TRUSTEES, ANNUAL REPORT & ACCOUNTS 2023- 2024 THE WALSALL MUSEUMS AND ART GALLERIES DEVELOPMENT TRUST CHARITY REGISTRATION NUMBER 1064056
The Walsall Museums and Art Galleries Development Trust exists to support cultural development within the Metropolitan Borough of Walsall. Through a unique partnership with Walsall Council, the Trust has committed itself to generating additional funds to support artistlc programming at The New Art Gallery Walsall {TNAGW). The Gallery has been open since February 2000. The Trust is constituted as a registered charity and Is govemed by a Deed of Trust. Walsall MBC provides operational support and the conditions of this asSiStsn are outlined in a specrfic working agreement befvleen the Trust and the Council. The following Trustees, Annual Accounts covers the financial year from the 161 April 2023 to 31st March 2024. The Walsall Museums and Art Galleries Development TfU5t (Charity Registration Number 1064056) Rog5stered Office: The New Art Gallery Walsall Gallery Square Walsall West Midlands WS2 SLG Bankers HSBC pic, The Bridge, Walsall, WS1 1LN
STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in aco)rdance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charlties in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources ar+d application of resources of the charity for thal period. In preparing these financial ststements, the trustees are required to: select suitable accounting policies and then apply th6m consistently: obseNe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent., stale whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial staternenls on the going concern basis unless it is inappropriate to presume that the charity will conkn.nue in operation. The trustees are responsible for keeping proper accountlng records that disclose with reasonable accuracy at any tim& the financlal position of the charity and enable them to ensure that lh8 financial statements mplY with the Charities Act 2011, the Charity (Accounts and R8POrts) Regulations 2008 and the provisions of the trust deed. Th6y are also responsible for s8feguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitles. Approved by Trustees on . 13 r4 ft/oKc 4 oo..F............Date & Signed on their behalf by &ry .TnJstee (Olane Pery , Chair) Trustees 2023124 Diane Perry (Chair) David Cap4er (VIC6 Chair) David Owen Allson Bond (Retired 19th September 2023) Councillor Matthew Follows
Dr. Zeeta Badhan Rebecca Thompson Faye Lorente Shyllon Kathy Dowling Trust Secretary: Position Vacant. Investment Pollc Any monies received by the Trust, and nol for immediate use, are invested in order to generate interest for the Trusl. The investrnenls are Managed by Brewin Dolphin Limited Register8d offic4 12 Smilhfield Street London EC1A 9BD (Financial Services Register referenc8 124444) . The Tnjst has decided as part of ts investment strategy to require its investments to be made in 8 socially responsible rnanner and consequently shall exclude investments in armaments, tobac, pomography and alcohol. The Trust holds sorne funds in liquid fomi to allow for any unexpected funding requests from The New Art Gallery Walsall. Assessment of Risks to which the Charfty is oxposed. The Truslees regularly review any uncertainties and threats thal have the potential to inhlbit the Tfusvs perfomance. Necessary action 15 taken in order to minimize the potential adverse impact of any risk materializing. Reserves Policy The Unrestricted funds held at 3181 March 2024 amount to £647.154. The Truste8s hold these funds to cover any funding requirements appfied for by The New Art Gallery Walsall aTKI any unexpected costs thal rnay arise. Financlal Posltlon The accounts have been prepared in accordan with th8 presentation as laid down in the Statement of Recommended praCte for Accounting by Charit*s. Payments of Interest Income from Bwin Dolphin have been received in the year totalling £17,153. Short-term investments eamed £0, The charity has received £5,000 donations and £3,525 in memberships. Approved by the Trustees on; ,Date & signed on Iheir behalf by ..Diane Pe (fTUStee, Chair)
INDEPENDENT EXAMINER'S REPORT OF WALSALL MUSEUMS & ART GALLERIES DEVELOPMENT TRUST I report to the charity trustees on my examination of the accounts of the chanty for the year ended 31st March 2024 which are set out on pages 6 to 10. Responslbllities and basls of report As the charity's trustees you are responsible lor the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the charity's ac£ounts carried out under section 145 of the Act and in rarying out my examination I have followed all Ihe appli(3ble Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examinerfs staternent Since Ihe charity's gross income exceeded £25,000. I confimi I have the requisite ability and practical experience to undertake the examination. I have cornpleted my examination. I confim that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of Ihe charity as required by section 130 of the Act; or 2. the accounts do not accord with those records. I have no concems and have come across no olher matters in connection with the examination to which attention should be rawn in this report in order to enable a proper understanding of the ccoun reached. David Webb FCA Edwards Accountants (Mldlands) Llmited 34 High Street Aldridge Walsall West Midlands WS9 8LZ 30th May 2025
WALSALL MUSEUMS & ART GALLERIES DEVELOPMENT TRUST BalanrA sheet as at 31•t March 2024. Notes 2024 2023 Current Assets Cash at Bank 186,140 160,524 Debtors - Gift Aid Interest Short Temi Deposits Brewin Dolphin Deposits 700,000 700,000 Total Curront Assets 886 140 860 524 Llabllltles ACE Funding (137,046) (137,046) Net Assets Funds Unreslrlcled funds 647,154 621,538 Restricted funds 101,940 101,940 Approved By Ihe Trustees on: /% /71 ,'// /1 ,}6} . Date & slgned on their behalf by (Name ol Trustee)
WALSALL MUSEUMS & ART GALLERIES DEVELOPMENT TRUST Statement of Flnancial Activltles for year ended 31•1 March 2024 Not•s Unrestricted Reslrlcted Tota12024 2023 Incoming R8sources;. Interest ReIVed Donations Sponsorship MembershiplFriends Partnership Funding Tax recoverable on Gift Aid Donations 17,153 5.000 17,153 5,000 3,429 2,623 3.525 3,525 300 Income 25.678 25.678 6,3S2 Resources Expended: . Direct Charilable NAG Contribution Admin sIS 62 62 62 Expendlture 62 62 Net(Outgoing)Ilncomlng Resources lor the Year 25,616 25,616 6,290 Funds as al 111 April 2023 621,538 101,940 723,478 717,188 Funds a5 at 31¥t March 2024 101940 749 094 723 478 Approv8d by the Trustees on; /{ ,JG,) (- Date & signed on their behalf by Diana Pery (Trustee, Chalr)
WALSALL MUSEUMS & ART GALLERIES DEVELOPMENT TRUST Notes to the Accounts for the year ended 31st March 2024 1) Accountin Policies These financial statements have been prepared in accordance with applicable accounts'ng standards and follow the recommendations in Statement of Recommended Praclic*: Accounting and Reporting by Charities (SORP) issued in 2005, b) An Endowment fund of £500,000 was established on 27th June 1997 with Wa5sall City thallenge funds and was held and invested by Walsall Council. On 26 September 2022, the final dosing value of £382,336 plus £317,664 of the Trust's own funds was invested with Brewin Dolphin, the interest being paid to the Trust monthly. Restrfcted funds are to be used for specified purpos8s as laid down by the donor. Expenditure which meets these criteria is charged to the fund. d} Voluntary income is received by way of donal'ons and. sponsorship and is included in full in the Slalement of Financial Activities when received, it indudes recoverable taxation under the Gift Aid rules. Unrestricted funds are donations and other income received or generaled for the objects of the charity without further specified purpose and are available as general nds. These financial statèments have been prepared on a receipts and payments basis. 2) Interest Received 2024 2023 Short Tem? Loan (Endowment Interest) Short-tem investmenls Brewin Dolphln 17.153 3.429 3) Donations 2024 2023 Miscellaneous Donations Legacy 5,000 623 623
4) Restricted Fundsls onsorshi Restricted funds arise as a resull of sponsorship agreements or donations for specific purposes. The movements on the restricted funds of Ihe trust were 8s follows: 01104123 Incoming Outgolng 31103124 Sponsorships Education Programme Education Projects Discovery Gallery Leaflets Building the Audience Publication Welcome Leaflet West Bromwich Building Society The Big Picture Project Jonathan Shaw Solo Exhibition Creative Apprentices in Museums Apprenb"ceship Advwaty & Assistanc8 Watch This spa 5 Museums,Libraries and Archives Council Epstein Peggy Sue Artsy0 Acquisition Gallery Signage Keith Piper Publicalion (i) Anj Smith Publication 4,920 658 1,219 4,500 1,or)o 10,000 10,000 6,270 1,463 2,500 900 370 146 3,025 7,000 10.000 4,920 658 1,219 4,500 1,000 10,000 10,000 6,270 1,463 2,500 900 370 146 3,025 7,000 10,000 63,971 63,971 Donations Garnan Ryan Acquisilions Conservation Appeal Clive Beardsmore Collection Conservation 22,869 100 15.000 22,869 100 15,000 101940 The sources of this inrne are as follows: 2024 2023
5) Membershi Income Income was received from persons Subscribing to be members under the following designations: 2024 2023 Benefactors Gamian Ryan Friends Friends 2,000 1,400 125 2.000 300 6) Trustees Remuneralion No remuneralion or expenses were paid to the Trustees during the year. ACE Fundin 7) The ACE amount of £137,046 held in the Tnjst bank accx)unt will be paid to NAG over a Ihree-year period (2025-2027). 8) Funds Unrestrlcted Restrlcted Total Cash at bank Debtors Brewin Dolphin Deposit Total as at 31•t March 2024 169,140 17,000 186,140 615,060 84,940 700,000 886 140 Diane Perry ITnJstee, Chair) 18th March 2025