| CONTENTS | PAGE |
|---|---|
| Trustees' Annual Report |
1-7 |
| Reference and Administrative Information |
|
| Independent Examiner's Report tothe Trustees |
9-10 |
| Statement of Financial Activities | |
| Balance Sheet | 12 |
| Cash Flow Statement | 13 |
| Notes to the financial statements | 14-22 |
| Unrestricted | Restricted | Total funds | Total funds | ||
|---|---|---|---|---|---|
| Notes | Fundsf | Funds f |
2022 f |
2021 f |
|
| Income from: | |||||
| Donations | 291,484 | 155,367 | 446,851 | 421.558 | |
| Charitable activities |
25,679 | 23,523 | 49,202 | 1.998 | |
| Other trading activities |
7,089 | 7,089 | (135) | ||
| Total income | 324,252 | 178,890 | 503,142 | 423,421 | |
| Expenditure on: |
|||||
| Charitable activities |
306,117 | 185,428 | 491,545 | 339.337 | |
| Total expenditure | 306,117 | 185,428 | 491,545 | 339,337 | |
| Net income/(expenditure) | 18,135 | (6,538) | 11,597 | 84.084 | |
| Transfers | 14 | (58,001) | 58,001 | ||
| Net movement in funds |
(39,866) | 51.463 | 11,597 | 84,084 | |
| Total funds brought forward | 14 | 73,017 | 17,309 | 90.326 | 6,242 |
| Total funds carried forward | 14 | 33,151 | 68,772 | 101.923 | 90,326 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| Notes | 6 | |||
| Fixed assets | 20,971 | 35,476 | ||
| Current assets | ||||
| Stocks | 27,840 | 16.814 | ||
| Debtors | 10,945 | 46,625 | ||
| Cash at bank | 49,228 | 28,410 | ||
| 88,013 | 91,849 | |||
| Creditors: Amounts | falling due within one year | 10 | (7,061) | (36,999) |
| Net current assets | 80,952 | 54,850 | ||
| Net assets | 101,923 | 90,326 | ||
| Funds | ||||
| Restricted | 15 | 68,772 | 17,309 | |
| Unrestricted | 15 | 33,151 | 73,017 | |
| 101,923 | 90,326 |
| 2022 | 2021 | |||
|---|---|---|---|---|
| Notes | 8 | |||
| Cash flow from operating | activities | 11 | 28,426 | 104,360 |
| Cash flow from financing | activities | |||
| Repayment of overdraft |
(28,365) | |||
| Cash flow from investing | activities | |||
| Purchase offixed assets | (7,608) | (47,625) | ||
| Net cash inflow I(oufflow) | for the year | 13 | 20,818 | 28.370 |
| ncome from | donations | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Totalfunds | |||
| Funds | Funds | 2022 | |||
| 6 | 6 | ||||
| Donations | 205 | 205 | |||
| Grant income | received | ||||
| Arts Council | Wales - Revenue | 201,666 | 201,666 | ||
| Arts Council | Wales - Capital Grant | ||||
| Jerwood Foundation | 8.044 | 8.044 | |||
| Cardiff City | Council - Covid Grants | ||||
| British Council- Digital |
SSA | ||||
| Arts Council | Wales - Covid recovery | 89,613 | 47,323 | 136,936 | |
| Colwinston | Trust - Diffusion | ||||
| Creative Europe funding | -A Woman's Work | ||||
| Welsh Government | 50,000 | 50,000 | |||
| British Council - Wales | India | 50,000 | 50,000 | ||
| 291,279 | 155,367 | 446,646 | |||
| 291,484 | 155,367 | 446,851 |
| Previous year | Previous year | Unrestricted | Restricted | Total funds | ||
|---|---|---|---|---|---|---|
| Funds 6 |
Fundsf | 2021 6 |
||||
| Donations | 24 | 24 | ||||
| Grant income | received'. | |||||
| Arts Council | Wales - Revenue | 201,666 | 201,666 | |||
| Arts Council | Wales - Capital Grant | 3,968 | 3,968 | |||
| Jerwood Foundation | 6,831 | 6,831 | ||||
| Cardiff City | Council - Covid Grants | 23,000 | 23,000 | |||
| British Council - Digital | SSA | 8,000 | 8,000 | |||
| Arts Council | Wales - Covid recovery | 119,273 | 119,273 | |||
| Colwinston | Trust - Diffusion | 5,000 | 5,000 | |||
| Creative Europe funding | - A Woman's | Work | 43,796 | 43,796 | ||
| British Council - Wales | India | 10,000 | 10,000 | |||
| 343,939 | 77,595 | 421,534 | ||||
| 343,963 | 77,595 | 421,558 |
| Unrestricted | Restricted | Total funds | Total funds | ||
|---|---|---|---|---|---|
| Funds | Funds | 2022 | 2021 | ||
| 6 | 6 | 6 | 6 | ||
| Exhibition | income | 4,061 | 4,061 | 1,500 | |
| Sales of | publications | 2.021 | 922 | 2,943 | 498 |
| Kickstart | scheme receipts | 23.658 | 18,540 | 42,198 | |
| 25,679 | 23,523 | 49,202 | 1,998 |
| Expenditure on cha |
ritable activities |
||
|---|---|---|---|
| Tots I funds | Total funds | ||
| 2022 | 2021 | ||
| 8 | 8 | ||
| Staff costs | 180,273 | 119,221 | |
| Intern Costs | 10,228 | 500 | |
| Premises costs | 55,525 | 46,761 | |
| Office running costs |
5,426 | 8,517 | |
| Subscriptions and library |
917 | 1,662 | |
| Sundry expenditure | 4,230 | 5,215 | |
| Exhibition production |
costs | 177,772 | 112,920 |
| Exhibition information |
1,332 | 404 | |
| Publication costs |
10,256 | 18,421 | |
| Publicity costs | 13,595 | 3,738 | |
| Training courses | 1,350 | 20 | |
| Purchase of equipment |
724 | 488 | |
| Staff and volunteer expenses | 2,628 | 370 | |
| Depreciation | 22,113 | 19,570 | |
| Accountancy | 2,286 | 1,294 | |
| Stock Adjustment | (766) | ||
| Governance costs |
2,890 | 1,002 | |
| 491,545 | 339,337 |
| Net income/ | (expenditure) for the year |
|||
|---|---|---|---|---|
| Total funds | Totalfunds | |||
| Stated after | charging- | 2022 | 2021f | |
| Depreciation | 22,113 | 19,570 | ||
| Independent | Examiner's fee - for current year | 2,800 | 1,600 | |
| - underprovided | m pdior year | 90 |
| The aggregate payroll costs were: |
||
|---|---|---|
| Total funds | Total funds | |
| 2022 | 2021 | |
| K | 6 | |
| Wages and salaries | 166.796 | 87,288 |
| Social security costs | 9.776 | 25,232 |
| Pension costs | 3.701 | 6,701 |
| 180.273 | 119,221 |
| The aver | age number (headcount) ofemployees and free |
lance staff in the year was as follows'. | ||
|---|---|---|---|---|
| Total | funds | Totalfunds | ||
| 2022 | 2021 | |||
| Number | ofemployees |
| Comparative fund movem |
ents | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total funds | ||||
| Funds | Funds | 2021 | ||||
| E | E | |||||
| Income from: | ||||||
| Donations | 343,963 | 77,595 | 421,558 | |||
| Other trading activities |
1.998 | 1,998 | ||||
| Charitable activities |
(135) | (135) | ||||
| Total income | 345.826 | 77,595 | 423,421 | |||
| Expenditure on: |
||||||
| Charitable acbvities |
252,253 | 87,084 | 339,337 | |||
| Tots I expenditure | 252,253 | 87,084 | 339,337 | |||
| Net income/(expenditure) | and net movement | in | 93,573 | (9,489) | 84,084 | |
| funds | ||||||
| Total funds brought forward | (20,556) | 26,798 | 6,242 | |||
| Total funds carried forward | 73,017 | 17,309 | 90,326 | |||
| Tangible fixed assets |
||||||
| Props and | Computers | |||||
| Leasehold | production | ILoffice | ||||
| improvements | equipment | equipment | Total | |||
| Cost | E | E | E | |||
| At 1 April 2021 | 24,207 | 10,285 | 24,265 | 58,757 | ||
| Additions | 7,608 | 7,608 | ||||
| At 31 March 2022 | 24,207 | 10,285 | 31,873 | 66,365 | ||
| Depreciation | ||||||
| At 1 April 2021 | 8,772 | 5,088 | 9.421 | 23.281 | ||
| Charge for the year | 8,062 | 3,427 | 10,624 | 22.113 | ||
| At 31 March 2022 | 16,834 | 8,515 | 20,045 | 45.394 | ||
| Net book value | ||||||
| At 31 March 2022 | 7,373 | 1,770 | 11,828 | 20,971 | ||
| At 31 March 2021 | 15,435 | 5,197 | 14.844 | 35.476 |
| Debtors | ||
|---|---|---|
| 2022 f |
2021f | |
| Trade debtors | 8,692 | 150 |
| Taxation and social security | 2,253 | 2,679 |
| Grant income due | 43,796 | |
| 10,945 | 46,625 |
| Creditors: amounts falling due within one year |
||
|---|---|---|
| 2022 | 2021 | |
| 6 | ||
| Trade creditors | 1,936 | 12,000 |
| Accru ale | 2,800 | 24,932 |
| Tax and social security | 2,325 | |
| Other creditors | 67 | |
| 7.061 | 36,999 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| 6 | 6 | ||||
| Statement of Financial | Activities. net movement | in funds | 11,597 | 84,084 | |
| Depreciation | 22,113 | 19,570 | |||
| (Increase) / decrease |
in stock | (11,026) | (766) | ||
| (Increase) / decrease |
in debtors | 35,680 | (22,434) | ||
| Increase / (decrease) |
in creditors | (29,938) | 23.906 | ||
| Net cash inflow / (oufflow) from operating |
activities | 28,426 | 104,360 |
| Analysis of net debt | ||||
|---|---|---|---|---|
| At 1 April | As at | 31 | ||
| 2021 | Cashf lowe | March | 2022 | |
| 6 | ||||
| Cash and cash equivalents | ||||
| Cash | 40 | 40 | ||
| Cash at bank | 28,370 | 20,818 | 49.188 | |
| 28.410 | 20,818 | 49,228 | ||
| At 1 April | As at | 31 | ||
| 2020 | Cashf lowe | March | 2021 | |
| Cash and cash equivalents | 6 | 6 | ||
| Cash | 40 | 40 | ||
| Overdrafts | (28.365) | 28,365 | ||
| Cash at bank | 28,370 | 28,370 | ||
| (28.325) | 56,735 | 28,410 |
| 13 | Analysis | of | changes | in cash during | the year | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | Change | ||||||||
| 8 | E | 8 | ||||||||
| Cash at | bank and in hand |
49,228 | 28,410 | 20,818 | ||||||
| 49,228 | 28,410 | 20,818 | ||||||||
| 2021 | 2020 | Change | ||||||||
| 5 | 8 | |||||||||
| Cash at | bank and in hand | 28,410 | 40 | 28,370 | ||||||
| 28,410 | 40 | 28,370 | ||||||||
| 14 | Movement | in funds | ||||||||
| At | At | |||||||||
| 1 Apr 21 | Income | Expenditure | Transfers | 31 Mar 22 | ||||||
| 8 | 8 | 8 | 8 | 8 | ||||||
| Restricted funds | ||||||||||
| Weston | Jerwood Creative Bursaries | 2,774 | 1,463 | 4.237 | ||||||
| Arts Council | Wales - Capital Grants | 2,323 | (363) | (1,960) | ||||||
| British Councf - Wales/India | 7,585 | 50,000 | 57.585 | |||||||
| British Council - Digital SSA | 6,950 | 6.950 | ||||||||
| Diffusion | 125,104 | (185,065) | 59,961 | |||||||
| 17,309 | 178,890 | (185,428) | 58,001 | 68.772 | ||||||
| Unrestricted | funds | |||||||||
| General | funds | 73,017 | 324.252 | (306.117i | (58.001) | 33.151 | ||||
| Tote I funds | 90,326 | 503,142 | (491,545) | 101,923 |
| Previous year | ||||||
|---|---|---|---|---|---|---|
| At | At | |||||
| 1 Apr 20 | Income | Expenditure | Transfers | 31 Mar 21 | ||
| 8 | 9 | 6 | 6 | 8 | ||
| Restricted funds | ||||||
| Weston Jerwood | Creative Bursaries | 6.831 | (4,057) | 2.774 | ||
| Arts Council Wales - Capital Grants | 3.968 | (3,968) | ||||
| British Council - | Wales/India | 10.000 | (2,415) | 7.585 | ||
| Bditish Council- | Digital SSA | 8.000 | (1,050) | 6.950 | ||
| Creative Europe | Award - A Woman' s | |||||
| Work | 26,798 | 43.796 | (70,594) | |||
| Colwinston trust |
5.000 | (5,000) | ||||
| 26,798 | 77,595 | (87,084) | 17,309 | |||
| Unrestricted funds |
||||||
| General funds | (20,556) | 345,826 | (252,253) | 73,017 | ||
| Total funds | 6,242 | 423.421 | (339.337 | 90,326 |
| 15 | Analysis of | net assets between funds | |||
|---|---|---|---|---|---|
| Tangible | Other | Total | |||
| Fixed assets | Net assets | 31 Mar 22 | |||
| 5 | |||||
| Restricted | Funds | 68,772 | 68,772 | ||
| Unrestricted | funds | 20,971 | 12,180 | 33,151 | |
| 20,971 | 80,952 | 101,923 | |||
| 20,971 | 80,952 | 101,923 | |||
| Previous year | Tangible | Other | Total | ||
| Fixed assets | Net assets | 31 Mar 21 | |||
| 8 | 5 | 6 | |||
| Restricted | Funds | 17,309 | 17,309 | ||
| Unrestricted | funds | 35,476 | 37,541 | 73,017 | |
| 35,476 | 54,850 | 90,326 | |||
| 35,476 | 54,850 | 90.326 |