|||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|
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|||||||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|
##
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||||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|
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||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|
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|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|
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|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|
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|||||||||
|---|---|---|---|---|---|---|---|
|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|
##
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##
|||||||||||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)|
##
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##
|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|
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||||||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|
##
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|||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|