## ||||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)
(ยป)|(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| ## ## ## ## ## ## ## ##