Charity number: 1102270 THE FEDERATION OF MUSEUMS AND ART GALLERIES OF WALES UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Ffeaerasiwn Amgueth)feyal Cymru useums Feaeration Cymru WR Partners Protecting your future. THE FEDERATION OF MUSEUMS AND ART GALLERIES OF WALES CONTENTS Page Reference and administrative details of the Charlty, Its Trustees and advisers Chairman's statement Trustees, report Independent examinerfs report Statement of financial activities 6-10 13 Balance sheet 14 Notes to the flnanclal statements 15-26 THE FEDERATION OF MUSEUMS AND ART GALLERIES OFWALES REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees N Thomas N Blackam0￿. Treasurer C Canham. Secretary C Whittaker, VI￿ President (appointed 2 November 2023) A Deathe E Lewis A Rees (appointed 2 November 2023) K Murdoch R Rogers S Sandford J Taylor-Bosanko Charlty reglstered number 1102270 Principal office Ceredigion Muesum The Coliseum Terrace Road AberyS￿th Ceredigion SY23 2AQ Accountsnts WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Page 1 THE FEDERATION OF MUSEUMS AND ART GALLERIES OFWALES PRESIDENTS REPORT FOR THE YEAR ENDED 31 MARCH 2024 The President presents her statement for the year. Annual Report for Yèar commenclng 1 Aprll 2023 to 31 March 2024 This report covers the perioj 1st April 2023 until 31 st March 2024. The Federation has continued to support museums across Wales which are still dealing with the impact of the pandemic and ongoing austerity measures. A considerable amount of the board's time during 2023 was devoted to addr8ssing governance and communications issues. Governance The board met on 5 occasions {from May 2023, June. September, December and March 2024). In addition to 11 Trustees (3 named officers and 8 ordinary members), there were 3 cfropted members and 4 observers representirffJ Welsh Govemment Culture Division, Amgueddfa Cymru - National Museum Wales {ACNMW), the National Trust and the Museums Association. This has enabled the Federation to continue our strong links with these key strategic bodies. In Spring 2023, under the Asscciation of Independent Museums, AIM Higher governance programme, Sara Hilton was appointed to carry out a review of the Federation's govemance. Key recommendations from this work included establishment of sub-groups to steer specific activities e.g. govemance, and that the Federation change its unincorporated charitsble status, to that of a Charitable Incorporated Organisation (CIO) Diane Gwilt was ctropted at the 2023 AGM to support the board to review the constitution and advise on the move to CIO status. The governance sub%roup first met in February 2023 Diane started work on new CIO constitution and initiated liaison with Charity Commission. The 2023 AGM was held on 2nd November 2023 online and atthough three people stood for election or re- election, onty 10 of the 11 available trustee roles were filled. An Acting President and Vice-President were appointed from the elected and ctropted trustees. To reduce the burden on the President role, the functions of President and Vice President were examined. It vrds proposed to make the President role primarily ouhvard facing, with advocacy a key activity, and the Vice President role more administrative becoming Chair for meetings and lead contact for the Development Officer. A new email and document sharing system was developed during 2023 to strengthen business continuty and '.museumsfederatton.cymru' email addresses were created for trustees. Work will still be needed in 2024 to embed new ways of working using this facility. The Hon Treasurer put considerable effort into sorting out defunct bank accounts and r8gularising financial arrangements with Welsh Govemment regarding grant payments. Financial prO￿dureS were revised and new insurances created to better reflect the Federation's liabilities. The Business Plan was kept under review with Federation considering how best to incorporate anti-racism actions into regular activities. Pag8 2 THE FEDERATION OF MUSEUMS AND ART GALLERIES OF WALES PRESIDENTS REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Membershl A new, online membership renewal and payment system started development in Summer 2023. It proved challenging to introduce at a time when external pressures on the membership secretary increased and was not possible to renew memberships as normal. It was agreed therefore that existing memberships would be carried over into 2024r25 with the resulting fi'nancial deficrt met from reserves. In the financial year 2023124, the Federation membership therefore remained at: 101 organisational members, representing 142 different sites 25 individual members Income from membership fees this year was £827.71 received mainly from board members who test￿ the new system and irKlividual standing orders. Membership of the Jisclist remained at c360. Communlcatlon and promotion W8Dig Media's contract to create a completely new vRbsite and n6vi branding continued during the year, funded via a grant from Welsh Govemment. A SU￿Oard was established to manage this process. A bespoke typefa￿ was developed and much vRnt, and continues to go, into populating the site arKI ensuring that it 18 fully bilingual. The Federation continued to promote itself and its members via its website and social media nthorks @WelshMuseumsFed and @Welshmuseuffts. The Editor continued to produce Y Mag using the new branding. editions were published in October and January and made available on the new website with links sent out via the ji%list. Development Officer The Federation continued to contract Chris Delaney as Development Officer on a freelance basis for two days a month during the year. He assisted the Acting President and Vice President as well as other officers and members of the board. He provides written reports to every Board m88ting and continued to develop a report on the impacts of Austerity on museums in Wales. His work encompassed a number of projects, responding to consultations and representing the Federation at events, for example, in March 2024. he attended the Wales roundtable consultations held by the Department for Culture Media and Sport on proposals for the UK Govemment to ratify the 2003 UNESCO Convention for the Safeguarding of Intangible Cultural Heritage. The Development Officer also continues to administer all Federation grant programmes. The cost of administering grants is met by applying full cost recovery to funding applications. Grant programmes Thank5 to funding from the Culture Division in Welsh Government we had a number of grant programmes running in 2023r24 {grant ref.. 2022-MCW-004 £330k over three years (2022-23, 2023-24, and 2024-25). These include the small grant schemes in Spring and Autumn, total available £90k, the Festival Grants, total available £12.5k and Training and Conference grants, total available £7.5k. The grant Temis and Conditions were revised to meet the Anti racist Wales Action Plan requirements and created revised application fomis using the new branding. Page 3 THE FEDERATION OF MUSEUMS ANDART GALLERIES OFWALES PRESIDENTS REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Advocacy Work pressures on Federation trustees made it more challenging to ensure continued representation on the numerous Steering gfOUPS and boards but contact was maintained with the Historic Environment Group (HEG), the Sporting Heritage Expert Panel, the Football Museum for Wa￿S steering group, the ARCW race equality subgroup and PCW Advisory Group. A suc￿Ssful Advocacy event at the Senedd YRS held on 19th October in partnership with the Museums Association, Amgueddfa Cymru and the Group for Education in Museums, 13 museums attended. The Minister for Culture subsequently accepted invitations to visit several of the museums present. Following reports of Welsh Government budget reductions to local government, govemment sponsored bodies such as the Amgueddfa Cymru-National Museum Wales, and govemment departments the Federation wrote to the Deputy Minister in February 2024. The letter and the Ministerfs response are published on the Federation website. The Devdopment Officer represented the Federation at a Senedd Select Committee hearing and gave evidence to the Committee regarding the National Contemporary Art Gallery Wales. Welsh Museums Festlval 2023 The Festival ran from Oct 21st - 29th 2023 and the Federation continued to take full responsibility for the Festival management, made possible thanks to grant referenrE 2022-MCW-005 of £120k over three years (2022-23, 2023-24, and 2024-25) awarded by the Culture Division of Welsh Government. In accordance with the conditions of grant, the contract for ctrordinating the Festival was ter￿ered and awarded to Carys Thomas. The Festival retained its own branding arKI vRbsite and used the theme.. Our Diverse History & Culture (which linked with Visit Wales 'Trails' theme). 46 museums took part and provided over 150 events with approximately 7,355 people participating. A full evaluation report was produced. Partnershlps Welsh Government The Acting President, Vice President, various board members and the Development Officer continued to meet with representatives from the Culture Division of Welsh Govemment. Representative from Federation and Amgueddfa Cymru attended a series of Sector Scopirg meetings organised by the Welsh Govemment museums team and facilitated by Emma Chaplin to examine our respective development roles and identify crossovers and opportunities for streamlining. This resulted in a reduc&J burden on the Federation, for example. by transferring training activities back to Welsh Govemment. Regular Round table meetings are planned to start later in 2024. Museums Association The Federation worked closely with the Museums Association to oppose the closure of the Museum of Cardiff. The outcome of all the advocacy work was partially successful in that the museum's immediate closure VRS haked and a move from the old library to a new l(Kation will be programmed with a favourable footfall The Federation was represented on MA Welsh Stakeholders meeting alongside MA reps and staff from NMW. AC.NMW Federation Board members contributed to the consultation on Amgueddfa Cymw's Collection Development Strategy. Page 4 THE FEDERATION OF MUSEUMS ANDART GALLERIES OFWALES PRESIDENTS REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Projects The Development Officer continued to work on existing projects.. Museums, Collections and Cynefin - Delivering a Lasting Leg•" Natural History Museum's public programme, Our Broken Planet" Wales ReS￿ents Engaging in Arts, Communty and Heritage Iwales REACH); and, Art Fund's The Wild Escape Project. 20 Steps to Sustsinable Collections Care The Federation supported preparation of a leaflet and poster '20 Steps to Sustsinable Collections Care, by Jane Henderson and Megan de Silva. and illustrated by Jenny Mathia&wn. These were published on the website using the new branding in autumn 2023. On behalf of the Board of the Federation of Museums and Galleries of Wales C Whiitaker Vice President Federation of Museums and Art Galleries of Wales Page 5 THE FEDERATION OF MUSEUMS AND ART GALLERIES OF WALES TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial statements of the Charty for the period from 1 April 2023 to 31 March 2024. Objectives and activities a. Policies and objectives Our mission is: We support and advocate for the highest standards of museum provision throughout Wales. for the people of Wales. Our key messages are: 1. Museum5 empower people through leaming, part￿IpatIon and inspiration 2. Museums and their collections strengthen communty identity and well-being 3. Museums make a signfficant economic contribution through tourism and regeneration Our charitable objectives are: 1. To promote the highest professional stsndards of WO￿ and public service in museums and art galleries in Wales 2. To advance the education and training of those working in and supporting museums and art galleries in Wales 3. To encourage public education through promotion and maintenance of high-qualty museum and art gallery lrfelong learning services In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefft, including the guidance 'Public benefit.. running a charity {PB2)'. b. Stratsgies for achieving objectives The charity is the strategic body for museum and art gallery profession8ls in Wales. adv￿ating for the highest stsndards of museum provision throughout Wales. We represent all types of museums national, local authorty, universty and independent - and their staff vthether paid or volunteer. The charity promotes good practice in museums and galleries and provides support, advice and a forum for discussion of museum issues affecting members. The charity has built its capacty to deliver by a series of grant appli&itions and by working in partnership with other sector bodies. It has also utilised funds from its reserves on occasion to support this work (e.g. in providing grants for Welsh Museums Festival events. funding for Welsh pla￿S on UK-wide sector training hemes). By its very nature as a membership-funded, voluntary-run organisation. the capacty of the charity will ebb and flow depending on the availability of its committee to undertake additional roles, funding available and the activity of its partners and Stakeholders. Page 6 THE FEDERATION OF MUSEUMS AND ART GALLERIES OFWALES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Obje¢tiVos and actlvltles (contlnued) c. Actlvltles undertaken to achleve objectives Core work The following is undertaken by the core Trustee committee and funded by membership fees (supplemented by reserves if deemed necessary by the Federation committee): . Publish Y Mag twice a year. to disseminate best practice and provide a source of advice and support Enable ￿CesS to a Jiscmail email seNice, providing a key communication tool for the sector. a source of advice and support . Communicate with the sector and beyond through a d￿jicated website and social media channel (Twitter) . Support sector to improve standards through training, creation of guidance and toolkits Adv(xate for the sector by responding to consultations, sitting on steering groups and boards. meeting the Minister with culture portfolio annually and forging positive v￿rking relationships with key sector bodies and relevant partners Support the membership to engage with key sectorlsocietal issues through advocacy. communication. working with partners. signposting to support . Run key events annually- Welsh Museums Conference and Federation AGM Administer the Cefni Barnet grant fund, to enable small grants for museum obi8Ct-based research by members Additional work The following is certainly desirable for the charity to deliver. bLrt is undertaken as and when the Federation committee decides it has additional financial resource and capacity available to undertake. This will include decisions around using the charity's reserves, partnering with other organisations, securing extemal funding to deliver (and therefore is also dependent on the committee's capacity to apply for grants): Employment of freelan￿ Development Officer (currently 2 days a month) to build capacity of Federation to undertake advocacy worf(, organise its annual Conferen￿ and deliver ts core work Run and manage the annual Welsh Museums Festival . Run the annual Welsh Museums Day (an annual advocacy day) . Work with sector bodies to collect data to eviden￿ value of the Welsh sector Provision of an Accreditation Support Grants scheme Provision of a Training and Conference Grants scheme . Employment of freelance Grants OffI￿r to administer grant scheme Provide training sessions specifically for members . Provision of places on WelshlUK-wide sector traininglsupport schemes . Coordinate submission of papers to sector conferences, disseminating Welsh best practice Further detail of the charity's activity can be found in ts Business Plan and associated Action Plan. Page 7 THE FEDERATION OF MUSEUMS AND ART GALLERIES OF WALES TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and a¢tivities (continuad) d. Grant-making pollcles In line with its aims and objective the charity will optimise grant opportunities from a range of public and private sources. Since 2010 the charty has been fortunate to access funding on an annual basis from the Welsh Govemment to offer a grants scheme to eligible member museums. Grants are currently offered to support the maintenance of Accreditation standards and widen access to the museums and their collections. to enable museum staff to access professional training and attend conferentss arKJ to facilitate sector ￿ryde research. resilience and an annual Welsh Museums Festival. Grants from Welsh Government will be shown separately on the accounts. Depending on the Welsh Govemment grant amunt awarded and the time in the financial year when the funding is received, funds may get allocated to several grant rounds in the same financial year andlor the subsequent ye8r. The grant income for one financial year may therefore be significantly higher than the related expenditure and vice versa. Achievements and porformanc• a. Maln achlevements of the Charlty A summary of the main activities for the year can be found in the Presidents Report. Financial review . Going concern Afier making appropriate enquiries. the Twstees have a reasonable expectstion that the Charity has adequate resour￿ to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. b. Reserves policy Sufficient reserves are maintsined to cover predicted expenses for a period of 12 months,. the trustees have agreed to maintain at least £30,000 as a reserve. All grants awarded to the charity by other bodies are only to be used as set out in relevant grant conditions. Free reserves at 31 March 2024 were £34,735 (2023: £48.702). Page 8 THE FEDERATION OF MUSEUMS ANDART GALLERIES OF WALES TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management a. Constitution The charty, formed in 1976 and registered in 2004. 18 9￿￿rned by a constitution adopted in 2003 and 8mended in 2015 and 2018. The registered charity has a charity number of 1102270. The charity is run by an Executive Committee (of between 5 and 11 members) from which the following Offi￿r8 - President, Secretary and Treasurer- are appointed at the AGM every 3 years. b. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and C(￿opted under the temis of the Constitution. c. Policies adopted for th• induction and training of Trustees Potential Trustees are identified, brought to the attention of the Trustee Board and invited to one of their meetings. All Trustees are given a copy of the Charity Commission 'Essential Ttust88' Guidance to read. d. Organisational structure and declslon-maklng pollcles The Executive Committee holds at least two ordinary meetings each year. A special meeting may be called at any time by the pr8sident or by any members of the Executive Committee upon not less than 4 days, notic8 being given to the other members of the Executive Committee of the matters to be discussed. The president acts as chair at meetings of the Executive Committee. QU￿urn is achieved when at least one third of the number of members of the Executive Committee for the time being or three members of the Executive Committee. whichever is the greater. are present at a meeting. Every matter is deternined by a majority of votes of the members of the Executive Committee present and voting on the question but in the case of equality of the votes the chair of the meeting shall have a second or casting vote. The Executive Committee keeps minutes of the proceedings at meetings of the Executive Commiitee. Decisions relating to grant awards are made by ci>opted members to avoid any conflicts of interst. •. Financlal rlsk management The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and pr￿AdureS are in place to mitigate exposure to the major risks. Page 9 THE FEDERATION OF MUSEUMS ANDART GALLERIES OF WALES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees. responsibilities The Twstees are responsible for preparing the Trustees, report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally A￿pted Accounb'ng Practi￿). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resourc85. including its income and expenditure, ft)r that period. In p￿ParIng ttrEse financial statements, the Twstees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP (FRS 102); make judgments and accounting estimates that are reasonable and prudent; stste wh8ther applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charty's transactions and disclose with reasonable ￿curacY at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. C Whlttaker Vice President Date." 20111124 Page10 THE FEDERATION OF MUSEUMS ANDART GALLERIES OFWALE8 INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent examinerfs report to th• Trust•es of The Federatlon of Museums and Art Gallerles of Wales (Yhe Charity.) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024. Responslbllltles and basls of report As the Trustees of the Chaiity you are responsble for the preparation of the accounts in accordance with the requIr￿ments of the Charities Act 2011 (Yhe 2011 Act'}. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5}{b) of the 2011 Act. Page11 THE FEDERATION OF MUSEUMS AND ART GALLERIES OF WALES INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Independent examinw's statement Your sttention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing th8ir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting PraCt￿e effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confim that no 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 the Charity as required by section 130 of the 2011 Act: or the accounts do not accord with those records" or the accounts do not comply with the applicable requirements con￿rning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable 8 proper understanding of the 8ceounts to be reached. This report is made solely to the Charitvs Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My worfi has undertaken so that I might State to the Charity's Trustees those matters l am required to state to them in an Independent examinerfs report 8nd for no other purpose. To the fullest extent pemiitted by law. I do not a¢￿p1 or assume responsibilty to 8nyone other than the Charity and the Charity's Trustees as a bc*Jy, for my work or for this report. Signed.. Dated: S J Tweedle Bsc FCA DChA Belmont House, Shrewsbury Business Park. Shrewsbury SY2 6LG Page 12 THE FEDERATION OF MUSEUMS AND ART GALLERIES OF WALES STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Restrictsd fund$ 2024 Totsl funds 2024 Total funds 2023 Note Income from: Donat￿nS and legacies Charitable activities Investsnents 190,648 414 191,376 414 1,383 284, 746 1,383 363 Totsl income 2,211 190.962 193,173 285, 109 Expenditure on: Charitable actNlties 15,378 213.728 229,106 278, 164 Total expenditure 15,378 213,728 229,106 278,164 Net {expenditureVincomo Transfers between funds (13,167) {800) 122,766) 135.933) 6,945 13 Net movement in funds (13,967) 121.966) 135,933) 6,945 Reconcillatlon of funds: Total funds brought forward Net movement in funds 48,702 (13.967 79.349 121,968) 128,051 (35.933) 121. 106 6,945 Total funds carried forward 34,735 57.383 92,118 128,051 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pag88 15 to 26 fomi part of these financial statements. Page 13 THE FEDERATION OF MUSEUMS AND ART GALLERIES OF WALES BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Nots Fixed assets Current assets Debtors Cash at bank and in hand 772 93,746 19,441 122,208 94,518 141,649 Creditors.. amounts falling due within one year 12 12.400) {13.598) Net current assets 92,118 128,051 Total assets less current liabilities 92,118 128,051 Total net assets 92,118 128,051 Charlty funds Restricted funds Unrestricted funds 13 13 57,383 34.735 79,349 4Q T02 Total funds 92,118 128.051 The financial statements were approved and authorised for issue by the Twstees and signed on their behalf by: C Whlttaker Vice President Date.. 20111124 The notes on pages 15 to 26 form part of these financial statements. Page 14 THE FEDERATION OF MUSEUMS ANDART GALLERIES OF WALES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Information The Federation of Museums and Art Galleries of Wales is a charity, formed in 1976 and registered in 2004 in Wales. The charity is governed by a constitution adopted in 2003 and amended in 2015 and 2018. Th8 régistered charity number is 1102270. Accountlng policies 2.1 Basls of preparation of financlal statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102} - Accounting and Reporting by Charities: Statement of Recommended Prxtice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (800) 34,735 Restricted funds Welsh Museum Fund 2023 Austerity Small Grant 2023 European Museurn of the Year Award CMW Welsh Museum Festival CCF Winter of Wellbeing Summer of Fun AF Wild Escapes 42,500 143,840) 1,340 2,975 2,975 107,500 (107.555) 5,480 777 11,763 17,834 19,544 21,218 {242 (608) (367) 4872 824 11.168 17.834 19.544 414 1595) (21,218) (40,140) 40,548 166 79,349 190,962 (213.728) 800 57,383 Total of funds 128,051 193,173 (229,106) 92,118 Page 23 THE FEDERATION OF MUSEUMS AND ART GALLERIES OF WALES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Statement of fu nds (continued) The restrictsd funds includo: Austerity aims to research local authority museum expenditure to gauge the impact of austerty measures imposed on local govemment. European Museum of the Year Award Fund aims to provide funding for members to attend the European Museum of the YearAward, For the first time in its history, the EMYA Conference and Awards Ceremony will take place in Cardiff. CCF - aims to enable museums to comply with standards set out in the Accreditation Scheme for Museums UK, during the Covid Pandemic. Welsh Museum Festival aims to raise awareness and highlight the positive impads of Welsh Museums to visitors, stakeholders and the media and to support member Museums to offer creative opportunities for visitors Spotlight aims to undertake a comprehensive suNey of Wale5' museums, and Vds undertaken in 20(￿, 2011 and 2015. We need up to date data to advocate effectively for the sector. Small Grants - aims to enable museums to comply with standards set out in the Accreditation Scheme for Museums in the UK, and to demonstrate best practice within the scheme. T&C Grants - aims to support member Museums staff and lor volunteers to external training andlor conferences. Winter of Wellbeing initiative to support the social, emotional and physical well being of all children and young p80ple Page 24 THE FEDERATION OF MUSEUMS AND ART GALLERIES OF WALES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Statement of funds (continued) Statement of funds - prioryear B818nce at 31 March 2023 Balanc8 at 1 Aprll 2022 T￿nSfe in/out Income Expenditure Unrestricted funds General Funds- all funds 52,470 10.958 (8, 973) {5, 753) 48. 702 Restricted funds Austerity European Museum of the Year Award CMW Welsh Museum Festival Spotlight T&G grants CCF Winter of Wellbeing Small Grants Summer of Fun Governance AF Wild Escapes 2,975 2,975 5,480 777 12.781 2,375 5,480 777 11,763 40,000 (41.018) (2.400) (899) (2.471) (3,500) (115.552) (702,229) (880) (242) 25 20.305 23,044 17,834 19,544 107,021 126,250 8,531 (2, 803) 21,218 (242) 68,636 274. 151 (269, 191) 5, 753 79,349 Total of funds 121, 106 285, 109 (278, 164) 128.051 Page 25 THE FEDERATION OF MUSEUMS AND ART GALLERIES OF WALES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Analysls of net assets between funds Analysis of nat asséts betweon fund$ - Currant poriod Unrestricted Restricted funds funds 2024 2024 Tolal funds 2024 Current assets Creditors due within one year 37,135 (2,400) 57,383 94.518 {2AOO) Total 34,735 57,383 92,118 Analysis of net assets between funds - prior period Unrestricted funds 2023 Restiicted funds 2023 Total fvnds 2023 Current assets Creditors due within one year 50,300 (1,598) 91.349 (12,000) 141,649 {13,598) Total 48,702 79,349 128,051 15. Related party transactlons Due to the nature of the charity, the museums or organisations employing SIX of our trustees N Thomas, N Blackamore, C Canham. J Taylor. K Murdoch, R Rogers grants totalling £25,504 (2023.. ten Trustees £129,082). No Trustees received honorariums (2023: two Trusees, £3.500) in recognition of work beyond the role expected of a Trustee. Page 26