Charity registration number 1143772
Company registration number 07767380 (England and Wales)
ARTS & BUSINESS CYMRU
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

ARTS & BUSINESS CYMRU
CONTENTS
Page
Trustees report
ststement of trustees responsibilities
Statement of financial activities
10
Balance sheet
11
Notes to the accounts
12-23

ARTS & BUSINESS CYMRU
TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the
financial statements and comply with the charity's goveming document, the Companies Act 2006 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)"
Objectives and activities
Arts & Business {A&B) Cymru's vision is to create a Wales where business and the arts can connect and thrive.
Its mission is to embed business into the arts and creativity inlo business. The ultimate aim is to aid the success
of both sectors for the good of individuals and communities across Wales.
Objects
The objects of the charity are to promote, for the benefit of the public, within the country of Wales, the
advancement of arts, culture and heritage and the promotion of the efficiency of charities. In particular but not
limited to the promotion of philanthropy amongst businesses and individuals., the promotion of partnerships
between arts organisations and businesses, and the provision of training to and promotion of best practice in the
govemance of Welsh arts charities.
Public benefit
We have referred to the guidance contained in the Charity Commissions, general guidance on public benefit
when reviewing our aims and objectives and in planning our future activities. A&B Cymru's aim is to assist
advancement of the arts and the promotion of the efficiency of charities, in particular but not limited to the
promotion of philanthropy amongst businesses and individuals,. the promotion of partnerships be￿een arts
organisations and businesses, and the provision of training to and promotion of best practice in the govemance
of Welsh arts charities.
Strategies for achieving objectives
A&B Cymru knows that when business and the arts work together in true partnership, both become stronger with
the results benefiting society in far reaching and tangible ways. The team works with a range of arts
professionals, from individual practitioners to flagship organisations and the private sector, from micro
businesses through to multi-national corporations. Its work has a positive impact on people and communities
across Wales. In its current Business Plan, A&B Cymru sets out four strategic aims to help drive the organisation
towards the achievement of its mission.
They are:
To grow A&B Cymru's income from a range of public and private sector sources
To develop the income generating and business skills of the arts
To secure increased investment from the private sector to the arts
To encourage business success through creativity
Achievements and performance
A&B Cymru aims to achieve its goals through the delivery of a suite of unique programmes and services. In
2023124, the team continued to respond to the ongoing financial crisis, striving to assist the recovery and
sustainability of organisats-ons across Wales.
As a charity which exists to support business and the arts, A&B Cymru's programmes are in high demand as
both sectors face exireme, unforeseen and unprecedented challenges. arising from the ongoing financial crisis
and the after-effects of significant inflation.

ARTS & BUSINESS CYMRU
TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
As in previous years, A&B Cymru's activity induded charitsble work for the arts and commercial work financed by
the private sector, with any surplus being transferred back to the charity:
Charitable work
A&B Cymru's work for the arts has two aims
provided free or at highly subsidised rates.
developing income and developing skills. All services are
Arts Membership- During 2023124, arts membership reached an all-time high of 172 subscribers, ranging from
individual artists to major institutions. Benefits indude ne￿orking, leaming, development and showcasing
opportunities, as well as tailored advice and access to ServI￿S and discounts. Bursaries fvnded by Hodge
Foundation were awarded to 12 small organisations vthose primary work benefits under-represented people and
communities. The Arts Steering Panel, a group of arts leaders drawn from across Wales which meets bi-monthly
on Zoom to discuss the ongoing challenges and priorities of the sector, entered its third year of operation. The
Panel focused its discussions on sustainability, the Arts Council of Wales Investment Review, the impact of the
current economic dimate and Welsh Govemment strategies.
Arts Training Courses - A&B Cymru uses its expertise and network to provide high-quality training courses in
diversity, fundraising, governan￿ and specific business expertise. These tailored sessions are delivered by a
mixture of A&B Cymru staff and experrenced external specialists. The majority of courses were delivered online,
removing geographical barriers and time constraints and reducing the carbon footprint for arts managers across
Wales. The courses are recognised as high quality training that would otherwise be prohibitively expensive,
provided at subsidised rates. During 2023124, 26 courses were attended by 213 arts managers.
Funded by the Hodge and Moondance Foundations. Cufturestep invests in innovative partnerships of all kinds
between business and the arts, enhancing projects and increasing their long-term effectiveness. Tailored to the
specific needs of Wales, the scheme is designed to encourage new sponsorship and develop established
corporate engagement. All projects must address at least one of the scheme's priorities: Diversity,. Employees,
the Environment; Health & Wellbeing., Kids" Older People.. Tackling Poverty,. the Welsh Language. In 2023124, the
scheme invested £91,021 into 30 projects, levering £341,843 from business directly to the arts.
Future Proof an initiative, funded by Arts Council of Ilvales Lottery and Esmée Fairbairn Foundation, combines
two innovative programmes
Creative Intemships and Creative ApprentI￿shIps. The Creative Intemships
Programme places recent graduates into arts organisations for 10 months as trainee fundraisers. Since its
inception in 2013, the scheme has enabled 35 skilled. professional fvndraisers to enter the arts workforce.
Between them, they have so far raised over £4.8 million for the sector in Wales. The 2023124 programme
enabled three interns to undertake paid placements. The Creative Apprenticeships Programme places individuals
who face significant barriers as a result of ra￿. disability or SOCiOveconomic circumstances into arts
organisations on 10-month placements. Through this programme, A&B Cymru is helping to create alternative
futures for individuals from all backgrounds. In 2023124, four apprentices undertook paid placements. Each intern
and apprentice received structured support from the host organisations, mentoring from external specialists and
free of charge access to A&B Cymru training courses.
The Professional Development Programmes bring essential business skills to the arts through Board
placements, skills transfer projects and mentoring. In 2023124, 32 businesses were engaged in 78 placements,
valued at £512,127.
During 2023124, A&B Cymru unsuccessfully applied for Twst funding to support a new programme to support
capacity building in the arts, Springboard. This was due to a reduction in funds available from Trusts &
Foundations following lockdown, combined with growng and intense competition for funds. This resulted in a
loss for the charity. The Board and team have since commissioned an independent review of A&B Cymru's
structure and operation, with the aim of establishing a sustainable financial model as a matter of priority. This
review will conclude in Autumn 2024.

ARTS & BUSINESS CYMRU
TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
Commercial work
A&B Cymru's 70+ business members range from sole traders to multi-national corporations. Companies join to
address specific objectives through arts partnership. These encompass creative marketing, community
engagement and effective staff motivation, training and development. A&B Cymru's Brokerage SeNice was in
high demand from business members through the year. The team was commissioned by nine businesses to
identify arts partnerships which would achieve focused objectives. The resulting collaborations brought a total of
£50,000 investment from business directly to the arts.
The A&B Cymru Awards exist to encourage, acknowledge and celebrate exemplary businesslarts partnerships.
The 2023 ceremony was held at The Coal Exchange, Cardiff Bay, on 18 May. In addition to providing a high-level
opportunity to advocate the power of partnerships between the private sector and the arts, the event brought a
surplus of over £22,000.
Financial review
The Statement of Financial Activities for the company is shown on page 11. During the year charity made a
surplus on unrestricted funds of £18.056 (2023.. £11,164 deficit). Before the exceptional item, the charity made a
deficit on unrestricted funds of £49,059.
Unrestricted reserves at 31 March 2024 are £210.568 (2023: £192,511). Of these reserves £108.799 {2023'.
£118,706) have been designated {see notes to the financial statements).
The charity's free reserves were £101,769 (2023: £71.440) (exduding fixed assets. investments and designated
funds).
Pension
A&B Cymw operates a Group Stakeholder Pension Plan for all employees wth more than three months seNice.
It meets the current workplace pension requirements.
Reserves policy
In accordance with good governance, £108,799 (2023= £118,706) is held in reseNes, as an unrestricted
contingency fund to cover three months operating costs and winding up costs. induding redundancy payments.
The amount is reviewed annually and increased or decreased as required.
Investment policy
The charity s investments are made in accordance the Trustees, investment powers which are set out in the
charity's governing document. The policy is to obtain the best return on the funds surplus to the charity's
immediate needs whilst minimising the risk of capital depreciation. A review of the policy is undertaken on an
annual basis by the Finance and Audit Committee to ensure it remains appropriate. During the period all funds
were held on deposit with A&B Cymru's bank (Unity Trust Bank plc) to ensure the charity had sufficient cashflow
to undertake its activities.
Trading subsidiary
A&B Cymru carries out all its non-charitable trading activities through a wholly owned subsidiary company. Arts &
Business Cymw Trading Limited. The directors who served during the year were:
David Landen"
Rachel Jones
Trevor David Morpeth"
"indicates a non-executive director.
All the activities of the subsidiary are managed by the staff of A&B Cymru and all surplus is distributed back to
the parent charity through gift aid.

ARTS & BUSINESS CYMRU
TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
Risk Management
The Trustees are responsible for the management of the risks faced by the charity, with particular reference to
internal control systems and the mitigation of risk. The Board reviews a risk evaluation statement prepared by the
Chief Executive on an annual basis.
The twstees have assessed the key risks to which the charity is exposed and consider them to be..
The inability to replace lost core fvnding
The loss of the key management personnd
The loss of reputation
The key controls used include=
Fomial agenda and minutes for all meetings of the Trustees and Board sub-committees
Detailed terms of referen￿ for the Board and its sulFcommittees
Comprehensive strategic planning, budgeting and management accounting
Established organisational and govemance structure and reporting lines
Fomial written policies
A risk evaluation statement which is reviewed on a regular basis by the Trustees and the Chief
Executive
Hierarchical authorisation and approval levels
Through the established risk management processes. the Board is satisfied that the major risks identified have
been adequately guarded against where necessary. It recognises that systems can provide only reasonable, but
not absolute, assurance that major Funding s are being adequately managed.
Grants payable
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the charity.
The grants are recognised where the trustees have agreed to pay the grant and the recipient has a reasonable
expectation that they will receive a grant, provided they comply with the terms of the agreement. Grants offered
subject to terms and conditions which have not been met at the year-end date are noted as a commitment but
not accrued as expenditure.
Funding Position and Plans for the Future
In 2023124, A&B Cymru received core funding of £50K from Arts Council of IAÈles and £40K from Welsh
Government.
A&B Cymru continues to strive to diversify its fvnding. The charity has commissioned The Funding Centre to
undertake a Business Review of its operation to assist the establishment of a sustainable financial model. The
findings ofthe review will be published in Autumn 2024.
Structure, governance and management
Governance
Arts & Business Cymru (A&B Cymru) was incorporated as a company, limited by guarantee and not having any
share capital on 8 September 2011. It is registered as a charty with the Charity Commission and regarded as
such by HM Revenue and Customs. Its goveming document is its Memorandum and Artides of Association.
Staffing structure
The team includes eight staff, five of which are fvll-time. They are the Chief Executive, Director of Business
Development & Operations, Business Development Manager, Arts Development Manager, Arts Development
Officer, Administrator, Finance Manager and North Wales Partnerships Director.

ARTS & BUSINESS CYMRU
TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
Directors and Trustees
The directors of the charitable company are its Trustees for the purposes of charity law and are collectively
referred to as the Trustees throughout this report.
Recruitment, appointmen( induction and training of Trustees
Trustees are appointed by the Board. Al new Trustees receive an induction pack containing the following..
A&B Cymru's handbook.
The current business plan.
The most re￿nt accounts.
A general information pack on all A&B Cymru's programmes and servI￿s.
The role of Trustees sheet.
The minutes of the last Trustees meeting.
Trustees are invited to attend training courses wn by A&B Cymw's Independent Examiner, Azets, as well as its
own governance masterclasses and seminars. No new Trustees were appointed during 2022123 - two Trustees
resigned - one had reached the end of their temi and the other had a change of personal circumstances.
Key Management Personnel
The key management personnel for the current financial year is considered to be the Chief Executive. The
remuneration of the key management personnel is benchmarked to market rates.
Organisational structure and decision-making process
The Board of Trustees must have at least three and not more than 10 members to administer the charity- There
is an agreed statement of the role and responsibilities of the Board and its members. At no time during the year
did any Trustee have a beneficial interest in the charity.
There is one Su￿coMmittee of the Board - Finan￿ & Audit. This committee meets immediately before each
Board meeting. The membership of the committee is set out on page 7. Their terms of reference are as follows..
Finance & Audit Committee
To have, on behalf of the Trustees, an overall watching brief over all financial aspects of the charity's activities, to
advise the Trustees in regard to the charity's financial statemenls, to ensure the maintenance of proper financial
records and controls and to set and monitor the charity's annual delivery plan and financial performance.
The Board has appointed a Chief Executive to manage the day-tt>day operations of the Charity and she has
delegated authority for a wide range of operational matters.
There is a statement of matters reserved to the Board. They indude..
Setting overall strategy and policy.
Approving the budget and business plan.
The appointment and removal of Trustees (induding the chair).
The appointment and removal of the Chief Executive and setting their terms and conditions.
Consideration of fundamental issues conceming A&B Cymru's relationship with its principal.
Consideration of fundamental issues conceming A&B Cymw's relationship with the Charity.
Approval of major capital expenditure and the acquisition of freehold propety or leases.
Setting the charity's reserves. diversity and investment policies.
Other groups
In addition to the Board, groups of individuals are associated both fomially and infom)ally with A&B Cymru -
the Investment Panel and the Arts Steering Panel.
The Investment Panel's role is to detemiine which businesslarts partnerships are awarded cash investment
through A&B Cymru's Culturestep (see page 2 for a brief description of this programme). Chaired by A&B
Cymru's Chief Executive, the panel consists of 7 voting members and meets five times per year on Zoom. Each
member receives an induction prior to joining. The Panel operates on the principle of collective responsibility and
all members have an equal voice. The Arts Steering Panel exists to ensure a regular and productive dialogue
between A&B Cymru and the arts and provide an opportunity to share and discuss priorities and challenges. The
membership of the 2023124 panels is listed on page 8.

ARTS & BUSINESS CYMRU
TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
Reference and administrative details
Charity number 1143772
(Registered September 2011)
Company number 7767380
(Registered September 2011)
Registered address
16 Museum Place
Cardiff, CF10 3BH
Administrative office
16 Museum Place
Cardiff, CF10 3BH
Independent examiner
Andrew Howells
Azets Audit Services
Ty Dem, Lime Tree Court
Cardiff Gate Business Park
Cardiff
CF23 8AB
Bank and branch address
Unity Trust Bank PIC
4 Brindleypla
Birmingham
B12JB
Solicitors
Geldards LLP
4 Capital Quarter
Tyndall St
Cardiff
CF10 4BZ
Trustees
Catherine Elizabeth Ray Owens- resigned 19 June 2023
Atwel Gruffydd - resigned 15 June 2023
Shone Hughes
Trevor David Morpeth.
Tania Jane Rawlinson
Louisa Scadden
David John Landen.
Nkechi Allen-Dawson
Claire Charlton- appointed 24 July 2023
Sadique Maskeen- appointed 1July 2023, resigned 19 May 2024
Anthony Wedlake- appointed 1 July 2023
Ruth Fabby- appointed 19 July 2024
Key management personnel
Rachel Jones - Chief Executive
'Indicates a member of the Finance & Audit Committee

ARTS & BUSINESS CYMRU
TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
Culture Step Panel
Kathy Brown
Rachel Jones
Robert Lloyd Griffiths
Denise Lord
Samantha Maskrey
Nigel Petrie
Lynne Sheehy
Richard Tynen
Arts Steering Panel
Andy Healy
Angela Rogers
Carys Wynn&Morgan
Gemma Durham
Claire Furlong
Liam Evans-Ford
Meinir Llwyd Roberts
Owain Gwilym
Penny King
Rhiannon White
Sara Clutton
Sarah Ecob
Sarah Horner
Simone Joslyn
Sita Thomas

ARTS & BUSINESS CYMRU
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2024
The trustees, who are also the directors of Arts & Business Cymru for the purpose of company law, are responsible
for preparing the Trustees Report and the financial ststements in accordance with applicable law and United
Kingdom Accounting Standards (United Kingdom Generally Ac￿pted Accounting Practice).
Company Law requires the trustees to prepare financial ststements for each financial year which give a true and fair
view of the state of affairs of the charity and of the incoming resou￿$ and application of resources, induding the
income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to=
select suitable accounting policies and then apply them consistently-
obseNe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent., and
prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity
11 continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose wth reasonable accuracy at
any time the financial position of the charity and enable them to ensure that the financial statements comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on
the charity's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
By order of the Board of Trustees
Trevor David Morpeth - Trustee
Trustee
2011212024
Date:...........................................

ARTS & BUSINESS CYMRU
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF ARTS & BUSINESS CYMRU
I report to the trustees on my examination of the finanaal statements of Arts & Business Cymru (the charity} for the
year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the charity {and also its directors for the purposes of company law) you are responsible for the
preparation of the financial statements in accordan￿ with the requirements of the Companies Act 2006 (the 2006
Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of
the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's
financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my
examination I have followed all the applicable Directions given by the Charity Commission under section 145{5){b)
of the 2011 Act.
Independent examinerfs statement
Since the charity's gross income exceeded £250.000 your examiner must be a member of a body listed in section
145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of Institute
of Chartered Accountants in England and Mkles, which is one of the listed bodies.
I have completed my examination. I confimi that no matters have come to my attention in connection with the
examination giving me cause to believe that in any material respect-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act: or
the financial statements do not accord wth those records" or
the financial statements do not comply with the accounling requirements of section 396 of the 2006 Acl other
than any requirement that the accounts give a true and fair view which is not a matter considered as part of an
independent examination., or
the financial statements have not been prepared in accordan￿ with the methods and principles of the
Statement of Recommended Practice for accounling and reporting by charities applicable to charities
preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention
should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Andrew Howells
Azets Audit Seriices
Ty Derw, Lime Tree Court
Cardiff Gate Business Park
Cardiff
CF23 8AB
United Kingdom
20 t￿￿ember 2Q?dl

ARTS & BUSINESS CYMRU
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
Unrestricted Unrestricted
funds
funds
2024
2023
Notes
Income from:
Donations and legacies
Charitsble activities
Investments
391,468
39,340
4,387
429.965
36.363
1.417
Total income
435,195
467,745
enditure on:
Charitable activities
Exceptional item
484,254
(67,115)
478,909
Total expenditure
417,139
478,909
Net expenditure for the year before exceptional item
(49,059)
11.164
Net incomellexpenditure) for the yearl
Net movement in funds
18,056
(11,164)
Fund balances at 1 April 2023
192,512
203.675
Fund balances at 31 March 2024
210,568
192,511
The statement of financial activities indudes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account
under the Companies Act 2006.
10-

ARTS & BUSINESS CYMRU
BALANCE SHEET
AS AT 31 MARCH 2024
2024
2023
Notes
Fixed assets
Tangible assets
Investments
13
12
4.335
2.364
4,336
2,365
Current assets
Debtors
Cash at bank and in hand
14
83,477
288,496
52,477
336,419
371.973
388,896
Creditors: amounts falling due within
one year
15
(165.741)
(198.750)
Net cu￿ent assets
206.232
190.146
Total assets less cur￿nt liabilities
210,568
192,511
Income funds
Unrestricted funds
Designated funds
General unrestricted funds
17
108,799
101,769
118,706
73,805
210.568
192,511
210.568
192,511
The company is entilled to the exemption from the audit requirement contained in section 477 of the Companies Act
2006, for the year ended 31 March 2024.
The directors aCknO￿edge their responsibilities for complying with the requirements of the Companies Act 2006
th respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in
accordance with section 476.
These financial statements have been prepared in accordan￿ with the provisions applicable to companies subject
to the small companies regime.
1411112024
The financial statements were approved by the Trustees on .........................
TvEVtY
Trustee
Company registration number 07767380
11

ARTS & BUSINESS CYMRU
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
Charity information
Arts & Business Cymru is a charitable company limited by guarantee incorporated in England & Wales. The
registered office is 16 Museum Place, Cardiff CF10 3BH.
1.1 Accounting convention
The financial statements have been prepared in accordan￿ with the charity's governing document, the
Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland" {°FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of
Recommended Practice applicable to chanties 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
charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of
Cash Flows.
The financial statements are prepared in steding, which is the functional currency of the charity. Monetary
amounts in these financial statements are rounded to the nearest £.
1.2 Going concern
At the time of approving the financial statements. the trustees have a reasonable expectation that the charity
has adequate resources to continue in operational existen￿ for the foreseeable future. Thus the trustees
continue to adopt the going concem basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtheran￿ of their charitable
objectives unless the funds have been designated for other purposes.
Designated funds are unrestricted funds eamiarked by the management committee for particular purposes.
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met,
the amounts can be measured reliably, and it is probable that income will be re￿ived.
Income including donations. gifts and grants that provide core fvnding or are of a general nature are
recognised where there is entitlement, probable of receipt and the amount can be measured with sufficient
reliability.
Such income is only deferred when the donor specifies it must be used in future accounting periods or the
donor has imposed conditions which must be met before the charity has unconditional entitlement.
Investment income is recognised on a re￿1vable basis.
12-

ARTS & BUSINESS CYMRU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
{Continued)
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a
third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and
shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single
activity are allocaled directly to that activity- Shared costs which contribute to more than one activity and
support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis
consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and
depreciation charges are allocated on the portion of the asset's use.
Expenditure is classified under the following activity headings=
Expenditure on charitable activities indudes all costs relating to the furtherance of the charity's objectives as
stated in the Trustees report
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Govemance costs indude such rtems as independent examination fees, legal advice for Trustees., and costs
associated with constitutional and statutory requirements.
Grants payable
Grants payable are recognised in full in the year in which they are approved by the charity and communicated
to the recipient, irrespective of the period for which the investment is payable. This is the point at which the
charity has an obligation, legal or constructive, to meet this expenditure. There are normally certain
conditions that must be met before the investment is actually paid over, however, it is reasonably certain that
these will be met and the payment made.
Netting off income and expenditure
Income and expenditure are stated gross.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of
depreciation and any impairment losses.
Depreciation is recognised so as to vnite off the cost or valuation of assets less their residual values over their
useful lives on the following bases=
Office equipment
25% reducing balance
1.7 Fixed asset investments
A subsidiary is an entity controlled by the charity. Control is the power to govem the financial and operating
policies of the entity so as to obtain benefits from its activities.
Investments relate to 1000A of the share capital of the charity's wholly owned trading subsidiary and is
recognised at cost.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term liquid
investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities.
13-

ARTS & BUSINESS CYMRU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
{Continued)
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Sedion 12
'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the
contractual provisions of the instrument.
Financial assels and liabilities are offset, wth the net amounts presented in the financial statements, when
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price induding transaction costs and are subsequently carried at amortised cost using the
effective interest method unless the arrangement constitutes a finanang transaction, where the transaction is
measured at the present value of the future receipts di$￿Unted at a market rate of interest. Financial assets
classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or
are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of
ownership to another entity, or if some significant risks and rewards of ownership are retained but control of
the asset has transfe￿ed to another paty that is able to sell the asset in its entirety to an unrelated third paty.
Basic financial liabilities
Basic financial liabilities, induding creditors and bank loans are initially recognised at transaction price unless
the arrangement constitutes a financing transaction, vthere the debt instrument is measured at the present
value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable
within one year are not amortised.
Debt instruments are subsequently carried at amortised cost. using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one
year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at
transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or
cancelled.
1.10 Employee benefits
The costs of short-temi employee benefits are recognised as a liability and an expense, unless those costs
are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entrtlement is recognised in the period in vthich the employee's services are
received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed
to terminate the employment of an employee or to provide temiination benefits.
1.11 Leases
Rentals payable under operating leases are charged as an expense on a straight line basis over the term of
the relevant lease.
14-

ARTS & BUSINESS CYMRU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Critical accounting estimates and judgements
In the application of the charity's accounting policies. the trustees are required to make judgements, estimates
and assumptions about the carying amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experien￿ and other factors that
are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that
period, or in the period of the revision and future periods vthere the revision affects both current and future
periods.
Donations and legacies
Unrestricted Unrestricted
funds
funds
2024
2023
Donations and gifts
National Arts government grants
250,718
140,750
289,965
140,000
391,468
429,965
Donations and gifts
Arts & Business Trading Limited
Creative Internships
Culturestep Investment Programme
Prosper
Skills for Success
Impacl Circle
Raffle & Sundry
Other
77,879
50,000
120,000
52.454
60.000
119.084
25,000
25,000
1,581
1,846
5,000
1,049
1,790
250,718
289,965
Investments
Unrestricted Unrestricted
funds
funds
2024
2023
Interest receivable
4,387
1,417
15-

ARTS & BUSINESS CYMRU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Charitable activities
2024
2023
Arts membership
Conferencelseminar fees
Arts consultancy fees
Sundry income
30,050
9,190
22.391
8.530
5.233
209
100
39,340
36,363
Grants payable
2024
2023
Grants to institutions..
Grants and services to the arts, advocacy, research & events
164,134
202,483
The charity made no grants to the Investment Programme IAlales during the year (2023.. one).
Charitable activities
2024
2023
Staff costs
Other direct costs
Premises
289,362
10,750
17,257
240.655
16.339
16.882
317,369
273,876
Grant funding of activities (see note 6)
Share of governan￿ costs (see note 9)
164,134
2,751
202,483
2,550
484,254
478,909
Exceptional item
2024
2023
Exceptional item
167,115)
167,115)
16-

ARTS & BUSINESS CYMRU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Exceptional item
{Continued)
The charity has reviewed ￿rtain historic liabilities retained and concluded that there is no likelihood of those
liabilities being settled, consequently those liabilities have been released to the income and expenditure
account.
Support costs
Support Governance
costs
costs
2024
2023
Independent examination fee
2.751
2,751
2.550
2.751
2,751
2.550
Analysed between
Charitable activities
2,751
2,751
2,550
Governan￿ costs indudes payments to the independent examiner of £2,500 (2023.. £2,550) for the
independent examination of the finanaal statements.
10 Employees
The average monthly number of employees during the year was..
2024
Number
2023
Number
Permanent staff
Employment costs
2024
2023
Vwdges and salaries
Social security costs
Other pension costs
258,340
19,382
11,640
213,694
16,840
10,121
289,362
240,655
No trustees were reimbursed for expenses or re￿iVed remuneration during the current or prior year.
Key management personnel
The total amount of employee benefits (induding salary, employers national insurance and pension
contributions) received by the key management personnel for their services to the charity during the year
totalled £81,368 {2023'. £77.835).
17-

ARTS & BUSINESS CYMRU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10 Employees
{Continued)
The number of employees whose annual remuneration was more than £60,000
is as follows=
2024
Number
2023
Number
£60,000- £69,999
11 Taxation
As a registered charity, Arts & Business Cymru is entitled to the exemption from taxation in respect of income
and capital gains received with sections 478489 of the Corporation Tax Act 2010 and section 256 of the
Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects purposes
only.
18-

ARTS & BUSINESS CYMRU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12 Fixed asset investments
Other
investments
Cost or valuation
At 1 April 2023 & 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
2024
2023
Other investments comprise..
Notes
Investments in subsidiaries
19
13 Tangible fixed assets
Computers
Cost
At 1 April 2023
Additions
4,639
2,860
At 31 March 2024
7,499
Depreciation
At 1 April 2023
Depreciation charged in the year
2.275
889
At 31 March 2024
3,164
Carrying amount
At 31 March 2024
4,335
At 31 March 2023
2,364
14 Debtors
2024
2023
Amounts falling due within one year:
Trade debtors
Amounts owed by subsidiary undertakings
11,371
72,106
4,678
47,799
83,477
52,477
19-

ARTS & BUSINESS CYMRU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
15 Creditors: amounts falling due within one year
2024
2023
Notes
Other taxation and social security
Deferred income
Trade creditors
Other creditors
Accruals
7,641
107,015
2,350
1,980
46,755
5.053
62.000
4.285
16
127,412
165,741
198,750
16 Deferred income
2024
2023
Arising from grants
107,015
62,000
2024
2023
Deferred income is induded within..
Current liabilities
107,015
62,000
Movements in the year..
Deferred income at 1 April 2023
Released from previous periods
Resources deferred in the year
62.000
{62,000)
107.015
58,600
{58.600)
62.000
Deferred income at 31 March 2024
107.015
62.000
-20-

ARTS & BUSINESS CYMRU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17 Designated funds
The income funds of the charity include the following designated funds which have been set aside out of
unrestricted funds by the trustees for specific purposes..
Movement
in funds
Incoming
resources
Balance at
1 April 2022
Balance at
1 April 2023
Resources
Balance at
expended 31 March 2024
Designated
115,676
3.030
118.706
(9,907)
108.799
115,676
3,030
118,706
(9,907)
108,799
Designated Funds
The designated fund as detailed in the trustee report represents 3 months operating costs reserves.
18 Analysis of net assets between funds
Unrestricted Designated
funds
funds
2024
2024
Total Unrestricted Designated
funds
funds
2023
2023
Total
2024
2023
Fund balances at 31
March 2024 are
represented by..
Tangible assets
Investments
Current assetsl{liabilities)
4,335
4,335
2,364
2,364
97,433
108,799
206,232
71,440
118,706
190,146
101,769
108,799
210,568
73,805
118,706
192,511
19 Subsidiaries
These financial statements are separate charity financial statements to Arts & Business Cymru Trading
Limited.
Details of the charity's subsidiaries at 31 March 2024 are as follows=
Name of undertaking
Registered
office
Natu￿ of business
Class of
shares held
°fi Held
Direct Indirect
Arts & Business Cymru
Trading Limited
England and
Wales
Trading arm of charity
Ordinary
100.00
21

ARTS & BUSINESS CYMRU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
19 Subsidiaries
{Continued)
The aggregate capital and reserves and the ￿sU11 for the year of subsidiaries excluded from Consolidation
was as follows..
Name of undertaking
ProfiU(Loss) Capital and
Reserves
Arts & Business Cymnj
Trading Limited
77.879
20 Called up share capital
The company is limited by guarantee and has no share capital.
21 Pensions
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately
from those of the charity in independendy administered funds. The pension cost charge represents
contributions paid by the charity to the fund and amounted to £11,640 (2023.. £10,121). Contributions
outstanding at the year end amounted to £1.980 {2023= £nil).

ARTS & BUSINESS CYMRU
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
22 Operating lease commitments
At the reporting end date the charity had outstanding commitments for fijture minimum lease payments under
non-cancellable operating leases. which fall due as follows=
2024
2023
Within one year
Be￿een and five years
11,449
19,388
7,688
809
30,837
8,497
23 Related paty transactions
During the year the charity's wholly owned subsidiary Arts & Business Cymru Trading Limited gifted £77,879
to the charity (2023.. £52,454). At the year end Arts & Business Cymru Trading Limited owed the charity
£72,10612023.' £47.799).
During the year the charity also received £70,000 (2023.. £50,000) from MOOndan￿ Foundation. There were
no amounts outstanding at the current or prior year end. The charities are related by way of common trustees.
-23-