Company registration 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 2025
Aston Hughes Limited Chartered Accountants and Statutory Auditors Selby Towers 29 Princes Drive Colwyn Bay North Wales LL29 8PE
## **Mostyn Gallery Limited**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Strategic Report|2 to 3|
|Trustees' Report|4 to 9|
|Independent Auditors' Report|10 to 12|
|Statement of Financial Activities|13 to 14|
|Balance Sheet|15|
|Statement of Cash Flows|16|
|Notes to the Financial Statements|17 to 33|
## **Mostyn Gallery Limited**
|**Reference and Administrative Details**|**Reference and Administrative Details**|
|---|---|
|**Trustees**|Mr J C Salisbury, Chairman|
||Mr E Williams|
||Ms V Griffiths|
||Mr D Lloyd|
||Dr C Harding, Gallery Director|
||Mr N Clarke (appointed 1 November 2024)|
|**Charity Registration Number**|507842|
|**Company Registration Number**|01378599|
||The charity is incorporated in England and Wales.|
|**Registered Office**|Oriel Mostyn|
||12 Vaughan Street|
||Llandudno|
||Conwy|
||LL30 1AB|
|**Auditor**|Aston Hughes Limited|
||Chartered Accountants and Statutory Auditors|
||Selby Towers|
||29 Princes Drive|
||Colwyn Bay|
||North Wales|
||LL29 8PE|
|**Solicitors:**|Gamlins|
||141 Bath St|
||Rhyl|
||LL18 3EB|
|**Bankers**|National Westminster Bank Plc|
||250 Bishopsgate|
||London|
||EC2 4AA|
Page 1
## **Mostyn Gallery Limited**
## **Strategic Report for the Year Ended 31 March 2025**
The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 March 2025, in compliance with s414C of the Companies Act 2006.
## **Financial review**
## _**Policy on reserves**_
The Trustees’ Reserves Policy states that having given due consideration to the operational profile of the charity, Gallery Council has decided that it is appropriate to hold a reserve that would allow the charity to discharge its liabilities and close its operation in an orderly fashion should it be unable to continue its activities. The Trustees established that this would represent holding a reserve equivalent to 3 months' operational expenditure plus the redundancy costs of all staff members. This figure has been calculated to be £140,000. Establishing this reserve is the key basis of the programme schedule that has been adopted by the Gallery Council. The Gallery continues toward establishing this level of funds which is not yet met.
The total funds held by charity at the end of the reporting period were £2,934,519 (2024, £2,790,281). This includes restricted funds of £151,051 (2024, £82,877). The total funds that can only be realised by disposing of fixed assets were £2,934,519 (2024, £2,790,281). The total free reserves held by the charity at the end of the reporting period were £0 (2024, £0).
## **Plans for future periods**
The Trustees have agreed a programme schedule that consolidates the excellent work done over the past four years in terms of financial controls and stability. This will be complemented by a concerted effort to increase Mostyn’s capability in terms of attracting corporate and individual giving.
Page 2
## **Mostyn Gallery Limited**
## **Strategic Report for the Year Ended 31 March 2025**
## _**Key risks and uncertainties**_
The most significant risk Mostyn faces is further cuts to the core funding received from ACW (Arts Council of Wales), in the context of a wider economic downturn and continued cost of living crisis.
Mostyn continues to review and stabilise overhead costs, and to ensure that all externally funded restricted projects contribute towards the organisation's core costs. The process of strategically reviewing all potential commercial opportunities and alternative funding streams to de-risk the funding uncertainties moving forward is on-going throughout the financial year.
The Trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to those major risks.
The Trustees are in agreement that Mostyn Gallery Limited is able to continue as a going concern for at least the next 12 months.
The strategic report was approved by the trustees of the charity on 28 November 2025 and signed on its behalf by:
......................................... Mr J C Salisbury Trustee
Page 3
## **Mostyn Gallery Limited**
## **Trustees' Report**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and independent examiner's report of the charitable company for the year ended 31 March 2025.
## **Objectives and activities**
## _**Objects and aims**_
Mostyn is a public art gallery and a not-for-profit organisation in Llandudno, North Wales, with a programme of contemporary art exhibitions on a par with those in major global art centres.
Mostyn Gallery Limited produces a range of creative activities for its visitors to enjoy at Mostyn or at home. These are inspired by the exhibition programme. Mostyn also works with schools, colleges, universities, youth, community and special needs groups.
The Gallery shop sells a wide range of jewellery, ceramics, prints, glassware, books, magazines and cards, supporting the work of over 400 independent artists and makers.
## Values
• Support excellence: show the best international contemporary art, and the best work by regional artists, craftspeople and makers.
• Captivate and fascinate: encouraging discussion and reflection on how and why contemporary art is relevant to everyone's lives.
• Champion inclusivity: be welcoming, accessible and providing space for all voices.
- Collaborate: share Mostyn and the value of contemporary art beyond the building by working in partnership with others in the local communities.
- Act with Integrity: promote sustainable and ethical working practices and creative opportunities for others.
• Advocate: actively support the Welsh language and the Welsh cultural sector.
## Vision
• To produce outstanding and internationally significant contemporary art exhibitions that aim to represent diverse perspectives on contemporary life.
• To engage, inspire and excite audiences, through ambitious exhibitions, learning and digital programmes.
• To provide a safe, inclusive, accessible and welcoming environment to share contemporary art and open dialogue with everyone.
• To passionately support and promote the Welsh language as a modern language of creativity and innovation.
• To nurture and promote Welsh and Wales based artists and creative practitioners, nationally and internationally.
- To be a resilient, diverse and sustainable organisation that contributes towards the cultural, social, environmental and economic fabric of Wales.
During this financial year, Mostyn Gallery Limited has maintained its position as the leading visual arts organisation in Wales increasing the reach, ambition and recognition of its artistic programme as well as its impact on the local community.
Page 4
## **Mostyn Gallery Limited**
## **Trustees' Report**
## _**Objectives, strategies and activities**_
## _**Audience numbers**_
In 2024/25, we recorded 68,647 on-site visits and 28,086 website visits. Our social media posts reached 418,900 users and generated 63,242 engagements.
£385,130 was received as part of our annual portfolio funding from the Arts Council of Wales (ACW) to deliver our core exhibition activities, and a further £441,693 was raised from other charities, trusts and funds to support public engagement activities.
## _**Exhibitions**_
Paul Maheke: To Be Blindly Hopeful
Revital Cohen and Tuur Van Balen: Daughter of Dog
Contemporary Craft and Print
The Natural World
Focws #2
Kristine Luke: Shop Mine Flyer Flower Skull
Noemie Goudal: Contours of Certainty
In the Window: MA Creative Professional Practitioner Wrexham University
Rooted in Wales 2024
Owain Train McGilvary and Dylan Huw: Fel gwacter
Focws #3
Apostolos Georgiou: Matters of the Unconscious
Focws #4
Crefft and Print
Mostyn Gallery Limited worked in partnership with organisations such as Wrexham University, LUX, Frân Wen, The National Gallery, London (The Triumph of Art), and CELF (the national contemporary art gallery for Wales) to deliver exhibitions and public engagement activities during the year.
Page 5
## **Mostyn Gallery Limited**
## **Trustees' Report**
## _**Artistic Programme Events**_
Events led and delivered by Mostyn Gallery Limited during the reporting period included:
Children's workshops
Artist's talks
Exhibition tours with curators
Accessible tours, i.e. with BSL interpretation or audio description
Film screenings
Creative professional development workshops
Graduate and undergraduate study visits
Health & wellbeing group support
Family drop in art workshops
Rural artist residencies
Learning resource packs
## _**Public benefit**_
The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Page 6
## **Mostyn Gallery Limited**
## **Trustees' Report**
## **Structure, governance and management**
## _**Nature of governing document**_
Mostyn Gallery Limited is a company limited by guarantee as defined by the Companies Act 2006. It is a registered charity. The company was established in 1979 under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under the Articles of Association.
## _**Charity constitution**_
The trustees meet three times a year and are responsible for the management and strategic leadership of the charity and ensuring that the charity devotes all of its resources and assets towards meeting its objectives. All of the trustees are members of the company and guaranteed to contribute £1 in the event of a winding up.
## _**Recruitment and appointment of trustees**_
Mostyn Gallery Trustees are recruited according to the skills required as identified by the Trustees.
The Gallery Council annually welcomes 2 County Council officers appointed by CCBC and 1 Town Council officer appointed by Llandudno Town Council to sit on the board of Trustees.
Having concluded that more Trustees were required in 2023/4, in 2024/5 the Gallery Council agreed a list of ideal skills for new trustees to ensure that the organisation has the breadth of skills needed to keep it moving forwards, and the Trustee recruitment process was initiated accordingly.
## _**Decision making**_
All decisions on policy and strategy are made by the Gallery Trustees and recorded in the minutes of the meetings. Day to day responsibility for the management of the charity is delegated to the Gallery Interim Director Clare Harding. Individual Trustees take particular interest in aspects of the business relating to their skills and expertise and provide mentorship and support in relation to these.
## _**Induction and training of trustees**_
The charity has a policy and procedure for the induction 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 Law and Charity Commission guidelines.
## _**Arrangements for setting key management personnel remuneration**_
The Interim Director of the Gallery (Clare Harding) is a Trustee. The salary of the Director is agreed by Gallery Council who make the appointment. Expenses incurred by the Director are monitored by the Chair of Gallery Council. All other Trustees are unpaid except for expenses incurred directly on the charity's behalf.
## _**Fundraising**_
Mostyn Galley Limited does not carry out significant fund raising activities therefore this report does not include a statement of that fact together with any useful information relevant to the legal requirements.
Page 7
## **Mostyn Gallery Limited**
## **Trustees' Report**
## _**Major risks and management of those risks**_
The most significant risk Mostyn faces is further cuts to the core funding received from ACW (Arts Council of Wales), in the context of a wider economic downturn and continued cost of living crisis.
Mostyn continues to review and stabilise overhead costs, and to ensure that all externally funded restricted projects contribute towards the organisation's core costs. The process of strategically reviewing all potential commercial opportunities and alternative funding streams to de-risk the funding uncertainties moving forward is on-going throughout the financial year.
The Trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to those major risks.
The Trustees are in agreement that Mostyn Gallery Limited is able to continue as a going concern for at least the next 12 months.
Page 8
## **Mostyn Gallery Limited**
## **Trustees' Report**
## **Statement of trustees' responsibilities**
The trustees (who are also the directors of Mostyn Gallery Limited for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **Disclosure of information to independent examiner**
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant information and to establish that the charity's independent examiner is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the independent examiner is unaware.
The annual report was approved by the trustees of the charity on 28 November 2025 and signed on its behalf by:
......................................... Mr J C Salisbury Trustee
Page 9
## **Mostyn Gallery Limited**
## **Independent Auditor's Report to the Members of Mostyn Gallery Limited**
## **Opinion**
We have audited the financial statements of Mostyn Gallery Limited (the 'charity') for the year ended 31 March 2025, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to the fact that the comparative figures for the year ending 31 March 2024 are unaudited. The charity was under the audit threshold, therefore statutory audit was not required. Instead the charity was subject to an independent examination. Our opinion is not modified in respect of this matter.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 10
## **Mostyn Gallery Limited**
## **Independent Auditor's Report to the Members of Mostyn Gallery Limited**
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion on other matter prescribed by the Companies Act 2006**
- In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Trustees' Report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Trustees' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of trustees' responsibilities (set out on page 9), the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Page 11
## **Mostyn Gallery Limited**
## **Independent Auditor's Report to the Members of Mostyn Gallery Limited**
We considered the nature of the charity’s industry and control environment and reviewed policies and procedures relating to fraud and compliance with laws and regulations. We also enquired with management about their own identification and assessment of the risk of irregularities.
We communicated amongst the audit team areas that may exist within the organisation for fraud or non-compliance with laws and regulations. Where we considered the risks identified may have a direct material effect on the financial statements or operations of the charity audit procedures were carried out. To address the risks identified we discussed matters with key management, inspected board minutes and reviewed documentation where available.
In common with all audits under ISA's (UK) we are also required to perform specific procedures to respond to the risk of fraud and error through management override of controls and in response we incorporated testing of journal entries within the main accounting system and the manual entries made in the client financial reporting system.
## **Use of our report**
This report is made solely to the charitable company's trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
...................................... G Lowe BSc ACA (Senior Statutory Auditor) For and on behalf of Aston Hughes Limited, Statutory Auditor
Selby Towers 29 Princes Drive Colwyn Bay North Wales LL29 8PE
Date:.............................
Page 12
## **Mostyn Gallery Limited**
## **Statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Unrestricted**
**£**
**Income and Endowments from:**
Donations and legacies
3
434,097
Other trading activities
4
120,354
Investment income
5
2,557
Other income
6
58,593
Total Income
615,601
**Expenditure on:**
Raising funds
7
(69,508)
Charitable activities
8
(657,097)
Total Expenditure
(726,605)
Net (expenditure)/income
(111,004)
Transfers between funds
187,068
Net movement in funds
76,064
**Reconciliation of funds**
Total funds brought forward
22
2,707,404
Total funds carried forward
22
2,783,468|**Restricted**
**£**
438,694
-
-
-
438,694
-
(183,452)
(183,452)
255,242
(187,068)
68,174
82,877
151,051|**Total**
**2025**
**£**
872,791
120,354
2,557
58,593|
|---|---|---|
|||1,054,295|
|||(69,508)
(840,549)|
|||(910,057)|
|||144,238
-|
|||144,238
2,790,281|
|||2,934,519|
The notes on pages 17 to 33 form an integral part of these financial statements. Page 13
## **Mostyn Gallery Limited**
## **Statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Unrestricted**
**£**
**Income and Endowments from:**
Donations and legacies
3
423,293
Other trading activities
4
116,609
Investment income
5
1,083
Other income
6
52,259
Total Income
593,244
**Expenditure on:**
Raising funds
7
(65,207)
Charitable activities
8
(613,435)
Total Expenditure
(678,642)
Net (expenditure)/income
(85,398)
Transfers between funds
(28,895)
Net movement in funds
(114,293)
**Reconciliation of funds**
Total funds brought forward
2,821,697
Total funds carried forward
22
2,707,404|**Restricted**
**£**
261,253
-
-
-
261,253
-
(207,271)
(207,271)
53,982
28,895
82,877
-
82,877|**Total**
**2024**
**£**
684,546
116,609
1,083
52,259|
|---|---|---|
|||854,497|
|||(65,207)
(820,706)|
|||(885,913)|
|||(31,416)
-|
|||(31,416)
2,821,697|
|||2,790,281|
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 17 to 33 form an integral part of these financial statements. Page 14
## **Mostyn Gallery Limited**
## **(Registration number: 01378599) Balance Sheet as at 31 March 2025**
|**Note**
**Fixed assets**
Tangible assets
14
**Current assets**
Stocks
15
Debtors
16
Cash at bank and in hand
17
**Creditors: Amounts falling due within one year**
18
**Net current assets**
**Total assets less current liabilities**
**Creditors: Amounts falling due after more than one year**
19
**Net assets**
**Funds of the charity:**
**Restricted income funds**
Restricted funds
22
**Unrestricted income funds**
Unrestricted funds
**Total funds**
22|**2025**
**£**
2,712,978
25,622
16,277
251,163
293,062
(60,180)
232,882
2,945,860
(11,341)
2,934,519
151,051
2,783,468
2,934,519|**2024**
**£**
2,823,769
28,008
72,482
289,242|
|---|---|---|
|||389,732
(318,567)|
|||71,165|
|||2,894,934
(104,653)|
|||2,790,281|
|||82,877
2,707,404|
|||2,790,281|
The financial statements on pages 13 to 33 were approved by the trustees, and authorised for issue on 28 November 2025 and signed on their behalf by:
......................................... Mr J C Salisbury Trustee
The notes on pages 17 to 33 form an integral part of these financial statements. Page 15
## **Mostyn Gallery Limited**
## **Statement of Cash Flows for the Year Ended 31 March 2025**
|**Note**
**Cash flows from operating activities**
Net cash income/(expenditure)
**Adjustments to cash flows from non-cash items**
Depreciation
7
Investment income
5
**Working capital adjustments**
Decrease/(increase) in stocks
15
Decrease in debtors
16
(Decrease)/increase in creditors
18
(Decrease)/increase in deferred income
18
Net cash flows from operating activities
**Cash flows from investing activities**
Interest receivable and similar income
5
Purchase of tangible fixed assets
14
Sale of tangible fixed assets
Net cash flows from investing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 April
17
Cash and cash equivalents at 31 March
17|**2025**
**£**
144,238
203,895
(2,557)
345,576
2,386
56,205
(258,387)
(93,312)
52,468
2,557
(114,770)
21,666
(90,547)
(38,079)
289,242
251,163|**2024**
**£**
(31,416)
196,603
(1,083)|
|---|---|---|
|||164,104
(1,151)
11,932
98,579
93,312|
|||366,776|
|||1,083
(178,083)
-|
|||(177,000)|
|||189,776
99,466|
|||289,242|
The notes on pages 17 to 33 form an integral part of these financial statements. Page 16
## **Mostyn Gallery Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
## **1 Charity status**
The charity is a charity limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: Oriel Mostyn 12 Vaughan Street Llandudno Conwy LL30 1AB
These financial statements were authorised for issue by the trustees on 28 November 2025.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Basis of preparation**
Mostyn Gallery Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The financial statements are prepared in sterling, and monetary amounts in these financial statements are rounded to the nearest £.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Page 17
## **Mostyn Gallery Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
## _**Donations and legacies**_
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
## _**Grants receivable**_
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
## _**Deferred income**_
Deferred income relates to a capital grant which is recognised in the profit and loss account on a systematic basis over the useful economic life of the asset to which it related to.
## _**Other trading activities**_
Shop income is recognised as earned (that is, as the related goods or services are provided).Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Raising funds**_
These are costs incurred in attracting voluntary income and in trading activities that raise funds.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including independent examination, strategic management and trustees meetings and reimbursed expenses.
Page 18
## **Mostyn Gallery Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
## **Government grants**
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
## **Irrecoverable VAT**
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Tangible fixed assets**
Individual fixed assets costing £1,000.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Leasehold and other interests in land and buildings: lower of 30 years or remaining lease term Fixtures & Fittings: 20% Straight Line Basis
## **Stock**
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 19
## **Mostyn Gallery Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
## **Trade creditors**
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
## **Borrowings**
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Non-interest-bearing borrowings are recorded at fair value.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
## **Pensions and other post retirement obligations**
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
## **Financial instruments**
## _**Classification**_
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
Page 20
## **Mostyn Gallery Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
## _**Recognition and measurement**_
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
## **3 Income from donations and legacies**
## **Unrestricted**
|**General**
**£**
Donations and legacies
Donations from individuals
3,011
Grants, including capital grants
Government grants
431,086
Non government grants
-
434,097
**4**
**Income from other trading activities**
Trading income
Shop income|**Restricted**
**£**
12,010
406,584
20,100
438,694
**Unrestricted**
**General**
**£**
120,354
120,354|**Total**
**2025**
**£**
15,021
837,670
20,100
872,791
**Total**
**2025**
**£**
120,354
120,354|**Total**
**2024**
**£**
23,583
622,231
38,732|
|---|---|---|---|
||||684,546|
||||**Total**
**2024**
**£**
116,609|
||||116,609|
Page 21
## **Mostyn Gallery Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
## **5 Investment income**
|Interest receivable and similar income;
Interest receivable on bank deposits
**6**
**Other income**
Cafe rental
Room hire
Museums and galleries exhibition tax relief|**Unrestricted**
**funds**
**General**
**£**
2,557
**Unrestricted**
**General**
**£**
5,464
2,648
50,481
58,593|**Total**
**2025**
**£**
2,557
**Total**
**2025**
**£**
5,464
2,648
50,481
58,593|**Total**
**2024**
**£**
1,083|
|---|---|---|---|
||||**Total**
**2024**
**£**
4,167
648
47,444|
||||52,259|
## **7 Expenditure on raising funds**
## **a) Costs of trading activities**
|**Note**
Costs of goods sold|**Unrestricted**
**General**
**£**
69,508
69,508|**Total**
**2025**
**£**
69,508
69,508|**Total**
**2024**
**£**
65,207|
|---|---|---|---|
||||65,207|
Page 22
## **Mostyn Gallery Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
## **8 Expenditure on charitable activities**
|**Note**
Publicity costs
Premises costs
Exhibition program
Travel and
subsistence
Office costs
Sundry expenses
Bank charges
Interest payable
Depreciation
Legal and
professional
Staff costs
Governance costs
9|**Unrestricted**
**General**
**£**
14,140
99,017
83,462
2,793
26,402
27,462
1,251
-
159,595
4,836
228,708
9,431
657,097|**Restricted**
**£**
-
12,752
86,187
600
-
-
-
-
44,301
-
39,612
-
183,452|**Total**
**2025**
**£**
14,140
111,769
169,649
3,393
26,402
27,462
1,251
-
203,896
4,836
268,320
9,431
840,549|**Total**
**2024**
**£**
13,392
97,976
138,884
22,180
68,721
12,304
662
567
196,603
9,478
255,939
4,000|
|---|---|---|---|---|
|||||820,706|
## **Included within exhibition program costs are:**
Grants made to individuals of £28,000 (2024: £42,000). Grants made to institutions of £nil (2024: £4,000).
Page 23
## **Mostyn Gallery Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
## **9 Analysis of governance and support costs**
## **Governance costs**
|Audit fees
Audit of the financial statements
Independent examiner fees
Examination of the financial statements
Allocated support costs|**Unrestricted**
**funds**
**General**
**£**
5,000
-
4,431
9,431|**Total**
**2025**
**£**
5,000
-
4,431
9,431|**Total**
**2024**
**£**
-
4,000
-|
|---|---|---|---|
||||4,000|
Page 24
## **Mostyn Gallery Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
## **10 Net incoming/outgoing resources**
Net incoming/(outgoing) resources for the year include:
|Operating leases - other assets
Audit fees
Other non-audit services
Depreciation of fixed assets
Finance charges payable
Independent examination|**2025**
**£**
36,250
5,000
2,960
203,896
-
-|**2024**
**£**
36,250
-
3,848
199,603
567
4,000|
|---|---|---|
## **11 Trustees remuneration and expenses**
During the year the charity made the following transactions with trustees:
## **Mr A Cramerotti**
Mr A Cramerotti received remuneration of £Nil (2024: £40,034) between 1 April 2023 and 31 December 2023 and pension costs of £nil (2024 £1,059).
The remuneration and expenses paid on behalf of Mr Cramerotti were in respect of day to day management of the charity and fulfilling his role as the gallery director. The transactions reimbursed to Mr Cramerotti were travel and subsistence costs incurred by him whilst on business travel.
## **Ms C Harding**
Ms C Harding received remuneration of £39,200 between 1 April 2024 and 31 March 2025 (£9,388 between 1 January 2024 and 31 March 2024). Pensions costs of £nil (2024: £247) were paid on behalf of the director.
The remuneration and expenses paid on behalf of Ms Harding were in respect of day to day management of the charity and fulfilling her role as the gallery director. Reimbursed transactions comprised travel and subsistence expenses incurred while undertaking business on behalf of the charity. At the year-end, an amount of £475 (2024: £238) was outstanding to the Director in respect of these reimbursed travel expenses.
Page 25
## **Mostyn Gallery Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
## **12 Staff costs**
The aggregate payroll costs were as follows:
|The aggregate payroll costs were as follows:|||
|---|---|---|
|**Staff costs during the year were:**
Wages and salaries
Social security costs
Pension costs
Staff training costs|**2025**
**£**
248,632
13,444
3,784
2,460
268,320|**2024**
**£**
240,228
11,345
4,366
-|
|||255,939|
The monthly average number of persons (including senior management team) employed by the charity during the year was as follows:
|Average numbers
No employee received emoluments of more than £60,000 during the year.
**Remuneration of key management personnel**
Remuneration for services to the charity:-
Salary
Employer's NI
Employer's pension|**2025**
**No**
15
**£**
39,200
4,154
-
44,354|**2024**
**No**
14|
|---|---|---|
|||**£**
51,600
5,761
1,306
58,667|
Page 26
## **Mostyn Gallery Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
## **13 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **14 Tangible fixed assets**
|**Cost**
At 1 April 2024
Additions
Disposals
At 31 March 2025
**Depreciation**
At 1 April 2024
Charge for the year
At 31 March 2025
**Net book value**
At 31 March 2025
At 31 March 2024|**Land and**
**buildings**
**£**
4,726,549
28,501
-
4,755,050
2,047,694
159,329
2,207,023
2,548,027
2,678,855|**Plant and**
**machinery**
**£**
303,620
86,269
(21,666)
368,223
158,706
44,566
203,272
164,951
144,914|**Total**
**£**
5,030,169
114,770
(21,666)|
|---|---|---|---|
||||5,123,273|
||||2,206,400
203,895|
||||2,410,295|
||||2,712,978|
||||2,823,769|
Included within the net book value of land and buildings above is £2,548,027 (2024 - £2,678,855) in respect of leasehold property.
## **15 Stock**
|**15 Stock**|||
|---|---|---|
|Stocks
**16 Debtors**
Trade debtors
Prepayments
Other debtors|**2025**
**£**
25,622
**2025**
**£**
431
12,492
3,354
16,277|**2024**
**£**
28,008|
|||**2024**
**£**
52,842
12,521
7,119|
|||72,482|
Page 27
## **Mostyn Gallery Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
## **17 Cash and cash equivalents**
|**17 Cash and cash equivalents**|||
|---|---|---|
|Cash on hand
Cash at bank|**2025**
**£**
3,149
248,014
251,163|**2024**
**£**
40
289,202|
|||289,242|
## **18 Creditors: amounts falling due within one year**
|**18 Creditors: amounts falling due within one year**|||
|---|---|---|
|Trade creditors
Other taxation and social security
VAT liability
Other creditors
Accruals|**2025**
**£**
33,356
4,143
1,014
3,038
18,629
60,180|**2024**
**£**
261,595
2,818
5,556
40,098
8,500|
|||318,567|
## **19 Creditors: amounts falling due after one year**
|**19 Creditors: amounts falling due after one year**|||
|---|---|---|
|Other loans
Deferred income|**2025**
**£**
11,341
-
11,341|**2024**
**£**
11,341
93,312|
|||104,653|
Amounts included within other loans relate to a concessionary loan which attracts no interest and is not expected to be repaid.
|Deferred income brought forward
Grants released to income in the year
Grants deferred in the year
Deferred income carried forward|**£**
93,312
(93,312)
-
-|**£**
-
-
93,312
93,312|
|---|---|---|
## **20 Obligations under finance leases and hire purchase contracts**
## **Operating lease commitments**
Total future minimum lease payments under non-cancellable operating leases are as follows:
Page 28
## **Mostyn Gallery Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
|**Land and buildings**
Within one year
Between one and five years
After five years
Lease payments recognised as an expense|**2025**
**£**
36,250
145,000
398,750
580,000
**2025**
**£**
(36,250)|**2024**
**£**
36,250
145,000
435,000|
|---|---|---|
|||616,250|
|||**2024**
**£**
(36,250)|
## **21 Pension and other schemes**
## **Defined contribution pension scheme**
The charity operates a defined contribution pension scheme. The pension cost charged to SOFA in the year represents contributions payable by the charity to the scheme and amounted to £3,784 (2024 - £4,366). Contributions totalling £965 (2024 - £1,037) were payable to the scheme at the end of the year and are included in creditors.
Page 29
## **Mostyn Gallery Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
## **22 Funds**
|**Unrestricted funds**
**_General_**
General
**Restricted funds**
NCAGW - Capital Fund
NCAGW - Capital Staffing
NCAGW - Project
Management
National Gallery Jeremy
Deller
WCVA - Energy efficiency
survey
National Museum
SPF Learning &
Development
SPF & ACW Capital Boilers
Tyrer Trust
Ashley Foundation
Ampersand
Foundation Vanessa DaSilva
Henry Moore Vanessa
DaSilva
Foyle Foundation Deller
Amgueddfa Cymru
Colwinston
Insitude of France Paul
Meheke
Fluxus Noemie Goudall
DAC Creativity
**Total restricted funds**
**Total funds**|**Balance at 1**
**April 2024**
**£**
2,707,404
-
-
-
80,877
1,000
1,000
-
-
-
-
-
-
-
-
-
-
-
-
-
82,877
2,790,281|**Incoming**
**resources**
**£**
615,600
167,370
16,810
8,000
-
-
12,200
63,869
74,814
6,120
10,000
5,500
10,000
3,000
25,000
4,500
20,000
3,010
3,500
5,000
438,693
1,054,293|**Resources**
**expended**
**£**
(726,604)
(53,223)
(16,810)
(8,000)
(1,081)
(1,000)
(4,647)
(62,682)
(4,182)
(7,625)
-
(201)
(8,000)
-
-
-
(16,000)
-
-
-
(183,451)
(910,055)|**Transfers**
**£**
187,068
(114,147)
-
-
(2,900)
-
-
(894)
(70,632)
1,505
-
-
-
-
-
-
-
-
-
-
(187,068)
-|**Balance at**
**31 March**
**2025**
**£**
2,783,468
-
-
-
76,896
-
8,553
293
-
-
10,000
5,299
2,000
3,000
25,000
4,500
4,000
3,010
3,500
5,000|
|---|---|---|---|---|---|
||||||151,051|
||||||2,934,519|
The transfer of funds in the NCAGW Capital Fund represents the movement of funds upon the completion of the capital works in the year.
Page 30
## **Mostyn Gallery Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
## **Name of restricted fund Description, nature and purpose of the fund**
NCAGW - Capital Funds
Provision of funding for capital works required to update the security, safety and climatics of the Mostyn Gallery building to a specification required by NCAGW network, to facilitate loans from the NCAGW collection and other lending institutions, that require GIS standards as part of their loan criteria
SPF & ACW - Capital Boilers[CCBC][&][Arts][Council][Wales][grants][supported][the][capital][works][shortfall.] Funding. This phase supported the climatics and BMS requirements[Supported the][Gallery][internal][learning][and][engagement][program for][the] SPF - Learning & Development[CCBC] year, including the annual public program for various local groups and schools
In support of the bicentennial celebrations for the National Gallery which reached all corners of the UK to host Turner Prize winning artists Jeremy National Gallery Jeremy Deller Dellers work, the Gallery was chosen as the Welsh Gallery, funded by the National Gallery
Foyle Foundation Co supported elements of the National Gallery Jeremy Deller Folye Foundation project and to assist in collaborative Welsh Artistic support for the Deller exhibition
Page 31
## **Mostyn Gallery Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
|**Unrestricted funds**
**_General_**
General
**Restricted**
NRW - Learning and
undergrowth programme
NCAGW - Capital Fund
NCAGW - Capital Staffing
NCAGW - Project
Management
National Gallery Jeremy
Deller
WCVA - Energy efficiency
survey
IKT
Orin Pinhassi
Tuur & Revital
Dianne Dal-Pra
Rosemarie Castoro
Taloi Havini
National Museum
**Total restricted funds**
**Total funds**|**Balance at 1**
**April 2023**
**£**
2,821,697
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,821,697|**Incoming**
**resources**
**£**
593,244
38,037
75,887
4,203
10,000
81,000
1,000
6,500
15,000
10,000
2,000
8,000
1,126
8,500
261,253
854,497|**Resources**
**expended**
**£**
(678,642)
(53,856)
(75,887)
(4,203)
(10,000)
(123)
-
(9,675)
(15,000)
(11,512)
(7,083)
(8,000)
(4,432)
(7,500)
(207,271)
(885,913)|**Transfers**
**£**
(28,895)
15,819
-
-
-
-
-
3,175
-
1,512
5,083
-
3,306
-
28,895
-|**Balance at**
**31 March**
**2024**
**£**
2,707,404
-
-
-
-
80,877
1,000
-
-
-
-
-
-
1,000|
|---|---|---|---|---|---|
||||||82,877|
||||||2,790,281|
Page 32
## **Mostyn Gallery Limited**
## **Notes to the Financial Statements for the Year Ended 31 March 2025**
## **23 Analysis of net assets between funds**
|Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets|**Unrestricted**
**funds**
**General**
**£**
2,712,978
137,330
(55,500)
(11,341)
2,783,467
**Unrestricted**
**funds**
**General**
**£**
2,823,768
306,855
(318,566)
(104,653)
2,707,404|**Restricted**
**funds**
**£**
-
155,731
(4,680)
-
151,051
**Restricted**
**funds**
**£**
-
82,877
-
-
82,877|**Total funds at**
**31 March**
**2025**
**£**
2,712,978
293,061
(60,180)
(11,341)|
|---|---|---|---|
||||2,934,518|
||||**Total funds at**
**31 March**
**2024**
**£**
2,823,768
389,732
(318,566)
(104,653)|
||||2,790,281|
## **24 Related party transactions**
There were no related party transactions in the year.
Page 33