Charity registration number: 1161227
**CYNON VALLEY MUSEUM TRUST**
**ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 MARCH 2023**
**These accounts are not final until signed and dated by Mitchell Associates**
## **CYNON VALLEY MUSEUM TRUST**
## **CONTENTS**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2-6|
|Statement of Trustees’ Responsibilities|7|
|Independent Examiner's report|8|
|Statement of Financial Activities|9|
|Balance Sheet|10|
|Notes to the Financial Statements|11-20|
**CYNON VALLEY MUSEUM TRUST REFERENCE AND ADMINISTRATIVE DETAILS**
|**Charity name**|Cynon Valley Museum Trust|
|---|---|
|**Charity registration number**|1161227|
|**Principle Office**|Depot Road|
||Aberdare|
||Rhondda Cynon Taff|
||CF44 8DL|
|**Trustees**|R Jones|
||M Passmore|
||J Morgan|
||D Gwilt|
||S Edwards|
||R Grundy|
|**Bankers**
|Barclays Bank plc|
||CAF Bank Ltd|
|**Independent Examiner**|Mitchell Associates Limited|
||Triangle Business Park|
||Merthyr Tydfil|
||CF48 1DL|
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 2023.
## **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 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**
## **Achievement and Performance**
## **Working in Partnership**
The CVMT works closely with a number of local organisations and embeds community participation across its activities.
- CVMT has a Memorandum of Understanding with other local organisations, including the Cynon Linc Project and St Elvan’s Community Heritage Project, focussed on marketing and shared room hire.
- CVMT works with a number of partnerships with other local museums, such as:
- National Museums & Galleries Wales / Cyfartha Castle (Merthyr Tydfil), as part of the “Valleys Re-told” project.
- Pontypridd Museum and the Welsh Mining Experience at Rhondda Heritage Park, to organise joint events or signpost to each other’s organisations.
- RCT Youth Engagement & Participation Services (YEPS).
- Cynon Valley PALs to make the museum more autism friendly.
- CVMT continues to run a successful loan box programme working with local schools.
## **Cynon Valley Museum Online**
In the previous financial year, we reported that CVM’s online engagement had risen by 628% as a result of the Coronavirus pandemic. With the success of our online presence, we have continued to build on this making our digital presence a cornerstone in our offer to the public.
The museum still offers two main streams for digital engagement:
- Stories from the Collection https://cynonvalleymuseum.wales/stories-from-the-collection/
- Exhibitions at Home https://cynonvalleymuseum.wales/exhibitions-at-home-by-cynon-valley-museum-2/
## **Digital Donations**
CVMT has installed a contactless card-payments “donation box” within our reception area, offering an alternative to cash donations.
Grant funding was also received in the year as follows:
Interlink RCT “Small Grant” - £500
RCT CBC “Neighbourhood Network Fund” - £1,000
Welsh Government “Cost of Living” - £10,000
RCT CBC “Shared Propsperity Fund – Round 1” - £13,643
Page 3
## **CYNON VALLEY MUSEUM TRUST TRUSTEES' REPORT**
## **Financial Review**
## **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. The minimum of £33,700.
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.
## 2. 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 Manager 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**
Recognising that there was a pressing need to secure long-term funding, the Board commissioned the services of Headland Design. To work with a special projects task force on securing the Pen Y Cymoedd bid. This task force is made up of 3 Trustees and representatives from the consultancy. It has become apparent over time that CVM’s boiler system is failing rapidly so an application is being made to the Welsh Governments Transformation Grant.
The Museum facilitator had been able to source a series of small grants to allow individual projects to be run throughout the forthcoming financial year. This will help to ensure that CVM offers a fresh and up to date service to the community.
The Museum plans to continue using the accrual system of accounting and intends to continue using the financial monitoring procedures to report on grant spending and income increasing the museums financial management capacity.
During the financial year CVM worked with Mari Arthur Marketing, commissioning them to create a new 5 year business plan. The Board of Trustees are working on finalising this 5 year plan with the intention that it will be adopted in early 2023; this plan will be a robust working document and will be operational for the following 5 years.
Page 4
## **CYNON VALLEY MUSEUM TRUST**
## **TRUSTEES' REPORT**
## **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.
## **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, trustee training is monitored as part of regular governance reviews by CVMT officers.
Each prospective trustee meets two new trustees and the manager to talk about the trust and their reasoning behind joining; subsequently the prospective trustee’s CV are provided to each current board member 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 currently being reviewed by the Board of Trustees. Its mission statement is to: provide an accessible, interactive and sustainable space to share and celebrate the heritage, arts and culture of the Cynon Valley.
The Cynon Valley Museum is managed by a board of Trustees, this trustee board has two officers (a Chairperson and Secretary) 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 Museum Assistant. Since restrictions have been lifted post-COVID the volunteer numbers have increased to somewhere around where they were pre-pandemic.
The board currently operates with two sub-committees; Operational Sub-Committee deals with all aspects of the operation of the museum, from staff to structural issues. Finance sub-committee is responsible for overseeing the finances for the trust, this includes grant funding and income from other sources. Ad hoc sub committees and task and finish groups are sometimes used where a particular need arises, in these instances records are kept of meetings and decisions made.
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.
Strategic decisions are made by the board of trustees at 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.
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.
Page 5
## **CYNON VALLEY MUSEUM TRUST TRUSTEES' REPORT**
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 utilise the space for local communities.
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.
## **Relationships with related parties**
The CVMT works closely with a number of local organisations and embeds community participation across its activities.
• CVMT has a Memorandum of Understanding with other local organisations, including the Cynon Linc Project and St Elvan’s Community Heritage Project, focussed on marketing and shared room hire.
• CVMT works with a number of partnerships with other local museums, such as:
• Pontypridd Museum and the Welsh Mining Experience at Rhondda Heritage Park, to organise joint events or signpost to each other’s organisations.
- Cynon Valley PALs to make the museum more autism friendly.
- CVMT continues to run a successful loan box programme working with local schools.
## **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 .................... and signed on its behalf by:
Signed
M Passmore
Page 6
## **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:
- 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 accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 7
## **CYNON VALLEY MUSEUM TRUST**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF CYNON VALLEY MUSEUM TRUST**
I report to the trustees on my examination of the accounts of Cynon Valley Museum Trust for the year ended 31 March 2023.
## **Responsibilities and basis of report**
As the charity 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.
Mitchell Associates Limited
Chartered Accountants
St Davids House
48 Free Street
Brecon
LD3 7BN
Date:.............................
These accounts are not final until signed and dated by Mitchell Associates
Page 8
## **CYNON VALLEY MUSEUM TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023**
|**Note**
**Income and Endowments from:**
Donations and legacies
Charitable activities
Other trading activities
Investment income
6
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|**Unrestricted**
**Funds**
**£**
16,890
16,259
133
73
8,375
41,730
(88,066)
(88,066)
(46,336)
(46,336)
69,752
23,416|**Restricted**
**Funds**
**£**
-
25,143
-
-
-
25,143
(53,097)
(53,097)
(27,954)
(27,954)
170,808
142,854|**Total**
**2023**
**£**
16,890
41,402
133
73
8,375
66,873
(141,163)
(141,163)
(74,290)
(74,290)
240,560
166,270|**Total**
**2022**
**£**
16,133
134,133
162
3
10,392|
|---|---|---|---|---|
|||||160,823|
|||||(187,643)|
|||||(187,643)|
|||||(26,820)|
|||||(26,820)
267,380|
|||||240,560|
All of the charity's activities derive from continuing operations during the above two periods.
The funds breakdown for 2021 is shown in note 19
Page 9
## **CYNON VALLEY MUSEUM TRUST**
## **(REGISTRATION NUMBER: 1161227)**
## **BALANCE SHEET AS AT 31 MARCH 2023**
|**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|**2023**
**£**
145,453
1,442
36,994
38,436
(17,619)
20,817
166,270
142,854
23,416
166,270|**2022**
**£**
163,612
2,973
90,987|
|---|---|---|
|||93,960
(17,012)|
|||76,948|
|||240,560|
|||170,808
69,752|
|||240,560|
The financial statements on pages 10 to 22 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by
## M Passmore
Page 10
## **CYNON VALLEY MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2023**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom 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. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
## **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 comparatives 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.
## **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.
Page 11
## **CYNON VALLEY MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2023**
## **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.
## **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.
Page 12
**CYNON VALLEY MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2023**
## **Trade creditors**
are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. They are recognised initially at the transaction price.
## **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
Grants|Unrestricted
Funds
General
£
890
16,000
16,890|Total
2023
Total
2022
£
£
890
1,118
16,000
15,015
16,890
16,133|
|---|---|---|
Page 13
## **CYNON VALLEY MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2023**
## **3 Grants**
|Pen y Cymoedd
Welsh Church Act
Fund
Museum Federation
Welsh Government
Job Retention Scheme
Peoples Health Trust
UK Government
Interlink
Rhondda Cynon Taff|**Unrestricted**
**Funds**
**£**
-
-
-
-
-
-
-
-
16,000
16,000|**Restricted**
**Funds**
**£**
-
-
-
10,000
-
-
13,643
500
1,000
25,143|**Total**
**funds**
**2023**
**Total**
**Funds**
**2022**
**£**
**£**
-
61,808
-
50,000
-
5,419
10,000
8,050
-
375
-
(1,668)
13,643
-
500
-
17,000
15,015
41,143
138,999|
|---|---|---|---|
- **4 Income from charitable activities**
|Shop and Gallery
Grants – see note 3|**Unrestricted**
**Funds**
**£**
16,259
-
16,259|**Restricted**
**Funds**
**£**
-
25,143
25,143|**Total**
**funds**
**2023**
**Total**
**Funds**
**2022**
**£**
**£**
16,259
10,419
25,143
123,984
41,402
134,133|
|---|---|---|---|
- **5 Income from other trading activities**
Fundraising
|**Unrestricted**
**Funds**
**£**
133
133|**Total**
**funds**
**2023**
**Total**
**Funds**
**2022**
**£**
**£**
133
162
133
162|
|---|---|
Page 14
## **CYNON VALLEY MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2023**
- **6 Investment income**
|Interest receivable and similar income
**Other income**
Rental income|**Unrestricted**
**Funds**
**£**
73
**Unrestricted**
**Funds**
**£**
8,375|**Total**
**funds**
**2023**
**Total**
**Funds**
**2022**
**£**
**£**
73
3
**Total**
**funds**
**2023**
**Total**
**Funds**
**2022**
**£**
**£**
8,375
10,392|
|---|---|---|
- **7 Other income**
- **8 Expenditure on charitable activities**
|Direct costs
Staff costs
Allocated support
costs
Governance costs|**Unrestricted**
**Funds**
**£**
3,054
48,591
33,451
2,970
88,066|**Restricted**
**Funds**
**£**
3,054
6,082
43,961
-
53,097|**Total**
**funds**
**2023**
**Total Funds**
**2022**
**£**
**£**
6,108
11,501
54,673
80,937
77,412
93,245
2,970
1,960
141,163
187,643|
|---|---|---|---|
- **9 Analysis of governance and support costs**
|Independent examiner fee|**Restricted**
**Funds**
**£**
-|**Total**
**funds**
**2023**
**Total**
**Funds**
**2022**
**£**
**£**
2,970
1,960|
|---|---|---|
Page 15
## **CYNON VALLEY MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2023**
|**Analysis of support costs**
Establishment costs
Repairs and Maintenance
Office expenses
Printing,postage and stationery
Subscriptions
Hire of plant
Sundry costs
Cleaning
Travel
Advertising
Accountancy
Legal and professional
Bank charges and Interest
Depreciation|**Charitable**
**Activity**
**£**
19,699
7,611
3,168
3,086
780
3,130
465
2,221
652
1,944
1,380
7,050
628
25,598
77,412|**Total**
**2023**
**£**
19,699
7,611
3,168
3,086
780
3,130
465
2,221
652
1,944
1,380
7,050
628
25,598
77,412|**Total**
**2022**
**£**
20,102
8,322
4,489
4,288
709
3,130
4,940
6,337
329
1,252
1,063
5,360
636
32,288|
|---|---|---|---|
||||93,245|
## **10 Net incoming/outgoing resources**
Net(outgoing)/incoming resources for the year include:
||**2023**|**2022**||
|---|---|---|---|
||**£**|**£**||
|Depreciation of fixed assets|25,598||32,288|
## **11 Trustees remuneration and expenses**
No trustees, nor any person connected with them, have received any remuneration from the charity during the year.
## **12 Staff costs**
The aggregate payroll costs were as follows:
|**Staff costs during the year were:**
Wages and salaries
Social security costs
Pension costs|**2023**
**2022**
**£**
**£**
53,662
77,430
-
1,921
1,011
1,586
54,673
80,937|
|---|---|
Page 16
## **CYNON VALLEY MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2023**
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
||**2023**||**2022**||
|---|---|---|---|---|
||**No**||**No**||
|Charitable activities||3||4|
3 (2022 - 4) of the above employees participated in the Defined Contribution Pension Schemes.
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 £26,740 (2022 - £33,636). The chief executive officer, as the highest paid member of staff, received benefits totalling £20,400 (2022 - £33,636).
## **13 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **14 Tangible fixed assets**
|**Cost**
At 1 April 2022
Additions
At 31 March 2023
**Depreciation**
At 1 April 2022
Charge for the year
At 31 March 2023
**Net book value**
At 31 March 2022
At 31 March 2023|Land and
buildings
£
235,120
3,264
238,384
72,178
23,838
96,016
162,942
142,368|Furniture and
Equipment
£
26,941
4,175
31,116
26,271
1,760
28,031
670
3,085|Total
£
262,061
7,439|
|---|---|---|---|
||||269,500|
||||98,449
25,598|
||||124,047|
||||163,612|
||||145,453|
Page 17
## **CYNON VALLEY MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2023**
Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings and £142,368 (2022 - £162,942) in respect of leaseholds.
## **15 Debtors**
|Trade debtors
Prepayments|**2023**
**2022**
**£**
**£**
170
816
-
2,157
170
2,973|
|---|---|
## **16 Cash and cash equivalents**
|Cash at bank
**Creditors: amounts falling due within one year**
Lottery Creditor
Other taxation and social security
Pension contributions unpaid
Creditors and Accruals|**2023**
**2022**
**£**
**£**
36,994
90,987
**2023**
**2022**
**£**
**£**
664
531
8,226
2,295
490
636
8,239
13,550
17,619
17,012|
|---|---|
## **17 Creditors: amounts falling due within one year**
## **18 Commitments**
## **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 £3,130 (2022 - £6,260).
Page 18
## **CYNON VALLEY MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2023**
## **19 Funds**
|**Unrestricted funds**
General fund
**Restricted funds**
Pen Y Cymoedd Wind Farm
Community Fund
AIM Hallmarks in Wales Grant
Federation of Museums
Groundwork UK
Welsh Government
Interlink
National Heritage Lottery
Welsh Church Act Fund
Uk Government
RCTCBC
Total restricted funds
Total funds
**Unrestricted funds**
General fund
**Restricted funds**
Pen Y Cymoedd Wind Farm
Community Fund
AIM Hallmarks in Wales Grant
Federation of Museums
Groundwork UK
Welsh Government
National Heritage Lottery
Welsh Church Act Fund
Sporting Heritage
Peoples Health Trust
Interlink
Moondance Foundation
**Total restricted funds**
**Total funds**|**Balance as**
**1 April**
**2022**
**£**
69,752
87,285
606
5,339
1,450
28,927
80
2,121
45,000
-
-
170,808
240,560
**Balance as**
**1 April**
**2021**
**£**
61,306
106,926
910
7,706
1,450
62,022
12,114
-
167
1,668
80
13,031
206,074
267,380|**Incoming**
**resources**
**£**
41,730
-
-
-
-
10,000
500
-
-
13,643
1,000
25,143
66,873
**Incoming**
**resources**
**£**
36,839
61,808
-
5,419
-
8,049
-
50000
-
-
-
-
125,651
162,490|**Resources**
**expended**
**£**
(88,066)
(20,702)
(304)
(2,367)
-
(13,214)
(500)
(2,121)
(5,000)
(7,889)
(1,000)
(53,097)
(141,163)
**Resources**
**expended**
**£**
(28,393)
(81,449)
(304)
(7,786)
-
(41,144)
(9,993)
(5,000)
(167)
(1,668)
-
(13,031)
(160,917)
(189,310)|**Balance at**
**31**
**March**
**2023**
**£**
23,416
66,583
302
2,972
1,450
25,713
80
-
40,000
5,754
-
142,854|
|---|---|---|---|---|
|||||166,270|
|||||**Balance at**
**31**
**March**
**2022**
**£**
69,752
87,285
606
5,339
1,450
28,927
2,121
45,000
-
-
80
-
170,808|
|||||240,560|
Page 19
## **CYNON VALLEY MUSEUM TRUST**
## **NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2023**
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 Rugby 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 Government represents funding towards the remodelling of the toilet and office facilities at the Museum as well as funding towards essential operating costs to reduce the threat of redundancies going forward.
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.
Welsh Church Act Fund represents funding towards the remodelling of the toilets and office facilities at the museum.
UK Government Funds were awarded as part of the "Levelling Up" funding, provided by UK Government (administered by RCT CBC). Towards staging cultural events, classes and workshops aimed at all sections of our community throughout the month. Additionally, there was a capital allocation which allowed us to purchase equipment for the museum. This allowed us to develop and promote the organisation, aiding our efforts towards sustainability.
RCT Together Neighbourhood Network Fund represents funding towards a programme of Arts based activities throughout the Autum of 2022.
## **20 Analysis of net asset between funds**
|Tangible fixed assets
Current assets
Current liabilities
Total net assets-|**Unrestricted**
**funds**
**£**
4,162
36,873
(17,619)
23,416|**Restricted**
**funds**
**£**
141,291
1,563
-
142,854|**Total funds at 31**
**March**
**2023**
**£**
145,453
38,436
(17,619)|
|---|---|---|---|
||||166,270|
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