Reglstered number: 2881599 Charity number: 1034890 Oriel Davies Gallery ORIEL DAVIES GALLERY TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Partners Protecting your future.
ORIEL DAVIES GALLERY IA Company Limited by Guarantee) CONTENTS Page Reference and Adminlstratlve Detalls of th8 Charltable company. Its Trustees and Advls8rs Trustees, Report Indopendent Examlnerfs Report 10-11 Statement of Flnanclal Actlvltles 12 Balance Sheet 13-14 Statsment of Cash Flows 15 Notes to the Flnanclal Statements 16-33
ORIEL DAVIES GALLERY (A Company Llmlted by Guaranteo) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2026 Trust888 M Brown J Burt (appointed 24 June 20251 S Cotton A Hitchcox (appointed 21 May 2024) S Robertson T Simpson S Vicary D Webb (appointed 24 September 2024) Company reglstsred number 2881599 Charlty reglstered number 1034890 Reglstered offlce The Park NeW(own Powys SY16 2NZ Chlef executlve officer Steffan Jones-Hughes Accountsnts WR Partners Chartered Accountants Hafren House 5 St Giles Business Park Neown Powys SY16 3AJ Page 1
ORIEL DAVIES GALLERY (A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the financial statements of the charitable company for the year from 1 April 2024 to 31 March 2025. The Annual Report serves the purposes of both a Trustees, report and directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Staternent of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the charitable company qualifies as small under section 382 of the Companies Act 2006. the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Executlve Summary The Oriel Davies Trust is a well-established arts organisation with sufficient revenues and reserves to fulfill its medium-temi goals. We work closely with our diverse local communities and celebrate our bilingual culture, providing inclusive access to art and creativity. Our approach is socially responsible and entrepreneurial within a charitable context. At the end of 2024125 our draft Reserves (figure in our bank) was £451,825 1 £304,164 in free reserves (prior year £418,428 1 £340,146 in free reserves). Efficiencies have continued to be found and applied across the organisation, helping to create a more sustainable and resilient business model reflecting the vision of the director and trustees. We remain an accredited Living Wage Employer with salaries decreasing from £202,058 in 202312024 to £199,378 in 202412025, coming in under budget by £22,442 mainly down to the cafe and shop being closed due to the capital project. In addition, no new permanent contracts were issued in this year. Highlights of our programme included our work with the Sensory Impairment Unit of Powys County Council which led to a presentation at the Deaf Blind UK conference, Tutti Frutti LGBTQIA+ workshops for young people, filmworks by Tom Cardew and Paul R Jones, Becoming Lichen with Simon Whitehead, and Bamboo by No Fit State Circus. These exhibitions and projects were well received, showcasing diverse and inclusive artists. The gallery itself was closed from eady September with many of our activities moving offsite- resulting in the inevitable decrease in visitor numbers (of 34.66 % based on the same period in 202312024). We are confident that we can build on Ihese figures as a result of the capital investment and our new relationship with the national collections as a partner in CELF, The national contemporary art gallery of Wales. Visitor Numbers 202412025.. 21,365 (previous year 51,598) Visitor figures. Visitor fi ures 201912020 202012021 202112022 202212023 202312024 202412025 26,289 21,365 Page 2
ORIEL DAVIES GALLERY (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The gallery continues to work with a wide range of partners including The Arts Council of Wales, Powys County Council, Newtown Town Council. Open Newtown and multiple community groups. We continued to maintain existing partnerships with Open Newtown, Montgomeryshire Wildlife Trust, and Cultivate, a cooperative, run by volunteers and employees who are dedicated to supporting a resilient local food economy. The National Museum in Cardiff, The National Library in Aberystyh, Welsh Government, Newtown Town Council, Robert Owen Museum, Oriel Myrddin, DAC (Disability Arts Cymru). New partnerships were developed, with local regional and national partners including the CELF neOrk of galleries, Powys Teaching Health Board. Cyfie Cymru, engage and ARMA, Wales Arts International and these partnerships have relevance for specific projects but also future relationships. The gallery is still in post covid recovery, our retail and cafe income were both significantly down due to capital work. We should see a return in 202512026. Objectlves and activities a. Policles and objectives In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running charity (PB2)'. Orlel Davles Gallery's Mlsslon: Oriel Davies connects people with contemporary art and culture in Mid Wales providing opportunities to experience National and International artists working within a Welsh context in a stimulating, engaging, inclusive 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 individuals and communities. Key Prlorltles: Embracing diverse communities and promoting equalities as the foundation of a clear commitment to reach and engage more widely and deeply Providing generosity of access to art and culture Unlocking hidden talent Becoming entrepreneurial in spirit, strengthening our capability 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 IA Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Objectlves and activities (contlnued b. Key Organlsational Objectlves In 202412025 Creativily Ambltlon.. Deliver a distinctive, diverse, and inclusive visual art program. Focus.. Work wilh artists to develop their practice and gain recognition. Goal.. Achieve national and international significance. Widening Engagement Commitment.. Work with the wdest possible audience. Accessibility.. Overcome barriers to access and make the space welcoming and inclusive. Community Role.. Actively participate in local events and support community activities. Welsh Language Promotion.. Use, celebrate. and promote the Welsh language. Opportunitles.. Increase opportunities for Welsh language artists and events. Climate Justice Recognition.. Acknowledge the climate emergency and its impacts. Sustainability.. Reduce resource consumption and promote environmental awareness. Nurturing Talent Support.. Nurture and support staff and volunteers. Development.. Foster a culture of learning and personal development. Volunteer Program.. Develop an active volunteer program and new membership opportunities. Transformation Collaboratlon.. Partner with visual arts organizations for maximum impact. Transparency.. Increase transparency, accountability, and inclusivity in decision-making. Flnancial Growth.. Increase earned income and reduce dependence on single funding sources. Achlevements and performance a. Achlevements and Performance 2024125 Key Actlvltles and Achievements Capital Investment This year saw an investment of £1,038,774 of Welsh Government funding to improve and upgrade the facilities at Oriel Davies. The funding was announced in December 2023 and there has been a very short window in which development can take place. The contractors complete by mid-march 2025, enabling us to present an evolving exhibition of photographs from late March which will run until August 2025. A new gallery space has been created, a new accessible toilet and kitchenette to Servi events in gallery 2, the roof has been replaced, and security systems have all been upgraded. New air handling units and lighting have been installed. This inveslment has allowed us to work with our landlords MCRA to upgrade inside and out. Once complete we will begin a 10-year partnership with the National Museum and National Library to bring important contemporary and modern art from the national collections to share with our audiences. Page 4
ORIEL DAVIES GALLERY (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achlevements and performance {contlnued) Capltal Works and Expanslon: We successfully completed major capital works to join the CELF national contemporary art gallery programme. This expansion has not only enhanced our physical space but also our capacity to host a wider range of exhibitions and events, allowing us to reach and engage more visitors from 2025 onwards. Enhanced Collaboratlons.. We have increased our loan opportunities from prestigious institutions like the National Library of Wales and the National Museum. This builds on ourthree-year partnership with The National Gallery in London, and the world's biggest art prize Artes Mundi (2023), and Disability Arts Cymru (2021-2024). These collaborations have enriched our contemporary exhibitions and provided our visitors with access to a broader spectrum of art and culture. Visitors As a result of the investment, we undertook Consultation Station in the gallery prior to closing for the capital work. This exhibition enabled us to showcase what the future plans of Oriel Davies are and provided an opportunity for input from our visitors. This has given us a significant amount of data which we can use to improve our offer to our audiences. We continuously seek feedback from our visitors to ensure our programming meets their needs and reflects their diverse backgrounds. Positive testimonials highlight the welcoming atmosphere and the impact of our inclusive approach on visilors, wellbeing. Gallery Shop and Cafe The shop and cafe have been significantly affected by the closure for capital works. Equality, Diversity, and Inclusion At Oriel Davies, our commitment to equality, diversity, and inclusion (EDI) is integral to our mission and programming. We strive to create an environment where everyone feels welcome, valued, and represented. Here's how we deliver against our EDI objectives through our programming and activities.. Incluslve Programmlng.. Our exhibitions and workshops are designed to be accessible and engaging for diverse audiences. We feature a wide range of artists, including those from underrepresented groups, ensuring that our programming reflects the diversity of our community. Initiatives like Criw Celf and the New Routes Internship Programme support young people facing barriers to careers in the arts, promoting diversity within the sector. Community Engagement.. We actively engage with local and refugee communities through projects like River Songs and River Friends, c(>produced with Artes Mundi and Sevem Rivers Trust. These projects foster cultural exchange and mutual understanding, creating a shared space for diverse voices. Accessibility.. Our gallery is designed to be accessible, with level aCsS throughout and infomiation available in multiple formats and languages. We offer guided tours and workshops for visually impaired visitors and host family days with Syrian and Afghani families. Our staff undergo sensory loss awareness training to better accommodate visitors with sensory impairments. Wellbeing and Incluslvlty.. Programs like Croeso Cynnes focus on community wellbeing, incorporating music, dance, and consultation sessions to foster a sense of belonging. We also develop workshops for visually impaired communities and provide visual impairment information sessions to promote empathy and understanding. Through these efforts, Oriel Davies demonstrates a strong commitment to EDI, ensuring that our gallery is a place where everyone can connect with contemporary art and culture. Impactfvl Community Engagement Crlw Celf and New Routes Internshlp Programme.. Our initiatives like Criw Celf and the New Routes Internship Programme have been instrumental in nurturrng young talent and promoting diversity within the arts. By providing residencies and internships. we support young people facing barriers to careers in the arts, fostering a new generation of creatives. Page 5
ORIEL DAVIES GALLERY (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Achlevements and performance (continued) Croeso Cynnes Wellbelng Programme.. This programme, which includes music, dance, and community consultation, has had a profound impact on the mental and emotional wellbeing of our community members. It has fostered a sense of belonging and connection, demonstrating our commitment lo comrnunity wellbeing. Inclusive and Innovative Approaches Sensory Impaim)ent Unit and Famlly Days.. We have developed workshops specifically for visually impaired communities and hosted family days with Syrian and Afghani families. These inclusive programs ensure that art is accessible to everyone, regardless of their sensory abilities or cultural background. Sensory Loss Awareness Training.. Our staff undergo sensory loss awareness training to better understand and accommodate visitors with sensory impairments. This training ensures that ourteam is equipped to provide an inclusive experience for all visitors. Impactful Storytelling and Exhibitions Thought-Provoklng Exhibitions.. Our exhibitions have been praised for their thought-provoking content and community engagement. These exhibitions tell power1 stories that resonate deeply with our visitors, creating a meaningful connection. Posltlve Visitor Feedback-. We have received positive feedback and testimonials from visitors who have praised the welcoming atmosphere and the impact of our art on their wellbeing. This feedback highlights the effectiveness of our approach and the positive impact we have on our community. Creating a Welcoming Environment Accessible Gallery Space.. Our gallery space is designed to be open and accessible, with level access throughout and information available in multiple formats and languages. We also offer virtual tours and guided services to ensure that everyone can enjoy our exhibitions. Professional Development- We invest in the professional development of our leam, including training in sensory impairment awareness and Welsh language. This ensures that our staff are well-equipped to provide an inclusive and welcoming experience for all visitors. Unique Projects and Overall Impact Standout Projects.. Projects like "Rlver Songs" and "Workshops for Wellness" align with our mission to connect art with community wellbeing. These projects, along wilh our overall approach to inclusivity and innovation, make us unique and the best at what we do. 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. Fundralslng Funds raised for the exhibitions and the learning programmes in 202412025 include.. Arts Council of Wales CELF Capital Grant.. £874,430 Arts Council of Wales Club Crefft £8,991 Arts Council of Wales Urdd Eisteddfod £9,359 Arts Council of Wales Creative Practise £1,245 other grants.. Ashley Family Foundation PCC Raising Aspirations I Creative Workshops CELF Artist Commissioning Alexandra Reinhardt Memorial Award £5,000 £2,000 £14,000 £5,000 Page 6
ORIEL DAVIES GALLERY (A Company Limited by Guarantsel TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Financial review a. Going concern After making approprrate enquiries, the Trustees have a reasonable expectstion that the charitable company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. b. Reserves policy The ODG ReseeS Policy was reviewed and approved by the Board of Trustees on the 27th February 2023. At the end of year, our free reserves were £304,164 12024.. £340,146). The minimum reserves figure currently stands at £220,000. The trust will review its Reserves Policy in 202512026. The organisation is in a stable position, having secured multi-year funding from ACW 2024-2027, and having undergone a phase of development in the Winter of 202412025. Some £56k of reserves were needed to complete capital works. The lease is secure until 2052. c. Principal rlsks and uncertainties The capital project was Welsh Government initiative funded through the Arts Council of Wales. The dispersed model for a National Contemporary Art Gallery will provide increased access lo the national collection and bring contemporary art closer to communities through a neOrk of nine galleries already established across Wales. More of Wale5' collections will also be provided through the Celf ar y Cyd website. Beeen 2017 and 2023, expenditure on the various elements of this programme totalled £1.76m, with £1.36m being capital expenditure. The updated grant award provides a further £6.3m to support the project through to its completion in March 2025. The project, funded by Welsh Govemment invested £1,038,774 towards upgrading facilities, security, climate control, electrics, lighting and roof at Oriel Davies. The project commits us to working in partnership until 2034, however a risk is that the Govemment doesn't continue to support the project. All partners are working towards renegotiating an Operational Model and finding ways to ensure that the project is adequately funded moving forward. https'.Ilww.gov.waleslwritten-statement-development-national-contemporary-art-gallery-wales https'.Ilwww.gov.waleslwritten-statement-update-about-national-contemporary-art-gallery-national-football- museum-and d. Prlnclpal funding Principal Funding Sources.. Arts Council of Wales; Trusts and Foundations. As one of ACW'S Clients within the Arts Portfolio Wales since 2016- the organisation received annual revenue of £221,450. Regular arts funding from Powys County Council was discontinued. The organisation reprofiled its work with the local authority and now provides services to departments within the council on an earned income basis. The organisation is very grateful for the commitment and support of its principal funders, Arts Council of Wales. Public funding has and continues to be under great pressure and Arts Council of Wales continues to ensure that the impact of this pressure on their clients has been kept as low as possible. Page 7
ORIEL DAVIES GALLERY (A Company Llmited by Guarant881 TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management a. Constitution and governance Oriel Davies Gallery is a company limited by guarantee as defined by the Companies Act 2006. It is a registered charity. The company was established in 1993 under a Memorandum of Association, which established the objecls and powers of the charitable Company and is governed under the Articles of Association. The trustees meel at least 4 limes a year and are responsible for the management and strategic leadership of the charity and ensuring that the charity devotes all its resources and assets towards meeting ils objectives. The Trustees of Oriel Davies Gallery are fully aware of their responsibilities and exercise reasonable skill and care in the governance of the Trust. Trustees are liable for the sum of £1 should the Trust cease to be solvent due to no fault of the Trustees and they have govemed the Trust showing due care and prudence. As a public service and building open to the public, the Charily has Public Liability Insurance. b. Methods of appolntment or election of Trustees 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 organisation has the breadth of skill needed to govem the organisation. c. Pollcles adopted for the Inductlon and training of Trustees The charily has a policy and procedure for the induction of volunteers and trustees. When necessary, the company provides training for Trustees to maintain appropriate knowledge of their role and responsibility as trustees under Company Law and Charity Commission guidelines. Trustees are currently invited to an initial meeting and then a support system is in place from existing Trustees. d. Organlsational structure and decision-maklng policies All decisions on policy and strategy are made by the Board ofTrustees and recorded in the minutes of the Board meetings. Day to day responsibility for the management of the charity is delegated to the Gallery Director, Steffan Jones-Hughes. Individual Trustees take particular interest in aspects of the business relating to their skills and expertise and provide mentorship and support in relation to these. e. Arrangements for setting key management personnel remuneration 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 appointment. Expenses incurred by the Director are monitored by the Chair of Board of Trustees. All other Trustees are unpaid except for expenses incurred directly on the charitls behalf. f. Major rlsks and management of those rlsks The trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that system5 are in place to mitigate exposure lo those major risks. Page 8
ORIEL DAVIES GALLERY IA Company Llmlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Plans forfuture periods Key Objectives for 202412025 Evaluate the environmental impact of our work Create and sustain collaboration with diverse artists, makers and communities through Exhibition, Engagement and Outreach programmes Widen and deepen engagement wth audiences though Learning Programmes Contribute to individual and social health and wellbeing by.. creating social and cultural connections., building creative and social capital and confidence., providing a safe space and a supportive, creative environment for disadvantaged and overlooked individuals and communities Promote the use of and access to the Welsh language throughout the organisation and its activities (including HR, governance, communications) and report on our Welsh Language Plan Continue the Process of ODG Board Development Increase earned income from ODG café and retail, on site and online including venue hire. Statement of Trustees, responslbilities The Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to= select suitable 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 applicable UK Accounting Standards IFRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless 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 with reasonable accuracy at any time the financial position of the charitable 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. Appr r of the members of the board of Trustees and signed on their behalf by.. MBro (Acting Chair of Trustees) Date.. A£ IG Page 9
ORIEL DAVIES GALLERY {A Company Llmited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Independent Examinerfs Report to the Trustees of Orlel Davies Gallery I'the charitable company'} I report to Ihe charity Trustees on my examination of the accounts of the charitable company for the year ended 31 March 2025. The charitable company has received a dispensation from audit dated 14 August 2025 fromthe Charity Commission. Responsibllltles and Basis of Report As the Trustees of the charitable company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 I'the 2006 Act,). Having satisfied myself that the 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 company's accounts carried out 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{5llbl of the 2011 Act. Page 10
ORIEL DAVIES GALLERY {A Company Llmlted by Guarantee) INDEPENDENT EXAMINER'S REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Independent Examlner's Statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of the charitsble 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 fair, view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no olher 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. This report is made solely to the charitable company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charitable company's Trustees those matters l am required to state to them in an Independent Examiner's Report and for no other purpose. To the lIest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company and the charitable company's Trustees as a body, for my work or for this report. Signed.. Dated". 14 K)OvQ6vibt/ loi S J Tweedle Bsc FCA DChA WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Page11
ORIEL DAVIES GALLERY IA Company Limlted by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations, legacies and capital grants Charitable activities other trading activities Investments other income 1,173 226,904 25,377 3,893 51,404 874,430 49,596 875,603 276,499 25,377 3,893 51,404 167.118 296.837 68,003 6,059 46, 737 Total income 308,751 924,025 1,232,776 584, 754 Expenditure on: Charitable activities 345,606 101,819 447,425 424,998 Total expenditure 345,606 101,819 447,425 424,998 Net (expendlture)lincome Transfers beeen funds (36,8551 (2,1701 822,206 2,170 785,351 159, 756 18 Net movement In funds (39,026) 824,376 785,351 159, 756 Reconciliation of funds: Total funds brought forward Net movement in funds 356,448 (39,0251 166,543 824,376 522,991 785,351 363, 235 159, 756 Total funds carrled fOard 317,423 990,919 1,308,342 522,991 The notes on pages 16 to 33 form part of these financial statements. Page 12
ORIEL DAVIES GALLERY (A Company Llmlted by Guarantee) REGISTERED NUMBER: 2881699 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Flxed assets Tangible assets Investments 13 14 977,914 159, 638 977,916 159, 639 Current ag88ts Stocks Debtors Cash at bank and in hand 15 16 17.503 61.783 451.825 17,524 53,486 418,428 531,111 489,438 Current Ilabllltleg Creditors.. amounts falling due within one year 17 (200,684) (126,086) Net current assets 330,427 363,352 Total net assets 1,308.342 522, 991 Page 13
ORIEL DAVIES GALLERY (A Company Llmited by Guarantee REGISTERED NUMBER: 2881699 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 2025 2024 Note Charity funds Restricted funds Unrestricted funds 18 990,919 317,423 166,543 356,448 18 Total funds 1,308,342 522,991 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 ststements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. slalem8nts were approved and authorised for issue by the Trustees and signed on their behalf by: The fina M Brown Acting Chair of Trustees Date.. 28110/ Is The notes on pages 16 to 33 form part of these financial statements. Page 14
ORIEL DAVIES GALLERY {A Company Llmltad by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operatlng actlvftles Net cash used in operating activities 856,094 233, 732 Cash flows from Investlng actlvltles Purchase of tangible fixed assets (822.697) (147,085) Net cash used In Investlng actlvltla8 1822,697) (147,086) Cash flows from flnanclng actlvltles Net cash provlded by financlng actlvltles Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 33,397 86,647 418,428 331,781 Cash and cash equlvalents at the end of the year 451,825 418,428 The notes on pages 16 to 33 fomi part of these financial statements Page 15
ORIEL DAVIES GALLERY IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General information Oriel Davies Gallery is a company limited by guarantee in Wales. In the event of the charity being wound up. the liability in respect of the guarantee is limited to £1 per member of the charity. The address of Ihe registered office is given in the charity information on page 1 of these financial statements. Accountlng policies 2.1 Basis of preparation of financlal statements The financial ststements have been prepared in accordance with the Charities SORP {FRS 1021 Accounting and Reporting by Charities.. Statement of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (update effective 1 January 2019), the Financial Reporting standard applicable in the UK and Republic of Ireland (FRS 102) and the Cornpanies Act 2006. Oriel Davies Gallery meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Golng concern After making enquires, the Trustees have a reasonable expectation that the Charily has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financia5 ststements. 2.3 Income All income is recognised once the charitable company has entitlement lo the income, il is probable that the income will 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 balance 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 the donated good is a fixed 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 appropriate fixed asset class and depreciated over the useful economic life in accordance with the charitable company's accounting policies. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the seNice. Page 16
ORIEL DAVIES GALLERY (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {contlnuedl 2.4 Exp8ndlture 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 will 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 activity 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 beeen 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 charilable 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 Govemment grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities upon the completion of the relevant performance-related conditions. Other grants that are not subject to performance-related conditions are credited to the statement of Financial Activities as the grant proceeds are received. Grants received prior to the revenue recognition criteria being satisfied are recognised as a liability- 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 Tanglble flxed assets and depreciatlon Tangible fixed assets costing £400 or more are capitalised 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 cosls incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Assets in the course of construction are included at costs incurred to date. 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, Depreciation is provided on the following bases.. Fixtures and fittings Office equipment 250/0 reducing balance 25 % reducing balance Page 17
ORIEL DAVIES GALLERY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcies Icontinuedl 2.8 Investments Fixed asset investments are a form of financial inslrument 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 gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl 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 slow-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 and short-term highly liquid investments with a short maturity of three month5 or less from the date of acquisition or opening of the deposit or similar account. 2.12 Liabilltles and provlslons 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 Financial instruments The charitable 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 are charged to the Statement of Financial Activities on a straight line basis over the lease term. 2.15 Penslons The charitable company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charitable company to the fund in respect of the year. Page18
ORIEL DAVIES GALLERY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcles (continued) 2.16 Fund accounting 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 restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The costs of raising and administering such fund5 are charged against the specific fund. The aim and use of each restricted fijnd is set out in the notes to the financial statements. Investment income, gains and losse5 are allocated to the appropriate fund. Income from donatlons, legacies and capital grants Unrestricted funds 2025 Restrlcted funds 2025 Total funds 2025 Total funds 2024 Donations National Contemporary Art Gallery for Wales capital grant 1,173 1,173 2, 774 874,430 874,430 164,344 Total 2025 1,173 874,430 87S,603 167,118 Total 2024 2, 774 164, 344 167,118 The government grant from Arts Council Wales is restricted for capital improvements. Page19
ORIEL DAVIES GALLERY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from charitable activities Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Other income from charitable activities Exhibitions and related income 5,454 221,450 9.000 40,595 14,454 262,045 27,364 269, 473 Total 2025 226,904 49,595 276,499 296,837 Total 2024 259, 027 37,810 296,837 Exhibitions and related income Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Arts Council Wales Revenue Grant Powys County Council - Criw Celf Powys Revenue ACW Create Powys County Council Projects Arts Council Wales other grants Open Newtown 221,450 221,450 227, 128 14,475 4. 535 10,604 2,000 8,991 19,000 10,604 2,000 8,991 19,000 1,775 2,526 19,034 Total 2025 221,450 40,595 262,045 269. 473 Total 2024 231,663 37,810 269,473 The above table includes govemment grants from Arts Council Wales and Powys County Council. Page 20
ORIEL DAVIES GALLERY (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Other Income from charltable actlvltles Unrestrlcted Restrlcted funds funds 2025 2025 Total funds 2025 Total runds 2024 Sales of publications Education work shop fees Consultancy & other services Venue hire fees Event and ticket sales Sales of work Other earned income- ON I R0250 1 PCC Projects Grants - non exhibition related 391 1,273 1,354 829 391 1,273 1,354 829 79 3, 248 5,232 1,377 2,253 3,364 1,599 1,699 4,000 4,000 5,000 11,811 5,000 Totsl 2025 9,454 5,000 14,454 27,364 Tot812024 27,364 27,364 Income from other tradin9 actlvlties Unrestrlcted funds 2025 Total funds 2025 Total funds 2024 Cafe income Shop and internet sales 12,584 12,793 12,584 12,793 36,258 31,745 25,377 25,377 68,003 Total 2024 68,003 68,OQ3 Page 21
ORIEL DAVIES GALLERY (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment income Unrestricted funds 2025 Total funds 2026 Total funds 2024 Investment incorne 3,893 3,893 6,059 Total 2025 3,893 3,893 6, 059 Total 2024 6,059 6, 059 Other Incoming resources Unrestricted funds 2025 Total funds 2025 Total funds 2024 Museum & Galleries Exhibition Tax Relief 51,404 51,404 46,737 Total 2024 46,737 46,737 Analysls of expendlture on charltsble activltles Summary by fund type Unrestricted Restrlcted funds funds 2025 2025 Total 2025 Total 2024 Exhibitions and related activities Shop Cafe 299,943 27,811 17,852 101,819 401,762 27,811 17,8S2 350, 793 29, 694 44,511 345,606 101,819 447,425 424,998 Total 2024 374, 757 50,247 424, 998 Page 22
ORIEL DAVIES GALLERY (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of expenditure on charltable activities (continued) Summary by fund type (continued) Analysis of expendlture by activltles Actlvlties undertaken directly 2025 Support costs 2025 Total funds 2025 Total runds 2024 Exhibitions and related activities Shop Cafe 146,516 27,811 17,852 255,246 401,762 27,811 17,852 350, 793 29, 694 44,511 Total 2025 192,179 255,246 447,425 424,998 Total 2024 236, 761 188,237 424, 998 Analysis of dlrect costs Exhlbltlon costs 2025 Total funds 2025 Total funds 2024 Shop 2025 Cafe 2025 Staff costs Exhibition Costs Printing, p05tage, stationery & marketing Bank charges & interest General expenses Shop purchases Bags, stationery and consumables Cafe costs 85,378 54,908 19,825 10,967 116,168 54,908 114,317 71,231 5,589 5,589 534 1,215 6,790 9,081 648 1,905 19,353 534 572 6,790 643 90 90 240 19,986 6,885 6,885 Total 2025 146,516 27,811 17,852 192,179 236, 761 Total 2024 162,556 29, 694 44,511 236, 761 Page 23
ORIEL DAVIES GALLERY (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of expendlture by activities (contlnuedl Analysls of dlrect costs (continued) Analysls of support costs Exhibitlon costs 2025 Totsl funds 2025 Total funds 2024 staff costs Depreciation Water rates Light and heat Premises costs Printing, postage & stationery Rent Insurance Bank charges & interest General expenses Disallowable VAT Governance costs 83,073 4,421 423 12,073 102,874 523 13,286 4,162 28 9,190 18,161 7,032 83,073 4,421 423 12,073 102,874 523 13,286 4,162 28 9,190 18,161 7,032 87,610 5, 699 900 10, 783 24. 161 311 13,286 4, 668 304 7, 635 26,969 5,91t Total 202S 255,246 256,246 188,237 Total 2024 188,237 188,237 10. Independent examiners. remuneration 2025 2024 Fees payable to the charitable company's independent examiner for the independent examination of the charitable companYs annual accounts Fees payable to the charitable company's independent examiner in respect 2,860 2, 625 All taxation advisory services not included above All other services not included above 3,295 3, 080 180 Page 24
ORIEL DAVIES GALLERY (A Company Llmlted by Guarantse NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Staff costs 2025 2024 Wages and salaries Social security costs Contribution to defined contribution pension schemes 176.503 13,343 9,395 181,807 11,798 8,322 199,241 201,927 The average number of persons employed by the charitable company during the year was as follows.. 2025 No. 2024 No. Administrative 10 10 No employee received remuneration amounting to more than £60,000 in either year. The total remuneration and benefits received by key management personnel amounted to £69,979 (2024.. £67,609). Key management personnel comprise the Chief Executive Officer and Office Manager. 12. Trustees. remuneratlon and expenses During the year, no Trustees received any remunerats'on or other benefits (2024 - £NIL). During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL). Page 25
ORIEL DAVIES GALLERY (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Tanglble fixed assets Assets Offlce undèr equlpment constructlon Flxtures and flttlngs Total Cost or valuatlon At 1 April 2024 Additions 83,490 33,571 1,378 143,336 821,319 260.397 822,697 At 31 March 2025 83,490 34,949 964,656 1,083,094 Depreclatlon At 1 April 2024 Charge for the year 83,203 72 17,566 4,349 100,759 4.421 At 31 March 2025 83,276 21,905 105,180 Net book value At 31 March 2025 215 13,044 964,656 977,914 At 31 M8rch 2024 287 16,015 143,336 159, 638 Page 26
ORIEL DAVIES GALLERY (A Company Limlted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 14. Flxed asset Investments Investments In subsldlary companles Cost or valuatlon At 1 April 2024 At 31 March 2025 Prlnclpal sub8ldlario8 The following was a subsidiary undertaking of the charitable company.. Nama Company number Holdlng Relish NeW(own Ltd 08846659 100% The subsidiary has remained dormant during the year with no financial activity. 15. Stocks 2025 2024 Finished goods and goods for resale 17,503 17,524 16. Debtors 2025 2024 Due wlthln one year Trade debtors Other debtors Prepayments and accrued income 3,245 66,232 3.306 904 52,582 61,783 53,486 Page 27
ORIEL DAVIES GALLERY IA Company Llmited by Guarantse NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Credltor8: Amounts falllng due wlthln one year 2026 2024 Trade creditors other taxation and social security Other creditors Accruals and deferred income 157,900 3,004 470 39,310 119,024 2, 643 356 4,063 200,684 126,086 Page 28
ORIEL DAVIES GALLERY {A Company Llmlted by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Statement of funds Statement of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Transfers inlout Income Expendlture Unrestricted funds General Funds 356,448 308,751 1345,606) (2,170) 317,423 Restricted funds PCC Collaborating for Change PCC projects Open Newtown Hidden Young Lives l Raising Aspirations Club Crefft Engage - New Routes Urdd Eistedfodd - ACW Ashley Family Foundation ACW Art Workshops - Newtown High School Arts Council Wales - National Contemporary Art Gallery for Wales Amgueddfa Cymru - CELF Artist Commission 1 Amgueddfa Cymru - CELF Artist Commission 2 NCAGW- Artist Commission Grant Alexandra Reinhardl Memorial Award 1,000 (1,000) 283 1,916 283 11,916) 1,000 8,991 (2,0221 (183) 11,300) (9,359) (2,1121 1,022 8,808 1,300 9,359 5,000 2,888 1,245 (345) 900 164,344 874,430 (65,467) (8,652) 964,655 4,000 (798) 3.202 2,000 (500) 1,500 12,000 116,5701 8,500 3,930 5,000 (247) 4,753 166,543 924,025 (101,819 2,170 990.919 Total of funds 522,991 1,232,776 (447,425) 1,308,342 Material Restricted funds comprise of.. Arts Council Wales Capital grant - Capitsl Investment Grant for the dispersed model of the Welsh Government's National Contemporary Art Gallery. Page 29
ORIEL DAVIES GALLERY IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 MARCH 2026 18. Statement of funds (contlnuedl Statsment of funds - prfor year B8lanGe 81 31 March 2024 Ba18nce at 1 April 2023 Income Expenditure Unrestrlcted funds General Funds 348. 605 382,600 (374, 757) 356,448 Restrlcted funds PCC Criw Celf PCC projects Open Nevrtown Diverse Voices Hidden Young Lives l Raising Aspirations ACW Art Workshops - Newtown High School 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) (17.118) (4,452) (537) (5,000) 283 1,916 4,452 537 164,344 2, 526 164,344 (2,526) 14,630 202. 154 (50,241) 166,543 Totsl of funds 363,235 584, 754 (424, 998) 522,991 Page 30
ORIEL DAVIES GALLERY (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Analysis of net assets between funds Anatysis of net assets betsyeen funds - current year Unrestrictad Restrfcted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 13,259 964,655 977,914 504,847 (200,684) 26,264 631,111 (200,884) Total 317,423 990,919 1.308,342 Analys18 of net assets betweon funds - prfor year Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Tangible fixed assets Fixed asset investrnents Current assets Creditors due within one year 16,302 143,336 159,638 466.231 (126,086) 23,207 489,438 (126,086) Total 356,448 166,543 522,991 Page 31
ORIEL DAVIES GALLERY IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. Reconcillatlon of net movement in funds to net cash flow from operatlng actlvltles 2025 2024 Net income for the year (as per Statement of Financial Activities) 785,351 159, 756 Adjustments for: Depreciation charges Decreasel(increase) in stocks Increase in debtors Increase in creditors 4,421 21 {8,297) 74,598 5,699 (3, 633) {35,438J 107,348 Net cash provided by operating actlvlt18S 856,094 233, 732 21. Analysls of cash and cash equivalents 2025 2024 Cash in hand 451,825 418,428 Total cash and cash equlvalents 451,825 418,428 22. Analysls of changes In net debt At 1 April 2024 Cash flows At 31 March 2025 Cash at bank and in hand 418,428 33,397 451,825 418,428 33,397 451,825 23. Penslon commltments The Charity operates a defined contributions pension scheme. The assets 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 £9,395 (2024.. £8,332). Contributions totalling £470 (2024= £356) were payable to the fund at the balance sheet dale. Page 32
ORIEL DAVIES GALLERY (A Company Llmlted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Oporallng leasa commltments At 31 March 2025 the charitable company had commitments to make future minimum lease P8yTnents under non-cancellable operating leases as follows.. 2025 2024 Not later than 1 year 1, 192 26. Related party transactions During the year, the Company purchased IT services at the cost of £1,624 (2024.. 1,3521 from View Creative Agency, a company of which S Cotton is a director. Incuded within this total is the amount of £360 (2024.. £200) that was due at the year end and is included in accruals. The spouse and daughter of the Chief Executive Officer have received the total of £7,953 for a combination of running workshops, providing hospitalty and working in various other roles (2024- £6,986). Page 33