| Page | ||||
|---|---|---|---|---|
| Gallery Director's Report | 1 | to | 2 | |
| Report ofthe Trustees | 3 | to | 7 | |
| Report ofthe Independent | Auditors | 8 | to | 10 |
| Statement ofFinancial Activities | ||||
| Balance Sheet | 12 | to | 13 | |
| Cash Flow Statement | 14 | |||
| Notes to the Cash Flow Statement | 15 | |||
| Notes to the Financial Statements | 16 | to | 29 |
| for the Year Ended 31March 2023 | ||||||
|---|---|---|---|---|---|---|
| 313.23 | 31.3.22 | |||||
| Unrestricted | Restricted | Total | Total | |||
| funds | fund | funds | funds | |||
| as restated | ||||||
| Notes | ||||||
| INCOME AND ENDOWMENTS | FROM | |||||
| Donations and legacies |
88,822 | 67,000 | 155,822 | 830,310 | ||
| Charitable activities |
||||||
| Activities in furtherance ofcharitable | objectives | 417,012 | 417,012 | 423,591 | ||
| Income from activities for generating | funds | 326,898 | 326,898 | 258,287 | ||
| Other trading activities |
16+56 | 16,956 | ||||
| Investment income |
462 | 462 | 42 | |||
| Other income | 1/26 | 1/26 | 26,771 | |||
| Total | 851476 | 67,000 | 918476 | 1,539,001 | ||
| EXPENDITURE ON | ||||||
| Raising funds | 328,659 | 328,659 | 316,410 | |||
| Charitable activities |
||||||
| Activities in furtherance ofcharitable | objectives | 18,481 | 18,481 | 1,175 | ||
| Finance costs | 15,012 | 15,012 | 12,710 | |||
| Cost ofgenerating funds |
117/57 | 117/57 | 92,245 | |||
| Management and administration |
386,456 | 386,456 | 349,680 | |||
| Ywinllan expenditure |
15/83 | 15/83 | 7,670 | |||
| Depreciation | 51,469 | 5,605 | 57,074 | 48,376 | ||
| Total | 932,717 | 5,605 | 938422 | 828,266 | ||
| NET INCOME/(EXPENDITURE) | (81441) | 61/95 | (19,946) | 710,735 | ||
| RECONCILIATION OF FUNDS |
||||||
| Total funds brought forward | ||||||
| As previously reported |
3/09, 271 | 3809,271 | 2,598,536 | |||
| Prior year adjustment | 14 | (500,000) | 500,000 | |||
| As restated | 2,809,271 | 500,000 | 3409,271 | 2,598,536 | ||
| TOTAL FUNDS CARRIED FORWARD | 2,727,930 | 561/95 | 3/89/25 | 3,309,271 |
| Balance Sheet 31March 2023 |
||||||
|---|---|---|---|---|---|---|
| 313.23 | 31.3.22 | |||||
| Unrestricted | Restricted | Total | Total | |||
| funds | fund | funds | funds | |||
| as restated | ||||||
| Notes | ||||||
| FIXEDASSETS | ||||||
| Tangible assets | 15 | 2,741/86 | 561/95 | 3402,781 | 2,690,843 | |
| Donated investment | assets | 16 | 41/21 | 41/21 | 41,250 | |
| 2,782,707 | 561/95 | 3@44,102 | 2,732,093 | |||
| CURRENT ASSETS | ||||||
| Stocks | 17 | 21,164 | 21&164 | 15,891 | ||
| Debtors | 18 | 11,928 | 11,928 | 548,529 | ||
| Cash at bank and in | hand | 102,433 | 102,433 | 194,334 | ||
| 135,525 | 135,525 | 758,754 | ||||
| CREDITORS | ||||||
| Amounts falling due within one year |
19 | (76,578) | (76,578) | (55,170) | ||
| NET CURRENT ASSETS | 58/47 | 58/47 | 703,584 | |||
| TOTAL ASSETSLESSCURRENT | ||||||
| LIABILITIES | 2,841,654 | 561895 | 3,403,049 | 3,435,677 | ||
| CREDITORS | ||||||
| Amounts falling due after more than one year |
20 | (113,724) | (113,724) | (126,406) | ||
| NET ASSETS | 2,727,930 | 561@95 | 3,289/25 | 3,309,271 | ||
| FUNDS | 23 | |||||
| Unrestricted funds |
2,727,930 | 2,809,271 | ||||
| Restricted funds | 561495 | 500,000 | ||||
| TOTAL FUNDS | 3,289425 | 3,309,271 |
| for the Year Ended 31M | arch 2023 | |||||
|---|---|---|---|---|---|---|
| 313.23 | 31.3.22 | |||||
| as restated | ||||||
| Notes | ||||||
| Cash flows from operating | activities | |||||
| Cash generated irom operations |
606,687 | 302,044 | ||||
| Interest paid | (14,492) | (11,168) | ||||
| Net cash provided by operating activities |
592,195 | 290,876 | ||||
| Cash flows from investing | activities | |||||
| Purchase oftangible fixed assets Acquisition ofowned art |
(669,012) (») |
(424,823) | ||||
| Interest received | 462 | 42 | ||||
| Net cash used in investing | activities | (668,621) | (424,781) | |||
| Cash flows from financing | activities | |||||
| Capital repayments in year |
(15,475) | (24,095) | ||||
| Net cash used in financing | activities | (15,475) | (24,095) | |||
| Change in cash and cash | equivalents | in | ||||
| the reporting period |
(91,901) | (158,000) | ||||
| Cash and cash equivalents | at the | |||||
| beginning ofthe reporting |
period | 194/34 | 352,334 | |||
| Cash and cash equivalents | at the end | of | ||||
| the reporting period |
102,433 | 194,334 |
| 313.23 | 31.3.22 | ||||||
|---|---|---|---|---|---|---|---|
| as restated | |||||||
| Net (expenditure)/income | for the reporting | period (as per the | |||||
| Statement ofFinancial | Activities) | (19,946) | 710,735 | ||||
| Adjustments | for: | ||||||
| Depreciation | charges | 57,074 | 48,376 | ||||
| Interest received | (462) | (42) | |||||
| Interest paid | 14,492 | 11,168 | |||||
| Increase in stocks | (5/73) | (3,729) | |||||
| Decrease/(increase) | in debtors | 536,601 | (488,856) | ||||
| Increase in creditors | 24/01 | 24,392 | |||||
| Net cash provided | by operations | 606,687 | 302,044 | ||||
| ANALYSIS | OF CHANGES IN NET FUNDS/(DEBT) | ||||||
| At 1.4.22 | Cash flow | At313.23 | |||||
| Net cash | |||||||
| Cash at bank | and in | hand | 194/34 | (91,901) | 102,433 | ||
| 194/34 | (91,901) | 102,433 | |||||
| Debt | |||||||
| Debts falling | due within | 1year | (16,693) | 2,793 | (13,900) | ||
| Debts falling | due after 1 | year | (126,406) | 12,682 | (1137724) | ||
| (143,099) | 15,475 | (127,624) | |||||
| Total | 51/35 | (76,426) | (25,191) |
| DONATION | S | AND LEGACIES | ||
|---|---|---|---|---|
| 313.23 | 31.3.22 | |||
| as restated | ||||
| Plas donations, | legacies and similar incoming resources | 133,623 | 672,598 | |
| Plas grants | 9,000 | 10,000 | ||
| Gift aid | 7/76 | 34 | ||
| Coronavirus | support grants | 146,189 | ||
| Subscriptions | 5,823 | 1,489 | ||
| 155,822 | 830,310 |
| 31.3.23 | 31.3.22 | |||
|---|---|---|---|---|
| as restated | ||||
| Other grants | 146,189 | |||
| 3. | OTHER | TRADING ACTIVITIES | ||
| 313.23 | 31.3.22 | |||
| as restated | ||||
| Ywinllan | income | 16/56 | ||
| 4. | INVESTMENT INCOME | |||
| 313.23 | 31.3.22 | |||
| as restated | ||||
| Deposit account interest | 462 | 42 |
| INCOME FROM CHARITA | BLE ACTIVITIES | |||
|---|---|---|---|---|
| 319.23 | 31.3.22 | |||
| as restated | ||||
| Activity | ||||
| Activities in furtherance ofcharitable | ||||
| Grant income received | objectives | 6,001 | ||
| Activities in furtherance ofcharitable | ||||
| Workshop and courses |
objectives | 17180 | ||
| Activities in furtherance ofcharitable | ||||
| Room hire &functions | objectives | 8,103 | 2,226 | |
| Activities in furtherance ofcharitable | ||||
| Accommodation | objectives | 33,776 | 18,176 | |
| Activities in furtherance ofcharitable | ||||
| Gallery art sales | objectives | 166/42 | 200,785 | |
| Activities in furtherance ofcharitable | ||||
| Shop sales | objectives | 67,918 | 60,005 | |
| Activities in furtherance ofcharitable | ||||
| Shop art sales | objectives | 101,127 | 104,165 | |
| Activities in furtherance ofcharitable | ||||
| Siop y plas Car park charges |
objectives Income from activities for generating |
funds | 32,665 8/10 |
38,234 1,027 |
| Winllan performances | Income from activities for generating | funds | 5,568 | 4,044 |
| Cafe income | Income from activities for generating | funds | 313,020 | 253,216 |
| 743,910 | 681,878 | |||
| RAISING FUNDS | ||||
| Furtherance ofactivity costs |
313.23 | 31.3.22 | ||
| as restated | ||||
| Opening stock | 15,891 | 12,162 | ||
| Purchases | 165,052 | 131,076 | ||
| Closing stock | (21,164) | (15,891) | ||
| Shop &gallery art costs | 167,947 | 187,872 | ||
| Collector plan charges | 933 | 1,191 | ||
| 328,659 | 316,410 |
| 7. | CHARIT | AB | LE | ACTIVITIES COSTS | |||
|---|---|---|---|---|---|---|---|
| Support | |||||||
| Direct | costs (see | ||||||
| Costs | note 8) | Totals | |||||
| Activities | in furtherance ofcharitable | ||||||
| objectives | 10,501 | 7,980 | 18,481 | ||||
| Finance costs | 15,012 | 15,012 | |||||
| Cost ofgenerating | funds | 117,257 | 117/57 | ||||
| Management | and | administration | 381/71 | 5,085 | 386,456 | ||
| Ywinllan | expenditure | 15/83 | 15/83 | ||||
| 524,512 | 28,077 | 552,589 | |||||
| 8. | SUPPORT COSTS | ||||||
| Governance | |||||||
| Finance | costs | Totals | |||||
| Activities | in furtherance ofcharitable | ||||||
| objectives | 7980 | 7,980 | |||||
| Finance costs | 15,012 | 15,012 | |||||
| Management | and | administration | 5,085 | 5,085 | |||
| 15,012 | 13,065 | 28,077 |
| 313.23 | 31.3.22 | |||||||
|---|---|---|---|---|---|---|---|---|
| as restated | ||||||||
| Fees payable to | the charity's | auditors | for the audit ofthe charity's | financial | ||||
| statements | 5,445 | 4,950 | ||||||
| Other non-audit | accountancy | services | 3+00 | 2,910 | ||||
| 11. | TRUSTEES' REMUNERATION | AND BENEFITS | ||||||
| 313.23 | 31.3.22 | |||||||
| as restated | ||||||||
| Trustees' | salaries | 18,582 | ||||||
| Trustees' | social security | 2,056 | ||||||
| Trustees' | pensions paid | 480 | ||||||
| 21,118 |
| STAFF COSTS | ||||
|---|---|---|---|---|
| 319.23 | 31.3.22 | |||
| as restated | ||||
| Wages and salaries | 357489 | 302,060 | ||
| Social security costs | 20/39 | 19,443 | ||
| Other pension costs | 9,853 | 8,560 | ||
| 387,581 | 330,063 | |||
| The average monthly | number ofemployees | during the year was as follows: | ||
| 313.23 | 31.3.22 | |||
| as restated | ||||
| All other employees | 23 | 27 |
| COMPARATIVES FOR THE STATEMENT OFFINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OFFINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OFFINANCIAL ACTIVITIES | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| funds | fund | funds | ||
| as restated | ||||
| INCOME AND ENDOWMENTS | FROM | |||
| Donations and legacies |
330,310 | 500,000 | 830,310 | |
| Charitable activities |
||||
| Activities in furtherance ofcharitable | ||||
| objectives | 423,591 | 423,591 | ||
| Income from activities for generating | funds | 258,287 | 258,287 | |
| Investment income |
42 | 42 | ||
| Other income | 26,771 | 26,771 | ||
| Total | 1,039,001 | 500,000 | 1,539,001 | |
| EXPENDITURE ON | ||||
| Raising funds | 316,410 | 316,410 | ||
| Charitable activities |
||||
| Activities in furtherance ofcharitable |
||||
| objectives | 1,175 | 1,175 | ||
| Finance costs | 12,710 | 12,710 | ||
| Cost ofgenerating funds |
92,245 | 92,245 | ||
| Management and administration |
349,680 | 349,680 |
| Unrestricted | Restricted | Total | |||||
|---|---|---|---|---|---|---|---|
| funds | fund | funds | |||||
| as restated | |||||||
| Ywinllan | expenditure | 7,670 | 7,670 | ||||
| Depreciation | 48,376 | 48,376 | |||||
| Total | 828,266 | 828,266 | |||||
| NET INCOME | 210,735 | 500,000 | 710,735 | ||||
| RECONCILIATION | OF FUNDS | ||||||
| Total funds brought | forward | 2,598,536 | 2,598,536 | ||||
| TOTAL | FUNDS CARRIED FORWARD | 2,809,271 | 500,000 | 3,309/71 | |||
| 14. | PRIOR | YEAR ADJUSTMENT |
| TANGIBLE FIXEDASSETS | ||||
|---|---|---|---|---|
| Depreciable | ||||
| property | ||||
| at cost | Improvements | Siop y | ||
| or | Non-depreciable | to | Plas | |
| revaluation | land | properties | equipment | |
| COST | ||||
| At 1 April 2022 | 1,072847 | 391,824 | 1441,758 | 3,465 |
| Additions | 648,403 | |||
| At 31March 2023 | 1,072/47 | 391,824 | 2,190,161 | 3,465 |
| DEPRECIATION | ||||
| At 1 April 2022 | 253,671 | 132,949 | 1,691 | |
| Charge for year | 10,724 | 21,901 | 355 | |
| At 31March 2023 | 264/95 | 154,850 | 2,046 | |
| NET BOOKVALUE | ||||
| At 31March 2023 | 807,952 | 391,824 | 2,035411 | 1,419 |
| At 31March 2022 | 818,676 | 391,824 | 1,408,809 | 1,774 |
| TANGIBLE FIXEDASSE | TS - continued | ||||
|---|---|---|---|---|---|
| Ywinllan | |||||
| Plant and | Cafe | plant and | Computer | ||
| machinery | equipment | machinery | equipment | Totals | |
| COST | |||||
| At 1 April 2022 | 152,949 | 50,970 | 17,716 | 127,604 | 3458,633 |
| Additions | 7,026 | 10,610 | 2,973 | 669,012 | |
| At 31March 2023 | 159,975 | 61/80 | 17,716 | 130/77 | 4,027,645 |
| DEPRECIATION | |||||
| At 1 April 2022 | 117,624 | 32/87 | 15,923 | 113,545 | 667,790 |
| Charge for year | 8,470 | 5,839 | 359 | 9,426 | 57,074 |
| At 31March 2023 | 126,094 | 38/26 | 16,282 | 122,971 | 724,864 |
| NET BOOKVALUE | |||||
| At 31March 2023 | 33,881 | 23/54 | 1,434 | 7,606 | 3402,781 |
| At 31March 2022 | 35,325 | 18,583 | 1,793 | 14,059 | 2,690,843 |
| Plant & | |||
|---|---|---|---|
| Land & | M~achdne | ||
| ~13nildin a |
etc. | Totals | |
| g | |||
| Revaluation | 691,249 | 691,249 | |
| Cost | 2,314,679 | 352,704 | 2,667,383 |
| Additions | 648403 | 20610 | 669014 |
| 3 634 332 | 373314 | 4 027 646 |
| Notes to the Financial Statements - continued | Notes to the Financial Statements - continued | ||
|---|---|---|---|
| for the | Year Ended 31March 2023 | ||
| 16. | DONATED INVESTMENT ASSETS | ||
| Total | |||
| MARKET VALUE | |||
| At 1 April 2022 | 41/50 | ||
| Additions | 71 | ||
| At 31March 2023 | 41/21 | ||
| NET BOOKVALUE | |||
| At 31March 2023 | 41/21 | ||
| At 31March 2022 | 41,250 | ||
| 17. | STOCKS | ||
| 313.23 | 31.3.22 | ||
| as restated | |||
| Stocks | 21,164 | 15,891 | |
| 18. | DEBTORS:AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 313.23 | 31.3.22 | ||
| as restated | |||
| Trade debtors | 11,928 | 7,335 | |
| Other debtors | 500,000 | ||
| VAT | 41,194 | ||
| 11,928 | 548,529 | ||
| 19. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 313.23 | 31.3.22 | ||
| as restated | |||
| Bank loans and overdrafts (see note 21) | 7,996 | 7,996 | |
| Other loans (see note 21) | 5,904 | 8,697 | |
| Trade creditors | 8,834 | 16,165 | |
| VAT | 10,782 | ||
| Other creditors | 8,883 | 14,452 | |
| Accruals and deferred income | 34,179 | 7,860 | |
| 76,578 | 55,170 |
| CRE | DITO | RS: | AM | OUNTS FALLING DUE AFTER | MORE THAN ONE YEAR | |
|---|---|---|---|---|---|---|
| 313.23 | 31.3.22 | |||||
| as restated | ||||||
| Bank | loans | (see | note | 21) | 19,418 | 27,416 |
| Other | loans | (see | note | 21) | 94/06 | 98,990 |
| 113,724 | 126,406 |
| An analysis ofthe maturity ofloans is given below: | ||
|---|---|---|
| 313.23 | 31.3.22 | |
| as restated | ||
| Amounts falling due within one year on demand: |
||
| Bank loans | 7,996 | 7,996 |
| Other loans | 5,904 | 8,697 |
| 13,900 | 16,693 | |
| Amounts falling between one and two years: |
||
| Bank loans - 1-2years | 8,199 | 8,199 |
| Other loans - 1-2years | 6,284 | 8,915 |
| 14,483 | 17,114 | |
| Amounts falling due between two and five years: |
||
| Bank loans - 2-5 years | 11/19 | 19,217 |
| Other loans - 2-5 years | 21/82 | 28,548 |
| 32,601 | 47,765 | |
| Amounts falling due in more than five years: |
||
| Repayable by instalments: | ||
| Other loans | 66,640 | 61,527 |
| MOVEMEN | T IN FUNDS | |||||
|---|---|---|---|---|---|---|
| Prior | Net | Transfers | ||||
| year | movement | between | At | |||
| At 1.4.22 | adjustment | in funds | funds | 31.3.23 | ||
| Unrestricted | funds | |||||
| General fund | 2,706,879 | (500,000) | (81,411) | 5/04 | 2,130,672 | |
| Donated exhibits fund | 41/50 | 71 | 41@21 | |||
| Revaluation | reserve | 561,142 | (I) | (5404) | 555,937 | |
| 3809,271 | (500,000) | (81441) | 2,727,930 | |||
| Restricted funds | ||||||
| Phase 2 Funding | 500,000 | 61/95 | 561/95 | |||
| TOTAL FUNDS | 3/09/71 | (19,946) | 3/89,325 |
| Incoming | Resources | Movement | ||||
|---|---|---|---|---|---|---|
| resources | expended | in funds | ||||
| Unrestricted funds |
||||||
| General fund | 851406 | (932,717) | (81,411) | |||
| Donated exhibits fund | 71 | 71 | ||||
| Revaluation reserve |
(I) | (I) | ||||
| 851476 | (932,717) | (81441) | ||||
| Restricted funds | ||||||
| Phase 2 Funding | 67,000 | (5,605) | 61/95 | |||
| TOTAL FUNDS | 918@76 | (938@22) | (19,946) | |||
| Comparatives for movement |
in funds | |||||
| Net | Transfers | |||||
| movement | between | At | ||||
| At 1.4.21 | in funds | funds | 31.3.22 | |||
| Unrestricted funds |
||||||
| General fund | 1,990,940 | 210,735 | 5,204 | 2,206,879 | ||
| Donated exhibits fund | 41/50 | 41,250 | ||||
| Revaluation reserve |
566,346 | (5,204) | 561,142 | |||
| 2,598,536 | 210,735 | 2,809,271 | ||||
| Restricted funds | ||||||
| Phase 2 Funding | 500,000 | 500,000 | ||||
| TOTAL FUNDS | 2,598,536 | 710,735 | 3,309,271 | |||
| Comparative net movement |
in | funds, included | in the above are as follows: | |||
| Incoming | Resources | Movement | ||||
| resources | expended | in funds | ||||
| Unrestricted funds |
||||||
| General fund | 1,039,001 | (828,266) | 210,735 | |||
| Restricted funds | ||||||
| Phase 2 Funding | 500,000 | 500,000 | ||||
| TOTAL FUNDS | 1,539,001 | (828,266) | 710,735 |