**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:
1. 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
3. 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
4. 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