Charity registration number SC033998 (Scotland)
Company registration number SC241124
THE K.O.S.B. MUSEUM FUND
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THE K.O.S.B. MUSEUM FUND
LEGAL AND ADMINISTRATIVE INFORMATION
Directors And Trustees
Colonel A.J. Loudon M.B.E., CStJ
Lieutenant Colonel C.G.O. Hogg O.B.E., D.L.
Lieutenant Colonel R.S. Combe M.B.E.
Major A.G. Horsburgh
Captain A.J.D. Herberts
Charity number (Scotland)
SC033998
Company number
SC241124
Registered office
8 St Ann's Place
Haddington
East Lothian
EH41 4BS
Independent examiner
Colin Frame CA
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
Bankers
Barclays Bank P.L.C.
Investment advisors
Brewin Dolphin
6th Floor
Atria One
144 Morrison Street
Edinburgh
EH3 8EX
THE K.O.S.B. MUSEUM FUND
CONTENTS
Page
Directors And Trustees report
1 - 4
Independent examiner's report
5
Statement of financial activities
6
Balance sheet
7
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 2024
- 1 -

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

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The aims of the K.O.S.B. Museum Fund are to uphold the traditions of the Regiment of The King's Own Scottish Borderers and to house, maintain, enhance and exhibit articles in the Regimental Collection.

 

The powers and the duties of the directors and trustees are:-

 

- the maintenance and preservation of the Regimental Collection, including ensuring that appropriate insurance cover is maintained.

 

- the housing and exhibition of the Regimental Collection at whatever location the directors and trustees in their absolute discretion may decide.

 

- investment of any monies within the charitable company in any investment which they think fit.

 

- the purchase of uniforms, medals, pictures, books, manuscripts, maps, documents and other articles which in the opinion of the directors and trustees enhance the Regimental Collection and are worthy of retention.

 

- the appropriate sale or other disposal of surplus articles from the Regimental Collection, with the proceeds arising deemed to be part of the general funds of the charitable company.

Public benefit

In considering the operation, achievements and performance and finances of the charitable company, the directors and trustees are satisfied that public benefit has been provided in accordance with the Charities and Trustee Investment (Scotland) Act 2005 and guidance provided by the Office of the Scottish Charity Regulator.

Achievements and performance

The charitable company continues to maintain the Regimental Collection and archive within The Barracks, Berwick-upon-Tweed.

 

The Museum closed in October 2023, with the Regimental Collection being stored on-site in O and A Blocks. All the Association property, including the collection, was subsequently moved into D Block in the late Autumn of 2024, and we will occupy temporary office and storage space there until the Spring of 2027. Visitor numbers were therefore substantially down on the previous year, but our staff and volunteers continue to host visitors by appointment, mostly for research purposes. Two temporary exhibitions of some articles from the Regimental Collection are taking place in 2025, during the closure period. We will update further on progress in next year's report.

 

The Living Barracks project within The Barracks complex, of which the Association is a core partner, is working well; a major grant application was submitted to the National Lottery Heritage Fund in mid-2024; this was successful, adding to existing funds, all in order to deliver a major refurbishment of the complex as a visitor attraction and home to the K.O.S.B. Association and its Regimental Collection and archive. Work is due to commence in the Autumn of 2025, and be complete by the Spring of 2027, when the Museum is scheduled to reopen.

THE K.O.S.B. MUSEUM FUND
DIRECTORS AND TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Financial review

The revenue deficit across all funds for the year before investment portfolio movements was £10,120 (2023: £4,931 deficit).

 

The net assets of the total fund at 31 December 2024 were £213,309 (2023: £212,112).

 

The market value of the investments at 31 December 2024 was £193,935 (2023: £182,686).

Reserves and investment policy

The directors and trustees have reviewed the reserves of the charitable company in relation to current and future requirements, including the need to have a guaranteed source of income to maintain the Museum and Regimental collection.

 

They consider that the reserves are adequate to allow the charitable company to continue to carry out its objects and to take advantage of any opportunity to purchase any items becoming available to enhance and develop the Museum.

 

The governing documents allow the directors and trustees to invest funds in any investment they think fit, at their absolute discretion.

Investments are professionally managed by Brewin Dolphin, acting on a discretionary basis. The investment objectives are to achieve a balance of income and capital growth with an emphasis on income, assuming a medium risk profile.

Major risks

The directors and trustees continue to review the risks to which the charitable company is exposed including the occupation of its current premises and will continue to establish systems to mitigate the risks identified, including a review of the levels of insurance maintained.

 

In particular a report covering an assessment of security risks and advice was received, which is being considered by the directors and trustees.

Structure, governance and management

The K.O.S.B. Museum Fund was incorporated on 13 December 2002, as a charitable company limited by guarantee. It is governed by its Memorandum and Articles of Association.

 

The members of the charitable company are the current directors and trustees. Every member has one vote, at general meetings of the charitable company which may be given either personally or by proxy.

 

The business of the charitable company is managed by the directors and trustees, who may exercise all the powers of the charitable company.

 

Day to day matters are administered by a committee who are appointed by the directors and trustees.

 

The maximum number of directors and trustees is fifteen, and the minimum number is four. The directors and trustees may appoint at any time a director 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.

 

At the AGM Lieutenant Colonel C.G.O. Hogg O.B.E., D.L. and Lieutenant Colonel R.S. Combe M.B.E. will retire, with both eligible for re-election.

THE K.O.S.B. MUSEUM FUND
DIRECTORS AND TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

Directors and trustees

The directors and trustees who served during the year were:

Colonel A.J. Loudon M.B.E., CStJ
Lieutenant Colonel C.G.O. Hogg O.B.E., D.L.
Lieutenant Colonel R.S. Combe M.B.E.
Major A.G. Horsburgh
Captain A.J.D. Herberts

New directors and trustees are given a copy of the Memorandum and Articles of Association, the latest report and accounts, and all the charitable company's documents on governance. Subject to their experience and expertise, they are also given pamphlets issued by the Office of the Scottish Charity Regulator explaining the duties of Trustees of Charities and offered training in any area 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.

Statement of directors and trustees responsibilities

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 Directors and Trustees Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company law requires the directors and trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these accounts, the directors and trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts; and

 

- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

 

The directors and trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the accounts comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regualtions 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Exemptions

This report is prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

THE K.O.S.B. MUSEUM FUND
DIRECTORS AND TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors and trustees report was approved by the Board of Directors and Trustees.

Colonel A.J. Loudon M.B.E., CStJ
Director and Trustee
24 June 2025
THE K.O.S.B. MUSEUM FUND
INDEPENDENT EXAMINER'S REPORT
TO THE DIRECTORS AND TRUSTEES OF THE K.O.S.B. MUSEUM FUND
- 5 -

I report on the financial statements of the charitable company for the year ended 31 December 2024, which are set out on pages 6 to 17.

Respective responsibilities 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 (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006.The charitable company directors and trustees consider that the audit requirement of Regulation 10(1)(a)-(c) of the Charities Accounts (Scotland) Regulations 2006 does not apply.

It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination was carried out in accordance with the Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. 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 directors and 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.

Independent examiner'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:

have not been met, or

 

2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Colin Frame CA
17 Walkergate
Berwick-upon-Tweed
Northumberland
TD15 1DJ
24 June 2025
THE K.O.S.B. MUSEUM FUND
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
1,785
-
1,785
1,399
-
1,399
Other trading activities
4
4,141
-
4,141
5,698
-
5,698
Investments
5
5,560
-
5,560
5,911
-
5,911
Total income
11,486
-
11,486
13,008
-
13,008
Expenditure on:
Raising funds
6
2,916
-
2,916
3,176
-
3,176
Charitable activities
7
17,940
750
18,690
14,763
-
14,763
Total expenditure
20,856
750
21,606
17,939
-
17,939
Net gains/(losses) on investments
11
11,317
-
11,317
7,774
-
7,774
Net income/(expenditure) and movement in funds
1,947
(750)
1,197
2,843
-
2,843
Reconciliation of funds:
Fund balances at 1 January 2024
209,362
2,750
212,112
206,519
2,750
209,269
Fund balances at 31 December 2024
211,309
2,000
213,309
209,362
2,750
212,112

 

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

 

The statement of financial activities 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
AS AT
31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
2,000
3,000
Investments
14
193,935
182,686
195,935
185,686
Current assets
Stocks
15
3,571
5,059
Debtors
16
6,267
4,155
Cash at bank and in hand
23,711
19,512
33,549
28,726
Creditors: amounts falling due within one year
17
(16,175)
(2,300)
Net current assets
17,374
26,426
Net assets
213,309
212,112
The funds of the charitable company
Restricted income funds
18
2,000
2,750
Unrestricted funds
211,309
209,362
213,309
212,112

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.

The directors acknowledge their responsibilities for ensuring that the charitable company keeps accounting records which comply with section 386 of the Act and section 44 of the Charities and Trustee Investment (Scotland) Act 2005 and for preparing accounts which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the charitable company.

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

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

The financial statements were approved by the directors and trustees on 24 June 2025
Colonel A.J. Loudon M.B.E., CStJ
Director and Trustee
Company registration number SC241124 (Scotland)
THE K.O.S.B. MUSEUM FUND
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
1
Accounting policies
Charity information

The K.O.S.B. Museum Fund is a private charitable company limited by guarantee incorporated in Scotland. The registered office is 8 St Ann's Place, Haddington, East Lothian, EH41 4BS.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charitable company's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.

 

The charitable company has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

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

The accounts have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments to market value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors and trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors and trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the directors and trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

The general fund is an unrestricted fund, which is available for use at the discretion of the directors and trustees in furtherance of the objectives of the charitable company.

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

1.4
Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations 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 to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Grants receivable are recognised in the Statement of Financial Activities in full in the year which they become receivable, that is when the conditions for receipt have been met.

 

Investment income comprises dividends receivable during the year on listed investments held within 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 2024
1
Accounting policies
(Continued)
- 9 -

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for Museum Shop sales made during the year.

1.5
Expenditure

All expenditure is accounted for on an accruals basis. Costs are allocated to appropriate headings, based on the activities to which they are attributable.

 

Costs of generating funds are the cost of goods sold in the museum shop.

 

Management and administration costs are those incurred in connection with administration and compliance with constitutional and statutory requirements.

1.6
Tangible fixed assets

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

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

Website
20% Straight line

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

1.7
Fixed asset investments

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

1.8
Impairment of fixed assets

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

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE K.O.S.B. MUSEUM FUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -
1.11
Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

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

Basic financial liabilities

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

 

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

 

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

Derecognition of financial liabilities

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

1.12

Display items

In addition to the assets shown in the balance sheet the Museum Fund owns a significant quantity of display items of a historic nature which are of considerable importance and which constitute the Regimental Collection. In the opinion of the directors and trustees it is not practical to place a value on these items. Additional items bought are charged to the income and expenditure account. Expenditure on items for display during the current year amounted to £6,283 (2023: £4,080).

1.13

Donations in kind

During the year, the cost of premises, staff and certain associated costs were borne by the Ministry of Defence. These costs are not quantifiable and as a consequence have not been reflected in these financial statements.

THE K.O.S.B. MUSEUM FUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2
Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the directors and trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
1,785
1,399
4
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Museum shop sales income
3,017
4,385
Museum research fees
1,124
1,313

Other trading activities

4,141
5,698
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Income from listed investments
5,525
5,861
Interest receivable
35
50
5,560
5,911
THE K.O.S.B. MUSEUM FUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
6
Expenditure on raising funds
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Museum shop purchases

Museum shop purchases
1,488
1,804

Investment management costs

1,428
1,372
Total costs
2,916
3,176
7
Expenditure on charitable activities
Direct charitable expenditure
Overhead expenses
Management and administration
Total
2024
2024
2024
2024
£
£
£
£
Direct costs
Depreciation and impairment
1,000
-
-
1,000

Item for display

6,283
-
-
6,283

Insurances

-
2,378
-
2,378

Repairs and maintenance

-
1,431
-
1,431

Subscriptions

-
582
-
582

Postage, telephone and stationery

-
-
904
904

Consultancy fees

-
-
750
750

General administration expenses

-
-
1,300
1,300

Computer software and consumables

-
-
345
345

Exhibition expenses

401
-
-
401
7,684
4,391
3,299
15,374
Share of support and governance costs (see note 8)
Governance
-
-
3,316
3,316
7,684
4,391
6,615
18,690
Analysis by fund
Unrestricted funds
7,684
4,391
5,865
17,940
Restricted funds
-
-
750
750
7,684
4,391
6,615
18,690
THE K.O.S.B. MUSEUM FUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Expenditure on charitable activities
(Continued)
- 13 -
Previous year:
Direct charitable expenditure
Overhead expenses
Management and administration
Total
2023
2023
2023
2023
£
£
£
£
Direct costs
Depreciation and impairment
1,000
-
-
1,000

Item for display

4,080
-
-
4,080

Insurances

-
2,024
-
2,024

Repairs and maintenance

-
687
-
687

Subscriptions

-
545
-
545

Postage, telephone and stationery

-
-
1,165
1,165

General administration expenses

-
-
289
289

Computer software and consumables

-
-
1,724
1,724

Bank charges

-
-
26
26
5,080
3,256
3,204
11,540
Share of support and governance costs (see note 8)
Governance
-
-
3,223
3,223
5,080
3,256
6,427
14,763
Analysis by fund
Unrestricted funds
5,080
3,256
6,427
14,763
8
Support costs allocated to activities
2024
2023
£
£
Governance costs
3,316
3,223
Analysed between:
Management and administration
3,316
3,223
2024
2023
Governance costs comprise:
£
£
Accountancy
2,666
2,623
Independent examination fee
650
600
3,316
3,223
9
Directors And Trustees

None of the directors and trustees (or any persons connected with them) received any remuneration (2023: £Nil) or expenses (2023: £Nil) during year.

THE K.O.S.B. MUSEUM FUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
10
Employees
There were no employees during the year (2023: None)
11
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2024
2023
Gains/(losses) arising on:
£
£
Revaluation of investments
10,463
130
Sale of investments
854
7,644
11,317
7,774
12
Taxation

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

13
Tangible fixed assets
Website
£
Cost
At 1 January 2024
5,000
At 31 December 2024
5,000
Depreciation and impairment
At 1 January 2024
2,000
Depreciation charged in the year
1,000
At 31 December 2024
3,000
Carrying amount
At 31 December 2024
2,000
At 31 December 2023
3,000
THE K.O.S.B. MUSEUM FUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
14
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 January 2024
182,686
Additions
51,495
Valuation changes
11,317
Disposals
(51,563)
At 31 December 2024
193,935
Carrying amount
At 31 December 2024
193,935
At 31 December 2023
182,686
15
Stocks
2024
2023
£
£
Finished goods and goods for resale
3,571
5,059
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,267
4,155
17
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
13,775
-
Accruals and deferred income
2,400
2,300
16,175
2,300
THE K.O.S.B. MUSEUM FUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
18
Restricted funds

The income funds of the charitable company include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

At 1 January 2024
Resources expended
At 31 December 2024
£
£
£
Museum Valuation
2,750
(750)
2,000
Previous year:
At 1 January 2023
Resources expended
At 31 December 2023
£
£
£
Museum Valuation
2,750
-
2,750

Museum Valuation Fund

During 2020, a grant of £3,750 was received from the Museum Valuation Charitable Trust in order for a full valuation of the Museum Collection to be carried out. Due to COVID-19 pandemic restrictions only a partial valuation of the Museum Collection was carried out. However, as a result of the Living Barracks development project a full valuation of the Museum Collection has now been documented and completed.

19
Unrestricted funds

The unrestricted funds of the charitable company comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used.

At 1 January 2024
Incoming resources
Resources expended
Gains and losses
At 31 December 2024
£
£
£
£
£
General funds
209,362
11,486
(20,856)
11,317
211,309
Previous year:
At 1 January 2023
Incoming resources
Resources expended
Gains and losses
At 31 December 2023
£
£
£
£
£
General funds
206,519
13,008
(17,939)
7,774
209,362
THE K.O.S.B. MUSEUM FUND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
20
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 December 2024:
Tangible assets
2,000
-
2,000
Investments
193,935
-
193,935
Current assets/(liabilities)
15,374
2,000
17,374
211,309
2,000
213,309
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 December 2023:
Tangible assets
3,000
-
3,000
Investments
182,686
-
182,686
Current assets/(liabilities)
23,676
2,750
26,426
209,362
2,750
212,112
21
Related party transactions

There were no disclosable related party transactions during the year (2023: None).

22
Company limited by guarantee

Every ordinary member of the charitable company undertakes to contribute to the assets of the charitable company in the event of it being wound up while he is a member or within one year after he ceases to be a member, for such an amount as may be required, not exceeding £1.

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