Reglstered number." 2881599 Charity number: 1034890 Oriel Davies Gallery ORIEL DAVIES GALLERY TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 WR Partners Protecting y¢Jur fuluY•.
ORIEL DAVIES GALLERY (A Company Llmited by Guarantee) CONTENTS Page Reference and Admln18tratlve Detalls of the Charitable company, Its Trustees and Advlsers Trustees. Report Independent Examine¢s Report 10-11 ststement of Financial Activities 12 Balance Sheet 13 ststement of Cash Flows 14 Notes to the Financial Statements 15-31
ORIEL DAVIES GALLERY IA Company Llmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees M Brown S Cotton L Morris (resigned 14 August 2023) H Rees-Leahy (resigned 22 September 2023) S Robertson S M Robertson (resigned 22 September 2023) T Simpson S Vicary Company reglstered number 2881599 Charfty reglstered number 1034890 Reglstered offlce The Park Ne SY16 2NZ Chlef executive officer Steffan Jones-Hughes Accountants WR Partners Chartered Accountants Hafren House 5 St Giles Business Park Newtown Powys SY16 3AJ Page 1
ORIEL DAVIES GALLERY (A Company Llmlted by Guarantse) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together wth the financial statements of the d)aritable company for the ar from 1 April 2023 to 31 March 2024. The Annual ReF)Ort serves the purposes of both a Twstees. report and a directors. report under company law. The Trustees (x)nfimi that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the d)aritable companls goveming dUrnent and the provisions of the Statement of Recommend1 Practice (SORP) applicable to charities weparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 (effective 1 January 20191. Slrt8 th8 charltable company qualifies as small under sertion 382 of the Cornpani8s Act 2CQ6. the Strateglc Report required of medium and large companies und8r the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omttied. Exe¢utlve Sumrnary The Orièl D8viés Trust is a w8118stablish8d arts organisation with sufficient revenues and reserves to fijlfill its m8dium t8m) goals. We work ciosely with our diverse local communities and celebrats our bilingual cultur8. providing inclusive to art and creativity. Our approach is socially responsible and entrepreneurial within a charitable context. At the end of 2023124 our draft Reserves {figure in our bank) were £418.428 1 £340,146 in free reserves {prior year £331,006 1 £316,376 in free reserves) subject to final management accounts. Efficienciès have continued to be found and applie(l across the organisation, helping to create a more sustainable and resilient business model refiecttng the vision of the director and trustees. We remain an accredited Living Wage Employer with salaries inGre8sing from £167.379 in 202212023 to £201.927 in 202312024. coming in over budget by £4,134 mainly down to additional staffing needed in the cafe. Highlights of our programme included a development exhibition by Cai Tomos called "things that move" that subsequenty went to Norway" Richard Woods, Supersize Grain,. and the first major solo show by Helen Bwth, in partnerships wrlh Universty of Wales. Disability Arts C>Tnru, NPTC Newtthvn College and Arte5 Mundi. These exhibitions were well recèived, showcasing diverse and inclusive artists and saw an overall increase of 19.8% in visitor numbets (based on 202212023) Visitor Numbers 202312024.. 51,958 {previous year 43,347) Visitor figures conlinue to grow. We a still at p-pandeM1c levels, but we are p8rfomiing well. Visltor figures 69,061 10,803 26,289 43,347 51,958 201912020 202012021 202112022 202212023 202312024 Page 2
ORIEL DAVIES GALLERY (A Company Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 The gallery continues to work with a wide range of partners including The Arts Council of Wales, Powys County Council, NeW(own Town Council, Open Newtown and multiple community groups. We continued to maintsin existing partnerships with Open Newtown, Montgomeryshire Wildlife Trust, and Cullivate, a cooperative, run by volunteers and employees who are dedicated to supporting a resilient local food 8conomy. The National Gallery in London. Welsh Government, Newiown Town Council, Robert Owen Museum, Oriel Myddin, DAC (Disability Arts Cymru). New partnerships were d8V8loped, with local regional and national partners Includlng Reklndle (Small Steps), Powys Teaching Health Board and these partnerships have relevance for specific projects but also future relationships. The gallery is still In post covid recovery {we were still around 25,000 visit down on 201912020), but our retsil income has increased to £32,684 from £30,615 in 202212023 and £24,077 in 201912020 (pre-pandemic), a 360 increas8 on pre-pandemic levels. Objectives and activitles a. Pollcle8 and obj8ctiV88 In settiNJ objectives and planning for actlvlties, the Trustees have given due consideration to general guidance publlshed by the Charity Commission relating to public benefit, induding the guidance 'Public benefft.. running a charity {PB2)'. Orlel Davles Gallory's Misslon: Oriel Davles connects people with contemporary art and culture in Mid Wal88 providing opportunit188 to experience National and Intemational artists working within a Welsh context in a stimulating, engaging, indusive and welcoming environment. Context: We are one of the leading galleries in Wales and the principal contemporary visual arts venue for the Mid Wales and Welsh Borders region. We are a meeting place for Indlvlduals and communities. Kay Priorltles: Embracing diverse communities and promoting equalities as the foundation of a clear commitment to reach and engage more widely and deeply Providing generoslty of access to art and culture Unlocking hidden talent Becoming entrepreneurial in spirrt, strengthening our capabilty and resilience, enabling creative talent to thrive, working more efficiently, and collaborating more imaginatively with like-minded partners across Wales and beyond Page 3
ORIEL DAVIES GALLERY (A Company Limited by Guarantse) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectlves and actlvllles Icontlnuedl b. Achi8v8m8nts and Perfomiance 202212023 Key Actlvltie¥ and Achievements Visitors Exhibitions at Oriel Davies received a total of 51.958 visits, an increase of 8,611 on the previous year. The exhibitions were Well-reIVed by our audiences. Our audience is generally split been retum visitors and new visitors. Between locals and cultural tourists. Research from cafe sales show an average 20% retum customer, whereas workshop attendan5 show just over 750A had heard of Oriel Davies prior to their visit. After attending workshops 1 OOYO of people said they felt happier and more positive about themselves. 30% of our visitors have long-standing disabilities. The largest proportion of visitors travel 1 &30 minutes to the gallery. 20kn of Nvorkshop attendees travel 60-90 minutes. 77% of workshop attendees iderrtify as female. 84% identify as White British. 60% were aged 45-64. The majority of our visitors hear about us from our social media or word of mouth. Galleryshop and Café Shop turnover was £31,745 (compared with £30.777 in 2022123) resuEting in a gross (ie. sales agalnst cost of stock) profit of £7,517 excluding wag8S. Capltal Development We have been selected as a partner for Welsh Govemment's National Contemporary Art Gallery dispersed model. This allows us to work with MCRA to upgrade inside and out. Oriel Davles has been awarded Welsh Government funding of £1,038.774 to this project that will see our security and technical facilities upgraded. replaced and installed. This will allow us to borrow from The National Library in Aberystwyth and The National Museum in Cardiff. Although phase 1 of the project will take place manly behind the snes, we have also been developing some strategic plans for the gallery, that 111 see us into the next 20 years and beyond. The project will enable us to eventually display works from The Davies Collection and put our story into context. Fundraislng Funds raised for the exhibitions and the learning programmes in 202312024 include: Arts Council of Wales NCAGW Capital Grant: £164.344 Arts Council of Wales Cost of Living Grant: £2,526 Other grants: Warm Welcome National Lottery Communty Grant: £9,134 Engage Intemship l New Routes: £1.400 NCAGW- Amgueddfa Cymru Commissions: £8,500 Powys County Council - Criw Celt. £14,475 Powys County Council - Young Lives: £1,775 Page 4
ORIEL DAVIES GALLERY (A Company Limited by Guarantee TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectlves and actlvltles (contlnued) c. Key Organi$ational ObJ•¢tlves In 202312024 To be an efficient organi88tion This was achieved by: Applying for Museums and Galleries Exhibition Tax Relief. We received £17,531 in year 2021122" a further claim for FY 2022123 for £46,737 has been submitted to HMRC. To slabilise the organisation This was achieved by: Securing 3-year revenue funding from Arts Council of Wales Developing the team around a strong vision for the organisation Initiating a prOsS of board development To re-assess our business model and develop organisational capabilty We appointed a Marketing and Communications Offic0r, reaffimied our commitment to the business plan, and identified areas that need additional support. To organise and present a minimum of four major exhibitions of contemporary art and craft Exhibitions: We presented 17 exhibitions across our site during the year. Highlights included a major solo show by Helen Booth, a partnership with Art88 Mundi and international artist Carolina Caycedo, live art I performance by Cai Tomos, Qwerin, and a piano recital weekend. To continue to build partnerships with other organisatlons During 202312024, we worked with existing, new and developing partners, including: Welsh Government l Arts Council of Wales NCAGW project with Amgueddfa Cymru, Llyfrgell Genedlaethol Cymru. MOSTYN, Ruthin Craft Centre, Oriel Myrddin, Newport Art Gallery, STORIEL, Aberystwyth Arts Centre, Glynn Vivian and Plas Glyn y Weddw to estsblish a dispersed National Contemporary Art Gallery for Wales. Nevrtown and Llanllwchaiarn Town Councils. MCRA, Povrys Health Board, PAVO. Arts organisations including: The National Gallery. Oriel mddIn. Ruthin Craft Centre, Ty Pawb, National Museums and Galleries Wales. VAGW. Disability Arts Cymru, IAid Wales Arts. NPTC Group.. Newtown College, Newtown High School and all local schools. The Coop (sponsorship). Powys County Council. Newtown Town Council, Open Newiown and multiple community groups. We continued to maintain existing partnerships with Open Newtown, Montgomeryshire Wildlife Twst, and Cultivate, a cooperative, run by volunteers and employees tho are dedicated to supporting a resilient Iccal food economy. The National Gallery in London, Welsh Govemment. Neth Town Council, Robert Owen Museum, Oriel Myddin, DAC (Disability Arts Cymru). Ashley Family Foundation, Ctrop UK. Page 5
ORIEL DAVIES GALLERY (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and actlvlties {contlnued) New partnerships were developed, with local regional and national partners induding Rekindle (Small Steps), Powys reaching Health Board and these partnerships have rdevance for specffic projects but also future relationships. Achi8vements and performance Flnanclal revlew a. Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the charitable company has 8dequate resources to contlnue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. b. Reserv88 poIIcy The ODG Reserves Policy was reviewed and 8pprov8d by the Board of Trustees on the 27th February 2023. At the end of year, our free reserves were £340,146. The minimum res&rves figure currently stands at £220,000. c. Prlncipal risks and uncortalntles Th8 key risk during this period wss an investment review by the Arts Council of Wales. This was completed in March 2024 and we hav8 been Suc$$fUl in applylrKJ for multi-year funding until 2027. Oriel Davies requested a new lease from our landlords {MCRA) in this year. We have since secured a new 25- year lease. We joined a partnership in this year to develop a National Contemporary Art Gallery Wales. with Amgueddfa Cymru and Lwrgell Genedlaethol and 7 other partner organisatlons. The project, funded by Welsh Govemment will invest almost £1 m towards upgrsding facilities. s8CUrity. climate control, electrics. lighting and roof. d. Prlnclpal fundlng Principlal Funding Sourtss: Arts Council of Wales., Powys County Council., Trusts and Foundations. As one of ACW'S Clients within the Arts Portfolio Wales since 2016,. the organisation received annu81 revenue of £227,128. The annual partnership revenue grant from Powys County Councll was £4.535. The organisation is very grateful for the commitment and support of its principal funders, Arts Council of Wales and Pws County Council. Public funding has and continues to be under great pressur8 and both Arts Council of WaS snd Powys County Council have ensured that impact of this pressure on thelr clients has b8en kept as low as posslble. Page 6
ORIEL DAVIES GALLERY (A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 structure, governance and management a. Constitution and governance Oriel Davies Gallery is 8 company limited by gu8rantee as defined by the Companies Act 2008. It is a registered harity. The company vrds estsblished in 1993 under a Memorandum of Association, which established the objects and pOVrS of the charitable company and is governed urKler the Articles of Association. The trustees meet at least 4 times a year and are responsible for the management and strategic leadership of the charity and ensuring that the charty devotes all its resources and assets towards meeting its objectives. The Trustees of Oriel Davies Gallery are fijlly aware of their responsibilities and exercise reasonable sklll and care In the governance of the Trust. Trust8es are liable for the sum of £1 should the Trust cease to be solvent due to no fault of the Trustees and they have governed the Trust showing due care and prudence. As a public Servi and building open to the public, the Charity has Public Liability Insurance. b. Methods of appointment or electlon of Trustee8 Oriel Davies Gallery trustees are recruited according to the skills required as identified by The Board. A broad and diverse recruitment process is adopted and governance training is given regularly to members via professional bodies. A skills audit is undertaken annually to ensure the organi5ation has the breadth of skill needed to govern the organisation. c. Policies adopted for the Inductlon and tralnlng of Trustees Th8 charity has a policy and procedure for the induction of volunteers and trustees. When necessary, the company provides training for Trustees to malntaln appropriate knowledge of thelr role 8nd resFonsibilty as trustees under Company Law and Charity Commission guidelines. Trustees are currently invited to an initial meeting 8nd then a support system is in place from existing Trustees. Page 7
ORIEL DAVIES GALLERY (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management (continued) d. Organisational structuro and docision-making pollcles ?4 f•• All decisions on policy and strategy are made by the Board of Trustees and recorded in the minutes of th8 Board meetings. Day to day responsibility for the management of the charity is delegated to the Gallery Dlrector, Steffan Jones-Hughes. Individual Twstees take particular interest in aspects of th8 business relating to their ills and expertlse and provlde mentorshlp and support in relation to these. e. Arrangements for settlng key management personnel remuneratlon The Director of the Gallery is an Employee of the Board. The salary of the Director is agreed by the Board of Trustees who make the appolntment. Expenses Incurred by the Director are monitored by the Chair of Board of Trustees. All other Trustees are unpaid except for expenses InCued directly on the charivs behalf. f. Major rfsks and management of those rfsks The trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that Systems are in place to mitigat8 exposure to those m8jor risks. Page B
ORIEL DAVIES GALLERY (A Company Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future perlods Key Objectives for 202412025 Evaluate the environmental impact of our work Create and sustain collaboralion with diverse artists, makers and communities through Exhibition, Engagement and Outreach programmes Wlden and deep8n engagement with audlences though Learning Prograrnmes Contribute to individual and social health and wellbeirKJ by.. creating social and cultural connections,. building CatiVe and social capital and confiden. providing a safe Spa and a supportive, creative environment for dlsadvantaged and overfooked individuals and communibes Promote the use of and access to the Welsh language throughout the organisation and Its activities {including HR, governan, communications) and report on our Welsh Language Plan Continue the Process of ODG Board Development Increase earned income frorn ODG café and retail, on site and online including venue hire. Statement of Trusteas, responsibilltles The Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees, Report and the financlal statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for eath financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they glve a true and fair view of the stste of affairs of the charitable company and of its incoming resourc8s and applicats'on of resources, including its income and expenditure, for that period. In preparing these financial statements. the Trustees are required to: select sultable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent,. state whether applic8bl8 UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial ststements,. prepare the financial statements on the going concem basls UnleP it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose wrth reasonable accuracy at any time the financial position of the charitabl8 company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Ap.prov by order of the members of the board of Trustees and signed on thelr behalf by. M Brown Acting Chair Date: 14. 9_2024 Page 9
ORIEL DAVIES GALLERY IA Company Limited by Guarantee) INDEPENDENT EXAIJIINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent Examlnorfs Report to the Trustees of Orlel Davles Gallery ('the charitable company,) I report to the charity Trustees on my examination of the accounts of the charltable company for the year ended 31 March 2024. Responsibilitles and Basls of Report As the Trustees of the charitable company (and its directors for the purposes of company law) you are responsible for the pr8paration of the accounts In accordance with the requirements of the Companies Act 2006 (Ihe 2006 Acr). Having satisfied myself that th8 accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report In respect of my examination of the charitable companls accounts carried OLrt under section 145 of the Charities Act 2011 {'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5){b) of the 2011 Act. Page 10
ORIEL DAVIES GALLERY (A Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Independent Examlnerfs Statement Since the charitable company's gross Income exeded £250,000 your examiner must be a member of 8 body listed in section 145 of the 2011 Act. I confim that l am qualified to undertake the examinatlon because l am member of the Institute of Chartered Accountants in England and W81es, which Is one of the listed bodies. I have completed my examlnation. I confirm that no matters have come to my attention in connection wrth the examination giving m8 cause to belleve.. accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act,. or the accounts do not accord with those records" or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and faiv view which Is not a matter consldered as part of an IrKJependent examination., or the accounts have not been prepared in accordance with the m8thodG and principles of the Statement of Recommended Practice for accountlng and reporting by charities [applicable to charities preparing their accounts in accordance with th8 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102>1. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Thls report is made solely to Ihe charitable company's Trust8es, as a body, in accordance wlth Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charitable companls Trustees those matters l am required to state to them in an Independent Examinerfs Report and for no other purpose. To the fullest extent pemitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the charitable companws Trustees as a body. for my work or for this report. Signed: Dd. %1 7gLi S J Tweedle Bsc FCA DChA WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Page11
ORIEL DAVIES GALLERY (A Company Limlted by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Restrlcted funds 2024 Total funds 2024 Total fund5 2023 Note Income from: Donations and legacies Charitsble activities Other trading a1VitieS Investments Other income 2,774 259,027 68,003 6,059 46,737 164,344 37,810 167,118 296,837 68,003 6,059 46,737 6,747 375, 427 39,672 1, 644 60,427 Tolal income 382,600 202,154 684,754 483,917 Expendlture on: Charitable activit188 374,757 50,241 424,998 376,617 Total expendlture 374,757 50,241 424.998 376,617 Net movement In fund8 7,843 151,913 159.756 107,300 Reconclllatlon of funds: Total funds brought forward Net movement in funds 348,605 7,843 14,630 151,913 363,235 159,756 255,935 107,300 Total funds carrled forward 356.448 166,543 522,991 363,235 The notes on pag88 15 to 31 form part of these financi81 statements. Page 12
ORIEL DAVIES GALLERY (A Company Limited by Guarantee) REGISTERED NUMBER: 2881599 BALANCE SHEEr AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investments 13 14 159.638 18,252 159.639 18,253 Current assets Stocks Debtors Cash at bank and in hand 15 16 17,624 63,486 418,428 13,891 18,048 331, 781 489,438 363, 720 Creditors: amounts falling due within one year 17 1128,086) (18. 738) Net current assets 363,352 344,982 Total net assets 522,991 363,235 Charity funds Restricted funds Unrestricted funds 18 18 166.543 356A48 14, 630 348, 605 Total funds 522.991 363,235 The charitable company was entitled to exemption from audit under Section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial sLitements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financlal statements were approved and aLrthorised for issue by the Trustees and signed on their behalf by.. M Brown Acting Chair Date: £-9- 202 The notes on pages 15 to 31 form part of these financial ststements. Page 13
ORIEL DAVIES GALLERY (A Company Llmlted by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operatlng actlvltles Net cash used in operating activities 233,732 116,387 Cash flows from Investlng actlvltles Purchase of tangible fixed assets 1147,085) (15, 559) Net cash used in investing activlties (147,085) {15,569) Cash flows from flnanclng actlviti•s Net cash providod by financing activitie5 Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 86,647 100,828 331,781 230,953 Cash and cash equlvalents at the end of the yèar 418,428 331,781 The notes on pages 15 to 31 form part of these financial statements Page 14
ORIEL DAVIES GALLERY (A Company Limit by Guarant•o} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Informatlon Oriel Davies Gallery is a company limited by guarantee in Wales. In the event of the charty being wourKJ up, the liability in respect of the guarantee is limited to £1 per member of the charlty. The address of the registered office is given in the charity information on page 1 of those financial statements. Accounting policies 2.1 Basis of preparation of financial slatements The financial ststements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (updat8 8ffectiV8 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Oriel Davies Gsllery meets the definiiion of a public benefit entity under FRS 102. Assets and Ilabllltles are Inltlally recognlsed at hlstorlcal cost or transactlon value unless otherwise stated in the relevant accounting policy. 2.2 Golng concern After making enquires, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existen for the foreseeable future. The Charlty therefore continues to adopt th8 going concem basis in preparing its financi81 statements. 2.3 Income All income is recognised once the charitable company has entitlement to the Income, it is probable that the income wÉll be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of Financial Activities on a receivable basis. The balan of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Where th8 donated good is a fix8d asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the approprfate fixed asset class and depreciated over the useful economic life in accordance with the charitable companys accountlng pollcles. Income tax recoverable in relation to investment income is recognisgd at the time the investment Income Is receivable. Other income is recognised in the period in which it is re1vable and to the extent the goods have been provided or on completion of the service. Page15
ORIEL DAVIES GALLERY {A Company Limited by Guarantoe) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (continued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single aclivity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned been those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable company's objectives, as well as any associated support costs. 2.5 Government grants Government grants are accounted for in the Statement of Financial Activities when the conditions of income recognition (entitlement, probabilty of receipt and measurement of amount receivable) are met. 2.6 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.7 Tangible fixed assets and depreclatlon Tangible fixed assets costing £400 or more are capitslised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be induded in the measurement of cost. Assets in the course of construction are included at costs incurred to dale. Depreciation on these assets is not charged until they are brought into use. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreclation is provlded on the following bases.. Fixtures and fittings Office equipment 25Oh reducing balance 25 /0 reducing balance Page 16
ORIEL DAVIES GALLERY IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles {contlnu&d) 2.8 Investments Fixed asset investments are a ft)nn of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment g8ins and losses, whether realised or unrealised. are combined and presented as 'Gainsl(Losses) on investments, in the Statement of Financial Activities. 2.9 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and 51ow-moving stocks. 2.10 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.11 Cash at bank and In hand Cash at bank and in hand includes cash arKI Short-temi highly liquid inv88tm8nts with a short maturity ofthree months or less from the date of acqulsltlon or openlng of the deposlt or slmilar account. 2.12 Liabilitios and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 2.13 Flnancial instruments The charitsble company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 2.14 Operating leases Rentals paid under operating leases 8re charged to the Statement of Financial Activiti8s on a straight line basis over the lease term. 2.15 Penslons Th8 charitabl8 company op8rates a defined contribution pension sch8me and the pension charge presents the amounts payable by the charltable company to the fund in respect of the year. Page 17
ORIEL DAVIES GALLERY (A Company Llmlted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollc108 Icontinued) 2.16 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees In furtherance of the general objectives of the charitable company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific r88trictions imposed by donors or which have been ralsed by the charitable company for partlcular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income. gains and losses are allocated to the appropriate fund. Income from donatlons and legaci88 Unrestricted Restrlcted funds funds 2024 2024 Total fund$ 2024 Total funds 2023 Donations National ContemporaryArt Gall8ryfor Wa185 grant 2.774 2.774 6,747 164,344 164,344 Total 2024 2,774 164,344 167,118 6, 747 Total 2023 6,747 6,747 The Government grant has been received from Arts Coun¢il Wales, and is restricted for capital improvements. Pag8 18
ORIEL DAVIES GALLERY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from charitable activities Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Other income from charitable activities Ethibitions and related income 27,364 231,663 27,384 269,473 102. 749 272.678 37,810 Totsl 2024 259,027 37,810 296.837 375,427 Total 2023 328, 627 46, 800 375.427 Exhibition5 and related income Unrestrl¢t•d Rostrl¢ted funds funds 2024 2024 Total funds 2024 Total funds 2023 Arts Council Wal85 R8V8nu8 Grant Powys County Council - Criw Celf Powys Revenue PO County Council Projects Arts Council Wales Other grants Open Newiovm 227.128 227,128 14,475 4,535 1,776 2,526 19,034 229,654 14,075 9,935 10,945 8.069 14,475 4,535 1,775 2,526 19,034 Total 2024 231,683 37,810 269,473 272,678 Total 2023 255,878 16,800 272,678 The above table includes govemment grants from Arts Council Wales and Powys County Council. Page 19
ORIEL DAVIES GALLERY (A Company Limfted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Other Income from charitable activities Unrnstrlcted Restri¢ted funds funds 2024 2024 Total funds 2024 Tolal funds 2023 Sales of publications Other income from exhibitions Education work shop fees Friends contribution Consultancy & other sery1s Venue hire fees Event and ticket sales Sales of work Other earned income - ON I R0250 1 PCC Projects Grants - non exhibition related 79 79 115 3.248 3,248 2. 101 1, 719 1, 756 851 3, 026 28,954 5,232 1.377 2,253 5,232 1,377 2,253 3,364 11.811 11,811 55,046 5,900 Total 2024 27,364 27,364 104,468 Tot812023 79,496 30.000 109.496 Income from other tradlng actlvlties Unrestricted funds 2024 Total funds 2024 Total funds 2023 Cafe income Shop and internet sales 36,258 31,745 36,258 31,746 8.9C 30, 772 68,003 68,003 39,672 Tolal 2023 39,672 39,672 Page 20
ORIEL DAVIES GALLERY (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment Income Unrestricted funds 2024 Total funds 2024 Total runds 2023 Investment income 6,059 6,059 1,644 Total 2024 6,059 6,059 1, 644 Total 2023 1,644 1, 644 Other Incoming resources Unrestricted funds 2024 Total funds 2024 Total funds 2023 Museum & Galleries Exhibition Tax Relief 46,737 46,737 60,427 Total 2023 60,427 60,427 Analysls of expenditure on charltable actlvities Summary by fund type Unrestrlcted Restri¢ted funds funds 2024 2024 Total 2024 Total 2023 Exhibitions and related activities Shop Cafe 300.552 29,694 44,511 50,241 350,793 29.694 44,511 326, 270 37, 149 13, 198 374,757 50.241 424,998 376,617 Tot812023 321,488 55, 129 376,617 Page 21
ORIEL DAVIES GALLERY (A Company Llmlted by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of oxpenditure on charitable actlvltles (continued) Summary by fund type (continued) Analysls of exp8ndlture by activltles Actlvities undertaken directly 2024 Support costs 2024 Total funds 2024 Total fvnds 2023 Exhibitions and related activities Shop Cafe 162,556 29,694 44,511 188.237 350.793 29,694 44.511 326,270 37, 149 13. 198 Total 2024 236,761 188,237 424,998 376,617 Total 2023 218.247 158,370 376.617 Analysls of dlrect costs Exhlbltlon costs 2024 Total funds 2024 Shop 2024 Total funds 2023 Cafe 2024 Staff costs Exhibition Costs Printing, postage, stationery & marketing Bank charges & interest General expenses Shop purthases Bags, stationery and consumables Cafe costs 80,693 71,231 9,099 24,525 114,317 71,231 94.568 80,938 9,081 9,081 13,835 1, 147 3,816 17,491 648 354 19,353 1,551 1,905 19.363 240 240 19.986 35 6,417 19,986 Total 2024 162,556 29,694 44,511 236.761 218,247 Total 2023 167,900 37, 149 13, 198 218,247 Page 22
ORIEL DAVIES GALLERY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of expenditure by actlvltles (contlnued) Analysls of dlrect costs (contlnued) Analysis of support costs Exhlbltlon costs 2024 Total fund8 2024 Total funds 2023 Staff costs Depreciation Water rates Light and heat Premises costs Printing, postage & stationery Rent Insurance Bank charges & interest General expenses Disallowable VAT Contingency building maintenance Governan costs 87,610 5,699 900 10,783 24,161 311 13,286 4,688 304 7,635 26,969 87.610 5,699 900 10,783 24,161 311 13.286 4.668 304 7.635 26.969 72.691 7,819 {3,411) 11.484 18, 148 251 13,286 4, 142 245 6,947 7, 725 11,145 7,898 5.911 5,911 Total 2024 188,237 188,237 158,370 Total 2023 158,370 158,370 10. Independent examiner's remuneration 2024 2023 Fees payable to the charitable company's independent examiner for the independent examination of the charitsble compan5 annual accounts Fees payable to the charitable company's independent examiner in respect of: All taxation advisory services not includ8d above All other seniices not included above 2,625 2,500 3,080 180 4, 766 165 Page 23
ORIEL DAVIES GALLERY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 181,807 11,798 8,322 150.712 11.062 5.485 201,927 167,259 The average number of persons employed by the charitable company during the year was as follows: 2024 No. 2023 Administrative 10 10 No employee received remuneration amounting to more than £60,000 in either year. The totsl remuneration and benefits received by key management personnel amounted to £87,609 (2023.. £63,978). Key management personnel comprise the Chief Executive Officer and Office Manager. 12. Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023- £NIL). Page 24
ORIEL DAVIES GALLERY {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Tangible fixed assets Assets Offlce und•r equlpment construction Fixtures and flttlngs Totsl Cost orvaluation At 1 April 2023 Additions Disposals 83.490 113,585 3,749 {83,763} 197.075 147,085 183.763 143,336 At 31 March 2024 83,490 33,571 143,336 260,397 Depreciation At 1 April 2023 Charge for the year On disposals 83,107 96 96,716 5.603 (83,763) 178.823 S.699 (83,763) At 31 March 2024 83.203 17,556 100,759 Net book value At 31 March 2024 287 16,015 143,336 159,638 At 31 March 2023 383 17,869 18.252 Page 25
ORIEL DAVIES GALLERY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1 Fixed asset investments Investments In subsidiary companles Cost or valuatlon At 1 April 2023 At 31 March 2024 Principal subsldlarles The following was a subsidiary undertaking of the charitable company.. Name Company number Holdlng Relish Ne0M Ltd 08846859 100% The subsidiary has remained dormant during the year with no financial activity. 1 S. Stocks 2024 2023 Finished goods and goods for resale 17,524 13,891 16. Debtors 2024 2023 Due wlthln one year Trade debtors other debtors 904 52.582 39 18,009 53,488 18,048 Page 26
ORIEL DAVIES GALLERY (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Creditors: Amounts falling due within one year 2024 2023 Trade creditors other taxation and social security Other creditors 119,024 2,643 356 4.063 9, 191 6.282 765 Accruals and deferred income 2, 500 126,086 18, 738 Page 27
ORIEL DAVIES GALLERY IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Statement of funds ststement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expendlture Unr•strf¢tsd funds General Funds 348,605 382,600 (374.7571 356,448 Restricted funds PCC Criw Celf PCC projects Open Newtown Diverse VolS Hidden Young Lives l Raising Aspirations Ashley Family Foundation Arts Council Wales - National Contemporary Art Gallery for Wales Arts Coucil Wales - other grant 4,641 14,475 1,775 19,034 (19.116) (1.492) 117,118) 14,462) (537) 15,000> 283 1,916 4,452 537 5,000 164,344 2,526 164,344 (2,526) 14,630 202,154 150,241) 166,643 Total of funds 363,235 584,754 (424,998) $22,991 Material Restricted funds comprise of: Arts Council Wales Capital grant - Capitsl Investment Grant for the dlspersed model of the Welsh Govemment's National Contemporary Art Gallery. Page 28
ORIEL DAVIES GALLERY (A Company Llmlted by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Statement of funds (continued) Statement of funds - prior year B818nce at 31 March 2023 B818nce at l Apnl 2022 Income Expenditure Unrestrlcted funds General Funds 232,976 437.117 (321,488) 348.605 Restrlcted funds PCC Criw Celf Diverse Voices Hidden Young Lives l Raising Aspirations PCC Winter of Wellbeing Rekindle Robert Owens 250 Ashley Family Foundation 14,075 950 1, 775 (9.434) (2,048) (3.354) (916) (5,000) (34,377) 4,641 4,452 537 5.550 2,116 916 9,377 25, 000 5, 000 22,959 46,800 (55, 129) 14,630 Total of funds 255, 935 483,917 (376,617) 363,235 19. Analysis of net assets betweèn funds Analysis of net assets between funds - current perlod Unrestrlcted Restrlcted funds funds 2024 2024 Total funds 2024 Tangible fixed assets FÉxed asset investments Current assets 16,302 143,336 159,638 466,231 {126,086) 23,207 489.438 (126.086) Creditors due within one year Total 356,448 166,543 522,991 Page 29
ORIEL DAVIES GALLERY (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Analysis of net assets between funds Icontlnued) Analysls of net assets between funds . prlor poriod Unrestricted funds 2023 R8StriGted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 18,252 18,252 349,090 (18, 738) 14,630 363, 720 (18. 738) Total 348, 605 14,630 363,235 20. Reconclliatlon of net mov8ment in funds to net cash flow from operating activitles 2024 2023 Net income for the period (as per Statement of Financial Activities) 159,766 107,300 Adjustments for: Depreciation charges Increas8 in stocks Increase in debtors 5.699 (3,633) 136,438) 107,348 7.819 (1, 761) (6,589) 9,618 Increase In creditors Net cash provlded by operatlng acllvltles 233,732 116,387 21. Analysis of cash and cash equivalents 2024 2023 Cash in hand 418,428 331.781 Total cash and cash equlvalents 418,428 331,781 Page 30
ORIEL DAVIES GALLERY (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. Analysls of changes in not debt At 1 Aprll 2023 Cash flows At 31 March 2024 Cash at bank and in hand 331,781 86,647 418,428 331.781 86,647 418,428 23. Pension commitments The Charity operates a defined contributions pension scheme. The asset5 of the scheme are held separately from those of the Charity in an independantly administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £8,322 (2023: £5,485). Contributions totalling £356 (2023: £765) were payable to the fund at the balan sheet date. 24. Operating lease commitments At 31 March 2024 the charitable company had commitrnents to make future minimum lease payments under non-cancellable operating leases as follows: 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 1,192 1.848 1,192 1,192 3,040 Relatsd party transactions During the year, the Company made purchases of £280 (2023.. £189) from Wiggles & Florence, a company of which S Robertson is a director. During the year, the Company purthased IT services at the cost of £1,354 (2023: 1,392) from View Creative Agency. a company of which S Cotton is a director. Incuded within this totsl is the amount of £200 that was due at the year end and is included in accruals. The spouse and daughter of the Chief Executive Officer have reiVed the total of £6,986 for a combination of running workshops, providing hospitality and working in various other roles (2023.. £4,061). Page 31