OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

Charity registration number: 1161227

Cynon Valley Museum Trust

Annual Report and Financial Statements

for the Year Ended 31 March 2021

Cynon Valley Museum Trust

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 9
Statement of Trustees' Responsibilities 10
Independent Examiner's Report 11
Statement of Financial Activities 12
Balance Sheet 13
Notes to the Financial Statements 14 to 24
Cynon Valley Museum Trust
Reference and Administrative Details
Chairman R J Jones
Trustees J J Morgan
S H Hayes
S Jones
M Passmore
R Grundy
W D Jones
Principal Office Depot Road
Aberdare
CF44 8DL
Charity Registration Number 1161227
Independent Examiner Mitchell Meredith Limited
Chartered Accountants
St Davids House
48 Free Street
Brecon
LD3 7BN

Page 1

Cynon Valley Museum Trust

Trustees' Report

The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2021.

Objectives and activities

Objects and aims

The objectives and activities are enshrined in the charitable objectives

“To advance the education of the public in the local history and heritage, preservation of buildings of historic and/or architectural importance and the industrial heritage of the Cynon Valley and elsewhere by the provision and maintenance of a museum and gallery in Aberdare”

The CVMT achieves this by running a programme of exhibitions across two galleries, a programme of events, digital engagement and the opening of the museum, free to the general public.

The objectives and activities for year are directly related to the continued objectives and activities of the Trust. The achievement of the objectives and activities can be seen in section 4. Achievements and Performance.

The museum works with a wide range partners to achieve these aims from local community groups and artists to nationally profiled artists and bodies bringing them into the Cynon Valley to the benefit of the local community.

Public benefit

The Cynon Valley Museum Trust provide an accessible, interactive and sustainable space to share and celebrate the heritage, arts and culture of the Cynon Valley, the community we represent.

During the accounting period CVMT has adapted and successfully responded to the barriers imposed by the Covid-19 pandemic. CVMT continues to build on our established position within the community by providing a physical and digital centre for heritage, arts and culture in a space that is accessible to the entire Cynon community physically and digitally. This can be seen in the work to provide two exhibition spaces and a digital gallery, rooms for community use, a permanent historical gallery and online digital space for Cynon history, use of the museum for CVMT and external events and dedicated and well-resourced website. The museum further supports the local economy and cultural sector supporting volunteers, local artists, artisans and crafts people to sell, provide a space to exhibit and a vibrant cultural attraction to benefit of Aberdare and the wider environs of the Cynon Valley.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Page 2

Cynon Valley Museum Trust

Trustees' Report

Financial review

Response to the Covid-19 Pandemic

Extended closure due to the Covid-19 pandemic saw a reduction of nearly 76% in terms of the income generated through the museums own income streams, this included the loss of income from CVMT’s:

• Run events and host exhibitions in collaboration with local artists and groups

CVMT in order to mitigate the impact put in place measures to ensure its sustainability. CVMT during 2020-21:

• Utilised the time to carry out funded capital works to improve the visitor experience and make the museum more accessible to all.

During 2020-21 Financial Year as a result of the work by CVMT to secure emergency funding to cover core costs the charity has been able to increase its unrestricted funds preparing the organisation for its recovery journey as restrictions are reduced and CVMT reopens and re-establishes its income streams.

Grant Funding

During the financial year CVMT continued and was successful with a number of grant funding applications which primarily focused to secure the museum’s future as it responded to the Covid-19 pandemic.

Following the securing of funding from MALD to redevelop the museums toilets and install a ground floor office. CVMT secured funding from the Welsh Church Act Fund to commence on the Capital Project in March of 2021.

Page 3

Cynon Valley Museum Trust

Trustees' Report

Amount
of
Funding £		 Source of funds Expected
Duration
funding		 of Funds
Available
£388,178 Pen Y Cymoedd Wind Farm Community Fund -
Salaries & Capital Development		 Until August
2021		 1/10/2017
£5,986 Association of Independent Museums - to improve
the Museum shop		 Completed
June 2020		 01/06/2019
£25,000 People’s Health Trust – in partnership with
Valley PALs to make the Museum more
friendly		 Cynon
autism		 June 2019
June 2020		 – 01/06/2020
£42,838.02 MALD Welsh Government – to support
redevelopment		 toilets March 2021 –
July 2021		 01/03/2021
£1,450.00 Groundworks (Tesco Community Fund) to install
garden boxes		 April 2019 –
March 2022		 01/04/2021
Covid-19
Emergency
Funding
£13,030 Moondance
Foundation
to
support
ongoing
resilience		 April 2022 10/04/2020
March-July
£28,080 Pen Y Cymoedd Wind Farm Community Fund to
support salaries and operational costs		 2020
Extended		 to 25/03/2020
July 2021
£2,000 Federation of Welsh Museums - for working from
home equipment		 April 2020 01/04/2020
£10,000 Federation of Welsh Museums – to fund staff costs
between
July
and
October
2021
and
support
reopening costs to reopen Covid secure		 December
2020		 01/04/2020
National
Lottery
Heritage
Fund
–
to
improve
£22,000 security infrastructure, support reopening of Cynon May 2021 15/06/2020
Valley Museum and fund Museum Assistant
£70,865 April
(reduced 2020-March
to
£24,020.79		 Wales Cultural Recovery Fund Phase 1 grant 2021
Extended		 to 01/04/2020
Sept September
2021) 2021

Digital Donations

CVMT has continued to mitigate the impact of the covid-19 establishing a digital donation platform offering an alternative to the museum’s physical donation boxes. It is expected in 2021-22 a contactless card donation box will be installed at the museum, offering an alterative to cash donations.

Page 4

Cynon Valley Museum Trust

Trustees' Report

Policy on reserves

CVMT’s Reserves Policy has been established to guide CVMT on the continued maintenance of a reserve that is equal or more than 6 months of operating costs. This is a minimum of £33,700.00.

This policy is intended to outline the use of reserves – in two significant cases (below) they must be utilised. Other uses of reserves can be decided by the Board of Trustees on an ad hoc basis.

  1. Unanticipated expenditure or loss of income

If the CVMT finds itself losing a significant income stream, e.g. closure of the café, temporary closure of galleries, reserves can be utilised to allow the Museum to operate until the situation is resolved, or other sources of income can be identified.

  1. Winding up of the charity

In the case where the CVMT decides to wind up and close the charity, reserves should be used to ensure debts are paid, including staff. In these circumstances, the Museum Manger would take a central role in the winding up.

3. Other uses of reserves

Use of reserves which fall outside of these circumstances, for example, investment in capital, or match funding for a grant application, are permitted but must be made at a Full Board meeting and clear steps should be outlined about how the CVMT will reimburse the reserves following the expenditure. At no point in time should 100% of the reserves held be used for functions other than the two outlined above.

Plans for future periods

Aims and key objectives for future periods

Work is currently underway to plan for succession. The Pen Y Cymoedd grant remains active and is due to run until May 2021.

The museum has secured a series of Covid-19 grants in response to the Covid-19 pandemic. Funding sources include Local Authority Rate Relief, Moondance Foundation, National Lottery Heritage Fund, Federation of Welsh Museums and Cultural Recovery Fund. Combined this is forecasted to take the museums finances beyond the current financial year (2020-21).

The Museum plans to continue using the accrual system of accounting and has established new monitoring procedures to report on grant spending and income increasing the museums financial management capacity.

The museum plans in 2021 to establish a new five-year business plan and work to secure future funding and generate income through internal income streams to continue the museums delivery of the charities aims and key objectives beyond 2022. CVMT has established a vision for the next 5 years formed of three phases.

Phase 1 - 2021-2024 Phase 2 - 2022-2025 Phase 3 - 2024-2027

Page 5

Cynon Valley Museum Trust

Trustees' Report

Phase 1: Recovery

Phase 1 is in action starting this financial year it focuses on the successful reopening of the museum and the, re-establishing of the income streams developed by CVMT across the previous 5 years, and assessing their future viability.

This phase incorporates the end of the current Pen Y Cymoedd Wind Farm Vision Fund. Based on initial financial forecasting CVMT believes it will be essential to secure further funding, to commence immediately or shortly after the end of the Vision Fund. This to to ensure that the museum’s recovery is not negatively impacted and has the time to make adjustments reflecting the changed environment the organisation is now in. This need to secure further funding is because CVMT’s forecasted income generation levels have not yet returned to the levels originally forecasted when the Vision Fund was awarded in 2017, due to the impact of the covid-19 pandemic on all income streams.

This phase will involve embedding the new business plan for 2022-2027 and working towards returning income streams and public engagement programmes to pre-pandemic levels. It will also assess the impact of public behaviour changes on current income streams.

The Trust would commission work to outline and continue the development the museums capital development programme. This will ensure the museum understands what is needed over the next 5 years build on its learning from Covid-19, the 5-year business plan and prepare the museum for a long sustainable future at the centre of the Cynon Community.

Any future funding application will factor into phase 1 the recruitment of a Museum Engagement Officer to re-establish the museum’s engagement programme. This post would focus on:

  1. Identifying and developing the long-term future programme for school and non-school groups visiting the museum this would include: o Revitalising and expanding the Loan Box programme.

o Creating digital resources reflecting Wales’ new curriculum for use by teachers and students. o Exploring the opportunities for direct digital and physical engagement in schools.

o Develop new programmes to encourage visits to the museum and engage with collections through engagement which is physically held at the museum, off site and digitally.

o

  1. Working in partnership with RCT Heritage Services to increase public access to the museum’s collections, carry out the redisplay of museum collections, and develop a co-created plan for engagement at Cynon Valley Museum. This partnership would utilise the shared resources of both organisations, to the benefit of the local community

  2. Taking a key role in a joint project funded by Esmee Fairbairn Fund with Amgueddfa Cymru National Museum Wales and Cyfartha Castle to retell and challenge stories about artworks in the collection of ACNMW relating to the South Wales Valleys.

Phase 2: Sustainability

Phase 2 looks beyond the immediate future towards creating a route to a sustainable income level which will ensure the museum’s future is secured through a mixture of sustainable income generate, fundraising, revenue funding and grant funded project income. This stage will require investment in the museum’s income generating streams in order to increase their potential to generate income for the Trust and directly benefit the local community. CVMT has identified several areas for development:

• Investment in staff to develop new and current income streams as outlined in the five year business plan currently being developed

Page 6

Cynon Valley Museum Trust

Trustees' Report

• To work towards sustainability the museum will need to invest in the museum building to improve its offer and continue to make the museum more accessible to the public

o Create a new entrance into the museum through the café, replacing flooring in the museum café and establishing the café as separate unit able to operate outside of museum opening hours. This will facilitate improved access by creating a new independent entrance to the café directly from the outside, thereby allowing the café to increase opening hours and income generating potential, making the café license more attractive to potential licensee, and ultimately allowing the Museum to generate further sustainable income from this source. o Redevelopment of Museum Shop by upgrading the entrance area. Redevelopment would include replacing dated shop furniture, with flexible shop units, making the space more open and welcoming and creating a more suitable space in which to hold events.

o Upgrading Museum Infrastructure. The museum building’s infrastructure is becoming outdated with equipment reaching the end of its expected lifetime. Over the period of the current lease, it will become essential to replace key infrastructure equipment. This investment would ensure the museum’s long-term sustainability through good maintenance and investment in cost saving energy efficient equipment.

o Redevelopment of the “Parry Room”. The room requires work to upgrade its specification in order to make it more suitable for income generating opportunities including room hire and arts-based workshops. o Revitalise the museum’s temporary gallery spaces replacing floors and carrying out gallery maintenance to improve appearance of both galleries.

• Seek funding to support local heritage, arts, charities and local community groups affected by the covid-19 pandemic to utilise the museum as a venue for their events, outreach and engagement

Phase 3: Renewal

Phase 3 focuses on the renewal of the museum’s galleries, some of which has not been renewed since the Museum first reopened in 2001. In this phase the Museum envisions:

• Working with RCT Heritage Services to carry out a re-interpretation and redisplay of the permanent gallery which would:

  1. Bring the display up to the present day.

  2. Continue to work with Amgueddfa Cymru to display relevant collections in Cynon Valley Museum.

  3. Investigate and where required address bias in current collection displays for example this could include: § Black History in the Cynon Valley

§ Jewish History in the Cynon Valley § Women’s History in the Cynon Valley § Prehistory

  1. Explore the role of community-led museums in decolonialisation.

  2. Create more direct engagement through interactive displays, thereby making the museum more attractive to families. For example, could be done through § Handling collections § Digital activities § Regular programming for families § SEND programming

• Develop programme of engagement across the Cynon Valley going beyond the museum, e.g., displaying exhibitions in RCT libraries and community centres.

Structure, governance and management

Nature of governing document

The charity is a charitable incorporated organisation (CIO) and is controlled by its constitution dated 5 September 2014.

Page 7

Cynon Valley Museum Trust

Trustees' Report

Recruitment and appointment of trustees

Trustees are recruited through word of mouth and advertising when a skills gap or vacancy arises. Training is reviewed periodically and courses sourced where appropriate.

Each prospective trustee meets two new trustees and the manager to talk about the trust and their reasoning behind joining. The board then have that information along with a CV or written text for consideration at the next board meeting.

Once that is approved the prospective trustee is invited to come to a board meeting to observe, should that trustee then accept the offer to join the board they will receive an induction pack containing forms and policies and procedures. This pack will also contain all the relevant Service Level Agreements, Grant forms and Licences with third parties.

Organisational structure

The charity is governed by an established constitution which is supplemented by a five-year business plan. This plan is up for review in 2021.

The Cynon Valley Museum is managed by a board of Trustees, this trustee board has three officers (a Chairperson, Secretary and Treasurer) these are appointed at our Annual General Meeting. The CVMT continued through the financial year with the core team unchanging composed of the Museum Manager, Museum Co-ordinator, Fundraising Officer and Engagement Officer. The museum currently has 42 volunteers due to the Covid-19 pandemic many have not been able to volunteer but plan to when the environment improves.

Strategic decisions are made by the board of trustees in a monthly meeting, these meetings are minuted and recorded for future reference. The Chair has some delegated responsibility to make major decisions that are time sensitive, these decisions must be fed back to the board at the earliest opportunity.

The board also has a finance sub-committee which is responsible for overseeing the finances for the trust, this includes grant funding and income from other sources.

The trustees have a risk register in place which is monitored on a regular basis. These risks are reviewed by a designated trustee and are acted upon. Systems are put in place to mitigate these risks

Page 8

Cynon Valley Museum Trust

Trustees' Report

Staff members have operational decision-making powers with latitude to carry out all day-to-day decisions in order for the museum to be fully operational. This is managed within the framework of CVMT policies demonstrating the situations where staff are able to make decisions and where decisions must be deferred to the board of trustees.

The trust has built a strong bond within not only the local community but also in the historic and third sector community. Our work has been used as case studies for best practice and heralded as positive and ambitious, for example case studies of the museums work to build partnerships and utilsie the space for local communities will be used by the Museums Association as a case study in the forthcoming Senedd elections.

CVMT maintains a good relationship with our landlords RCT CBC.

CVMT meet on a quarterly basis with RCT CBC Department Corporate Estates maintaining a good working relationship with the department ensuring the continued maintenance of the museum building.

CVMT maintains a good working relationship with RCT CBC Heritage Services working to ensure the continued public access to the collection, working to display the collection in temporary and permanent exhibitions.

CVMT has maintained a good relationship with our funders including Pen Y Cymoedd, Welsh Museums Federation, Association of Independent Museums and MALD.

Major risks and management of those risks

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The annual report was approved by the trustees of the charity on 19 January 2022 and signed on its behalf by:

R J Jones Chairman

Page 9

Cynon Valley Museum Trust

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities 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 and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.

Page 10

Cynon Valley Museum Trust

Independent Examiner's Report to the trustees of Cynon Valley Museum Trust

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2021 which are set out on pages 12 to 24.

Respective responsibilities of trustees and examiner

As the charity’s trustees of Cynon Valley Museum Trust you are responsible for 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 Cynon Valley Museum Trust 's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of Cynon Valley Museum Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements concerning 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 concerns 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 a proper understanding of the accounts to be reached.

M L Barnes FCCA ACA Mitchell Meredith Limited

Chartered Accountants St Davids House 48 Free Street Brecon LD3 7BN

19 January 2022

Page 11

Cynon Valley Museum Trust

Statement of Financial Activities for the Year Ended 31 March 2021

Note
Income and Endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investment income
5
Other income
Total Income
Expenditure on:
Charitable activities
Total Expenditure
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
19		 Unrestricted
£
46,863
3,726
1,239
18
17,072
68,918
(20,348)
(20,348)
48,570
48,570
12,736
61,306		 Restricted
£
174,108
-
-
-
-
174,108
(100,701)
(100,701)
73,407
73,407
132,667
206,074		 Total
2021
£
220,971
3,726
1,239
18
17,072
243,026
(121,049)
(121,049)
121,977
121,977
145,403
267,380		 Total
2020
£
94,556
19,186
1,984
1
29,942
145,669
(154,439)
(154,439)
(8,770)
(8,770)
153,441
144,671

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2020 is shown in note 19.

Page 12

Cynon Valley Museum Trust

(Registration number: 1161227) Balance Sheet as at 31 March 2021

Note
Fixed assets
Tangible assets
14
Current assets
Debtors
15
Cash at bank and in hand
16
Creditors: Amounts falling due within one year
17
Net current assets
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
19		 2021
£
111,932
54,269
152,973
207,242
(51,794)
155,448
267,380
206,074
61,306
267,380		 2020
£
120,155
6,602
31,268
37,870
(12,622)
25,248
145,403
132,667
12,736
145,403

The financial statements on pages 12 to 24 were approved by the trustees, and authorised for issue on 19 January 2022 and signed on their behalf by:

R J Jones Chairman

Page 13

Cynon Valley Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

Cynon Valley Museum Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Changes in accounting policy

The accounting policy of the accruals basis has been adopted for these accounts and the compartives recalculated from the cash basis

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Page 14

Cynon Valley Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £150.00 or more are initially recorded at cost.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Property Improvements Over the term of the lease 10 Years
Computer and office Equipment 3 years S/L and 5 years S/L
Fixtures & Fittings 3 years S/L

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price.

Page 15

Cynon Valley Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2 Income from donations and legacies

Donations and legacies;
Donations
Gift aid reclaimed
Grants		 Unrestricted
funds
General
£
1,093
770
45,000
46,863		 Restricted
funds
£
-
-
174,108
174,108		 Total
2021
£
1,093
770
219,108
220,971		 Total
2020
£
-
-
94,556
94,556

Page 16

Cynon Valley Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

Grants
Unrestricted
Funds
£
Pen Y Cymoedd
Association of Independent Museums
Museum Federation
Ground Work UK
Sporting Heritage
People Health Trust
Interlink
Welsh Government
Job Retention Scheme
National Heritage Lottery
Moondance Foundation
Rhondda Cynon Taff
45,000
45,000
3
Income from charitable activities
Shop and Gallery
4
Income from other trading activities
Fundraising		 Unrestricted
Funds
£
45,000		 Restricted
Funds
£
47,967
-
11,424
-
-
-
1,735
70,865
7,086
22,000
13,031
-
174,108
Unrestricted
funds
General
£
3,726
Unrestricted
funds
General
£
1,239
1,239		 Total Funds
Total Funds
2021
2020
£
£
47,967
72,791
-
5,987
11,424
6,943
-
1,450
-
500
-
6,885
1,735
-
70,865
-
7,086
-
22,000
-
13,031
-
45,000
-
219,108
94,556
Total
Total
2021
£
2020
£
3,726
19,186
Total
Total
2021
£
2020
£
1,239
1,984
1,239
1,984		 Total Funds
Total Funds
2021
2020
£
£
47,967
72,791
-
5,987
11,424
6,943
-
1,450
-
500
-
6,885
1,735
-
70,865
-
7,086
-
22,000
-
13,031
-
45,000
-
219,108
94,556
Total
Total
2021
£
2020
£
3,726
19,186
Total
Total
2021
£
2020
£
1,239
1,984
1,239
1,984
45,000
Total
2020
£
1,984
1,984

Page 17

Cynon Valley Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

5 Investment income

Interest receivable and similar income;
Interest receivable on bank deposits		 Unrestricted
funds
General
£
18		 Total
2021
£
18		 Total
2020
£
1

6 Other income

Unrestricted
funds Total Total
General 2021 2020
£ £ £
Rental income 17,072 17,072 29,942

7 Expenditure on charitable activities

Note
Direct costs
Staff costs
Allocated support
costs
Governance costs		 Unrestricted
funds
General
£
320
3,327
14,781
1,920
20,348		 Restricted
funds
£
2,855
57,919
39,927
-
100,701		 Total
2021
£
3,175
61,246
54,708
1,920
121,049		 Total
2020
£
15,693
78,825
58,001
1,920
154,439

Page 18

Cynon Valley Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

8 Analysis of governance and support costs

Governance costs

Unrestricted
funds
General
£
Independent examiner fees
Examination of the financial statements
1,920
1,920
Analysis of support costs
Charitable
Activity
£
Establishment costs
16,447
Repairs and Maintenance
489
Office expenses
3,721
Printing, postage and stationery
294
Subscriptions
411
Hire of plant
3,130
Sundry costs
2,072
Cleaning
2,017
Travel
553
Advertising
175
Accountancy
1,125
Legal and Professional
3,070
Bad debt written off
539
Bank charges and Interest
462
Depreciation
20,203
54,708
9
Net incoming/outgoing resources
Net incoming/(outgoing) resources for the year include:		 Unrestricted
funds
General
£
Independent examiner fees
Examination of the financial statements
1,920
1,920
Analysis of support costs
Charitable
Activity
£
Establishment costs
16,447
Repairs and Maintenance
489
Office expenses
3,721
Printing, postage and stationery
294
Subscriptions
411
Hire of plant
3,130
Sundry costs
2,072
Cleaning
2,017
Travel
553
Advertising
175
Accountancy
1,125
Legal and Professional
3,070
Bad debt written off
539
Bank charges and Interest
462
Depreciation
20,203
54,708
9
Net incoming/outgoing resources
Net incoming/(outgoing) resources for the year include:		 Total
Total
2021
£
2020
£
1,920
1,920
1,920
1,920
Total
Total
2021
2020
£
£
16,447
19,765
489
794
3,721
4,543
294
3,337
411
1,061
3,130
-
2,072
204
2,017
934
553
1,302
175
3,890
1,125
1,254
3,070
3,359
539
-
462
560
20,203
16,998
54,708
58,001		 Total
2020
£
1,920
1,920
Total
2021
£
16,447
489
3,721
294
411
3,130
2,072
2,017
553
175
1,125
3,070
539
462
20,203
54,708
Depreciation of fixed assets 2021
£
20,696		 2020
£
17,454

Page 19

Cynon Valley Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

10 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

11 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2021
£
59,782
260
1,204
61,246		 2020
£
75,154
2,336
1,335
78,825

The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:

Charitable activities

2021 2020
No No
4 5

No employee received emoluments of more than £60,000 during the year

The total employee benefits of the key management personnel of the charity were £35,913 (2020 - £53,638). The chief executive officer, as the highest paid member of staff, received benefits totalling £23,112 (2020 - £30,369).

12 Independent examiner's remuneration

12 Independent examiner's remuneration
2021 2020
£ £
Examination of the financial statements 1,920 1,920

13 Taxation

The charity is a registered charity and is therefore exempt from taxation.

Page 20

Cynon Valley Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

14 Tangible fixed assets

14 Tangible fixed assets
Cost
At 1 April 2020
Additions
At 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value
At 31 March 2021
At 31 March 2020		 Land and
buildings
£
151,152
-
151,152
33,551
15,115
48,666
102,486
117,601		 Furniture and
equipment
£
14,960
11,981
26,941
12,406
5,089
17,495
9,446
2,554		 Total
£
166,112
11,981
178,093
45,957
20,204
66,161
111,932
120,155

Included within the net book value of land and buildings above is £Nil (2020 - £Nil) in respect of freehold land and buildings and £102,486 (2020 - £117,601) in respect of leaseholds.

15 Debtors

Trade debtors
Prepayments
16 Cash and cash equivalents
Cash at bank
17 Creditors: amounts falling due within one year
Other taxation and social security
Pension contributions unpaid
Creditors and accruals		 2021
£
8,068
46,201
54,269
2021
£
152,973
2021
£
2,258
648
48,888
51,794		 2020
£
4,860
1,742
6,602
2020
£
31,268
2020
£
7,296
831
4,495
12,622

Page 21

Cynon Valley Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

18 Commitments

Capital commitments

The trustees have committed to refurbishment of the premises with a total contract price of £89,733. The work is in progress as at the year-end and initial payments totalling £44,866 are included within prepayments. The balance of £44,867 is a capital commitment as at the 31st March 2021.

Other financial commitments

Equipment hire totalling £3,130 per annum and which is due to end in March 2024 The total amount of other financial commitments not provided in the financial statements was £9,390 (2020 - £12,520).

19 Funds

Unrestricted funds
General
General fund
Restricted funds
Pen Y Cymoedd Wind Farm
Community Fund
AIM Hallmarks in Wales Grant
Federation of Museums
Sporting Heritage
Peoples Health Trust
Groundwork UK
Interlink
Welsh Government
National Heritage Lottery
Job Retention Scheme
Moondance Foundation
Total restricted funds
Total funds		 Balance at 1
April 2020
£
12,736
117,753
1,926
4,457
333
6,748
1,450
-
-
-
-
-
132,667
145,403		 Incoming
resources
£
68,918
47,967
-
11,424
-
-
-
1,735
70,865
22,000
7,086
13,031
174,108
243,026		 Resources
expended
£
(20,348)
(58,794)
(1,016)
(8,175)
(166)
(5,080)
-
(1,655)
(8,843)
(9,886)
(7,086)
-
(100,701)
(121,049)		 Balance at 31
March 2021
£
61,306
106,926
910
7,706
167
1,668
1,450
80
62,022
12,114
-
13,031
206,074
267,380

Page 22

Cynon Valley Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

Unrestricted funds
General
General fund
Restricted funds
Pen Y Cymoedd Wind Farm
Community Fund
AIM Hallmarks in Wales
Grant
Federation of Museums
Sporting Heritage
Peoples Health Trust
Groundwork UK
Total restricted funds
Total funds		 Balance at 1
April 2019
£
12,618
140,823
-
-
-
-
-
140,823
153,441		 Incoming
resources
£
51,845
72,791
5,987
6,944
500
6,885
1,450
94,557
146,402		 Resources
expended
£
(61,179)
(86,409)
(4,061)
(2,487)
(167)
(137)
-
(93,261)
(154,440)		 Transfers
£
9,452
(9,452)
-
-
-
-
-
(9,452)
-		 Balance at
31 March
2020
£
12,736
117,753
1,926
4,457
333
6,748
1,450
132,667
145,403

The specific purposes for which the funds are to be applied are as follows:

Pen Y Cymoedd Wind Farm Community Fund represents funding towards capital work, rebranding and salaries until 2021.

AIM Hall Marks in Wales Grant represents funding towards training, staff, capital equipment and supporting volunteers.

Federation of Museums represents funding towards costs incurred for making the foyer a warmer welcome for visitors to the museum.

Sporting Heritage represents funding towards supporting and developing the Ruby in Wales Exhibition.

Peoples Health Trust represents funding towards The Cynon Cooperatives project.

Groundwork UK represents funding towards the Growing Boxes Project.

Interlink provided funds towards engaging museum audiences online during the covid-19 pandemic.

Welsh Governement represents funding towards the remodelling of the toilet and office facilities at the Museum.

National Heritage Lottery represents funding towards the purchase and installation of a new CCTV system, computer, Recruitment of a Museum Assistant, and PPE equipment.

Job Retention Scheme is a contribution towards salaries during the covid 19 pandemic.

Moondance Foundation represents funding towards staff and core cost of the Museum.

Page 23

Cynon Valley Museum Trust

Notes to the Financial Statements for the Year Ended 31 March 2021

20 Analysis of net assets between funds

20 Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
3,083
110,017
(51,794)
61,306		 Restricted
funds
£
108,849
97,225
-
206,074		 Total funds
2021
£
111,932
207,242
(51,794)
267,380

21 Related party transactions

There were no related party transactions in the year.

Page 24