Company registration number: 03938363 Charity registration number: 1181492 **G39 TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025** **G39 Contents** ||**Page**| |---|---| |Trustees' Report|1—10| |Independent Examiner's Report|11| |Statement of Financial Activities (including Income and Expenditure Account)|12| |Comparative Statement of Financial Activities (including Income and Expenditure Account)|13| |Balance Sheet|14| |Notes to the Financial Statements|15—20| |The following pages do not form part of the statutory accounts:|| |Detailed Statement of Financial Activities (including Income and Expenditure Account)|21—22| ## **G39 Company No. 03938363 Trustees' Report For The Year Ended 31 December 2025** The trustees present their report and the financial statements for the year ended 31 December 2025. ## **Objectives and Activities** ## **Aims and Objectives** The Objects of the Charity are to advance and promote contemporary visual arts for the benefit of the public, in particular, but not exclusively, by providing exhibition space for Welsh and other contemporary visual artists, and by providing training and other similar resources to artists and to the public. Access to our exhibitions, opportunities, events and resources are free of charge as part of our commitment to removing barriers to engagement for people from lower socio-economic backgrounds as set out in our Strategic Equality Action Plan (SEAP). ## **g39’s work is a crucial contributor to the arts ecology in Wales. We are:** Developers of talent across Wales - Advocates for the visual arts and all art forms for their inherent worth as well as their instrumental value in health and wellbeing A public platform for visual art from Wales - Champions for artistic pursuit and endeavour at all levels. ## **We carry out those objectives via the following core activities:** - Curating and presenting an innovative public programme of activity centred around contemporary visual art Delivering artistic training opportunities and development including (but not limited to): workshops, public talks, seminars, one-to-one sessions, a library resource area, dissemination of information and opportunities. ## **Those core activities have evolved in recognition of the need for:** - A space that reflects the communities that we work alongside - High quality contemporary art experiences, which engage diverse audiences - A safe and supportive environment for audiences and beneficiaries to engage with and openly discuss contemporary art practice - Authentic and long-term relationships with individuals and communities Training and professional development opportunities for artists Leadership and advocacy for the visual arts. ## **Significant Activities** The trustees acknowledge their responsibilities for complying with the requirements of guidance issued by the Charity Commission on public benefit. In 2025 we presented 3 exhibition seasons with associated and complementary public programmes and programmes of artist development. Our public programme involved 2119 participants and our development programmes benefitted a further 264 people. Our programmes were supported financially primarily through Arts Council of Wales (ACW) Multi Year Funding of £140,085, which included an uplift of 3.5% on the 2024 figure, which was applicable from April 2025. Earned income through our car park, hires, bar sales and donations contributed a further £12,392, while Museum and Galleries Tax Relief brought in £19,699 for 2025. We received a total of £10,345 from ‘Other Grant’ sources during 2025 mainly made up of small final payment sums for projects completed in 2024. Income from grants and trusts declined in 2025 due to a number of factors including increased competition, decreased funds available and a change in focus for certain funders. We are considering alternative income models to support our financial security and stability in the years ahead. In 2025 we prepared a comprehensive proposal to install solar panels to replace current inefficient forms of heating and lighting the building. We did not secure financial support for this project in 2025, however, the proposal remains highly relevant to our values and aims and will form the basis of future bids. Through review and analysis, we continued the work of recent years in reorganising staff structures with attention to wellbeing, professional and personal development and sustainable succession planning. As part of this, in 2025 we made the previously piloted Lead Technician role a permanent position. We have so far confirmed partnerships to present 4 exhibitions and 1 residency for our 2026 programme and we are currently in early development stages with partners for 2 exhibitions in 2027. Page 1 ## **G39 Trustees' Report (continued) For The Year Ended 31 December 2025** ## **Public Benefit** The main activities undertaken to further the charity’s purpose for the public benefit are outlined throughout the report. The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit. ## **Achievements and Performance** ## **Main Achievements** |**Quarter**|**Public Programme**
**/ Activity**|**Dates:**
**2025**|**Artists /**
**Contributors**|**No. of**
**Visitors /**
**Participants**|**Impact for Beneficiaries / Society**| |---|---|---|---|---|---| |Q1|**Working Party:**
**Library.**The new g39
ethical Volunteer
Programme pilot
project.|5 Feb -
7 Mar|Coordinated by
Morgan Dowdall,
g39 Intern.
19 Volunteers.
5 visiting artists
contributed
across 3
workshops.|17
volunteers|During its 10 sessions, this project provided
the public with new opportunities for
volunteering and self-directed creative
research. This was a cross generational project
with participants of different ages from
younger students to retirees taking part
together. The project was accessible to those
with no arts background as well as those with
experience in the arts. The project helped g39
reestablish a digital catalogue of the Library
publications after a significant loss. This has
meant that the catalogue can be made
browsable online for the public providing wider
access to information about this specialist
collection. Participants had the opportunity to
attend 3 guest-led workshops, which helped
them think about the focus of their research
and provided a practical, hands-on approach.
Participants were never out of pocket, travel
costs were reimbursed and lunch and
refreshments were provided throughout. Social
connections were formed and bonds were
made through the project with participants
sharing contact details to keep in touch post
project. The project introduced new people to
g39’s work and its Library. They are now
returning visitors, and we've encountered
them in various parts of the arts scene in
Cardiff.| |Q1|**Working Party:**
**Party.**Social|7 Mar|Hosted by g39|17|Helped consolidate the connections made
during the project. Celebrated the
contributions and outcomes of the
participants.| |Q1|**Studies in…**A series
of artist development
workshops exploring
artists’ studio
practices, generative
processes, and ways
of working.|16
Feb- 2
May|Delphi Campbell,
Rebecca Jagoe,
Anushiye Yarnell,
Simon Matthew|41 across 4
sessions|Members of the public were given an
opportunity to join a group workshop and gain
insight and explore creative practice with the
guidance of an experienced practitioner in a
safe and supportive environment. This
promoted creativity, social connection and
confidence in participants.| ...CONTINUED Page 2 ## **G39 Trustees' Report (continued) For The Year Ended 31 December 2025** |Q1|**It's the Engels of**
**the world as we**
**know it and we feel**
**fine.**Artist & Radical
Book Fair. Stalls,
workshops, talks and
discussions, featuring
radical publishers,
booksellers, artists,
campaign groups and
activists.|29 Mar|29 contributors
took part
including:
Climate Cooks;
Printed Matter(s)
- CSAD: Fine Art;
Daughter of
Carmilla;
Resistance
books;
Rubicand Space;
Shelf Life;
Dyddiau Du|211 book fair
attendees
27 workshop
participants
across 3
sessions|Supporting socially and politically aware
creative thinking and practice in society.
Opportunities for attendees to take part in
workshops that encouraged creative action.
Supporting independent publishing and artist-
led activity. The event was an opportunity for
artists, writers and publishers to raise funds
for their projects. This well attended event that
brought together several contributors was a
chance for social interaction and discovery of
new ideas and artistic practices.| |---|---|---|---|---|---| |Q1|**I Am A Man At**
**Work. Publication**
**launch.**Following a
g39 library residency
in 2023, Joshua Jones
compiled a zine, I Am
A Man At Work, which
considers masculinity
within art practice,
'work ethic', and what
it means to be a male
artist.|20 Mar|Joshua Jones|5|Supporting creative practice. A chance for
attendees to hear about and consider
contemporary societal ideas around gender
and class.| |Q2|**Fanatic.**Exhibition of
artists responding to
the prompt ‘What is
your Specialist
Subject?’|19 Apr
- 14
Jun|Farah Allibhai,
Emii Alrai, Alice
Banfield, Abi
Birkinshaw,
Mohamed
Hassan, Dead
Paisley, Tina
Rogers, Luke
Roberts and
Roxy Topia &
Paddy Gould|539|Bringing a unique combination of the personal
stories of the creative thinking and action of
artists to the public in a carefully curated and
accessible way.| |Q2|**Creative Reflective**
**Practice**
**sessions.**g39 hosted
a series of facilitated
sessions for artists
which aimed to:
-create an
environment in which
to reflect on work and
practice
think about wellbeing
in relation to our work
and practice
-be curious and
thoughtful rather than
giving advice or
solutions
-share strategies and
exercises in
supporting personal
and creative growth|22 May
- 31 Jul|Celeste Burr
Herrera and Tom
Bevan|10|Free of charge sessions for creative
practitioners facilitated:
- Developing support systems to reduce
professional isolation
-Improving personal and professional
resilience
-Increasing appreciation and enjoyment of the
work through taking stock
-Strengthening ethical practice and integrity -
how to practice in line with one’s values| |...CONTINUED|||||| Page 3 ## **G39 Trustees' Report (continued) For The Year Ended 31 December 2025** |Q2|**Which App?**
**Resource.**A
downloadable artists’
resource looking at
ways of designing,
creating and making
digitally without the
price tag.|6 Jun|Nic Finch|Not currently
known|A publicly available download, created to
support and provide guidance for people who
wish to create digital artworks and designs
who cannot afford expensive software or
digital subscriptions. The aim is to promote
accessible, free and open source digital design
and creative tools more widely to support
creative practice for those with low income.| |---|---|---|---|---|---| |Q2|**MOSH.**A six-week
residency and live art
performance
programme.|25 Jun
- 15
Aug|Beth Greenhalgh,
Tess Woof, Tim
Martin-Jones,
Vivian Ross-
Smith, Tessa
Waite, Abi
Hubbard,
Penny Hallis, Rob
Oros, Iona Lewis,
Lewis Prosser,
Pete Evans|81|Supporting practitioners with space and
resources to develop new creative projects.
Providing an accessible platform for artists to
share the outcomes of their research with the
general public. An opportunity for the public to
experience new work at an early stage of
development.| |Q3|**PAM Open.**An open
exhibition for and by
the community. There
is no submission fee
and no restrictions on
age, ability or
experience. All works
that fit the criteria are
shown.|10 Jul -
9 Aug|More than 80
artists were
included in the
show.|344|A chance for anyone in the community
regardless of age or level of experience to take
part in a gallery exhibition and share their
creativity. This free to enter show is a truly
open call to the local community.| |Q4|**Rebuild the**
**Poets.**An exhibition
and programme of
activities, re-
performances, re-
introductions and
replicas of artists’
work spanning several
generations.|4 Oct -
13 Dec|Sam Aldridge,
Sean Edwards,
Tamara
Krikorian, Heledd
C Evans, Adéọlá
Dewis, Wendy
Short, Athena
Jones
Katrina Blannin,
Jeffery Steele,
Jon Pountney|702|The show centred on bringing significant works
of the past 50 years to a public who hadn’t
had a chance to see them before or to
experience them again in a new context.| |Q4|**The Film London**
**Jarman Award**
**2025.**A day-long free
screening of films by
the shortlisted artists.|25 Oct|Arwa Aburawa +
Turab Shah,
Karimah Ashadu,
Onyeka Igwe,
Morgan
Quaintance,
George Finlay
Ramsay, Hope
Strickland|31|Continuing g39’s commitment to moving-
image dialogue through the g39 Sinema
programme, our long standing partnership
with Film London has meant that we have
been able to bring these films and filmmakers
to Welsh audiences. We’ve previously hosted
public talks with shortlisted artists including
Michelle Williams Gamaker, Grace Ndiritu,
Larry Achiampong, Andrew Black and Adham
Faramawy - as well as working on projects to
take the work of Welsh moving image artists
to new audiences elsewhere.| |...CONTINUED|||||| Page 4 ## **G39 Trustees' Report (continued) For The Year Ended 31 December 2025** |Q4|**Onyeka Igwe, Artist Talk.**A
daytime talk as part of the
Jarman Awards public
programme.|25
Oct|Onyeka
Igwe|17
|Providing the visiting public with insight into the working practice
and processes of a contemporary artist working in moving image.| |---|---|---|---|---|---| |Q4|**Neighbourhood**
**Crowd.**Social|25
Oct|Hosted
by g39|53




|Widening access for people to experience contemporary visual arts.
This is an alternative to an opening or launch event, a daytime,
sober, social space to come together. This is also an opportunity for
members of the public to meet the g39 team and exchange
feedback and knowledge in a non-pressured environment.| |Q4|**Fragments of Us.**Screening
and spoken word event.|30
Oct|Dr
Rachel
Carney|21




|Commissioned by SHAPE Arts, a disability-led arts charity, this
event provided an opportunity for the wider public to gain insight
into the artist’s research into the creativity of museum visitors who
responded to an interactive poetry project at the National Museum
Cardiff.| |**Type**
**of**
**resources &**
**training**
**provision**|**Name / Title**|**Number**
**of**
**Sessions**|**Participant**
**numbers**|**Aims and Benefits**| |---|---|---|---|---| |Artist Training
& Mentoring|One-One mentoring
sessions|48|56|A chance for artists, who often work alone, to
discuss work with a member of g39 staff, find
solutions, gain feedback and / or observations from
a peer working in a similar field. Sessions are
intended to support in building confidence, finding
opportunities and overcoming issues with an aim of
making creative practice more viable.| |Adhoc Advice &
Use of
Resources|Use of Library resource,
use of computer
workstations and digital
software, lending of tools
and technical equipment,
sharing of knowledge
and skills.|51|14|To support the viability of creative practice in the
local community. Providing free of charge use of
computer workstations, digital equipment and
software that would otherwise be financially
inaccessible to users. Supporting the creation of
creative digital imagery and artist film. Free of
charge sharing of tools and technical equipment for
the production and presentation of creative works
and events. Free of charge sharing of specialist
skills.| |Sector Related
Activity|Attending conferences,
symposia and sector
related meetings|25|89|Building awareness and networks that support our
work. Providing a foundation for development and
experience that we can share with beneficiaries and
that helps us to support the communities we work
with.| |Staff Training &
CPD|Welsh language lessons,
in-house workshops,
research trips.|98|105|Enhancing skills, knowledge and confidence to help
us to support the people we work with to our best
ability.| ## **Future Plans and Sustainability** ## **Future Plans:** ## **Creative Programme** g39 has confirmed a **creative programme of exhibitions and events with partners and contributing artists for 2026** . These include: “Heaven in the Ground” exhibition. Artists: Radha Patel & Umulkhayr Mohamed. Launch: 27/03/26. Open: 28/02/2623/05/26 ...CONTINUED Page 5 ## **G39 Trustees' Report (continued) For The Year Ended 31 December 2025** ## **Future Plans and Sustainability - continued** Disability Arts Cymru touring group exhibition. (Artists tba) Launch: 01/08/26 (Saturday daytime soft launch plus evening celebration). Open: 05/08/26 - 26/09/26 Freelands Foundation x Cardiff School of Art & Design exhibition. Artist: Kelsey Cruz Martin. Launch: 27/03/26. Open: 28/03/26 - 25/04/26 Cardiff School of Art & Design 2nd Year Fine Art Exhibition. Launch: 01/05/26. Open: 02/05/26 CARN’s MUDO programme: Artist Development Partnership & Residency. g39 hosting an artist in residence in June 2026. Neighbourhood Crowd. Informal social event: an alternative to a launch event, a social space to come together and share food instead of drinks, a space to meet up with friends and enjoy art together. We are currently in the developmental stages of **projects which will take place during 2027** . These include: “Ooblek”, an exhibition of new sculptural commissions by established and mid-career Welsh artists. The Communist Party South Wales Archive Project, an exhibition of artist responses to this archive. ## **Sustainability:** In 2025 we continued with progress we’d made in previous years with the restructuring of staff roles, especially with how it impacted the Creative Director role and its supporting roles. Holistic job reviews were carried out with the CEO and Creative Director, which took in the practicalities of the roles as well as giving careful consideration to wellbeing, professional and personal development and succession planning. In depth analysis of how these two roles interacted with each other and the Finance and Operations Manager role provided an understanding of how these jobs can best support each other and the organisation in the coming years. During this year we undertook a full review of our Strategic Equalities Action Plan (SEAP), which sets out our commitment to fair, inclusive and sustainable working practices and our plans to deliver on those commitments. A pilot Lead Technician position was created in 2024 to make the Creative Director role more viable and sustainable. In 2025, following review among the CEO, Creative Director and Finance and Operations Manager and in consultation with the Board of Trustees, it was clear that losing the Lead Technician role would be a regressive step that would mean a reversion to unsustainable working at director level, therefore it was decided to make the Lead Technician role permanent. Despite the submission of 10 applications to a range of funds, there was a decline in income from grants and trusts in 2025. While we will continue to make applications to these highly competitive funds, we are discussing opportunities to use our existing resources, especially our large building, towards income generation, such as creating rentable artist studio spaces, building leasable storage units and subletting office space. This requires careful strategic planning and decision making taking into account the direction of the organisation and our current multi-year agreement with Arts Council of Wales and its associated targets and commitments; how the changes would affect our creative programme; the source and level of capital outlay required versus the projected income; the function of various business models, how they are managed and the impact on the job roles of our small part-time team, alongside other considerations. In 2025 we began researching where we could find support in this aspect of business development and we have had discussions with Arts Council of Wales officers regarding their resources in this area. We will continue to pursue routes to financial security and stability. Having negotiated permission from our landlord, in 2025 we prepared a comprehensive proposal to install solar panels to replace current inefficient forms of heating and lighting the building, which would be cost neutral within seven years, releasing cashflow into the programme. Generating and controlling its own clean energy would also make the organisation less vulnerable to volatile energy prices and fossil fuel dependency and significantly lower its carbon footprint. To date we have approached the Ynni Cymru Capital Grant scheme, Cardiff Council Community Building Grants and ACW Capital Funding with the proposal but have so far not secured financial support. The proposal remains highly relevant to our values and aims and will form the basis of future bids. Our Environmental Policy was reviewed as part of a full review of policies during 2025. It sets out the g39’s commitment to assessing and responsibly managing its environmental impact by measuring and controlling any environmental impact of the creative programme and the operations of the organisation. ## **Financial Review** Page 6 ## **G39 Trustees' Report (continued) For The Year Ended 31 December 2025** ## **Financial Position** ## **g39’s financial position** g39’s total income in the last financial year (Jan-Dec 2025) was £182,521 and our total expenditure was £205,493. ## **Amount of reserves held** On 31 Dec 2025 our reserves position was £121,698 (£292 restricted and £121,406 unrestricted). ## **g39’s principal sources of funds:** |**Fund Name**|**Source**|**Amount**
**Received**|**Notes re funds**| |---|---|---|---| |**Core Funds**|Arts Council Wales
(ACW) Revenue
Funding|£140,085|This included an uplift of 3.5% on the 2024 figure, which was
applicable from April 2025.| |**Other Grants**|ACW Create Grant|£3,645|Final 10% payment for our 2024-25 Create project budget| ||ArtFund|£4,500|Final 10% of our ArtFund Re:Imagine project, which ran from 2022 -
2024. Our final report was submitted in December 2024.| ||ACW Grant|£2,200|Final 10% of our Art Cardiff Map & Website project grant.| |**Earned**
**Income &**
**Trading**|Car Parking|£8,355|This is a 17% increase in car parking income compared with 2024.| ||Hires|£2,222|For space and tech equipment hire. We had not budgeted for this
income in 2025.| ||Museum & Gallery
Tax Relief|£19,699|This tax relief scheme has been confirmed to continue indefinitely
subject to the outcome of the next general election. Our MGTR Income
for 2025 is based on 45% to April 2025 and 40% in the subsequent
months.| |**Donations**|Online and in
person|£781|This is a slight decrease on the 2024 figure.| _There has been a significant decrease in Other Grant income in 2025 compared to 2024. This is due to a combination of factors including increasingly competitive opportunities, decreased funds and changes in the focus of trusts and other grant making organisations._ ## **Reserves Policy** _This policy deals with g39’s financial resilience via the practice of setting aside agreed levels of unrestricted income._ ## **Defining Reserves:** **Working Capital Reserves:** level of working capital reserves required is determined by the amount required to cover all fiscal obligations and commitments in the event of ceasing trading. **Free Reserves:** “The ability to trade through a period of revenues or funding lower than plan or costs higher than plan; and the ability to invest in future offerings and research and development to innovate”. ## **Intent:** - Working Capital Reserves: Currently maintained at £50,000 held at the bank - This represents approximately 3 months core costs. The intention with this is to maintain at the current level - ringfenced for use to cover costs should g39 unexpectedly cease trading - Free Reserves: To maintain consistency in g39’s services and output through periods when income is lower and / or expenditure is higher than expected. Free Reserves: To save funds in anticipation of unforeseen development opportunities that would significantly improve g39’s operation and/ or long-term prospects. ## **Directives:** ...CONTINUED Page 7 ## **G39 Trustees' Report (continued) For The Year Ended 31 December 2025** ## **Reserves Policy - continued** - Reserves will generally only be accrued from unrestricted income. Restricted funds will only be allocated to reserves if the funding agreement agrees to this use. - We will keep our reserves policy and the level of reserves held under review, monitor the level of reserves held throughout the year to establish the reason for any significant difference with the set target level. If reserves during the year are below target or exceed target, we will consider whether this is due to a short-term situation or a longer-term issue, and take any appropriate action. - Use of free reserves will be prioritised for operational / core costs over artistic or programming costs as follows: When reserves are below £50,000, funds can be drawn down at 90% for core and 10% artistic as needed When reserves are above £50,000, funds can be drawn down at 75% for core and 25% artistic as needed Use of Working Capital Reserves will be undertaken with prior agreement of Trustees - or where a short term shortfall is forecast between planned expenditure and expected income. ## **Fundraising** Our fundraising strategy includes building relationships with and applying to a range to trusts, foundations and public funding sources including Arts Council Wales. We are agile and responsive to other funding opportunities that align with our Ethical Fundraising Policy and values. To further increase our resilience in a competitive landscape, we also plan to diversify our income streams through hires and other business opportunities. Our current forecast already indicates an increase in hires income in 2026. ## **Structure, Governance and Management** ## **Governing Document** g39 is constituted as a company limited by guarantee. On 1st May 2018, we changed our legal name to g39, and became a registered charity in January 2019. The current Articles of Association were adopted in March 2018 and comply with the Companies Act 2006. ## **Trustee Selection Methods** Trustees are sought through open calls and in the past we have also used a pairing scheme, Arts & Business Cymru’s Board Bank. New trustees are voted on by existing trustees following an informal group meet and greet. ## **Trustee Update** In 2025, one of our trustees took maternity leave until June 2026. Another stepped down after serving their three year term. And one trustee stepped down due to other commitments. Following this, we carried out a skills audit of staff and board then began the process of recruitment of new board members via open call. Potential candidates were offered the opportunity to visit g39 and to have chats with staff and / or current board members. The deadline for applications was set for January 2026 and we will invite selected candidates to observe our March 2026 Board Meeting. We intend to recruit up to three new trustees through this process. ## **Reference and Administrative Details** ## **Trustees** Ms Joanna Corbett-Simmons - Co-Chair Ms Claire Feeley - Co-Chair Mr Hoodi Ansari Ms Melanie Brimfield Miss Katie Haines Ms Grace Todd Ms Cinzia Mutigli - Chief Executive Officer Mr Anthony Shapland - Creative Director Ms Monique Jivram - Maternity Leave Page 8 **G39 Trustees' Report (continued) For The Year Ended 31 December 2025** Ms Rebecca Betton (resigned 25/03/2025) Ms Wendy Hobbs (resigned 07/05/2025) ## **Charity Number** 1181492 ## **Company Number** 03938363 ## **Principal Address** Oxford Street Cardiff CF24 3DT ## **Registered Office** G39 Oxford Street Cardiff South Glamorgan CF24 3DT ## **Independent Examiner** Tina Jenkins Chartered Management Accountants Chartered Management Accountants A D V Accountancy The Court House Llwynpia Road Tonypandy CF40 2HZ Page 9 ## **G39 Trustees' Report (continued) For The Year Ended 31 December 2025** ## **Other Information** ## **SWOT Analysis** ## **Strengths** ## **Weaknesses** - Excellent reputation within the sector A respected programme of exhibitions, training and development projects Excellent knowledge and connections with artists and peer organisations Longstanding successful partnerships with local and national peer organisations A team of highly skilled and experienced staff A large building with adaptable spaces A store of technical equipment and tools A publicly accessible library resource with digital cataloguing - Overstretched capacity especially in public communications - Income decline from grants and trusts since 2024 due to external factors Outdated and inefficient digital systems particularly website and other communications related systems Multi-year funding (beyond ACW) is not secured While offices, Library and Cinema spaces are heated, the unheated warehouse space is often too cold to use by the public in winter months ## **Opportunities** - Improved staffing structures at director level enhances strategic planning and delivery Employment of Lead Technician increases capacity for maintenance and use of building Sharing offices and other resources with the community creates new project partnerships and ways of working Business development support could provide the space to focus on essential development research and implementation Continuing development of the ethical volunteer programme (Working Party) increases capacity while delivering organisational aims Recruiting board members to increase capacity and broaden skills to support the organisation in its aims ## **Threat** - Staff burnout and low morale due to low capacity and external pressures Loss of expertise if a long-standing member of staff leaves the organisation Arts and culture being a low wage and low productivity sector threatens resilience at an organisational and sector level Reduction in funding from Welsh Government will negatively impact ACW Multi-Year Funding Decline in donations to Lottery good causes will impact Arts Council of Wales project funding Reduction or loss of business rates relief from Cardiff Council Cessation of MGTR scheme resulting in significant loss of income ## **Small Company Rules** This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The trustees' report was approved by the board of trustees and signed on its behalf by: Ms Cinzia Mutigli Trustee 26/03/2026 Page 10 ## **G39 Independent Examiner's Report to the Trustees of G39 For The Year Ended 31 December 2025** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025. ## **Responsibilities and Basis of Report** As the charity trustees of the Company (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”). Having satisfied myself that the accounts of the Company 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 your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent Examiner's Statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance 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 accounts to be reached. Tina Jenkins Chartered Management Accountants 05/05/2026 A D V Accountancy The Court House Llwynpia Road Tonypandy CF40 2HZ Page 11 ## **G39 Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 December 2025** |**Notes**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**3**
Charitable activities:
Advancing contemporary visual arts for the benefit of the
public
Other trading activities
**4**
Other
**5**
**EXPENDITURE ON:**
Raising funds
**7**
Charitable activities:
**7**
Advancing contemporary visual arts for the benefit of the
public
**NET EXPENDITURE**
Transfers between funds
**16**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**16**|**Unrestricted**
**funds**
**£**
781
140,085
11,610
19,699|**Restricted**
**funds**
**£**
-
10,345
-
-|**2025**
**Total**
**funds**
**£**
781
150,430
11,610
19,699|**2024**
**Total**
**funds**
**£**
808
163,996
13,358
23,637| |---|---|---|---|---| ||172,175|10,345|182,520|201,799| ||(192,156)
5,524|-
(18,990)|(192,156)
(13,466)|(234,190)
-| ||(186,632)|(18,990)|(205,622)|(234,190)| ||(14,457)
(2,067)|(8,645)
2,067|(23,102)
-|(32,391)
-| ||(16,524)
137,930|(6,578)
6,870|(23,102)
144,800|(32,391)
177,191| ||121,406|292|121,698|144,800| The notes on pages 15 to 20 form part of these financial statements. Page 12 ## **G39 Comparative Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 December 2025** |**Notes**
**INCOME AND ENDOWMENTS FROM:**
Donations and legacies
**3**
Charitable activities:
Advancing contemporary visual arts for the benefit of the public
Other trading activities
**4**
Other
**5**
**EXPENDITURE ON:**
Raising funds
**7**
Charitable activities:
**7**
**NET EXPENDITURE**
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**16**|**Unrestricted**
**funds**
**£**
808
163,996
13,358
23,637|**Restricted**
**funds**
**£**
-
-
-
-|**2024**
**Total**
**funds**
**£**
808
163,996
13,358
23,637| |---|---|---|---| ||201,799|-|201,799| ||(234,190)|-|(234,190)| ||(32,391)|-|(32,391)| ||(32,391)
170,321|-
6,870|(32,391)
177,191| ||137,930|6,870|144,800| The notes on pages 15 to 20 form part of these financial statements. Page 13 **G39 Balance Sheet As At 31 December 2025** |**Notes**
**FIXED ASSETS**
Tangible Assets
**12**
**CURRENT ASSETS**
Debtors
**13**
Cash at bank and in hand
**Creditors: Amounts Falling Due Within One Year**
**14**
**NET CURRENT ASSETS (LIABILITIES)**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS OF THE CHARITY**
Restricted Funds
Unrestricted Funds
**TOTAL FUNDS**
**16**|**Unrestricted**
**funds**
**£**
1,626|**Restricted**
**funds**
**£**
-|**2025**
**Total**
**funds**
**£**
1,626|**2024**
**Total**
**funds**
**£**
683| |---|---|---|---|---| ||1,626
20,549
91,634|-
-
-|1,626
20,549
91,634|683
26,940
108,948| ||112,183
7,889|-
-|112,183
7,889|135,888
8,229| ||120,072|-|120,072|144,117| ||121,698|-|121,698|144,800| ||121,698|-|121,698|144,800| ||||292
121,406|6,870
137,930| ||||121,698|144,800| For the year ending 31 December 2025 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. On behalf of the board Ms Cinzia Mutigli Trustee 26/03/2026 The notes on pages 15 to 20 form part of these financial statements. Page 14 **G39 Notes to the Financial Statements For The Year Ended 31 December 2025** ## 1. **General Information** G39 is a company limited by guarantee, incorporated in England & Wales, registered number 03938363 and registered charity number 1181492. The registered office is G39 Oxford Street, Cardiff, South Glamorgan, CF24 3DT. ## 2. **Accounting Policies** ## 2.1. **Basis of Preparation of Financial Statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "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)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The charitable company is a Public Benefit Entity as defined by FRS 102. ## 2.2. **Incoming Resources** - **Recognition of income** - Income is included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. - **Income with related expenditure** - Where income has related expenditure the income and related expenditure is reported gross in the SoFA. - **Donations and legacies** - Voluntary income received by way of grants, donations and gifts is included in the the SoFA when receivable and only when the Charity has unconditional entitlement to the income. **Tax reclaims on donations and gifts** - Income from tax reclaims is included in the SoFA at the same time as the gift/donation to which it relates. - **Donated services and facilities** - These are only included in income (with an equivalent amount in expenditure) where the benefit to the Charity is reasonably quantifiable, measurable and material. **Volunteer help** - The value of any volunteer help received is not included in the accounts. **Investment income** - This is included in the accounts when receivable. - **Gains/(losses) on revaluation of fixed assets** - This includes any gain or loss resulting from revaluing investments to market value at the end of the year. - **Gains/(losses) on investment assets** - This includes any gain or loss on the sale of investments. ## 2.3. **Resources Expended** - **Recognition of expenditure** - Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. **Expenditure on raising funds** - These comprise the costs associated with attracting voluntary income, fundraising trading costs and investment management costs. - **Expenditure on charitable activities** - These comprise the costs incurred by the Charity in the delivery of its activities and services in the furtherance of its objects, including the making of grants and governance costs. **Grants payable** - All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. - **Governance costs** - These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. **Other expenditure** - These are support costs not allocated to a particular activity. ## 2.4. **Tangible Fixed Assets and Depreciation** Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Leasehold 20% Straight Line Plant & Machinery 20% Straight Line Computer Equipment 20% Straight Line Page 15 ## **G39 Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** ## 2.5. **Cash and Cash Equivalents** Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts. ## 3. **Income from Donations and Legacies** |3.
**Income from Donations and Legacies**|||| |---|---|---|---| |Donations and gifts
4.
**Income from Other Trading Activities**
Income from other trading activities
5.
**Other Income**
Other income type A
6.
**Net Income/(Expenditure)**
The net expenditure is stated after charging/(crediting):
Depreciation of tangible fixed assets - owned
7.
**Analysis of Expenditure**
Raising funds
Advancing contemporary visual arts for the benefit of the public|**Activities**
**undertaken**
**directly**
**£**
1,577
12,686|**2025**
**Unrestricted**
**funds**
**£**
781|**2024**
**Unrestricted**
**funds**
**£**
808| |||**2025**
**Unrestricted**
**funds**
**£**
11,610|**2024**
**Unrestricted**
**funds**
**£**
13,358| |||**2025**
**Unrestricted**
**funds**
**£**
19,699|**2024**
**Unrestricted**
**funds**
**£**
23,637| |||**2025**
**£**
1,027|**2024**
**£**
957| |||**Support**
**costs**
(see note 8)
**£**
190,579
780|**2025**
**Total**
**£**
192,156
13,466| ||14,263|191,359|205,622| Page 16 ## **G39 Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** |Raising funds
8.
**Support Costs**
Employee costs
Premises expenses
General administration
Depreciation
Governance costs
Employee costs
Premises expenses
General administration
Depreciation||**Activities**
**undertaken**
**directly**
**£**
40,588||**Support**
**costs**
(see note 8)
**£**
193,602|**2024**
**Total**
**£**
234,190| |---|---|---|---|---|---| |||**Raising**
**funds**
**£**
105,193
56,569
27,790
1,027
-|||**2025**
**Total**
**£**
105,193
56,569
27,790
1,027
780| |||190,579|780||191,359| ||||||**2024**
**Raising**
**funds**
**£**
107,292
48,944
36,409
957| ||||||193,602| ## 9. **Independent Examiner's Remuneration** Accounts and Tax computations are prepared by Full Stop Accounts Limited and independently examined by ADV Accountancy. ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |Independent examination of the financial statements|780|720| Page 17 ## **G39 Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** ## 10. **Staff Costs** Staff costs were as follows: |Wages and salaries
Social security costs
Other pension costs|**2025**
**£**
101,490
478
1,869
103,837|**2024**
**£**
92,634
-
1,553| |---|---|---| |||94,187| No employees received employee benefits (excluding employer pension costs) for the reporting period of more than £60,000. ## 11. **Average Number of Employees** Average number of employees during the year was: 6 (2024: 6) ## 12. **Tangible Assets** ## **Land & Property** |**Cost**
As at 1 January 2025
Additions
As at 31 December 2025
**Depreciation**
As at 1 January 2025
Provided during the period
As at 31 December 2025
**Net Book Value**
As at 31 December 2025
As at 1 January 2025
3.
**Debtors**
**Due within one year**
Trade debtors
Other debtors|**Leasehold**
**£**
13,612
474|**Plant &**
**Machinery**
**£**
89,326
-|**Plant &**
**Machinery**
**£**
89,326
-|**Computer**
**Equipment**
**£**
9,334
1,495|**Total**
**£**
112,272
1,969| |---|---|---|---|---|---| ||14,086|89,326||10,829|114,241| ||13,105
435|89,150
176||9,334
415|111,589
1,026| ||13,540|89,326||9,749|112,615| ||546|-||1,080|1,626| ||507|176||-|683| |||||**2025**
**£**
40
20,509
20,549|**2024**
**£**
75
26,865| ||||||26,940| ## 13. **Debtors** Page 18 ## **G39 Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** ## 14. **Creditors: Amounts Falling Due Within One Year** |4.
**Creditors: Amounts Falling Due Within One Year**||| |---|---|---| |Trade creditors
Other creditors
Taxation and social security
Accruals and deferred income|**2025**
**£**
(10,789)
368
1,752
780
(7,889)|**2024**
**£**
(10,696)
349
1,398
720| |||(8,229)| ## 15. **Pension Commitments** The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. During the year the charge to the statement of financial activities in respect of defined contribution schemes was £1,869 (2024: £1,553). At the balance sheet date contributions of £NIL were due to the fund and are included in creditors. ## 16. **Movement in Funds** |**Unrestricted funds**
General:
General unrestricted fund
**Restricted funds**
ArtMap
Art Fund
Cultural Recovery 2
Freelands
Lottery
**Total restricted funds**
**Total funds**
**Unrestricted funds**
General:
General unrestricted fund|**As at 1**
**January**
**2025**
**£**
137,930
8,594
(3,073)
715
(2,067)
2,701|**Income**
**£**
172,175
2,200
4,500
-
-
3,645|**Expenditure**
**£**
(186,632)
(10,502)
(1,427)
(715)
-
(6,346)|**Transfers**
**£**
(2,067)
-
-
-
2,067
-|**As at 31**
**December**
**2025**
**£**
121,406
292
-
-
-
-| |---|---|---|---|---|---| ||6,870|10,345|(18,990)|2,067|292| ||||||| ||144,800|182,520|(205,622)|-|121,698| |||**As at 1**
**January**
**2024**
**£**
120,321|**Income**
**£**
201,799|**Expenditure**
**£**
(234,190)|**As at 31**
**December**
**2024**
**£**
87,930
...CONTINUED| Page 19 ## **G39 Notes to the Financial Statements (continued) For The Year Ended 31 December 2025** |Designated:
Working Capital
**Total unrestricted funds**
**Restricted funds**
ArtMap
Art Fund
Cultural Recovery 2
Freelands
Lottery
**Total restricted funds**
**Total funds**|50,000|-|-|50,000| |---|---|---|---|---| ||170,321|201,799|(234,190)|137,930| ||8,593
(3,073)
715
(2,066)
2,701|-
-
-
-
-|-
-
-
-
-|8,593
(3,073)
715
(2,066)
2,701| ||6,870|-|-|6,870| |||||| ||177,191|201,799|(234,190)|144,800| ## 17. **Transactions with Trustees** During the year the expenses reimbursed to the trustees or paid directly to third parties were as follows: |**2025**|**2024**| |---|---| |**£**|**£**| ## 18. **Related Party Disclosures** Two trustees received remuneration and benefits during the year totalling £22,129.17 each (including employers' National Insurance and pension contributions) (2024: £20,983.20 each) for services provided to the charity other than in their role as trustees. No other trustees received any remuneration or expenses. ## 19. **Company limited by guarantee** The company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1. Page 20 ## **G39 Detailed Statement of Financial Activities (including Income and Expenditure Account) For The Year Ended 31 December 2025** |**INCOME AND ENDOWMENTS FROM:**
**Donations and legacies**
Donations and gifts
**Charitable Activities:**
**Advancing contemporary visual arts for the benefit of the public**
Grants
**Other trading activities**
Income from other trading activities
**Other**
Other income type A
**EXPENDITURE ON:**
**Raising funds**
Purchases
Purchases Type A
Computer software, IT consumables and maintenance
Printing, postage and stationery
Wages and salaries
Employers NI
Employers pensions - defined contributions scheme
Staff training
Travel and subsistence expenses
Rent
Rates
Light and heat
Repairs and maintenance
Computer software, consumables and maintenance
Insurance
Printing, postage and stationery
Postage
Advertising and marketing costs
Telecommunications and data costs
Accountancy fees
Professional fees
Consultancy fees
Subscriptions
Bank charges|**2025**
**Total**
**funds**
**£**
781|**2024**
**Total**
**funds**
**£**
808
808
163,996
163,996
13,358
13,358
23,637
23,637
201,799
(25,296)
(9,502)
(4,290)
(1,500)
(92,634)
-
(1,553)
(5,011)
(8,094)
(42,774)
(3,186)
(2,747)
(237)
(457)
(4,305)
(721)
(88)
(5,185)
(1,099)
(8,387)
(3,395)
(1,591)
(2,603)
(42)
...CONTINUED| |---|---|---| ||781
150,430|| ||150,430
11,610|| ||11,610
19,699|| ||19,699|| ||182,520
-
-
(1,577)
-
(101,490)
(478)
(1,869)
(139)
(1,217)
(48,000)
(3,157)
(5,019)
(393)
(503)
(4,451)
(822)
-
(5,593)
(760)
(7,241)
(1,297)
(150)
(759)
(53)|| Page 21 ## **G39 Detailed Statement of Financial Activities (including Income and Expenditure Account) (continued) For The Year Ended 31 December 2025** |Entertaining
Sundry expenses
Depreciation
**Charitable Activities:**
**Advancing contemporary visual arts for the benefit of the public**
Purchases
Purchases Type A
Independent examiner's fees
**NET EXPENDITURE**|(2,408)
(3,753)
(1,027)|(4,734)
(3,802)
(957)| |---|---|---| ||(192,156)
(11,780)
(906)
(780)|(234,190)
-
-
-| ||(13,466)|-| ||(205,622)|(234,190)| ||(23,102)|(32,391)| Page 22