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2024-03-31-accounts

Charity registration number 513726

Company registration number 01705938 (England and Wales)

FFOTOGALLERY WALES LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FFOTOGALLERY WALES LIMITED

CONTENTS

Page
Trustees' report 1 - 8
Statement of trustees' responsibilities 9
Independent examiner's report 10
Statement of financial activities 11
Balance sheet 12
Notes to the financial statements 13 - 24

FFOTOGALLERY WALES LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

Objects and charitable purposes

The principal activity of the charitable company is to promote, maintain, improve and advance education in the knowledge, understanding and appreciation of the arts and in particular in the medium of photography. This means that Ffotogallery provides public benefit under at least two statutory charitable purposes: the advancement of education and the advancement of arts, culture, heritage and science.

Public benefit

The organisation's trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. Public benefit is at the heart of the objectives set out above. Significant activities that we undertook during the year that demonstrate public benefit are set out on the following pages. No trustee received any financial benefit from Ffotogallery during the year.

Mission & Values

Photography has the power to effect and reflect social change. By building an inclusive grassroots network in Wales with an international impact, we will be at the heart of a welcoming, creative community engaged in contemporary conversations about photography's role in shaping a more equitable and sustainable world. Ffotogallery's mission is to work with photographers, artists, audiences and partners to:

Our values are:

  1. CREATIVITY / CREADIGRWYDD: Photography and artistic practice reflect and shape our society, our histories and culture. We value the importance of visual literacy in helping us to see, to question and to better understand ourselves, each other and the world we live in.

  2. COMMUNITY / CYMUNED: We bring people and partners together to share ideas, to support each other and celebrate our collective passion for photography. Through active collaboration we can help build a stronger, more equal society.

  3. CARE / CAREDIGRWYDD: Care shapes everything we do. We value empathy and kindness in our workplace, and in the way our work relates to our audiences, partners and collaborators. And what matters for people, also extends to the planet we inhabit, and how we care for it for future generations.

  4. CYMRU: This is our home, our cynefin, our inspiration. The stories that shaped it, and the people and communities who are building its future are at the heart of our work. This is the platform from where we look out to and engage with the world.

  5. 1 -

FFOTOGALLERY WALES LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Our key aims in delivering against our vision and mission are:

Achievements and performance

Charitable activities

Through various exhibitions, publications, educational projects and events, Ffotogallery has continued to present the contemporary photographic image in a rich and widening context of critical and historical debate. This year we undertook projects and presented exhibitions in a variety of sites and locations in Wales, other parts of the United Kingdom and Internationally.

In line with our mission and values, this year we engaged in events, partnerships and projects that strengthened our community presence and deepened our engagement with diverse audiences. These highlights reflect our ongoing commitment to cultural representation, collaboration and creative innovation.

In April 2023, we collaborated with the Hayaat Women Trust and Al Naeem magazine to present The Living Room pop-up exhibition. This project, led by a Cardiff-based, women-run charity supporting Black and ethnic minority communities, created a welcoming gallery space for dialogue on identity and representation. Additionally, in partnership with Oasis Cardiff, we held a Bronze Arts Award event, celebrating the work created by asylum seekers and refugees in photography workshops.

Through June and July, we hosted Assignments 23, an exhibition by the British Press Photographers Association (BPPA), marking its first showing in Wales. This milestone event included talks by esteemed photographers Joanne Randles and Pulitzer Prize-winner Hannah McKay, enriching public engagement with professional insights into press photography.

In August, through the Art Fund Reimagine grant, we launched our first Interventions: Gallery Reset exhibition in partnership with Disability Arts Cymru (DAC). Artist Jack Moyse, selected through an open call, presented work that examined the experiences of disabled people, advancing our commitment to inclusivity and representation by showcasing underrepresented voices in the arts.

In October, we hosted Feeling at Home , an exhibition featuring the work of 19 photographers with learning disabilities from across Brighton and London. This exhibition, part of a study funded by the National Institute of Health and Care Research, offered the public insight into the experiences of people with learning disabilities. To complement this, we held an online Photo Voice workshop, attended by participants nationwide, promoting accessible learning.

Continuing our commitment to marginalised communities, October also saw the Iris pop-up exhibition and film screenings. Attended by local LGBTQ+ community members and key figures, including the Head of Higgins Trust Cymru, the event provided an inclusive space for community connection. Our ongoing Pink Portraits collaboration with the Iris Prize will extend into 2024 with further support from Transport for Wales.

In September/October we also began a new collaboration with Elysium gallery in Swansea to present the work of Malian photographer Fatoumata Diabaté. The exhibition attracted over 3,000 visitors, reflecting substantial community interest. This exhibition was later highlighted as one of 2023’s cultural events of note by the Western Mail .

FFOTOGALLERY WALES LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

In November and as part of Ffocws, our emerging artist development scheme, we partnered with Cardiff MADE on the Higgins Initiative, selecting 14 artists overall to participate. Ffotogallery hosted an exhibition of the artists’ work, while providing the participants with mentoring and professional development opportunities.

In early 2024, we hosted the second gallery takeover in our Interventions: Gallery Reset series. The Alteration exhibition invited audiences to reflect critically on archival photographs and objects centred on a Western perspective of decolonisation. Featured artists Ffion Denman, Nelly Ating, Audrey Albert and Ariella Aïsha Azoulay encouraged viewers to question traditional narratives and consider alternative perspectives. The exhibition also included images from the UWC Robben Island Mayibuye Archives curated by Nelly Ating.

This year also saw us begin work on cataloguing and digitising our archive, and with the support of the National Lottery Heritage Fund, we appointed a new Archive Project officer to oversee the work. Over the coming two years this work will seek to improve access to the collection for the general public, alongside events, artists commissions and exhibitions that help us reevaluate the archive from a contemporary perspective.

In collaboration with the Chinese in Wales Association, we delivered creative community workshops focused on the Year of the Dragon, integrating cultural heritage into visual arts. This culminated in an exhibition at St Fagan’s Museum, celebrating the contributions of the Chinese community.

Looking ahead, our team is developing an exhibition funded by the Imperial War Museum’s 14-18 Now Legacy Fund, commissioning artist Audrey Albert to create work exploring the experiences of the Chagos Islands’ displaced communities. This exhibition is set to open at Ffotogallery in early 2025.

Preparations also began for Ffoto Cymru 2024, our new international photography festival designed to celebrate global photographic arts, building on our success in running five editions of Diffusion Festival. As part of the festival, a new partnership is being formed with Foto Féminas, a platform dedicated to showcasing female photographers from Latin America and the Caribbean. With funding from the British Council, we will commission two Foto Féminas artists and host them in Wales for the Ffoto Cymru 2024 festival, broadening the international scope of our programming and representation of global artists.

Throughout the year, we have built partnerships, expanded inclusive programs, and pursued projects that align with our commitment to making the arts accessible and relevant to all. Despite the current challenges in the arts sector, we successfully secured multi-year funding from Arts Council Wales, although this funding will see a 2.5% reduction for 2024/25. We remain committed to advancing these efforts and are prepared to navigate the changing landscape to continue supporting diverse artistic voices.

Our thematic framework for Ffotogallery's direction for the next four years is Collective Stories, Alternative Futures, with the guiding principles of promoting greater cultural diversity, representation, access and equity, lifelong learning, innovation and excellence. In the last 12 months, we have researched new funding streams and successfully attracted support from Heritage Lottery Fund for digitising, cataloguing and making our archives relevant to contemporary audiences, from the ACW Create fund and the British Council Biennale Connect Fund to support the delivery of our Ffoto Cymru biennale photography festival. We are committed to consolidating a secure financial position from which we can continue to develop a strong programme-led approach across all our activities.

Charitable Activities

Impact of Ffotogallery's Charitable Activities

In 2023/24 Ffotogallery's activities reached a physical audience of 31,500, with a further 82,000 individuals engaging with our work online.

FFOTOGALLERY WALES LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Financial review

In the last five years we have demonstrated our ability to directly earn income from activities and to secure funding from sources as diverse as the Welsh Government, Art Fund, British Council and the Arts Council of Wales.

Our turnover in 2023/24 was £333,213 (2023: £288,393) and we incurred expenditure of £267,660 (2023: £332,914).

After the Arts Council Wales investment review process in September 2023, we successfully secured multi-year funding as part of the Arts Council of Wales portfolio. However, we will receive a 2.5% cut on our previous funding for 2025-28. The ACW annual funding partially covers our core running costs, and so the importance of securing additional funding to meet the gap in relation to salaries, on-costs, rent and overheads, and ongoing operational and administrative costs, and towards our programming, remains paramount.

Additional challenges of rising costs and inflation have put added pressure on securing additional external funding. Despite the challenging financial situation within the arts sector, last year we successfully raised over £190k of additional funding to deliver our programme and contribute towards operational costs. Significant funds from the Heritage Lottery Fund over two years will allow us to invest in our archive and preserve it for the future and cover salary costs for a staff member. We also received significant ACW Create funding to support the delivery of the inaugural Ffoto Cymru festival in 2024. Staff changes led to the decision to create a new role of Creative Producer with fundraising experience, for a candidate to assist the director in fundraising strategy to support the ongoing programming.

We continue to recognise that maintaining our sustainable financial model requires that we develop further unrestricted income streams. We recognise that in a lean climate for public funding for the arts, and increasing costs of living, we need to be entrepreneurial and creative in how we finance our activities, achieving the maximum leverage from the public subsidy we receive and reducing our dependence on it by strengthening and diversifying the income we generate from other sources. We have continued to build on this as evidenced by our large grant fundraising successes in 2023/24.

Our recent successes in attracting new sources of funding are a positive sign that our approach to programming is the right one, but the economic environment remains challenging. The need to secure residual funds to deliver programming activities to achieve our charitable purpose and objectives, to cover small equipment purchases, oneoff repairs and maintenance costs, or to restore core staffing levels up to the previous levels, will remain as a key strategic objective. We believe that Ffotogallery delivers an excellent return on public funders' investment - both financially and in terms of the quality and impact of our work on artists, audiences and delivery of visual arts development in Wales. However, we need to ensure a future business model that progressively builds organisational reserves and alleviates cashflow pressures.

Reserves Policy

The free reserves (excluding fixed assets) held at the year end 2023/24 were a negative £4,261 (2023: £9,294). Given the reduction in reserves, the Board considered the charity’s ability to meet its ongoing obligations and is taking steps to rebuild its reserves.

In order to maintain effective operations of the organisation the Board of Trustees has agreed to work towards a financial reserve of 4 months operating costs. This level of reserve would allow staff to continue working to secure new funding and if necessary to allow a period of time to cease activity in a way where staff and supplier contracts can be terminated or modified. This is an amount it considers prudent in the event of a major business interruption as determined by an analysis of risks to the charity.

If difficulties were to arise, then it has been calculated that reserves of £15,000 would be needed to continue

running current services for at least 4 months.

This figure is based on operating costs at the time of this policy being reviewed. This will be reviewed annually, and the figure recalculated to take changes in operating costs (as service change in response to income generation) into account. This figure will also be reviewed on an ad-hoc basis if there are significant changes to business circumstances.

FFOTOGALLERY WALES LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The reserves should be built up from the unrestricted income. The level of reserves should be calculated and monitored every 6 months by the finance team and reported to the board.

Our end of year accounts last year showed a balance of unrestricted reserves of £297 (2023: £14,067).

Future Developments

Our thematic framework for Ffotogallery's direction over the next five years will be Collective Stories, Alternative Futures. This will build on our successful Many Voices, One Nation programme, with the guiding principles of promoting greater cultural diversity, representation, access and equity, lifelong learning, innovation and excellence. These principles also inform our Strategic Equalities Action Plan and Welsh Language Plan

Collective Stories, Alternative Futures aims to explore the complex historical and post-colonial relationship between Wales and the wider world from a contemporary perspective. To support Ffotogallery's vision to be at the forefront of creative conversations about the future of Wales and the future of photography, with this focus on strong programme themes we are committed to providing opportunities for photographic and lens-based artists to explore visions of where Wales is today and where it's heading, through a critical engagement with the past and discussions about Wales as both coloniser and colonised. The creative programme will be intrinsically linked to our audience development and engagement work.

Risk management

Ffotogallery operates a risk assessment policy and the organisation has reviewed the major risks, both financial and operational, that might have material impact. The company is confident that the risk assessment and management systems in place will ensure the future stability and sustainability of the organisation.

Structure, governance and management

Governing document

The charity was incorporated on 11 March 1983. New Articles of Association were adopted by special resolution on 21 May 2014. It is a company limited by guarantee as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

As set out in the Articles of Association the Management Committee consists of up to 15 trustees, appointed by voting members of the charitable company attending an Annual General Meeting or by co-option during the year to fill specialist roles. When considering co-opting trustees, the Management Committee has regard to the requirement for any specialist skills needed.

Induction and training of new trustees

New trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, content of the Articles of Association, the committee and decision making processes, internal control arrangements, the business plan and recent financial performance of the charity.

Organisation structure

As a registered charity and company limited by guarantee, Ffotogallery has a board of Trustees elected annually. The Board delegates day-to-day management responsibilities to the Director, supported by a paid team that includes Operations Manager, Digital Content & Exhibitions Manager, Learning & Engagement Manager and Gallery Assistant, supported by freelance professionals, web design and marketing professionals, and various paid interns.

FFOTOGALLERY WALES LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The organisation's Director, Sian Addicott, has 20 years’ experience in the visual arts and photography sector, including both commercial and higher education backgrounds. She joined Ffotogallery in April 2022, from her former role as Head of Undergraduate Photography at University of Wales Trinity St David's (UWTSD). She joined UWTSD in 2013, before becoming Programme Director of the BA Photojournalism & Documentary programme in 2016. In 2019, she took on the leadership of the wider undergraduate photography programme, covering Documentary Photography & Visual Activism and Photography in the Arts. Prior to joining the University in 2013, Sian spent eight years working as International Editor at Camera Press, one of the UK's largest independent photographic agencies.

The Director makes a major contribution to strategic business planning and works with the wider team to oversee artistic direction and programming of the organisation's work.

The full staff team includes;

Performance against organisational and budgetary targets is reviewed quarterly by the Board. Ffotogallery's Business Plan is reviewed every six months and updated annually. Annual Accounts and company returns have been submitted in a timely manner to Companies House and the Charity Commission, as evidenced on the Charity Commission website.

FFOTOGALLERY WALES LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Reference and administrative details

Company number 01705938 Charity number 513726 Company secretary Sian Addicott - appointed 1 May 2022 Trustees Jack Arthur - resigned 12 June 2024 Bronwen Colquhoun Angharad Evans - resigned 15 April 2024 Emily Harris - resigned 12 June 2024 Philippa Haughton Deian Jones Mathew Talfan Davies (Chair) Hugh Thomas Juliette Buss - appointed 12 June 2024 Kimberley Harris - appointed 12 June 2024 Tom Allbeson - appointed 12 June 2024 Alan Whitfield - appointed 7 July 2024 Key management personnel Sian Addicott - Director Alex Butler - Operations Manager - Resigned January 2024 Catherine Cains- Learning and Engagement Manager Liz Norcott - Digital Content and Exhibitions Manager Bob Gelsthorpe - Creative Producer Registered office Old Sunday School Fanny Street Cardiff CF24 4EH Independent examiner Azets Audit Services Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB Bankers NatWest 21 High Street Llandaff CF5 2DY

FFOTOGALLERY WALES LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The trustees' report was approved by the Board of Trustees.

..............................

Mathew Talfan Davies (Chair)

20 December 2024 Date: .............................................

FFOTOGALLERY WALES LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

The trustees, who are also the directors of Ffotogallery Wales Limited for the purpose 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).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity 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 charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

FFOTOGALLERY WALES LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FFOTOGALLERY WALES LIMITED I report to the trustees on my examination of the financial statements of Ffotogallery Wales Limited (the charity) for the year ended 31 March 2024. Responsibilities and basis of report As the trustees of the charity (and also its directors for the purposes of company law} you are responsible for the preparation of the finanaal statements in accordance wth the requirements of the Companies Act 20C6 (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audit8J under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5){b) of the 2011 Act. Independent examinerfs statement Since the charity's gross income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confimi that l am qualified to undertake the examination because l am a Memb￿ of The Association of Chartered Certified Accountants. which is one of the listed bodies. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect= accounting records were not kept in respect of the charity as required by section 386 of the 2006 Ad; or the financial statements do not accord wth those records" or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination., or the financial slatements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK a Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. A￿kS ALJ'k Craig Yearsley FCCA Azets Audit Services Ty Derw, Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB United Kingdom Dated: 20 Dec&￿nber 21Y24 10-

FFOTOGALLERY WALES LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and
legacies
3
203,124
-
Charitable activities
4
10,682
119,401
Investments
5
6
-
Total income
213,812
119,401
Expenditure on:
Charitable activities
6
222,689
44,971
Net (outgoing)/incoming
resources before
transfers
(8,877)
74,430
Gross transfers
between funds
(4,893)
4,893
Net (expenditure)/income
for the year/
Net movement in funds
(13,770)
79,323
Fund balances at 1 April
2023
14,067
43,335
Fund balances at 31
March 2024
297
122,658		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
203,124
205,334
-
130,083
15,206
67,780
6
73
-
333,213
220,613
67,780
267,660
243,781
89,133
65,553
(23,168)
(21,353)
-
4,084
(4,084)
65,553
(19,084)
(25,437)
57,402
33,151
68,772
122,955
14,067
43,335		 Total
2023
£
205,334
82,986
73
288,393
332,914
(44,521)
-
(44,521)
101,923
57,402

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

FFOTOGALLERY WALES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
10
Current assets
Stocks
11
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
15
Unrestricted funds		 2024
£
23,115
9,703
103,958
136,776
(18,379)		 £
4,558
118,397
122,955
122,658
297
122,955		 2023
£
23,183
1,409
42,863
67,455
(14,826)		 £
4,773
52,629
57,402
43,335
14,067
57,402

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

20 December 2024

The financial statements were approved by the Trustees on .........................

..............................

Mathew Talfan Davies (Chair)

Company registration number 01705938

FFOTOGALLERY WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Ffotogallery Wales Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Old Sunday School, Fanny Street, Cardiff, CF24 4EH.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

The charity currently has negative free reserves of £4,261. Post year end the charity has secured additional funding with an unrestricted surplus predicted to be made for the year ended 31st March 2025. The trustees report details the charity's current financial position.

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.

Exhibition income is included in the period in which the relevant show takes place.

Publication income is recognised when the sale takes place.

Rental income is invoiced and included in the period to which the rental took place.

Any amounts received in advance are deferred in the financial statements.

FFOTOGALLERY WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Grants are only included in the accounts when the general income recognition criteria is met. In the case of performance related grants, income must only be recognised to the extent that the charity has provided the specified goods or services as entitlement to the grant only occurs when the performance related conditions are met.

Interest income is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure on charitable activities includes all costs relating to the furtherance of the charity’s objectives as stated in the trustees report and their associated support costs.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements 33.33% straight line Props and production equpment 33.33% straight line Computers 33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Items of equipment are capitalised when the purchase price exceeds £500.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

FFOTOGALLERY WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.8 Stocks

Stocks are stated at the lower of cost and net realisable value.

Allowances are made for slow moving items and obsolete stock.

Net realisable value is the estimated selling price less costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

FFOTOGALLERY WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

1.12 Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14 Leases

Rentals payable under operating leases, are charged as an expense on a straight line basis over the term of the relevant lease.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 685 643
Grants 202,439 204,691
203,124 205,334
Grants receivable for core activities
Arts Council of Wales 202,439 204,691
202,439 204,691

FFOTOGALLERY WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

4 Charitable activities

Exhibition income
Sales of publications
Room hire and other sundry sales
Grants
Analysis by fund
Unrestricted funds
Restricted funds
Grants
Arts & Business Cymru
Arts Council of Wales
Art Fund
Ashley Family Foundation
British Council - Wales India
Kickstart Scheme
Imperial War Musuem
Heritage Lottery Fund		 2024
£
-
1,480
6,808
121,795
130,083
10,682
119,401
130,083
2,250
40,353
-
-
9,000
-
19,000
49,548
121,795		 2023
£
1,200
1,398
5,263
75,125
82,986
15,206
67,780
82,986
5,625
18,929
39,960
9,600
-
1,011
-
-
75,125

5 Investments

**Unrestricted ** Unrestricted
funds funds
2024 2023
£ £
Interest receivable 6 73

FFOTOGALLERY WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

6 Charitable activities

Staff costs
Depreciation and impairment
Exhibition production costs and publications
Intern and freelance costs
Publicity costs
Staff and volunteer expenses
Sundry costs
Premises and office running costs
Subscriptions and library costs
Share of support costs (see note 7)
Share of governance costs (see note 7)
Analysis by fund
Unrestricted funds
Restricted funds		 2024
£
129,217
3,956
34,892
3,242
7,326
6,832
1,094
46,985
2,272
235,816
27,302
4,542
267,660
222,689
44,971
267,660		 2023
£
134,157
17,428
85,819
2,013
4,985
5,754
173
47,341
3,031
300,701
29,316
2,897
332,914
243,781
89,133
332,914

FFOTOGALLERY WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

7 Support costs

Staff costs
Depreciation
Staff and volunteer
expenses
Premises and office
running costs
Board meeting expenses
Independent examination
fees
Accountancy fees
Legal and Professional
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
14,357
-
440
-
759
-
11,746
-
-
-
-
2,340
-
914
-
1,288
27,302
4,542
27,302
4,542		 2024
£
14,357
440
759
11,746
-
2,340
914
1,288
31,844
31,844		 Support
costs
Governance
costs
£
£
14,906
-
1,936
-
639
-
11,835
-
-
97
-
2,800
-
-
-
-
29,316
2,897
29,316
2,897		 2023
£
14,906
1,936
639
11,835
97
2,800
-
-
32,213
32,213

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the current or prior year.

No trustees were reimbursed for expenses during the current or prior year.

9 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
5
2024
£
133,507
6,970
3,097
143,574		 2023
Number
5
2023
£
138,014
7,926
3,123
149,063

The key management personnel as noted in the trustees report, recieved remuneration (including gross salary. employers national insurance contributions and employers pension contributions) totalling £124,670 (2023: £132,288).

FFOTOGALLERY WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

(Continued)

9
Employees
(Con
There were no employees whose annual remuneration was more than £60,000.
10
Tangible fixed assets
Leasehold
improvements
Props and
production
equpment
Computers
£
£
£
Cost
At 1 April 2023
24,207
10,285
35,040
Additions
-
1,093
3,087
At 31 March 2024
24,207
11,378
38,127
Depreciation and impairment
At 1 April 2023
24,207
10,285
30,267
Depreciation charged in the year
-
243
4,152
At 31 March 2024
24,207
10,528
34,419
Carrying amount
At 31 March 2024
-
850
3,708
At 31 March 2023
-
-
4,773
11
Stocks
2024
£
Goods for resale
23,115
12
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
5
Other debtors
583
Prepayments and accrued income
9,115
9,703		 tinued)
Total
£
69,532
4,180
73,712
64,759
4,395
69,154
4,558
4,773
2023
£
23,183
2023
£
207
1,202
-
1,409

FFOTOGALLERY WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

13 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2024
£
2,636
12,010
1,393
2,340
18,379		 2023
£
2,971
2,668
2,772
6,415
14,826

14 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £3,097 (2023 - £3,123).

There were no amounts outstanding at the current or prior year end.

Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Movement in funds
Movement in funds		 Balance at
Incoming
Resources
Transfers
Balance at
Incoming
Resources
Transfers
Balance at		 1 April 2022
resources
expended
1 April 2023
resources
expended
31 March 2024		 £
£
£
£
£
£
£
£
£		 Arts & Business Cymru
-
5,625
(5,625)
-
-
-
-
-
-		 Arts Council of Wales
-
11,584
(6,905)
(4,084)
595
2,252
(2,847)
-
-		 Art Fund
-
39,960
-
-
39,960
-
(19,246)
-
20,714		 Ashley Family Foundation
-
9,600
(6,820)
-
2,781
-
(7,674)
4,893
-		 British Council - Digital SSA
6,950
-
(6,950)
-
-
-
-
-
-		 British Council - Wales India
57,585
-
(57,585)
-
-
-
-
-
-		 Kickstart Scheme
-
1,011
(1,011)
-
-
-
-
-
-		 Weston Jerwood Creative Bursaries
4,237
-
(4,237)
-
-
-
-
-
-		 Arts Council Wales - FfotoCymru 24
-
-
-
-
-
38,101
(6,368)
-
31,733		 Other - FfotoCymru 24
-
-
-
-
-
1,500
-
-
1,500		 British Council Ffoto Cymru 24
-
-
-
-
-
9,000
(100)
-
8,900		 Bradford CoC 2025
-
-
-
-
-
-
(439)
-
(439)		 Imperial War Museum Legacy Project 23-25
-
-
-
-
-
19,000
(6,297)
-
12,703		 Heritage Lottery Fund
-
-
-
-
-
49,548
(2,000)
-
47,548		 68,772
67,780
(89,133)
(4,084)
43,336
119,401
(44,971)
4,893
122,658
15

FFOTOGALLERY WALES LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

16
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2024
2024
£
£
Fund balances at 31
March 2024 are
represented by:
Tangible assets
4,558
-
Current assets/(liabilities)
(4,261)
122,658
297
122,658		 Total Unrestricted
funds
Restricted
funds
2024
2023
2023
£
£
£
4,558
4,773
-
118,397
9,294
43,335
122,955
14,067
43,335		 Total
2023
£
4,773
52,629
57,402

17 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years		 2024
£
32,620
130,000
356
162,976		 2023
£
32,620
130,000
32,945
195,565

18 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).