## **THE ROYAL SCOTS DRAGOON GUARDS MUSEUM TRUST** ## **STATEMENT OF ACCOUNTS** **FOR THE YEAR ENDED 30 SEPTEMBER 2024** **Charity Registration Number: SC006547** ## **THE ROYAL SCOTS DRAGOON GUARDS MUSEUM TRUST** ## **FINANCIAL STATEMENTS** **for the year ended 30 September 2024** ## **Contents** ||**Page**| |---|---| |General information|1| |Trustees’ report and statement of responsibilities|2 – 5| |Examiner’s report|6| |Statement of Financial Activities|7| |Balance sheet|8| |Notes|9 – 12| **1** ## **THE ROYAL SCOTS DRAGOON GUARDS MUSEUM TRUST** ## **GENERAL INFORMATION** **Trustees: Secretary: Contact Address:** The Royal Scots Dragoon Guards Museum Trust Home Headquarters Royal Scots Dragoon Guards The Castle Edinburgh EH1 2YT **Solicitor:** Gillespie Macandrew 5 Atholl Crescent Edinburgh EH3 8EJ **Stockbroker:** Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB **Independent Examiner:** Morris & Young 6 Atholl Crescent Perth PH1 5JN **2** ## **THE ROYAL SCOTS DRAGOON GUARDS MUSEUM TRUST** ## **TRUSTEES’ REPORT** ## **30 SEPTEMBER 2024** The Royal Scots Dragoon Guards Museum Trust, a registered charity, was established by a Deed of Trust in October 1988, revised in November 2014, lodged with the Keeper, Registers of Scotland and registered in the Books Council and Session with reference SC006547. The Trust was accepted as a Charitable Trust by the Inland Revenue, Edinburgh, on 30 March 1989 and given the Registration ED CR44590. The Museum, Number 65, was granted Full Accreditation in May 2010. The Trust Deed lays down the requirement for actions to identify, safeguard, preserve and display all articles, and lists the powers and responsibilities of Trustees. The Trustees during the year were: ## **Trustees** ## **Objects and activities** To collect, document, preserve, exhibit and interpret material evidence and associated information on the Regiment for the public benefit. The museum sets out to display, in a form attractive to the general public and illuminating to the expert, the story of the Regiment and the many honours and distinctions which it and its forbears have won and to promote the Regiment today. ## **Appointment, Induction and Training of Trustees** Nominations of suitably qualified and willing volunteers for the appointment of Individual Trustees are approved by the Colonel of the Regiment, on the recommendation of the Chairman of the Trust. On appointment each Trustee is acquainted with the Trust Deed and the duties of a Trustee; further training is provided as required. ## **Investment powers** The Trustees have wide unrestricted powers to invest funds for the Trust in accordance with clause 4.15 of the Deed. ## **Organisational structure of meeting processes** The day to day management and record keeping of the Trust’s affairs are the responsibility of the Regimental Secretary. He is required to produce financial statements as required by the Trustees in advance of each meeting. ## **Related parties** There are two related parties. The Royal Scots Dragoon Guards Regimental Trust (SC016483) which is independently managed and with separate Trustees. The Royal Scots Dragoon Guards Regimental Shop Ltd (The Company); this is a separately managed trading organisation. ## **Risk assessment** The Trustees delegate executive management of the Museum to a Management Committee which makes periodic reports to the Trustees. Part of that remit is to assess risk and make recommendations, including aspects relating to the collection, investments and visitors. The Trustees have conducted a review of the major risks to which the Trust is exposed and systems have been established to mitigate these risks. **3** ## **THE ROYAL SCOTS DRAGOON GUARDS MUSEUM TRUST TRUSTEES REPORT** ## **30 SEPTEMBER 2024** ## **Review of the development, future plans and financial position of the Museum Trust** The Museum has had a busy but stable year with the number of visitors continuing to remain high at about 700K. The Curator has looked at ways of changing the displays in the Museum. In conjunction with a professional animator he ran a project at Leuchars Primary School, where many children of members of the Serving Regiment go. The end result was an animation video showing major milestones in the Regimental history which is now on display in the Museum and much enjoyed by the younger visitors. In addition, the Museum put up a temporary Pop Up display about the War in Ukraine which had been loaned to it by the National Army Museum. The Curator has continued to work closely with staff from other museums in Edinburgh Castle in particular on OUTREACH projects which have grown in popularity over the last year. He has also done a complete audit on non-accessioned items held in the Stores and a decision about their disposal is to be made. The Museum is an active member of the Association of Scottish Military Museums - a nationally recognised collection- where collaboration and idea sharing take place. Amongst items acquired by the Museum over the last year were items belonging to Lieutenant General Balfour who served in the Greys in the early 1800s, the Camp Bagnold sign where the Regiment was posted in Mali from 2022-2023 and items linked to the Coronation of His Majesty The King at which elements of the Regiment took part. On the infrastructure side, the floor in the Museum was replaced, the lift to the Museum also had to be replaced during the year and one of the most photographed objects in Edinburgh Castle, a dummy piper which sits outside the entrance to the Museum and draws the public to it, was replaced and its effect on people coming into the Museum was noticeable. The Museum employed a curator at the beginning of the Financial Year on a two-year contract. In his first year he has gone some way to re-cataloguing and repackaging the archives and has uploaded 33 collections to the National Archives “Manage Your Collection Service” and has begun to work on producing an oral History about Operation Telic which it is hoped will be ready to mark the 25[th] anniversary of the operation in 2028. The Museum works to a Forward Plan which is reviewed by the Trustees twice per year and which the Museum Administrative Committee oversee on behalf of the Trustees. Immediate future plans include the reorganisation of one of the Galleries which it is hoped will be done in early 2024. The Museum received £80,000 from the retail company from its year to the end of February 2024. This was very welcome, as well as ensuring the financial situation was stable, allowed the Trustees some flexibility in what the Museum can do. ## **Reserves policy** The Trustees, having power to manage the funds to the benefit of the Museum, have protected the future operation with reserves in investments or interest-bearing bank accounts which currently amount to £384,649 THE ROYAL SCOTS DRAGOON GUARDS MUSEUM TRusfTRusfEES REPORT 30 5EPTEM8ER 2024 Independen¢ Examlner A- services of a registered audltor are no longer required. examination has ￿en carried out by t Morris & Young, Chartered Accountants THE ROYAL SCOTS DRAG(X)N GUARDS MUSEUM TRiJSt TRusfEES' STATEME1￿ OF RESPON516ILmES 30 SEwfEM8ER 2024 Trustee< responslbllltles for the firbJnci•l #Jtements Charity law requires the trustees to prepare financial stateTr*nts for each financial year. which 8Ne a true and fair view of the state of affairs of the charity and the incoming resources. includin8 the net income of the charity for the year. In preparinz those financial statements. the trustees should follow best practice and.. select suitable accounting policies and then Ipp￿ them consisten make judgements and estimates that are reasonable and prudent state whether applicable accounting standards and ststements of reCOm￿￿nded practice have Eeen followed. subject to any material departures disclosed and explained In the financial ststements prepare the financial statements on the goin8 concern basis unless it is inappropriate to presume that the charity will continue ￿ operatllXl5. The trustees are responslble for keepini accounting records which disclose with reasonable accuracy the financial position of the ch•rity and which enable them to Js¢ertain the finaftcial position of the charity and to ensure that the financ￿1 statements comply with applKable law. They are also responsible for safeguarding the issets of the charity and for takiry rea￿nable steps lor the pre¥entl¢)n •nd detertion of fraud and other irreiularities. v order of the Trustees **6** ## **INDEPENDENT EXAMINER ’ S REPORT TO THE TRUSTEES OF THE ROYAL** ## **SCOTS DRAGOON GUARDS MUSEUM TRUST** I report on the accounts of the trust for the year ended 30 September 2024, which are set out on pages 7 to 12 appended to this report. ## **Respective responsibilities of trustees and examiner** The charity ’ s trustees are responsible for the preparation of the accounts; in accordance with the terms of the Charities & Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. ## **Basis of examin er’ s statement** My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. ## **Examin er’ s statement** In the course of my examination, no matter has come to my attention 1. which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounting Regulations - to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations have not been met, or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Morris & Young 6 Atholl Crescent Perth PH1 5JN Date: **7** ## **THE ROYAL SCOTS DRAGOON GUARDS MUSEUM TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**Note**
**Income and endowments from:**
Donations and legacies
Investments
**Total incoming resources**
2
**Expenditure on:**
Raising funds
Charitable activities
**Total resources expended**
3
**Net income/(expenditure) and net movement in funds before gains**
**and losses on investments**
**Other recognised gains and (losses)**
Gains/(losses) on investment assets
**Net income/(expenditure)**
**Net movement in funds**
**Reconciliation of funds:**
**Total funds brought forward**
**Total funds carried forward**|**2024**
**£**
117,744
10,203
127,947
2,443
149,969
152,412
(24,465)
30,971
30,971
6,506
6,506
638,268
644,774|**2023**
**£**
111,219
8,907| |---|---|---| |||120,126| |||1,240
96,503| |||97,743| |||22,383
11,719| |||11,719| |||34,102| |||34,102
604,166| |||638,268| The accompanying accounting policies and notes form part of these financial statements. There are no recognised gains or losses other than those included in the income and expenditure account for the two financial periods. All funds are unrestricted. THE ROYAL SCOTS I)RAGOON GUARDS MUSEUM TRUST BAIANCE SHE￿ A5 AT 30 SEPTEMBER 2024 2024 2023 Rxed assels TanBI*Ae Fixed Assets Investments Total Fixed Asset5 264.159 279.086 543,245 301,449 248,115 549,564 Currenl asset$ Debtors Bank balances 25 105,563 105.588 25 90.297 90,322 Uabllltles: amounts fallln8 due wlthln one yew Accruals 14.0601 644.774 11,6181 638,268 Net 4S5et5 Funds Unr•strict¢d 644,774 638,268 Th* Triist•es approwd thp finane.ial *tar•nents on The accompanyinq p)IKies and notes form an integral pjrt of these financlal Statements. **9** ## **THE ROYAL SCOTS DRAGOON GUARDS MUSEUM TRUST NOTES TO THE ACCOUNTS** ## **YEAR ENDED 30 SEPTEMBER 2024** ## **1 Accounting Policies** - (a) Basis of accounting The financial statements have been prepared under the historical cost convention, as modified for the revaluation of certain fixed assets, and in accordance with the 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 (FRS102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102), Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The Royal Scots Dragoon Guards Museum Trust meets the definition of a public benefit entity under FRS 102. The financial statements are presented in sterling (£) and rounded to the nearest £1. - (b) Going Concern The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. - (c) Income Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable probability. - (d) Investments Investments are stated at market value. - (e) The funds of the Trust are unrestricted. There are no restricted or designated funds. - (f) Expenditure Expenditure is accounted for as far as management and administrative expenses are concerned in the year in which they are incurred. Charitable grants and donations are made in accordance with the annual agreed policy subject to confirmation of the expenditure being incurred. - (g) Museum exhibits Whilst several of the Museum's exhibits are on loan, the Trust does on occasion purchase items deemed to be of historical importance by the Trustees. These items are not capitalised, rather they are treated as direct charitable expenditure and pass through the statement of financial activities as such. A full inventory of all exhibits is maintained by the Regimental Secretary for insurance purposes and to help the Trustees fulfil their obligations to safeguard the Trust's assets. - (h) Grants receivable Grants income is credited to the Statement of Financial Activities when received. - Deferrred income Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received. Such income is only deferred when: - The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement. - (i) Depreciation Depreciation is intended to write off the cost of each asset, less its estimated residual value, over the useful economic life of that Plant and Machinery 10% straight line **10** **THE ROYAL SCOTS DRAGOON GUARDS MUSEUM TRUST NOTES TO THE ACCOUNTS** ## **YEAR ENDED 30 SEPTEMBER 2024 (continued)** ## **2 Income from** |**Donations and legacies**
Grants
Donations and gifts
**Investments**
Income from investments
Bank interest
**3**
**Expenditure on**
**Raising funds**
Investment management fees
**Charitable activities**
Salary
Employer's National Insurance
Direct charitable costs
Governance costs
Full time equivalent average number of staff employed during the
year
Number of employees whose emoluments amounted to over £60,000
for the year|**Total**
**Unrestricted**
**Funds**
**2024**
**£**
37,184
80,560
117,744
8,933
1,270
10,203
**2024**
**£**
2,443
2,443
32,220
1,527
33,747
115,923
300
149,969
1
0|**Total**
**Unrestricted**
**Funds**
**2023**
**£**
29,555
81,664| |---|---|---| |||111,219| |||8,241
666| |||8,907| |||**2023**
**£**
1,240| |||1,240| |||28,492
1,448| |||29,940
65,833
729| |||96,503| |||| |||1| |||0| The charitable activities expenses are general to the Trust and not allocated against any income stream. The direct charitable expenses were all incurred in the construction and fitting out and continuing development of the Royal Scots Dragoon Guards Regimental Museum at Edinburgh Castle. |**4**
**Analysis of governance costs**
Independent examiner fees
Legal fees|**2024**
**£**
300
0
300|**2023**
**£**
300
429| |---|---|---| |||729| **11** ## **THE ROYAL SCOTS DRAGOON GUARDS MUSEUM TRUST NOTES TO THE ACCOUNTS** ## **YEAR ENDED 30 SEPTEMBER 2024 (continued)** ## **5 Tangible fixed assets** |Cost:
At start of year
Disposals in year
Purchased in year
At end of year
Depreciation:
At start of year
On disposals
Charge for the year
At end of year
Net book value:
At end of year
**6**
**Investments**
Market value of listed investments as at 1 October
Net Gains
Market value of listed investments as at 30 September
Other investments|Plant and
Machinery
372,901
0
0|2024
Total
372,901
0
0
372,901
71,452
0
37,290
108,742
264,159
**2024**
**£**
175,115
30,971
206,086
73,000
279,086|2023
Total
341,623
0
31,279| |---|---|---|---| ||372,901
71,452
0
37,290||372,901
34,162
0
37,290| ||108,742||71,452| ||264,159||301,449| ||||**2023**
**£**
164,629
7,288| ||||175,115
73,000| ||||248,115| All investments are listed on a recognised stock exchange and are readily realisable. |**7**
**Debtors and current liabilities**
**Debtors**
Deed of gift
Income tax recoveries
**Current liabilities**
Examination expenses
Fund management fee
Accountant's Fee|**2024**
**£**
0
25
25
300
367
3,393
4,060|**2023**
**£**
0
25| |---|---|---| |||25| |||300
318
1,000| |||1,618| **12** ## **THE ROYAL SCOTS DRAGOON GUARDS MUSEUM TRUST NOTES TO THE ACCOUNTS** ## **YEAR ENDED 30 SEPTEMBER 2024 (continued)** - **8 Analysis of net assets among funds** |**YEAR ENDED 30 SEPTEMBER 2024 (continued)**
**Analysis of net assets among funds**||| |---|---|---| |Tangible Fixed Assets
Investments
Current Assets
Current Liabilities|**2024**
**£**
264,159
279,086
105,588
(4,060)
644,774|**2023**
**£**
301,449
248,115
90,322
(1,618)| |||638,268| ## **9 Related parties** Details of related parties and transactions therewith in the accounting year are shown in the Trustees Report. No remuneration is paid to the Trustees, they are reimbursed for the expenses incurred in the undertaking of their duties.