Company registration number: 01358444 Charity registration number: 507419
\ \ i i]
TORFAEN MUSEUM TRUST LIMITED TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
|
I
I
I \ i {
i an
|
Torfaen Museum Trust Limited Contents
| Page | |
|---|---|
| Trustees’ Report | 1—5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities (including Income and Expenditure Account) | 7 |
| Comparative Statement of Financial Activities (including Income and Expenditure Account) | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10—16 |
| The following pages do not form part of the statutory accounts: | |
| DetailedStatementofFinancialActivities(includingIncomeandExpenditureAccount) | 17—18 |
\
\
I
|
|
I
!
i
Torfaen Museum Trust Limited Company No. 01358444 Trustees’ Report For The Year Ended 31 March 2025 rDevmene nN enE ee ee eee The trustees present their report and the financial statements for the year ended 31 March 2025.
Objectives and Activities
Aims and Objectives
'To preserve, interpret, disseminate and celebrate local culture and bring the culture of other communities to the communities of Torfaen and 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, geology, social and industrial histories, art, craft and ecology of the County Borough of Torfaen and adjacent districts, from early prehistory to contemporary times.
Public Benefit
In preparing the report the Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing Trust aims and objectives and in planning future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.
The Trustees are committed to providing the cultural services of the Trust to the public at as low a cost as possible to our users and to comply with the Charity Commission’s guidance on public benefit.
The Trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.
Achievements and Performance
Main Achievements
Manager’s Report 2024-2025
We began the year following a 9 month period with no Curator which had left the team in a very difficult position. With no leadership in place the team were in no position to make any key decisions, which caused issues and delayed progress. The team had ensured that we finished the year in a strong position both financially and reputationally, leaving the museum with a positive look for the year ahead. In May 2024, the Board of Trustees made the decision to restructure the core leadership team, introducing a new role alongside the Curator, the Museums Services Manager with overall responsibility over the staff, building and general running of the trust. The board appointed Robert Lewis (from the role of Outreach and Education Officer) into the role of Museum Services Manager, and Sarah Parsons (from the role of Assistant Curator) into the role of Curator. This new leadership team brought experience and much needed vision to drive the museum forward and create stability for the year ahead. In July we appointed a new member to our Front of House team, Cameron, who delivers a warm welcome to our Saturday visitors. We also welcomed our Outreach and Education Officer, Becky Lewis (funded by Esmee Fairbairn) on a 1 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 as well as develop and deliver a new Education Programme to deliver throughout the county. This year we have continued to build partnerships across Torfaen, raising awareness and allowing us to deliver some extremely valuable projects. In June 2024 we launched ‘Wanderlust’, an exhibition created and delivered by young people from the local Gypsy Traveller communities, showcasing their lives and culture through photographs, poetry and oral histories. This poignant exhibition in partnership with West Monmouth Comprehensive School and local photographer and artist John Pountney was extremely well received, featuring on ITV Wales and later being exhibited in The Senedd at the Pierhead Building in Cardiff Bay. Our key partnership work continued later in the year, working alongside Inside Out Cymru on the project CREATE: Community Champions. The programme set out to boost confidence, improve wellbeing and create resilience in local communities through art. Workshops were held in the museum for January — July, building skills and relationships with the view of developing Community Art Champions who will go on to run groups and workshops of their own. This amazing project culminated in an amazing exhibition in the museum Café, later moving to feature at Llantarnam Grange. In November we celebrated the 75th anniversary of Cwmbran with a new exhibition in our gallery. The team worked incredibly hard to create an amazing exhibition including objects from our collection and archive, celebrating the creation of the New Town. The creation of the exhibition highlighted the gaps in our collection around Cwmbran and will inform our future collecting. The exhibition was opened by our very own Cllr Richard Clarke followed by an outstanding talk by the team from Gwent Archives. The exhibition went on to feature in the Council Chambers of Cwmbran Community Council and have now been returned to the museum to go on permanent display.
.. CONTINUED
, i
Page 1
Torfaen Museum Trust Limited Trustees' Report (continued) For The Year Ended 31 March 2025 paa
Main Achievements - continued
Thanks to a successful funding bid through GEM Cymru, we were able to develop our suite of outstanding Handling Collections. These engagement tools have allowed us to transform our Education and Outreach programme, delivering high levels of engagement in all areas of the county, from schools to nursing homes, as well as large scale and community events. We continue to focus and build on our resources, with aims to build links and engage with a wider audience in every corner of Torfaen. By far the biggest task of the year was our application to the UK Museum Accreditation Scheme, with the hopes of renewing our Accredited Museum status. This 6 month intensive process saw our Museum Manager and Curator review and rewrite all of our policies, procedures, documents, forward plans and safety information with the help of our incredible mentor, Ann Mansell and our dedicated Board of Trustees.
Although the process was grueling and sometimes felt insurmountable, it has brought the museum up to date and given the _ teamsubmissiona freshinstartApril on2025solidandfoundations.the museumThereis inhasa muchbeen strongera huge amountpositionofforlearningthe future.through the process leading up to In addition to this the museum continued to provide advice, support, resources and professional participation in a range of funded, local, community and regenerative Projects, Events and Exhibitions. These included, but were not limited to, the following-
| e | Dementia Support Group | |
|---|---|---|
| e | Torfaen Play | |
| e | Brush Art group | |
| e e e |
Pontypool Local History Society talks Art Regen- Plein Air Gypsy Traveller Exhibition in partnership with West Monmouth Comprehensive School |
|
| e | Easter Trails with Multiply | |
| e | Pontypool Community Council Photography competition | |
| e | Pride Exhibition and talk by Noreena Shopland | |
| e | Party in the Park and Celts residency | |
| e | Cwmbran 75th Anniversary Exhibition | |
| e | Pontypool RFC exhibition | |
| e | Windrush Exhibition | |
| e | Bridge 46 Plein Air | |
| e | Paranormal Investigation evening | |
| e | Paul Murphy Talk | |
| e | Pontypool Christmas Cavalcade | |
| e | CREATE: community Champions | |
| e | Members Winter Show | |
| A lot of work has been carried out within the local community and with local schools which has allowed us to engage with a much wider audience this year. The team has raised awareness of the museum and has laid foundations which will lead to muchmoreexcitingopportunitiesintheupcomingyear,offering arenewedoptimismforthefutureofthemuseum. |
Robert Lewis
(Museum Services Manager)
Additional Note
Visitor numbers:
The museum continued to engage with visitors via the website, Facebook and the Free Press. Our website numbers continue to remain low due to difficulties in making changes or adding events. Therefore the organisation focussed attention on social media which is showing positive growth in engagement. Our total in person visitor figures including are listed below and demonstrate a different level of interest compared with previous years as the museum has developed new Education and Outreach strategies and look to widen our engagement wherever possible. The museum will look to further enhance in person engagement going forward with a series of new initiatives in 2025/2026. April 2024: 479 October 2024: 692 May 2024: 487 November 2024: 685 June 2024: 781 December 2024: 443 July 2024: 639 January 2025: 487 August 2024: 578 February 2025: 503 September 2024: 493 March 2025: 498
Total - 6765
Page 2
Torfaen Museum Trust Limited Trustees’ Report (continued) For The Year Ended 31 March 2025 i ai GE
Financial Review
Financial Position
The incoming resources for the year were £100,993 (2024: £88,323) and outgoing resources were £159,738 (2024:
£138,874). If depreciation is excluded the outgoing resources become £133,432 (2024: £104,755). The figures excluding depreciation and the capital funding received give an overall deficit of £32,394 (2024: £16,431 deficit). The amount deducted from general reserves, after transfers due to capital projects was £36,797 (2024: £31,901) bringing the accumulated total of free reserves to £(29,846) (2024: £6,951).
Historically the Trust’s general reserve, built up from surpluses accumulated over time, was used to finance any annual deficit that may arise. There are also designated funds and restricted funds, the purposes of these are outlined in the Notes to the Accounts.
In recent years the Trust used its reserves as contribution towards the extensive repairs and renovation of the Park Buildings and it is now the aim of the Executive Board of the Trustees to raise their reserve fund to the recommended 6 months operating costs (this would currently be c. £50-60,000) to allow both time for the Executive Board of the Trustees to find alternative funds if necessary or to allow them to meet the Trust’s contractual obligations to staff and creditors, and in line with national and Charity Commission recommendations.
Reserves Policy
Previously, the majority of the Trust’s income arose through grant assistance and core-funding from local authorities with funds raised also from entrance fees, Membership, gift aid and revenue from art, gift shop and coffee shop sales and donations. In the current economic climate and due to a significant cut in core-funding from the local authority from previous years, the Trust’s annual income often failed to meet its annual expenditure. Accurate forecasting of income streams following the cost of living crisis are uncertain. It is the aim of the Trustees to raise their reserve fund to 3 months operating costs (this would currently be £50-60,000) to allow both time for the Executive Board of the Trustees to find alternative funds if necessary or to allow them to meet the Trust’s contractual obligations to staff and creditors, as recommended by the Charity Commission.
Currently the Reserves Fund stands at £(29,846) therefore the Trust is now below the minimum 3 months recommended, continued budget cuts have been implemented in order to increase reserves to further safeguard the Trust.
Reference and Administrative Details
Trustees
Mr Richard Clark Mr Colin Crick - Vice-Chairperson Mr John Hanbury-Tenison Professor Jonathan Hunt Ms Susan Morgan His Honour Judge David Morris (resigned 10/02/2026) Mr David Williams (resigned 01/01/2026) Mr Michael Daniels - Hon Treasurer Ms Sue Johnson (resigned 01/01/2026) Professor Raymond Howell (resigned 01/04/2025) Mr Geoffrey Sandercock - Chairperson
Charity Number
507419
Company Number
01358444
Registered Office
Torfaen Museum Park Buildings Pontypool Torfaen
Page 3
Torfaen Museum Trust Limited Trustees' Report (continued) For The Year Ended 31 March 2025
NP4 6JH
Independent Examiner
Liam Davies FCCA Brown Davies Accountants Limited ACCA Lakeside House Lakeside Court, Llantarnam Park Way Cwmbran Torfaen NP44 3GA
{
{
|
|
|
I
l
{
Page 4
Torfaen Museum Trust Limited Trustees' Report (continued) eae een ep neFor TheNESE DDN YearPENT eS EndedCNT ONS OO31 MarchSO SE a2025 ee
nee see ee
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The trustees’ report was approved by the board of trustees and signed on its behalf by:
I
Mr Michael Daniels
Trustee 25/03/2026
{
|
|
;
|
I
I
{
Page 5
!
Torfaen Museum Trust Limited Independent Examiner's Report to the Trustees of Torfaen Museum Trust Limited For The Year Ended 31 March 2025 a ee a eee 5 eee ee ae ee a ee See a SC a Ee
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.
Responsibilities and Basis of Report
As the charity 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:
- 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.
Liam Davies FCCA 25/03/2026 Lakeside House Lakeside Court, Llantarnam Park Way Cwmbran Torfaen : NP44 3GA
I
{
Page 6
I { |
\
Torfaen Museum Trust Limited Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 March 2025 aa i
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted funds |
Restricted funds |
Total funds |
Total funds |
||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM: | |||||
| Donations and legacies | 3 | 85,139 | - | 85,139 | 62,500 |
| Charitable activities | 4 | 7,585 | 1,407 | 8,992 | 19,747 |
| Investments | 5 | 63 | - | 63 | 73 |
| Other | 6 | 6,799 | = | 6,799 | 6,003 |
| 99,586 | 1,407 | 100,993 | 88,323 | ||
| EXPENDITURE ON: | |||||
| Charitable activities | 9 | (158,330) | (1,408) | (159,738) | (138,874) |
| NET EXPENDITURE | (58,745) | - | (58,745) | (50,551) | |
| NETMOVEMENT IN FUNDS | (58,745) | - | (58,745) | (50,551) | |
| RECONCILIATION OF FUNDS: | |||||
| Total funds brought forward | 111,969 | - | 111,969 | 162,520 | |
| TOTALFUNDSCARRIEDFORWARD | 20 | 53,224 | - | 53,224 | 111,969 |
The notes on pages 10 to 16 form part of these financial statements.
I
l
i
1
Page 7
Torfaen Museum Trust Limited Comparative Statement of Financial Activities (including Income and Expenditure Account)
For The Year Ended 31 March 2025 nnnue ny Fup rnp urn ren ere vnvvRnOgEEEntD rere neD SEED nD" rEEE NE ere EN
| 2024 | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| Notes | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM: | ||||
| Donations and legacies | 3 | 62,500 | = | 62,500 |
| Charitable activities | 4 | 4,500 | 15,247 | 19,747 |
| Investments | 5 | 73 | - | 73 |
| Other | 6 | 6,003 | - | 6,003 |
| 73,076 | 15,247 | 88,323 | ||
| EXPENDITURE ON: | ||||
| Charitable activities | 9 | (123,627) | (15,247) | (138,874) |
| NET EXPENDITURE | (50,551) | - | (50,551) | |
| NET MOVEMENT IN FUNDS | (50,551) | ‘- | (50,551) | |
| RECONCILIATION OF FUNDS: | ||||
| Total funds brought forward | 162,520 | - | 162,520 | |
| TOTALFUNDSCARRIEDFORWARD | 20 | 111,969 | = | 111,969 |
The notes on pages 10 to 16 form part of these financial statements.
{
i
1
Page 8
Torfaen Museum Trust Limited Balance Sheet As At 31 March 2025
en
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| funds | funds | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 14 | 83,073 | - | 83,073 | 105,020 |
| 83,073 | - | 83,073 | 105,020 | ||
| CURRENT ASSETS | |||||
| Stocks | 15 | 4,000 | - | 4,000 | 4,000 |
| Debtors | 16 | 2,686 | - | 2,686 | 1,974 |
| Cash at bank and in hand | 15,739 | - | 15,739 | 39,596 | |
| 22,425 | - | 22,425 | 45,570 | ||
| Creditors: Amounts Falling Due Within One Year | 17 | (52,274) | - | (52,274) | (38,621) |
| NET CURRENT ASSETS (LIABILITIES) | (29,849) | - | (29,849) | 6,949 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 53,224 | - | 53,224 | 111,969 | |
| NET ASSETS | 53,224 | - | 53,224 | 111,969 | |
| FUNDS OF THE CHARITY | |||||
| Unrestricted Funds | 53,224 | 111,969 | |||
| TOTALFUNDS | 20 | 53,224 | 111,969 |
For the year ending 31 March 2025 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the charitable company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
----- Start of picture text -----
I
----- End of picture text -----
Mr Michael Daniels Trustee 25/03/2026
The notes on pages 10 to 16 form part of these financial statements.
Page 9
Torfaen Museum Trust Limited Notes to the Financial Statements ee a Foree The Year EndedaS ae31annMarcheee ee ee2025ne et a ee
1. General Information
Torfaen Museum Trust Limited is a company limited by guarantee, incorporated in England & Wales, registered number 01358444 and registered charity number 507419. The registered office is Torfaen Museum, Park Buildings, Pontypool, Torfaen, NP4 6JH.
- Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements 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 charitable company is a Public Benefit Entity as defined by FRS 102.
2.2. Incoming Resources
Nature of income
Gross income represents the value, net of value added tax and discounts, of work carried out in respect of services provided to customers.
Categories of income
Income is categorised as income from exchange transactions (contract income) and income from non-exchange transactions (gifts), investment income and other income.
Income from exchange transactions is received by the charity for goods or services supplied under contract or where entitlement is subject to fulfilling performance related conditions. The income the charity receives is approximately equal in value to the goods or services supplied by the charity to the purchaser. Income from a non-exchange transaction is where the charity receives value from the donor without providing equal value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange.
Income recognition
Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity's assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.
Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.
All income is accounted for gross, before deducting any related fees or costs.
Accounting for deferred income and income received in advance
Where terms and conditions relating to income have not been met or uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can be met.
Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition, or is subject to unmet conditions wholly outside the control of the recipient charity, is accounted for asa liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met.
When income from a grant or donation has not been recognised due to the conditions applying to the gift not being wholly within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions are met.
Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned, and where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred.
... CONTINUED
Page 10
Torfaen Museum Trust Limited Notes to the Financial Statements (continued) For The Year Ended 31 March 2025
pr
2.2. Incoming Resources - continued
Any condition that allows for the recovery by the donor of any unexpended part of a grant does not prevent recognition of the income concerned, but a liability to any repayment is recognised when repayment becomes probable.
2.3. Resources Expended A liability, and the related expenditure, is recognised whena legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 15% reducing balance Plant & Machinery 15% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the statement of financial activities. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the statement of financial activities.
2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a Known amount of cash with insignificant risk of change in value, and bank overdrafts.
- Income from Donations and Legacies
| 3. | Income from Donations and Legacies | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| Unrestricted | Unrestricted | |||
| funds | funds | |||
| £ | £ | |||
| Donations and gifts | 2,972 | 3,783 | ||
| Grants | 82,167 | 58,717 | ||
| 85,139 | 62,500 | |||
| 4. | Income from Charitable Activities | |||
| 2025 | ||||
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| £ | £ | £ | ||
| Charitable activities | 7,585 | 1,407 | 8,992 | |
| 2024 | ||||
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| £ | £ | £ | ||
| Charitableactivities | 4,500 | 15,247 | 19,747 |
- Income from Charitable Activities
Page 11
Torfaen Museum Trust Limited Notes to the Financial Statements (continued) For The Year Ended 31 March 2025
eta eae
5. Investment Income
| 5. | Investment Income | ||||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| Unrestricted | Unrestricted | ||||
| funds | funds | ||||
| £ | £ | ||||
| Bank interest receivable | 63 | 73 | |||
| 6. | Other Income | ||||
| 2025 | 2024 | ||||
| Unrestricted | Unrestricted | ||||
| funds | funds | ||||
| £ | £ | ||||
| Sundry other income | 6,799 | 6,003 | |||
| 7. | Government Grants | ||||
| Government grants recognised in the accounts were as follows: | |||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Torfaen County Borough Council - core costs | 75,000 | 44,051 | |||
| Pontypool Community Council | 6,667 | 6,667 | |||
| Welsh Government Resilience | - | 8,000 | |||
| Croesyceiliog & Llanyrafon Community Council | 500 | ||||
| 82,167 | 58,718 | ||||
| 8. | Net Income/(Expenditure) | ||||
| The | net expenditure is stated after charging/(crediting): | ||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets - owned | 26,351 | 34,120 | |||
| 9. | Analysis of Expenditure | ||||
| 2025 | |||||
| Activities undertaken |
Support costs |
||||
| directly | (see note | 10) | Total | ||
| £ | £ | £ | |||
| Charitable activities | 4,307 | 155,431 | 159,738 | ||
| 2024 | |||||
| Activities undertaken |
Support costs |
||||
| directly | (see note | 10) | Total | ||
| £ | £ | £ | |||
| Charitableactivities | 2,092 | 136,782 | 138,874 |
Page 12
Torfaen Museum Trust Limited Notes to the Financial Statements (continued) For The Year Ended 31 March 2025 nnnOc Ee
10. Support Costs
| 10. Support Costs |
||
|---|---|---|
| 2025 | ||
| Charitable | ||
| activities | ||
| £ | ||
| Employee costs | 94,487 | |
| Premises expenses | 12,573 | |
| General administration | 22,020 | |
| Depreciation | 26,351 | |
| 155,431 | ||
| 2024 | ||
| Charitable | ||
| activities | ||
| £ | ||
| Employee costs | 66,862 | |
| Premises expenses | 14,541 | |
| General administration | 21,259 | |
| Depreciation | 34,120 | |
| 136,782 | ||
| 11. Independent Examiner's Remuneration |
||
| 2025 | 2024 | |
| £ | £ | |
| Independent examination of the financial statements | 2,500 | 7,572 |
| Other assurance services | - | - |
| Tax advisory services | > | - |
| Other financial services | 350 | = |
| 2,850 | 7,572 | |
| 12. Staff Costs |
||
| Staff costs were as follows: | ||
| 2025 | 2024 | |
| £ | £ | |
| Wages and salaries | 92,138 | 63,025 |
| Social security costs | - | 3,015 |
| Other pension costs | 2,349 | 789 |
| 94,487 | 66,829 |
No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000. 13. Average Number of Employees
Average number of employees during the year was: 10 (2024: 10)
{
Page 13
i i
;
Torfaen Museum Trust Limited Notes to the Financial Statements (continued) For The Year Ended 31 March 2025
a
14. Tangible Assets
| 14. Tangible Assets |
|||
|---|---|---|---|
| Land & | |||
| Property | |||
| Leasehold | Plant & | Total | |
| Machinery | |||
| £ | £ | £ | |
| Cost | |||
| As at 1 April 2024 | 662,502 | 134,085 | 796,587 |
| Additions | as | 4,404 | 4,404 |
| As at 31 March 2025 | 662,502 | 138,489 | 800,991 |
| Depreciation | |||
| As at 1 April 2024 | 563,139 | 128,428 | 691,567 |
| Provided during the period | 24,841 | 1,510 | 26,351 |
| As at 31 March 2025 | 587,980 | 129,938 | 717,918 |
| Net Book Value | |||
| As at 31 March 2025 | 74,522 | 8,551 | 83,073 |
| As at 1 April 2024 | 99,363 | 5,657 | 105,020 |
| 15. Stocks |
|||
| 2025 | 2024 | ||
| £ | £ | ||
| Stock | 4,000 | 4,000 | |
| 16. Debtors |
|||
| 2025 | 2024 | ||
| £ | £ | ||
| Due within one year | |||
| Trade debtors | 1,042 | 30 | |
| Other debtors | 1,644 | 1,944 | |
| 2,686 | 1,974 | ||
| 17. Creditors: Amounts Falling Due Within One Year |
|||
| 2025 | 2024 | ||
| £ | £ | ||
| Trade creditors | 21,916 | 14,338 | |
| Other creditors | 9,833 | 1,109 | |
| Taxation and social security | 9,105 | 13,346 | |
| Accruals and deferred income | 11,420 | 9,828 | |
| 52,274 | 38,621 |
Page 14
Torfaen Museum Trust Limited Notes to the Financial Statements (continued) For The Year Ended 31 March 2025 iNe
18. Deferred Income
Deferred income movements in the year were as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Balance | at the start of the period | 7,096 | - |
| Income | deferred in the current period | 1,824 | 7,096 |
| Balance | attheendoftheperiod | 8,920 | 7,096 |
19. Pension Commitments
The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. During the year the charge to the statement of financial activities in respect of defined contribution schemes was £2,349 (2024: £789).
At the balance sheet date contributions of £3,722 (2024: £1,108) were due to the fund and are included in creditors.
20. Movement in Funds
| 20. Movement in Funds |
|||||
|---|---|---|---|---|---|
| As at 1 April 2024 |
Income | Expenditure | Transfers | As at 31 March 2025 |
|
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General: | |||||
| General unrestricted fund | 6,951 | 99,586 | (158,331) | 21,948 | (29,846) |
| Designated: | |||||
| Fixed Assets | 105,018 | - | - | (21,948) | 83,070 |
| Total unrestricted funds | 111,969 | 99,586 | (158,331) | - | 53,224 |
| Restricted funds | |||||
| General restricted fund | - | 1,407 | (1,407) | - | - |
| Total funds | 111,969 | 100,993 | (159,738) | - | 53,224 |
| As at 1 April 2023 |
Income | Expenditure | Transfers | As at 31 March 2024 |
|
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General: | |||||
| General unrestricted fund | 38,852 | 73,076 | (123,627) | 18,650 | 6,951 |
| Designated: | |||||
| Fixed Assets | 123,668 | - | - | (18,650) | 105,018 |
| Total unrestricted funds | 162,520 | 73,076 | (123,627) | . | 111,969 |
| ..,CONTINUED |
Page 15
Torfaen Museum Trust Limited Notes to the Financial Statements (continued) For The Year Ended 31 March 2025
a
| Restricted funds | |||||
|---|---|---|---|---|---|
| General restricted fund | - | 15,247 | (15,247) | - | - |
| Totalfunds | 162,520 | 88,323 | (138,874) | - | 111,969 |
21. Transactions with Trustees
None of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.
No trustee expenses have been incurred.
22. Related Party Disclosures
A number of the Trustees are members of the councils by which they are appointed. Some of these councils make grants to the Trust.
The Trustees did not engage in any transactions with the Trust other than as members of the general public - this is in line with principle 2d of the Charity Commission guidance on public benefit.
23. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
----- Start of picture text -----
I
----- End of picture text -----
l
I
{
Page 16
Torfaen Museum Trust Limited Detailed Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 March 2025 ananennn OE EE cE DE
| 2025 | 2024 | |
|---|---|---|
| Total funds |
Total funds |
|
| £ | £ | |
| INCOME AND ENDOWMENTS FROM: | ||
| Donations and legacies | ||
| Donations from individuals | 2,972 | 3,783 |
| Government Grants | 82,167 | 58,717 |
| 85,139 | 62,500 | |
| Charitable Activities: | ||
| Charitable activities | ||
| Grants | 4,916 | 15,247 |
| Ancillary trading in support of charitable objects | 4,076 | 4,500 |
| 8,992 | 19,747 | |
| Investments | ||
| Bank interest receivable | 63 | 73 |
| 63 | 73 | |
| Other | ||
| Sundry other income | 6,799 | 6,003 |
| 6,799 | 6,003 | |
| 100,993 | 88,323 | |
| EXPENDITURE ON: | ||
| Charitable Activities: | ||
| Charitable activities | ||
| Display and exhibitions | (2,737) | (923) |
| Operating charity shops | (1,570) | (1,169) |
| Wages and salaries | (92,138) | (63,025) |
| Employers NI | - | (3,015) |
| Employers pensions - defined contributions scheme | (2,349) | (789) |
| Staff training | - | (33) |
| Rent | (5) | (5) |
| Light and heat | (9,021) | (11,024) |
| Water rates | (195) | (77) |
| Cleaning | (1,581) | (966) |
| Security costs | (1,771) | (2,469) |
| Computer software, consumables and maintenance | (505) | - |
| Repairs, renewals and maintenance | (2,229) | (2,605) |
| Insurance | (3,589) | (3,109) |
| Printing, postage and stationery | (273) | (286) |
| Advertising and marketing costs | (14) | - |
| Telecommunications and data costs | (6,687) | (4,465) |
| Website costs | (64) | (40) |
| Independent examiner's fees | (2,850) | (5,750) |
| Accountancy fees | (1,623) | (1,822) |
| Subscriptions | (713) | (892) |
| Bank charges | (136) | (445) |
| Sundry expenses | (2,637) | (1,145) |
| ..-CONTINUED |
----- Start of picture text -----
{
----- End of picture text -----
Page 17
Torfaen Museum Trust Limited Detailed Statement of Financial Activities (including Income and Expenditure Account) (continued) aa re Ona nnFor The Yearpte EndedINND IP OIE31 WnMarchTRENT Dwr2025Se ne NTECT 1 OO ee
| Disallowable VAT | (700) | (700) |
|---|---|---|
| Depreciation of plant and machinery | (1,510) | (999) |
| Depreciation of leasehold land and property | (24,841) | (33,421) |
| (159,738) | (138,874) | |
| (159,738) | (138,874) | |
| NETEXPENDITURE | (58,745) | (50,551) |
{
I \
l
i
{
Page 18