Complex sentence: The Museum and Library collection received'Designated' status in 1998 (it is recognised as having an outstanding collection of national and international significance), one of only three military or regimental museums in the country to hold this status.
Split into simpler sentences: The Museum and Library collection received'Designated' status in 1998 (it is recognised as having an outstanding collection of National & International significance). It is one of only three military or regimental museums in the country to hold this status.