REGISTERED COMPANY NUMBER: (England and Wales) REGISTERED CHARITY NUMBER: 1169435
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2022
for
Tenby Museum & Art Gallery
Ashmole and Co. Williamston House 7 Goat Street Haverfordwest Pembrokeshire SA61 1PX
Tenby Museum & Art Gallery
Contents of the Financial Statements for the Year Ended 31 December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 | to | 14 |
Tenby Museum & Art Gallery
Report of the Trustees for the Year Ended 31 December 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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 2019).
Following the re-opening of the Museum after the Covid-19 Pandemic, Trustees have met on a monthly basis. Some Trustees continue to access meetings via Zoom; ensuring all meetings of Trustees are quorate. The return to normal business has been slow and much of this can be attributed to the cost-of-living crisis which has affected all businesses. This has focussed Trustees on ensuring financial sustainability.
OBJECTIVES AND ACTIVITIES
Main activities
Staff contracts of employment were reviewed early in the year and flexible working arrangements were introduced for the Curator to enable him to work from home. The Museum gained a part-time member of staff funded through the Enhancing Pembrokeshire Scheme. Glyn Harries has made significant connections within the community, particularly with hard-to-reach groups and the Ukranian community in Pembrokeshire.
Trustees commissioned two free days consultancy to undertake a 'health check' and suggest how the Board and Museum could become more sustainable. This work was undertaken by Marilyn Scott. Marilyn has extensive experience in museums and heritage and works as a consultant advising museums and galleries on business models and staffing. Trustees have taken on board and acted upon the recommendations in her final report.
With the assistance of the Friends of Museum, Trustees embarked on an upgrade of the heating and lighting systems. Discussions with Pembrokeshire County Council with regard to a Community Asset Transfer are ongoing. A structural survey was undertaken as part of the process.
It was with deep sadness that the Trustees announced the passing of a long-standing member of the Museum, Mr John Ross. John's contribution to the success of the Museum cannot be understated.
Councillor Trevor Hallett resigned and in recognition of his work towards the heritage of Tenby, he was made Honorary Life Vice President of the Museum.
Throughout the year, the Board identified issues with their Accountants and towards the end of the year took steps to change their appointed accountants.
In light of the drop in income during 2022, a group of Trustees met towards the end of the year to develop a budget forecast for 2023. This will be closely monitored throughout 2023. A Closure Policy was also agreed. This document was prepared using the MA's Museum's Facing Closure: Legal and Ethical Issues, the Museum's Constitution, Charity Commission guidelines and other legal guidelines.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
(England and Wales)
Registered Charity number
1169435
Registered office
Castle Hill TENBY Pembrokeshire SA70 7BP
Page 1
Tenby Museum & Art Gallery
Report of the Trustees for the Year Ended 31 December 2022
Trustees
M Williams C J M Brew J Evans P Oliver (resigned 1.6.22) P Okwedy P Rapi K Talbot N Evans T Hallett (resigned 1.6.22) C Delaney A Evans T J Ross (deceased 1.6.22) P Diment (resigned 2.2.22) S Williams (appointed 30.6.22) A Edwards (appointed 7.10.22) R Davies (appointed 4.11.22)
Company Secretary
Independent Examiner
Ashmole and Co. Williamston House 7 Goat Street Haverfordwest Pembrokeshire SA61 1PX
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ J Evans - Trustee
Page 2
Independent Examiner's Report to the Trustees of Tenby Museum & Art Gallery
Independent examiner's report to the trustees of Tenby Museum & Art Gallery ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
William Hughes ACCA
Ashmole and Co. Williamston House 7 Goat Street Haverfordwest Pembrokeshire SA61 1PX
Date: .............................................
Page 3
Tenby Museum & Art Gallery
Statement of Financial Activities for the Year Ended 31 December 2022
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 45,536 Other trading activities 2 36,943 Investment income 3 206 Other income 15,301 Total 97,986 EXPENDITURE ON Raising funds 6,862 Charitable activities Operation of Museum 118,083 Total 124,945 NET INCOME/(EXPENDITURE) (26,959) Transfers between funds 13 - Net movement in funds (26,959) RECONCILIATION OF FUNDS Total funds brought forward 203,953 TOTAL FUNDS CARRIED FORWARD 176,994 |
Restricted fund £ 10,624 - - - 10,624 - 9,279 9,279 1,345 4,565 5,910 6,226 12,136 |
31.12.22 31.12.21 Total Total funds funds £ £ 56,160 76,286 36,943 7,829 206 18 15,301 35,393 108,610 119,526 6,862 840 127,362 100,425 134,224 101,265 (25,614) 18,261 4,565 - (21,049) 18,261 210,179 191,918 189,130 210,179 |
|---|---|---|
**ERROR: TOTAL TRANSFERS CURRENT YEAR DO NOT NET OFF TO ZERO, PLEASE AMEND POSTINGS - TRANSFERS 968/11-30
The notes form part of these financial statements
Page 4
Tenby Museum & Art Gallery
Balance Sheet 31 December 2022
| Unrestricted fund Notes £ FIXED ASSETS Intangible assets 7 6,331 Tangible assets 8 21,560 27,891 CURRENT ASSETS Stocks 9 2,409 Debtors 10 6,650 Investments 11 27,033 Cash at bank and in hand 117,713 153,805 CREDITORS Amounts falling due within one year 12 (4,702) NET CURRENT ASSETS 149,103 TOTAL ASSETS LESS CURRENT LIABILITIES 176,994 NET ASSETS 176,994 FUNDS 13 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - 1,511 1,511 - 10,624 - - 10,624 1 10,625 12,136 12,136 |
31.12.22 Total funds £ 6,331 23,071 29,402 2,409 17,274 27,033 117,713 164,429 (4,701) 159,728 189,130 189,130 176,994 12,136 189,130 |
31.12.21 Total funds £ 6,331 20,062 26,393 4,085 628 27,033 154,969 186,715 (2,929) 183,786 210,179 210,179 203,953 6,226 210,179 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 5
Tenby Museum & Art Gallery
Balance Sheet - continued 31 December 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. J Evans - Trustee
............................................. M Williams - Trustee
The notes form part of these financial statements
Page 6
Tenby Museum & Art Gallery
Notes to the Financial Statements for the Year Ended 31 December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost Plant and machinery - 10% on cost Computer equipment - 33% on cost
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
Page 7
Tenby Museum & Art Gallery
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 31.12.22 | 31.12.21 | |
| £ | £ | |
| Admissions | 36,943 | 7,829 |
| INVESTMENT INCOME Deposit account interest |
31.12.22 £ 206 |
31.12.21 £ 18 |
| NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets Deficit on disposal of fixed assets |
31.12.22 £ 4,719 986 |
31.12.21 £ 2,488 - |
3.
4. NET INCOME/(EXPENDITURE)
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 76,286 Other trading activities 7,829 Investment income 18 Other income 35,393 Total 119,526 EXPENDITURE ON Raising funds 840 Charitable activities Operation of Museum 100,353 Total 101,193 NET INCOME/(EXPENDITURE) 18,333 |
Restricted fund £ - - - - - - 72 72 (72) |
Total funds £ 76,286 7,829 18 35,393 119,526 840 100,425 101,265 18,261 |
|---|---|---|
continued...
Page 8
Tenby Museum & Art Gallery
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
| 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 7. INTANGIBLE FIXED ASSETS COST At 1 January 2022 and 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 8. TANGIBLE FIXED ASSETS Improvements to property £ COST At 1 January 2022 30,091 Additions 860 Disposals (1,180) At 31 December 2022 29,771 DEPRECIATION At 1 January 2022 20,450 Charge for year 619 Eliminated on disposal (84) At 31 December 2022 20,985 NET BOOK VALUE At 31 December 2022 8,786 At 31 December 2021 9,641 |
ACTIVITIES - Unrestricted fund £ 185,620 203,953 Plant and machinery £ 171,294 3,817 (1,038) 174,073 164,667 990 (52) 165,605 8,468 6,627 |
continued Restricted Total fund funds £ £ 6,298 191,918 6,226 210,179 Development costs £ 6,331 6,331 6,331 Computer equipment Totals £ £ 5,074 206,459 5,133 9,810 - (2,218) 10,207 214,051 1,280 186,397 3,110 4,719 - (136) 4,390 190,980 5,817 23,071 3,794 20,062 |
|---|---|---|
continued...
Page 9
Tenby Museum & Art Gallery
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
| 9. STOCKS Stocks 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Art Control Account Prepayments 11. CURRENT ASSET INVESTMENTS Unlisted investments 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Other creditors Accrued expenses 13. MOVEMENT IN FUNDS Net movement At 1.1.22 in funds £ £ Unrestricted funds General fund 203,953 (26,959) Restricted funds Restricted 6,226 1,345 TOTAL FUNDS 210,179 (25,614) |
31.12.22 £ 2,409 31.12.22 £ 16,569 303 402 17,274 31.12.22 £ 27,033 31.12.22 £ 3,551 - 165 985 4,701 Transfers between funds £ - 4,565 4,565 |
31.12.21 £ 4,085 31.12.21 £ - - 628 628 31.12.21 £ 27,033 31.12.21 £ 1,912 637 - 380 2,929 At 31.12.22 £ 176,994 12,136 189,130 |
||
|---|---|---|---|---|
continued...
Page 10
Tenby Museum & Art Gallery
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
13. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 97,986 Restricted funds Restricted 10,624 TOTAL FUNDS 108,610 Comparatives for movement in funds At 1.1.21 £ Unrestricted funds General fund 185,620 Restricted funds Restricted 6,298 TOTAL FUNDS 191,918 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 119,526 Restricted funds Restricted - TOTAL FUNDS 119,526 |
Resources Movement expended in funds £ £ (124,945) (26,959) (9,279) 1,345 (134,224) (25,614) Net movement At in funds 31.12.21 £ £ 18,333 203,953 (72) 6,226 18,261 210,179 Resources Movement expended in funds £ £ (101,193) 18,333 (72) (72) (101,265) 18,261 |
|---|---|
continued...
Page 11
Tenby Museum & Art Gallery
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
13. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS |
At 1.1.21 £ 185,620 6,298 191,918 |
Net movement in funds £ (8,626) 1,273 (7,353) |
Transfers between funds £ - 4,565 4,565 |
At 31.12.22 £ 176,994 12,136 189,130 |
|---|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted TOTAL FUNDS |
Incoming resources £ 217,512 10,624 228,136 |
Resources Movemen expended in funds £ £ (226,138) (8,626) (9,351) 1,273 (235,489) (7,353) |
|---|---|---|
14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
Page 12
Tenby Museum & Art Gallery
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 31 December 2022 | |||
| 31.12.22 | 31.12.21 | ||
| £ | £ | ||
| INCOME AND ENDOWMENTS | |||
| Donations and legacies | |||
| Donations | 6,576 | 10,253 | |
| Gift aid | 2,454 | 109 | |
| Grants | 47,130 | 65,924 | |
| Other trading activities | 56,160 | 76,286 | |
| Admissions | 36,943 | 7,829 | |
| Investment income | |||
| Deposit account interest | 206 | 18 | |
| Other income | |||
| Shop sales | 9,110 | 4,204 | |
| Art commission | 6,086 | 7,345 | |
| Other revenue | 105 | 23,844 | |
| 15,301 | 35,393 | ||
| Total incoming resources | 108,610 | 119,526 | |
| EXPENDITURE | |||
| Other trading activities | |||
| Opening stock | 4,085 | 4,134 | |
| Purchases | 4,200 | 791 | |
| Loss on sale of tangible fixed assets | 986 | - | |
| Closing stock | (2,409) | (4,085) | |
| 6,862 | 840 | ||
| Charitable activities | |||
| Wages | 59,016 | 52,948 | |
| Pensions | 866 | 828 | |
| Rates and water | 465 | 116 | |
| Insurance | 4,790 | 4,307 | |
| Light and heat | 6,581 | 2,293 | |
| Telephone | 995 | 908 | |
| Postage and stationery | 1,001 | 1,088 | |
| Advertising | 4,884 | 2,149 | |
| Sundries | 1,726 | 1 | |
| Exhibition costs | 3,986 | 1,371 | |
| Cleaning and waste management | 2,544 | 614 | |
| Security | 891 | 281 | |
| Conservation | 1,500 | 4,292 | |
| maintenance | 12,665 | 1,951 | |
| Carried forward | 101,910 | 73,147 |
This page does not form part of the statutory financial statements
Page 13
Tenby Museum & Art Gallery
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 31 December 2022 | |||
| 31.12.22 | 31.12.21 | ||
| £ | £ | ||
| Charitable activities | |||
| Brought forward | 101,910 | 73,147 | |
| Service charges payable | 50 | 50 | |
| Memberships and subscriptions | 1,251 | 573 | |
| Event costs | 2,847 | - | |
| Translation services | 3,235 | - | |
| Travel & subsistence | 220 | - | |
| Leasing costs | 5,133 | 4,269 | |
| Computer costs | 2,369 | 2,471 | |
| Improvements to property | 535 | 1,223 | |
| Plant and machinery | 176 | 286 | |
| Fixtures and fittings | 813 | 979 | |
| Computer equipment | 3,110 | - | |
| Support costs | 121,649 | 82,998 | |
| Finance | |||
| Bank charges | 987 | 844 | |
| Governance costs | |||
| Accountancy fees | 4,726 | 5,281 | |
| Legal fees | - | 2,827 | |
| Consultancy fees | - | 8,475 | |
| 4,726 | 16,583 | ||
| Total resources expended | 134,224 | 101,265 | |
| Net (expenditure)/income | (25,614) | 18,261 | |
This page does not form part of the statutory financial statements
Page 14