts due. Credltors and provisions Creditor5 and provision5 are recognised where the charity has a present obligation resulting fmm 3 past èvent that will probably result in a transfer of funds lo a third party and the amount due to sellle the obligation can be measured or eslimaled reliably. Creditors and provisions are normally Tognised 01 theii settlement amount after allowing for any trade discounts due. Income 2023 2022 Donations and legacies Donation5 616 616 Income from investments Dividends and fixed interest income 5,026 6,444 5,026 10
The Royal Scots (The Royal Regiment) Museum Trust Fund Notes to the accounts (conlinued) Income (continued) 2023 2022 Charitable activities Historical enquiries Penny press Grants Ireslricle¢Jl Other incpme including VAT refunds 25 4,382 28,000 16,317 130 14,030 48.724 14,160 Expenditure 2023 2022 Expenditure on raising funds Investment managers. fees 1,497 1,638 Charitable activities Penny press costs Calour Belts project Irestrictedl Storeroom projecllreslricledl Digitisalion project1373 Years (reslrictedl Computer project expenditure Irestricledl Rotunda project expenditure Irestrictecsl f 945 project (reslricledl Power distribution project (reslrictedl Thistle Project Ireslricledl Artefacl resloralion lunrestficledl Scots learning hub Insurance Security Post Support costs Computer and inlernel Subscriptions Professional fees Other expenditure Governance c05t5 A¢counlanls fee Trustees expenses 5,580 3,054 3,122 3,500 2.74B 698 2,5S6 1,866 32,445 14,030 2.300 497 3.562 944 2,972 842 390 456 354 423 1,020 653 1.046 2,340 BO 2,317 19,483 70,325 Employees The Trust had no paid employees during the current or previous year. None of the Trustees (Dr any person connected with theml received any remuneration.
The Royal Scots (The Royal Regiment) Museum Trust Fund Notes to the accounts (continued) Investments Fixed interest Equity Total Market Value Opening balance at 1 April 2022 Less cash held for reinve5tmenl 11.753 234,556 12,4731 246,309 12,473 11,753 232,083 243,836 Addition5 Disposals Unrealised losses Cash held for reinveslmenl 2,384 35.037 138,9911 114,243) 3,879 35,437 132,538} 115,940) 3,879 11,6971 Closing balance at 31 Mar¢h 2023 12,440 217,765 230,205 Cost al 31 March 2023 14,374 183,763 198,137 Debtors 2023 2022 Due from investment managers Other debtors 976 241 225 473 1,217 698 Creditors 2023 2022 Amounts falling due within year.. Other creditors 2,270 2,090
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The Royal Scots Regimental Trust Notes to the accounts (continued) Control The ¢hanty is under the control of the Trustees. 10 Related party transact5ons There were no related party transaction5 in the current OT previous years. Financial instruments 2023 2022 Carrying amount of financial assets Dèbt instruments measured at amortised cost Fair value through net incomelexpenditure Carrying amount of financial liabllltlos Measured al amortised cost 241 230,205 473 246,309 12,2701 12,0901 228,176 244,692 Financial assets that are debt instruments measUd at amortised cost comprise trade receivables and other debtors. Financial assets measured al fair value through net incomelexpendilure comprise listed investments. Financial liabilities measured at amortised cost comprise trade payables. accruals and other creditors. 12 Analysi5 of changes in net funds during the year 2023 2022 As at 1 April 2022 Nel cash inflowlloutflowl 4,785 34.259 57,956 153,1711 At 31 March 2023 39,044 4,785