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2021-03-31-accounts

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ORIEL MYRDDIN STA TEMEKf OF AccouKrs FOR THE YEAR ENDING 31ST IWICH, 2021 Regtstered CIu7rlty ￿rnber 1031498

STATEMENT OF ACCOUNTING POLICIES Genernl These accounts have been prepared on the going concern basis, as there is no material uncertainty related to events or conditions that may cast doubt about the ability of the Oriel Myrddin Gallery Trust Fund to continue as a going concern Thc accounts are maintained by Cannarthenshire County Council on behalf of the Trustees of Oriel Myrddin and are also included within the Statement of Accounts of the Authority for the financial year ended 3 1st March 2021. The Authority's accounts are audited by the appointed external auditors - Wales Audit Office. Grnnts Grants are given by the Arts Council of Wales in support of exhibitions and educational programmes run by the gallery. C¢wTnarthenshlre Coun Councll The County Council provides direct revenue support in running the gallery, which is highlighted in the accounts. Admlnlstratlve nses The County Council also provides professional, technical and administrative assistance for which it makes no charge to the Charity. Charltable Ex These are the costs of operating the gallery to provide exhibitions and educational prograllllnes and are made up as follows: 2020-21 2019-20 Staffmg Costs Itlote 11 Premises Related Costs Illote 61 Transport Related Costs INote Supplies and Services IN9t¢ 8 120,304 20,924 119.175 15,527 887 TOTAL 181,326 194,485

Corttln encles Irs and Renewats Fund Any net surplus or deficit of income over expenditure is transferred to the fund at the year-end in order to meet any unexpected fluctuations in future years. Thc Trustees have identifled that the primary purpose for retaining this reserve is to enable repairs and maintenance to be carried out as and when required - though it may be used for other purposes should the Trustecs deem this expedient. Reserve summary:" 2020-21 2019-20 Opening balance Reserve movement 126,809 134,299 CIo8lng balance 143,849 126,809 A review of the reserves policy is in progress as the Trustees plan for the expansion of the gallery and its associated activity arising from the capital development anticipated for 2021122 and also consider the effects of COVID19. A regular review of the Reserve is undertaken as a minimum annually. Flxed Assets The capital cost of the gallery is reflected in the balance sheet of the County Council, which is the custodian trustee for the property under the terms of the Trust Deed, and in accordance with CIPFA recommended practice a charge is calculated each ycar, which reflects an annual provision for depreciation. This charge ha8 been absorbed by Carnarthenshire County Council in addition to the direct and indirect revenue support given to the Charity (see no. 9 of the Notes to the Accounts). Stock Stock is valued at the lower of cost and net realisable value in accordance with Statement of Standard Accounting Practice No. IAS 19 Since 2003/04 the local authority has been required to implement accounting standard IAS19 Iprcviously named FRS171 relating to Retirement Benefits for employees. In the case of Oriel Myrddin, a charge has been included against the indkrect support given by Carmarthenshire County Council (see no. 9 of the Notes to the Accounts).

Related Pa Transaetlons This is defined as a transfer of resources or obligations between a reporting entity and a related party, regardless of whether a price is charged. Related party transactions exclude transactions with any other entity that is a related party solely because of its economic de￿ndenCe on the authority or the government of which it forms part. Please see no. 5 and no. 9 of the Notes to the Accounts for relevant transactions.

STATEMENT OF FINANCIAL ACTIVITIES 2020-2 1 2019-20 INCOME Voluntary Incomlng Re8our¢es Illote 51 Grants from Public Bodies Local Authorities: Carmarthenshire County Council - Annual Revenue Support 95,436 93,565 Cannarthen Town Council Arts Council of Wales Public Donations Additional Grants Investment Income 3,700 47,666 4,500 47,147 38,410 204 656 Trndlng Actlvitfi¢8 INot¢ 4 Charitable Trading Other Income 15,428 44,213 TOTAL INCOME 200.844 190.081 EXPENDITURE Dlrect Charltable Expendlture Staffing Costs IHots 11 Premises Related Costs Illote 61 Transport Related Costs (Note Supplies and Services INot¢ 81 120,304 20,924 119,175 15,527 887 181,326 194,485 Other Expendlture Fund-Raising and E￿bliCity Management and Administration 2,255 223 2,795 291 TOTAL LXPEfiDITURE 183,804 197,571 NET INCOME / IEXPENDITUREI FOR 17.040 17,490) Total Funds Brought Fonvard from last year's Balance Sheet 126 809 134 299 Total Funds Carrled Forward In th18 year's Balan¢e Sheet 143 849 126 809

BALANCE SHEET 31.3.21 31.3.20 FIXED ASSETS Nil Nil Current A88ets Stock Imprest Account Cash Payment in Advance Sundry Debtors General 18,581 150 135,464 14,661 150 112,750 TOTAL CURRENT ASSETS 154,195 127,561 Current LAabllltle8 Sundry Creditors General Receipts In Advance 2,139 752 TOTAL CURRENT LIABILITIES 10,346 752 ET CURRENT ASSETS 143 849 126 809 TOTAL AssEfs LESS LIABILITIES 143.849 126,809 Represented by . Unre8trlcted Income Fund . ContlngencylRepalrs and Renewal8 Fund 143 849 126 809 SIGNED DATE ON BEHALF OF THE BOARD OF TRUSTEES

NOTES TO THE ACCOUNTS Staff Emoluments As shown in the Statement of Financial Activities the total cost of staff emoluments was £120,304 (2019120 £119,175). The 20-21 figure includes a 2.75 % pay award, no Èncrease to the employer superannuation rate and incremental increases to qualifying posts. None of the Trustees received any remuneration from the Charity. Staffln Com lement The gallery has one full time and seven part-time posts (4. 12 Full Time Equivalentl. Relmbursement of Ex nses to Trustee8 No expenses were reimbursed to Trustees in the year or in the previous year. Additlonal Income Additional income was reflccted in 2020-202 1 as follows: The trading income generated in 2020/21 was £15,428 12019/20 £44,2 131. Volunta Incomin Resources £47,666 was received from the Arts Council of Wales in 2020/21 (2019120 £47,147). £3,700 was received from Carniarthen Town Council in 202012 1 (2019120 £4,500). £0 was received from the general public in 202012 1 as donations towards the running of the gallery {2019120 £0).

Additional income was received during 2020-2 1 as follows:_ Heritage Lottery Pund £2,564 Art Fund £8,229 HMRC (Furlough) £19.819 WAG (Loss of Income) £7,797 Prem18es Related E enditure As shown in the Statement of Financial Activities, the total cost of premises related expenditure in 202012 1 was £20,924 12019120 £15.527). It Related Ex ndlture As shown in the Statement of Financial Activities, the total cost of transport related expenditure in 202012 1 was £8 (2019120 £8871. Ile8 & Service8 Ex endlture As shown in the Statement of Financial Activities, the total cost of supplies & services expenditure in 202012 1 was £40,090 12019120 £58,896}. Carmarthensjth Count Couneil The cost of the indirect revenue support provided by Carmarthenshire County Council, which does not appear in these accounts, is as follows:

2020-21 2019-20 Professional and AdTninistrative Support 25,801 28,438 Employee Related Expenditure 14,284 15,768 Premises Related Expenditure 28,950 23,530 Appropriation/Contribution tolfrom Insurance Reserve Depreciation/Revaluation Losses TOTAL 80,356 76,069 These are in addition to the £95,436 Revenue Support Grant 12019120 £93,565) provided by Cannarthenshire County Council which are included in the Statement of Financial Activities. ee Related Ex en(Uture - This covers charges and accounting adjustments for IFRS annual leave entitlement, current service cost (IAS 191 {see point 8 within Statement of Accounting Policies above) and employee related in8uranee premiums. Premlses Related Ex endlture - A charge has been reflected against the indirect support given by Carmarthenshire County Council in relation to Buildings Related Insurance paid by the Authority in respect of the gallery. Also, the Authority has contributed £2 1, 186 in 20-2 1 towards utility and NNDR costs associated with 26127 King Street (£10,661 in 19-201. ro rlatlon Contrlbution to from Insurance Reserve The Authority undertakes a substantial amount of self- insurance which gives rise to significant reserve movements. The insurance funds arc used to meet the cost of claims and other losses, which could fall on the Authorkty. Whilst the Authority purchases a range of insurance cover, part of the risk remains with the Authority through the acceptance of 'Policy Excesses, and through the setting of qndemnity Limits,. In the case of Oriel Myrddin, charges and income relating to this i.e.

ontributions to and from the Authority's insurance reserve are again reflected against the indirect support given by Cannarthenshire County Council. reclatlon Revaluatlon 1088es - An Asset Rental charge of £8,333 in both 19-20 and 20-2 1 relates to the 26127 King Street properties. The remaining £2,988 in 20-21 reflects the effective revenue contribution to the capital spend IREFCUSI on the Gall¢ry building project. The Trust is in negotiation with the County Council about the opportunity to extend the gallery into adjoining premises, namely 26/27 King Street. No agreements were in place at the date of signing these accounts. 10

ORIEL MYRDDIN

STATEMENT OF ACCOUNTS FOR THE YEAR ENDING 31[ST] MARCH, 2021

Registered Charity Number 1031498

STATEMENT OF ACCOUNTING POLICIES

General

These accounts have been prepared on the going concern basis, as there is no material uncertainty related to events or conditions that may cast doubt about the ability of the Oriel Myrddin Gallery Trust Fund to continue as a going concern

The accounts are maintained by Carmarthenshire County Council on behalf of the Trustees of Oriel Myrddin and are also included within the Statement of Accounts of the Authority for the financial year ended 31[st] March 2021. The Authority’s accounts are audited by the appointed external auditors – Wales Audit Office. 1. Grants

Grants are given by the Arts Council of Wales in support of exhibitions and educational programmes run by the gallery.

2 .

Carmarthenshire County Council

The County Council provides direct revenue support in running the gallery, which is highlighted in the accounts.

3. Administrative Expenses

The County Council also provides professional, technical and administrative assistance for which it makes no charge to the Charity.

4. Charitable Expenses

These are the costs of operating the gallery to provide exhibitions and educational programmes and are made up as follows: -

Stafng Costs(Note 1)
Premises Related Costs(Note
6)
Transport Related Costs(Note
7)
Supplies and Services(Note 8)



=		 2020-21
£
120,304
20,924
8
40,090
181,326
======

=		 2019-20
£
119,175
15,527
887
58,896
194,485
======

TOTAL

2

  1. Contingencies/Repairs and Renewals Fund

Any net surplus or deficit of income over expenditure is transferred to the fund at the year-end in order to meet any unexpected fluctuations in future years. The Trustees have identified that the primary purpose for retaining this reserve is to enable repairs and maintenance to be carried out as and when required – though it may be used for other purposes should the Trustees deem this expedient.

Reserve summary:-

Opening balance
Reserve movement
Closing balance
=		 2020-21
£
126,809
17,040
143,849
======		 2019-20
£
134,299
(7,490
)
126,809
======

=

A review of the reserves policy is in progress as the Trustees plan for the expansion of the gallery and its associated activity arising from the capital development anticipated for 2021/22 and also consider the effects of COVID19. A regular review of the Reserve is undertaken as a minimum annually.

6. Fixed Assets

The capital cost of the gallery is reflected in the balance sheet of the County Council, which is the custodian trustee for the property under the terms of the Trust Deed, and in accordance with CIPFA recommended practice a charge is calculated each year, which reflects an annual provision for depreciation. This charge has been absorbed by Carmarthenshire County Council in addition to the direct and indirect revenue support given to the Charity (see no. 9 of the Notes to the Accounts).

7. Stock

Stock is valued at the lower of cost and net realisable value in accordance with Statement of Standard Accounting Practice No. 9.

8. IA S 19

Since 2003/04 the local authority has been required to implement accounting standard IAS19 (previously named FRS17) relating to Retirement Benefits for employees. In the case of Oriel Myrddin, a charge has been included against the indirect support given by Carmarthenshire County Council (see no. 9 of the Notes to the Accounts).

3

9. Related Party Transactions

This is defined as a transfer of resources or obligations between a reporting entity and a related party, regardless of whether a price is charged. Related party transactions exclude transactions with any other entity that is a related party solely because of its economic dependence on the authority or the government of which it forms part.

Please see no. 5 and no. 9 of the Notes to the Accounts for relevant transactions.

4

STATEMENT OF FINANCIAL ACTIVITIES

INCOME
Voluntary Incoming Resources
(Note 5)
Grants from Public Bodies
Local Authorities:
Carmarthenshire County
Council
- Annual Revenue Support
Carmarthen Town Council
Arts Council of Wales
Public Donations
Additional Grants
Investment Income
Trading Activities(Note 4)
Charitable Trading
Other Income
TOTAL INCOME
EXPENDITURE
Direct Charitable Expenditure
Stafng Costs(Note 1)
Premises Related Costs(Note 6)
Transport Related Costs(Note 7)
Supplies and Services(Note 8)
Other Expenditure
Fund-Raising and Publicity
Management and Administration
TOTAL EXPENDITURE
NET INCOME / (EXPENDITURE)
FOR THE YEAR
Total Funds Brought Forward
from last year’s Balance Sheet
Total Funds Carried Forward in
this
year’s Balance Sheet


=




 2020-21
£
95,436
3,700
47,666
0
38,410
204
15,428
0
200,844
======
120,304
20,924
8
40,090
181,326
2,255
223
183,804
17,040
126,809
143,849
======


 2019-20
£
93,565
4,500
47,147
0
0
656
44,213
0
190,081
======
=
119,175
15,527
887
58,896
194,485
2,795
291
197,571
(7,490)
134,299
126,809
======





5

BALANCE SHEET

FIXED ASSETS
Current Assets
Stock
Imprest Account
Cash
Payment in Advance
Sundry Debtors General
TOTAL CURRENT ASSETS
Current Liabilities
Sundry Creditors General
Receipts In Advance
TOTAL CURRENT LIABILITIES
NET CURRENT ASSETS
TOTAL ASSETS LESS LIABILITIES
Represented by :
Unrestricted Income Fund :
Contingency/Repairs and
Renewals
Fund
31.3.21
£
Nil
18,581
150
135,464
0
0
154,195
2,139
8,207
10,346
143,849
143,849
======
143,849



 31.3.20
£
Nil
14,661
150
112,750
0
0
127,561
752
0
752
126,809
126,809
======
126,809

SIGNED

DATE

ON BEHALF OF THE BOARD OF TRUSTEES

6

NOTES TO THE ACCOUNTS

1. Staf Emoluments

As shown in the Statement of Financial Activities the total cost of staff emoluments was £120,304 (2019/20 £119,175). The 20-21 figure includes a 2.75% pay award, no increase to the employer superannuation rate and incremental increases to qualifying posts.

None of the Trustees received any remuneration from the Charity.

2. Stafng Complement

The gallery has one full time and seven part-time posts (4.12 Full Time Equivalent).

3. Reimbursement of Expenses to Trustees

No expenses were reimbursed to Trustees in the year or in the previous year.

4. Additional Income

Additional income was reflected in 2020-2021 as follows:

The trading income generated in 2020/21 was £15,428 (2019/20 £44,213).

5. Voluntary Incoming Resources

£47,666 was received from the Arts Council of Wales in 2020/21 (2019/20 £47,147).

£3,700 was received from Carmarthen Town Council in 2020/21 (2019/20 £4,500).

£0 was received from the general public in 2020/21 as donations towards the running of the gallery (2019/20 £0).

7

Additional income was received during 2020-21 as follows:-

Heritage Lottery Fund £2,564 Art Fund £8,229 HMRC (Furlough) £19,819 WAG (Loss of Income) £7,797

6. Premises Related Expenditure

As shown in the Statement of Financial Activities, the total cost of premises related expenditure in 2020/21 was £20,924 (2019/20 £15,527).

7. Transport Related Expenditure

As shown in the Statement of Financial Activities, the total cost of transport related expenditure in 2020/21 was £8 (2019/20 £887).

8. Supplies & Services Expenditure

As shown in the Statement of Financial Activities, the total cost of supplies & services expenditure in 2020/21 was £40,090 (2019/20 £58,896).

9. Carmarthenshire County Council

The cost of the indirect revenue support provided by Carmarthenshire County Council, which does not appear in these accounts, is as follows: -

8

2020-21

2019-20

Professional and
Administrative Support
Employee Related
Expenditure
Premises Related Expenditure
Appropriation/Contribution
to/from Insurance Reserve
Depreciation/Revaluation
Losses
TOTAL



=		 £
25,801
14,284
28,950
0
11,321
80,356
======
£
28,438
15,768
23,530
0
8,333
76,069
=======

These are in addition to the £95,436 Revenue Support Grant (2019/20 £93,565) provided by Carmarthenshire County Council which are included in the Statement of Financial Activities.

Employee Related Expenditure – This covers charges and accounting adjustments for IFRS annual leave entitlement, current service cost (IAS19) (see point 8 within Statement of Accounting Policies above) and employee related insurance premiums.

Premises Related Expenditure – A charge has been

reflected against the indirect support given by Carmarthenshire County Council in relation to Buildings Related Insurance paid by the Authority in respect of the gallery. Also, the Authority has contributed £21,186 in 20-21 towards utility and NNDR costs associated with 26/27 King Street (£10,661 in 19-20).

Appropriation/Contribution to/from Insurance Reserve

– The Authority undertakes a substantial amount of selfinsurance which gives rise to significant reserve movements. The insurance funds are used to meet the cost of claims and other losses, which could fall on the Authority. Whilst the Authority purchases a range of insurance cover, part of the risk remains with the Authority through the acceptance of ‘Policy Excesses’ and through the setting of ‘Indemnity Limits’.

9

In the case of Oriel Myrddin, charges and income relating to this i.e. contributions to and from the Authority’s insurance reserve are again reflected against the indirect support given by Carmarthenshire County Council.

Depreciation / Revaluation losses – An Asset Rental charge of £8,333 in both 19-20 and 20-21 relates to the 26/27 King Street properties. The remaining £2,988 in 20-21 reflects the effective revenue contribution to the capital spend (REFCUS) on the Gallery building project.

The Trust is in negotiation with the County Council about the opportunity to extend the gallery into adjoining premises, namely 26/27 King Street. No agreements were in place at the date of signing these accounts.

10

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees/ Charity Name members of Oriel Myrddin On accounts for the year 31[st] March, 2021 Charity no 1031498 ended (if any) Set out on pages (remember to include the page numbers of additional sheets)

Respective The charity's trustees are responsible for the preparation of the accounts in responsibilities of accordance with the Charities Act 2011 (“the Act”). trustees and examiner

The charity’s trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed. I am qualified to undertake the examination by being a qualified member of ACCA.

It is my responsibility to:

Basis of independent My examination was carried out in accordance with general Directions given examiner’s statement by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

1

IER

May 2019

Independent examiner's statement

In connection with my examination, no material matters have come to my attention other than that disclosed below which gives me cause to believe that in, any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed: Date: 27[th] August 2021 Name: Caroline Powell Relevant professional ACCA qualification(s) or body (if any): Address: Carmarthenshire County Council[Building 8, St David’s Park ] Carmarthen. SA31 3HB

Section B Disclosure

Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).

2

IER

May 2019

Give here brief details of any items that the examiner wishes to disclose .

None.

3

IER

May 2019