Charity Commission Annual Return 2022
THE BRECKNOCK ART TRUST Charity registration number: 1086339 PART A - Charity information Financial period Financial period start date 01/01/2021 Financial period end date 31/12/2022 Income and spending
Income £ £629,477
Spending £ 14,730
Report on the Trusts Activities
The aim of the charity remains to promote the appreciation and display of works of art in the Brecknock Area. To purchase works of art related to the culture, society and environment of Brecknock and its surrounding areas.
During this year grants have included a major grant of £6280 to Powys County Council towards the rebuilding of the Brecknock Museum and Art Gallery, known now as y Gaer which is both a Museum and Art Gallery and Library and college space.
The support for purchases works of art for y Gaer have included grants for the purchase of a work produced during lock down by Sue Hiley Harris from the Table Gallery in Hay (£1700) and for a wooden sculpture by Philippine Sowerby from the Tower gallery (£800) .
Other support for artistic enterprises in our area included £1000 for the Swansea Print Workshop which services many Brecon artists, £1000 for the Brecon Festival Ballet and the creation of a theatre backdrop, £3000 to the National Museum to support the purchase at auction of two historically important works of the 19[th] century recording the Iron Works in the Rhymney Valley at night, now with Cyfarthfa Castle Museum, £500 towards the commissioning of a portrait for Brecon Boys
School, £6000 towards the creation of an impotent biography of the artist Ray Howard jones, and £1000 towards the continued photographing of key artists by Bernard Mitchell for the Welsh Group.
A major source of funds for the Trust was realised by the sale of a picture by William Scott donated to the Trust which raised well more than its reserve of £200,000 by selling for £600,000 at auction. The Trust is grateful for the auctioneers , Christies, for waiving the normal commission on this sale.
Expenses were the Independent Examiner’s fee of £450.
William Gibbs October 31[st] 2023
Charity number 1086339
Brecknock Art Trust
Report and Unaudited Accounts
31 December 2022
Brecknock Art Trust Report and accounts Contents
| Page | |
|---|---|
| Charity information | 1 |
| Trustees' report | 2 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
Brecknock Art Trust Charity Information
Trustee
Robert MacDonald Ruth Gibbs Dr John Edward Gibbs Dr Jane Elizabeth Siberry Mr Kenneth Jones William Malcolm Gibbs Nicola Maughan (appointed 7th December 2022)
Independent examiner
Catherine A Williams Ltd Chartered Accountants The Old Bank Beaufort Street Crickhowell Powys NP8 1AD
Bankers
Lloyds Bank plc 38 High Street Brecon LD3 7AR
Registered charity address
The Barn Cyffredyn Lane Llangynidr Crickhowell Powys NP8 1LR
Registered charity number 1086339
1
Brecknock Art Trust Charity number: 1086339 Trustees' Report
The trustees present their report and accounts for the year ended 31 December 2022.
Structure, governance and management
The trust is a registered charity, number 1086339 and is constituted under a trust deed dated 22nd March 2001, as amended on 7th June 2010 and 7th September 2010.
Financial Review
The trust is entirely self-funding, its main source of income this year has been from a donation from the Charity Aid Foundation.
Funds are not specifically set aside or designated for future expenditure. Funds held are for the day to day running of the charity.
The charity holds cash reserves in the deposit and current accounts with Lloyds Bank.
Objectives and activities
The charity's objectives are to advance the education of the public by the creation, appreciation and display of works of art in Brecknockshire and the surrounding areas.
Achievements during the year and future plans
The Brecknock Art Trust continued its support of the newly developed Brecon Museum, now known as Y Gaer, which contains the collection of Art donated by the Brecknock Art Trust over the last 20 years. This has been through the purchase of works of art and through helping to improve the environment of the Sir John Lloyd gallery which will hold major exhibitions in the future.
The Trust also supported the creation of art cards for the Museum shop and the publication of a book with the Crickhowell Archive Centre which focussed on the historical record in words and pictures of visitors to the town. The Trust also supported the work of the charity, Mind, in our community helping with mental health through the medium of art therapy.
Accounting and reporting responsibilities
The charity's trustees are responsible for preparing an annual report and financial statements in accordance with the applicable law and UK GAAP (Generally Accepted Accounting Practice). The annual report and financial statements have been prepared in accordance with the Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The Charities Act 2011 requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity for that period. In preparing the financial statements, the trustees are required to;
-
Select suitable accounting policies and then apply them consistently;
-
Observe the methods and principles in the Charities Statement of Recommended Practice (SORP)
-
Make judgements and estimates that are reasonable and prudent
-
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue as a going concern
2
Brecknock Art Trust Charity number: 1086339 Trustees' Report
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the board of Trustees on . . / . . /2023 and signed on its behalf.
William Gibbs Trustee
3
Brecknock Art Trust Independent Examiner's Report
Independent examiner's report to the board of trustees on the preparation of the unaudited accounts of Brecknock Art Trust for the year ended 31 December 2022
We report on the accounts of the trust for the year ended 31 December 2022, which are set out on pages 1 to 7.
Respective responsibilities of trustees and examiner
The Charity's trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 2011 (the Act) and that an independent examination is needed.
It is our responsibility to;
-
examine the accounts under section 145 of the 2011 Act; - to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act ;and
-
to state whether particular matters have come to our attention
Basis of the independent examiner's report
Our examination was carried out in accordance with the General directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required of an audit, and consequently we do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In the course of our examination, no matter has come to our attention;
(A) which gives us reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that;
-
proper accounting records are kept in accordance with section 130 of the 2011 Act; and
-
accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 2011 Act; or
(B) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Catherine A Williams Ltd Chartered Accountants The Old Bank Beaufort Street Crickhowell Powys NP8 1AD
. . / . . /2023
4
Brecknock Art Trust
Statement of Financial Activities for the year ended 31 December 2022
| Notes Incoming resources 2 Donations and legacies Charitable activities Investments Total incoming resources Resources expended 3 Charitable activities Legal and professional costs Total resources expended Net incoming resources/(net resources expended) Total funds brought forward Total funds carried forward |
Total Unrestricted Funds 2022 £ 628,064 1,391 22 629,477 (14,280) (450) (14,730) 614,747 16,336 631,083 |
Total Total Unrestricted Unrestricted Funds Funds 2021 2020 £ £ 1,500 25,000 205 668 - 2 1,705 25,670 (73,000) (17,242) - (420) (73,000) (17,662) (71,295) 8,008 87,631 79,623 16,336 87,631 |
Total Total Unrestricted Unrestricted Funds Funds 2021 2020 £ £ 1,500 25,000 205 668 - 2 1,705 25,670 (73,000) (17,242) - (420) (73,000) (17,662) (71,295) 8,008 87,631 79,623 16,336 87,631 |
|---|---|---|---|
| 25,670 | |||
| (17,242) (420) |
|||
| (17,662) | |||
| 8,008 | |||
| 79,623 | |||
| 87,631 |
5
| Brecknock Art Trust Registered number: Balance Sheet as at 31 December 2022 Notes Current assets Cash at bank and in hand Creditors: amounts falling due within one year 6 Net current assets Net assets Capital and reserves Unrestricted funds Total funds |
1086339 2022 £ 631,533 (450) 631,083 631,083 631,083 631,083 |
16,336 - |
2021 £ 16,336 |
|---|---|---|---|
| 16,336 | |||
| 16,336 | |||
| 16,336 |
Approved by the board of trustees on . . / . . /2023 and signed on their behalf by:
William Gibbs Trustee
6
Brecknock Art Trust Notes to the Accounts for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared on an accruals basis under the historical cost convention and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Incoming resources
All incoming resources are recognised once the charity has an entitlement to the resources, it is certain that the resources will be received and the monetary value of the incoming resources can be measured with sufficient reliability.
Resources expended
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for an on accruals basis and has been classified under the headings that aggregate all costs relating to that category.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Independent examiner's fees
The independent examiner's fees for the year ending 31st January 2022 were £450
Trustees and key management personnel remuneration
The trustees received no renumeration during the year (2021: £nil). Other than trustees, the charity did not have any key management personnel during the year ending 31st December 2022.
| 2 Incoming resources Donations and Legacies Sale of Donated Picture Sales of books Interest receivable |
2022 £ 29,000 599,064 1,391 22 629,477 |
2021 £ 1,500 - 205 - |
|---|---|---|
| 1,705 |
7
Brecknock Art Trust Notes to the Accounts
for the year ended 31 December 2022
| 3 Resources expended Grants Independent examiner's fees 4 Grants Grants - Ray Howard Jones Book Grants - Brecon Festival Ballet Limited Grants - Swansea Print Workshop Grants - Table Gallery V J Harris Grants -Tower Gallery Book Grants - NMW Grants - Welsh Group BM Grants - Brecon Boys GS Grants - Y Gaer 5 General unrestricted fund General unrestriced funds at 31 December 2021 Net incoming (outgoing) resources General unrestriced funds at 31 December 2022 6 Creditors Accruals |
2022 £ 14,280 450 14,730 2022 £ 6,000 1,000 1,000 - - - - - 6,280 14,280 2022 £ 16,336 614,747 631,083 2022 £ 450 |
2021 £ 73,000 - |
|---|---|---|
| 73,000 | ||
| 2021 £ - - - 1,700 800 3,000 1,000 500 66,000 |
||
| 73,000 | ||
| 2021 £ 87,631 (71,295) |
||
| 16,336 | ||
| 2021 £ - |
7 Related party transactions
During the Year Mr William Gibbs - a trustee provided as a gift the picture which was sold for net proceeds £599,064 during the year ending 31st December 2022.
8
Brecknock Art Trust
Detailed statement of financial activities for the year ended 31 December 2022
for the information of the trustees only
| Incoming resources Donations and legacies Donations Sale of Donated Picture Charitable activities Sales of books Investments Interest receivable Resources expended Charitable activities Grants - Brecon Festival Ballet Limited Grants - Swansea Print Workshop Grants - Ray Howard Jones Book Grants - Table Gallery V J Harris Grants -Tower Gallery Book Grants - Y Gaer Grants - Brecon Boys GS Grants - Welsh Group BM Grants - NMW Legal and professional costs: Independent examiner's fees |
2022 £ 29,000 599,064 628,064 1,391 1,391 22 22 1,000 1,000 6,000 - - 6,280 - - - 14,280 450 450 14,730 |
2021 £ 1,500 - |
|---|---|---|
| 1,500 | ||
| 205 | ||
| 205 | ||
| - | ||
| - | ||
| - - - 1,700 800 66,000 500 1,000 3,000 |
||
| 73,000 | ||
| - | ||
| - | ||
| 73,000 |
9
Charity number 1086339
Brecknock Art Trust
Report and Unaudited Accounts
31 December 2022
Brecknock Art Trust Report and accounts Contents
| Page | |
|---|---|
| Charity information | 1 |
| Trustees' report | 2 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
Brecknock Art Trust Charity Information
Trustee
Robert MacDonald Ruth Gibbs Dr John Edward Gibbs Dr Jane Elizabeth Siberry Mr Kenneth Jones William Malcolm Gibbs Nicola Maughan (appointed 7th December 2022)
Independent examiner
Catherine A Williams Ltd Chartered Accountants The Old Bank Beaufort Street Crickhowell Powys NP8 1AD
Bankers
Lloyds Bank plc 38 High Street Brecon LD3 7AR
Registered charity address
The Barn Cyffredyn Lane Llangynidr Crickhowell Powys NP8 1LR
Registered charity number 1086339
1
Brecknock Art Trust Charity number: 1086339 Trustees' Report
The trustees present their report and accounts for the year ended 31 December 2022.
Structure, governance and management
The trust is a registered charity, number 1086339 and is constituted under a trust deed dated 22nd March 2001, as amended on 7th June 2010 and 7th September 2010.
Financial Review
The trust is entirely self-funding, its main source of income this year has been from a donation from the Charity Aid Foundation.
Funds are not specifically set aside or designated for future expenditure. Funds held are for the day to day running of the charity.
The charity holds cash reserves in the deposit and current accounts with Lloyds Bank.
Objectives and activities
The charity's objectives are to advance the education of the public by the creation, appreciation and display of works of art in Brecknockshire and the surrounding areas.
Achievements during the year and future plans
The Brecknock Art Trust continued its support of the newly developed Brecon Museum, now known as Y Gaer, which contains the collection of Art donated by the Brecknock Art Trust over the last 20 years. This has been through the purchase of works of art and through helping to improve the environment of the Sir John Lloyd gallery which will hold major exhibitions in the future.
The Trust also supported the creation of art cards for the Museum shop and the publication of a book with the Crickhowell Archive Centre which focussed on the historical record in words and pictures of visitors to the town. The Trust also supported the work of the charity, Mind, in our community helping with mental health through the medium of art therapy.
Accounting and reporting responsibilities
The charity's trustees are responsible for preparing an annual report and financial statements in accordance with the applicable law and UK GAAP (Generally Accepted Accounting Practice). The annual report and financial statements have been prepared in accordance with the Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The Charities Act 2011 requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity for that period. In preparing the financial statements, the trustees are required to;
-
Select suitable accounting policies and then apply them consistently;
-
Observe the methods and principles in the Charities Statement of Recommended Practice (SORP)
-
Make judgements and estimates that are reasonable and prudent
-
State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue as a going concern
2
Brecknock Art Trust Charity number: 1086339 Trustees' Report
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the board of Trustees on . . / . . /2023 and signed on its behalf.
William Gibbs Trustee
3
Brecknock Art Trust Independent Examiner's Report
Independent examiner's report to the board of trustees on the preparation of the unaudited accounts of Brecknock Art Trust for the year ended 31 December 2022
We report on the accounts of the trust for the year ended 31 December 2022, which are set out on pages 1 to 7.
Respective responsibilities of trustees and examiner
The Charity's trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 2011 (the Act) and that an independent examination is needed.
It is our responsibility to;
-
examine the accounts under section 145 of the 2011 Act; - to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act ;and
-
to state whether particular matters have come to our attention
Basis of the independent examiner's report
Our examination was carried out in accordance with the General directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required of an audit, and consequently we do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In the course of our examination, no matter has come to our attention;
(A) which gives us reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that;
-
proper accounting records are kept in accordance with section 130 of the 2011 Act; and
-
accounts are prepared which agree with the accounting records and comply with the accounting requirements of the 2011 Act; or
(B) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Catherine A Williams Ltd Chartered Accountants The Old Bank Beaufort Street Crickhowell Powys NP8 1AD
. . / . . /2023
4
Brecknock Art Trust
Statement of Financial Activities for the year ended 31 December 2022
| Notes Incoming resources 2 Donations and legacies Charitable activities Investments Total incoming resources Resources expended 3 Charitable activities Legal and professional costs Total resources expended Net incoming resources/(net resources expended) Total funds brought forward Total funds carried forward |
Total Unrestricted Funds 2022 £ 628,064 1,391 22 629,477 (14,280) (450) (14,730) 614,747 16,336 631,083 |
Total Total Unrestricted Unrestricted Funds Funds 2021 2020 £ £ 1,500 25,000 205 668 - 2 1,705 25,670 (73,000) (17,242) - (420) (73,000) (17,662) (71,295) 8,008 87,631 79,623 16,336 87,631 |
Total Total Unrestricted Unrestricted Funds Funds 2021 2020 £ £ 1,500 25,000 205 668 - 2 1,705 25,670 (73,000) (17,242) - (420) (73,000) (17,662) (71,295) 8,008 87,631 79,623 16,336 87,631 |
|---|---|---|---|
| 25,670 | |||
| (17,242) (420) |
|||
| (17,662) | |||
| 8,008 | |||
| 79,623 | |||
| 87,631 |
5
| Brecknock Art Trust Registered number: Balance Sheet as at 31 December 2022 Notes Current assets Cash at bank and in hand Creditors: amounts falling due within one year 6 Net current assets Net assets Capital and reserves Unrestricted funds Total funds |
1086339 2022 £ 631,533 (450) 631,083 631,083 631,083 631,083 |
16,336 - |
2021 £ 16,336 |
|---|---|---|---|
| 16,336 | |||
| 16,336 | |||
| 16,336 |
Approved by the board of trustees on . . / . . /2023 and signed on their behalf by:
William Gibbs Trustee
6
Brecknock Art Trust Notes to the Accounts for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared on an accruals basis under the historical cost convention and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Incoming resources
All incoming resources are recognised once the charity has an entitlement to the resources, it is certain that the resources will be received and the monetary value of the incoming resources can be measured with sufficient reliability.
Resources expended
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for an on accruals basis and has been classified under the headings that aggregate all costs relating to that category.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Independent examiner's fees
The independent examiner's fees for the year ending 31st January 2022 were £450
Trustees and key management personnel remuneration
The trustees received no renumeration during the year (2021: £nil). Other than trustees, the charity did not have any key management personnel during the year ending 31st December 2022.
| 2 Incoming resources Donations and Legacies Sale of Donated Picture Sales of books Interest receivable |
2022 £ 29,000 599,064 1,391 22 629,477 |
2021 £ 1,500 - 205 - |
|---|---|---|
| 1,705 |
7
Brecknock Art Trust Notes to the Accounts
for the year ended 31 December 2022
| 3 Resources expended Grants Independent examiner's fees 4 Grants Grants - Ray Howard Jones Book Grants - Brecon Festival Ballet Limited Grants - Swansea Print Workshop Grants - Table Gallery V J Harris Grants -Tower Gallery Book Grants - NMW Grants - Welsh Group BM Grants - Brecon Boys GS Grants - Y Gaer 5 General unrestricted fund General unrestriced funds at 31 December 2021 Net incoming (outgoing) resources General unrestriced funds at 31 December 2022 6 Creditors Accruals |
2022 £ 14,280 450 14,730 2022 £ 6,000 1,000 1,000 - - - - - 6,280 14,280 2022 £ 16,336 614,747 631,083 2022 £ 450 |
2021 £ 73,000 - |
|---|---|---|
| 73,000 | ||
| 2021 £ - - - 1,700 800 3,000 1,000 500 66,000 |
||
| 73,000 | ||
| 2021 £ 87,631 (71,295) |
||
| 16,336 | ||
| 2021 £ - |
7 Related party transactions
During the Year Mr William Gibbs - a trustee provided as a gift the picture which was sold for net proceeds £599,064 during the year ending 31st December 2022.
8
Brecknock Art Trust
Detailed statement of financial activities for the year ended 31 December 2022
for the information of the trustees only
| Incoming resources Donations and legacies Donations Sale of Donated Picture Charitable activities Sales of books Investments Interest receivable Resources expended Charitable activities Grants - Brecon Festival Ballet Limited Grants - Swansea Print Workshop Grants - Ray Howard Jones Book Grants - Table Gallery V J Harris Grants -Tower Gallery Book Grants - Y Gaer Grants - Brecon Boys GS Grants - Welsh Group BM Grants - NMW Legal and professional costs: Independent examiner's fees |
2022 £ 29,000 599,064 628,064 1,391 1,391 22 22 1,000 1,000 6,000 - - 6,280 - - - 14,280 450 450 14,730 |
2021 £ 1,500 - |
|---|---|---|
| 1,500 | ||
| 205 | ||
| 205 | ||
| - | ||
| - | ||
| - - - 1,700 800 66,000 500 1,000 3,000 |
||
| 73,000 | ||
| - | ||
| - | ||
| 73,000 |
9