REGISTERED COMPANY NUMBER: (England and Wales) REGISTERED CHARITY NUMBER: 1169435
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2024
for
Tenby Museum & Art Gallery
Ashmole and Co. Williamston House 7 Goat Street Haverfordwest Pembrokeshire SA61 1PX
Tenby Museum & Art Gallery
Report of the Trustees for the Year Ended 31 December 2024
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 2024. 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 2024. 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 2024. 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.
OBJECTIVES AND ACTIVITIES
Main activities
The year started with a newly appointed team in place. The Chair and Vice-Chair gave notice at the AGM that they would both be standing down at the end of the year. However, sadly, and suddenly in May, the Vice-Chair and long-standing Trustee, Dr Mike Brew, passed away. Trustees paid tribute to Mike for his significant contributions to the work of the Museum. Two other long-standing Trustees also left during the year, Nicole Evans and Andy Evans. The loss of these experienced Trustees and the vacancy of Chair and Vice-Chair promoted the Board to commence a process of succession planning. At the end of the year, nominations had been received for the position of Chair and Vice-Chair, to be confirmed at the AGM in 2025.
The Heads of Terms for a Community Asset Transfer was signed, pending further work on the process. In the meantime, Pembrokeshire County Council approved an extension to the existing lease. The Board engaged an external law firm to assist in this process. Trustees commissioned an independent survey of the building to have an awareness of the work needed to maintain a building that is fit for purpose. The survey identified some significant work needed to make the building watertight which could potentially affect the collections and accreditation status, due for renewal in 2025.
The Outreach post, funded through the Pembrokeshire Enterprise Scheme and match funded by the Friends was given a further year of funding which would end in May 2025. Glyn was appointed the Safeguard lead for the Museum.
With ongoing financial pressure, Trustees approved a budget to assist in comparing budget to actual figures throughout the year. The aim this year was for staff to focus on income generation. A new pricing structure was introduced from 1st April.
In July, the newly appointed Curator resigned for personal reasons, leaving the Museum without a Curator once again as it entered the busy summer period. Jacky Baker was appointed Interim Museum Manager until a new Curator was appointed. At the end of the year, the post of Curator was offered to Hannah Saunders on a one-year trial basis.
New Gallery Boards were donated by Will Crockford and Coastal Developments, creating a much-improved space for exhibitions and displays. A new display was also introduced to celebrate the 200th anniversary of the RNLI.
In addition, the Friends gifted a significant sum to the Museum to assist with specific projects. The support of the Friends has been critical this year, as the accounts were showing a deficit position, despite an increase in gross profit compared to 2023. This is not unusual in the cultural and heritage sector as a result of significant losses in government grants, which have been a key source of funding support for the Museum. This is due to cuts in public services, particularly non-statutory services such as Museums, despite the many benefits cultural and heritage facilities bring to communities. This in turn has placed increasing competition on applications for other grant support. The Museum has not been successful in achieving major grant support this year and this has impacted on our income.
Risks are regularly reviewed at meetings of the Board with the most significant risks being identified and addressed. With the 150th Anniversary of the Museum in 2028, discussions will commence in the new year as to how this key milestone in the Museum's history will be celebrated.
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Tenby Museum & Art Gallery
Report of the Trustees for the Year Ended 31 December 2024
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
Trustees
M Williams C J M Brew (deceased 20.5.24) J Evans P Rapi N Evans (resigned 22.3.24) C Delaney A Evans (resigned 29.11.24) S Williams A Edwards R Davies C White P Evans M Brown N Westerman L Crockford
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:
........................................................................ M Williams - 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 2024.
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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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 3
Tenby Museum & Art Gallery
Statement of Financial Activities for the Year Ended 31 December 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 30,631 Other trading activities 3 58,520 Investment income 4 2,194 Other income 19,794 Total 111,139 EXPENDITURE ON Raising funds 7,787 Charitable activities Operation of Museum 127,027 Total 134,814 NET INCOME/(EXPENDITURE) (23,675) RECONCILIATION OF FUNDS Total funds brought forward 165,841 TOTAL FUNDS CARRIED FORWARD 142,166 |
Restricted fund £ 5,225 - - - 5,225 29 5,372 5,401 (176) 1,336 1,160 |
31.12.24 31.12.23 Total Total funds funds £ £ 35,856 40,374 58,520 57,995 2,194 1,266 19,794 15,455 116,364 115,090 7,816 7,175 132,399 125,303 140,215 132,478 (23,851) (17,388) 167,177 184,565 143,326 167,177 |
|---|---|---|
The notes form part of these financial statements
Page 4
Tenby Museum & Art Gallery
Balance Sheet 31 December 2024
| Unrestricted fund Notes £ FIXED ASSETS Intangible assets 8 6,331 Tangible assets 9 16,754 23,085 CURRENT ASSETS Stocks 10 5,594 Debtors 11 1,952 Investments 12 27,540 Cash at bank and in hand 91,487 126,573 CREDITORS Amounts falling due within one year 13 (7,492) NET CURRENT ASSETS 119,081 TOTAL ASSETS LESS CURRENT LIABILITIES 142,166 NET ASSETS 142,166 FUNDS 14 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - 1,159 1,159 - - - - - 1 1 1,160 1,160 |
31.12.24 Total funds £ 6,331 17,913 24,244 5,594 1,952 27,540 91,487 126,573 (7,491) 119,082 143,326 143,326 142,166 1,160 143,326 |
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 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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
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(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...
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Tenby Museum & Art Gallery
Balance Sheet - continued 31 December 2024
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:
............................................. M Williams - Trustee
............................................. C White - 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 2024
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...
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Tenby Museum & Art Gallery
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
| 2. | DONATIONS AND LEGACIES | ||
|---|---|---|---|
| 31.12.24 | 31.12.23 | ||
| £ | £ | ||
| Donations | 21,174 | 7,005 | |
| Gift aid | 6,456 | 4,901 | |
| Grants | 8,226 | 28,468 | |
| 35,856 | 40,374 | ||
| Grants received, included in the above, are as follows: | |||
| Pallant House Gallery Grant | 31.12.24 £ - |
31.12.23 £ 50 |
|
| Federation of Museums | - | 1,614 | |
| Welsh Government | - | 13,500 | |
| Pembrokeshire County Council | 1,000 | 7,822 | |
| The Federation of Museums and Art Galleries of Wales | - | 2,982 | |
| Pembrokeshire Coast National Park Authority | 2,000 | 2,500 | |
| Welsh Federation of Museums | 526 | - | |
| Pembrokeshire County Council Enhancing Pembrokeshire Fund | 4,700 | - | |
| 8,226 | 28,468 | ||
| 3. | OTHER TRADING ACTIVITIES | ||
| Admissions | 31.12.24 £ 58,520 |
31.12.23 £ 57,995 |
|
| 4. | INVESTMENT INCOME | ||
| Deposit account interest | 31.12.24 £ 2,194 |
31.12.23 £ 1,266 |
|
| 5. | NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | |||
| Depreciation - owned assets | 31.12.24 £ 4,720 |
31.12.23 £ 5,036 |
|
continued...
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Tenby Museum & Art Gallery
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 40,374 Other trading activities 57,995 Investment income 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 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 |
Total funds £ 40,374 57,995 1,266 15,455 115,090 7,175 125,303 132,478 (17,388) - (17,388) 184,565 167,177 |
|---|---|---|
continued...
Page 9
Tenby Museum & Art Gallery
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
8. INTANGIBLE FIXED ASSETS
| INTANGIBLE FIXED ASSETS | |
|---|---|
| Development | |
| costs | |
| £ | |
| COST | |
| At 1 January 2024 and 31 December 2024 | 6,331 |
| NET BOOK VALUE At 31 December 2024 |
6,331 |
| At 31 December 2023 | 6,331 |
9. TANGIBLE FIXED ASSETS
| Improvements to Plant and property machinery £ £ COST At 1 January 2024 29,771 174,601 Additions - 482 At 31 December 2024 29,771 175,083 DEPRECIATION At 1 January 2024 21,456 166,592 Charge for year 472 1,073 At 31 December 2024 21,928 167,665 NET BOOK VALUE At 31 December 2024 7,843 7,418 At 31 December 2023 8,315 8,009 10. STOCKS Stocks 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors Art Control Account Prepayments |
Computer equipment £ 12,287 1,508 13,795 7,968 3,175 11,143 2,652 4,319 31.12.24 £ 5,594 31.12.24 £ 1,555 - 135 262 1,952 |
Totals £ 216,659 1,990 218,649 196,016 4,720 200,736 17,913 20,643 31.12.23 £ 3,500 31.12.23 £ - 593 - 210 803 |
|---|---|---|
continued...
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Tenby Museum & Art Gallery
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
12. CURRENT ASSET INVESTMENTS
| Unlisted investments 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors Accrued expenses 14. MOVEMENT IN FUNDS At 1.1.24 £ Unrestricted funds General fund 165,841 Restricted funds Restricted 1,336 TOTAL FUNDS 167,177 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 111,139 Restricted funds Restricted 5,225 TOTAL FUNDS 116,364 |
31.12.24 £ 27,540 31.12.24 £ 4,827 783 1,881 7,491 Net movement in funds £ (23,675) (176) (23,851) Resources expended £ (134,814) (5,401) (140,215) |
31.12.23 £ 27,033 31.12.23 £ 1,519 219 1,826 3,564 At 31.12.24 £ 142,166 1,160 143,326 Movement in funds £ (23,675) (176) (23,851) |
|
|---|---|---|---|
continued...
Page 11
Tenby Museum & Art Gallery
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
14. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.1.23 in funds £ £ Unrestricted funds General fund 172,429 (17,212) Restricted funds Restricted 12,136 (176) TOTAL FUNDS 184,565 (17,388) Comparative 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 A current year 12 months and prior year 12 months combined position is as follows: Net movement At 1.1.23 in funds £ £ Unrestricted funds General fund 172,429 (40,887) Restricted funds Restricted 12,136 (352) TOTAL FUNDS 184,565 (41,239) |
Transfers between At funds 31.12.23 £ £ 10,624 165,841 (10,624) 1,336 - 167,177 Resources Movement expended in funds £ £ (132,302) (17,212) (176) (176) (132,478) (17,388) Transfers between At funds 31.12.24 £ £ 10,624 142,166 (10,624) 1,160 - 143,326 |
|---|---|
continued...
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Tenby Museum & Art Gallery
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
14. MOVEMENT IN FUNDS - continued
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 £ 226,229 5,225 231,454 |
Resources Movement expended in funds £ £ (267,116) (40,887) (5,577) (352) (272,693) (41,239) |
|---|---|---|
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2024.
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Tenby Museum & Art Gallery
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 December 2024 | ||
| 31.12.24 | 31.12.23 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 21,174 | 7,005 |
| Gift aid | 6,456 | 4,901 |
| Grants | 8,226 | 28,468 |
| Other trading activities | 35,856 | 40,374 |
| Admissions | 58,520 | 57,995 |
| Investment income | ||
| Deposit account interest | 2,194 | 1,266 |
| Other income | ||
| Shop sales | 15,145 | 13,790 |
| Art commission | 3,439 | 1,603 |
| Other revenue | 1,210 | 62 |
| 19,794 | 15,455 | |
| Total incoming resources | 116,364 | 115,090 |
| EXPENDITURE | ||
| Other trading activities | ||
| Opening stock | 3,500 | 2,409 |
| Purchases | 9,910 | 8,266 |
| Closing stock | (5,594) | (3,500) |
| 7,816 | 7,175 | |
| Charitable activities | ||
| Wages | 70,140 | 62,854 |
| Pensions | 1,006 | 424 |
| Rates and water | 550 | 782 |
| Insurance | 5,447 | 5,276 |
| Light and heat | 7,746 | 7,096 |
| Telephone | 1,466 | 1,267 |
| Postage and stationery | 1,538 | 1,281 |
| Advertising | 5,285 | 9,938 |
| Sundries | 119 | 1,520 |
| Exhibition costs | 913 | 1,616 |
| Cleaning and waste management | 4,839 | 2,326 |
| Security | 1,448 | 732 |
| Conservation | 225 | 598 |
| Premises repairs, renewals and maintenance | 1,642 | 7,698 |
| Service charges payable | 50 | 50 |
| Carried forward | 102,414 | 103,458 |
This page does not form part of the statutory financial statements
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Tenby Museum & Art Gallery
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 31 December 2024 | |||
| 31.12.24 | 31.12.23 | ||
| £ | £ | ||
| Charitable activities | |||
| Brought forward | 102,414 | 103,458 | |
| Memberships and subscriptions | 1,485 | 1,816 | |
| Event costs | 477 | 811 | |
| Travel & subsistence | 813 | 562 | |
| Leasing costs | 3,611 | 3,502 | |
| Computer costs | 7,231 | 3,534 | |
| Staff training | 106 | - | |
| Translation services | 486 | - | |
| Improvements to property | 472 | 472 | |
| Plant and machinery | 176 | 176 | |
| Fixtures and fittings | 897 | 811 | |
| Computer equipment | 3,175 | 3,578 | |
| Support costs | 121,343 | 118,720 | |
| Finance | |||
| Bank charges | 1,510 | 1,337 | |
| Governance costs | |||
| Professional and legal fees | 4,428 | - | |
| Accountancy fees | 4,200 | 4,381 | |
| Payroll fees | 918 | 865 | |
| 9,546 | 5,246 | ||
| Total resources expended | 140,215 | 132,478 | |
| Net expenditure | (23,851) | (17,388) | |
This page does not form part of the statutory financial statements
Page 15
Tenby Museum & Art Gallery
Contents of the Financial Statements for the Year Ended 31 December 2024
| 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 | 13 |
| Detailed Statement of Financial Activities | 14 | to | 15 |