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2023-03-31-accounts

Charity registration number: 217013

The Chardon Trust (Llandudno Museum)

Annual Report and Financial Statements

for the Year Ended 31 March 2023

The Chardon Trust (Llandudno Museum)

Contents (continued)

Reference and Administrative Details 1
Trustees' Report 2 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8 to 9
Balance Sheet 10
Notes to the Financial Statements 11 to 23

The Chardon Trust (Llandudno Museum)

Reference and Administrative Details

Trustees Mr P C Evans JP Dr S James Mrs J R Phillips Mr H Pritchard Cllr H M Saville Mrs M Oliver Mr W Whewell Senior Management / Leadership Ms D Lancaster, Museum manager Team

Charity Registration Number 217013 Principal Office 17-19 Gloddaeth Street Llandudno North Wales LL30 2DD Independent Examiner Aston Hughes & Co Independent Examiner Selby Towers 29 Princes Drive Colwyn Bay North Wales LL29 8PE

Page 1

The Chardon Trust (Llandudno Museum)

Trustees' Report

The trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2023.

Trustees

Mr P C Evans JP

Dr S James Mr K W Finch (resigned 14 February 2023)

Mrs J R Phillips

Mr H Pritchard

Cllr H M Saville

Mr C Coxon (resigned 31 August 2022)

Mrs M Oliver

Mr W Whewell

Objectives and activities

Objects and aims

The Chardon Trust owns and operates Llandudno Museum. We were formed in 1926 by the bequest of Francis Edouard Chardon, a local collector who left his house and its contents to the people of Llandudno for their learning and enjoyment.

Llandudno Museum's mission is to:

"Preserve the Chardon Bequest, to collect objects on the history of Llandudno and surrounding area and effectively manage our resources so that we can protect, develop and share our collections for the benefit and enjoyment of a wide range of visitors now and into the future."

Our vision is that Llandudno Museum will:

"Continue to enrich the lives of all our visitors and to celebrate and care for Llandudno's rich past and vibrant present by making our collections, services and buildings available to everyone for enjoyment, learning and inspiration."

"Position our visitors and users at the heart of everything we do and ensure that the Museum and its collections remain relevant, innovative and inspiring."

"Be responsive to evolving public expectation, the rapidly changing environment and the emerging national picture for Museums."

The initial collection has been enlarged with items from the Llandudno Field Club collection and items of early Llandudno, including archaeological items, Roman artefacts and those from the Mostyn developments, enabling us to demonstrate the town’s history.

Page 2

The Chardon Trust (Llandudno Museum)

Trustees' Report (continued)

Objectives, strategies and activities

Following the successful award of the grant from NLHF for the Museum re-development Scheme major redevelopment of the museum, the construction parts of the redevelopment were completed during 2020/21 and the implementation of the activity plan was continued.

The NHLF grant included revenue costs as well as project cost and the grant continue for the period of the three-year project.

The NHLF funding has been completed and the final £10,000 was received in December 2022. Evaluation and activity reports were submitted along with the final completion report and claim.

Despite not meeting the initial visitor targets there has been a gradual increase in visitors, with gradual increases during August, September and October. New walks and marketing campaigns have been intorduced to improve visitor numbers. In 2022 the museum's biodiversity garden won another reward for 'Its your Neighbourhood' and this space has improved the offer for the museum in terms of attracting groups and offering talks/workshops. We continue to promote the garden and run projects that tie in with our exhibitions. This year was Bee focused which tied in with the Field Club exhibition and their role as early conservationists.

The exibition and associated activites implemented during the period:

Fundraising disclosures

The principal sources of income for the Trust are:

Public benefit

The activities to further public benefit are seen to be directly linked and stated within the significant activities for the period.

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 3

The Chardon Trust (Llandudno Museum)

Trustees' Report (continued)

Use of volunteers

In the report, the Museum expresses its gratitude towards its volunteers for their support throughout the year. Special recognition is given to those who helped support the museum throughout periods of lockdown. Additionally, it is highlighted that the Trustees themselves are volunteers who contribute their time and expertise to the Museum on an ongoing basis. However, their contribution is not reflected in the financial accounts, but it is reported to the National Lottery Heritage Fund to assess its value in support of the project.

Financial review

During the year the Charity had total incoming resources of £120,394 and total resources expended of £146,164 resulting in a net decrease in funds of £25,770.

The financial systems in 2022/23 have been focused on the receipt of grants and other income and the subsequent payment to contractors and professional advisers etc.

Policy on reserves

The Trustees continue to monitor the Museum’s funds and their policy to hold reserves to cover six months ongoing core Museum costs. The charity has sufficient reserves at year end (unrestricted reserves of £1,651,246) to service the on-going requirements for the foreseeable future.

Going concern

The trustees have, at the date of approving these financial statements, a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements. It is the intention of the Trustee to move the assets and activities of the Charity into a Charitable Incorporated Organisation.

Structure, governance and management

Nature of governing document

Scheme dated 12/04/1988 as amended on 27/09/2011.

The charitable objectives as set out by the Scheme are: to establish and maintain a museum for the exhibition to the public a) of a collection of fine art and applied arts and crafts so as to promote education in art and appreciation of art and b) of collections of artefacts and natural exhibits so as to advance education in the history, natural history, geography and economy of Llandudno and its evirons.

Recruitment and appointment of trustees

It is to be expected that changes occur in the composition of the Board, particularly in relation to local authority representation after local elections occur. The process works well in relation to such changes. Other appointments are also well managed as the Board will discuss where a new Trustee's skills add to the Board's role.

Induction and training of trustees

The charity has a policy and procedure for the induction of Trustees and volunteers, training is provided as and when required.

Page 4

The Chardon Trust (Llandudno Museum)

Trustees' Report (continued)

Arrangements for setting key management personnel remuneration

Employee remuneration is set by the trustees at Trustee meetings.

Organisational structure

The charity is independent and solely managed by its Trustees, the museum manager is responsible for the day to day operations.

Risk Management

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.

A full risk assessment has been carried out and is monitored monthly.

The annual report was approved by the trustees of the charity on 19 April 2024 and signed on its behalf by:

......................................... Mr P C Evans JP Trustee

......................................... Mrs J R Phillips Trustee

Page 5

The Chardon Trust (Llandudno Museum)

Trustees' Report (continued)

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:

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 Charities (Accounts and Reports) Regulations 2008, 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 6

The Chardon Trust (Llandudno Museum)

Independent Examiner's Report to the trustees of The Chardon Trust (Llandudno Museum)

I report to the trustees on my examination of the accounts of The Chardon Trust (Llandudno Museum) for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity trustees of The Chardon Trust (Llandudno Museum) 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 The Chardon Trust (Llandudno Museum) '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 The Chardon Trust (Llandudno Museum) 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.

...................................... Gareth Lowe BSc ACA Independent Examiner Aston Hughes Ltd

Selby Towers 29 Princes Drive Colwyn Bay North Wales LL29 8PE

19 April 2024

Page 7

The Chardon Trust (Llandudno Museum)

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
5
Total income
Expenditure on:
Charitable activities
Total expenditure
Gains/losses on investment assets
Net income/(expenditure)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
22		 Unrestricted
funds
£
14,692
66,172
25,184
242
106,290
(104,779)
(104,779)
4,523
6,034
6,034
1,645,212
1,651,246		 Restricted
funds
£
-
14,104
-
-
14,104
(41,385)
(41,385)
-
(27,281)
(27,281)
27,281
-		 Total
2023
£
14,692
80,276
25,184
242
120,394
(146,164)
(146,164)
4,523
(21,247)
(21,247)
1,672,493
1,651,246

The notes on pages 11 to 23 form an integral part of these financial statements. Page 8

The Chardon Trust (Llandudno Museum)

Statement of Financial Activities for the Year Ended 31 March 2023 (continued)

Note
Income and Endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investment income
5
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income
Gross transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
22		 Unrestricted
funds
£
655
56,095
14,116
39
70,905
(67,368)
(67,368)
3,537
293,483
297,020
1,348,192
1,645,212		 Restricted
funds
£
-
77,229
-
-
77,229
(5,852)
(5,852)
71,377
(293,483)
(222,106)
249,387
27,281		 Total
2022
£
655
133,324
14,116
39
148,134
(73,220)
(73,220)
74,914
-
74,914
1,597,579
1,672,493

The notes on pages 11 to 23 form an integral part of these financial statements. Page 9

The Chardon Trust (Llandudno Museum)

(Registration number: 217013) Balance Sheet as at 31 March 2023

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
15
Creditors: Amounts falling due within one year
16
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
20
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
22
Unrestricted income funds
Unrestricted funds
Total funds
22		 2023
£
1,651,163
17,248
1,668,411
251
61,329
61,580
(8,745)
52,835
1,721,246
(70,000)
1,651,246
-
1,651,246
1,651,246		 2022
£
1,653,335
12,725
1,666,060
-
88,131
88,131
(11,698)
76,433
1,742,493
(70,000)
1,672,493
27,281
1,645,212
1,672,493

The financial statements on pages 8 to 23 were approved by the trustees, and authorised for issue on 19 April 2024 and signed on their behalf by:

......................................... Mr P C Evans JP Trustee

......................................... Mrs J R Phillips Trustee

The notes on pages 11 to 23 form an integral part of these financial statements. Page 10

The Chardon Trust (Llandudno Museum)

Notes to the Financial Statements 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

The Chardon Trust (Llandudno Museum) 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.

Going concern

The trustees have, at the date of approving these financial statements, a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.

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.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Other trading activities

Revenue is rcredorded on a recceived basis net of taxes.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

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.

Page 11

The Chardon Trust (Llandudno Museum)

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

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.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

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 are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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:

Land and Buildings not depreciated

Fixtures and fittings depreciated at 20% reducing balance

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Page 12

The Chardon Trust (Llandudno Museum)

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

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.

Liabilities are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees 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.

Page 13

The Chardon Trust (Llandudno Museum)

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 14

The Chardon Trust (Llandudno Museum)

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

2 Income from donations and legacies

Donations and legacies;
Donations from individuals
3
Income from charitable activities
Museum collections, displays and
educational materials
Museum development
4
Income from other trading activities
Events income;
Other events income
Property rental income
5
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits		 Unrestricted
funds
General
£
66,172
-
66,172		 Unrestricted
funds
General
£
14,692
14,692
Restricted
funds
£
-
14,104
14,104
Unrestricted
General
£
25,184
-
25,184
Unrestricted
funds
General
£
242		 Total
2023
£
14,692
14,692
Total
2023
£
66,172
14,104
80,276
Total
2023
£
25,184
-
25,184
Total
2023
£
242		 Total
2022
£
655
655
Total
2022
£
56,095
77,229
133,324
Total
2022
£
14,066
50
14,116
Total
2022
£
39

Page 15

The Chardon Trust (Llandudno Museum)

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

6 Expenditure on charitable activities

Note
Museum development
Exhibition and overhead
costs
Staff costs
Governance costs		 Unrestricted
funds
General
£
14,675
67,900
19,539
2,665
104,779		 Restricted
funds
£
2,000
-
39,385
-
41,385		 Total
2023
£
16,675
67,900
58,924
2,665
146,164		 Total
2022
£
24,493
44,047
2,219
2,461
73,220

7 Analysis of governance and support costs

Governance costs

Independent examiner fees
Examination of the financial statements
Other fees paid to examiners		 Unrestricted
funds
General
£
550
2,115
2,665		 Total
2023
£
550
2,115
2,665		 Total
2022
£
550
1,911
2,461

Page 16

The Chardon Trust (Llandudno Museum)

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

8 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

9 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Other staff costs		 2023
£
58,924
-
58,924		 2022
£
1,894
325
2,219

A proportion of wages 2023 £nil ( 2022 - £64,132) have been capitalised as part of the redevelopment project and are not included in the wages costs stated above.

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:

during the year expressed as full time equivalents was as follows:
Museum manager
Community & Education officer
Visitor Service officer		 2023
No
1
1
-
2		 2022
No
1
1
1
3

No employee received emoluments of more than £60,000 during the year

The Museum manager, as the highest paid member of staff, received benefits totalling £30,000 (2022 - £30,000).

10 Independent examiner's remuneration

Examination of the financial statements
Other fees to examiners
All other services		 2023
£
550
2,115		 2022
£
550
1,911

Page 17

The Chardon Trust (Llandudno Museum)

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

11 Taxation

The charity is a registered charity and is therefore exempt from taxation.

12 Tangible fixed assets

Cost
At 1 April 2022
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Land and
buildings
£
1,642,473
1,642,473
-
-
-
1,642,473
1,642,473		 Furniture and
equipment
£
29,959
29,959
19,097
2,172
21,269
8,690
10,862		 Total
£
1,672,432
1,672,432
19,097
2,172
21,269
1,651,163
1,653,335

Restriction on title and pledged as security

Land and buildings with a carrying amount of £1,651,163 (2022 - £1,653,335) has the following restriction on title: Charges over the building are held by The Welsh Government, Conwy County Borough Council and The National Lottery Heritage Fund.

Page 18

The Chardon Trust (Llandudno Museum)

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

13 Fixed asset investments

13 Fixed asset investments
Other investments
Other investments
Cost or Valuation
At 1 April 2022
Revaluation
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 2023
£
17,248
Listed
investments
£
12,725
4,523		 2022
£
12,725
Total
£
12,725
4,523
17,248
17,248
12,725
17,248
17,248
12,725

Page 19

The Chardon Trust (Llandudno Museum)

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

14 Debtors

Trade debtors
15 Cash and cash equivalents
Cash at bank
16 Creditors: amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals		 2023
£
61,329
2023
£
3,275
2,034
1,989
1,447
8,745		 2023
£
251
2022
£
88,131
2022
£
2,555
-
7,695
1,448
11,698

17 Related party transactions

There were no related party transactions in the year.

18 Commitments

Capital commitments

Construction contracts

The total amount contracted for but not provided in the financial statements was £Nil (2022 - £Nil).

Page 20

The Chardon Trust (Llandudno Museum)

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

19 Analysis of net assets between funds

19 Analysis of net assets between funds
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted
funds
General
£
1,423,914
12,725
(13,326)
(4,003)
(70,000)
1,349,310		 Unrestricted
funds
General
£
1,651,163
17,248
61,329
(8,746)
(70,000)
1,650,994
Restricted
funds
£
229,421
-
101,457
(7,695)
-
323,183		 Total funds at
31 March
2023
£
1,651,163
17,248
61,329
(8,746)
(70,000)
1,650,994
Total funds at
31 March
2022
£
1,653,335
12,725
88,131
(11,698)
(70,000)
1,672,493

20 Creditors: amounts falling due after one year

2023 2022
£ £
Other loans 70,000 70,000

21 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £1,478 (2022 - £1,793). Contributions totalling £1,856 (2022 - £3315) were payable to the scheme at the end of the year and are included in creditors.

Page 21

The Chardon Trust (Llandudno Museum)

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

22 Funds

Unrestricted funds

Unrestricted funds
General
Unrestricted Income Fund
Restricted funds
WCVA
Headley Trust
HLF Emergency funding
Federation of Museums
Wingate Grant
Llandudno Tourism
Total restricted funds
Total funds		 Balance at 1
April 2022
£
1,645,212
8,289
10,754
6,738
-
1,500
-
27,281
1,672,493		 Incoming
resources
£
106,290
7,719
-
-
2,680
-
3,705
14,104
120,394		 Resources
expended
£
(104,779)
(16,008)
(10,754)
(6,738)
(2,680)
(1,500)
(3,705)
(41,385)
(146,164)		 Other
recognised
gains/(losses)
£
4,523
-
-
-
-
-
-
-
4,523		 Balance at
31 March
2023
£
1,651,246
-
-
-
-
-
-
-
1,651,246

The specific purposes for which the funds are to be applied are as follows:

WCVA – Welsh Government’s Landfill Disposal Tax Community Scheme, match finding grant for the Llandudno Museum Redevelopment Project.

Llandudno Tourism- Employee support on the ambassador innovation project

Federation of Museums- Halloween special event.

NLHF – National Lottery Heritage Fund – Main grant provider towards the Llandudno Museum Redevelopment Project.

Gwynt Y Mor – Modernisation Programme – Outcomes include creating new positions, increasing museum footfall, holding exhibitions, working with schools and the local community.

In the comparative period restricted funds were held largely for the Llandudno Museum Redevelopment Project, the capital costs of which have been included as building additions. Once the constuction was complete and all the conditions associated with these grants have been met the balance on these funds have been transferred to unrestricted funds. As the costs associated with the construction of the building are capital in nature, the costs appear in the Balance Sheet as property additions and not expenditure through the Statement of Financial Activities.

Page 22

The Chardon Trust (Llandudno Museum)

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

Unrestricted funds
General
Unrestricted Income Fund
Restricted
Gwynt Y Mor
NLHF
WCVA
Headley Trust
Welsh Goverment
HLF Emergency funding
Wingate Grant
Total restricted funds
Total funds		 Balance at 1
April 2021
£
1,348,192
124,639
-
-
-
120,000
3,248
1,500
249,387
1,597,579		 Incoming
resources
£
70,905
-
73,739
-
-
-
3,490
-
77,229
148,134		 Resources
expended
£
(67,368)
-
(3,388)
(202)
(2,262)
-
-
-
(5,852)
(73,220)		 Transfers
£
293,483
(124,639)
(70,351)
8,491
13,016
(120,000)
-
-
(293,483)
-		 Balance at
31 March
2022
£
1,645,212
-
-
8,289
10,754
-
6,738
1,500
27,281
1,672,493

Page 23