Narberth Museum Llmited Charity No. 519783 Company No. 02208841 Trustees, Report and Unaudited Accounts 31 March 2024
Narberth Museum Limited Contents Pages Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Summary Income and Expenditure Account Balance Sheet Notes to the Accounts io Detailed Statement of Financial Activities 20to22 Page I
Narberth Museum Limited Trustees Annual Report The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DAlLs Company No. 02208841 Charity No. 519783 Registered Office The Bonded Stores Church Street Narberth Dyfed SA67 7BH Directors and Trustees The Directors of the charitable company are its Trustee5 for the purposes of charity law. The following Directors and Trustees served during the year: E.S. Lidgate J. Ashbridge N. Bennett P. Griffiths J. Hart J.R. Mathias M. Thomas {Resigned 22 November 2023} (Resigned 22 November 20231 Company Secretary P. Griffiths Accountants Ann Stephens & Company Ltd Allen5bank Narborth SA67 8RF Bankers The Co-operative Bank PO Box 250 Delft House Southwest Skelmersdale WN8 7WT Page 2
Narberth Museum Llmited Trustees Annual Report OBJECTIVES AND ACTIVITIES The company is a registered charity and it5 principal objectives are the provision of a museum to collect, preserve and interpret material evidence of the heritage of Narberth and the surrounding area, and the preservation of the historical and architectural heritage of buildings in and around Narberth and, in particular, the Bonded Stores Church Street, Narberth for the public education and benefit. During this period, the Museum has continued to provide a wide range of educational, social and cultural activities and events and thus has engaged with many people in the local and wider community. Using the collection as a basis for telling the stories of Welsh history and culture, our staff and volunteers created some memorable events in quite difficult circumstances this year The work of the Museum Manager continued to contribute to the Museum's development and growth. This has been especially evident in the expansion and management of the bookshop and coffee shop which have both seen increased activity and revenue. The bookshop was taken out to several external events including the National Park's Archaeology Day and festivals SLtch as The Big Retreat and the Out and Wild Festival. This involves a lot of work for staff and volunteers but is very successful in bringing the bookshop to the attention of a far wider customer base. In addition, the bookshop, Chapter One, has book-related events such as the ever- popular Paperback Breakfast and asslsted in the publication of a memoir, A Narberth Boy Remember5, which has raised funds for the work of the Museum. Throughout the period the Museum continued to offer monthly talks on a variety of topics which are have attracted larger and more diverse audiences. Local historian, Terry John has been a regular and much valued contributor to this programme. Local groups and schools continue to visit the Museum and have been given talks and activities relevant to their studies. Because of the difficulties schools have in funding transport to the Museum, plans are in place to take objects related to the themes of the new We15h curriculum out to schools in the future. Narberth has Strong links with other arts and heritage organisations and welcomes community groups. These include the Women's Peace Petition, Span Arts, life-drawing classes, poetry workshops, book groups and groups to improve the physical and mental health of local residents. The local U3A holds some group meeting here. Family history researchers value the opportunity to consult with our dedicated volunteer, Jackie Thompson, for help and 5UPPOrt. The Museum is embedded in the cultural and educational life of the town and is involved with the Food Festival, the annual carnival, and other related organisations, including the Chamber of Trade, to further mutual support and understanding. A full programme of exhibitions was created this year. The Museum also celebrated the eleventh anniversary of its re-opening in the Bonded Stores. It was a chance to reflect on the success of that restoration project and all that had been achieved since. This year has also witnessed significant capital works both scheduled and unscheduled. Thanks to our success in obtaining funding from the Welsh Government's Capital Transformation Fund several initiatives to promote energy efficiency were undertaken. Page 3
Narberth Museum Limited Trustees Annual Report Solar reflective film was installed on the roof lights in the upstairs galleries, existing windows were replaced with double-glazed units, all lighting was replaced with LED lamps, battery storage and an inverter were installed and destratification fans positioned in the roof to redistribute excess heat. The Museum was closed for a period to facilitate this work but a team of volunteers prepared the site and protected the collection while thi5 was carried out, The contractors completed the work to our great satisfaction and ahead of schedule. The whole ambitious project ran smoothly thanks to the efficient project management and planning carried out by the Museum Manager., Daniel Sheen. Unfortunately, other problems beset the Museum during this period. The boiler had been inoperative since February 2023 and delays brought about by attempting to get funding for the more environmentally friendly but prohibitively expensive air SOLtrce heat pump meant that staff and visitors had to endure dlfficult working conditions throughout the year until the boiler could be replaced. Stormy weather in the winter affected the electrical supply and disabled the automatic doors, the lift and the CCTV and resulted in the fire service having to be called out. The resulting repairs totalled £1,700 and although the insurance covered the work on the doors this represented a significant cost outlay. Venue from room hire and staff and visltor morale were affected VOLUNTEERS AND STAFF Narberth Museum has around twenty active volunteers and depends heavily on their willingness, skills and experience to ensure that the organization functions effectively. In the first three months of 2024 they had already contributed 1,174 hours of volunteer time. They readily stepped up to fill gaps in the rota and underwent training to cover all the front-of-house roles required. We are especially grateful to them all for their loyalty and commitment. Some of their roles this year have included: l.Cataloguing the Museum collection and carrying out an audit of framed pictures. Welsh Government completed a survey into the Museum's storage capacity and were "impressed with the ....rationalization projecv, 2. Successfully selling donated second hand books on Ebay 3. Taking on the role of volunteer co-ordinator and providing a framework of organization and stability. During the year we recruited several new volunteers to work in events planning, front of house and education. Training, both internal and external, is an important part of the Museum's responsibility in ensuring volunteer safety and wellbeing. Safeguarding training for all volunteers and an updating of the safeguarding policy was carried out by our new education volunteer, a retired headteacher. Volunteer contributions are acknowledged and recognized in a variety of ways and recruitment is an ongoing process. At the start of this year, our Learning Officer, Emma Baines, left after having been with us for nearly twelve years. Her contribution to the cultural life of the Museum and to all the group5 and organisations with which she interacted has been inestimable. She has laid the foundations for the provision of meaningFul educational activities for all ages and we wish her well for the future. During this period two of our Trustees resigned for personal reasons. John Mathias had been a Trustee for more than twenty years and brought a steadiness and reliability to the Board along with a wealth of administrative experience. Jenny Hart's time as a Trustee spanned ten years and she contributed greatly to the meetings with her local knowledge and her experience spent as Tourism Officer at Pembrokeshire County Council. A new Trustee, Emma Lewis joined us and has already made valuable contributions based on her experience in other Pembrokeshire-based organisations. Page 4
Narberth Museum Limited Trustees Annual Report ACHIEVEMENTS AND PERFORMANCE The Museum continues to be fully accredited by the Arts Council England which indicates that It 15 meeting recognised standards in governance, collection care and visltor services. It also maintains its Visitor Attraction Quality Assurance Service status and was awarded a Hidden Gem certificate. Much staff and volunteertime was taken up with grant applications for project and core funding. Following the success of the bid to the Welsh Governmenys Transformation Capital grant programme work began on various means of improving energy efficiency in the Museum. To capitalise further on this work a bid to the Sustainable Development Fund for additional solar panels was submitted. However, a second bid to the Shared Prosperity Fund was unsuccessful. FINANCIAL REVIEW The Compan$ investments are managed by CCLA Investment Management Ltd. The volunteers organise annual fundraising events to support the work of the Museum. In order for the charity to be effective, Narberth Museum holds back some funds as reserdes to cover the rlsk of unseen emergencies or an unexpected need for funds for repairs or a 5hort-temi deficit in a cash budget. STRucfuRE, GOVERNANCE AND MANAGEMENT The Charity is controlled by its governing document, a deed of trust. and constitutes a limited company, limited by guarantee, as defined by the Companie5 Act 2006. The existing trustees are responsible for the recruitment of new trustees. The Museum has a board of trustees who manage the charity and Narberth Museum is part of the Pembrokeshire Association of Museums. the Federation of Museums and Art Galleries of Wales, the Museum5 Association and the Association of Independent Museums. Narberth Museum works with Pembrokeshire Association of Volunteers, the Association of Independent Museums, and the Museums, Archives and Libraries division of the Welsh Government to identify and utilise relevant training courses for trustees. The Trustees are responsible for keeping proper accounting records that disclose wlth reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements cornply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detectlon of fraud and other irregularities. The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance wlth the Charities SORP {FRS 102). Signed on behalf of the board P. Griffiths Company Secretary 18 December 2024 Page 5
Narberth Museum Limited Independent Examiners Report Independent Examiner's Report to the trustees of Narberth Museum Llmited I report to the charity trustees on my examination of the financial statements of Narberth Museum Limited for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the company {and also Its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 20061'the 2006 Act. Having satlsfied myself that the financial statements of the Charity 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 financial statements as carried out under section 145 of the Charities Act 2011 {'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151 Ibl of the 2011 Act. Independent examiner's statement I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in accordance with section 386 of the 2006 Act; or the financial statements do not accord with those records; or the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair, view which is not a matter considered as part of an independent examination,. or the financial statements have not been prepared in accord3nce 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 IFRS 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 financial statements to be reached. Mrs Jay York Chartered Accountant Ann stephens & Company Ltd Allensbank Narberth SA67 8RF 18 December 2024 Page 6
Narberth Museum Limited Statement of Financial Actlvities for the year ended 31 March 2024 Unrestricted funds 2024 Restricted Endowment funds funds Total funds Total funds 2024 2024 2024 2023 Notes Income and endowments from.. Donations and legacies Charitable activities Other trading activities Investment5 Other 25,060 21,034 21,675 2,043 1,954 25,060 146,402 21,675 2,481 1,954 15,073 34,538 19,839 1,433 2,230 125,368 438 Total 71,766 125,368 438 197,572 73,113 Expenditure on: Raising funds Charitable activities Other 6,504 15,506 56,513 6,504 149,774 85,931 7,490 27,807 84,391 io 134,268 29,418 li Totsl 78,523 163,686 242,209 119,688 Net gains/llossesl on investments 1,408 1,408 16701 Net expenditure Transfers between funds 12 {6,7571 {38,3181 15,7641 1,846 143.2291 147,2451 6,202 1438) Net expenditure before other gain51(losses) {555} 144,082) 1,408 {43,2291 147,245) Other gains and losses Net movement In funds 15551 {44,0821 1,408 143,2291 147,2451 Reconciliation of funds: Total funds brought forward 165,791 1,188,102 14,332 1,368,225 1,415,470 Total funds carried forward 165,236 1,144,020 15,740 1,324,996 1,368,225 Page 7
Narberth Museum Llmlted Summary Income and Expenditure Account for the year ended 31 March 2024 2024 2023 Income 195,091 71,680 Interest and investment income 2,043 999 Gross Income forthe year Expenditure 197,134 72,679 212,511 89,704 Depreciation and charges for impairment of fixed assets 29,698 29,984 Total expenditure for the year Net expenditure before tax for the year 242,209 119,688 {45,075) 147,0091 Net expenditure for the year 145,0751 {47,0091 Page 8
Narberth Museum Umited Balance Sheet at 31 March 2024 Company No. 02208841 Notes 2024 2023 Flxed assets Tangible assets Investments 14 1,219,217 15 15,740 1,234,957 1,248,915 14,332 1,263,247 Current assets Stocks Debtors Cash at bank and in hand 16 8,428 2,212 81,816 92,456 (2.417) 90,039 1,324,996 1,324,996 10,673 1,956 96,486 109,115 {4,137) 104,978 17 Creditors: Amount falling due within one year Net current assets Total assets less current liabilltles Net assets excludlng pension asset or Ilabllity Totsl net assets The funds of the charlty Restrlcted funds Endowment funds Restricted income funds 18 1,368,225 1,368,225 1,324.996 1,368,225 19 13,783 1,144,020 1.157,803 13,783 1,188,102 1,201,885 Unrestrirted funds General funds 19 165,236 165,791 165,791 165,236 Reserves Revaluation reserve 19 1,957 1,957 549 549 Total funds 1,324,996 1,368,225 These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to Small companles. For the year en(Jed 31 March 2024 the company was entitled to exemption under section 477 of the Cornpanies Act 2CK16 relating to small companies. The rnembers have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Approved by the board on 18 December 2024 And slgned on its behalf by: P. Griffiths Trustee 18 December 2024 Page 9
Narberth Museum Limited Notes to the Accounts for the year ended 31 March 2024 l Accounting policies Basis of preparatlon The financial statements have been prepared in accordance with 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 1021 {effective I January 20151 (Charities SORP {FRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. Change in basis of accounting or to prevlous accounts There has been no change to the accounting policies Ivaluation rules and method of accounting) since last year and no changes have been made to accounts for previous years. Fund accounting Unrestrirted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluatlon reserve representing the restatement of investment assets at their market values. These are available for use subjett to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income is included in the Statement of Financial Activities {SoFAI when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SOFA. Donations and legacies Voluntary income received by way of grants, donations and gifts is included in the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included In the SOFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gainslllossesl on This includes any gain or10ss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/llosses) on investment assets This includes any gain or loss on the sale of investments. Page 10
Narberth Museum Limited Notes to the Accounts Expenditure Recognition of expenditure Expenditure is recognised on an accruals basls, Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and haritable activities services in the furtherance of its objects, including the making of grants and governance costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any aLSdit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. These are support costs not allocated to a particular activity. Grants payable Governance costs Other expenditure Taxation The charity is exempt from corporation tax on its charitable artivities. Tangible fixed assets and depreclatlon Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Freehold property Fixtures, fittings and equipment 2% Straight line 20% straight line Freehold investment property Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. Stocks Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. Trade and other 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. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Page 11
Narberth Museum Limited Notes to the Accounts Trade and other creditors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity ha5 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 allowing for any trade discounts due. Research and development Expenditure on research and development is written off in the year in which it is incurred. Foreign currencies Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net income/expenditure. Leased assets Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. Pension costs The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. Receipt of donated goods, facilities and services All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. Page 12
Narberth Museum Limited Notes to the Accounts 2 Company status The company is a private company limited by guarantee and consequently does not have share capital. 3 Statement of Financial Activities- prior year Unrestricted funds Restrlrted Endowment funds funds Total funds 2023 2023 2023 2023 Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments 15,073 22,570 19,839 999 15,073 34,538 19,839 1,433 2,230 11,968 434 Other 2,230 Total 60,711 11,968 434 73,113 Expenditure on: Raising funds Charitable activities 7,490 15,199 54,973 7,490 27,807 84,391 12,608 Other 29,418 Total 77,662 42,026 119,688 Net gains on investments Net Income 1670} 12361 1433) 16701 (47,245) 116,951) 7,616 {30,058} {7,183) Transfers between funds Net income before other gains/(losses) Other gain5 and losses: Net movement In funds (9,3351 {37,241} 1669) (47,245) {9,3351 {37,241) 1669} (47,2451 Reconciliation of funds: Total funds brought forward Total funds carried forward 175,126 1,225,343 15,001 1,415,470 165,791 1,188,102 14,332 1,368,225 4 Income from donations and legacies Unrestrlcted Total Total 2023 2024 Donations and admissions 19,682 5,378 25,060 19,682 5,378 25,060 13,223 1,850 15,073 Grant income lunrestrictedl Page 13
Narberth Museum Limlted Notes to the Accounts 5 Income from charltable actlvities Unrestricted Restricted Total 2024 Total 2023 Sale of educational materials 21,034 21,034 125,368 146,402 22,570 11,968 34,538 Grant income Irestrictedl 125,368 125,368 21,034 6 Income from other trading activities Unrestricted Total Total 2024 2023 Fundraising events Cafe sales 13,300 7,653 722 13,300 7,653 722 10,846 7,557 1,436 19,839 Room hire 21,675 21,675 7 Income from Investments Unrestricted Endowment Total Total 2024 2023 Dividends received on COIF 438 438 434 investment Deposit account interest 2,043 2,043 2,043 2,481 999 438 1,433 8 Other income Unrestricted Total Total 2024 2023 Feed in Tariff 1,954 1,954 1,954 1,954 2,230 2,230 9 Expenditure on raising funds Unrestricted Total Total 2024 2023 Fundroising trading costs Fundraising events Cafe sales 2,972 2,972 2,511 1,021 6,504 2,080 3,701 1,709 7.490 2,511 1,021 6,504 Room hire Page 14
Narberth Museum Llmlted Notes to the Accounts 10 Expendlture on charitable activities Unrestricted Restricted Total Total 2023 2024 Expenditure on charitable octivities Sale of educational materials 14,206 14,206 134,268 13,969 12,608 Grant income Irestricted} Governance costs 134,268 Accountancy 1,300 15,506 1,300 149,774 1,230 27,807 134,268 11 Other expenditure Unrestricted Restricted Total Total 2024 2023 Employee costs Motor and travel costs 35,749 35,749 39,684 Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs 16,694 16,694 11,845 280 29,418 29,698 29,984 3,272 513 3,272 513 2,878 Legal and professional costs 56,513 29,418 85,931 84,391 12 Net expenditure before transfers 2024 2023 This is stated after charging: Depreciation of owned fixed assets 13 Staff costs 29,698 29,984 2024 35,177 572 2023 Salaries and wages Pension costs 38,810 874 35,749 39,684 No employee received emoluments in excess of £60,000. The average monthly number of full time equivalent employees during the year was as follows: 2024 Number 2023 Number Administration and fundraising Women of West Wales project Page 15
Narberth Museum Limited Notes to the Accounts 14 Tangible fixed assets Land and buildings Fixtures, fittings and equipment Total Cost or revaluation At l April 2023 At 31 March 2024 Depreciation and impairment At l April 2023 Depreciation charge for the year At 31 March 2024 1,531,550 1,531,550 56,201 56,201 1,587,751 1,587,751 283,195 55,641 338,836 29,418 280 29,698 312,613 55,921 368,534 Net book values At 31 March 2024 At 31 March 2023 1,218,937 1,248,355 280 1,219,217 1,248,915 560 15 Investments Other Investments Listed Total Cost or revaluatlon At l April 2023 Revaluation At 31 March 2024 Net book values At 31 March 2024 At 31 March 2023 14,332 1,408 15,740 14,332 1,408 15,740 15,740 14,332 15,740 14,332 16 Stocks 2024 2023 Finished goods 8,428 8,428 10,673 10,673 Carrying value analysed by activltles 2024 2023 Sale of educational materials Cafe sales 8,208 220 8,428 10,473 200 10,673 Page 16
Narberth Museum Limited Notes to the Accounts 17 Debtors 2024 2023 Trade debtors VAT recoverable Other debtors 510 289 1,354 81 521 1,413 2,212 1,956 18 Creditors: amounts falling due within one year 2024 2023 Trade creditors 847 2,381 346 180 1,230 4,137 Other taxes and social security Other creditors Accruals 210 130 1,230 2,417 Page 17
Narberth Museum Limited Notes to the Accounts 19 Movement in funds Incomlng resources At31 March 2024 Resources expended Gr05S transfers (Including At l April other 2023 gains/losses) Restricted funds: Endowment funds: 13,783 438 1438) 13,783 Total 13,783 438 {4381 13,783 Restricted income funds: 1,188,102 125,368 1163,686} 15,764) 1,144,020 Total 1,188,102 125,368 1163,686) 15,7641 1,144,020 Unrestricted funds: General funds 165,791 71,766 {78,523) 6,202 165,236 Revaluation Reserves: Endowment funds.. 549 1,408 1,957 Total 549 1,408 1,957 Total revoluation reserves 549 1,408 1,957 Total funds 1,368,225 198,980 1242,2091 1,324,996 Purposes and restrictions in relation to the funds: Revaluation reserves Represent the amount by which investments exceed their historical cost. 20 Analysis of net assets between funds Unrestricted funds Restricted funds Total Fixed assets Investment5 60,918 1,158,299 15,740 2,644 1,176,683 1,219,217 15,740 90,039 1,324,996 Net current assets 87,395 148,313 Page 18
Narberth Museum Limited Notes to the Accounts 21 Reconciliation of net debt At31 March 2024 At l April 2023 Cash flows Cash and cash equivalents 96,486 96,486 (14,6701 {14,67Q) 81,816 81,816 Net debt 96,486 {14,670) 81,816 22 Commitments Operating lease commltments Annual commitments under non-cancellable operating leases are as follows: 2024 Land and buildings 2024 2023 Land and buildings 2023 Other Other Operating leases with expiry date: Pension commitment5 The company operates a defined contribution pension scheme which all employees are entitled to join. 2023 2024 The pension cost charge to the company amounted to: 572 874 Unpaid contributions due to the fund are included in other creditors and amounted to,. 130 180 23 Related party disclosures Controlling porty The company is limited by guarantee and has no share capital; thus no single party controls the company. Page 19