2024-12-31-accounts - Royal Cambrian Academy Of Art

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REGISTERED COMPANY NUMBER: 00496469 (England and Wales)
REGISTERED CHARITY NUMBER: 219648

Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2024

for

Royal Cambrian Academy Of Art
(A Company Limited by Guarantee)

J V Banks
Chartered Accountants
Banks House
Paradise Street
Rhyl
Denbighshire
LL18 3LW

Royal Cambrian Academy Of Art

Contents of the Financial Statements
for the Year Ended 31 December 2024

	`Page`
`Report of the Trustees`	`1 to 9`
`Independent Examiner's Report`	`10`
`Statement of Financial Activities`	`11`
`Balance Sheet`	`12 to 13`
`Notes to the Financial Statements`	`14 to 19`
`Detailed Statement of Financial Activities`	`20 to 21`

Royal Cambrian Academy Of Art

for the Year Ended 31 December 2024

`Report of the Trustees`

ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,present their
reportwiththefinancialstatementsofthecharityfortheyearended31December2024.Thetrustees have
adoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Thanksareextendedto allRoyalCambrianAcademyCouncilmembersfortheirtimeandcontributionto the
continuingsuccessoftheacademy.Councilhascontinuedreviewingourgovernanceprocedures, finances,
andourbudgetingstrategy.Theofficestaffandeducationco-ordinatorarerecognisedformaintaining our
roleasarespectedacademyandexhibitingvenueandformeetingtheday-to-daychallenges,often routine
and mundane, with such enthusiasm and energy.

`OBJECTIVES AND ACTIVITIES`

`Objectives and activities`

The aims and objectives of the charity are:

- to promote the arts of painting, printmaking, sculpture, architecture and other forms of arts in Wales

-topromoteinformationonsubjectsrelatingtoartbylectures,discussions,correspondencewith public
bodies and individuals or otherwise and by the provision of reference and other libraries

-toprovideroomsandotherfacilitiesfortheholdingandconductingofexhibitions,classes,meetings and
other such like matters

- to encourage the study of arts and for that purpose award prizes and other rewards or distinctions.

There has been no change to these during the year.

ThemembersoftheCouncilhavepaiddueregardtoguidanceissuedbytheCharityCommissionon public
benefit when reviewing the charity's aims and objectives and planning future activities.

The following new members were accepted during 2024
Artists nominated under article 14 2023

 Keith Bayliss
 Seren Bell
 Sarah Hopkins
 Sigrid Müller
 Mai Thomas

Associate (ARCA) Members:
 Bruce Atkins
 Julie Davis
 Ronnie Drillsma
 James Guy Eccleston
 Nigel Glaze
 David Kereszteny Lewis
 Myles Laurence Mansfield
 Richard Monks
 Mike Murray
 Jane Ella Paice
 Judith Stroud
 Dorothy Williams

Notification of deaths in 2024:
 Howard Coles (1935-2024)
 Claudia Williams (1933-2024)

Page 1

Royal Cambrian Academy Of Art

for the Year Ended 31 December 2024

`Report of the Trustees`

`OBJECTIVES AND ACTIVITIES Events 2024`

Our exhibition programme consisted of the following exhibitions:

 OPEN EXHIBITION 2024        6 January to 24 February 2024

 IMAGING WALES: THEN AND NOW / LLUNIO CYMRU:
 DDOE A HEDDIW - DR CERI THOMAS RCA      2 March to 30 March 2024

 MINI PRINT WALES 2024        2 March to 30 March 2024

 RCA AT CHESTER CATHEDRAL       22 April to 15 May 2024

 BEYOND THE LANDSCAPE - GRAHAM COX RCA   6 April to  25 May 2024

 MONUMENTAL FORM - TWO APPROACHES
 BEN JOHNSON RCA / BARRY DAVIES RCA     6 April to  25 May 2024

 MIND MINING - GILLY THOMAS RCA      1 June to 6 July 2024

 NEW MEMBERS EXHIBITION 2024      1 June to 6 July 2024
 141st ANNUAL SUMMER EXHIBITION      13 July to 7 September 2024

 MEMORIALS - GLEN MORRIS RCA      14 September to 19 October 2024

 DIVERSITY - THREE WAYS OF THINKING AND SEEING
 BEV BELL HUGHES RCA / CEFYN BURGESS RCA
 / PAUL CROFT RCA         14 September to 19 October 2024

 DARK TO LIGHT - CURATED BY HEATHER EASTES RCA
 & ALAN SALISBURY RCA    26 October to 16 November 2024

 ANNUAL WINTER EXHIBITION 2024      23 November to 23 December 2024

`Education`

The RoyalCambrianAcademy'sdeliveryof itsvaried,livelyandhigh-qualityprogrammeof education classes
continuedtothrivein2024underthetwolearningco-ordinatorstothegallery.Theworkshop programme
wasvariedandfeedbackexcellent.Lifedrawingclasseswereheldin thespring,summer,autumnand winter
of2024andasalwayshavebeenwellreceived.AnopenConwysketchdaycommunityeventwas organised
in August 2024.

In2024,thegallerycontinuedtoworkcloselywithConwyConnect,ranlifedrawingcourses,andarange of
workshopsonclayfigurebuilding,drawing,linocut,macramé,oilpainting,watercolourpainting,still life
painting, portrait and self-portrait painting, and printmaking, and sculptural felting.

TheRoyalCambrianAcademy'spartnersincludedConwyClassicalMusicFestival,ConwyConnect,Gwynt y
Môr Community Fund and the Ulrike Michal for the Arts Foundation.

Attheopeningofthe'ImagingWales:ThenandNow'exhibitioninMarch2024,CeriThomasdelivered a
public,illustratedlectureon theimagingof WaleswithinthecontextDavidBellin themidtwentieth century
and current Royal Cambrian Academy members.

DuringtheSummerexhibitionof2024,andinconjunctionwiththe2024ConwyClassicalMusic Festival,
Trystan Lewis delivered a public lecture in the gallery on Conwy's musical history.

Page 2

Royal Cambrian Academy Of Art

for the Year Ended 31 December 2024

`Report of the Trustees`

`OBJECTIVES AND ACTIVITIES`

`Staffing`

During the year up to December 2024 staff at the Royal Cambrian Academy were:

 Helen Thornton - gallery manager

 Tim Dickinson - digital technician and social media
 Jo-anna Duncalf - learning co-ordinator (job share)
 Francesca Colussi - learning co-ordinator (job share) (until 8 November 2024)
 Anya Bailey - gallery assistant  (until 1 November 2024)
 Ian Jones - gallery assistant (until 1 March 2024)

Wearegreatlyindebtedtoourvolunteerswhogivefreelytheirtimeandenergyinavarietyofwaysfor the
gallery.  Without their contribution the work of the Royal Cambrian Academy would be much diminished.

`STRATEGIC REPORT`

`Achievement and performance`

`Charitable activities`

The RoyalCambrianAcademycontinuesto play an activepart in the localcommunityand in the visualarts  in
Walesandbeyond.Theprogrammeofexhibitionsaimstoengagepeopleofalllevelsandagesinthearts. A
largenumberofparticipantsinoureducationworkshops/sessionsareWelshspeaking.Weaim, where
possible, for our workshop facilitators to be bilingual.

Engagement with the local schools consisted of regular visits to the gallery to draw and make notes.

`Financial review`

`Financial position and reserves policy`

Thecharitymaintainsareservespolicyandaimstomaintainunrestrictedfundsofcashequivalentto the
currenttwomonthsrunningcosts.Duetothecurrentcostof livingcrisis,it hasbeenpossibleforthe gallery
to maintain its reserves to the equivalent of four months running costs.

Thetrusteesareawarethatgrantfundingisbecomingincreasinglydifficulttoobtain,coupledwithno core
fundingfromtheArtCouncilofWales.Intheseadversetimes,thegalleryislookingatincomestreams that
followa businessmodelratherthanrelyingongrantfunding.The trusteesdohaveconcernswiththerise in
the costof livingandalsothe lackof salesfromoffthe wall.This is somethingthatthe trusteeswill continue
to monitor and adapt where appropriate.

Page 3

Royal Cambrian Academy Of Art

for the Year Ended 31 December 2024

`Report of the Trustees`

`STRATEGIC REPORT Financial review`

`Going concern and future plans`

Update since end of reporting period

CharityCommissionSORP102,Section13,requirescounciltodiscloseanysignificanteventsortrends after
the end of the 2024 reportingyear - especiallythosethatimpactnegativelyon the RoyalCambrian Academy's
future prospects - and to report on action being taken to secure future financial stability.

Towardstheendof2024thecharitybegandevelopinganewdevelopmentplantomitigateshrinking grant
income,identifynewrevenueopportunitiesandputtheRoyalCambrianAcademyonapathwayto greater
financial stability.

Unfortunatelythecharityexperiencedmountingdifficultiesas2025unfolded.Inparticular,the summer
exhibitionresultedindisappointinglylowsalesandthereforelittleadditionalincome.Ongoingstaff and
othercostsmeanttheRoyalCambrianAcademy'sfinancialreservecontinuedtodwindle.To avoid
insolvency, the Council decided to make all staff redundant and to close the gallery on 24 August 2025.
However,theRoyalCambrianAcademyasaninstitutionanditsgalleryweresavedfrompermanent closure
and a newlyconstitutedCouncilwas electedat an extraordinarygeneralmeetingheld on 23 September 2025.
The new Councilhas formallymet twicesinceits electionand its stronglymotivatedmembershave been busy
intheleaduptotheAGMinAberystwython13December2025.Itisnowworkingtoresurrectthe Royal
CambrianAcademyas a stronger,more effectiveorganisationas it moves towardsthe 150thanniversaryof its
founding in 2031.

A generous£10,000grantfromConwyTownCouncilhasstavedoffa shorttermfinancialcrisis.With other
donations,theRoyalCambrianAcademy'sbankbalanceis£18,000incredit(inlateNovember2025) after
the necessary ongoing, reduced running costs are taken into account.

Actions already in progress or planned in the short term include:

-Securingtheservicesoftwoofourformerstaffmembersonatemporarypart-timebasistorestore and
improveadministrationandcommunicationsfunctionsduringtheRoyalCambrianAcademy's transitional
recovery phase.

 - Identification of opportunities to keep trimming gallery running costs.

-Anonline2025ArtAuctionfrom3to18December2025,comprisingmanygenerouslycontributed pieces
by former and current members and other donors, facilitated by the art auctioneers Rogers Jones.

-TheeffectiveeffortsoftheRoyalCambrianAcademy'svolunteerstomakethatauctionand other
forthcomingeventsasuccess.Aphasedre-openingofthegalleryduring2026withanewexhibition and

events programme is envisaged.

 - Restarting work to prepare and consult on a medium term Royal Cambrian Academy development plan.
ThiswillincludeafocusonthegalleryandimprovingtheRoyalCambrianAcademy'sincome,for example
through:-

Identification of new grant opportunities and capacity building to make compelling applications

 - New ways to configure and use the gallery building that can generate more income, e.g. from room hire

 - Identifying potential for sponsorships and new partnerships with other organisations for mutual benefit

 - Expansion and strategic development of the Royal Cambrian Academy's volunteer provision

-Reappraisalofhowthegalleryshopoperates,membershipsubscriptionsandthefeasibilityof selective
exhibition charges

 - Review and strategic development of its online (website and social media) provision

Withtheseactionsunderway,theCounciloftrusteesisconfidentthattheRoyalCambrianAcademycan be
reinvigorated, deliver better on its mission and move towards a more secure financial footing.

`STRUCTURE, GOVERNANCE AND MANAGEMENT Structure, governance and management`

TheRoyalCambrianAcademyofArtisacharitableorganisationwithlimitedcompanystatus.Its principal
activitiesaretheprovisionofartexhibitions,functionsandlecturesconnectedwithartandallied subjects.
The companyis limitedby guarantee,not havinga sharecapital,is a registeredcharityand is governedby  the
Memorandum and Articles of the company.

Page 4

Royal Cambrian Academy Of Art

for the Year Ended 31 December 2024

`Report of the Trustees`

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

`Recruitment and appointment of trustees`

Noneofthemembersofthecouncilhasanybeneficialinterestinthecompany.Allthemembersof the
council are members of the company and guarantee to contribute £1 in the event of winding up.

Trusteescomefromvariousbackgroundswithavarietyofskillsandnewlyappointedtrusteesundergo an
inductionto the objectives,scopeandpoliciesof the charityanda skillsanalysisto assesstheirstrengths and
weaknesstoestablishifanyfurthertrainingisrequired.Allnewtrusteesareprovidedwith Charity
Commission guidelines in relation to their responsibilities in respect of the operation of the organisation.
Trustees do not receive any benefits.

`Organisational structure`

Thebusinessofthecharityismanagedbythetrusteeswhogivedirectiontothegallery manager.
Appointmentsaremadeat annualgeneralmeetingsin accordancewiththe MemorandumandArticlesof the
charity.Trusteesareresponsiblefordevelopingthecharity'spolicystructureandensuringthatthecharity is
managedeffectively.Theaimistosecurethewelfareofthecharitythusenablingtheworktocontinue in
future.

Theboardmetninetimesduring2024.Additionalmeetingsmaybeconvenedshouldtheneedarise. The
trusteesmayappointoneormoresub-committeesinaccordancewiththeMemorandumandArticlesof the
company.

`Areas of risk to the organisation`

Thetrusteesanticipatethatthemajorriskisthelackofsalesandavailablecoregrantfunding.With the
addedpost-Covidchallengesbeingfeltbymanyculturalorganisations,thisisaveryworryingtimefor the
RoyalCambrianAcademy.Tomitigaterisk,thecharityensuresthatfundsarespentinaccordancewith the
guidancegivenand,whenapplicable,reportsaresubmittedtoexternalfunders,detailing developments
during the specified period.

Toeliminatethisrisk,severalapplicationsforfundingweremadeduring2023/24toseekstabilityfor the
organisation.However,thetrusteesaremindfulthatthecurrentfundingpotsbeingmadeavailable are
gettingconsiderablysmalleryear on year,with increasingnumbersof organisationschasingthe funding from
thesepots.InordertostabiliseandprotecttheAcademy,intheautumnof2024,thetrusteesappliedto the
Arts Council of Wales for a major Jobs Protection and Resilience grant of £70k but without success.

`REFERENCE AND ADMINISTRATIVE DETAILS`

`Registered Company number`

00496469 (England and Wales)

`Registered Charity number`

`Registered office`

The Royal Cambrian Academy
Crown Lane
Conwy
LL32 8AN

`Trustees`

J Yates (appointed 21.8.25) (resigned 5.10.24)
Ms A Lewis (resigned 2.3.25)
Dr C Thomas (appointed 21.8.25) (resigned 2.3.25)
Ms J Ostle (resigned 5.10.24)
Ms E Stanley (resigned 21.8.25)
Ms S Nugent (resigned 2.3.25)
Ms J R Bugler (resigned 21.8.25)
Ms L Barker (resigned 12.12.24)
S H Evans (appointed 25.6.24) (resigned 21.8.25)
Dr L G Morgan (resigned 14.1.25)
O Nowakowski (appointed 25.6.24) (resigned 12.12.24)
B Atkins (appointed 2.3.25)
Ms H Eastes (appointed 5.10.24) (resigned 21.8.25)

Page 5

Royal Cambrian Academy Of Art

for the Year Ended 31 December 2024

`Report of the Trustees`

`REFERENCE AND ADMINISTRATIVE DETAILS`

`Independent Examiner`

J V Banks
Chartered Accountants
Banks House
Paradise Street
Rhyl
Denbighshire
LL18 3LW

`FUNDS HELD AS CUSTODIAN FOR OTHERS`

There are no funds held as a custodian trustee on behalf of others to be reported.

Page 6

Royal Cambrian Academy Of Art

`Report of the Trustees`

for the Year Ended 31 December 2024

`ACADEMICIANS 2024`

Alan Palmer
Alan Salisbury
Alec Shepley
Andrew Smith
Ann Bridges
Ann Lewis
Ann Mumford
Ann Catrin Evans
Audrey Hind
Austin Cole
Barry Davies
Barry Morris
Ben Johnson
Beverley Bell-Hughes
Bob Shires
Bronwyn Williams Ellis
Catrin Williams
Cefyn Burgess
Ceri Thomas
Charlotte Baxter
Chloe Holt
Christine Kowal Post
Colin See-Paynton
Daisy Wyn Griffith
Daniel Yeomans
David Barron
David Bower
David Brightmore
David Jones
David Lloyd Griffith
David Mortimer Jones
David Williams Ellis
David Woodford
Deanne Doddington Mizen
Diana Heeks
Diane Lawrenson
Eleri Mills (underpaid)
Elaine Preece Stanley
Elfyn Jones
Eluned Tudor Grant
Emrys Parry
Flora McLachlan
Gareth Griffith
Gareth Nash
Gareth Hugh Davies
George Drought
Gerald Dewsbury
Gerda Roper
Gerry Ball
Gilly Thomas
Glenn Morris
Graham Cox
Graham Hembrough
Harry Holland
Harry Robertson
Heather Eastes
Howard Coles
Ian Roberts
Ian Williams

Page 7

Royal Cambrian Academy Of Art

`Report of the Trustees`

`for the Year Ended 31 December 2024`

Ivor Davies
Iwan Gwyn Parry
Jan Gardner
Jeremy Yates
Jess Bugler
John Baum
John Hedley
John Smout
Joy Ravenscroft/Ostle
Julia Jones
Karina Rosanne Barrett
Keith Andrew
Keith Bayliss
Keith Breeden
Kim Atkinson
Lesley Barker
Louise Morgan
Louise Schrempft
Lynne Cartlidge
Maggie Humphry
Mai Thomas
Malcolm Brookes
Malcolm Edwards
Malcolm Ryan
Mary Griffiths
Matthew Wood
Meri Wells
Mick Brown
Mike Knowles
Mo Vyse
Noelle Griffiths
Ondre Nowakowski
Patricia McParlin
Paul Croft
Paul Joyner
Pea Restall
Peter Edwards
Peter Holloway
Peter Welford
Phillipa Jacobs
Richard Gant
Rob Piercy
Robert Newell
Ruth Thomas
Sally Matthews
Sally Moore
Sarah Lees
Seren Bell
Shani Rhys James
Sigrid Müller
Siwan Gillick
Sonja Benskin-Mesher
Stephen Page
Stephen West
Susan Gathercole
Susan Liggett
Vivienne Williams
Wendy Mayer
Wil Rowlands

Page 8

Royal Cambrian Academy Of Art

`Report of the Trustees`

`for the Year Ended 31 December 2024`

`[Note regarding senior members:`

No recordof Ivor Davies(b. 1935),KeithGardner(b. 1933 and d. February2025), Mary LloydJones(b.  1934)
and Iola Spafford (b. 1930) as having paid their 2024 subscription fees.]

[Note regarding members who have underpaid:
Harry Holland, Eleri Mills and Rob Piercy.]

LIST OF ASSOCIATE (ARCA) ACADEMICIANS 2024:

Andy Dobbie
Bruce Atkins
Carys Ella Wilson
David Kereszteny Lewis
Debbie Baxter
Dilys Jackson
Dorothy Williams
Glen Farrelly
James Guy Eccleston
Jane Ella Paice
Jenny Ford
Judith Stroud
Julie Davis
Lisa Carter Grist
Meinir Mathias
Michelle Woodward
Mike Murray
Myles Laurence Mansfield
Nesta Eluned
Nichola Hope
Nigel Glaze
Nigel Morris
Richard Monks
Peter Moore
Ronnie Drillsma
Sarah Hopkins
Simon Goss
Susan Cantrill Williams
Valerie James

Reportofthetrustees,incorporatingastrategicreport,approvedbyorderoftheboardoftrustees,as the
company directors, on 13 December 2025 and signed on the board's behalf by:

Dr C Thomas - Trustee

Page 9

Independent Examiner's Report to the Trustees of

`Royal Cambrian Academy Of Art`

`Independent examiner's report to the trustees of Royal Cambrian Academy Of Art ('the Company')`

IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended
31 December 2024.

`Responsibilities and basis of report`

Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)you are
responsibleforthepreparationoftheaccountsinaccordancewiththerequirementsoftheCompanies Act
2006 ('the 2006 Act').

Havingsatisfiedmyselfthattheaccountsof theCompanyarenotrequiredtobe auditedunderPart16 of the
2006Actandareeligibleforindependentexamination,Ireportinrespectofmyexaminationof your
charity'saccountsascarriedoutunderSection145oftheCharitiesAct2011('the2011Act').Incarrying out
myexaminationIhavefollowedtheDirectionsgivenbytheCharityCommissionunderSection145(5)(b) of
the 2011 Act.

`Independent examiner's statement`

Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnection 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)).

Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.

C E Davies

J V Banks
Chartered Accountants
Banks House
Paradise Street
Rhyl
Denbighshire
LL18 3LW

13 December 2025

Page 10

Royal Cambrian Academy Of Art

`Statement of Financial Activities`

`for the Year Ended 31 December 2024`

`Notes` `INCOME AND ENDOWMENTS FROM` `Donations and legacies` `Charitable activities` `Charitable activities` `Other trading activities` `2` `Investment income` `3` `Total` `EXPENDITURE ON` `Raising funds` `Charitable activities` `Charitable activities` `Total` `NET INCOME/(EXPENDITURE)` `Transfers between funds` `11` `Net movement in funds` `RECONCILIATION OF FUNDS` `Total funds brought forward` `TOTAL FUNDS CARRIED FORWARD`	`Unrestricted` `funds` `£` `4,001` `34,803` `49,714` `197` `88,715` `9,553` `117,038` `126,591` `(37,876)` `1,085` `(36,791)` `40,357` `3,566`	`Restricted` `funds` `£` `64,762` `-` `-` `-` `64,762` `-` `60,112` `60,112` `4,650` `(1,085)` `3,565` `1,085` `4,650`	`31.12.24` `Total` `funds` `£` `68,763` `34,803` `49,714` `197` `153,477` `9,553` `177,150` `186,703` `(33,226)` `-` `(33,226)` `41,442` `8,216`	`31.12.23` `Total` `funds` `£` `21,040` `23,226` `53,702` `976` `98,944` `8,560` `127,902` `136,462` `(37,518)` `-` `(37,518)` `78,960` `41,442`

The notes form part of these financial statements

Page 11

Royal Cambrian Academy Of Art

`Balance Sheet`

`31 December 2024`

`Unrestricted` `funds` `Notes` `£` `FIXED ASSETS` `Tangible assets` `7` `3,472` `CURRENT ASSETS` `Stocks` `8` `100` `Debtors` `9` `-` `Cash at bank and in hand` `6,949` `7,049` `CREDITORS` `Amounts falling due within one year` `10` `(6,955)` `NET CURRENT ASSETS` `94` `TOTAL ASSETS LESS CURRENT` `LIABILITIES` `3,566` `NET ASSETS` `3,566` `FUNDS` `11` `Unrestricted funds` `Restricted funds` `TOTAL FUNDS`	`Restricted` `funds` `£` `-` `-` `-` `4,650` `4,650` `-` `4,650` `4,650` `4,650`	`31.12.24` `Total` `funds` `£` `3,472` `100` `-` `11,599` `11,699` `(6,955)` `4,744` `8,216` `8,216` `3,566` `4,650` `8,216`	`31.12.23` `Total` `funds` `£` `4,084` `500` `4,823` `36,465` `41,788` `(4,430)` `37,358` `41,442` `41,442` `40,357` `1,085` `41,442`

The charitablecompanyis entitledto exemptionfrom auditunderSection477 of the CompaniesAct 2006 for
the year ended 31 December 2024.

The membershave notrequiredthe companyto obtainan auditof its financialstatementsforthe year ended
31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

The notes form part of these financial statements

continued...

Page 12

Royal Cambrian Academy Of Art

`Balance Sheet - continued 31 December 2024`

Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
13 December 2025 and were signed on its behalf by:

C Thomas - Trustee

The notes form part of these financial statements

Page 13

Royal Cambrian Academy Of Art

Notes to the Financial Statements
for the Year Ended 31 December 2024

`1. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReporting by
Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland (FRS
102)(effective1 January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCompaniesAct2006.Thefinancial statements
have been prepared under the historical cost convention.

`Income`

All incomeis recognisedin the Statementof FinancialActivitiesonce the charityhas entitlementto  the
funds, it is probable that the income will be received and the amount can be measured reliably.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswill be
requiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is
accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedto the category.Where costscannotbe directlyattributedto particularheadingsthey have  been
allocated to activities on a basis consistent with the use of resources.

`Tangible fixed assets`

Depreciationis providedat the followingannualratesin orderto write off each assetover its  estimated
useful life.

Fixtures and fittings- 15% on reducing balance
Computer equipment- 15% on reducing balance

`Stocks`

Stocksare valuedat the lowerof costandnetrealisablevalue,aftermakingdue allowancefor obsolete
and slow moving items.

`Taxation`

The charity is exempt from corporation tax on its charitable activities.

`Fund accounting`

Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted
purposes.

TherestrictedfundisforworkshopsfundedbyGwyntyMorandTheUlrikeFoundationforand on
behalf of DAC /Conwy Connect, providing a safe space for adults with learning disability.

During the year Conwy Borough Council provided restricted funds for lift and central heating repairs.

`Hire purchase and leasing commitments`

RentalspaidunderoperatingleasesarechargedtotheStatementofFinancialActivitiesona straight
line basis over the period of the lease.

`Pension costs and other post-retirement benefits`

The charitablecompanyoperatesa definedcontributionpensionscheme.Contributionspayableto  the
charitablecompany'spensionschemeare chargedto the Statementof FinancialActivitiesin the  period
to which they relate.

continued...

Page 14

Royal Cambrian Academy Of Art

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

`2. OTHER TRADING ACTIVITIES`

`Commission on art sales` `Books, catalogues, cards, posters, prints and craft` `Sundry shop sales and room hire` `Exhibition fees` `INVESTMENT INCOME` `Deposit account interest` `NET INCOME/(EXPENDITURE)` `Net income/(expenditure) is stated after charging/(crediting):` `Depreciation - owned assets` `Other operating leases`	`31.12.24` `£` `24,455` `16,312` `600` `8,347` `49,714` `31.12.24` `£` `197` `31.12.24` `£` `612` `100`	`31.12.23` `£` `17,610` `21,006` `1,971` `13,115`
		`53,702`
		`31.12.23` `£` `976` `31.12.23` `£` `721` `100`

`3. INVESTMENT INCOME`

`4. NET INCOME/(EXPENDITURE)`

`5. TRUSTEES' REMUNERATION AND BENEFITS`

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2024nor for
the year ended 31 December 2023.

`Trustees' expenses`

There were no trustees expenses paid during the year ended 31 December 2024 or 31 December 2023.

`6. STAFF COSTS`

The average monthly number of employees during the year was as follows:

	`31.12.24`	`31.12.23`
`Governance and education`	`5`	`6`

No employees received emoluments in excess of £60,000.

continued...

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Royal Cambrian Academy Of Art

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

`7. TANGIBLE FIXED ASSETS`

`Improvements` `Fixtures` `to` `and` `property` `fittings` `£` `£` `COST` `At 1 January 2024 and` `31 December 2024` `490,566` `21,095` `DEPRECIATION` `At 1 January 2024` `490,566` `19,600` `Charge for year` `-` `224` `At 31 December 2024` `490,566` `19,824` `NET BOOK VALUE` `At 31 December 2024` `-` `1,271` `At 31 December 2023` `-` `1,495` `8.` `STOCKS` `Stocks` `9.` `DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR` `Tax and social security` `Prepayments and accrued income` `10.` `CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR` `Trade creditors` `Other creditors` `Accrued expenses`	`Computer` `equipment` `£` `22,570` `19,981` `388` `20,369` `2,201` `2,589` `31.12.24` `£` `100` `31.12.24` `£` `-` `-` `-` `31.12.24` `£` `4,407` `196` `2,352` `6,955`	`Totals` `£` `534,231`	`Totals` `£` `534,231`
		`530,147` `612`
		`530,759`
		`3,472`
		`4,084`
		`31.12.23` `£` `500` `31.12.23` `£` `3,738` `1,085` `4,823` `31.12.23` `£` `-` `302` `4,128` `4,430`
			`4,430`

continued...

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Royal Cambrian Academy Of Art

`Notes to the Financial Statements - continued for the Year Ended 31 December 2024`

`11. MOVEMENT IN FUNDS`

`Unrestricted funds` `General fund` `Restricted funds` `Gwynt Y Mor - Conwy Connect` `The Ulrike Michal Foundation for the` `Arts` `TOTAL FUNDS` `Net movement in funds, included in the above a` `Unrestricted funds` `General fund` `Restricted funds` `Gwynt Y Mor - Conwy Connect` `The Ulrike Michal Foundation for the` `Arts` `Conwy Borough Council` `TOTAL FUNDS` `Comparatives for movement in funds` `Unrestricted funds` `General fund` `Restricted funds` `The Ulrike Michal Foundation for the` `Arts` `TOTAL FUNDS`	`At 1.1.24` `£` `40,357` `-` `1,085` `1,085` `41,442` `re as follows:` `At 1.1.23` `£` `78,960` `-` `78,960`		`Net` `movement` `in funds` `£` `(37,876)` `4,650` `-` `4,650` `(33,226)` `Incoming` `resources` `£` `88,715` `9,000` `3,000` `52,762` `64,762` `153,477` `Net` `movement` `in funds` `£` `(37,518)` `-` `(37,518)`

continued...

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Royal Cambrian Academy Of Art

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

`11. MOVEMENT IN FUNDS - continued`

Comparative net movement in funds, included in the above are as follows:

`Unrestricted funds` `General fund` `Restricted funds` `Gwynt Y Mor - Conwy Connect` `The Ulrike Michal Foundation for the` `Arts` `TOTAL FUNDS`	`Incoming` `resources` `£` `90,159` `5,700` `3,085` `8,785` `98,944`	`Resources` `expended` `£` `(127,677)` `(5,700)` `(3,085)` `(8,785)` `(136,462)`	`Movement` `in funds` `£` `(37,518)` `-` `-` `-` `(37,518)`

A current year 12 months and prior year 12 months combined position is as follows:

`Unrestricted funds` `General fund` `Restricted funds` `Gwynt Y Mor - Conwy Connect` `TOTAL FUNDS`	`At 1.1.23` `£` `78,960` `-` `78,960`	`Net` `movement` `in funds` `£` `(75,394)` `4,650` `(70,744)`	`Transfers` `between` `funds` `£` `-` `-` `-`	`At` `31.12.24` `£` `3,566` `4,650`
				`8,216`

A currentyear12 monthsandprioryear12 monthscombinednetmovementin funds,includedin the
above are as follows:

`Unrestricted funds` `General fund` `Restricted funds` `Gwynt Y Mor - Conwy Connect` `The Ulrike Michal Foundation for the` `Arts` `Conwy Borough Council` `TOTAL FUNDS`	`Incoming` `resources` `£` `178,874` `14,700` `6,085` `52,762` `73,547` `252,421`	`Resources` `expended` `£` `(254,268)` `(10,050)` `(6,085)` `(52,762)` `(68,897)` `(323,165)`	`Movement` `in funds` `£` `(75,394)` `4,650` `-` `-` `4,650` `(70,744)`

continued...

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Royal Cambrian Academy Of Art

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

`12. RELATED PARTY DISCLOSURES`

There were no related party transactions for the year ended 31 December 2024.

Page 19

Royal Cambrian Academy Of Art

Detailed Statement of Financial Activities
for the Year Ended 31 December 2024

|INCOME AND ENDOWMENTS
Donations and legacies
Donations and gifts
Grants receivable; CCBC, Town Council
Grant receivable; Gwynt y Mor
Ulrike Michal Foundation
Conwy B C
Other trading activities
Commission on art sales
Books, catalogues, cards, posters, prints and
craft
Sundry shop sales and room hire
Exhibition fees
Investment income
Deposit account interest
Charitable activities
Education/art classes
Members fees and Members applications **Total incoming resources** **EXPENDITURE** **Other trading activities** Opening stock Fundraising trading costs - purchases Closing stock **Charitable activities** Office costs/education outgoings Prizes Exhibition costs and printing **Support costs** **Management** Staff costs Carried forward|31.12.24 £ 2,801 1,200 9,000 3,000 52,762 68,763 24,455 16,312 600 8,347 49,714 197 16,265 18,538 34,803 153,477 500 9,153 (100) 9,553 15,031 1,000 2,370 18,401 77,386 77,386|31.12.23 £ 4,755 7,500 5,700 3,085 - 21,040 17,610 21,006 1,971 13,115 53,702 976 10,121 13,105 23,226 98,944 500 8,560 (500) 8,560 16,869 1,000 1,046 18,915 80,616 80,616`| |---|---|---|

This page does not form part of the statutory financial statements

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Royal Cambrian Academy Of Art

`Detailed Statement of Financial Activities for the Year Ended 31 December 2024`

`Management` `Brought forward` `Pensions` `Rent` `Rates and water` `Insurance` `Light and heat` `Telephone` `Stationery, printing & postage` `Advertising` `Sundries` `Repairs and maintenance` `Professional fees` `Accountancy fees` `Bank charges and other charges` `Depreciation of tangible and heritage assets` `Total resources expended` `Net expenditure`	`31.12.24` `£` `77,386` `826` `100` `667` `3,907` `8,260` `1,818` `2,876` `349` `296` `55,564` `2,208` `2,352` `1,528` `612` `158,749` `186,703` `(33,226)`	`31.12.23` `£` `80,616` `515` `100` `604` `3,421` `4,631` `1,760` `3,323` `1,366` `300` `4,824` `2,318` `2,256` `2,232` `721` `108,987` `136,462` `(37,518)`

This page does not form part of the statutory financial statements

Page 21