| Page | |||
|---|---|---|---|
| Report ofthe Trustees | 1 | to | 14 |
| Report ofthe Independent Auditors |
15 | to | 17 |
| Statement of Financial Activities | 18 | ||
| Balance Sheet | 19 | ||
| Cash Flow Statement | 20 | ||
| Notes to the Cash Flow Statement | 21 | ||
| Notes to the Financial Statements | 22 | to | 30 |
| Detailed Statement ofFinancial Activities | 31 | to | 32 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||||
| Notes | fundf | funds f |
funds | fundsf | |||
| INCOME AND ENDOWMENTS | FROM | ||||||
| Donations and legacies |
292,062 | 119,235 | 411,297 | 390,089 | |||
| Charitable activities |
|||||||
| Promoting contemporary |
visual | art | 5,850 | 5,850 | 7,183 | ||
| Other trading activities |
6,417 | ||||||
| Investment income |
25 | 25 | 151 | ||||
| Total | 297,937 | 119,235 | 417,172 | 403,840 | |||
| EXPENDITURE ON | |||||||
| Raising funds | 43,792 | 43,792 | 41,665 | ||||
| Charitable activities |
|||||||
| Promoting contemporary |
visual | art | 8 | 280,064 | 127,465 | 407,529 | 312,700 |
| Total | 323,856 | 127,465 | 451,321 | 354,365 | |||
| NET INCOME/(EXPENDITURE) | (25,919) | (8,230) | (34,149) | 49,475 | |||
| Transfers between funds |
18 | ~8,438) | 8,438 | ||||
| Net movement in funds |
(34,357) | 208 | (34,149) | 49,475 | |||
| RECONCILIATION OF FUNDS |
|||||||
| Total funds brought forward |
216,882 | 66,632 | 283,514 | 234,039 | |||
| TOTAL FUNDS CARRIED FORWARD | 182525 | 66,849 | 249,365 | 283,514 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Total | Total | ||||
| funds | funds | ||||
| Notes | |||||
| FIXEDASSETS | |||||
| Tangible assets | 15 | 4,805 | 4,027 | ||
| CURRENT ASSETS | |||||
| Debtors Cash at bank |
16 | 22,964 169761 |
11,323 62486 |
34,287 232 247 |
47,649 259434 |
| 192,725 | 73,809 | 266,534 | 307,083 | ||
| CREDITORS | |||||
| Amounts falling due within one year |
17 | (15,005) | (6,969) | (21,974) | (27,596) |
| NET CURRENT ASSETS | 177720 | 66.!!40 | 244 560 | 279.487 | |
| TOTAL ASSETSLESSCURRENT UABILITIES | 182,525 | 66,840 | 249,365 | 283,514 | |
| NET ASSETS | 182525 | 66840 | 249365 | 283 514 | |
| FUNDS | 18 | ||||
| Unrestricted funds Restricted funds |
182,525 86840 |
216,882 M 632 |
|||
| TOTAL FUNDS | 249385 | 283514 |
| Notes | 2022f | 2021 | |||
|---|---|---|---|---|---|
| Cash flows from operating | activities | ||||
| Cash generated from operations |
~24.365) | 158,176 | |||
| Net cash (used in)/provided | by operating | activities | ~24.365) | 158,176 | |
| Cash flows from investing | activities | ||||
| Purchase oftangible fixed Interest received |
assets | (2,847) 25 |
(3,089) 151 |
||
| Net cash used in investing | activities | ~2,822) | ~2,938) | ||
| Change in cash and cash |
equivalents | in | |||
| the reporting period Cash and cash equivalents |
at the | (27,187) | 155,238 | ||
| beginning ofthe reporting |
period | 259,434 | 104,196 | ||
| Cash and cash equivalents | at the end | of | |||
| the reporting period |
232,247 | 259,434 |
| RECONCILIATION | OF NET (EXPENDITURE)/INCOME | OF NET (EXPENDITURE)/INCOME | OF NET (EXPENDITURE)/INCOME | TO NET | CASH FLOW | FROM OPERATING | ||
|---|---|---|---|---|---|---|---|---|
| ACTIVITIES | ||||||||
| 2022 | 2021 | |||||||
| Net (expenditure)/income | for the reporting | period (as | per the | |||||
| Statement ofFinancial Activities) | (34,149) | 49,475 | ||||||
| Adjustments for: |
||||||||
| Depreciation charges |
2,069 | 1,268 | ||||||
| Interest received | (25) | (151) | ||||||
| Decrease in debtors (Decrease)/increase |
in creditors | 13,362 ~5,622) |
105,195 2,389 |
|||||
| Net cash (used in)/provided | by operations | ~24,365) | 158,176 | |||||
| 2. | ANALYSIS OF CHANGES | IN NET FUNDS | ||||||
| At 1/4/21 | Cash flow | At 31/3/22 | ||||||
| E | F | |||||||
| Net cash | ||||||||
| Cash at bank | 259,434 | ~27.187) | 232,247 | |||||
| 259,434 | ~27.187) | 232,247 | ||||||
| Total | 259,434 | ~27.187) | 232,247 |
| DONATIONS AND LE |
GA | CI | ES | |||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| Donations | 12 | |||||
| Grants | 411,285 | 390,089 | ||||
| 411,297 | 390,089 | |||||
| Grants received, included |
in | the | above, are as follows: | |||
| 2022 | 2021 | |||||
| Arts Council ofWales | - core | funding | 149,590 | 149,590 | ||
| Colwinston Charitable |
Trust | 25,000 | ||||
| Cardiff County Council | 20,960 | 20,960 | ||||
| Arts Council ofWales | - Lottery Grant | 55,000 | ||||
| British Council Wales | 1,000 | 2,500 | ||||
| Gwendoline &Margaret Davies |
Charity | 5,000 | ||||
| Arts Council ofWales | - Resilience Fund | 6,658 | ||||
| Arts Council ofWales | - Cultural | Recovery Fund | 90,000 | 100,000 | ||
| Arts Council ofWales | - Sharing | Together | 200 | 1,800 | ||
| Welsh Government Major |
Events Unit | 15,000 | 10,000 | |||
| Sasakawa Foundation |
4,000 | |||||
| Weston Jerwood Creative | Bursary | 8,044 | 6,581 | |||
| The Daiwa Anglo-Japanese | Corporation | 3,000 | ||||
| Arts Council ofWales | - Connect | & Flourish | 95,991 | |||
| Bagri Foundation | 30,000 | |||||
| Battersea Arts Centre | 500 | |||||
| 411,285 | 390,089 |
| 4. | OTHER TRADING | OTHER TRADING | ACTIVITIES | ACTIVITIES | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022f | 2021f | ||||||||||
| Sponsors | hips | 6,417 | |||||||||
| 5. | INVESTNIENT INCOME | ||||||||||
| 2022f | 2021 | ||||||||||
| Deposit account interest | 25 | 151 | |||||||||
| 6. | INCOME | FROM CHARITABLE ACTIVITIES | |||||||||
| 2021 | 2021 | ||||||||||
| F | |||||||||||
| Sundry income and | shared costs | 3,988 | 6,833 | ||||||||
| Catalogue | sales | 1,862 | |||||||||
| Bath Spa | University | 350 | |||||||||
| 5,850 | 7,183 | ||||||||||
| The only charitable | activity is promoting | contemporary | visual art. | ||||||||
| 7. | RAISING | FUNDS | |||||||||
| Raising donations | and | legacies | |||||||||
| 2022 | 2021f | ||||||||||
| Staff costs | 43,466 | 41,665 | |||||||||
| Staffexpenses | 326 | ||||||||||
| 43,792 | 41,665 | ||||||||||
| 8. | CHARITABLE ACTIVITIES COSTS | ||||||||||
| Direct | Support | ||||||||||
| Costs (see | costs | (see | |||||||||
| note 9) | note | 10) | Totals | ||||||||
| F | F | ||||||||||
| Promoting | contemporary | visual art | 342,407 | 65, | 122 | 407,529 | |||||
| 9. | DIRECT COSTS OF CHARITABLE ACTIVITIES | ||||||||||
| 2022 | 2021 | ||||||||||
| F | |||||||||||
| Staff costs | 153,431 | 135,463 | |||||||||
| Exhibition | costs | 96,301 | 83,157 | ||||||||
| Education | and Outreach | 74, | 161 | 17,578 | |||||||
| Marketing | 18,144 | 22,740 | |||||||||
| Publication | costs | 370 | 14321 | ||||||||
| 342,407 | 273,259 |
| STAFF CO | S | TS | ||||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||
| F | F | |||||||
| Wages and salaries Social security costs |
189,405 13,313 |
169,834 11,657 |
||||||
| Employers | pension | contributions | 4,730 | 4,891 | ||||
| 207,448 | 186,382 | |||||||
| The average | monthly | number ofemployees | during | the year was as follows: | ||||
| 2022 | 2021 | |||||||
| Curatorial | 3 | 2 | ||||||
| Fundraising | 1 | 1 | ||||||
| Management, | Marketing | 8 Administration | 1 | 2 | ||||
| Learning and |
Community | Engagement | 2 | 1 |
| 14. | COMPARATIVES FOR | THE STATEMENT OF FINANCIAL ACTIVITIES | |||||
| Unrestricted | Restricted | Total | |||||
| fund | funds | funds | |||||
| F | F | ||||||
| INCOME AND ENDOWMENTS | FROM | ||||||
| Donations and legacies |
278,050 | 112,039 | 390,089 | ||||
| Charitable activities |
|||||||
| Promoting contemporary |
visual | art | 7,183 | 7,183 | |||
| Other trading activities |
6,417 | 6,417 | |||||
| Investment income |
151 | 151 | |||||
| Total | 291,801 | 112,039 | 403,840 | ||||
| EXPENDITURE ON | |||||||
| Raising funds | 41,665 | 41,665 | |||||
| Charitable activities |
|||||||
| Promoting contemporary |
visual | art | 245,497 | 67,203 | 312,700 | ||
| Total | 287,162 | 67,203 | 354,365 | ||||
| NET INCOME | 4,639 | 44,836 | 49,475 | ||||
| Transfers between |
funds | ~21,796) | 21,796 | ||||
| Net movement in funds |
(17,157) | 66,632 | 49,475 | ||||
| RECONCILIATION | OF FUNDS | ||||||
| Total funds brought forward | 234,039 | 234,039 | |||||
| TOTAL FUNDS CARRIED FORWARD | 216,882 | 66,632 | 263 514 | ||||
| 15. | TANGIBLE FIXEDASSETS | ||||||
| Fixtures | |||||||
| and | |||||||
| fittings | |||||||
| F | |||||||
| COST | |||||||
| At 1 April 2021 | 13,374 | ||||||
| Additions | 2,847 | ||||||
| At 31 March 2022 | 16,221 | ||||||
| DEPRECIATION | |||||||
| At 1 April 2021 | 9,347 | ||||||
| Charge for year | 2,069 | ||||||
| At 31 March 2022 | 11,416 | ||||||
| NET BOOK VALUE | |||||||
| At 31 March 2022 | 4,805 | ||||||
| At 31 March 2021 | 4,027 |
| 2022 | 2021 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Trade debtors | 26,060 | 31,380 | |||||||||
| Prepayments and |
accrued | income | 8,227 | 16,269 | |||||||
| 34,287 | 47,649 | ||||||||||
| CREDITORS: AMOUNTS | FALLING DUE WITHIN ONE YEAR | ||||||||||
| 2022 | 2021 | ||||||||||
| f | F | ||||||||||
| Trade creditors | 1,061 | 2,873 | |||||||||
| Social security and | other | taxes | 4,553 | 4,508 | |||||||
| VAT | 114 | 648 | |||||||||
| Other creditors | 2,339 | 1,864 | |||||||||
| Accruals and deferred | income | 13,907 | 17703 | ||||||||
| 21,974 | 27,596 | ||||||||||
| MOVENIENT IN FUNDS |
|||||||||||
| Net | Transfers | ||||||||||
| movement | between | At | |||||||||
| At 1/4/21 | in funds | funds | 31/3/22 | ||||||||
| Unrestricted funds |
|||||||||||
| General fund |
216,882 | (25,919) | (8,438) | 182,525 | |||||||
| Restricted funds | |||||||||||
| Welsh Government | Major | Events | Unit | (8,393) | 8,393 | ||||||
| Arts Council ofWales - Sharing Together | 1,800 | (1,845) | 45 | ||||||||
| Weston Jerwood Creative | Bursary | 1,799 | (1,799) | ||||||||
| Public Programme | (Learning | and | |||||||||
| Outreach) | 62,873 | (62,873) | |||||||||
| Japanese Artists' |
Fund | 160 | (160) | ||||||||
| Arts Council Wales | - Connect | 8 Flourish | 66,840 | 66,840 | |||||||
| 66,632 | ~8,230) | 8,438 | 66,840 | ||||||||
| TOTAL FUNDS | 283,514 | ~34,149) | 249,365 | ||||||||
| Net movement in funds, |
included | in the above | are as follows: | ||||||||
| Incoming | Resources | Movement | |||||||||
| resources | expended | in funds | |||||||||
| E | |||||||||||
| Unrestricted funds |
|||||||||||
| General fund |
297,937 | (323,856) | (25,919) | ||||||||
| Restricted funds | |||||||||||
| Welsh Government | Major | Events | Unit | 15,000 | (23,393) | (8,393) | |||||
| Arts Council ofWales - Sharing Together | 200 | (2,045) | (1,845) | ||||||||
| Weston JenNood Creative | Bursary | 8,044 | (9,843) | (1,799) | |||||||
| Public Programme | (Learning | and | |||||||||
| Outreach) | (62,873) | (62,873) | |||||||||
| Japanese Artists' |
Fund | (160) | (160) | ||||||||
| Arts Council Wales | - Connect | 8 Flourish | 95,991 | ~29.151) | 66,840 | ||||||
| 119,235 | (127,465) | ~8.230) | |||||||||
| TOTAL FUNDS | 417,172 | ~451.321) | ~34, 149) |
| Comparatives fo |
r movem | en | t in |
funds | ||||
|---|---|---|---|---|---|---|---|---|
| Net | Transfers | |||||||
| movement | between | At | ||||||
| At 1/4/20 | in funds | funds | 31/3/21 | |||||
| F | F | F | F | |||||
| Unrestricted funds |
||||||||
| General fund |
234,039 | 4,639 | (21,796) | 216,882 | ||||
| Restricted funds | ||||||||
| Welsh Government | Major | Events | Unit | (24,014) | 24,014 | |||
| Arts Council ofWales - Resilience | Fund | 2,218 | (2,218) | |||||
| Arts Council ofWales - Sharing Together | 1,800 | 1,800 | ||||||
| Weston Jerwood Creative | Bursary | 1,799 | 1,799 | |||||
| Public Programme | (Learning | and | ||||||
| Outreach) Japanese Artists' |
Fund | 62,812 221 |
61 ~61) |
62,873 160 |
||||
| 44,836 | 21,796 | 66,632 | ||||||
| TOTAL FUNDS | 234039 | 49,475 | 263,514 | |||||
| Comparative net movement |
in funds, included | in the above are as follows: | ||||||
| Incoming | Resources | Movement | ||||||
| resources | expended | in funds | ||||||
| F | ||||||||
| Unrestricted funds |
||||||||
| General fund |
291,801 | (287,162) | 4,639 | |||||
| Restricted funds | ||||||||
| Welsh Government | Major | Events | Unit | 10,000 | (34,014) | (24,014) | ||
| Arts Council ofWales - Resilience | Fund | 6,658 | (4,440) | 2,218 | ||||
| Arts Council ofWales - Sharing Together | 1,800 | 1,800 | ||||||
| Weston Jerwood Creative | Bursary | 6,581 | (4,782) | 1,799 | ||||
| Public Programme | (Learning | and | ||||||
| Outreach) Japanese Artists' |
Fund | 80,000 7,000 |
(17,188) ~6,779) |
62,812 221 |
||||
| 112,039 | ~67 203) | 44,836 | ||||||
| TOTAL FUNDS | 403,840 | ~354,365) | 49,475 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| E | ||||||
| INCOME AND ENDOWMENTS | ||||||
| Donations and legacies |
||||||
| Donations | 12 | |||||
| Grants | 411255 | 390,089 | ||||
| 411,297 | 390,089 | |||||
| Other trading activities |
||||||
| Sponsorships | 6,417 | |||||
| Investment income |
||||||
| Deposit account | interest | 25 | 151 | |||
| Charitable activities |
||||||
| Catalogue sales | 1,862 | |||||
| Sundry Income and | shared | costs | 3,988 | 7,183 | ||
| 5,850 | 7,183 | |||||
| Total incoming | resources | 417,172 | 403,840 | |||
| EXPENDITURE | ||||||
| Raising donations | and legacies | |||||
| Total staff costs, | including | training | and travel | |||
| expenses | 43,466 | 41,665 | ||||
| Staffexpenses | 326 | |||||
| 43,792 | 41,665 | |||||
| Charitable activities |
||||||
| Total staff costs, | including | training | and travel | |||
| expenses | 153,431 | 135,463 | ||||
| Exhibition costs | 96,301 | 83,157 | ||||
| Education and Outreach |
74,161 | 17,578 | ||||
| Marketing | 18,144 | 22,740 | ||||
| Publication costs |
370 | 14,321 | ||||
| 342,407 | 273,259 | |||||
| Support costs | ||||||
| Staffcosts | ||||||
| Total staff costs, including | training | and travel | ||||
| expenses | 10,551 | 9,254 | ||||
| Staff expenses | 223 | |||||
| 10,551 | 9,477 | |||||
| Finance | ||||||
| Bank charges | 595 | 139 | ||||
| Other | ||||||
| Insurance | 1,394 | 1,190 | ||||
| Carried forward | 1,394 | 1,190 |
| 2022 | 2021 | ||
|---|---|---|---|
| F | |||
| Other | |||
| Brought forward | 1,394 | 1,190 | |
| Professional fees |
26,353 | 13,275 | |
| Other office costs | 11,579 | 4,120 | |
| Irrecoverable VAT |
6,911 | 6,014 | |
| Depreciation | 2,069 | 1,268 | |
| 48,306 | 25,867 | ||
| Governance costs | |||
| Auditors' remuneration |
4,800 | 3,945 | |
| Legal and professional | fees | 870 | 13 |
| 5,670 | 3,958 | ||
| Total resources expended | 451,321 | 354,365 | |
| Net (expenditure)/income | ~34.149) | 49,475 |