REGISTERED COMPANY NUMBER: 02994771 (England and Wales) REGISTERED CHARITY NUMBER: 1070495 Re ort of the Trustees and Audited Financial Statements for the Year Ended 31 March 2025 for Cwmni Plas Gl - Weddw Limited Acom an Limited b Guarantee Tradin as Oriel Plas Gl n Weddw Cwmni Plas G - Weddw Limited Tradin as Oriel Plas Gl n Weddw Contsnts of the Financial Statements for the Year Ended 31 March 2025 Page Report of tha Trustees 1 to 8 Report of tho Independent Audltors 9 to 13 Statsment of Flnanclal Actlvftles 14 to 15 Balance Sheet 16 to 17 Cash Flow Statement 18 Notes to the Cash Flow Statement 19 to 20 Notss to th• Flnanclal Statements 21 to 39 Cwmni Plas Gl . Weddw Llmlted Tradin as Oriel Plas Gl Weddw istered nu r: 02994771 ort of the Trustees for the Year Ended 31 March 2025 The trustees who are also directors of the charlty for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practlce applicable to charities preparing thelr accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). Thls year has been one of substantial activlty and development across our arts, environmental and commercial programmes, delivered despite significant challenges Includlng severe stomi damage and underpinned by strategic investment in our infrastructure and people. We were deeply saddened this year by the loss of two of the Plas. great supporters - Mary Hunter Yapp MBE and Gwenda Griffith - whose dedication and advocacy for the arts in Wales and the Plas will be remembered and celebrated for years to come. OBJECTIVES AND ACTIVITIES Objectlves and alms Prlnclpal Actlvltl88 The principal activities of the company in the year under revlew were those of the management and development of Oriel Plas Glyn-y-weddw Gallery. Our mission statement can be interpreted thus: to make Oriel Plas Glyn y Weddw one of the leading regional art galleries in Wales and an integral asset to local communities in the Dwyfor area. In doing this it aims to advance the public education In the arts by Ihe provision and maintenance of an art gallery for exhibition to the public of modem and historic art. but not exclusively. the art of painting, sculpture, media and computer technology, and the provislon of residential and day courses in such arts and crafts. Page 1 Cwmni Plas Gl - Weddw Umited Tradin as Oriel Plas Gl Weddw istered number: 02994771 Re ort of the Trustees for the Year Ended 31 March 2025 OBJECTNES AND ACTNMES Significant activities Overview Despite wider economic uncertainty, the charity remains in a strong financial position. supported by capitsl investment. grant funding, and commercial perfonnance. Positive results driven by improved. art sales, and other eamed income were noted. While operating costs have increased - particularly in staffing, utilities, and maintenance - these were offset by growth in revenue and effective financial oversight. Café Performance The café recorded another year of excellent tumover, reaching £474,997 (net of VAT) - only a slight fall on the previous year. The café's resilien￿ during winter months was a notable success, and the development of the new café continues to prove a wise long-term investment for the charity. Artistic and Cultural Programmes Contemporary Arts Programme The second year of our Investment Review funding from the Arts Council of Wales has allowed us to strengthen our curatorial team and expand our artistic programme. Key staff appolnted Alex Boyd Jones, Freelance Curator Menna Thomas, Engagement Officer Zoe Lewthwaite. Marketing Officer Highlights included coed1c￿xlst Wood Symposium (Sept 2024). in partnership with Junko Mori and John Eagen. Elrfan Llwyd Memorial Exhibition. curated by Menna Thomas and supported by leuan Wyn Jones. Several planned collaborations: Storiel co-curation. Tess Urbanska commissions. and the John Thomas project. CELF I NCAGW Programme The National Contemporary Art Gallery for Wales (CELF) project continues to be a comerstone of our activities. Key milestones included. Page 2 Cwmnl Plas Gl - Weddw Limited Tradin as Oriel Plas G Weddw Istsred number: 02994771 ort of the Trustees for the Year Ended 31 March 2025 OBJECTIVES AND ACTNITIES Opening of first CELF loan ethibition. in Bedwyr Williams, Tyrrau Mawr and Artist Hyn exhibitions (July - Sept 2024). Completion of the £453k expenditure on capital and revenue works as part of the 2-year CELF funding project. Pending confimiation of future CELF revenue funding from Welsh Govemment will further support loan-based exhibttion programming. Envlronmental and Infrastructure Projects Storm Darragh Recovery In December 2024, Plas Glyn-y-weddw was struck by Storm Darragh, resulting in the felling of over 200 trees and severe damage to the woodland trails. Through prompt action and support from the Gwynedd Nature Partnership, we secured £50,000 in emergency funding to". - Remove felled trees (zip-line extraclion by specialist contractor). - Repair paths and restore public access. - Begin replanting and ecological restoration. Wlnllan Tree Nurse & Wildlrfe Pond These being two projects funded by Gwynedd Nature Partnership funding in 2024: - Tree sapling nursery (for woodland replanting). - Wildlife pond reinstatement in the garden. Capital Developments Plas Bach Following a positive pre-application response from Gwynedd Council. the Board approved commissioning Mark Wray Architects to develop full planning and costing proposals for the Plas Bach expansion. Full planning submission tsrgeted for September 2025. Infrastructure Enhancements CELF funding enabled security upgrades to the galleries. new CCTV, improved lighting. and audio-visual enhancements in the John Andrews Theatre, preparing the Plas for future high- standard loan exhibitions. Awards and Reco nition Plas Glyn-y-weddw and its café were honoured this year with: Page 3 Cwmnl Plas Gl - Weddw Limlted Tradin as Oriel Plas Gl Weddw I tered number: 02994771 Re ort of the Trustees for the Year Ended 31 March 2025 OBJECTIVES AND ACTIVITIES - Client of the Year Award at the RSAW Welsh Architects Awards (May 2024). Highly Commended at the Clvlc Trust Awards (March 2024). Tributes This year saw the loss of two iconic figur8S: Mary Hunter Yapp MBE: A lrfelong friend and former trustee of the Plas, whose passion for the arts and pivotal role In securing the fvture of PGYW wlll never be forgotten. A service of remembrance was held In Cardiff in October, attended by the Director and Vice Chair. Gwenda Grlffith: A former trustee and supporter, honoured with a tribute at her funeral In June 2024, attended by the Dlrector. Stsfflng and Tralnlng - Anti-raclsm training delivered by Race Council Cymru in November 2024. - Annual staff reviews and hygiene training were completed In January 2025. Fire Safety tralnlng undertaken by all stsff in January 2025. Publlc beneflt The Charitable company Is an art gallery & museum with a social misslon. The public benefit experienced through all the company's actlvltles is far-reaching, and the tie in to the Natlonal Contemporary Art Gallery for Wales project, administered by the Arts Councll for Wales, provides an excitlng opportunity to expand on our alm of advancing public education and appreciation of art, in all its forms. The trustees therefore confirm that they have complied with the duties set out in section 17(5) of th8 Charities Act 2011, that is to have due regard to the public benefit guidance published by the Charlty Commission. FINANCIAL REVIEW Reserves pollcy The company's policy Is to malntain an adequate reserve that will allow it to carry on Its day- to-day charitable activates. The aim therefore is to have enough held back to cope with unexpected events or a sudden but sustained fall In income, while also attempting to accumulate sufficient funds to move forward wlth the phase 2 expanslon and Improvement of the gallery. The trustees therefore consider the larget reserve to be an amount sufficient to cover Its core charltable expenditure for six months. Based on the current yearfs figures this is approximated as being a sum of around £308,646 (2024: £232,277). The company had a free reserve of £52,581 at the year-end (2024: £61.373). Page 4 Cwmni Plas Gl - Weddw Llmited Tradin as Oriel Plas Gl Weddw istered number: 02994771 ort of the Trustees for the Year Ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document and management The charity is controlled by its goveming documents. its memorandum and articles of association. and constitutes a limited company, limited by guarantee. as defined by the Companies Act 2006. The Board met regularty during the year and oversaw the delivery of our strategic objectives. Key actions and progress induded: Formation of a task and finish group to appoint the auditors for the 2024-25 accounts. Ongoing govemance discussions regarding the formation of a trading arm. following advice from our accountants due to increased commercial activity. Continued progress on Irustee visibility. induding updating trustee profiles on the website. Dlscussion of commemorative options for fonner trustees and major contributors to the Plas, legacy. Related party transactlons and trustees. expenses and remuneratlon The trustees, in their capacity as such, give their time and expertlse wlthout any form of remuneration or other benefit in cash or kind. There were no expenses paid to the trustees in the year (2024: NII). The trustees consider Its key management personnel to comprise the trustees, the Gallery Director, the asslstant director, the cafe manager and the finance manager, whom together, are responsible for the day-to-day operations of Ihe gallery. The total employment benefits of the key management personnel were £158,980 (2024: £161,454) as well as additional employer pension and life cover contrlbutlons of £4.810 (2024: £4,579). No employee received any benefts in excess of £60,000. Recruitment and appointment of new trustees The board of trustees detemiine the general policy and direction of the company and are responsible for the structure of the company's policies and ensuring that the work is managed effectively. Their main purpose in this is to protect the welfare of the charity. The day-to-day management Is delegated to the Gallery Director. Gwyn Jones. The trustees shall be appointed at the general meetings as may be necessary in accordance with the companls goveming documents and the need or specialist knowledge that someone can bring to the table. Trustees. expenses The trustees may be pald all reasonable travelllng, hotel and other expenses properly incurred by them in connection with their attendance at meetings of trustees or committees of trustees or general meetings or otherwise in connection with the discharge of their duties but shall otherwise be paid no remuneration. Page 5 Cwmnl Plas G - Weddw Limited Tradin as Oriel Plas Gl Weddw R Istered number: 02994771 ort of the Trustees for the Year Ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Looking Ahead Despite challenges posed by the storm damage and rising operational costs. Plas Glyn-y- Weddw ramains resilient, creative, and ambitious. We are proud of our artistic programme. grateful for the generosity of our funders and supporters, and committed to continuing our role as a vital cultural institution in the north of Wales. Acknowledgements The Trustees extend thanks to all staff. volunteers. funders. artists, and supporters. Special thanks to the John Andrews TrusL Arts Council ofwales, Welsh Govemment, and Gwynedd Nature Pathership for their continued invesknent in our vision. REFERENCE AND ADMINISTRATNE DEfAILS Registered Company number 02994771 (England and Wales) Registered Charity number 1070495 Registered office Oriel Plas Glyn Y Weddw Llanbedrog Pwllheli Gwynedd LL53 Trr Trustees MrCRMGChown Mrs G Griffith Mrs R S Harris Ms K Jones Mr J B Jones Mr I W Jones Ms L Richards Mrs E M Rickards Mr J D Williams Ms G H Williams MsSJWood Miss M D Wynne Finth (deceased 21 .5.24) Company Secretary Mr G A Jones Senior Statutory Auditor David Chidley BSc(Econ) FCA CTA Page 6 Cwmnl Plas G - Weddw Limited Tradin as Oriel Plas Gl Weddw 1st number: 02994771 Re ort of the Trustees for the Year Ended 31 March 2025 REFERENCE AND ADMINISTRATNE DEfAILS Accountant Auditor Emyr Mortimer Cyf W.J. Matthews & Son 32 Y Maes 11-15 Bridge Street Caernarfon Caemarfon Gwynedd Gwynedd LL55 2NN LL55 1AB Bankers HSBC Bank 48 High Street Pwllheli Gwynedd LL53 5SE Solicitors Gamlins Law Limited TIA Gamlins Law 16 St. Peterfs Square Ruthin Denbighshire North Wales LL15 1AD STATEMENT OF TRUSTEES. RESPONSIBILrriES The trustees (who are also the directors of Cwmni Plas Glyn'y - Weddw Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Practice) including Financial Reporting Standard 102 Yhe Financial Reporting Stsndard applicable in the UK and Republic of Ireland.. Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitsble company and of the incoming resources and application of resources. including the income and expenditure, of the charitsble company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistenuy; observe the methods and principles in the Charity SORP; make judgements and estimates thal are reasonable and prudent: prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. Page 7 Cwmnl Plas G . Weddw Limited Tradin as Orlel Plas G Re Istsred numbe Re ort of the Trustees for the Year Endèd 1 March 2025 STATEMENT OF TRUSTEES. RESPONSIBILrriES • conllnued The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financlal statements comply with the Companles Act 2006. They are also responslble for safeguarding the assets of the charitable company and hence for taking reasonable steps for Ihe preventlon and detection of fraud and other Irregularities. In so far as the trustees are aware: there is rx) relevant audit infomiatlon of which the charitable company's auditors are unaware: and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audlt Infomiation and to establish that the auditors are aware of that information. AUDITORS The auditors. W.J.Matthews & Son, wlll be proposed for re4ppolntment at the forthcoming Annual General Meeting. Thls report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on ........... . .... ............... .......... and signed on Its behalf by: Mr es - Secretary Page 8 Ro ort of the Inde Cwmni Plas Gl n. endent Auditors to the Members of - Weddw Limited Re Istered number: 02994771 Oplnlon We have audited the financial statements of Cwmni Plas Glyn'y Weddw Limited (the 'charitable company,) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting frameworf( that has been applied in their preparation is applicable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accounting Practice), Including Financial Reportlng Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financlal ststements: glve a true and falr vlew of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources. induding its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Flnancial Reportlng Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland,; and have been prepared in accordance with the requirements of the Companles Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audltors, responsibilities for the audit of the financial statements section of our report. We are Independent of the charitable company in accordance with the ethlcal requlrements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responslbllitles In accordance with these requirements. We believe that the audit evidence we have obtalned is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we have performed. we have not Identifled any material uncertainties relating to events or conditions that, indivldually or collectively, may cast significant doubt on the charitable company's abillty to continue as a going concern for a perlod of at least twelve months from when the financial statements are authorlsed for Issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are descrlbed In the relevant sections of this report. Page 9 ort ofthe Inde Cwmni Plas Gl endent Auditors to the Members of - Weddw Llmited istered number: 02994771 Other Infonnation The trustees are responsible for the other information. The other infomlation comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and. except to the extent othe￿iS8 explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audlt of the financlal ststements, our responsibilty is to read the other Informatlon and, in doing so, consider whether the other information is materially inconsistent with the financial ststements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we Identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there Is a materlal misstatement of this other Information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters proscrlbod by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audlt: the informatlon given In the Report of the Trustees for the flnandal year for which the financlal statements are prepared is consistent with the financial statements; and the Report of the Trustees has been prepared In accordance with applicable legal requlrements. Matters on whlch we are requlred to report by exceptlon In the Ilght of the knowledge and understanding of the charitable company and its environment obtained In the course of the audit, we have not identified materlal mlsstatements In the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not vlsited by us: or the financial statements are not in agreement with the accountlng records and returns; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the infomiatlon and explanations we require for our audit; or the trustees were not entitled to take advantage of th8 small companies exemption from the requirement to prepare a Strategic Report or In preparing the Report of the Trustees. Page 10 Re ort of the Inde Cwmni Plas Gl endent Auditors to the Members of . Weddw Limited istered number: 02994771 Responslbilities of trustees As explained more fvlly in the Statement of Trustees, Responsibilities, the trustees (who are also the dlrectors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financlal statements that are free from material misstatement, whether due to fraud or error. In preparing the financial ststements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternatlve but to do so. Our re3ponslbllltles for the audlt of the financlal statements Our objectives are to obtain reasonable assurance about whether the flnancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but Is not a guarantee that an audlt conducted In accordance wlth ISAS (UK) will always detect a material misstatement when it exlsts. Mlsstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basls of these flnancial statements. The extent to which our procedures are capable of datecting irregularities, includlng fraud Is detailed below: The engagement partner ensured that the jolnt engagement team had the approprlate competence, capabilities and skills to Identify or acknowledge non-compllance with appllcable laws and regulations; We identified the laws and regulations that apply to the company through discusslons with other directors and managers, and from our commercial knowledge and experience of the sector. We focused on specific laws and regulations that we thought could have a significant direct Impact on a company's financial statements or operatlons, Includlng legislation such as the Companies Act 2006, taxation legislation, data protectlon, anti-bribery, employment, environmental and health and safety legislation; We assessed compliance with the laws and regulations set out above by making management inquiries and 8xamining legal correspondence, and Identified laws and regulations were routinely communicated wlthln the audit team and the team remained alert to non-compliance throughout the audlt. Page11 ort of the Inde Cwmni Plas Gl n endent Auditors to the Members of - Weddw Limited Re istered number: 02994771 Our responsibllltles for the audit of the flnanclal statements - continued We assessed the susceptibility of the company's financial statements to material misststement, including gaining an understanding of how fraud may occur. by: Making inquiries from management about where they thought there was a tendency to fraud, their knowledge of genuinely suspected and alleged fraud: Consider the intemal controls in place to mltigate the risks of fraud and non (210,596) (542) 71 2.055 2.589 Net cash used in investing activities 260.571 209,012 Cash flows from financing activities Capital repayments in year 13,405 Net cash used in financing activities 13,405) Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 90,990 22,973 123.954 100.981 Cash and cash equivalents at the end of the reporting period 2 123,954 The notes fomi part of these financial statements Page 18 Cwmnl Plas Gl - Weddw Limlted Tradin as Oriel Plas Gl Weddw Notes to the Cash Flow Statement for the Year Ended 31 March 2025 RECONCILIATION OF NET (EXPENDITURE)IINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.25 31.3.24 Net (expendlture)lincome for the reporting perlod (as per the Statement of Financial Activltles) Adjustments for: Depreciation charges Loss on disposal of fixed assets Interest recelved Interest pald Decreasel(increase) in stocks Decreasel(increase) in debtors Increasel(decrease) In credltors (3,246) 457,729 58,895 63,631 3,136 2,711 (2,589) (2,055) 16,290 18,680 3,997 (4,507) 248,327 (262,074) Net cash provlded by operatlons 381796 264,070 ANALYSIS OF CASH AND CASH EQUIVALENTS 31.3.25 31.3.24 Cash in hand Notlce deposlts (less than 3 months) Overdrafts Included In bank loans and overdrafts falling due within one year 604 215,141 652 125,745 Total cash and cash equivalents 214,944 123,954 The notes fonn part of these financial statements Page 19 Cwmni Plas Gl - Weddw Limlted Tradin as Oriel Plas Gl Weddw Notes to the Cash Flow Statement for the Year Ended 31 March 2025 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At 31.3.25 Net cash Cash at bank and in hand Bank overdraft 126,397 89,348 215,745 801 Debt Debts falling due within 1 year Debts falling due after 1 year {13.849) (1,258) (15,107) 100 371 15,202 114 220 100 276 Total 104934 114 668 The note5 form part of these financial statements Page 20 Cwmnl Plas Gl - Weddw Limited Tradin as Oriel Plas Gl Weddw Notes to the Financial Statements for the Year Ended 31 March 2025 ACCOUNTING POLICIES Basis of preparlng the financial statements The financial ststements of the charitable company. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Ststement 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) (effective 1 January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Income Incoming resources are recognised and recognised in the Statement of Financial Activities (SOFA) once the charity has entitlement to the funds, it is probable that the income will be re￿Ived, and the amount can be measured reliably. Where incoming resources have related expenditure (as with the shop and gallery sales). the incoming resources and related expenditure are reported gross in the SOFA Bank interest is recognised when it is credited to the account. Income from donations and grants, induding capitsl grants, is included as incoming resources when the recognition criteria are met, except in the ft)Ilowing circumstsnce: - When the donor specifies that donations and grants given to the charity must be used in future accounting periods, the income is deferred until those periods. - When the donors impose conditions that have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the pre•conditions are meL - When donors specrfy that donations and grants. induding capital grants. are for particular restricted purposes, whid) do not amount to pre-conditions regarding entitlement, thls is included in incoming resources of restricted funds when receivable. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or construclive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Page 21 continued... Cwmni Plas Gl - Weddw Limited Tradin as Oriel Plas Gl Weddw Notes to the Flnanclal Statements - continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES- continued Expenditure Governance costs include the costs of preparation and examination of the statutory accounts and the cost of any legal or other professional advice to the charitable company. Tanglble flxed assets Fixed assets are stated at their cost prices, less accumulated depreciation and le88 amounts recognised in respect of Impalrment. The freehold property is recorded at its 'deemed cost, at the date of transition to FRS102, whlch Includes a historical revaluation that was carried out prior to this. Depreclatlon Is provided at the following annual rates in order to write off each asset ovar its estimated useful life: Depreciable property at cost or revaluation: Non-depreciable land: Improvements to properties: Plant and machlnery: Cafe equlpment: Y winllan plant and machinery: Computer equipment: 1 VD on cost not provided 10/0 on cost 200/0 on reducing balanc8 200/0 on reduclng balance 200/0 on reducing balance 200/0 on cost Artwork & sculpture Investment These assets are sculptures and other artworks that have elther been donated to the company or acquired for their safekeeping, andlor due to their link to the gallery. These works are routinely put on display for the benefit of the gallery's patrons. All such assets are recorded at cost when purchased, or when donated at their deemed fair value. No depreciation is charged on these assets and their carrying values are reviewed annually for any indications of significant changes in value. Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxatlon The charlty Is exempt from corporatlon tsx on Its charitable activities. Fund accounting Funds held by the charity are either unrestricted, designated or restricted. Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Designated funds are funds set aside by the trustees, out of unrestricted funds, for a specific future purpose or project. Page 22 continued... Cwmnl Plas G - Weddw Limited Tradin as Oriel Plas Gl n Weddw Notes to the Financlal Statements - continued for the Year Ended 31 March 2025 ACCOUNTING POLICIES - continued Fund accountlng Restricted funds can only be used for restricted purposes withln the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for restricted purposes. Further explanation of the nature and purpose of each fund is induded in the notes to the financial statements. Ponslon costs and other post•retlrement beneffts The charitsble company operates a defined contribution pension scheme. Contributions payable to the charitable CoMpan￿S pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Grants In accordance with relevant accounting slandards, all grant receipts, will upon meeting the eligibility conditions be treated in line with generally accepted accountlng principles. That Is, both revenue and capital grants will be recognised in full when the charity becomes entitled to the income, the receipt is probable, and the amount thereof can be reliably measured. Grant income will only be deferred in circumstances where there are unmet performance condltlons. Capital grants will be recognised In a separate 'restricted' fund that will be amortised back into the unrestricted fund, over time, in line with the depreciation rates applicable to the underlying and related fixed assets. DONATIONS AND LEGACIES 31.3.25 Totsl funds 31.3.24 Totsl funds Unrestricted Restricted funds funds Plas donatlons, legacies and similar incomings Gift aid Plas grants Subscriptions 64,211 1,330 139,885 64,211 1.330 139,885 62,276 3,634 459,102 6,329 211969 211969 The 2025 Plas donations, legacies, and similar incoming resources total of £64,211 represented an unrestricted donation of £50,000 from the Andrews Trust. £2.892 from The Friends, Association as well as £11.319 from general donations and bequests. Page 23 continued... Cwmnl Plas Gl - Weddw Llmlted Tradin as Oriel Plas Gl Weddw Notes to the Financial Statements - contlnued for the Year Ended 31 March 2025 DONATIONS AND LEGACIES - continued The 2024 Plas donations, legacies, and similar incoming resources total of £62,276 represented an unrestricted donatlon of £50,000 from the Andrews Trust, an amount totalling £3.488 from The Friends. Association, and £8,788 from general donations and bequests. Grants received, included in the above. are as follows: 31.3.25 31.3.24 Y Winllan Art Council exhibition grant Art Council: NCAGW project - revenue Art Council: NCAGW project - capital Gwynedd Council: Computer Grant Gwynedd Council: Art Grant Arloesi Gwynedd Wledig GCC Pontio 2025 fund Coed Coexist residency funding 1,661 3,000 65,331 372.842 499 3,766 12.003 73,125 26.000 17,910 3,850 19,000 139 885 459.102 OTHER TRADING ACTIVITIES 31.3.25 Totsl funds 31.3.24 Totsl funds Unrestricted Restricted funds funds Self-catering accommodation Cafe income Plas bach shop Main shop 23,055 474,997 23,586 85,766 23.055 474.997 23,586 85,766 29.189 483,178 27,125 87.703 607,404 607.404 627,195 Page 24 continued... Cwmnl Plas Gl - Weddw Limited Tradin as Oriel Plas Gl n Weddw Notes to the Financial Statements - contlnued for the Year Ended 31 March 2025 INVESTMENT INCOME 31.3.25 Total funds 31.3.24 Total funds Unrestricted Restricted funds funds Deposit account interest 2.055 INCOME FROM CHARITABLE ACTNITIES 31.3.25 31.3.24 Activi Furtherance of charitable activities Furtherance of charitable Room hire & functions activities Furtherance of charitable activities Furtherance of charitable activities Income from activities for generating funds Income from activities for Winllan perfomiances generating funds Workshop and courses 2.323 1,913 9,951 10,598 Gallery art sales 167.361 198,980 Shop art sales 111,105 131.794 Carpark income 7.294 6.540 301,445 358,151 OTHER INCOME 31.3.25 Total funds 31.3.24 Total funds Unrestricted Restricted funds funds Gwynedd nature partnership Insurance claims Sundry income 98,550 19,983 98,550 19,983 13,645 38,625 132.178 132 178 38,625 Page 25 continued... Cwmnl Plas Gl - Weddw Llmited Tradin as Oriel Plas Gl Weddw Notes to the Financial Statements - continued for the Year Ended 31 March 2025 RAISING FUNDS Other tradlng actlvltles 31.3.25 Total fvnds 31.3.24 Totsl fvnds Unrestricted Restricted funds funds Opening stod( Purchases Closing stock Staff costs Rates & water Insurance Light & heat Telephone Maintenance Cleaning & laundry Depreciation Interest payable and similar charges 25,671 197,988 (21,674) 309,717 809 3,933 24,375 1,464 11,518 8,857 6,491 25,671 21,164 197,988 214,086 (21.674) (25,671) 309,717 293,007 809 3.933 24,375 1,464 11,518 8,857 6.491 3,723 28,504 2,613 12,183 9,106 5.562 577 101 574,304 CHARITABLE ACTIVITIES COSTS Support costs (see note 9) Direct Costs Totals Furtherance of charitable activities Management and administration Cost of generating funds Finance costs Y Winllan expenditure 277,922 277,922 267,180 49,802 8,385 275,565 49,802 8,919 8,919 13.982 608 886 626 190 Page 26 continued... Cwmni Plas Gl - Weddw Limlted Tradin as Oriel Plas Gl Weddw Notes to the Flnancial Statements - continued for the Year Ended 31 March 2025 SUPPORT COSTS Govemance costs Finance Totsls Management and administration Finance costs 8,385 8,385 10. NET INCOMEI(EXPENDITURE) Net incomel{expenditure) is stated after chargingl{crediting); 31.3.25 31.3.24 Auditors, remuneration Other non-audit services Depreclation - owned assels Deficit on dlsposal of fixed assets 4,000 3,000 3.894 63,631 58,895 11. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Trustees, expenses There were no trustees, expenses pald for the year ended 31 March 2025 nor for the year ended 31 March 2024. Page 27 continued... Cwmni Plas Gl - Weddw Llmlted Tradin as Oriel Plas Gl Weddw Notes to the Financlal Statements - continued for the Year Ended 31 March 2025 12. STAFF COSTS 31.3.25 31.3.24 Wages and salaries Social security costs Other pension costs 421,873 25,575 400,070 24,246 436 193 The average monthly number of employees during the year was as follows: 31.3.25 31.3.24 Gallery director Key management Other full time equivalent staff 13 17 17 22 No employees received emoluments in excess of £60,000. The charitable company makes contributes to a third-paty multi-employer defined contribution pension scheme for Its e15glble and opted In employees. 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Designated Restrlcted fund funds funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 145,997 385,344 531,341 Charltable actlvltles Furtherance of charitable activities Income from activities for generating funds 343,285 343,285 14,866 14,866 other trading activities Investment income Other income 78,933 2,055 548,262 627,195 2.055 38,625 Total 623 761 548.262 385.344 1,557.367 EXPENDITURE ON Raising funds 41,233 533.071 574.304 Page 28 continued... Cwmnl Plas Gl - Weddw Limite Tradin as Oriel Plas Gl Weddw Notes to the Financlal Statements - continued for the Year Ended 31 March 2025 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Designated Restricted fund funds funds Total funds Charltable actlvltles Furtherance of charitable actlvltles Management and administration Cost of genarating funds Flnance costs Y Winllan expendlture 243,425 162,598 46,042 10.278 2,140 243,425 162,669 46,042 10.278 2,140 71 Depreclation 60,780 Total 566 496 533 142 1099 638 NET INCOME Transfers between funds 57,265 15,120 385,344 457,729 Net movement In funds 99,535 471 357,723 457,729 RECONCILIATION OF FUNDS Total funds brought forward As previously reported Prior year adjustment 835.293 41.321 2,417,225 3,293.839 As restated 834,021 41,321 2,417,225 3,292,567 TOTAL FUNDS CARRIED FORWARD 933,556 41792 2 774 948 3 750 296 Page 29 continued... Cwmnl Plas Gl . Weddw Limited Tradin as Oriel Plas Gl Weddw Notes to the Financlal Statements . continuod for the Year Ended 31 March 2025 14. TANGIBLE FIXED ASSETS Depreciable Freehold Propety Slop y plas property land upgrades equipment COST At 1 April 2024 Additions Disposals 1,072,347 391,824 2,379,424 226,014 3,465 At 31 March 2025 1072 347 391824 2 605 438 DEPRECIATION At 1 April 2024 Charge for year Eliminated on disposal 275,118 10,724 187,101 26,055 2,330 227 At 31 March 2025 285 842 213 156 NET BOOK VALUE At 31 March 2025 786 505 391824 2 392 282 908 At 31 March 2024 797.229 391,824 2,192,323 Page 30 continued... Cwmnl Plas Gl - Weddw Limlted Tradin as Oriel Plas Gl Weddw Notes to the Financlal Statements - continued for the Year Ended 31 March 2025 14. TANGIBLE FIXED ASSETS - continued Y winllan Plant and Cafe plant & Computer machinery equipment machinery equlpment Totsls COST At 1 April 2024 Additions Disposals 171,199 22,194 64.590 10,362 300 17,716 133,356 4,233.921 258.570 At 31 March 2025 74.348 4 420 844 DEPRECIATION At 1 April 2024 Charge for year Ellminated on disposal 133,850 11.345 43,4ri 6,264 16,569 229 123,927 4,051 782,372 58,895 146 At 31 March 2025 135 671 772 757 NEf BOOK VALUE At 31 March 2025 918 5 210 3 648 087 At 31 March 2024 37,349 21,113 1,147 9,429 3 451549 Cost or valuation at 31 March 2025 is represented by: Land & Plant & buildin s Machine Totals 691,249 691.249 1998 Valuation 3,152,346 390,326 3.542.672 Cost 226,014 32,556 258,570 Additions 71,647 71,647 Disposals 351.235 4,420.844 4,069,609 If the revaluation amount is excluded the land and buildings, Includlng all property improvements, would have been disclosed at the following historical cost: 31.03.25 31.03.24 3.378 360 3.152.345 Page 31 continued... Cwmnl Plas Gl - Weddw Limite Tradin as Oriel Plas Gl Weddw Notes to the Flnancial Statements . continued for the Year Ended 31 March 2025 15. ARTWORK & SCULPTURE INVESTMENT Total MARKET VALUE At 1 April 2024 Additions 41,792 At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 16. STOCKS 31.3.25 31.3.24 Stocks 25,671 17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Trade debtors Other debtors VAT 5.856 3.850 34,643 230,793 274 002 Page 32 continued... Cwmni Plas Gl - Weddw Limited Tradin as Oriel Plas Gl Weddw Notes to the Flnancial Statements - continued for the Year Ended 31 March 2025 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.325 31.3.24 Bank loans and overdrafts (see note 20) Other loans (see note 20) Trade creditors Other creditors Accrued expenses 9,422 6.486 96,607 5.829 10,850 5,442 22,505 5,289 24,658 68,744 19. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 31.3.25 31.3.24 Bank loans (see note 20) Other loans (see note 20) 2,188 10,809 100,371 20. LOANS An analysis of the maturity of loans is given below: 31.3.25 31.3.24 Amounts falling due within one year on demand: Bank overdrafts Bank loans Other loans 801 8,621 2,443 8,407 Amounts falling between one and two years: Bank loans - 1-2 years Other loans - 1-2 years 2,188 8,621 5,918 14,539 Arnounts falling due between two and five years: Bank loans - 2-5 years Other loans - 2-5 years 2,188 20.447 22,635 Page 33 contlnued... Cwmnl Plas Gl - Weddw Llmited Tradin as Oriel Plas Gl Weddw Notes to the Financlal Statements . contlnued for the Year Ended 31 March 2025 20. LOANS - contlnued 31.3.25 31.3.24 Amounts falling due in more than five years: Repayable by instalments: Other loans more 5yrs instal 52,422 63.197 The other loan figure represents the balance due on a secured loan received from a not-for-profft organisation that has been a longstanding supporter of the gallery. 21. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows: 31.3.25 31.3.24 Within one year Between one and five years 1,160 3,380 2,027 4,740 4,540 6,767 22. SECURED DEBTS The followlng secured debts are Included within creditors: 31.3.25 31.3.24 Bank loans Other loans 10,809 19,216 95,004 100 276 114.220 The followlng securlty is held:_ The Arts Council of Wales On 15 June 2005, the above created and registered a legal charge over the freehold propety known as Plas Glyn y Weddw, Llanbedrog, title number WA136669. This being related to a grant of £521,328 being made available. The John Andrews Charitable Trust Page 34 continued... Cwmnl Plas Gl - Weddw Limlted Tradin as Oriel Plas Gl Weddw Notes to the Flnancial Statements - contlnued for the Year Ended 31 March 2025 22. SECURED DEBTS - continued On 11 September 2017, David Scott Andrews, Gareth Wyn Edwards, Penny Francis Wellesley and Michael Paul Edwards, being trustees of the above, placed a legal charge on th8 Company's record. The charge was applied onto the freehold land situate and known as Slop y Plas, Llanbedrog, as is registered at the Land Registry under title numbers CYM60120, CYM60121 and CYM444694. This charge being in relation to the provision of a loan for the acqulsition of the properties set out in these title numbers. 23. MOVEMENT IN FUNDS Net Transfers movement between in funds funds At 31.3.25 At 1.4.24 Unrestrlcted funds General fund Artwork & sculpture investment fund Trading activity 933,556 (787) 22,441 955,210 41,792 4,590 46,382 975,348 (3,246) 29,490 1,001,592 Restrlctad funds Revaluation reserve Capital grants - plant and machlnery Capital grants - property and improvements 550,732 (5,203) 545,529 1,592 (318) 1,274 2 222 624 23 969) 2 198 655 2 774 948 2 745 458 TOTAL FUNDS 3 750 296 246) 3 747 050 Net movement in funds, included in the above are as follows: Incoming Resources Movement resources expended In funds Unrnstricted funds General fund Trading activity 725,370 (726,157) (787) 532 674 530 215 459) 1,255.585 1,258,831 3,246 TOTAL FUNDS 1258 831 1255 585 246) Page 35 continued... Cwmni Plas Gl - Weddw Llrnited Tradin as Oriel Plas Gl Weddw Notes to the Flnancial Statements - continued for the Year Ended 31 March 2025 23. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Prior Net Transfers year movement between At 1.4.23 adjustment in funds funds At 31.3.24 Unrestricted funds General fund Artwork & sculpture investment fund Trading activity 835,293 {1.272) 57,265 42,270 933,556 41,321 (71) 15,191 542 15.191) 41,792 876,614 {1,272) 72,385 27,621 975,348 Restrlcted funds Revaluation reserve Capital grants - plant and machinery Capital grants - property and improvements 555,937 (5,205) 550.732 1,491 499 (398) 1,592 1,859,797 384,845 22 018) 2 222 624 2,417.225 385 344 ￿ 2 774 948 TOTAL FUNDS 1,272 3,293,839 ￿ 457,729 3,750,296 Page 36 continued... Cwmnl Plas G - Weddw Limited Tradin as Oriel Plas Gl Weddw Notes to the Financial Statements - continued for the Year Ended 31 March 2025 23. MOVEMENT IN FUNDS . contlnued Comparative net movement in funds. induded in the above are as follows: Incoming Resources Movement resources expended in funds Unrestrlcted funds General fund Artwork & sculpture investment fvnd Trading activity 623.761 (566,496) 57.265 (71) 533,071) (71) 15.191 548.262 1.172.023 (1.099,638) 72.385 Restrlcted funds Capital grants - plant and machinery Capital grants - property and improvements 499 499 384.845 384.845 385.344 385,344 TOTAL FUNDS Transfers between funds and purp¢)se of the designated and restricted funds Transfers During the year to March 2025, a net total of £22.441 (2024: 42,270) was transferred bebNeen the designated and restricted funds to the unrestricted fund. These transfers representing the consumption of the depreciable value within the restricted fvnds during the year, and the surplusl{deficit) generated by the non-primary trading activities being absorbed back into the general fund. oses of the Desi nated and Restricted Funds Artwork & scul ture investment fund This designated fund represents the value attributable to works of art and sculpture donated to and purchased by the gallery. and indudes 'Louise'. the bronze sculpture by David Williams-Ellis, which was donated by Sir Kyffin Williams and Mary Yapp. Tradin activities fund This designated fund represents the trading activities undertaken and the surplusldeficit thereof. The activities are undertaken to support and further the charitable activities of the company. with any end of year eX￿sS on costs, being transferred to the general fund. Page 37 continued... Cwmni Plas Gl - Weddw Limited Tradin as Oriel Plas Gl Weddw Notes to the Financlal Statements - contlnued for the Year Ended 31 March 2025 23. MOVEMENT IN FUNDS . continued Revaluation reserve Plas Glyn y Weddw was valued on an open market basis on 30 November 1998. The value attributed at this date was included in a separate 'revaluation reserve, and 75 % of this was deemed to be attributed to the building and 25 /0 attributed to the underlying land. This designatad fund. which is amortised back into the unrestricted general fund, in line with the propety's depreciation policy, has been retained as it is felt by the trustees that is important for the residual amount to be disclosed separately. ital rant funds (Property improvement & other fixed assets) These restricted funds represent the amount of unreleased capital grant funding, received for the acquisition of fixed assets. These funds a￿ subject to annual amortisation, at the rate applicable to the underlying asset, with the amount being transferred to the unrestricted fund. 24. EMPLOYEE BENEFrr OBLIGATIONS The sum included within the income and expenditure account for the defined- contribution pension schemes operated were £10,689 (2024: £11 ,877).This being allocated between the charitable and trading activity on the face of the statement of income and expenditure in line with the assessed wage cost allocations. 25. ULTIMATE PARENT COMPANY The ultimate control of the company is vested in the board of trustees. who are also the members of the company. Page 38 continued... Cwmnl Plas Gl - Woddw Limited Tradin as Oriel Plas Gl Weddw Notes to the Financial Statements - continued for the Year Ended 31 March 2025 26. RELATED PARTY DISCLOSURES During the year ended 31 March 2018 a loan of £126,627 was received from the John Andrews Charltable Trust, a charity in which one of the trustees of thls company is also a trustee. The balance outstanding on 31 March 2025 was £89,467 (2024: £95,004). Interest is charges on the loan al 2.1 % above the Bank of England base rate. Also, during the year, donations without significant conditions attached totalling £50,000 <2024: £50,000) were received from organisatlons in which certain trustees of the company were also trustees. Page 39