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 exaMI￿r
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 RegiN*ntal 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$, Berwick-
upon-Tweed.
Having closed the Muse*Jm in October 2023, all the Association property, including the ¢ollection, was subsequently
moved into D eiock in The Barracks in the late Autumn of 2024, and we now occupy temporary office and storage
space there until the completion of the renovation work and estsblishmenl of the refufbished Regimental Museum in
the East Block, when we can reoccupy. Although the Museum is closed, we continue to host a number of visitors to
the Association HQ by appointment, and we have a busy programme of curation and maintenance of the collection.
Two temporary exhibitions of some artides from the Regimental Collection took place in local museum$ 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•$•rv•s and Investmgnt pollcy
The diie¢lors and trustees have reviewed the reserves of the charitable company in relation lo curTenl and future
requlremenls. including the need to have a guaranteed source of income lo maintsin the Museum and Regimental
Colle￿lon.
They Consider that the reserves are adequate lo allow the charitable company to continue to carry out its objects
and to tske advantage of any opportLtnty to purchase any items becoming available lo enhance and develop the
Museum.
The goveming do¢uments allow the directors and tru$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 P￿mISeS 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$ts&8 re8ponslbllltles
The directors and trustees, who are also the directors of The K.O.S.B. Museum Fund for the purpose of company
law, are responsible for preparing the D1￿ClO1$ 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 dlreclc*rs 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 slalemer*ls 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 Indep91￿ent gxamlnpr's sLitsment
My examination was carried out in aceordance wlth the Regulation 11 of the Charities Acc¢)unts (SC￿4and}
Regulations 2006. An examination it)cludes 8 review of the accounting records kept by the chality and a comparison
of the a￿unts 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$•ts
223,286
213,309
T￿ funds of tho charitable Company
Reslricted income funds
unrestn.cled funds
18
2.000
221.286
2,000
211,309
223,288
213,309
The company is entiued lo the exemp￿On from the audit requirement contained in Section 477 of the Companies A¢1
2006, for the year ended 31 Oecember 2025.
The director5 acknowledge their responsibilitses for ensuring that the ¢harilable company keeps accounting records
which comply wlh section 386 of the Act and section 44 of the Charities and Trustee Investment (Scotlandl Act
2005 and for p￿parIng accounts which give a true and fair view of the state of affairs of the charitable company as
at Ihe end of the financial year and of ils incoming re50urce$ 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 appli￿ble 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 {S￿lIand) 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 Pre￿Te 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 cOr￿ern 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 th￿r
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 meaSu￿d 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 be￿en the sale prO￿ed$
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$ed cost, uslng the effective interest rate method.
Trade eredilors are obligations lo pay lor goods OT ServI￿S that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are classthed as current liabilities rf payment is due wlhin one
year or less. If not, they are presented a$ 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 e5￿mat•S and ludg•m•nts
In the application of the chaiilable company's accounting policie5, the directors and trustees are reqUI￿d 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•
0x￿nseS
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 SOf￿are 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
EX￿ndItUre 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 So￿are 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 allo￿tsd 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
i￿eStMents
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 follo￿ng 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
D8￿mb￿r
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$tri¢ted
funds
202S
Restrt¢ted
funds
2025
Total
2025
At 31 December 2025:
Tangible as5els
Investments
cur￿￿1 asselsllliabilitiesl
1,000
209.855
12,431
209,855
10,431
2.000
221,286
2,000
223,286
Unrn$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-