Company registration number SC241124 {S¢otland) Charity registration numbor SC033998 {S¢otland} THE K.O.S.B. MUSEUM FUND ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
THE K.O.S.B. MUSEUM FUND LEGAL AND ADMINISTRATIVE INFORMATION Dlrectors And Trustees Colonel A J Loudon MBE CSIJ Lieutenant Colonel C G O Hogg OBE DL Lieutenant Colonel R S Combe MBE MajorA G Horsburgh Captain A J D Herberts MrARWdrd Major R T AAngus Brigadier J M Castle OBE Captain M Shankland (Appointed 1 Novembei 2025) (Appointed 1 November 2025) (Appointed 1 November 2025) (Appointed 1 November 2025) Charlty number {Scotlandl SC033998 Company number SC241124 Registered officè 8 StAnn's Place Haddinglon East Lothian EH414BS Independent exaMIr Colln Frame CA 17 Walkergale Berwick-upon-Tweed Northumbertand TD15 1DJ Bankern Barclays Bank P.L.C. Inv•stmont advl$or6 RBC Brewsn Dolphin 6th Floor Atria One 144 Morrison Street Edinburgh EH3 8EX
THE K.O.S.B. MUSEUM FUND CONTENTS Page Directors And Trustees report Independenl examiners report statement of financial activities Balance sheet Notes to the financial statements 8-17
THE K.O.S.B. MUSEUM FUND DIRECTORS AND TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025 The directors and trustees present their annual report and financial statements for the year ended 31 December 2025. The financial statements have beers prepared in accordance wlh the accounting policles set out in note 1 to the financial statements and comply with the charitable company's governing document, the Companies Act 2006 the Charities and Trustee Investment (Scouandl Act 2005. the Charities Aecotsnls (Scotlandl Regulations 2006. FRS 102 "The Financial Reporting Slandard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practio applicable lo ¢harilie$ preparing their accounts in accordance th the Finanual Reporbng Standard applicable in the UK and Republic of Ireland (FRS 1021" ObJectIv and actlvltles The aims of the K.O.S.B. Museum Fund are lo uphold the traditions of the Regiment of The King's Own Scottish Borderers and to house, malntsin, enhance and exhibit artides in the Regimental Collection. The powers and the duties of Ihe directors and trustse$ are:. the maintenance and preserv8tlon of the RegiNntal Collection. induding ensullng that appropriate insurance cover is maintained. the housing and exhibition of the Regimental Collection al whatever location Ihe directors and trustees in their absolute discretion may decide. - Investment of any monies within the charftsble company in any investment which they think fil. the purchase of uniforms. meda15, Plctures, books, manus¢ript$, maps, documents and other artides which in the opinion of the directors and Iruslees enhance the Regimental Collection and are worthy of retention. the appropriate sale or other disposal of surplus a¢1$ from the Regimental Collection, with the proceeds arising deemed to be part of the general ftÈnds of the charitable company. Publlc benefit In considering the operation, ach¢evements and perfoiman¢e and finances of the charitable company. the directors and Iruslees are satisfied that public benefft has been provided in accordance with the Charities aThJ Trustee Investment Iscottandl Act 2005 and guidan¢e provided by the Office of the SGottish Charity Regulator. A¢hlevements and pgrformanc• The charitable ¢ompany continues to maintsin the Regimentsl Collection and archive within The BarraGk$, Berwick- upon-Tweed. Having closed the MuseJm in October 2023, all the Association property, including the ¢ollection, was subsequently moved into D eiock in The Barracks in the late Autumn of 2024, and we now occupy temporary office and storage space there until the completion of the renovation work and estsblishmenl of the refufbished Regimental Museum in the East Block, when we can reoccupy. Although the Museum is closed, we continue to host a number of visitors to the Association HQ by appointment, and we have a busy programme of curation and maintenance of the collection. Two temporary exhibitions of some artides from the Regimental Collection took place in local museum$ in Galashiels and Hawick in 2025.. these were both well attended and received posrtive feedback from visitors and ralors alike. The Living Barracks proiecl within The Barracks complex, lo deliver a major refurbishment of the complex a$ a visitor attraction and home to the KOSB Association and rts Regimentsl Collection and Affthive is proceeding well, and we are a core partner in the proje¢l. A major grant applicallon that was submitted to the National Lottery Heritage Fund In mi&2024 was successfvl, and has had a further small uplift to cater for addrtional costs that have been ider¥tified. The has been some slippage to the start of renovation work However, this commenced on sf(e in early 2026 and is due to be Complete by the late Summer of 2027, wlh the Museum likely to re-open in the Autumn in 2027.
THE K.O.S.B. MUSEUM FUND DIRECTORS AND TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2025 No frjrther temporary exhibitions are planned during the elosure of the Museum. as the Museum team are concentrating on designing displays for the refurblshed Regimental Museum and in plannin9 the move of the Regimentsl Collection and archive back lo O and A 81ocks, when these are Teady for re-occupation. I wish to thank the MuseLtm Chair and his Committee. the staff team and our voliJnleer5, for ltteir unstsnting gnlribulion during what was a very busy year. Their diligent work has been outstsnding. and thebr wlllngness lo go above and beyond is much appre¢iated by myself and the wide Regimental family. especially given the many other calls on their time. Flnanclal review The revenue deficit across all fttnds for the year before investmersl portfolio movements was £8.30012024'. £10.120 deficrti. The net assets of the total fvnd at 31 December 2025 were £223.28612024: £213,309). The market value of the investmenls at 31 December 2025 was £209,85512024- £193.935}. R•$•rv•s and Investmgnt pollcy The diie¢lors and trustees have reviewed the reserves of the charitable company in relation lo curTenl and future requlremenls. including the need to have a guaranteed source of income lo maintsin the Museum and Regimental Collelon. They Consider that the reserves are adequate lo allow the charitable company to continue to carry out its objects and to tske advantage of any opportLtnty to purchase any items becoming available lo enhance and develop the Museum. The goveming do¢uments allow the directors and tru$le&s lo invest lunds in any investment they think fit, at the51 absolute discrets'on. Investments are professlonalty managed by RBC Brewn Dolphln. acting on a discretionary ba$i$. The investment objectives are lo athieve a balance of income and capital growth wth an emphasis on income, assuming a medium risk profile. Major rl$k$ The directois and tru$t&es continue lo review the ri$k$ to which the charftable company is exposed including the occupation of ils current PmISeS and will continue lo establish systems lo mitigate the risks identified, inclu¢Jing a review of the lèvels of insurance maintslned.
THE K.O.S.B. MUSEUM FUND DIRECTORSAND TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Structure. governance and management The K.O.S.B. Museum Fund was incorporated on 13 December 2002, as a charitable company limited by guarantee.11 is governed by its Memorandum and Artides ofAssociation. The members of the charitable company are the current directors and Iwstees. Every member has one vote, at general meetings of the chartiable company which may be given either personally or by proxy. The business of the charitable company 1$ managed by the directors and trustees, who may exercise all Ihe powors of the charitable company. Day lo day matters are administered by a committee who are appointed by the dlrectors and trustees. The maximum number of dlrectors and trustees is ffifteen, and the minimum number 1$ four. The directors and trustees may appoint at any lime a diie¢lor and trustee to fill a vacancy or as an additional director and trustee. One third of the directors and trustees shall retire by rotation at each general meeting. but are eligible for re-election. Al the AGM Colonel A J Loudon MBE CSIJ and Captain A J D Herberts will retire. wlh both eligible for re-election. Having been 8ppointed since the last AGM, Mr A R Ward. Major R T A Angus, Brigadier J M Castle OBE and Captain M Shankland automali¢alty relire, wth all eligible for reolection. Directorn 8nd trustees The directors and trustees who served during the year were.. Cokjnel A J Loudon MBE CStJ Lieuler*anl Colonel C G O Hogg OBE DL Lieutenant Colonel R S Combe MBE MajorA G Horsburgh Captain A J D Herberts MrARWard Major R T AAngu$ Brfgadier J M Casue OBE Captain M Shankland (Appointed 1 November 2025) (Appointed 1 November 2025) (Appointed 1 Novembef 2025) (Appolnted 1 November 2025) New dlrectors and trustee5 are given a copy of the Memorandum and Articles of Association. the latest report and accounts, and all the charitable company's do¢umenls on governan¢e. Subject to their experience and expertise. they are 81$0 given pamphlets i55ued by the Office of the Scottish Charity Regulator explaining the duties of Trustees of Challties and offered training in any are8 of their duties which they think they would like strengthening. As a company limited by guarantee. the charitable company does not have any share capital. The liability of each member is limited to £1.
THE K.O.S.B. MUSEUM FUND DIRECTORS AND TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Statsment of directors and tw$ts&8 re8ponslbllltles The directors and trustees, who are also the directors of The K.O.S.B. Museum Fund for the purpose of company law, are responsible for preparing the D1ClO1$ and Trustees Report and the accounts in accordance applicable law and Uniied Kingdom Accounting Stsndards {Uniled Kingdom Generally Accepted Accounting Practice). Company law qUI{eS the directors antj trustees to prepare accounts for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the incoming re50urce5 and application ol resources. including the income and expenditure, of the charitable company for that year. In preparing these accounts, the dire¢tors and truslees are required to.. select suitsble accounting policies and then apply them consistently; - observe Ihe methods and principles in the Charities SORP.. make judgements and eslimales that are reasonable and prudent., slate whether applicable UK A¢¢ounling Standards have been followed. sybject to any material departures disclosed and explained in the accounts,. and prepare the accounts on the going concem basis unless it is inappropriate to presume that the tharitable company 11 continue in operallon. The directors and trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitsble company and enable them lo ensure that the accounts comply wth the Companies Act 2006. the Charities and Trustee Inve51menl (Scolland) Act 2005 and the Charities Accounts (Scotlandl Reguallions 2006. They are also responsible for safegLFarding the assets of the charitable company and hence for laking asOnable steps lor the prevention and deteth'on of fraud and other irregularities. Exemptions This report is prepared in accordance with the special provisions relating lo small Companies within Part 15 of the Companies Act 2006. The director nd twslees report was approve¢ by the Board of Directors and Trustees. Colonel J Loudon MBE CSIJ Director and Trustee 8 June 2026
THE K.O.S.B. MUSEUM FUND INDEPENDENT EXAMINER'S REPORT TO THE DIRECTORS AND TRUSTEES OF THE K.O.S.B. MUSEUM FUND I report on the financial statements of the charltable company for the year ended 31 December 2025, which are set out on pages 6 10 17. Respective respoMlbllitl•s of directors and trustees and examiner The charity trustees {who are also the directors of The K.O.S.B. Museum Fund for the purposes of company law) are responsible for the preparation of the financial statements In accordance with the terms of the Charities and Trustee Investment (Scollandl Act 2005 and the Charities Accounts IScoUantJ) Regulations 2008.The charitable company dlreclcrs and trustees consider that the audit requirement of Regulation 10111{al-{c} of the Charities Accounts Iscouandl Regulations 2006 does not apply. 11 is my responsibility to examine the financial slalemerls as required under section 4411)Ic) of the Charthes and Trustee Investment Iscollandl Act 2005 and lo stale whether particular matters have come lo my attention. Ba$1$ of Indep91ent gxamlnpr's sLitsment My examination was carried out in aceordance wlth the Regulation 11 of the Charities Acc¢)unts (SC4and} Regulations 2006. An examination it)cludes 8 review of the accounting records kept by the chality and a comparison of the aunts Pfesenled with those recortjs. 11 also inciudes consideration of any unusual items or dis¢losures in the accounts. and seek5 explanations from the directors and trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be reqyired in an audit. and consequently I do not express an audit opinion on the view given by the accounts. Independent oxamlngrfs statgment In the course of my examinalion, no matter has ¢ome to my 8ttenlion 1. which gives me reasonable cause to believe that in any material respect the requirements: to keep accountsng records in accordance wrth Section 4411llal of the Charitie5 and Tnjslee Inveslment IScoJandl Act 2005 and Regulation 4 of the Charrties Accounts (Scotlandl Regulations 2006, and to p pare financial statements which accord the accounting records and comply with Regulation 8 of the Charrties Accounts Iscotlandl Regulab'ons 2006 have not been met, or 2. to which, in my opinion. attention should be drawn in order lo enable a proper understanding of the financial statements lo be feached. Colln Frame CA 17 Walkergate Berwck-upon-Tweed Northumberfand T015 1DJ 8 June 2026
THE K.O.S.B. MUSEUM FUND STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestricted Restricted lunds funds 202S 2025 Total Unrostrlctsd Rostricted fund$ funds 2024 2024 Total 2025 2024 Notès Incomè from: Donations and legacies other trading activities Investments 29 5,387 5,532 29 5,387 5,532 1,785 4,141 5,580 1,785 4.141 S,560 T¢tsl income 10,948 10,948 11,486 11,486 Expenditur8 on: Raisin9 funds Charitsble activities 2,619 16,629 2,619 16,629 2,916 17,940 2,916 18,690 750 Total gxponditura 19.248 19.248 20,856 750 21,606 Nel gainsl{105ses} on investments 18.277 18,277 11.317 11,317 Net Income and movem•nt In funds 9,977 9,977 1.947 17501 7.197 Reconciliation of funds: Fund balances al 1 January 2025 211.309 2,000 213,309 209,362 2,750 212,112 Fund balances at 31 Dècember 2025 221,286 2.000 223,286 211,309 2,000 213,309 The statement of financial aclivtties includes all gains and10gses recognised in the year. All income and expenditure derive from continuing activities. The slalement of financial activittes also complies with the requirements for an income and expenditure account under the Companies Act 2006.
THE K.O.S.B. MUSEUM FUND BALANCE SHEET ASAT 31 DECEMBER 2025 202S 2024 Notes FixBd assèts Tangible assets Investments 13 14 1,000 209,855 2,000 193,935 210,855 195.935 Current ¥ssets Stocks Debtors Cash at bank and in hand 15 16 2,452 10,723 3,818 3,571 6,267 23,711 18,993 33,549 Credltors: amounts falllng due wlthin one year 17 14,5621 116,1751 Net currnnt assets 12,437 17,374 Net as$•ts 223,286 213,309 T funds of tho charitable Company Reslricted income funds unrestn.cled funds 18 2.000 221.286 2,000 211,309 223,288 213,309 The company is entiued lo the exempOn from the audit requirement contained in Section 477 of the Companies A¢1 2006, for the year ended 31 Oecember 2025. The director5 acknowledge their responsibilitses for ensuring that the ¢harilable company keeps accounting records which comply wlh section 386 of the Act and section 44 of the Charities and Trustee Investment (Scotlandl Act 2005 and for pparIng accounts which give a true and fair view of the state of affairs of the charitable company as at Ihe end of the financial year and of ils incoming re50urce$ and application of resources, including its income and expenditure. for the financial year in accordance wlh the requirements of sections 394 and 395 and which otherwise comply wth the requirements of the Cornpanie5 Act 2006 relating lo accounts, so far as applicable lo the charitable company. The members have not required the company to obtain an audit of ris financial statements for the year in question in accordance with Section 476. These accolsnts have been prepared in accoTdafice wlh the provlsions applible lo Companies subject to the small companies, regime. The finan tstements were approved by the directors and trustees on 8 June 2026 Colone J Loudon M8E CStJ Dlrnctor and TNstse Company registration number SC241124 IS¢otland)
THE K.O.S.B. MUSEUM FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 A¢¢ountlng pollcles Charity information The K.O.S.B. Museum Fund is a private ¢harilable company limited by guarantee incorporated in S¢olland. The registered office is 8 StAnn's Place, Haddinglon, East Lolhian. EH414BS. 1.1 Basis of preparation Tho financial slalemenls have been prepared in accordance wlh the charitable companfs governlng d¢xumenl. the Companies Act 2006 the Charities and Trustee Investment {SlIand) Acl 2005, the Charrties A¢nIS {S¢ollandl Re9ulalions 2006, FRS 102 "The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" and the Charfiies SORP "Accounting and Reporttng by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance wlh Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" The charitable company s 8 Public Benefit Entty a5 defined by FRS 102. The charitable company has taken advantage of the provi5ion5 in the SORP for charitie$ not lo PreTe a statement of cash flows. The a¢¢ounts are prepared in sterling, whlch Is the functional cL¢rrency of the charstable company. Monetary mounts in these financial slalements are rounded lo the nearest £. The accounts have been prepared under the historical cost convention, modffied to include the revaluation ol fixed asset investments to market value. The principal accounting policies adopted are sel out below. 1.2 Going concem At the time of approving the financi818t8temenls, the directors and trustees have 8 reasonable expectation that the charitable company has adequate resources to continue in operatjonal exlstence lor the foreseeable future. Thus the directors and trustees continue to adopt the going cOrern basis of accounting in preparing the financial statements. 1.3 Charltablg fund6 Unrestricted fund$ are available for use 8t the discretion of the directors and trustees in furtherance of thr charitable objectives unless the funds have been designated for other purposes. The general fund is an unreslricled fund, whlch 1$ available for use al the discretion of the directors and trnslees in furtherance of the obje¢tive$ of the chafitsble company. Reslricted lunds are subject lo specific condition$ by donors as to how they may be used. Th& purposes and uses of the restricted funds are sel out in the notes lo the financial statements. 1.4 Incomg Income is recognised when the charitsble company is legally entitled to it after any perfotmance conditions have been meL the amoLtnts can be measured reliably. and il is probable that income 1* be received. Cash dL)nalions are recognised on receipt. Other donallons are recognised once the charitable company has been notified of the donation. unless performance conditions require deferral of the amount. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Grants receivable are recogni5ed in the Slatemenl of Financial Activities in full in the.year whith they become re¢eivable, that is when the conditions for receipt have been mel. Investment income comprises dividends receivable during the year on listed investments held wthin the Investment portfolio as well as interest receivable.
THE K.O.S.B. MUSEUM FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting polIc$ {Continuedl Tumover 15 measured at the fair value of the consideration received or receivable and represenls amounts receivable for Museum Shop Sales made during the year. 1.5 Expendltur All expenditure is accounted for on an accruals basis. Costs are allocated to appropriate headings, based on the activities to which they are attributsble. Costs of generating funds are the cost of goods sold in the museum shop. Management and administration costs are those incurred in ¢onnedion %wth administration an(f compliance with constitutional and statutory requirements. 1.6 Tanglblè fixed assèts Tangible fixed assets are initially moasured al cost and subsequently meaSud at cost or valuation, net of depreciats'on and any impaiment losses. Depreciab'on is recognised so as lo write off Ihe cost or valuation of assets less their res¢dual values over their seftsl lives on the follovAng bases: Website 20% Straight line The gain or loss arising on the disposal of an asset is determined as the difference been the sale prOed$ and the carrying value of the asset, and is recognised in the statement of financial aclivilies. 1.7 Fixed asset Inv•stmgnts Fixed asset investments are initially measured 8t transaction price excluding Iransaetion costs. and are subsequently measured at fair value al each reporting dale. Changes in fair value are recognised in net incomel{expenditurel for the year. Transaction costs are expensed a$ in¢urred. 1.8 Impaimi•nt of flxed assets Al each reporting end date. the charitsble company reviews the carrying amounts of Its tanglble assets to determine whether the 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 OTder to detemiine the extent of the impaiment loss lif any). 1.9 Sto¢k$ Sto¢ks are stated al the lower of cost and estimated selling price less $ts to complete and sell. Cost ¢omprises direct m8teri81$ and, where applicable, direct labour costs and those overheads that have been in¢urred in bringing the stocks lo their present location and condition. Items held for distrlbutron at no or nominal ¢onsideralion are measured the lower of replacement cost and cost. Net realisable value Is Ihe estimated selling price less all estimated sts of completion and costs lo be incurred in marketing, selling and distributs'on. 1.10 Cash and cash equivalents Cash and Cash equivalents include cash in hand, deposits held al call wlh banks, other short-lemi liquid investments wlh oryinal n7aturibes of three months or less, and bank overdrafts. Bank ovefdrafts are shown witl)in borrowings in currènt liabilifje8.
THE K.O.S.B. MUSEUM FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting pollclfrs (Continued) 1.11 Flnanclal InBtruments The charitsble ¢ompany has elected lo apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 '01her Financial Instruments Issues, of FRS 102 to all of its fin¥n¢ial instruments. Financial instruments are re¢ognis¢d In the charitsble company's balance Sheet when the choritsble company becomes party to the conlraciual provisions of the instrument. Finanoal assets and liabilities are offset. wlh the nel amounts presented in the financial stalemenls, when . there is a legally enforceable right to sel off the recognised amounts and there Is an Intention 10 settle on a net basis or lo iealise the asset and sewe the liability simultaneously. 8asic financial asse1$ Basic financial assets, which include debtors and cash and bank balances. are inilialty measured at transactron price including transaction costs and are subsequently ¢arried at amortised cost using the effective interest method unless the arrangement conslilules a financing Iransaclion, where the transaction is measured al 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. 88sic financial liabilitiés Basi¢ financial liabilities, including creditors and bank loans are initially re¢ognised at transaction pr6ce unless the arrangement constitutes a financing Iransactson, where the debt instrument is measured 81 the present value of the future payments discounted al a market rate of interest. Financial liabilities classtfied a5 payable within one year are not amortised. Debt instruments are subsequently carried al amorti$ed cost, uslng the effective interest rate method. Trade eredilors are obligations lo pay lor goods OT ServIS that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classthed as current liabilities rf payment is due wlhin one year or less. If not, they are presented a$ non.current liabilities. Trade Creditors are recognised inf(ially al Iransa¢ts'on price and subsequently measufed at amortised ¢ost uslng the effective interest method. Derecognitlon of Ilnan¢lal Ilabilities Financial liabilities are dere¢ognised when the charitable company's contractual obligations expire or are discharged or cancelled. 1.12 Dt5play items In addiknon lo the assets shown in the balance sheet the Museum Fund owns a sign-fficant quantity of display items of a hlstorie nature which are of considerable importance and whi¢h constitute the Regimental Collection. In the opinion of the dire¢lors and trustees it is not prath'¢al lo place a value on these rterns. Additional ilems bought are charged to the income and expenditure accoynt. Expenditure on items for display duiing the ¢urrent year amounted lo £3,73912024.' £6.283). 1.13 Donatlon$ In kSnd During the year. the cost of premises. staff and certain a950cialed costs were bome by the Mini5ty of Defence. These eosls are not quantifiable and as a consequence have not been flected in these financial statements. 10-
THE K.O.S.B. MUSEUM FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Crlilcal accountlng e5mat•S and ludg•m•nts In the application of the chaiilable company's accounting policie5, the directors and trustees are reqUId lo make judgements, estimate$ and a$sLtmptions about the carying amount of asgels and liabilkles that are not readily apparent from other sources. The estimates and associate(5 assumptions are based on hislor*cal experien and other factors that are considered to bè relevant. Actual results may differ from these e5tin7ates. The estimate5 and underlying assumptions are reviewed on an on90ing basls. Revlsions to accounting estimates are ie¢ogni$ed in the period in which the eslimale is revised where the revision affects only that period. or In the period of the revision and future periods ere the revision affects both curTent and futuie periods. Incomo from donations and legacies Unrèstrictsd Vnrestrlcted fund$ funds 2025 2024 Donations and gifts 29 1,785 Income from ether tradlng actlvltlgs Unrestri¢ted Unre$trl¢t&d funds fund$ 2025 2024 Museum shop sales income Museum research fee5 4,025 1.362 3,017 1,124 Other trading actlvities 5.387 4,141 In¢om• from investments Unrestrlctgd Unrestrictod funds funds 2025 2024 Income from listed investrnen15 Interest CeiVable 5.495 37 5,525 35 5,532 5.560
THE K.O.S.B. MUSEUM FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Expendltur8 on ral8lng funds Unrestricted Unrestrlctsd funds funds 2025 2024 Trading Costs Museum shop purchases 1,118 1.488 Investment managgm•nt 1,501 1,428 Total costs 2,619 2.916 Exp•ndllurg on chaTitablo actlvltlo$ Dlre¢t Overhead Managfrment charitabl• 0xnseS and expenditur• administration 2025 2025 Totsl 2025 2025 Dlrect costs Depreciation and impaimient Item for display Insurances Repairs and maintenance Subscriptions Postsge, telephone and stationery General administration expenses Computer SOfare and ¢onsumables Exhibition expenses 7,000 3,739 1.000 3.739 2.447 110 636 386 1,567 680 3.326 2,447 110 636 386 1,567 680 3.326 8,065 3.193 2.633 13.891 Share of Support and governance costs (S n¢te 81 Governance 2.738 2.738 8,065 3,193 5,371 16.629 Analys1$ by fund Unrestricted funds 8,065 3,193 5,371 16.629 8,065 3,193 5,371 16,629 12-
THE K.O.S.B. MUSEUM FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 EXndItUre on charltable a¢tlvltl¢s IContinu•dl Provlous year: Dlrect Overhead ¢haritsbl• expenses exp¥ndlturo 2024 Management and admlnlstration 2024 Total 2024 2024 Direct costs Depreciation and impaimient Item for display Insurance5 Repairs and maintenance Subs¢riplions Postage, telephone and slalionery Consultancy fees General admlnistration expenses Computer Soare and consumables Exhibition expenses 1,000 6,283 1.000 6.283 2.378 1,431 582 904 750 1.300 345 401 2.378 1,431 582 904 750 1,300 345 401 7,684 4,391 3,299 15,374 Sharn of support and governance costs Isoe nots 8) Governance 3,316 3,316 7,684 4,391 6,615 18.690 Analysls by fund Uniestri¢led funds Restricted funds 7,684 4,391 5.865 750 17,940 750 7.684 4.391 6.615 18,690 Support costs allotsd to actlvttles 2025 2024 G0Veman c0515 2,738 3,316 An*ly$ed bgtwgen: Managemenl and administration 2,738 3,316 2025 2024 Governanu costs comprlse: Ac¢ounlan¢y Independent examinalion fee 2.038 700 2.666 650 2,738 3,316 13-
THE K.O.S.B. MUSEUM FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Galns and1055es on Investments Unre$trf¢ted Unrestricted nds funds 2026 2024 Gainsl{lossesl arising on: Revaluation of inve$tmenls Sale of investsnents 16.454 1.823 10.463 854 18,277 11.317 10 Dirnctors And Trustees None of the directors and trustees lor any persons connected with them) received any remuneralion12024'. £Nill or expenses (2024: £Nil) during year. 11 Employees There were no employees during the year12024'. None) 12 Taxatlon The charitable company is exempt from taxation on its activities because all Ils income is applied for charitable purposes. 13 Tanglble flxèd assets WèbsW• Cost At 1 January 2025 5.000 At 31 December 2025 5,000 Depreciation and Impairment At 1 January 2025 Depreciation charged in the year 3,000 1.000 At 31 December 2025 4,000 Carrying amount At 31 December 2025 1.000 Al 31 December 2024 2.000 14-
THE K.O.S.B. MUSEUM FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 14 Flxed assot Investmonts Listed ieStMents Cost or valuation Al 1 January 2025 Additsons Valuation changes Disposals 193,935 22,532 18,277 124,8891 At 310ecember 2025 209,855 CarrylDg amount At 310ecember 2025 209,855 At 31 December 2024 193,935 Is stocks 2025 2024 Finished goods and goods for resale 2,452 3,571 16 Debtors 202S 2024 Amounts falllng due wlthln one year: Tfade debtors 10,723 6.267 17 Credltor6: amounts falling due within one year 2025 2024 Other credllors Accruals and deferred income 1,162 3,400 13,775 2,400 4,562 16,175 15-
THE K.O.S.B. MUSEUM FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 18 Rèstricted funds The income funds of the charitable company include restricted fijnds comprising the follong unexpended balances of donations and grants held on trust for Specific purposes.. At 1 January 2025 Resources expenited At31 Docembor 2025 Museum Valuation 2.000 2,000 Pr•vlou$ year: At 1 January 2024 Resourc0$ gxpend8d At31 D8mbr 2024 Museum Valuation 2.750 17501 2,000 Museum Valuatlon Fund During 2020, a grant of £3,750 was received from the MLtseum Valuation Charrtable Trust in order fcf a full valuation of the Mu$eum Collection lo be carried out. Due lo COVIt>19 pandemi¢ restrictions only a partial valuation ol the Museum Colleclion wa5 carried out. However, as a result of the Living Barracks development project a full valuation of the Museum Collection was completed and documented during 2024. 19 Unrestricted fund$ The unrestricted fvnds of the charitable company comprlse the unexpended balances of donation$ and grants which are not $ubjecl 10 specific conditions by donors and grantors as to how they may be used. At 1 January 2025 Incomlng resources Resources expended Galns and los$o8 At31 December 2025 General funds 211,309 10,948 (19.248} 38,277 221,286 Prnvlous yèar: At 1 January 2024 Incomlng R•sourco$ r•$ources expended Gains and Iossgs At31 De¢omb•r 2024 General funds 209,362 11.486 120.856} 11,317 211.309 16-
THE K.O.S.B. MUSEUM FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 20 Analysts of net assets betwoen funds Unre$tri¢ted funds 202S Restrt¢ted funds 2025 Total 2025 At 31 December 2025: Tangible as5els Investments cur1 asselsllliabilitiesl 1,000 209.855 12,431 209,855 10,431 2.000 221,286 2,000 223,286 Unrn$trl¢tgd fund$ 2024 Rastrictad funds 2024 Total 2024 At 31 Decemb&r 2024: Tangible assets Investments Current asselsllliabililiesl 2,000 193,935 15,374 2,000 193,935 17,374 2,000 211,309 2.000 213,309 21 Related party transactlons There were no disclosable related party transaciions during the year12024'. None). 22 Company Ilmltsd by guarant•e Every ordinary member of Ihe ch8ritsble company undertakes to contrlbule to the assets of the charttable company in the event of il being wountj up while he 1$ a member or within one year aftef he ¢ease$ lo be a member, for such an amount as may be required. not exceeding £1. 17-