G)zo o)< Tl THE ORGANISATION ij n 4£t nno (D 3<00 i (D O< rt) ¢DD nnn rt ai JTJ CLnn 0000 (JJ (JJ ts) G)% a Z-t5QQ 3 o nrt- rnv(nG)nmrn￿no oooJOr ) n (n G) w OQ rPrt j J QQ CL2 111 < < G)G)G)G)G)nrnG)n <3 3 3 3 J J CL CL £L o n -h rP KEYFUNCTIONSOFTHE BOARD .0 CAPITAL REDEVELOPMENT ¢n J IMPACT OF COVID-19 ro J ID ) a) (n J (n crfr PROGRAMME OF EVENTS etrA> j -1 n o n In o) (n n (n r) JD r ro (D M JOQ. -t*1 *b•', rtr O pr o tD OJ PROJECTSAND INITIATIVES r) cn n ( n K tD" rt CL .n CL TI C Tx(n t) r* tD C (rj 0 so (D nu)zrou rt QCLn in OQ th (DOQ -bW L >m Il%lli G)ZO o)< CL G (n cr CL Q) oo o n .go3(nc a) o o crzoo IID TS IDOQ 7 o Sn )r)uD £ o oaTr o CT -h J •*a izzm*vrzzwzrxuJrjTuJ (D (o 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 5. _**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: - examine the accounts under section 145 of the Charities Act, - to follow the applicable Directions given by the Charity Commission (under section 145(5)(b) of the Act, and - to state whether particular matters have come to my attention **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: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or - the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination. 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. * _Please delete the words in the brackets if they do not apply._ **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**