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 d￿Urnent and the provisions of the Statement of Recommend￿1 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-re￿IVed by our audiences.
Our audience is generally split be￿en retum visitors and new visitors. Between locals and cultural tourists.
Research from cafe sales show an average 20% retum customer, whereas workshop attendan￿5 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 s￿nes, 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 prO￿sS 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 m￿ddIn. 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 Wa￿S 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 pOV￿rS 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 InCu￿ed 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
C￿atiVe 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 ex￿eded £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:
D*d. %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 a￿1VitieS
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 re￿1vable 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 be￿en 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 sery1￿s
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 compan￿5 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 Ne￿0￿M 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 Vol￿S
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 re￿iVed the total of £6,986 for a
combination of running workshops, providing hospitality and working in various other roles (2023..
£4,061).
Page 31