**REGISTERED COMPANY NUMBER: (England and Wales) REGISTERED CHARITY NUMBER: 1169435**
**Report of the Trustees and**
**Unaudited Financial Statements**
**for the Year Ended 31 December 2023**
## **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 2023**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**|6|to|7|
|**Notes to the Financial Statements**|8|to|13|
|**Detailed Statement of Financial Activities**|14|to|15|
## **Tenby Museum & Art Gallery**
## **Report of the Trustees for the Year Ended 31 December 2023**
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 2023. 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).
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 2023. 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).
Trustees have continued to meet monthly throughout 2023. Some Trustees continue to access meetings via Zoom; ensuring that all meetings are quorate. The return to normal business following the Covid pandemic has remained slow mainly due to the cost-of-living crisis, which has put pressure on all businesses. However, Trustees remain committed to their duty to ensure that the Museum remains sustainable and financially viable.
Page 1
**Tenby Museum & Art Gallery**
## **Report of the Trustees for the Year Ended 31 December 2023**
## **OBJECTIVES AND ACTIVITIES Main activities**
With ongoing pressure on finances, the Trustees produced a Budget at the start of 2023 to assist in comparing budget figures to actual figures throughout the year.
The year 2023 saw a period of great change for the Museum. The Curator resigned in January 2023 after 29 years long and effective service. The Acting Curator stepped up into the role, but also left in July to take up a new post. The Treasurer, who had also served a number of years as a Trustees, also resigned.
Trustees wish to pay tribute to Mark Lewis and Eloise Chapman for their stalwart contribution to the Museum and their professional approach in making Tenby Museum a much respected small, independent Museum in the UK. Trustee also to sincerely thank Kathy Talbot for her important and tireless contribution to the Board.
Although the departure of these key members of the team was unfortunate, Trustees took the opportunity to review the staffing and governance needs in order to drive the Museum forward and ensure it remains a sustainable community asset. The Curator role is clearly a requirement, but the Board also explored other opportunities, such as the appointment of a Business Manager to enable them to take a less hands-on approach to the operational running of the Museum.
After a long and exasperating year, the Board appointed a Curator in November 2023, along with an Assistant Curator and an Interpretation Officer. These are all part-time roles. The Board also welcomed a new Treasurer. The end of the year provided an opportunity, during the quiet period, for the new members of staff and Treasurer to familiarise themselves with the Museum and with the support of Trustees, to review the needs of the Museum going forward into 2024.
With a new team and a renewed impetus, Trustees are determined to produce a five-year strategic plan that will place Tenby Museum and Art Gallery on the map as an important destination and that its collections and artifacts are accessible for all to enjoy.
## **Key areas of progress in 2023 included :**
- Approving Heads of Terms Agreement with Pembrokeshire County Council for a Community Asset Transfer.
- Recommendations following independent review of governance actioned.
-Newly appointed Treasurer creating budget and new financial systems.
-New team of staff appointed.
-Events and Education Officer appointed funded by the Enhancing Pembrokeshire Scheme and match funded by The Friends of the Museum to further develop our education policy.
-Continue to work towards Accreditation status and national standards.
-New heating and lighting system funded by the Friends as well as other items.
-New roof provided by Pembrokeshire County Council.
-New Gallery boards kindly donated and constructed by Will Crockford.
-A series of high-quality exhibitions, including the Made in Tenby exhibition which was extremely popular with local residents.
-Further discussions with the Pembrokeshire Coast National Park Authority to utilise space within the Museum as an information point.
-Further development of the Museum's social media platforms, including a new website, Facebook and Instagram as well as developing podcasts and QR codes to make the collections more accessible.
-Progress in digitising collections.
## **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)
Page 2
**Tenby Museum & Art Gallery**
## **Report of the Trustees for the Year Ended 31 December 2023**
**Registered Charity number** 1169435
## **Registered office**
Castle Hill TENBY Pembrokeshire SA70 7BP
## **Trustees**
M Williams C J M Brew (deceased 20.5.24) J Evans P Okwedy (resigned 4.7.23) P Rapi K Talbot (resigned 26.3.23) N Evans C Delaney A Evans S Williams A Edwards R Davies C White (appointed 21.6.23) P Evans (appointed 18.1.23) M Brown (appointed 15.3.23) N Westerman (appointed 22.9.23) L Crockford (appointed 22.9.23)
## **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 19 July 2024 and signed on its behalf by:
M Williams - Trustee
Page 3
**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 2023.
## **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.
W G Hughes, FCCA
Ashmole and Co. Williamston House 7 Goat Street Haverfordwest Pembrokeshire SA61 1PX
Date: .............................................
Page 4
## **Tenby Museum & Art Gallery**
## **Statement of Financial Activities for the Year Ended 31 December 2023**
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
40,374
Other trading activities
2
57,995
Investment income
3
1,266
Other income
15,455
**Total**
115,090
**EXPENDITURE ON**
Raising funds
7,175
**Charitable activities**
Operation of Museum
125,127
**Total**
132,302
**NET INCOME/(EXPENDITURE)**
(17,212)
**Transfers between funds**
13
10,624
**Net movement in funds**
(6,588)
**RECONCILIATION OF FUNDS**
Total funds brought forward
172,429
**TOTAL FUNDS CARRIED FORWARD**
165,841|Restricted
fund
£
-
-
-
-
-
-
176
176
(176)
(10,624)
(10,800)
12,136
1,336|31.12.23
31.12.22
Total
Total
funds
funds
£
£
40,374
56,160
57,995
36,943
1,266
206
15,455
15,301
115,090
108,610
7,175
6,862
125,303
127,362
132,478
134,224
(17,388)
(25,614)
-
-
(17,388)
(25,614)
184,565
210,179
167,177
184,565|
|---|---|---|
The notes form part of these financial statements
Page 5
## **Tenby Museum & Art Gallery**
## **Balance Sheet 31 December 2023**
|Unrestricted
fund
Notes
£
**FIXED ASSETS**
Intangible assets
7
6,331
Tangible assets
8
19,308
25,639
**CURRENT ASSETS**
Stocks
9
3,500
Debtors
10
803
Investments
11
27,033
Cash at bank and in hand
112,431
143,767
**CREDITORS**
Amounts falling due within one year
12
(3,565)
**NET CURRENT ASSETS**
140,202
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
165,841
**NET ASSETS**
165,841
**FUNDS**
13
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
fund
£
-
1,335
1,335
-
-
-
-
-
1
1
1,336
1,336|31.12.23
Total
funds
£
6,331
20,643
26,974
3,500
803
27,033
112,431
143,767
(3,564)
140,203
167,177
167,177
165,841
1,336
167,177|31.12.22
Total
funds
£
6,331
23,071
29,402
2,409
17,274
27,033
113,148
159,864
(4,701)
155,163
184,565
184,565
172,429
12,136
184,565|
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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
Page 6
continued...
**Tenby Museum & Art Gallery**
## **Balance Sheet - continued 31 December 2023**
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 19 July 2024 and were signed on its behalf by:
M Williams - Trustee
C White - Trustee
The notes form part of these financial statements
Page 7
**Tenby Museum & Art Gallery**
## **Notes to the Financial Statements for the Year Ended 31 December 2023**
## **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 8
**Tenby Museum & Art Gallery**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
## **2. OTHER TRADING ACTIVITIES**
||31.12.23|31.12.22|
|---|---|---|
||£|£|
|Admissions|57,995|36,943|
|**INVESTMENT INCOME**|||
||31.12.23|31.12.22|
||£|£|
|Deposit account interest|1,266|206|
## **3. INVESTMENT INCOME**
## **4. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
||31.12.23|31.12.22|
|---|---|---|
||£|£|
|Depreciation - owned assets|5,036|4,719|
|Deficit on disposal of fixed assets|-|986|
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
45,536
Other trading activities
36,943
Investment income
206
Other income
15,301
**Total**
97,986
**EXPENDITURE ON**
Raising funds
6,862
**Charitable activities**
Operation of Museum
118,083
**Total**
124,945|Restricted
fund
£
10,624
-
-
-
10,624
-
9,279
9,279|Total
funds
£
56,160
36,943
206
15,301|
|---|---|---|
|||108,610|
|||6,862
127,362|
|||134,224|
continued...
Page 9
## **Tenby Museum & Art Gallery**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
|**6.**|**COMPARATIVES FOR THE STATEMENT**|**OF FINANCIAL**|**OF FINANCIAL**|**ACTIVITIES -**|**continued**|||
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Total||
|||||fund|fund|funds||
|||||£|£|£||
||**NET INCOME/(EXPENDITURE)**|||(26,959)|1,345|(25,614)||
||**Transfers between funds**|||(4,565)|4,565||-|
||**Net movement in funds**|||(31,524)|5,910|(25,614)||
||**RECONCILIATION OF FUNDS**|||||||
||Total funds brought forward|||203,953|6,226|210,179||
||**TOTAL FUNDS CARRIED FORWARD**|||172,429|12,136|184,565||
|**7.**|**INTANGIBLE FIXED ASSETS**|||||||
|||||||Development||
|||||||costs||
|||||||£||
||**COST**|||||||
||At 1 January 2023 and 31 December 2023|||||6,331||
||**NET BOOK VALUE**|||||||
||At 31 December 2023|||||6,331||
||At 31 December 2022|||||6,331||
|**8.**|**TANGIBLE FIXED ASSETS**|||||||
|||Improvements||||||
|||to||Plant and|Computer|||
|||property||machinery|equipment|Totals||
|||£||£|£|£||
||**COST**|||||||
||At 1 January 2023|29,771||174,073|10,207|214,051||
||Additions||-|528|2,080|2,608||
||At 31 December 2023|29,771||174,601|12,287|216,659||
||**DEPRECIATION**|||||||
||At 1 January 2023|20,985||165,605|4,390|190,980||
||Charge for year|471||987|3,578|5,036||
||At 31 December 2023|21,456||166,592|7,968|196,016||
||**NET BOOK VALUE**|||||||
||At 31 December 2023|8,315||8,009|4,319|20,643||
||At 31 December 2022|8,786||8,468|5,817|23,071||
continued...
Page 10
**Tenby Museum & Art Gallery**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
|**9.**
**STOCKS**
Stocks
**10.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
Art Control Account
Prepayments
**11.**
**CURRENT ASSET INVESTMENTS**
Unlisted investments
**12.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other creditors
Accrued expenses
**13.**
**MOVEMENT IN FUNDS**
At 1.1.23
£
**Unrestricted funds**
General fund
172,429
**Restricted funds**
Restricted
12,136
**TOTAL FUNDS**
184,565|
Net
movement
in funds
£
(17,212)
(176)
(17,388)||31.12.23
£
3,500
31.12.23
£
-
593
-
210
803
31.12.23
£
27,033
31.12.23
£
1,519
219
1,826
3,564
Transfers
between
funds
£
10,624
(10,624)
-||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
At
31.12.23
£
165,841
1,336|
||||||167,177|
continued...
Page 11
**Tenby Museum & Art Gallery**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
## **13. MOVEMENT IN FUNDS - continued**
Net movement in funds, included in the above are as follows:
|Incoming
resources
£
**Unrestricted funds**
General fund
115,090
**Restricted funds**
Restricted
-
**TOTAL FUNDS**
115,090
**Comparatives for 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)
Comparative 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|Resources
Movement
expended
in funds
£
£
(132,302)
(17,212)
(176)
(176)
(132,478)
(17,388)
Transfers
between
At
funds
31.12.22
£
£
(4,565)
172,429
4,565
12,136
-
184,565
Resources
Movement
expended
in funds
£
£
(124,945)
(26,959)
(9,279)
1,345
(134,224)
(25,614)|
|---|---|
continued...
Page 12
**Tenby Museum & Art Gallery**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2023**
## **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 1.1.22
£
203,953
6,226
210,179|Net
movement
in funds
£
(44,171)
1,169
(43,002)|Transfers
between
funds
£
6,059
(6,059)
-|At
31.12.23
£
165,841
1,336|
|---|---|---|---|---|
|||||167,177|
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
£
213,076
10,624
223,700|Resources
Movement
expended
in funds
£
£
(257,247)
(44,171)
(9,455)
1,169
(266,702)
(43,002)|Resources
Movement
expended
in funds
£
£
(257,247)
(44,171)
(9,455)
1,169
(266,702)
(43,002)|
|---|---|---|---|
||||(43,002)|
## **14. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2023.
Page 13
## **Tenby Museum & Art Gallery**
||**Detailed Statement of Financial Activities**|||
|---|---|---|---|
||**for the Year Ended 31 December 2023**|||
|||31.12.23|31.12.22|
|||£|£|
|**INCOME AND ENDOWMENTS**||||
|**Donations and legacies**||||
|Donations||7,005|6,576|
|Gift aid||4,901|2,454|
|Grants||28,468|47,130|
|||40,374|56,160|
|**Other trading activities**||||
|Admissions||57,995|36,943|
|**Investment income**||||
|Deposit account interest||1,266|206|
|**Other income**||||
|Shop sales||13,790|9,110|
|Art commission||1,603|6,086|
|Other revenue||62|105|
|||15,455|15,301|
|**Total incoming resources**||115,090|108,610|
|**EXPENDITURE**||||
|**Other trading activities**||||
|Opening stock||2,409|4,085|
|Purchases||8,266|4,200|
|Loss on sale of tangible fixed assets||-|986|
|Closing stock||(3,500)|(2,409)|
|||7,175|6,862|
|**Charitable activities**||||
|Wages||62,854|59,016|
|Pensions||424|866|
|Rates and water||782|465|
|Insurance||5,276|4,790|
|Light and heat||7,096|6,581|
|Telephone||1,267|995|
|Postage and stationery||1,281|1,001|
|Advertising||9,938|4,884|
|Sundries||1,520|1,726|
|Carried forward||90,438|80,324|
This page does not form part of the statutory financial statements
Page 14
## **Tenby Museum & Art Gallery**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2023**
||31.12.23|31.12.22|
|---|---|---|
||£|£|
|**Charitable activities**|||
|Brought forward|90,438|80,324|
|Exhibition costs|1,616|3,986|
|Cleaning and waste management|2,326|2,544|
|Security|732|891|
|Conservation|598|1,500|
|maintenance|7,698|12,665|
|Service charges payable|50|50|
|Memberships and subscriptions|1,816|1,251|
|Event costs|811|2,847|
|Translation services|-|3,235|
|Travel & subsistence|562|220|
|Leasing costs|3,502|5,133|
|Computer costs|3,534|2,369|
|Improvements to property|472|535|
|Plant and machinery|176|176|
|Fixtures and fittings|811|813|
|Computer equipment|3,578|3,110|
||118,720|121,649|
|**Support costs**|||
|**Finance**|||
|Bank charges|1,337|987|
|**Governance costs**|||
|Accountancy fees|4,381|4,726|
|Payroll fees|865|-|
||5,246|4,726|
|Total resources expended|132,478|134,224|
|**Net expenditure**|(17,388)|(25,614)|
This page does not form part of the statutory financial statements
Page 15