| Contents: | Page | |
|---|---|---|
| Annual Report |
||
| Preliminary | 3 | |
| Mission Statement ofthe Trust | 3 | |
| Curator's Report |
3-S | |
| Visitor &User Figures 2022-23 | 6 | |
| Report ofthe Trustees | ||
| Fina ncia I Review | 7 | |
| Risk Management &Reserves Policy |
7 | |
| Structure, Governance &Management |
8 | |
| Reference & Administrative information |
9 | |
| Responsibilities ofTrustees in relation to the Financial Statements |
10 | |
| Related Party Transactions | 10 | |
| Independent Examiner's Report to the Trustees |
11 | |
| Statement of Financial Activities to year ended 31 March 2023 | 12 | |
| Balance Sheet | 13 | |
| Notes to the Accounts for the year ended 31March 2023 | 14-23 | |
| Appendices | ||
| A. Donations &Grants, Supporters |
& Partners | 24 |
| B. Additions to the Trust's collections 2022-23 | 24 |
| April 2022: | 509 | October 2022: | 547 |
|---|---|---|---|
| May 2022: | 417 | November 2022: |
678 |
| June 2022: | 397 | December 2022: | 287 |
| July 2022: | 429 | January 2023: | 294 |
| August 2022: | 559 | February 2023: | 487 |
| September 2022: | 589 | March 2023: | 435 |
| Total | Total | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | funds | funds | ||||
| Note | funds | funds | 2023 | 2022 | |||
| f | f | f | f | ||||
| income and endowments | from: | ||||||
| Donations and legacies |
765 | 765 | 540 | ||||
| Charitable activities |
77,808 | 16,000 | 93,808 | 74,378 | |||
| Other trading activities |
4,727 | 4,727 | 7,170 | ||||
| Investments | 37 | 37 | 4 | ||||
| Other income | 2,821 | 2,821 | 1,157 | ||||
| Capital grants | 88,704 | 88,704 | |||||
| Totalincome and endowments | 86,157 | 104,704 | 190,862 | 83,249 | |||
| Expenditure on: |
|||||||
| Raising funds | 817 | 817 | 1,059 | ||||
| Charitable activities |
124,817 | 31,179 | 155,996 | 131,589 | |||
| Total expenditure | 125,634 | 31,179 | 156,813 | 132,648 | |||
| Net income/(expenditure | J | (39,476) | 73,525 | 34049 | (49399) | ||
| Transfers between |
funds | 87,155 | (87,155) | ||||
| Net movementin funds |
47,679 | (13,630) | 34,049 | (49,399) | |||
| Reconciliation of Funds | |||||||
| Total funds brought | forward | 14,15 | 114,842 | 13,630 | 128,472 | 177,871 | |
| Total funds carried | forward | 15,16 | 162,521 | 162,521 | 128,472 |
| TORFAEN MUSEUM TRUST LTD | TORFAEN MUSEUM TRUST LTD | TORFAEN MUSEUM TRUST LTD | ||||
|---|---|---|---|---|---|---|
| BAlANCE | SHEET AS AT31MARCH 2023 | |||||
| 2023 | 2022 | |||||
| Note | E | |||||
| Fixed assets: | ||||||
| Tangible assets | 123,669 | 75,928 | ||||
| Current assets: | ||||||
| Stocks | 4,144 | 2,516 | ||||
| Debtors | 12 | 5,809 | 5,691 | |||
| Cash at bank | and in | hand | 33,634 | 49,553 | ||
| 43,586 | 57,760 | |||||
| Liabilities: | ||||||
| Creditors: Amounts | falling due within one | |||||
| year | 13 | (4,734) | (5,216) | |||
| Net assets | 38,852 | 52,544 | ||||
| Net current assets | 162,521 | 128,472 | ||||
| The funds of | the charity: | |||||
| Restricted income funds | 14 | 13,630 | ||||
| Unrestricted | funds: | |||||
| General funds | 15 | 38,853 | 38,914 | |||
| Designated | funds | 15 | 123,668 | 75,928 | ||
| 162,521 | 114,842 | |||||
| Total charity | funds | 162,521 | 128,472 |
| Unrestricted | Restricted | Total | Tota I | ||||
|---|---|---|---|---|---|---|---|
| funds | funds | 2023 | 2022 | ||||
| f | f | f | f | ||||
| Commission | on Art Sales | 204 | 204 | 1,003 | |||
| Trading | and | Publications | -Sales | 3,066 | 3,066 | 2,844 | |
| Admissions | 1,457 | 1,457 | 3,323 | ||||
| 4,727 | 4,727 | 7,170 | |||||
| NCOME | FROM INVESTMENTS | ||||||
| Unrestricted | Restricted | Total | Total | ||||
| funds | funds | 2023 | 2022 | ||||
| f | f | f | f | ||||
| Bank interest | 37 | ||||||
| 37 | 37 | ||||||
| NCOME | FROM OTHER SOURCES | ||||||
| Unrestricted | Restricted | Total | Total | ||||
| funds | funds | 2023 | 2022 | ||||
| f | f | f | f | ||||
| Sundry | income | 534 | 534 | 804 | |||
| Parking | Permit | 213 | |||||
| Room Hire | 2,287 | 2,287 | 140 | ||||
| 2,821 | 2,821 | 1,157 | |||||
| EXPEND | ITURE | ON RAISING FUNDS | |||||
| Unrestricted | Restricted | Total | Tota I | ||||
| funds | funds | 2023 | 2022 | ||||
| f | f | f | f | ||||
| Shop costs | 817 | 817 | 1,059 | ||||
| 817 | 817 | 1,059 |
| EXPENDITURE | ON CHARITABLE | ON CHARITABLE | ON CHARITABLE | ACTIVITIES | |||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Tota I |
||||
| funds | funds | 2023 | 2022 | ||||
| E | E | E | f | ||||
| Direct Costs | |||||||
| Salaries, Nl |
43,115 | 20,173 | 63,288 | 88,740 | |||
| Training | 246 | 246 | 650 | ||||
| Display and exhibitions | 5,006 | 5,006 | 845 | ||||
| Total direct costs | 43,361 | 25,179 | 68,540 | 90,235 | |||
| Indirect Costs | |||||||
| Energy | 10,185 | 10,185 | 1,868 | ||||
| Rates | 381 | 381 | (203) | ||||
| Telephone and |
Postage | 4,424 | 4,424 | 3,402 | |||
| Printing and Stationery |
1,417 | 1,417 | 1,623 | ||||
| Maintenance | 8,893 | 8,893 | 6,710 | ||||
| Cleaning | 379 | 379 | 639 | ||||
| Security | 1,261 | 1,261 | 1,895 | ||||
| Website Development | 4,583 | 5,500 | 10,083 | 737 | |||
| Subscriptions | 252 | 252 | 461 | ||||
| Insurance | 2,937 | 2,937 | 2,907 | ||||
| Miscellaneous | Expenses | 114 | 500 | 614 | 1,973 | ||
| Bank Charges | 499 | 499 | 512 | ||||
| Depreciation | 41,223 | 41,223 | 9,491 | ||||
| Independent | examination | and | |||||
| accountancy | fees | 4,203 | 4,203 | 4,472 | |||
| Irrecoverable | VAT | 705 | 705 | 700 | |||
| Consulting/Marketing | 4,167 | ||||||
| Tota I indirect | costs | 81,456 | 6,000 | 87,456 | 41,354 | ||
| Total | 125,634 | 31,179 | 156,813 | 131,589 |
| . STAFF COSTS |
||
|---|---|---|
| 2023 | 2022 | |
| f | f | |
| Wages &salaries | 62,562 | 85,187 |
| Social security costs | 1,263 | |
| Pension costs | 726 | 1,343 |
| 63,288 | 87,793 |
| Total | Total | |
|---|---|---|
| 2023 | 2022 | |
| No | No | |
| Full time | 1 | 1.0 |
| Part time | 8 | 8.3 |
| Total full time equivalents | 2.1 | 2.4 |
| Total | Total | |||
|---|---|---|---|---|
| 2023f | 2022 f |
|||
| Independent | examination | fee | 2,900 | 2,600 |
| Accountancy | fees | 1,303 | 1,872 | |
| 4,203 | 4,472 |
| 11. | TANGIBLE FIXED AS | SET | S | |||
|---|---|---|---|---|---|---|
| Computer | Office | |||||
| Equipment | Equipment | Furniture | Totals | |||
| E | E | E | E | |||
| Cost | ||||||
| At 1April 2022 | 565,077 | 8,257 | 118,818 | 692,152 | ||
| Additions | 87,552 | 1,411 | 88,963 | |||
| At 31March 2023 | 652,629 | 9,668 | 118,818 | 781,115 | ||
| Depreciation | ||||||
| At 1April 2022 | 489,148 | 8,257 | 118,818 | 616,223 | ||
| Charge for year | 40,870 | 353 | 41,223 | |||
| At 31March 2023 | 530,018 | 8,610 | 118,818 | 657,446 | ||
| Net BookValue | ||||||
| At 31March 2023 | 122,611 | 1,058 | 123,669 | |||
| At 31March 2022 | 75,928 | 75,928 | ||||
| 12. | DEBTORS | |||||
| 2023 | 2022 | |||||
| E | E | |||||
| VAT | 3,030 | 491 | ||||
| Trade debtors | 96 | |||||
| Other debtors | 1,144 | 3,803 | ||||
| Prepayments | 1,540 | 1,397 | ||||
| 5,809 | 5,691 | |||||
| 13. | CREDITORS: AMOUNTS | FALLING DUE WITHIN ONE | YEAR | |||
| 2023 | 2022 | |||||
| E | f | |||||
| Trade and other creditors | 1,670 | 3,437 | ||||
| Accruals &deferred | income | 3,064 | 1,779 | |||
| 4,734 | 5,216 |
| At | At | |||||
|---|---|---|---|---|---|---|
| 1April | 31March | |||||
| 2021 f |
Income f |
Expenditure f |
Transfers f |
2022 f |
||
| Accessions and | Development | |||||
| Fund | 321 | 321 | ||||
| Covid Grant Welsh | ||||||
| Government | (MALD) | 19,971 | (5,113) | 14,858 | ||
| Association of | Independent | |||||
| Muse ums | (1,808) | 259 | (1,549) | |||
| 18,484 | 259 | (5,113) | - | 13,630 |
| 5. | UNR | ESTRICTED FUNDS | ||||||
|---|---|---|---|---|---|---|---|---|
| At | At | |||||||
| 1April | 31March | |||||||
| 2022 f |
Income f |
Expenditure f |
Transfers f |
2023 f |
||||
| General funds | 38,914 | 84,350 | (84,411) | 38,853 | ||||
| Designated | funds (Fixed | |||||||
| Assets) | 75,928 | 1,808 | (41,223) | 87,155 | 123,668 | |||
| 114,842 | 86,158 | (125,634) | 87,155 | 162,521 | ||||
| At | At | |||||||
| 1April | 31March | |||||||
| 2021 f |
Income f |
Expenditure f |
Transfers f |
2022 f |
||||
| General funds | 76,863 | 82,990 | (118,044) | (2,895) | 38,914 | |||
| Designated | funds (Fixed | |||||||
| Assets) | 82,524 | (9,491) | 2,895 | 75,928 | ||||
| 159,387 | 82,990 | (127,535) | 114,842 | |||||
| 6. | ANALYSIS OF BALANCE SHEET | |||||||
| General f Designated f Restricted f |
Total f |
|||||||
| Tangible fixed assets | 123,668 | 123,668 | ||||||
| Net | assets | 38,853 | 38,853 | |||||
| 38,853 | 123,668 | 162,521 | ||||||
| General | Designated Restricted |
Tota I | ||||||
| f | f | f | f | |||||
| Tangible fixed assets | 75,928 | 75,928 | ||||||
| Net | assets | 38,914 | 13,630 | 52,544 | ||||
| 38,914 | 75,928 | 13,630 | 128,472 |
| Total | |||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | funds | |||
| funds | funds | 2022 | |||
| f | f | f | |||
| Income and endowments | from: | ||||
| Donations and legacies |
540 | 540 | |||
| Charitable activities |
74,119 | 259 | 74,378 | ||
| Other trading activities | 7,170 | 7,170 | |||
| Investments | 4 | 4 | |||
| Other income | 1,157 | 1,157 | |||
| Totalincome and endowments | 82,990 | 259 | 83,249 | ||
| Expenditure on: |
|||||
| Raising funds | 1,059 | 1,059 | |||
| Charitable activities |
126,476 | 5,113 | 131,589 | ||
| Total expenditure | 127,535 | 5,113 | 132,648 | ||
| Net income/(expenditure) | (44,545) | (4,854) | (49,399) | ||
| Transfers between |
funds | ||||
| Net movement in funds |
(44,545) | (4,854) | (49,399) | ||
| Reconciliation of Funds | |||||
| Total funds brought | forward | 159,387 | 18,484 | 177,871 | |
| Totalfunds carried | forward | 114,842 | 13,630 | 128,472 |