Charlty reglstratlon number 1006933 Company reslstratlon number 02616241 (England and Wales) LLANTARNAM GRANGE ARTS CENTRE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 MITCHELL ASSOCIA TES CHARTERED ACCOUNT ANTS LLANTARNAM GRANGE ARTS CENTRE CONTENTS Page Trustee5 report Irsdependent examiner's report 12 Statement of flnanclal activities 13 Balance sheet 14 Notes to the financial statements 15-26 LLAwfARNAM GRANGE ART CENTRE TRUSTEES REPORT IINCI.UDING DIRECTORS, REPORT) FOR THE YEAR ENDED31 MARCH 2024 The Trustees are pleased to present thek annual dlreciors. report logether wlth the flnanclal statements of the charlty for ihe year endln8 31 March 2024. whlch are also Fffepared (o meet the requlrements for a dlrectors, report and accounts for Companles Act purposts. The financlal starements compty with the Charlties Act 2011 the Companies Act 2006, the Articles ol A550(latlon and Accountln8 and Reporting by Charities., Statement of Recommended Prattlce appllcable to charirle5 preparlng thelr accounts In accordance with the Financlal Reportlng Stsndard appllcable In rhe UK and Republlc of Ireland IFRS 102) leffettive l January 20151. Chalfs Report Thlsls my flist Introductlon to the annual report In my role as Chalr al Llantamarn Grange Arts Cenire. It has been a great honour and prlvllege to lead the Board of Trustee slnce September 2023.1 would Ilke to take thls opportunlty to thank our prevlous Chalr. Elalne Cabirts and Treasurer Peter Hardin& whose terms ended during thls perlod. Thelr work In supportlng our Dlrector. Loulse Jones-lmlliams and the wlder staff team, over the last slx years, has assuied our contlnwd success and statN&'ty in what coridnues to be a challen8lng landscape for the Arts Culture and Herlta8e sectors. Lookln8 back over the achitwements of Llantamam Gran8e durlng the last year, it Is wonderful to see the organslatlon contlnue to Ilourlsh and I fulty support the senrlmenrs expressed by Lousle In thls report. Loulse leads Llan¢arnam Grange as a Va￿e5-based organlsatlon. 4)proaching earh of our core values In a way that center5 care," care for our crwnmunlrles arKJ all the people we work wlth. cafe for the vlstjal arts and every artlst that en8a8es wlth us and care In delivedn8 qU￿[ty exhlbRlons and programmes. Thls care shown by LousSe, the staff. facilitators and VO￿nteerS shines through, and we belie￿ ihat this Is part of makes Uantarnam Gran8e a special and loved place for our communities. Challenglng social and economlc condltlons are also being faced by our communlties. Usin8 rhe Arts as a tool for social justice 15 a core theme In our ￿￿rk. Louise ihe team ensure Uantarnarn Grange is a place for everyone. usin8 our exhibirion and learnln8 pro8ramrne to address the Inequalltles of soclety. This has resulted In a rlth. dlverse and representaifve programme bullr wlth rninorltlzed people and communlties. The Women's Ald Exhlbltlon. Adeola Dewls's commSsslon T)ancln8 Outslde Opens the Road for the blllboard gallery, Gobscures You Have Already Survlved, and Mohamed Has5anS Y4ttne551n8 Wale¥ arejust a few examples of the breadth of pro8rammln8 dellvered thls year. Our esrabllshed sut our famllyarts offer free to ensure it rema5ns accesslble to all durln8 the cox-of-Ilvin8 (rtsl& Loulse has empowered the team to accompllsh these slgnlflcant xhlevernen￿ worklng wlth our partners, volunteers, facllltators. arllsts and audiences. I wlsh tL) commend and express mygralltude to Lousle and team for thelr hard work, commltment and continued POStt￿ outlook. l also wtsh to take this opportunlty to thank my fellow4 Trustees for their on80in8 SUPPOrt and the care and attention thty take in ensuring good govemance. Our achlevements would not be possible without the support of our funders. We are proud to have maintained our slatus as an Arts Councll of Wths Aris N•Jhl Year Funded cllent thls year and thank ihem for their ongoln8 support, We also grateful for the annual fijnding and support we have recel4ed from Torfaen County Borou8h Councll, C4+Mbran Communlty Councl Croesycelli8 & Llanyrafon Community CouncA, Pontypool Cornmunlty Councll, Blaenavon Communlty Councll and Henltys Communlty Councll. We also 8rakful for the project fundln8 we have recelved across thls year from the Arts Councll of Wale% Torfaen County Borou8h Council. Garfleld Wesron, Aneurln Bevan Healrh Board, the Ashley Famlty Foundatlon. Looking ahead. we conrinue to be dedicated to our redwelopment plans, collal)orarlng wlth others to strengthen our role as a valued asset for our communities a(fvocaM8 for thevakR of the arts in Wales Steph Bur8e, Chalr LLANTARNAM GRANGE ART CENTR I'iiiisi'ri.r.s IlF,PORT (INCLIJI)INC- DIRECTORS, RI,:POIIT) 401I THf, YEAR ENDED 31 MAIICH 2024 ur Pur ose L5antarnam Grange is Cwmbran's centre for Art and Craft and we play 3 vital role in our communlty, brlnglng people together, supporting artists, improvlng health and well-being and encouraging creativity for all. Llantarnam Grange is a friendly space where everyone Is welcome to feel inspired. included, appreciated and respected. We h05t contemporary art and craft exhibitions which are free for the public. Our Billboard Gallery brings art outside the gallery wa115, removing barriers, and inspiring creativity in the community. Our learnlng programme makes space for anyone to develop their work including youn8 people, schools, colleses, older people and community groups. We aim to bring the cransformative power of the arts to as wide an audience as possible and we have remained at the forefront of the artistic and social community in Southeast Wales and beyond for over So year5. We engage with audiences of up to 45,000 per year in our projecis at the centre, oiher venues and In outreach activities - reinforcing our position as a valued resource within our local community, regionally and nationally. We are developing a Digital Venue which compliments this, increasing the reach of our activitie5, the opportunities for the artists we represent engaging and embracing those audiences who cannot visit our building. Llantarnam Grange Is located in a 19th-century rnanor house in the centre of Cwmbran, housing gallery, community and learning spaces, a craftshop, café and meeting rooms. Llantarnam Grange Arts Centre is an Incorporared charity and governed by a Voluntary Board of Trustees. We are a member of the Arts Council of Wales Arts Portfolio Wales, receiving annual core funding as well as project funding. We also recelved annual funding from Torfaen County Borough Council, Cwmbran Community Council, Croesyceilig & Llanyrafon Community Council, Pontypool Community Council and Henllys Community Council. Our Values.. Placemaking- Llantarnam Grange is loved by everyone. Legacy - Building a healthier and sustainable future. Asplrarlonal - Being the bridge between ambltion and success. Creailvlty - Everyone has a righi to be creative. Equity - Understandlng the inequalities of society and implementing change. Our Vlslon: A community that celebrates and supports creativity, talent and well.being through the vlsual arcs, Our Mission., To support and Insplre artists and audiences through creative learnlng, providing a place for clvlc engagement for the well.being of our communlties and sharing the work of leading visual artlsts and makers from across Wales, the UK and Internationally. The Trustees of Llantarnam Grange Arts Centre believe whole heartedly that the work undertaken in meetlng Its Charitable Objects brings a direct benefit to the public. We rely on grants and the income from selling artwork, our craftshop, our cafe a5 well as charges for selected activities to cover our operatlng costs. We take our responsibilities as a recipient of public funds very seriously and without this invaluable support we would not be able to deliver significant strands of our important work. We aim to give very good value for money to our funders. delivering on their aims and objectives, and very often exceeding their expectation5. Admission to see our exhibitions at the Centre remains free, Affordability and access to our programme is very important to us and is reflected in our pricing structure wlth charges kept to a mirsimum and many activitles dellvered free of charge. We strive to understand our audience5 and engage In dialogue with our communities to reflect and react to their needs. We w511 continue to diversify our Irustees, staff, artists and audiences to reflecr rhe society we live in. LLANTARNAM GRANGE ART CENTRF TRUSTf.b,S Rfi,l)()RT (INCLUDING I)IRfi.CTQIIS' RF.POIIT) Tr()R I'III,: YF.AR F.NDF.D 31 MARC.H 2024 er We have a Volunteering Policy and Volunteer Co-ordinator. Although the Charlty does not rely on volunteers to run and deliver aur work, we greatly value the contribution and support of our volunteers. for 2023- Aim 11 We wlll broaden cultural access for the general public and provide opportunlties for artlsts and makers from Wales and beyond. Aim 21 We wlll support creatsvity and develop talent. for people of all ages and backgrounds to fulfil their potential, develop their skills and confidence. Aim 31 We will improve the health, wellbeing of our community, and sustalnabillty of our environment through the arts. Alm 41 We will work to create a thrivln& inclusive and more representative visual arts and craft sector In Wales. Aim 51 We wlll reinforce our posltlon as a valued and needed resource for our communitie5, both physical and dlgital. We have shown ihat we are a flexible. agile organlsatlon that has adapted to challenglng social and economic environments, supporting the needs of our communities, and responding to opportunltles wlth partners, In the last four years we have radlcally changed how we present our exhibitions, the artlsts we represent and the breadth of our engagement work. We have continued to strengthen our art and health prograrnmes, and support for young people, families, older people, art Students, emerging and established artists, Our communlties are still recovering from the pandemic. and the current cost of living crisis mean5 now more than ever people need communal spaces in which to meet and connect. Our Value5 are integral to all our work, and we are passlonate about improving cultural democracy, social justice and fairne55. Our ambitious plan5 are backed up by positive actions that better represent the country we Ilve in and show how we deliver for the whole community. We are on a journey to better address the planetary emergency throush climatejustice work and to Improving our Welsh language programming. Our Vision, Mlssion, Aims and Objectives and strategic plans clearly set out how we will tackle this. The principles of the Well- being of Future Generations Act are central to our work,. it informs how we make decisions together, for everyone's future. We continue to diversify our income from a wide variety of sources, increasing fundraising from public ané privaie sector, maximise avallable lax relief. develop Indlvidual giving and return earned income to pre. pandemic levels as quickly as possible. We were successful in our application Arts Council of Wales Investrnent Revlew in 2023 whlch provides stability and drives our core ambitions, enabling us to contlnue to posltively impact our cornmunities, It gives confidence to other funding partners and the sector and allow5 US to leverage funding from other sources. We have seen a steady Increase in audiences returning since 2020 and demand for our services and actlvities, Our bullding continues to used as a Creatfve and Artistic Hub providing activlties for young people and famSlles, schools workshops, Artist Meet sessions, support for graduates and students, arts and health activities, talks, workshops, room hire and vital space for people to meet and be creative. OLJr Digital Venue continues to be developed, aiming to engage, support and nurture those audiences who are unable to access our building and includes film5, digital workshops, art15t blogs and virtual walkthroughs as well as an online shop. LLANTARNAM GRANGE ART CENTRE I'IIIJSTF,fi,S IIF.PORT (INCLUDING DIRECTORS, RLPOR'I.) Ji()Ii'fHf, YEAII F.NI)F.D 31 MARCH 2024 Exhlbltlons Pro Aprll 2023 - March 2024 Billboard Gallery. Adeola Dewls -'Danclng Outslde Opens the Road, Inspired by tho hislory of Cwmbran. farming and Ihe tin industry. the work drew parallels to elements of the Yoruba deity Ogun, the West African god of iron, metal and metal work. Through a photoshoot that played with Costume and adornment, Wales based Trinidadian artist Adeola Dewis and photographer Catriona Abuneke captured the Joy and spirit of four local women. Th15 project Wa5 in colloboratlon with Creative Lives, Connect and Flourish Arts Council Wales project 'Unearihing Creativity,, Newport Fusion.. and funded by the Arts Council of Wales Cultural Recovery Fvnd, 06.05.23- 29.07.23 Gallery 1: Jin Eul Klm -'Slmpllcity and Complexity. Solo exhibition by Wales based South Korean cerèmicist Jin Eui Kim of new work that uses intricate optlcal effects to attract and trick the eye. Through Snvestl8atlng how and why visual phenomena appear, his research explores optical i15u5ions, visual perception, and OP Art (optical arti. Gallery 2.. Vlvlenne Beaumont-'Huff and Pufr Solo exh ibition by machine embroiderer Vivienne Beaumont, a new series of narrative stitched textiles Insplred by fairy tales, reflectin8 the faci that nature has the power to transform and renew, giving hope In a tlme of universal anxiety. Café Gallery: John Langford -'The Chronlcle of Clemend Newport born artist and musician. Jon Langford, was commissioned to illustrate thi5 new edltlon of The Chronicle of Clemendy published by Three Imposters, a small publisher based in Newport which aims to produce high quality, scholarly verslons of interestin& rare and out-of-print books. along with other related new writing. Showcase Gallery: Kate Kato & KeeleyTraae 12.08.23- 04.11.23 Gallery 1: Portal 2023 Portal is our annual group exhibition of graduate artists and makers, giving new voices suppor¢ too15, and the opportunlty to develop skills. Portal reaches beyond the gallery walls with mentoring to give emerging artists the best possible start for forging sustainable careers. Gallery 2: Craft Festival -'Modern Alchem Collaboratlon with 'Find A Makerf, included jewellers who push the boundaries of new and traditional technique5. From lost-wax casting, contrasting oxidisation of metals. use of precious and unique gemstones. to stone carving, mark maklng. wire inlays and miniatLJre drawings etched in brass. Eachjeweller presents exciting techniques, some of which are self-developed and experimental. Café Gallery: Edward Wolley Local photO8rapher and paincer. taking inspiration from the dramatic landscapes of South Wales. He walks frequently in the hills and valleys and along the Gwent levels, with views across the Severn Estuary strivlng to capture the tranquillity and turbulence of the skies, along with the bright colours of the landscape. Foyer Gallery: Crlw Celf Annual Showcase Annual celebration of young people's work in school years 5-13 through our Criw Celf programme. Funded by the Arts Council of Wales, this provldes children and young people with the opportunity to develop their artistic ski115 outside of the school environment and alongside professional artists. This year our Criw Celf participants have worked closely with $0 many amazing artist makers to experiment with printmakin& drawing and embroidery. LLANTARNAM GRANGE ART Cll NTRE TRUS'I'EI li S IIF,I)ORT (INCLUI)ING I)IRF,CTORS' REPORT) F()II'I'III,; YF,AR ENDED 31 MARCH 2(124 18.11.23- 03.02.24 Gallery 1: Mohamed Hassan -'WStnesslng Wales. Long-term body ofwork by Wales based Egyptian photographer Mohamed Hassan. Through using a documentary approach, Mohamed intersperses siriking portraits with images of the land, and cultural icon5, to question ideas of identity, nationhood, and belonging. Working in both black and white, and colour, he portrays people In theSr natural environment and landscapes, exploring the simllaritles that are shared between people and the land, Gallery 2:'Evergreen' Showcasing a collecLion of sustainable craft from artists and makers who are con5CIOUs of the impact of what they make. From traditional ways of making to usin8 local or recycled matedals. Evergreen offers a collection of gifts that will last, bringing loy for years (o come, showin8 a thoughifulness and consideration to both loved ones and the world around u5. Café Gal lery: Solo Exhlbltlon Beth Wilks Teacher and visual artist who works malnly in papercutting, a technique she enjoys as the work 15 Intrlcate and detailed, which contrasts with the nawe and simplistic appearance of papercuts, Showcase Gallery: Kathleen Murphy 05.02.24- 11.02.24 Gallery 2.. Pop Up Exhibition - Cyfannol Women's Ald To colncide with Sexual Abuse & Sexual Violence Awareness Week 2024, Horizon Sexual Vlolence Services ISVSI exhibited a collaborative creatlve reaction from a series of pracrical workshops, which reflected on the words 'lVs not OK., Horizon SVS is a project inltiated by Cyfannol Women's Aid, which supports people across Gwent who have experienced domestic abuse or sexual violence. The workshops. held at Llantarnam Grange, gave participant5 an alternate way 10 communicate and an opportunity to find their volce through creativity . a volce that may otherwise go unheard. 17.02.24. Q4.05.24 Gallery 1: Seam Collectlve -'A Visible Thread. Exhibition which explored the visibility and invisibility of thread. Through unique perspectives and a dlverse range of textile disciplines, 14 arti5t5 from Bristol and the South West of England created new works to stimulate thought, connection, and conversation. The exhibition alms to encourage viewers to rethink their relationship to thread, be aware of its materiality, its Sustainability, its possibilitie5, and limitations. Gallery 2 and Café Gallery: Gobscure- You Have Already Survived, Solo exhibition by artist-performer-writer gobscure that celebrates Ihe Afon Wysg (River U5kl. Through poetry, paper sculpture, photO8raphy, sound, and performance, gobscure share5 a cumuSation of work that has been a 15fe.time in the making. Winding their lived experience with history, myth, politics, and nature, thls works reflects on the watercourse as a companion for the complex process of healing and growing post-trauma. Foyer Gallery.. Cardlff school of Art and Deslgn - Annual Showcase Group exhibiiion by graduating students from CSAD Ceramics, showing a range of work that explores different process and techniques, from functional vessels to experimental Sculpture. In this developrllental work you will finds stories that link materials to places, technlques that stretch across continents, and motifs that share a sense of home and belongin8. 08.10.2023. 30.12.2023 Walter Keeler- The Ceramic Collection. Aberystwyth Unlverslty Walter Keeler is an inlernationally renowned potter who creates useful pieces that explore5 the sculptural poteniial of functional design. His fascination with pots stems from his childhood, mud larking along the tidal banks of the Thames, The ceramic fragments he found kindled a passlon for old pots, and, subliminally, a tactical key to the methods of those long dead potters. LLANTARNAM GRANGE ART CENTRE I'IIIJSl'b; Ji S IIF.I)ORT (INCLUI)ING DIRF.CTORS' REPORT) FOII THf, YF.AR ENDED 31 MARCH 21)24 27.01.24- 03.03.24 Alastalr Duncan'lnteractlve Tapestry Weavlng.. Old Blg School Gallery, Tonbridge Working across fibre, photography and sound, Alastair Duncan brings craft and technology together in a series Df interactive tapestries. Alastair colleciing field recordings which he uses to parallel the textural and rhythmlc aspects of weaving wlth the regularity, pace and audio textures in his sound scapes. 20 Our learning programme ha5 conLinued to develop this year in parallel with the organisations aims and values. Soclal Prescribing Project- Our'create with Confidence. weekly class has contlnued beyond Its initial pilot whlch supported adults Ilvlns with Long Covid. The evaluation done by University of South Wales allowed us to develop the project which now supports those experiencing mental health issues. We will continue to source funding annually for this project. Llvlng wlth Dementla ProJect- Continued our weekly Living with Dementia class with a regular group of approx. 8 attendee5, Wlth projects being devised by the lead tutor and ideas from participants, We will continue to source funding annually for this project. Youth Advlsory Panel -The panel of 7 young adults aged between 16-25 have been introduced to the organisations procedures of governance and encouraged to input into the development of our busines5 plan and policy reviews. They have also been involved in the development of an exhibition working wlth our Exhibition5 Offlcer and taklng part in creative workshops to develop their skills as young makers. Crlw Celf - This was the last year of this Arts Council of Wales strategic nationwlde programme run slnce 2014 and of which we were the lead organisation for South.Easr Wales. Young people aged 10-18 years had the opportunity to take part In masterclasses aimed at developin8 their creative skills and understand the breadth of careers available within the creative industries. The project culminated in an exhibition. We wlll seek funding to continue this kind of project in the future. Famlly a nd Young People's Actlvltles We conrlnued to deliver activities through Easter, summer and all half term holidays, Some activities were funded by TCBC as part of thelr celebration of the Monmouthshire and 8recon Canal. Schools -Gwenr Public Service Board funded 16 sessions working with Torfaen schools themed on Healthy Futu res, these sessions ran from January to March 2024. TCBC funded us to run workshops with Torfaen schools looking at the wildlife of the Monmouthshire & Brecon Canal this work. Thi5 year we worked with schools across Torfaen, MonmouthshSre and Cardiff exploring a variety of themes with nursery pupils through ta year 6. Craft Festlval We took part Sn Cheltenham Craft Festival in November 2023 and March 2024. Deliverlng free children's activities with all content based on the work of exhibiting arrists. We also presented a selecrion from our craft shop on a gallery stand and presented a showcase award to an exhibitor. Creatlve Hub - Our Community Art Space continues to exhibit a rolling programme of exhibltions focuslng on local artists, young people and community groups. It also acts as a Creative Hub for informal learning sessions, supporting older and disabled people to fully engage In our activities by allowing us to conduct more events on the ground floor. Artlst Hub We contlnue to provlde one studio for an artist or small creative business, focused on artists who can support our work extending reach in our iommunity and partnership opportunities. We continued to dellver monthly 'Artist Meet5, for artists to come together. discuss their work and take part in activSties or talks. LLANTARNAM GRANGE ART CENTR TRIISTEfi.S REPORT (INCLUDIN(: I)IRF.CTORS' REPOR'r) Tr'oll I'II I,: YF,AR Tr:NDF.D 31 MARCII 2024 Healthy Futures- Aneurin Bevan Health Board approached us to facilitate a community project working with schools, young people and families. The project under the banner of Gwent Public Service Board consisted of a series of creative workshops in which participants were encouraged to give their thoughts and views on what would make Torfaen a healthier and Fairer place to live in the future. The artwork and feedback formed video artworks and a robust final evaluation produced by Aneurin Bevan. for Llantarnam Grange 15 a place that Is loved by and used by our local and artistic communities. It has been a part of their Ilves for almost 60 years, and we now have ambitious plans ro build on this legacy by developing ou r building and our activities. We want to create a renewed. flexible venue and offer, that will better suit the need5 of all our communities. We want to secure our place in the heart of rhe town, and within the arts in Wales. We are a vltal part of the community, provlding spaces and opportunities for creatin& learning, sociali5ing, engaging and relaxing. We have an ageing and increasingly isolated populatlon which need these spaces to foster friendships,. creative young people who need access to support and skills development,. people who need support around their health and well-being; artists who need opportunities to show their work and grow thelr businesses. Llantarnam Grange is the only space that can deliver this for Torfaen and Southeast Wales. Development of our building and services Is essential to extend our reach to a wider audience and provlde Inviting support spaces which are accessible to everyone. We will continue to invest in our building and improve access. We also aim to research and fu ndraise to conduct a new Feasibility study whlch will look at how we can create an environmentally sustainable building relevant to our community now and in the future which would Improve physical access for all users and increase income generating opponunities. It will transform how we work with and support our communlties, and it will increase our ability to better support the artistic community ofwales. We will work with partners to develop several key areaslprojects through the next year including: Implement our Business Plan and key documents including Equality Action Plan, Welsh Language Plan, Environmental Action Plan and Digital Strategy. Implement Phase 2 of our Staff Salary Review. Redevelop our programme for youn8 people following end of ACW Criw Celf funding. Take part in People Make It Work's Creating Transformations programme until Dec 2024. Launch new Friends Scheme to better communicate with our key 51JPPOrters. Continue ACWIAmgueddfa Cymru's Perspectivelsl project until March 2025. Contlnue TCBC funded Torfaen Tourism Association Visit Torfaen, proJecL Director act as Chair of new Cwmbran Town Board lappolnted 01.04.241 as part of £20 rnlllion Long Term Plan for Towns over the next 10 years. Work with Cwmbran Arts Trust and Cwmbran Centre to develop 5 Year Plan for publlc artwork development. rve The Policy is revlewed annually and states why the charity needs to hold reseNes and what level is required for the efficient running and future planning of the charity. Reserves are needed due to; al The risk of unforeseen need for funds e.g., an unexpected repair bill or an urgent project. bl Coverlng unforeseen operational costs e.8., employing temporary staff to cover a long-term slck absence. cl A source of income not being renewed, e.g., a grant. Funds fflight be needed to give the trustees time to take action if income falls below expectations. dl Planned commitments that cannot be met by future income alone, e.g.. plans for a major a55et purchase or to a significant prolect that requires the charity to provide'match funding, el Efficient cashflow - this is essential to fund short-term deficits in a cash budgel e.g., money may need to be spent before a funding grant is received. LLANTARNAM GRANGE ART CEI NTRE TRIISTfi.fi,,% IIF,POR'I' (INCLUDING DIRECI'ORS, IITr:I)OIIT) FOR THE YEAR F.Nl)II J) 31 MARCH 2024 t) Holdlng enough cash reserves to cover redundancies and c105ure of coniracts in the event of the charity ceasing trading. Therefore, we have set our reserve targets as below: Hold £95,000 free cash reseryes- by 202212023 Hold £1 00,000 free cash reserves - by 202612027 Hold £110,000 free cash reserves - by 202912030 Hold £150,000 free cash reserves150% of average annual turnoverl whlch would give the time to re. model in the event of the loss of one of our major funders long terni target. At 31 March 2024 our reserves are £400,988, which are made up predomlnantley of our asset5 including the value of the buildSns. Unrestricted reserves are £223,038, with £134,141 of that being free cash re5eNes, which represent just under 5 months of average annual lurnover. A large percentage of our income comes from our Arts Council of Wales IACWI Multl Year Funding grant. We have also been highly effective In dSversifying our income from a wide variety of sources. Our abllity to earn income, and our costs may still be affected for some time by the aftereffects of the pandemic, implications of Brexit, the current cost-of-living crisis as well as other global events. However. we have planned for a slowly improvlng pScture. We do not underestimate the challenges ahead and we are working Wlth our Marketing & Developmeni Officer, Lead Trustee for Fundraising and other trustees to continue to develop Dur Fundraising Plan. This is in order to increase fundraising from the public and private sectors, develop existing and new relationships to secure sponsorship. maximise available tax relief, develop individual giving, and return earned ncome to pre-pandemlc levels as quickly as possible. rn nt As an Incorporated charity, Llantarnam Grange Arts Centre is governed by a voluntary Board of Trustees whose structure is defined by the organlsatlon's governing constitufion the 'Articles of Associatlon" Responslbillty lies with the Board of Trusiees for the overall strategic pollcy and organisational dlrection, while the management and implementation is delegated to rhe Centre Director and Staff. Included in the delegated authority, and approved by the trustees, are finance, employment and ariistic related activity. Llantarnam Grange Arts Centre'5 governing constitutional document is lts'memorandum & Articles of Association" which were updated in December 2020. these define the organisation's charitable objects, composltion of ics Board of Trustee5 and the rules under whlch It is managed and operates. New Trustees are given an Induction pack, invlted to attend an induction day and are provlded with a copy of the rules, responsibilities and liabilities of being a Trustee together with a copy of the Chariry's Article5 of Association, Business Plan and operational policies. Additional training is provided where appropriate. We created a Youth Advisory Panel in Spring 2021 to advise the staff and trustees on a range of issues from their perspective. The Board have devised a plan to manage succession plannSng and trustee recruitment. To continue to broaden the range of voices on our board and to support our key Aims and Objectives. The Board are able to co-opt if necessary. in order to recruit people with specific skills required by the Board/organisacion. In December 2023, a new Chair and Treasurer were elected on the retirernent of the previous, who stood down as per the Terms of Office after completing their full term plus an addltlonal one year due to the Investment Review process. The charlty constitutes a limlted company, limited by guarantee as defined by the Companies Act 2006, Advantage has been raken of Sectlon 30 of the Companies Act 1985 exempting the company from the requirements to show Lirn ited wlth its name. LLANTARNAM GRANGE ART CENTRr TRUS'I'li li (i IIF.P()IIT (INCLUI)INC, DIRF.CTORS' REI)ORT) F()11 I"IllI YF.AR ENDED 31 MARCII 2024 Reference and AdmlnSstratlve Detalls: Charlty Number,. 1006933 Cornpany Limited by Guarantee Number. 02616241 Reglstered Office.. St. David's Road Cwmbran Torfaen NP44 1 PD Independent examiner: Mlrchell Meredith Llmlted St David's House 48 Free Street Brecon Powys LD3 78N Bank.. Lloyds Bank plc Solicitors: Geldards LLP The directors of the charltable company (the charity} are its trustees for the purpose of charity law. The Board has established executive officer p051tions to be held by a member of the Board, Chair, Vice Chalr, Treasurer and Vice-Treasurer. Trustees at 31" March 2024: S R Browne S Burge - Chalr Kim Colebrook- Treasurer V A Crick F J Fenton T Dejesus S M James G Lloyd-Tolman A Slade N Syed J Watkins L Williams Secretary: Y L Jones-williams Senior Management Team at 31" March 2024: Centre Director - Louisejones-williams Senior Engagement Officer- Louise Tolcher-Goldvryn Administrator- Alice Bethune Marketing & Development Officer- Sophie Lindsey Exhlbltions Officer- Savanna Dumelow LLANTARNAM GRANGE ART CENTRE TRUSTEI ES REI)ORT {INCLIII)ING I)IR Tr:CI'OIIS' IIEI>OIII') F()11 l'14r. YFAR F.NI)F.I) 31 MARCH 2024 lon wlth other or anisatton5 Any payments to trustee5 or connected persons to staff or rrustees must be declared below. Any connections between a trustee or senior manager of the charity Wlth someone employed on a freelance basis or an exh ibitor must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party: Stephanie Burge (Chair ofTrusteesl is employed by Amgueddfa Cymru and therefore since becornlng Chair has requested that Naseem Syed lead on Board discussions and decisions in relation to the Perspectlves project. Na5eem Syed (Trusteel uses the Studio at Llantarnam Grange, this previously unused space has been made available for N Syed to use. ThSs arrangement was made prior to her becomln8 a Trustee and is Managed through a Conflici-of.Interest Declaration. Naseem Syed also conducts work periodically as a freelance artist for Llantarnam Grange. The only payment to her in this year has been £31.25 reimbursement for cakes for a BBC vSsSt she arranged (this amount was paid back to tjs by the BBC from invoice 3435}. Klm Colebrook ITrusteel has work for sale in our Craftshop and is subject to a 40% commission charge, in line wlth other artists, She received £70.501£16.80 of this was paid in April but for sales in March) in this flnancial year, Louise Jones-williams's {senior manager) daughter Seren Williams provides cover as required in the Café. These shifts are requested by, and she is managed by Café Manager Holly Ivany. She received £2,390.42 In thls financial year. Savanna DumeloWs15taff) mother, Tina Dumelow has work for sale In our Craftshop and is subject to a 40% commission charge, in line with other artists. She received £42.00 In this financlal year, Alice Bethune'slstafn mother, Claire Blanning has work for sale in our Craftshop and is subject to a 40% commission charge, in line with other artists. She received £511£1.50 of this was paid in April but for sales in March). Clare Blanning also conducts casual cleaning hours and received £1,022 in this financial year. Louise Jones-williarns (Centre Director} holds the followlng positlons in other organisations at 31 st March 2024.. Co-chair of Visual Art5 Group Wales {constiiuted organi5ationl Chair of Cwmbran Arts Trust Icharityl Chair of Torfaen Tourism Associarion (constituted organlsation) Trustee of Frlends of Bruchsal Trust Icharltyl Llantarnam Grange Arts Centre would like to give special thanks to Head4Arts for free use of thelr van for transportlng exhlbitions in 2023-24, Tr None of our Trustees receive remunerarion or other benefit from their work with the charlty. Detalls of any directors, expenses and related paty transattlons are disclosed in the accounts. A Staff Salary Review was conducted by the Trustees in 2022 with Phase 1 implemented Aprll 2023 with Phase 2 April 2024. Salarie5 are benchmaf ked againsr pay levels in other visual arts organisations of a similar slze and structure, In both the Arts Council of Wales's Arts Portfolio Wales and the National Portfolio Organ isation structure in England. Café casuals and cleaning staff are paid National Living Wage. na ement The Tru5tee5 have a duty to Identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The major risk identified by the Trustee5 IS the loss or reduction of core grant fundin8 from its main funders, Arts Councll of Wales and Torfaen County Borough Council. Given the current pressures on Local Government and National Government funded bodles reductions in core funding are a very real issue and the Trustees are continuing to investigate methods of reducing the Charitls dependency on public funding and have implemented a -10- LLA￿ARNAm GRANGE ART CENTRE TRUSTEF.S REPORT(INCLUDING DIREcfoRS' RFPOR FOR THE YEAR ENDED 31 MARCH 2024 sustainable Fundraisln8 Plan. The Rlsk Re*ster1s reviewed fwartevty by executive officers and annually by the full Board, last done as part of the Buslness Plan review in March 2024. Rlsks are rnana8ed by ensuring accredltatlon Is up to date, havln8 robust polkles and procedures In plac< and re8ular cralnln8 for staff and trustees. Company law requlres the chartty Trustees to prepare flnanclal statements for each year, whlch glve a true and falr vlew of the state of affalrs of the charltable company and of the Incomlng resources and appllcatlon of resources. including the Income and expendlture lor thol perlod. In preparlng the ftnanclal s￿(eMents, Ihe Trustees are requlred to: select sultable accountlng policles and then aPFAy them consistenty. obser¥* the methods and prfnciples In the Charltles SORP.. make judgements and estimates that are reasonable and prudenL' state whether appllcable UK accountln8 srandards haye been followed. subject to any materlal departures disclosed and explained in the financial 5taiements: prepare the financlal statements on the golng concern basls unless It Is Inappropriate to prèsume that the charlty vlll contlnue In buslnes The Trusrees are responslble for keeplng proper accouniln8 records that dlsck>se Ylth reasonable accuracy at any tlme the flnan¢Sal posltlon of the charlty and to enal4e them ro ensure diat the financlal statements comply wlth the Companles Art 2Ci16. They are also responsitle for safeguardlng the assets of the charlty and hence takln8 reasonable steps lor Ihe prevendon and detectlon ol fraud and other irfegularlties. The Trustees are responslble for the malntenance and Inte8rlty of the corporate and financlal Infom)atlon Included on the charltable compans¢s webslte, Lelslatlon In the UK govemlng the preparatlcn and dlssemlnation of flnanclal scatemenis may dlffer from leglslatlon in otherJur15dlctlons. The TfUStee5 completed an Audtt Tender exerclse In 2022 and Mitchell Meredlth were reappoinied as our auditors for a further 3 year5. Statement as to dlsclosure to our audltor& In so far as the Trustees are aware at the tlme of approving our Trustees, annual report., there Is no relevant Infonnat*on, belng Informatlon needed by the audltor In connectlon wlth preparln8 their report. of whlch the group's auditor Is unaware. and the Trusrees, havln8 made erwuiries of felkw dirertor5 and the 8riJurfs auditor that they ought to have Indlvldually (aken. have each taken all steps thar helshels obNged to take as a dlrector In order to make themselves aware of any relevant audlt Informatlon arKI io estabush that the audlror Is aware of that Informatlon. By order of the Board ofTrustees 5 Burge (Chalr) Date: 2gliilL4 LLANTARNAM GRANGE ARTS CENTRE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LLANTARNAM GRANGE ARTS CENTRE I report to the Tru5tee5 on my examination of the financial statements of Llantarnam Grange Arts Centre (the charity) for the year ended 31 March 2024. Responslbllltles and basls of report As the Trustees of the charity land also its directors for the purposes of company lawl you are responsible for the preparation of the financial sfatements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having sarisfied myself that the flnancial 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 the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commlsslon under section 14515Xbl of the 2011 Act. Independent examlner's statement Since the charity'5 gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of ACA BFP, which is one of the listed bodie5. I have completed my examinatlon. I confirm that no matters have come to my attention In connection with the examlnatlon givin8 me cause to believe that in any material respect.. accounting records were not kepr in respect of the charity as required by sectlon 386 of the 2006 Act., or the flnancial statements do not accord with those records., or the financial statements do not comply with the accounting requirements of sectlon 396 of the 2006 Act other than any requirement that the accounts give a true and falr view which is not a matter considered as part of an independent examination,. or the financlal statements 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 wirh 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. Mltchell Assoclates Ltd J P Mltchell ACA 8FP St Davids House 48 Free Street Brecon Powys LD37BN UK 2&/11/2 12- LLANTARNAM GRANGE ARTS CENTRE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcte Restrlcted fund funds 2024 2024 Total Total 2024 2023 Notes Income from Donations and legacies Income from Charitable aciivities Investment5 Other income 127,316 75,821 S2 39.780 85,245 212.561 75.821 52 39,780 222,217 78,014 15,165 Total Income 242,969 85,245 328,214 315,398 Expendlture on Raising funds 7,003 7,003 6,492 Expenditure on Charitable activities 210,130 73.395 283,525 262,684 Total expendlture 217,133 73,395 290,528 269,176 Net income for the yearl Net movement in funds 25,836 11,850 37,686 46,222 Fund balances at 1 April 2023 197,202 166,100 363,302 317,080 Fund balances at 31 March 2024 223,038 177,950 400,988 363,302 The staternent of financial activities includes all gains and1055es recogn15ed In the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requlrements for an Income and expenditure account under the CompanSes Act 2006, 13- LLANTARNAM GRANGE ARTS CENTRE BALANCE SHEET AS AT 31 MARCH 2024 Flxed •ssets Tan8ible assets 13 242,684 237,138 Current •Js•ts Stocks Debtors Cash at bank and In hand 14 15 11.358 37.128 149.193 12,980 44876 87,780 197,679 145.636 Credltor% amounts f•lllry due wlthln one year 16 139.375) (19.4721 Net current assets 158.304 126,164 Total ass•ts i•ss curY•nt Uabllltl•s 400.988 363,302 Income funds Restrlcted funds un￿StrIcted funds 17 177,950 223.038 166,100 197.202 4TrJ,988 363.302 The company Is enthled to the ex*mptlon from the audlt requlrement contalned In sectlon 477 of the Companles Act 2006, for the year ended 31 March 2024. The dSrectors acknowledge thelr responslbifitles for comptylngwlth the requlrements of the Companles Act 2006 wlth respect to accountin8 records and the preparatlon of finandal statement The member5 have not requlred ihe company to obtaln an audft of its flnanclal statements for the year In question in accordance woth sertlon 476. These financlal 5tatemenrs have been prepared In accordance wlth the w￿1510￿$ appllcable to companl•s subject to the small companles ￿lMe. The flnanclal statements TAore approved ty the Trus¢ee5 On ............. .... . .. Trustee Company reilJtr*tlon number 02616241 LLANTARNAM GRANGE ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 Accountlng pollcles Charlty Informatlon Llantarnam Grange Arts Centre Is a private company limited by guarantee incorporated in England and Wales. The reglstered office is St David's Road. Cwmbran, Torfaen. NP44 1PD. 1.1 Accounting conventlon The financial statements have been prepared in accordance with the charity's [8overning documentl, the Companies Act 2006, FRS 102 Yhe Financial Reportlng Standard applicable in the UK and Republic of Ireland" I"FRS 102,1 and che Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland (FR5 1021" (effective 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial ststements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, Imodified to Include the revaluatlon of freehold properties and to include investment properties and certain financlal nstruments at fair valuel. The principal accounting policies adopted are set out below, 1.2 Golng concern At the time of approving the flnanclal statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted fu nds are available for use at the dlscretion of the Trustees in furtherance of their charitable objectives. RestrScted funds are subject to specific condition5 by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recogni5ed when the charlty is legally entitled to it after any performance conditlons have been met, the amounts can be measured reliably, and it Is probable that income will be received. Cash donations are recognised on receipt. Other donatlons are recognised once the charity has been notified of the donation. unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 15- LLANTARNAM GRANGE ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcSes 1.5 Expendlture Expendirure is recognised once there Is a legal or construrtive obligation to transfer economic benefit to a third party, it is probable that a rransfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activlty. The costs of each activity are made up of the total of direct costs and shared costs, including supporr costs involved in undertaking each activity. Direct Costs attrlbutable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activlty and support cosrs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on che basis of time spent, and depreciation charges are allocated on the portion of the assevs use. 1.6 Tangible fixed assets Tangible fixed a55ets are inltially measured at cost and subsequently measured at cost or valuatlon, net of depreciation and any impairment105se5. Depreclation is recognised so as to write off the cost or valuation of a5set5 less their resldual values over their useful live5 on the following bases: Freehold land and buildings ShDP, office and Workshop equipment Donated paintings 286 straight line 1 5% straight line not provided The gain or loss arising on the disposal of an asset Is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impalrment of flxed assets At each reporting end date. the charity reviews the carrying amounts of its tangible assets to determlne whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset 15 estimated In order to determine the extent of the Impairment loss {if any), 1.8 Stocks Stocks are stated at the lower of cost and estimated selllng prlce less costs to complete and sell. Cost comprises direct marerials and, where applicable. direct labour costs and those overheads that have been Incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimared selling price less all estimated costs of completion and costs to be Incurred in marketins, selling and distribution. 1.9 Cash and cash equSvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term Ilquld Investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown withln borrowin85 In current liabllltles. 16- LLANTARNAM GRANGE ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies 1.10 Flnanclal Instrument5 The charity has elected to apply Ihe provisions of Section 11 '8aslc Financial Instruments, and SectSon 12 'Other Financial Instruments Issueg of FRS 102 to all of ifs financial instruments, Flnanclal instruments are recognised in the charlty's balance sheet when the charity becomes party to the contractual provisions of the instrument, Financial assets and liabilities are offset, with the net amounts presenred in the f inancial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 8aslcflnanclal ossets Baslc financial assets, which include debtors and cash and bank balances, are initlally measured at transaction price including transaction costs and are subsequently carried at amortised cost Using the effective inrerest method unle55 the arrangement constitutes a financing transaction, where Ihe transaction is measured at the present value of the future receipts discounted at a market rate of interest, Flnanclal assets classified as receivable wlthin one year are not amortised. Ba5icfinanclol Ilabllitles Baslc financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constirures a financing transaction, where the debt instrument is measured at the present value of the future payments discounted ai a markei rate of interest. Financial liabllities classified as payable wlthln one year are not amortised. Debt instruments are subsequently carried at amortlsed cost, using the effectlve Interest rate method, Trade credltors are obligations to pay for goods or services that have been acquired in the ordlnary course of operations from suppliers. Amounts payable are classified as current liabilitles if payment is dtje within one year or less. If not. they are presented a5 non.current Siabilities. Trade creditor5 are recognlsed initially uently measured at amortised cost using the effective interest rnethod. Derecognitlon ofllnonclol Ilab es Financial IlabS1ities are derecognlsed when the charity's contractual obligations expire or are discharged or cancelled, 1.11 Ernployee benefits The cost of any unused holiday entitlement is recognlsed in the period in whlch the employee's services are received, 1.12 Retlrement beneflts Payments to defined contributlon retiremenr benefit schemes are charged as an expense as they fall due. 17- LLANTARNAM GRANGE ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Crltlcal accounting e5tlmates and judgements In the appllcatlon of the charity's accounting policles, the Trustees are requlred to make judgements, estimates and assumptions about the carrying amount of assets and liabilitie5 that are not readlly apparent from other Sources. The estimates and associated assumptions are based on hlstorical experience and other factors that are consldered to be relevant. Actual result5 may dlffer from these estlmates. The estimates and underlylng assumptions are reviewed on an ongoing basi5. Revisions to accountin8 estimates are recognised in the perfod in which the estimate is revised where the revision affects only that period, or in che period of the revision and future periods where the revision affects both current and future periods. Income from Donations and legacles Unrestricted Restricted funds funds Total Total 2024 2024 2024 2023 Donations and gifts Grants receivable 9.219 118,097 9,219 203,342 55,885 166,332 85,245 127,316 85.245 212,561 222,217 Grant5 recelvable for core actlvltles Torfaen County Borough Council Community Council Art5 Council of Wales Garfield Weston Blaenavon Town Council Kickstart Programme Other 10,000 10,350 87,497 10,000 250 26,252 36,252 10,350 137,494 10,000 250 11.400 8.050 127.463 49,997 5,919 13,500 8.996 8,996 118.097 85.245 203,342 166,332 Income from Charltable actlvltles Exhlbltlons Workshop Art and craft Coffee shop and shop uutlonal 2024 Total 2024 Total 2023 2024 20Z4 2024 Sales wlthln charitable activitles 11,103 7,801 20,161 36,7S6 75,821 78,014 18- LLANTARNAM GRANGE ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from Charitable activities For the year ended 31 March 2023 Exhlbltlons Workshop Art and craft Coffee shop and shop educatlonal Total 2023 Sale5 Withln charitable ac¢ivitles 10.317 9,282 17,919 26,606 64,124 Investments Unrestrlcted Unrestricted funds funds 2024 2023 Interest receivable 52 Other Income Unrestricted Unrestrlcted funds funds 2024 2023 Museum and Galleries Tax Relief Rental Income 21,689 18,091 13,890 15,165 39,780 29,055 Expendlture on Raisin8 funds Unrestrlcted Unrestricted funds funds 2024 2023 and ubl Staff costs Support costs 5,184 1,819 4,577 1,915 Fundraislng and publlcity 7,003 6,492 7,003 6,492 19- LLANTARNAM GRANGE ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance costs costs 2024 2023 Staff costs Establishment costs Repairs and maintenance Office expenses Printin& postage and 5tatlonery Sundry costs Motor costs Advertising Accountancy Interest payable Depreciatlon 5,184 355 398 507 92 5.184 12,264 13,779 17,518 3,098 159 1,688 2,816 2,364 1,532 7,633 4.577 12,483 16,140 16,775 3,095 304 1,419 3,602 3,537 1,372 7,461 11,909 13,381 17,011 3,006 154 1,639 2,735 2,296 1,488 7,412 49 81 68 221 Accountancy Legal and professSonal 3,840 76 3,840 76 3,840 3,037 61.031 10,920 71.951 77,642 Analysed between Fundraising Charitable activities 1,819 59,212 1,819 70,132 1,915 75,727 10,920 61.031 10,920 71,951 77,642 10 Trustees None of the Trustees lor any persons connected with them) received any remuneration or benefits from the charity during the year. 11 Employees The average monthly number of employees during rhe year was.. 2024 Number 2023 Number Charitable activities 12 13 21- LLANTARNAM GRANGE ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11 Employees Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 132.438 2,295 2,186 119.421 762 1,731 136,919 121,914 There were no employees whose annual remuneration was more than £60,000, 12 Taxation The charity is exempt from tax on income and gains falling within sectlon 505 of the Taxes Act 1988 or section 2S2 of Ihe Taxation of Chargeable Gains Act 1992 to the extent that these are applied to Its charifable objects. 13 Tangible f ixed assets Freehold land Shop, offlce and bulldlngs and Workshop equlpment Donated palntln8S Total Cost At 1 April 2023 Additions 285,040 109,348 5.679 78,855 7,500 473,243 13,179 At 31 March 2024 285,040 115,027 86,355 486,422 Depreclation and impairment At 1 April 2023 Depreciation charged in the year 134.468 5,701 101,638 1,931 236,105 7,632 At 31 March 2024 140,169 103,569 243,738 Carrying amount At 31 March 2024 144,871 11,458 86,355 242,684 At 31 March 2023 150.572 7,711 78,855 237,138 -22- LLANTARNAM GRANGE ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13 Tanglble flxed assets Included within the net book value of land and bulldings above is £144,871 (2023- £1 $0,572) in respect of freehold land and buildinss and nil12023. nil) in respect of leaseholds. Llantarnam Grange Art5 Centre holds the freehold land and buildings In St David's Road, purchased on 5th September 1983 from Cwmbran Development Corporation at a cost of £5,000. Under the terms of the conveyance, if the Association shall cease to exist or shall cease to use the said property as a cultural artistic and social education centre, the Trustees shall hold the said property in trust for Torfaen Borough Council to be used for the benefit of the inhabitants of Cwmbran as a whole. Donated palntings are included at a market value at the balance Sheet date. These assets have been valued, by the Trustees, on the basls of recent market activity in comparable artworks. 14 Stocks 2024 2023 Stock 11,358 12,980 15 Debtors 2024 2023 Amounts falling due withln one year: Trade debtors Prepaymenis and accrued Income 35,393 1,735 44,077 799 37,128 44,876 16 Creditors: amounts falllng due wlthln one year 2024 2023 Other taxatSon and soclal security Trade creditors Other credilors Accruals and deferred income 987 6,667 477 31,244 724 10,719 380 7,649 39,375 19,472 -23- LLANTARNAM GRANGE ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17 Restrlcted funds The Income funds of the charlty include restrlcted funds comprising the following unexpended balances of donation5 and grants held on trust for specific purposes: Movement In funds In¢omlng Resources resources expended Balance at 1 Aprll 2023 Tr•n$fer$ Balance at 31 March 2024 Capltal Grant Donated Assets Arts Counc51 of Wales Cwmbran Operation Group South East Wales Community Econominc Development ACW Perspectives ACW BuildinglAccess Grant TCBC Play Projects ACW Cultural Recovery Fund ACW Cafe Resilience TCBC Canal Project TCBC Community Reslllence Fund A Engagement TCBC Healthier Futures Ashley Family Foundation National Lottery Social Prescriblng Project Warm Hub 117,019 22.915 8,297 2.39S {4,6831 112,336 22,915 6,363 1,885 19,997 121.9311 15101 7.220 1182) 114,1871 {1081 14001 7,038 15,813 306 30,000 414 400 484 983 373 19831 12.1001 18,7521 1241 (15,000) 2,11)0 8,752 1,949 1,925 15,000 8,996 8,996 3.184 1,240 13.1841 11.2401 166,100 85,245 173,3951 177,950 The specific purpose for which the funds are to be applied are as follows Capital Grant5 - represents fundlng recelved for the refurbishment of the bullding from ACW Lottery and the Foundation for Sport and the Arts. Donated Assets represents the value of artworks held as exhibition work, donated to the charlty. Cwmbran Operational Group represents funding towards capltal works, purchase of cafe furniture, cladding of walls in rhe cafe and gallery, and new lighilng system in the gallery. ACW Criw Celf, a Nationwlde programme which we deliver in SE Wales for students in school years 5.13 to encourage those with a talent and enthusiasm for the arts to continue in the subject possibly through to a career in the arts. CED Grant represents funding to create a marketing officer post, purchase slgnage and to develop their conference and cafe activities. -24- LLANTARNAM GRANGE ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17 Restricted funds ACW Perspectives Is a collaboratlon between the Arts Councll ofwales and Amgueddfa Cymru - Museum Wales, which seeks to bring about a step change on how the visual arts and heritage sector reflects the cultural and ethnic diversiiy of our society. The project tskes place over ￿0 years lending in Ma rch 20251 and is supported by the Welsh Government as part of a collective effort 10 meet the culture and heritage goals of the Anti-raclst Wales Actlon Plan. ACW Building Access Grant represents funding to complete essential maintenance work to improve environmental sustainability and improved access for disabled visitors. TCBC Play projects to provlde opportunltles for our vlsltors of any age and artistlc ability to create, learn, socialise, engage and relax within Llantarnam Grange. ACW Cultural Recovery Funding to support the organlsations core overheads through the Covld restrictions and closures as well as Implement the rebrand with new signage, leaflets etc and commi55ion an artist to create artwork for an outside Billboard Gallery. ACW Cafe Res11ience represents funding to develop the audience and income of the cafe Including consultancy, bespoke counter and equipment purchases. TCBC Canal project funding towards fun and creative sessions where we celebrate the canal wildlife on dlsplay along the peaceful waterways of the Monmouthshlre and Brecon Canal. TCBC Community Resilience Fund provldes funding toward5 a new creative programme Be Kind to your Mind, designed to help those with mental conditions such as anxiety. TVA living with Dementia represent5 funding by Cwmbran Community Council, delivery of a12 month pro8rarnme of art5 activities wlth our 'Llvlng wlrh Dementia, group. TVA Engagement Fund, represents fundlng by Torfaen VoluntaryAlliance. to create a community art space at the centre and support 10 months of free engagement artivities with young people, families and adults experiencing social isolation. TCBC Healthier - commissloned project from Aneurln Bevan Health Board and Gwent Publlc Service Board to facilitate a community project worklng with schoo15, young people and families. The project consisted of a series of creative workshops in which participants were encouraged to give their thoughts and views on what would make Torfaen a healthier and fairer place to live in the future, The artwork and feed back formed video artworks and a robust final evaluation. TCBC Pontypool Shop Jackets represents funding via Torfaen County Borough Council Covid Recovery. to administrate and commission an artist to produce'shopjackets, for Pontypool Town Centre, National Lottery Social Prescribing Project represents fundlng towards Improvin8 the health ané well belng of adults who are recoverSng from Covid 19 through two 12 week artlcrafts programmes. Croesyceillog & Llanyrafon Community Council Summer workshops represents fundlng towards art activities for young people and families. ACW Gwyl Cymru represents funding towards two free half day photography session with LGBTQ+ young people aged 18+ with documentary phorographer Anthonyjones to create images that will be shown at Llantarnam Gran -25- LLANTARNAM GRANGE ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17 Restrlcted funds Movement In funds In¢omln8 Resources resources expended Balonce at 1 Aprll 2022 Transfers Balance Jt 1 April 2023 Capital Grant Donated Assets Arts Council of Wales Cwmbran Operation Group South East Wales Community Economin Development ACW Perspectives ACW Building/Access Grant TCBC Play Projects ACW Cultural Recovery Fund ACW Cafe Resilience TCBC Canal Project TCBC Community Resillence Fund TVA Engagement TCBC Hea5thier Futures Ashley Family Foundation National Lottery Social Prescribir)g Project Warm Hub 121,702 22.915 6,089 2,908 14,6831 117,019 22,915 8,297 2,395 36.359 (34,151) 15131 7,402 {1821 7,220 514 11001 414 592 1.200 11081 (2171 484 983 3.767 1,974 13.767) {251 1.949 660 16601 9,940 895 16,7561 18951 3,184 1,240 169,723 51,154 154,777) 166,100 18 Analysls of net assets between funds Unrestrlcted Restrlcted funds funds 2024 2024 Total Total 2024 2023 Fund balances at 31 March 2024 are represented by.. Tangible assets Current assetsllliabilities) 88,897 134,141 1 $3,787 24,163 242,684 158,304 237,138 126,164 223,038 177,950 400,988 363,302 19 Related party transactlons There were no disclosable related party tranSac￿onS during the year (2023 - none). -26-