Torfaen Museum Trust (Ltd) YmddiIiedolaeth Amgueddfa Torfaen (Cwmni Cyfyngedig) I ￿.￿U￿1 ,, Annual Report with Flnancial Statements l Apiil 2023- 31 March 2024 Adroddiad Blynyddol gyda Datganiad Ariannol l Ebiill 2023-31 ma￿ 2024 Torfaen Museum Tn￿t Ltd. YmddAriedolaeth Am8ueddfa Torfaen Amgueddfa Torfaen Museum Park BuAldings Pontypool Torfaert NP4 6JH TorfaenMuseum@outloo.*.com 01495 752036 iorfeanmuseum.org.uk Charity no. 507419 Regisiered Company no. 1358444 Accredited Museum no. 298 -1 orfacn ￿l￿Se￿ni "I rust Lid. Annual Report & k'inanLial Siaicmcnls 10?.I-?014 drn)ddiad Bl> ni ddol L)'da DatL*aniad .4riannol ?O?",- 7074 0 )-iiiddiriLdolaeih AmLTucddfa I'orfiien Annual Report with Financial Statements l April 2023- 31 March 2024 Adroddiad Blynyddol gyda Datganiad Ariannol l Ebrill 2023- 31 Mawrth 2024 Contents: Annual Report Preliminary Mission Statement of the Trust Manager's Report Visitor & User Figures 2023-24 Page Report of the Trustees Financial Review Risk Management & Reserves Policv Structure, Governance & Management Reference & Administrative information Responsibilities of Trustees in relation to the Financial Statements Related Pa rty Transactions Independent Examiner's Report to the Trustees Statement of Financial Activities to year ended 31 March 2024 Balance Sheet Notes to the Accounts for the year ended 31 March 2024 io li 12 13-22 Appendices A. Donations & Grants, Supporters & Partners B. Addition5 to the Trust's collections 2023-24 23 23 Front cover photOEraphs'. Left . The Museum Courtyard Right . Medieval Posy Ring '[ orfaci) IKILlSCUllI I rusl Lid. Aiiniicil Kepori &. l-iiiaiiLiI?14i¢ltLniLllis ?Ul 7_?0?4 droddiad BIN iil'ddol .!,di1 Daliiap Iljc?d .4ricinnol 70? l_?0?4 0 I'iiiddiritdoldcill .4iiigiueddfa Torfc1en Annual Report Preliminary: The Executive Board of the Trustees presents its report and the financial statements for the year ended 31 March 2024, which have been independently examined by Brown Davies Accountant5. In preparing the report the Trustee5 have referred to the guidance contained in the Charity Comm ission's general guidance on public benefit when reviewin8 Trust aims and objectives and in planning futu re activities. In particular, the Trustees consider how planned attivitie5 will contribute to the aims and objectives they have set. The Trustees are com mitted to providing the cultural services of the Trust to the public at as low a cost as possible to our user5 and to comply with the Charity Commission's guidance on public benef it. The Trust currently leases the site of Torfaen Museum at Park Buildings on a long term lease f rom Torfaen County Borough Council Ito September 2039). The Trust's Mission Statement: 'To preserve, interpret, dlssemlnote and celebrate local culture and bring the culture of other communities to the communities of Torfoen ond beyond,. The collections that Torfaen Museum Trust collect, safeguard and make accessible are the material culture and associated ephemera and information relating to the history, archaeology, Eeology, social and industrial histories, art, craft and ecology of the County Borough of Torfaen and adjacent di5trictS, from early prehistory to contemporary times. Mana8erfs Report 2023-2024 From April 2023, the £5 admission fee for the museum wa5 removed as it poses a large barrier to visitors. It was also felt that removing the entry fee may trigger a rise in donations within the building. The opening hours of the museum were also reduced to Wednesday 10.00- 16.00 and Saturday 13.00 - 16.00. Staff hope that being open to the general public for fewer days will give breathin8 space to concentrate on events, room hire, outreach and the Collections Review. It also reduces energy usage and therefore costs. In July we appointed a new Outreach and Education Officer, Robert Lewis (funded by The Museums Association, Esmee Fairbairn Collections Trust) on a 2 year fixed term contract with hopes to boost engagement across Torfaen, raise the profile of the museum and take our collection to a much wider audience. U nfortunately, 2 weeks later we said goodbye to both our Curator, Caitlin Gingell, and our site assistant, Koidu-Keiu Kasari. We would like to formally wish them both the best for the future. This left the museum in a difficult position with no Curator leading on a practical and strategic level. Assistant Curator, Sarah Parsons and Outreach and Education Officer, Robert Lewis were asked to take on additional responsibilities until a decision was made to replace the Curator or to consider a restructure. Due to thi5 change in leadership, the decision was taken to scale back on events and activitie5 to focus limited staff resources on the day to day running of the museum. '[ orfic en ￿lus¢uM I rusi Ltd. Ai)IlUiil RLPOrt & l. illcincial SiatLlllCI)Is ?U?.I-?0?4 Adii)ddiad Blviii (Id(Il Lyda l)%ilgy(iiiiad plri'i)i.dd£)l o)'da DalLianiad .4riannol ?0?; -0?4 0 )'niddiricdolaetli Amgucddfa Torfacn 12 TORFAEN MUSEUM TRUST LTD BALANCE SHE￿ AS AT 31 MARCH 2024 2024 2023 Note Fixed assets: Tangible assets li 105,020 123,669 Current assets: Stocks Debtors Cash at bank and in hand 4,000 1,974 39,596 45,570 4,144 5,808 33,634 43,586 12 Liabilities: Creditors.. Amounts falling due within one vear 13 138,6201 14,7341 Net ossets 6,950 38,852 Net current a55et5 111,970 162,521 The funds of the charity: Restricted income funds Unrestricted funds: General f unds Designated funds 14 15 15 6,952 105,018 38,853 123,668 111,970 111,970 162,521 162,521 Total charity funds The financial statements have been prepa red in accordance with the special provisions relating to companies subject to the small companies reglme within Part 15 of the Companies Act 2006, For the f inancial year ended 31 March 2024, the company was entitled to exemption from audit under the Companies Act 2006, s. 477 relating to small companies and the members have not required the company to obtain an audit of it5 accounts for the yea r in question in accordance with s. 476. The directors acknowledge thelr responsibilities for com plying with the requirement5 of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. efi tatements were approved by the Trustees on 27 March 2025. Chalrm ector Mr. G Sandercock Company no. 1358444 IEngland and Wales) The notes on pages 13-22 form part of the Financial Statements '[ orfaeii fvluscum I riisl Lid. Annual R¢pc)rt &. l-ill&illLial %lal¢iiicnis ?U2.3-?Uti4 Adroddiad Blynvddol gyda Dcltoanicid Arianiiol 10)",-?0?4 1) I'ii)ddii'ii'dollc Cth Alli￿lUL.ddlcl Torf2c Ll) 13 Torfaen Museum Trust Ltd Notes to the Accounts for the Year Ended 31 March 2024 l. Accountin Policies Charity information Torfaen Museum Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Torfaen Museum. Park Buildings. Pontypool, Torfaen, NP4 6JH. Accounting convention The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "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 IFRS 102}" leffective l January 20191. The charity is a Public Benef it Entity as defined by FRS 102. The accounts are prepared in sterlin& which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical c05t convention, modified to include the revaluation of freehold properties and to include investment propertie5 and certain financial instruments at fair value. The principal accounting policies adopted are set out below. Cash Flow Statement The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. Incoming Resources: Voluntary Income Isuch as donations) represents amounts recetved during the year. Grants These comprise amounts receivable during the year for all grants including Erants received for the purpose of purchasing fixed assets. Grants received are split between restricted and unrestricted funds depending upon the offer letter accompanying the grant receipt. Investment Income is credited to income when it is actually received. Voluntary Help No monetary value has been put on the help received by volunteers during the year. Resources Expended are included in the Statement of Financial Activities on an accrua15 basis, inclusive of any VAT which cannot be recovered. Charitable Artivities This includes all costs relating to the furtherance of the Charity's objectives. Governance Costs This includes the costs of independent examination. Irrecoverable VAT The Charity suffers from irrecoverable VAT due to the fact that it is on a partial exemption scheme and not all input VAT is recoverable. This is written off to the Statement of Financial Activitie5 in the period in which it arises. Netting Off of Income and Expenditure Income and expenditure are stated gross. Fixed Assets are capitalised where they are considered significant or material within the context of the charity's operations, and are included at historical cost less accumulated depreciation. The Trust's collection of objects, books, specimens, photographs. documents. maps and other materials acquired for preservation are held under Trust and on its winding-up would become the property ofTorfaen County Borough Council under the provisions of an agreement between the Trust and the council's predecessor authority dated 12 June 1979. They have therefore been written off in the year of collection or acquisition. Depreciation is taken at 25°A of the written-down value of fixed assets except for collections etc.. as noted above. -1 orfaen Kluseum "I wsi l.Id. Annual R¢port & F inancial Siaiemcnls ?U? • ?0?4 Adroddiad Bl!n% ddol ¥vvda DatL7aniad ..lrianniil ?O?",-70?4 0 )'niddiriedolaeili ..Ii?ILiueddfa Torfaen 14 Stocks are stated at the lower of cost and estimated selling price le55 Costs to complete and sell. Cost comprises direct materials and where applicable, direct labour cost5 and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nomin31 consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing. sellin8 and distribution. Funds Structure The Charitws funds are split into general funds, designated general funds and restricted funds. Restricted Funds These are funds that can only be used for particular restritted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Designated General Funds These funds are set up where grants have been received for the purchase or construction of f ixed assets, and are transferred to the general f und in step with the depreciation charges on the related assels. Unrestrirted General Funds These funds are available for the general purposes of the Charity, to be used in accordance with the charitable objects at the discretion of the Trustees Operating leases Payments made in respect of operating leases are charged in the year paid Rounding Figures contained in the financial statements have been rounded to the nearest pound. Presentation of the accounts a5 a going concern. The Charity reported a net expenditure of1£50,5511 for the year. This Charity has free reserves of £6.95212023: £38,853} and is monitoring results on a f requent basis. The Trustees are of the view that on this basis the charity is a going concern and there are no material uncertainties about the charity's ability to continue as a 80in8 concern. Cash and cash equlvalent Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in curreni liabilities. Financial instruments The charity only has f inancial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Basicfinancial liabilitles Credltors and provlslons are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowin8 for any trade discounts due. Liabilities policy Liabilities are recoBnised in the Statement of Financial Activities as they become payable. Taxation As a registered charity. the charity is entitled to the exemption from taxation in respett of income and capital gains received within sections 478489 of the Corporation Tax Act 2010 and section 256 of the Taxation of Char8eable Gain5 Act 1992 to the extent that these are applied to its charitable objects purposes only. Critical Accounting Estimates and Judgements In the application of charit¢s accounting policies. the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. I'orfacn Nluscum I'rusi Ltd. Annual Rcport & Financial Sialcmcnis ?U23-10?4 ,Idroddiad Blvniddol g}'da Dalganiad Ariannol ?Oti-.?0?4 1) Ymddiri¢dolacih .4nigu¢ddfa Torfaen 15 The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both cu rrent and future periods. TORFAEN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM DONATIONS AND LEGACIES Unrestricted funds Restrirted funds Total 2024 Total 2023 Donations and Gift Aid 1,282 1,282 1,282 1,282 765 765 INCOME FROM CHARITABLE ACTIVITIES Unrestricted funds Restrirted funds Tota 2024 Total 2023 Grants Torfaen County Borough Council Pontypool Community Council Cwmbran Community Council Welsh Government Cost of Living Fundraising Income Trust Membership Welsh Government Resilience Restricted Grants Federation of Museums & Galleries Wales Museums Association, Esmee Fairbairn Collections Trust Kids in Museums 44,051 6,667 44,051 6,667 52,140 2,500 7,300 10,000 2,305 3,063 2,501 2,226 8,000 2,501 2,226 8,000 15,500 15,247 15,247 1,000 93,808 63,445 15,247 78,692 Capital Grants Welsh Government Transformation grant 88,704 182,512 63,445 15,247 78,692 .1 orlaLn fvluscuiii 'l-rusi Lid. Annual Report &. Fiiiic ncial S1(11imcnts 10? JS_?0?4 Adroddiad 111}'n!.ddol L>i.da DaiL)aniad ..IriLl1)nol ?O?.3-?074 0 %'niddiriL.dolaetli Amgueddla Torfacii 16 TORFAEN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM OTHER TRADING ACTIVITIES Unrestrirted funds Restricted funds Total 2024 Total 2023 Commission on Art Sales TradinE and Publications - Sales Admissions 204 3,066 1,457 4,727 INCOME FROM INVESTMENTS Unrestrirted funds Restricted funds Total 2024 Total 2023 Bank interest 73 73 73 37 73 37 INCOME FROM OTHER SOURCES Unrestritted funds Restricted funds Total 2024 Total 2023 Sundry Income Room Hire 548 5,455 6,003 548 5,455 6,003 534 2,287 2,821 EXPENDITURE ON RAISING FUNDS Unrestricted funds Restricted funds Total 2024 Total 2023 Shop costs 1,169 1,169 1,169 1,169 817 817 .1 orfacn fvluscuii) '[ rLisI Lid. tliinual Report & l- iiianLial %tiltci))cnt5 )0?.1-?0•4 Adroddiad 111)'ii!.ddol oi'da Dcllsiilliiad Ariannol ?O?J-_O?4 0 )'niddiricdol£1eili Amoucddfa Torlaen 17 TORFAEN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 EXPENDITURE ON CHARITABLE ACTIVITIES Unrestrirted funds Restricted funds Total 2024 Total 2023 Direct Costs Salaries, Nl Training Display and exhibitions Total direct costs 51,582 33 923 15,247 66,829 33 923 63,288 246 5,006 68,540 52,538 15.247 67,785 Indirert Costs Energy Rates Telephone and Postage Printing and Stationery Maintenance Cleaning Security Website Development Subscriptions Insurance Miscellaneous Expenses Bank Charges Depreciation Independent examination and accountancy fees Irrecoverable VAT Total indirert costs 11.024 82 4.465 286 2,605 966 2,469 40 892 3,109 1.146 445 34.120 11,024 82 4,465 286 2,605 966 2,469 40 892 3,109 1,146 445 34,120 10,185 381 4,424 1,417 8.893 379 1,261 10,083 252 2,937 614 499 41,223 7,572 700 7,572 700 69,921 4,203 705 87,456 69,921 Total 122,459 15,247 137,706 155,996 .1 orfacn .Iluscum "Irust Lid. .4nnual Report &- F"inancial Siaiements ?O?*_? Adroddiad n! ddol £1 da Dai&>aniad .4riannol 10?.I_)0)4 0 I'niddiricdolaeih Amgvucddfa Torfa¢n 18 TORFAEN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS 2024 2023 Wages & salaries Social security cost5 Pension costs 63,025 3,015 789 66,829 62,562 726 63,288 No employee earned more than £60,OCM). The Directors / Trustees do not receive any remuneration or reimbursement of expenses. Key Management Personnel costs (including employers national insurance and pension contributionsl were £44,99612023: £30,502) The average numbers of staff were: Total 2024 No Total 2023 No Full time Part time Total full time equivalents io. INDEPENDENT EXAMINATION FEES Total 2024 Total 2023 Independent examination fee Accountancy fees 5,750 1,822 7,572 2,900 1,303 4.203 Torfaen Pwluseum 'l'rusi Lid. Annual Repon &. Financial Siai¢m¢nis ?O?.l-?0?4 Adroddiad Bl J"ni.ddol da Daioaniad .,lriannol ?O*"_?0?4 () )'niddiri¢dolactli .4m£ucddfa Torfaen 19 TORFAEN MUSEUM TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ii. TANGIBLE FIXED ASSErs Leasehold Improvements Equipment Furnlture Totals Cost At l April 2023 Additions At 31 March 2024 652.629 9,873 66Z,502 9.669 5,598 15267 118,818 781,116 15,471 796,587 118,818 Depreciatlon At l Aprll 2023 Charge for year At 31 March 2024 530.018 33,121 563,139 8.611 999 9,610 118,818 657,447 34,120 691,567 118,818 Net Book Value At 31 March 2024 99,363 5.657 105,020 At 31 March 2023 122,611 1,058 123,669 12. DEBTORS 2024 2023 VAT Trade debtors Other debtors Prepayments 3,030 96 1,144 1,540 5,810 1,944 1,974 13. CREDITORS: AMOUNTS FALLING DUE WIThIN ONE YEAR 2024 2023 Trade and other creditors Accruals & deferred income PAYE & VAT 15,446 9,828 13,346 38,620 1.670 3,064 4,734 .1 orfacn fvluseum .1 rusl Lid. Annual R¢port & Financial Siaicmenis ?0?3-?0?4 Adroddiad Blyiivddol syda Daisianiad Ariannol ?O?.l-?0?4 0 Ymddiriedolaeth Amgueddfa Torfaen 20 TORFAEN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. RESTRI￿E0 FUNDS At l April 2023 At 31 March 2024 Income Expenditure Transfers Museums Association, Esmee Fairbairn Collections Trust 15,247 15.247 115,2471 115.247) Esmee Fairbairn Collertions Trust Outreach Grant: Used to fund a part time Outreach & Education Off icer, to lund marketing, education equipment and conservation equipment. Total grant received of £20,343 with balance of £5,096 allocated to deferred income. Community Cohesion GrantTCBC: Torfaen Museum's project involved working with the Gypsey Roma Traveller IGRTI community to create a photographic documentary and oral histories, culminating in an exhibition to promote understanding and celebrate GRT culture. Total grant received of £2,000 with no expenditure during the f inancial year so balance in full transferred to deferred income. Previou5 ar At l April 2022 At 31 March 2023 Income Expenditure Transfers Accessions and Development Fund Covid Grant Welsh Government IMALD) Association of Independent Museums Federation of Museums Kids in Museums Welsh Government Transformation Grant 321 13211 14,858 {14,8581 11,549) 1,549 15.5 5(Kl 115,5001 15CQI 88,704 104.704 188,7041 187,1551 13,630 131.1791 .1 orfacn i%luseum l-rusi LEd. Annual Report & Ftnancial Statements IOlj-7014 Adroddiad Ill>'nNddol da Datbtaniad Ariannol ?0?.3-?0?4 0 I'mddiriedolaeth Am?ueddfa Torfaen 21 TORFAEN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. UNRESTRICTED FUNDS At l April 2023 At 31 March 2024 Income Expenditure Transfer5 General funds DesiBnated funds (Fixed Assets) 38.853 150,5511 18.650 6.952 123,668 162,521 118,6501 105,018 111,970 150,5511 Previous ear At l April 2022 At 31 March 2023 Income Expenditure Transfers General funds Deslgnated funds IFixed Assets) 38,914 84.350 {84,4111 38.853 75,928 114,842 1,808 86.158 141,2231 1125,6341 87,155 87,155 123,668 162,521 16. ANALYSIS OF BALANCE SHEET General Designated Restrlcted Total Tangible fixed assets Net assets 105.020 105,020 6.950 111.970 6.950 6,950 105.020 Previous ear General Designated Restricted Total Tangible fixed assets Net asset5 123,669 123,669 38.852 162,521 38.852 38.853 123,668 'I'orfa¢n ifvluscum "I"rusi Ltd. Annual Kcport &. Financial Siaicmcnis ?O?.l-?0?4 Adn)ddiad Dl)nfvddol da DalL)aniad .-lriannol )0?3-?0?4 0 I'mddiriedolaeih AmLiueddfa Torfaen 22 TORFAEN MUSEUM TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. COMPARATIVE STATEMENT OF FINANCIAL AcfiviTIES120231 Total funds 2023 Unrestricted funds Restricted funds Income and endowments from.. Donations and legacies Charitable activities Other trading activities Investments Other income Capital grants Total income and endowments 765 77,808 4,727 37 2,821 765 93,808 4,727 37 2,821 88,704 190,862 16,000 88,704 104,704 86,157 Expenditure on: Raisingfunds Charitable activities Total expenditure 817 124,817 125,634 817 155,996 156,813 31,179 31,179 Net income/(expenditureJ 139,4761 73,525 34,049 Transfers between funds Netmovement Infunds 87,155 47,679 187,1551 113,6301 34,049 Reconciliation of Funds Total funds brought forward Totollunds carriedforward 114,842 162,521 13,630 128,472 162,521 l orfaei) NILlSeuin -] rust l.Id. Ai)nual RLpon &. Fiiii£ ncial Stalcmcnts ?O?.l-?0?4 Adroddiad Blynvddol g>'da Datgaiiiad Ariannol ?O?.l-10?4 0 Yniddiriedola¢ih Am(¥ueddl