Con]pany resistralion number.. 01378599 Charity registration number.. 507842 Mostyn Gallery Limited (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024 G Hickerton Aston Hughes & Co Chartered A¢couDtantS Selby Tow¢rs 29 Princes Drive Colwyn Bay North Wal¢s LL29 8PE
Mostyn Gallery Limited Contents Refence and Admintrative Details Str&t¢gi¢ Report Trustees, Report 3to8 Independent Examiner's Report Statern¢nt of Financial Activities Ioto 11 Balance Sh¢et 12 Statetnent of C&sh Flows 13 Notes to the Financial Stat¢Thts 14to30
Mostyn Gallery Limited Reference and Administrative Details Trustees Mr J C Salisbury. ChpAirman Mr A CTamerotti. Gallcry Director (resigned 31 Dec¢mber 2023) Mr E Willian Ms V Griffith8 Mrs H Weaver (Tesigned 31 Dccember 2023) Mr D Lloyd Mrs M Hawkins MrA Bertola Ms C Harding (appointed 31 December 2023) Charlty Reglstratlon Number 507842 Company RegistrAtton Number 01378599 The charity is incorporated in England and Wales. Oriel Mostyn 12 Vautsn Street Llandudno Ci)nwy LL30 IAB Reglstered Offlee Independent Examiner G Hickerton Aston Hugh&s & Co Cl)artered Accountants Selby Towers 29 Princes Drive North Walcs LL29 ¥PE Solicitors: Gamlins 31-37 Russell Road Rhyl LL18 3DB Banker$ National Westmin8ter Bank Pl 250 Bishopsgate LoDdon BC2 4AA Page I
Mostyn Gallery Limited Strategic Report for the Year Ended 31 March 2024 The trustees, who are directors for the purposes of company law. present their strat¢gi¢ report for the year ended 31 Marcll 2024, in compliance with s414C of the Companies Act 2006. Financixl review Policy on peserves Thc TntCCS. RcscTYCS Policy statcs that having given due consideration to the operdtional wofile of the ch2rity. Gallery Couucil has decided that it is appropriale to hold a reserve that would allow tbe charity to dis¢harge its liabilities and close its operation in an orderly fashion should it be unable to continue its activities. The TnteeS established that this would rcprcbcnt holding a rcserve equivalent to 3 rnonths, operational cxpcnditurc plus thc r¢dundancy costs of all staff members. This figure has bcen calculatcd to bc £140,noo. F,stablishing thi8 reserve is th¢ key basis of the programme Schedule that has been adopted by the Gallery Council. The Gallery continues toward ¢stablishin8 this level of which is not yet mel. The total funds held by charity at the end of the reporting p¢riod w¢ £2.790.281 (2023, £2.821.697). This includ¢s restri¢t¢d fllnds of £82,877 (2023, £0). The totsl fijnds that Gan only b¢ realised by disposing of fixed assets weff £2.790,281 (2023, £2.821.697). The total fr¢¢ r¢s¢rves held by the ch&Tity at the end of the reportillg period w¢re £0 (2023, £0). Plans for futhre perAod8 The Trustees have agreed a progran)me hedUle that consolidates the excellent work done over the past four years in temts of fmaneial controls and stabillty. This will be cornplement¢d by a ¢ono¢rt¢d ¢ffort to incr¢ase Mostyn's capability in terms of attracting corporate and individu818iving. Key risks dnd uncer¢dinrfes The most significant risk Mostyn faces is fillther cuts to the COTe furlg received from ACW (Arts Council of Wales). the context of a wider eL'oIiomiL downturn and continucd cost of living crisis. Having already experienced initial cuts in this financial year, Mostyn sought to stabilise ovet*ead costs, to ensure that all externally fided projects contrlbute towards the orgaDisation's core costs. and strategically rcview all potential commcrcial OpportL1tleS to de-risk the funding uncertainties movillg forward. The Trustee8 have assessed the major risks to which the cllaritable company is ¢xpos¢d. and are satisfied that systems are itL place to miti8ate exposure to those major risks. The Trustees ar¢ ill agreement that Mostyn Gally Limit¢d is able to conlinue as a going concern for at least the next 12 months. The strategic report was approved by the tru5t¢¢s of th¢ d]arity on 19 December 2024 and signed on its behalf by: MrJCSali Truste Page 2
Mostyn Gallery Limited Trustses, Report The tnte¢s. who dir¢ctors for the purposes of company law, present the annual report together with the financial stat¢meDts and ind¢p¢ndent examiners rq)ort of the charitable company for the year ended 31 March 2024. Objeetives gnd a¢tivities Objects and aims ostyn is a public art gallery and & not-for-proflt organisation in Llandudno. North Wales, with a Proamme of contemporary art exbibitions on & par with those in major global art centres. Mostyn Gallery Lirnitcd produces a r8¢ of cr¢ative activities for its visitQTS to enjoy &t Mostyn or at home. Thes¢ are inspir¢d by the exhibition proMe. Mostyn also works With schools, colleges, universities) youth, community and special need8 groups. Th¢ Gallery shop s¢lls a wide range of jewellery, cernmics, prints, glassw¢, books. magazines and cards, supportin8 th¢ work of over 400 independeni artists and makers. Values Support excellence: sRLow the best iDternational wntemporary art. and the best work by regional artist& craftspeople alld makers. . Captivat¢ and fas¢inat¢.' encouraging dlscussion and reflection on how and why ¢ontemporary art is relevant to ¢v¢ryone's lives. . Champion illclusivity: be welcoming, accessible and providing space for all voices. • Collaborate.. share Mostyn and the value of contemporary art beyond the building by working in partllership with others in the local ¢onununitie8. . Act with In*grity'. pron]ote sustainable and ethical working practices and creative i)pportunities for others. . AdVote.. a¢tively sUPPOrt the Welsh language and the Welsh culturat sector. Vision To produce outstanding and internationally significant ¢ont¢mporary art exhibitions that aim to represent diverse persp¢ctives on colllemporary lif¢. . To engage. inspire and excite audiences, through ambitious exhibitions. learning and digital progrnmmes. To provide a s&fe. inGlusiv¢. accessible and welcoming envtronment to share ¢ont¢mporary art and open dialogue with everyone. . To p&ssionately support and promote the Welsh lallguag¢ as a modern language of creativity and innovation. To nure and promote Welsh and Wales based artists and creativ¢ practition¢rs, nationally and int¢rnationally. To be a resilient, diverse and sustainable organisation that contributes towards th¢ cultyTal. social. environrnental and economic fabric of Wales. During this financial year, Mosryn Gallery Limited has maintained its position as the leading visual arts organisation in Wales incr¢asin8 the rea¢h. ambition and recolt10n of ity artistic programme as well as its impart on th¢ local ¢onJmunity. Page 3
Mostyn Gallery Limited Trustses, Report Objeelives, sltategies and activilie5 Audience nmmbeps In 2023124 59.686 OT]-Sit¢ visitq were received and 31,151 website unique visits, reaching 429,343 overall online users. 73.321 online users were actively engaged through various social media ¢batmels. £395,004 was received as part of OUT allnual portfolio funding from the Arts Council of Wales (ACW) to deliver OUT core exhibition activitie8, and a further £289.542 was rnised from other charities. trusts and funds to support public engagement activities. A 20/0 Cut to annual funding frozn ACW this year meant that Mostyn Gallery was more reliant on these other fi]ndrai8iog activitie8. however a sigllificant capital investment of over £250.000 frL)m thc Sennedd. as 8 pariner in th¢ NationAI Contemporary Art Gallery of Walcs project, and the provision of resource and revenue funding from a parth¢rship with the National Gallery, London, along with improved sal¢s from th¢ Gallery Shop. have m¢ant tbat the fman¢ial position has remained positive. Exhibi¢ions Rosemarie Castoro.. Trap A Zoid (off site) Rosemarle Castoro.. Carving Space Ffocws #l Artes Mundi 10.. Taloi Havini Rooted in Wales Syfrdanol Diane Dal-pra.. Dissolutions Orcn Pinbassi". Falsc Ala The Great Outdoors Soft Tou¢h and Fluffy Delights Stsfan Briiggemann: Not BlacL Not Whit¢. Silr iwostyn Gallery Lirnited has worked in partnership with organisationB Such as IKT (IKT Congress 2023). Artes Mundi (AMIO), The National Gall¢ry, London (The Triumph of Art). and Amgueddfa Cymrn (the National Contemporary Art Gallery of Wales) to deliver some of the exhibitions that hav¢ taken place during the year. Page 4
Mostyn Gallery Llmlted Trustees, Report Ardsile Programme Events Events led and delivered by Mostyn Gallery Lllnited during the reporting peTiod included: Cbildren's workshops Artist's talks Exhibitloll tours with curators Digital events such as symposia and webinars Art professional development workshops Graduate and underat¢ Fine Art study visits H¢alth & Wellb¢ing group support Family drop in art workshops Disability Arts c s¢ssion8 Rural artist rcsidcncics Isdyfiant / Undergrowth events Learning resource Packs Public benefit The trustees confm that they hav¢ complted with the requiremettts of seetion 4 of th¢ Charities Act 2011 to have due regard to the public benefit guidance published by the Chlty Conmiission for England and Wales. Page 5
Mostyn Gallery Limited Trustees, Report Strueture, governanee and manag¢m¢nt Namre ofgovernlng documext Mostyn Gallery Limited is a company limited by guaTantee as d¢fm¢d by the Companies Act 2006. It is a registered charity. The company was established in 1979 under a Memorandum of Associatio which established the obj¢¢ts and powers of the Llwitsble company and is goverrted under the Articles of Association. Charity constifytion The trustees n¢t three times a year and are responsible for the Managennt strategic leadership of fhe charity and ensuring that the charity devotes all of its Tcsoufcc5 and assets towards meeting IL8 objectives. All of thc tNstccs arc n]crnbcrs of the company and 8uarAntccd to contribute £1 in the event of a winding up. Recruitment and uppointmtftt of Éru.*Èees Mostyrt Gallery Trustees are recruited according to the skills TequiTed as id¢ntified by the Trustees. A skills audit bas been undertaken this year and it has been identified that nre Trustees m¢mbgTS r¢quir¢d to meet the needs of the organisation after the most [ent Arts Council of Wales portfolio funding review (April 2024). This will ensure that the orgaDisation has th¢ breadth of skills needed to keep it moving forwards. A broad and diverse recruitment process will be adopted and governauce training will given regularly to mernb via profession bodies. Dectslon moklng All decisions on policy and strategy are made by the Gallery Trustees and recorded in the Minut of the meetings. Day to day responsibility for the management of the Charity is d¢l¢gated to the Ga]lery Interim Dircctor Clarc Harding. Individual Trusteeq tske particular interest in aspects of the business relating to their ski118 and expertise and provide mentorship and support in relation to these. Induction andtratning of trustse Thc charity has a policy and procedure for the indllction of volunteers and trustees. When necessary. the Company provides training in order for Trustees to maintain appropriate knowledge of their role and responsibility as trustees under Company IAW and lY Couullission guidelin¢s. Arrangementsfor sethng key managem¢nlpersonnel remunera¢ion The Intrrim Dire¢tOT of the Gallery (Clare Harding) is a Trust¢¢. The salary of the Dir¢ctQT is agreed by Gallery Council who make the appointm¢nt. Expenses incurred by th¢ Director are monitored by the CELair of Gallery Coun¢TI. All other Trustees are unpaid except for expenses incurred directly on tb¢ charity's behalf. Page 6
Mostyn Gallery Limited Trustees, Report M4jop rlsks dnd maAagement ofthose Agks The nwst signifiwl risk Mostyn faces is furtber cuts to the core fimding received from ACW (Arts Council of Wales). in the context of a wider economic downturn and ¢ontinu¢d cost of living crisis. Having already experienced initial in this financial year, Mostyn sougbt to stabi]is¢ ov¢rh¢ad wsts, to et)sure that all externally funded projects contribute towards the organisation's ¢or¢ ¢osts. aJ)d strategically review all potential comnLerciAI opportunities to de-risk th¢ funding uncertainties moving fonvard. Th¢ Tnjstees bave assessed the major risks to which the charitsble compatty is expose(L and are satisfied that systems are in place to mitigate exposure to those major risks. The TNstee8 are in agreement tELAt Mostyn Gtlllery Limited is abl¢ to cooliaue as a going concern for at least the Dext 12 months. Pa8e 7
Mostyn Gallery Limitsd Trustees, Report Statement of trus¢ees' responsibilities The trustees (who are also the directors of Mostyn Gallery Limited for the purposes of company law) are responsiblc for preparing the trustees, report and the fllwicial statements in a¢cordats¢¢ with appliLablc law and United Kingdom Accounting Standards (United Kingdom Gcncrally Accepted Accounting Practice). including FRS 102 "Th¢ FTnancial Rcporting Standard appltcable in the UK and Republic of Ireland" Company law requires the ISte¢S lo prepare fllHncial statements for each fjnyncial ycar. Under company law the trustees must not approve the financial slatcmcnts unlcss thcy are satisfied that they give a true ad fair view of thc statc of affairs of the charitable company and of tbe incotning resources and application of resource including its iTJCOTne and expenditure, of tbe charitsble cornpany for that period. In preparing th¢se fin4ucial statements, the ttustees are required to: select suitablc accow]ting policies and apply them consi5tently- obs¢rve the methods and principles in the Charities SORP. make judgements ar eStIllteS that are Teasonable and prudent; state whether applicable aG¢oullting standards, comprising FRS 102 have been followed, subject to any material deparmres disclosed and explained in the f]nancial statements,. and pr¢par¢ th¢ financial ststements on the going concern basis unless it is inappropriate to eSume that the chaTit&bl¢ company will continue in business. Th¢ tsustees are responsible for keeping proper accounting records that can (lisclose with reasonable auraCY at any time tbe fillancial position of the ch&rilable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for SafegdIllg the assets of ibe charitable company and hence for tsking reasonable steps for the PT¢vention and detection of fraud and oth¢r irregulaTities. The trustees are responsible for the maintenan¢¢ and integrity of the cory)or&ie and financial information included on the charitable company's wcbsits. Legislation governing the preparation and dissemination of financial statements may differ frotn legislation in other jurisdictions. Disclosure of information to independent examiner Each t$¢¢¢ has taken stq)s that they ought to have taken as a Irustee in OTdcT to n]ake themselves aware of any relevant IDformation and to establish that thc charity's independent examiner is aware of tbat InforntiOll. The trustees confirm that thcrc is no relevant informAtinn that they kr]ow of and of which they know the independent examiner is Unaw. The annual report was approved by the trustees of thr charity on 19 Denther 2024 and signed on its behalf by: MrJCS Trus Page 8
Mostyn Gallery Limited Independent Examiner's Report to the trustees of Mostyn Gallery Limited ('the Company,) I report to the clwity tnteeS on my examination of the accounts of the Company for the year ended 31 March 2024. Ruponsibilities and basis of report As the charity's ttee5 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 examinatio 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 CommS1on und¢r s¢rtion 145(5)(b) of the 2011 Act. Independent examiner's stalement Since the Company's gross income exceeded £250.000 your examiner must be a member of a body listed in tion 145 of th¢ 201 l Act. I confirni that I am qualifi¢d to und¢nake the examination because l am a member of ICAEW, which is one of the list¢d bodies. I have completed my examination. I confmn that no matters have come to my attention in connection with the examination giving me cause to believe: l. a¢¢ounting records were not kept in r¢spe¢t of most) Gallery Limited as r¢quired by section 386 of the 2Crf)6 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 requirernent that the accounts give a 'true and fair view, which is not a nthtter considered as part of an independent examination. or 4. the a¢counts have not been Prepar in accordance with the methods and principles of the Statement of Recommended Practi¢e for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of jreland (FRS 102)]. I have no concerns and have come across no other matters in connection with the exarnination to which attention should be drnwn in this report in order to enable a proper understanding of the accounts to be reached. G Glenis Hickerton Bsc, FCA Aston Hughes & Co Chartered Accountants ICAEW Selby Towers 29 Princes Drive Colwyn Bay North Wales LL29 8PE 19 Decanber 2024 Page 9
Mostyn Gallery Limited Statement of Finydncial Activities for the Year Ended 31 Lvlarch 2024 ncluding Income and Expenditure Account and Statement of Total Reeognised Cains and Losses) Total 2(I24 Unrestricted Restricted Note Income alld Endowm¢nt5 from: Dollations and lega¢i¢s Oth¢r tr&dio8 activiti¢s Investment income otTrr incom¢ 423.293 116,609 1,083 52.259 261,253 684.546 116,609 1,083 52,259 Total Income 593.244 261,253 854,497 Expenditsre oll: Raising fijnds Charitable a¢tivities (65,207) (613.435) (207,271) (65.207) {820.706) Total Expenditwe (678.642) (207,271} (885,913) Net (expenditure}/income Transfcrs betwccn funds {85,398) (28.895) 53.982 28.895 (31.416) i et movement in fimds (114.293) 82,877 (31,416) Re¢on¢ili&tion of funds Total funds brought fonv&rd 23 2,821.697 2,821.697 Total fimds carried forward 23 2,707,404 82,877 2.790281 The notes on pages 14 to 30 forni an integral part of these financial statements. Page 10
Mostyn Gallery Limited Statement of Financial Activities for the Year Ended 31 iNlarch 2024 (Including Income and Expendlttire Aeeount and Statement of Total Recognised Gains and Losses) Total 2023 Unrestricted Restricted Nots Intome and Elld0Trents from: Dollatio and l¢ga¢ies Charitable activities Other trading a¢tiYities Investm¢nt income Other income 462.312 521 101,897 453 27,823 142,469 604,781 521 101.897 453 27,823 Totsl Income 593.006 142,469 735,475 Expenditure on: Raising fun(Ls Charitable activities (63,194) (628,965) (307.727) (63.194) (936,692) Totsl Expenditure (692,159) (307,727) (999,886) Nct cxpcnditurc Tr8nsfers b¥iwe¢n funds (99.153) (165,258) {40,232) 40,232 (264.411) Net llvement in ndS (139.385) (125,026) (264.411) R¢con¢illadon of funds Total fund8 brought forwaTd 2,961.082 125,026 3,086,108 Total funds carried forward 23 2,821,697 2.821,697 All of th¢ cl]arity's activities derive from CODtinuing operdtions during the above two p¢rio(Ls. The notes on pages 14 to 30 forni an integral part of thes¢ financial statements. Pagell
Mostyn Gallery Limited (Registration number: 01378599) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets 15 2,823,769 2,842,288 Current assets Stocks Debtors Cash at bank and in hand 16 17 28.008 72,481 289.243 26.857 84,414 99,466 18 389,732 210,737 Creditors: Amount$ f&lling due Tvithln one y¢*r 19 (318,567) (219,987) Net currellt 8$setsl(liabilitie5) 71.165 (9,250) Totsl Assets less current JJablJAties 2,894,934 2.833.038 Credltors: Amounts fxlllng due after more than one year 20 (104,653) 2,790,281 (11,341) 2.821.697 Net 4ssets Fund8 of the charlty: Restrlcted Income funds Restricted funds 23 82,877 Unrestrieted ineome funds UDrc8trictcd funds 2,707,404 2,821,697 Total funds 23 2,790,281 2.821.697 For the financial year ending 31 March 2024 the cbarity was entided to exemption from audit urftder section 477 of the Companies Act 2006 relating to Small comp2nie& Directors, responsibilities.. The memlxrq have not required the charity to obtsin an audit of its accounts for the year in question in accordance with section 476,. and The directors knOwledge their rcsponsibilities for complying with the requireTnents of the Act with respect to accountin8 records and the prepaTation of accounts. The fllthncial statements on pages 10 to 30 were approved by th¢ truste¢s. and authorised for issue on 19 December 2024 and signed on their behalf by: Mr J C Salis Tnjstee notes on pages 14 to 30 forn) an integral part of these f]nallcial statements. Page 12
Mostyll GaIlery Limited Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Note Cosh flows from operating activities Net expenditure (31.410 (264.411) Adjustments to ¢ash flows from non-cash ittm5 Depreciation Investment income 196.603 1,083) 161.137 (453) 164,104 {103,727) Worklng eapltAI adjustments Increase in stocks De¢48¢/{1llcrCasc) in debtors Increase in creditors Incre&*e in deferred income 16 17 19 19 (1,151) 11.933 98,579 93,312 (10,661) (16.787) 41,321 Net cash flows from operating activitieg Cash flows frnm investing Ydetiiryties Interest receivabl¢ and similar income Purch of tangible fixed assets 366,777 (89,854) 1,083 (178,083) 453 15 i et cash flows from investing activities 177,000 453 Net increase/{decrease) in cash and cash equivaleDts Cash and ca8h equivalents at l April 189,777 {89.401) 188.867 18 99.466 Cash and wh equivalents at 31 March 18 289.243 99,466 The notes on pages 14 to 30 form an integral part of these financial statements. Page 13
Mostyn Gallery Limited Notes to the Financial Statements for the Year Ended 31 March 2024 I Charlty status The charity is a charity limited by guarantee. inCoorated in England and Wales. Consequently does not have slLarc capital. Each of thc trustees is liable to contribut¢ an amount not exceeding £1 tOW8rds the assets of the charity in the event of liquidation. The address of its gIStered officc is: Oriel Mostyn 12 Vaughan Street Llandudno Conwy LL30 IAB These fmancial staternentg were authorised for issue by the trustees on 19 December 2024. 2 Ac¢ountillg poli¢i¢5 Summary of $ignAflcant Accounting policie$ #nd key a¢¢ounting estimates The pIincipal accounting policies applied in the preparation of these financial stat¢m¢nts set out below. These policies bave been Consistently applied to all the years presented, unless otherwis¢ stated. Statement of compllance The flnancial Statements have been prepared in accordance with Accountitig and Reporting by Charities.. Statement of Recon)mended Practice (applicable to ¢hariti¢s pr¢paring theiT ac¢oullt5 in accordance with the Finaneial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)) (issued in October 2019) (Clwities SORP (FRS 102)). the Fillancial Reporting Standard applicable in tILe UK and Republic of Ireland (FRS 102) alld the Companies Act 2006. Basis of prepar*tion Mostyn Gallery Limited meets the definition of a public benefit entity under FRS 102. Assets 8nd liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Thc fmancial statcrncnts aw pr¢par¢d in slerling. and nlletary amounts ill thes¢ f31a] stat¢ments aT¢ rounded to thc nearcst £. Going eoncern The trnstees consider that there are no mateTial uncertainties about the charity's ability to continue as a going llceni IIOT any significant areas of un¢eTtainty that aff¢ct the carrying value of assets held by the charity. Income and endowments All income is recoglli8ed once the charity has entitlement to th¢ income, it is probable that the income will be received and the amount of the illcome receivable can be measured reliably. Page 14
Mostyn Gallery Limited Notes to the Finaneial Statements for the Year Ended 31 March 2024 DoAatsoHs dnd legacies Donations Mre recognised when the charity has been notified in HTiting of both th¢ amount and settlement date. In the event thot a donation 18 subject to conditions that require a level of perfonnance by the charity before the charity is entitled to the funds, the income is dcferted and llot rccogniscd until cithcr thosc conditions aTC fiY MCL or the fulfilment of those conditions is wholly within the control of the charity and it is probable that the8e Conditions will be fiLlfilled in th¢ T¢PQrting p¢riod. Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grallts have been met. Where perfoLinance conditions are attached to the grant and are yet to be met, the income is Tecogllised as a liability and included on the balance sheet as deferred income to be released. Deferredincome Deferred income relatss to a Capital grallt which is r¢Gognis¢d in the profit and loss account on a syslemati basis over the usethl economic life of the asset to which it related to. Other trading aetivities Shop income is recognised as earned (that is. as tbe r¢lated goods or services are provided).Turnover is measwed at the fair value of the consideration received or receivabl¢ alld represents amounts r¢¢¢ivable for goods and services provided in the norn1 course of business, net of discounts. VAT and other sal¢s Telated taxes. Expendlture All expenditure is recognised on¢¢ there is a legal or constntive obligation to that expenditUTe. it is probable settlemertt is required and the amount ¢an be mwured reliably. All costs are allocated to the applicable exp¢ndithr¢ heading that aggregate sin]ilar costs to that tegOry. Where ¢osts cannot be directly attiibuted to particular headings they have been allocated on a basis consistent with the use of TCSuurc¢s, with ientral 8thff costs allocated on the b&sis of iimc SPCDt. and dcprcciation chargcs allocated on the portion of th¢ &sset'8 use. Other support costs are allocated based on the spread of Stall costs. Roisingfvnd Thcsc arc costs incurr¢d in attracting voluntary income and in trAding activities that raise funds. Charitable 4diviiies ch1tble expenditure comprises those costs incurred by the charlty iu the dclivery of its activitics and scryiccs for ils b¢n¢ficiartes. It includes both costs that Gan be allwat¢d directly to such activities and those costs of an indirect natur¢ n¢ce8sary to support then). Governance costs These include the costs attributsble to the charity's compliance with constithtional and statutory requirements, including independent examination, strategic management and trustees rneetings and reimbursed expenses. Page 15
Mostyn Gallery Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Government grant% Government grants are recognised based on the accnwi nKJd¢l and Are me&¥ured at the fair value of the asset received or receivable. Grallts arc classified as relating either to revcnuc or to assets. Grdnts relating to revenue are re¢ognised in income over the period in which the related costs arc Tccogniscd. Grants relating lo assets are recognised over the expected useful lifc of the asset. Where part of a grant Telatillg lo all asset is defed. it is recognised deferred income. Irrecoverable VAT IecOVer&ble VAT is charged against the category of resourcu expended for whicb it w&5 incurred. Taxation The charity is considered to pass the tcsts sct out in Paragraph I Schedule 6 of the Finance Act 2010 and thcrefoT¢ it meets the definition of & charitable company for UK corporation tax purposes. Accordingly. the charity is w>tentially exempt from taxation in regpect of income or ¢apilal gains received within catC8orie5 covered by Chapter 3 Part I l of the Corporation Tax A¢t 2010 or Section 256 of the TaxatlOD of ChaTg¢able Gains Act 1992, to the extent tbat suGh income or gain8 are applied ex¢lusively to charitable purposes. Tangible fixed gssets Individual fixed assets costing £IOOO.00 or more are initialty record¢d at ¢ost, less any subs¢quent ¢uMUlated depreciation gnd subsequent accumulated impairnienl 105ses, Depr¢¢iation amortisation Depreciation 18 provided on tangible fixed &ss¢ts so as to write off the cost or valuatt'on, less any estimated r¢sidual value. over their expected USefi economic lif¢ as follows.. Leasehold and other interests in land and buildings". over 30 years Fixtures & Fittings.. 200/0 Strai8ht Line Basis Stock Stock is valued at the lower of Cobt dnd cstimated selling pri¢e le costs to complet¢ and sell. after due regard for obyolctc and slow Enoving stocks. Cost is determincd using the rt-] ft-out (FIFO). Trade debtors Trade debtor8 are amounts due from customeTS for merchandise sold or s¢rvi¢es pcrformcd in the 0]llary ¢ourse of business. Tradc dcbtors arc rccognised initially at the transartion price. They are subsequ¢ntly measured al amortised cost using the effective interest method. less PTOViSiOn for impairnTrent. A provision for thc impairment of trade debtors is establi8hed when there is objective evideDCC that the charity will not be able to collect all amounts due according to the original terms of the T¢¢¢ivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call de)SitS. and other short-term higbly liquid investments that are r¢adily convertible to a ktw amount of cash and are subject to an insignificant risk of change in value. Page 16
Mostyn Gallery Llmlted Iyotes to the Financi21 Statements for the Year EJ)ded 31 March 2024 Trade creditors Trad¢ edItorS ar¢ obligations to pay for goods or services that have been qllIred in the ordinary course of business frotTL suppliers. A¢¢ounts payable are cl&ssified as cuent liabililles if the charity does not have all unconditt.onal right, at the end of tbe reportitig period, to defer settlement of the ¢reditor for at l¢&st twelve months after the reporting date. If ther¢ 15 an unwnditional right to defer settlement for at least twelve months after the reporting date, they are presented AS nonwcurrent Itabilities. Trade Creditors are recognis¢d initially at the transaction price and subsequ¢ntly m¢asur¢d at amortised Cost using the effective interest method. Borrowlngs Int¢r¢st-bearing borrowings are initia]ly recorded al fair value, net of transaction costs. Interest-beaTing borrowings are subsequentty carri¢d ai amortis¢d eos¢ with the difference betweell the proceeds, net of transaction ¢osts, alld tbe amount due on Tedemption beiDg recogllised as & charge to the Statement of Financial Activities over the period of the relevant borrowing. Non-intucst-bearing borrowings are recorded at fair value. Interst ¢xp¢ns¢ is r¢¢ognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified a8 current liabilities unless the charity has an ullGonditional right to defer settlement of the liability for at1¢&8t hvelve months after the reporting date. Fulld 5trurture Unrestrict¢d income fiLnds are general funds that are available for use at the tnte¢S discr¢tiOTJ in filltherance of the objectives of the charity. Restrlcted income ftmds are those donated for use in a particular ar¢a or for specific purposes, the use of which is restricted to th&t area or purpos¢. Penslons and other post retirement obligations The charity operates a d¢fin¢d conrribulion pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the ¢]wity has no legal or con81ntiVe obligation io pay further contributions even if the fjjnd does not hold sufficient assets to pay all employees the benefits relating to employ¢e se1¢¢ ill the current and prior periods. Contributions to defined contiibution plans are Tecognised in the Statement of Financial Activities when they are due. If contribution payments exceed the Cotitiibution due for s¢rvic< th¢ excess is recognised as a prepayment. "Ji FiDan¢ial instruments ClasslJlc4¢1on Finan¢ial ass¢ts fmancial liabilities are recognised when the charity beGorrLes a paty to the contractual provisions of the instrument. Firtancial liabilities and equity instruments are cl&ssifi¢d OrdIng to tbe subslallce of the Colltractual aiYan8em¢nts ent¢r¢d into. An equity instrument is any contract that evid¢n¢¢s a TesiduaL interest in the assets of the ¢1lty aft¢r deducting all of its liabilities. Page 17
Mostyn Gallery Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Recognit40A and meLsurement All financial assets and liabilities aTe initially measured at transaction price (including transaction costs). cept for those financial assets classified as ai fair value through profit or loss, which are iDltially measured at fair value (which is norn]ally the transaction price ¢xcluding transaction costs), unless the aNangement constilut¢s a financing transaction. If an arrangement constitutes a financing transa¢tion, the financial asset or financial liability is rneasured at ibe present value of the tllre payments dis¢oullt¢d at a nwk¢t ratc of int¢r¢st for a similar debt instnllnent. Financial &ssets and li&biIities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the regnIsed amounts and the charity itLtwds either to settle on a net basis, or to reise the asset and settle the liability simultaneously. FinallLi81 asscts arc dCrCcoIcd whcn alld only whcn a) the contractual rights to the cash flows from the financial asset expire or are qettle& b) the charity tran5fgrs to another paty substantially all of the risks and rewards of ownership of the financial asset. or c) the charity, despite having relained some, but not all. signifJcan¢ risks and rewards of ownership, has traDsfeTred Control of th¢ ass¢t to another paty. Financial liabiliti¢s are d¢recognised only when ihe obligation specified in the contr2¢t is discharg¢(L ¢ancelled or expires. Page 18
Mostyn Gallery Llmited Notes to the Finallcial Statements for the Year Ended 31 Mareh 2024 Debi IRstruméAts Debt instnunents which meet the following conditions are 8ub8equ¢ntly measured at arnortis¢d cost using the effective interest method.. (a} The colltractual return to the holder is (i) a fixed amoullt" (li) a positive red rate or a positive variable rate. or (iii) a combiuation of a positive or a negative fed rate and a positive vatiable rate. (b) The contract may provide for repayments of the principil or the returtL to the holder Ibut not both) to be linked to a single Televant obsetvable index of general price inflation of the currency in which the d¢bt instnunent is denotninated, provided such links are not leVeragL (c) The contract rnay provide foT a detemiiDable variation of the return to the hold¢r during the life of the instrument, provided that (i) the new rate satisfie8 condition {a} and the variation is not contingent on fvture events other than (l) a change of a contractual variable Tate- (2) to protect th¢ holder against credit deterioration of the issuer- (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law,. or (li) the new rate is a market rate of interest and satisfies condition (a). (d) There is no contractual provision that could, by its tern, result ill the holder108ing the principal arnount or any intsrest athibutable to the current period or prior periods. (e) Contractual provisions that perniit tEe issuer to prep&y a debt instnllnent or perniit the holder to put it back to the issuer before maturity are not contirLgent on fiLttwe events, other th8 to protect tbe holder against the credit deterioration of the issuer or a change in control of thc issuer, or to protect the holder or issuer against Lh8¢8 in levies applied by a Central bank or arising from ¢banges in relevant taxation or law. {0 Contractual pmvisions may pern)it the extension of the temi of the debt itistrument. provided thai the return to the holder and any other contractual provisions applicable during the extended ierni satisfy the conditions of paragrdphs (a) to {c). Debt inS1nentS that are clSIfIed as payable or receivable within one year on illittal reco¥llilion and which meet the ibove conditions are measured at the undiscount&l amount of the cash or other consideration expected to be paid or received, net of impairment. With the exception of some hedging instruments, other debt In81n¢llts not m¢¢ting th¢se wnditions are measured at fair value through profit or loss. CommithTrents to mak¢ and receive loans which me¢t the conditions mentioned above are &sUred at Cost (which may be nil) l¢ss irnp8irment. Page 19
Mostyn Gallery Limited Notes to the Flnanclal Statements for the Year Ended 31 March 2024 3 Income from donations and legacies Unr¢strirt¢d Total 2024 Total 2023 G¢ty¢ral Restricted Donations and l¢gacies' Donations from individua18 Grants. in¢luding ¢apital gr&nls" Gov¢mmeut grnnts Non government grattts 7,457 16.126 23.583 34.289 403.604 12.232 218,627 26.500 622,231 38,732 25,370 545.122 423,293 261,253 684,546 604,781 4 Income from charltable ACtlvitie$ Total 2024 Tot 2023 Exhibitions 521 S Income from other tradlng actlvltles Unr¢stri¢ted Totsl 2024 Total 2023 General Trading income. Shop income 116,609 116.609 101,897 116,609 116.609 101,897 Page 20
Mostyn Gallery Limited Notes to the Financial Statements for the Year Ended 31 March 2024 6 Investment income Unrestricted fund$ CenerAI Total 2024 Total 2023 Interest receivable and similar income. ]nter¢st r¢¢¢ivable on baDk deposits 1,083 1.083 453 7 Other income Unrestrlcted Tot1 21124 Total 2023 Gener Cafe rental Room hire Museums and gall¢ri¢s exhibition tax relief 4,167 648 47.444 4,167 648 47,444 4,458 loo 23265 52,259 52.259 27,823 8 Expenditure on ri%ing funds a) Costs of trading activitie5 Unrestricted Total 2024 Total 2023 General Note Costs of goods sold 65.207 65.207 63.194 65,207 65.207 63.194 Page21
Mostyn Gallery Limited -Notes to the Financial Statements for the YeAr Ended 31 March 2024 9 Expendlture on charltable acdvl¢le8 Unre5tri¢ted Total 2024 Total 2023 General Restrlcted Note Publieity costs Prernises ¢osts Exhibition program Travel and subsistence Offic¢ ¢osts Sundry expenses Bank dwges Interest payable Depreciation Jxgal and profcssional Staff costs Governance costs 13.057 57,705 36.605 335 40,271 102.279 13,392 97.976 138,884 16,625 102.639 294,066 22.180 68.721 12,304 662 567 160,987 22.180 68.721 12.304 662 567 196,603 34,917 12,888 453 1.815 692 161.137 35.616 9,478 227,169 4,000 9,478 255,939 4,000 7.718 299,742 4.000 28.770 io 613,435 207,271 820,706 936,692 lrtcluded Ivithin exhibition program ¢osts are: Grants made to individuals of £42,000. Grants made to institutions of £4,000. Page 22
Mostyn Gallery Limited Notes to the Financial Statements for the Year Ended 31 MArch 2024 10 Awdlysis of governance and support costs Governance co8t$ Unrestrlctsd funds General TotAI 2024 Total 2023 Independent examiner fees Examination of the fiDancial stat¢m¢ntS 4,0(10 4.000 4.000 4.000 4.000 11 '¢t InConng10utgofillg re&our¢¢8 Net outgoing resources for tbe year include: 2024 2023 Opcratitig leases- othcr assets Other non-audii Services Depreciation of fjxed assets Finance charges payable Indcpcndcnt cxamination 36,250 3,848 199,603 567 46,145 3,870 161.135 692 4.iKIO 12 Trustees remuneration *nd eipeDses During the ye4r the charity made the following transactions with ttustees: Mr A Cramerotti Mr A Cramerotti receii'ed remuneration of £40.034 (2023: £49.799) bettveen l April 2023 and 31 December 2023 and peJ)sion costs of£l.059 (2023 £1,321). The remuneration and expenses paid on behalf of Mr Cramerotti were in respect of day to day ManagennI of Ihc charity alld fulfJling his role as the gallery Ilirecttlr. Thc transactiolls rcimburscd to Mr Cramerotti were travcl alld subsistcnce ¢osls incurrcd by him whilst on business travel using the company credit card. Ms C Harding Ms C Harding received reynunerxtion of £9.388 b¢twe¢n l January 2024 and 31 March 2024 pensions costs of £247 were paid during the same period. The r¢mun¢ration and expenses paid Oll behalf of Ms Harding were in respect of day to day rnanagement of Ibe cEwity and fulfilling her role as the gallery director. The traEwctions reimbursed to Ms Harding were travel and subsistence costs incurred by her whilst on busÉn¢ss travel using the company credit oard. Page 23
Mostyn Gallery Llmlted Notes to the Financial Statements for the Year Ended 31 March 2024 13 Slaff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were: Wages and salaries Social security costs Pension costs Other staff ¢08ts 240,228 IL,345 4,366 279,872 13.973 5,076 821 255,939 299.742 The monthly average number of persons (including senior management team) employed by the charity during the year was as follows: 2024 21123 No Average numbers 14 19 No employee received emoluments of mor¢ than £60.000 during the year. ReLDuneratlon of key mgnagement personnel Remuneration for services to tbe chlty._ 51,600 5.761 1,306 58,667 52,000 6,234 1.321 59,558 Employefs Nl Employetrs pension Page 24
Mostyn Gallery Limlted Not&s to the Financial Statements for the Year Ended 31 ,March 2024 14 Taxation The ci]aTity is a registered charity and is therefore exempt from taxatioD. 15 Tangible rued assets Land and bulldlngs Plant and machlnery Totsl Cost At l April 2023 Additions 4,726,549 125.537 178.083 4.852,086 178,083 At 31 March 2024 4.726,549 303.620 5.030,169 Depreelatlon At l April 2023 Charge for th¢ year 1,890,144 157,550 119.653 39,053 2,009,797 196,603 At 31 March 2024 2,047.694 158,706 2,206.400 Net book value At 31 March 2024 2.678.855 144,914 2,823,769 At 31 March 2023 2,836,405 5,884 2,842289 Included within the net book value of land and buildings above 18 £2,678,855 (2023 - £2,836,405) in Tespect of le&sehold property. 16 Stock 2024 2023 Stocks 28,008 26,857 17 Debtors 2024 2023 Trade debtors Prepayments Other debtors 52,842 12.521 7,118 57,158 13.097 14,159 72.481 84,414 Page 25
Mostyn GAllery Limited Notes to the Financial Statements for the Year Ended 31 March 2024 18 Cagh and cash equlvalents 2024 2023 Cash on hand C&8b at bank 40 289203 40 99,426 289,243 99.466 19 Creditors." amounts falling due within one yellr 2024 2023 Trade creditors Other taxation and social security VAT liability Other creditors AL'cruals 261,595 2,818 5.556 40,098 8,500 148,700 3,2IKI 55,363 12,724 318,567 219,987 20 Creditors: amounts falling due after one year 2024 2023 Oth¢T loans Deferred income 11.341 93,312 11.341 104,653 11,341 Amounts included witbin other loans relate to a ¢oncessionary loan wbich attracts no interest and is not expected lo be repaid. Deferred income brougbt forward Grant def¢ed ill the year Def¢rr¢d in¢ome rarried forward 93,312 93,312 21 Obllgatlons under fin8D¢e leases and hire purchase Contracts The total value of n)inimum lease payments was a6 follows: Page 26
Mostyn Gallery Limited Notes to the Financial Statements for the Year Ended 31 March 2024 2024 2023 Within one year In two to five y¢8r5 In over tive years (36.250) (145,000) {435,000) {616,250) (36.250) (36,250) (145.0(Kl) {471,250) (652.5)) (36.250) Lease payments recognised as an expense 22 Penslon and other schemes D¢red eolltributiou pension scheme The charity operats a defined contribulion pension scheme. The pension cost c]Mrge for the year represent8 contrtbutions payable by the charity io the scheme wid amounl¥d to £4,366 {2023 - £5,076). Contributions totslling £1.037 (2023 - £947) were pay8ble to the 5ch¢me at the end of the year and are included in creditors. Page 27
Mostyn Gallery Limited Notes to the FinAncial Statements for the Year Ended 31 Mareh 2024 23 Funds Balance at 31 Mareh 2024 Balance at I April 2023 Incoming resour¢e5 RereeS expended Transfers Unr¢stricted funds Getternl General 2.821.697 593,244 (678,642) (28,895) 2,707.404 Reslricted tsnds NRW - Learning and undergrowth programme NCAGW - C&pit&l Fund N7CAGW - Capital Staffing NCAGW - Project anogemellt National Gallery WCVA- Energy effciency 811tv¢y IKT Orin Piohassi Tuur & Revital Dianne Dal-Pra Rosemarie Castoro Taioi Havini National Mus¢um 38,037 75,887 4,203 (53.856) (75.887) (4,203) 15,819 10,000 81,000 (10,000) (123) 80.877 1,000 6.500 15,000 10,000 2.000 1.000 (9.675) (15,000) (11.512) (7.083) (8.000) (4,432) (7.500) 3.175 E.512 5,083 1,126 8,500 3.306 Total restrieted funds 261253 (207,271) 28,895 82,877 Total funds 2.821,697 854,497 885.913 2.790,281 Page 28
Mostyn GalIery Limited Notes to the Financial Statements for the Year Ended 31 March 2024 BAIAnce At 31 Marc 2023 Balance ot I April 2022 Incomlng resources Resources expended TrAnsfers LTnrestricted funds General Gener 2,961,082 593.006 (692,159) (40.232) 2.821,697 Restrict¢d Summer of project Digital Innovation Llandudno Tourist & Innovation Grant Cerith Wyn Evatjs Criw Celf Jacquelin¢ d¢ Jong Exhibition Atsgharad Williams Exhibition Garfield Weston Culture Fund NRW L & E - Undergrowth program Heating system repairs Project Space Creativity is Mistakes Temporary Atlas FTanc&8 Disley Project Podcast Di8ital Project TotAI restrlcted funds 2.5(Ki (2,500) (5.000) 7.370 33,500 39,596 (7,370) {44,596) {41.161) 11,096 1,565 (18,721) 18,721 2,000 (6,902) 4.902 89.307 (85.807) {3,5(Ki) 45.863 1200 {1,785) (47,150) (5,200) {27.586) (569) 1.287 4,000 3.529 49 148 25,842 520 {148) 6.950 990 7.225 (14.175) (990) 125,026 142,469 {307,727} 40,232 Total funds 3,086,108 735,475 (999,886) 2.821,697 Page 29
Mostyn Gallery Limited Notes to the Financial Ststements for the Year Ended 31 March 2024 24 Analysis of net assets behveen funds Unrestrlcted funds General Total fund$ at 31 March 2024 Restrlcted funds Tangible red assets Cuent a8sets cuettI liabilities Creditors over l year 2.823.768 306,855 (318566) {104.653) 2.823,768 389.732 (318.566) (104.653) 82,877 Total net assets 2,707,404 82,877 2,790,281 Unrestrlcted funds General Total funds at 31 March 2023 Tangible fixed assets Cumt assets Current liabilities Creditors over l year 2.842,288 210,737 {219,987) (11.341 2.821.697 2.842.288 210.737 (219.987) 11,341 Total net &8sets 2.821,697 25 Related party trans&ctions There were no related paty transactions in the year. Page 30