Clwyd Fine Arts Trust (The) Ymddiriedolaeth Celf Gain Clwyd ANNUAL ACCOUNTS 2023124 ADRODDIAD A CHYFRIFON BLYNYDDOL
CONTENTS Administration Page 2 Council of Management's Statcmcnt Page 3 Statement of Council of Management's Responsibilities Page 4 Indepcndcnt F'xaminer's Report Page 5-6 Annual Accounts Summary Income & Expenditure Account Ilalance Sheet Statement of Financial Activities Notes to thc Accounts Ptige 7 Page 8 Page 9 Pages 10- 11
CLWYD FINF ARTS TRUST THE (Company Registration Number 1931852) (Registered Charity Number 516868) OBJECTIVES To encourage an appreciation of our Welsh Fine Arts Heritage by providing a collection of works of art relating to both Wales in general, and more particularly to the region of North Wales. MEMBERS OF TIIE COUNCII, OF MANAGEMF.NT (31 st Marcli 2024) Dr K. Davies Dr Fl Papworth Mrs R.W. Hughes MBE Mr D. V. Bamber CPFA SECRF.TARY TREASURER & CURATOR Dr K.S. Mason F'MA REGISTTr:RLD OTr.14 ICE Salisbury & Co. Irish Square St Asaph Denbighshire LL170RN BANKERS National WcstminstL'r Bank PLC l igh Street Mold riintshire CF17 IBA
CLWYD FINE ARTS TRUST THE Statement of the Council of Mana ement The Accounts on page 9 show that the Trust had a surplus of £218,2 5 3 on its revenue account and that al l its funds are unrestricted. It was previously reported that in early 202 5, trustees were infomed that Bodelwyddan Castle Trust was entering a Members Voluntary L,iquidation process having agreed to relinquish the lease on Bodelwyddan Castle under a financial agreement with the landlords, Denbighshire Couniy Council. In accordance with the wishes of the trustees of Bodelwyddan Castle Trust, the l.iquidator indicated ihat the balance of funds available from thal chariiy, on the satisfaction of all dcbts, would be transt"crrcd io thc Clwyd I'"ine Arts I"rust lo t.ul fil the objcctivcs of thc trust and ensure the avai labil ity of the art works for public education. This transfer was completed duringy 2023124 as indicated in the accounts. In the last 12 months the Trust has implemcnted online bankingy, which includes dual auihorisalion of all transactions. It has invested £200,000 on a onc-year fixed interest rate dcal. In addition, the "I'rusi has developed a Risk Managjement Policy Stalement, as prescribcd by the charitie.s Commission, which has rcsiilicd in a numbcr ot" risks being identitied and addressed by the Council of Mana&7cment which included implcmentinb, for example, a policy on Donations, Legacies and Fundraising, reviewing the Articles of Association of the Clwyd F ine Arts I'rust and allocating £50,000 to cover any damage and or restoration to ihe Works of Art. It was decided thal in light of the si/.eable cash injection Irom Elodelwyddan Casile "I'rust in 2023124, Ihat an indcpendenl Lxaminalion of the 2023124 Annual Accounts would bc carried out by a firm of"Chartered Accounlanls in order to demonstrate openness and transparency. I'hc "frust's Works of Art are currently in storage and are insured by that vendor whi15t the curator is undertaking a sample review of the state of the works of art in storage. To date this review has resulted in ihe Works of Art being in a satisfactory condition after the transfer from Bodelwyddan Castle "frust. 'I'he 'l'riJst is in the process of identifying a SLlitablL storaLYL area where thL Works ofArt can be fully condition checkcd and calalogued betore consideration is given to loaning ihe Works ot. Art to suitable museums and galleries who will take responsibiliiy for the insurance. Dr Kevin Mason Company Secrelary/Treasurer/Curator
CLWYD FINI ARTS TRUST THE STATEIMENT OF TIIE COUNCII, OF MANAGEMEN'I S RESPONSIBII,ITIES Company law requires the Council of Management to prepare financial statements for each financial year which gives a true and fair view of the state of affairs of the Trust and of the surplus or deficit of the Trust for that period. In preparing those financial statements, the Council of Management are required to: select suitable accounting policies and then apply them consistently. make judgements and estimales that are reasonable and prudenl; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will conlinue in business. The Council of Management are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position ofthe trust and to enable them to ensure that the financial statements comply with the relevant legyi slation. I'hey are also responsible for sa fegiuarding thL' assets ot" the trust and hence taking) reasonablL' steps for the prevention and dLIL'Ction of fraud and other irregularitics, The financial statement of the Clwyd Fine Arts Trust has been prepared in accordance with Accountingy and Reportingi by Charities: Statement of Recommended Practice applicable to the Charities and Companies Acts.
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Se¢tlon A Independent Examlner's Report Report to the trusteesl mernbers of INC h£lS TpusT On accounts lor the year ended 41 IMhQCH 2024 Charity no lif any} £IG6Gg Set out on pages Ir&al?ieiTr)Dei P¢J IiiLIL.'dé I,e PaiJ• I'lil?IDei I report lo the trustees on my examination ol the accounts ol the above charity I'the Trust.) lor the year ended Sl U6, 202% Responslbllltles and basls of As the charity Iruslees ol the Trust, you are responsible lor the preparation ol thè accounts In report accordance with the requiremerils ol the Charities Act 20111 the Acl'l I report In respect of my examination of the Trust's accounts carried out under section 145 01 the 2011 Act and In carrying out my examination, I have followed Ihe applicable Directions given by (he Charity Commission under section 14515llbl of the Act Independent examlner's statement I have o)mpleted my examinatson I confirm that no material mallers have come lo my attention (olher than that disclosed below ') In conneclion with the examination which gives me Gguse to believe that In, any material respect aca)unling record5 were not kept In accordance with section 130 of the Act or the accounts do not accord with the accounting records I have no concerns and have come across no other matters in connection with the examination lo which allenlion should be drawn in order lo enable a proper understanding of the accounts lo be reached. Please delete the words in the brackets if Ihey do not apply Signed: Date: Name: D QQ)ÉÉir Relevant professional qualification{sl or body lif anyl- IcAe Address: leisrt , AQE ThSA-PN Lll
Sectlon Dlsclosure Only complete Il the examiner needs lo highlight mallers ol concern (see CC32. Independent examination of charity accounts directions and guidance lor examiners) Give here briel detalls of any items that the examiner wishes to disclose
CLWYD FINE ARTS TRUST SUMMARY INCOMTr: AND EXPLNDITUIIE ACCOUNI" FOR TIIE YEAR ENDED 31 MAIICH 2024 2024 Total Funds 2023 'unds Gross income of conlinuing operations Total expenditure of continuing operations 224,265 6,052 50,011 1,500 Net deficitjsurplus for the year 218,213 48,511 Detailed analyses of income and expenditure arc shown on page 9. I'hc notes on pagyes l O to I I form part ol. these accounts.
CLWYD FINE ARTS TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 Total Fun 2023 Totsl Funds Funds Funds Notes FIXED ASSETS Works of Art 20J14 20.314 20J14 CURREiYf ASSETS tkbti)rs C&sh at Bank 275,505 275.505 57.180 CREDITORS Amounts falling duc within one year {377) (377) (265) NET Ci3RRENT ASSETS 295,442 295.442 77229 TOTAL ASSETS LESS CURRENf LIABILfTILS NET ASSETS 295.442 295.442 77,229 Unrestricted Funds Restricted Funds TOTAL FUNDS 295.442 77,229 295,442 77,229 For the financial year in quastion the c4)rnpany entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts fr>r the year in question in accordance with section 476 of the Companies Ad 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting recor¢t8 and for the preparation of accounts. These acwunts hav¢ been prard in accorkn with the provisions applicable to companies subject to the small coJnpani¢s' gim¢. Th¢ &ts ww¢ approv by th¢ Coun.¢il of Management and signed on its behalf. 2)AVib Name 8MIB4 si]atUre kEA/yFrnI A¥rfIKS Date // Name SiatUre Date 4/',12 )2 The notes on pages l O to I I fonn part of these accounts.
CLWYD FINE ARTS TRUST STATLML4'N'f OF Tr"INANCIAI. ACTIVITIF.S roR I'IIL YEAR ENDED 31 MARCII 2024 2024 Total 'unds 2023 Total Funds Unrestricted Funds Restricted Funds Incoming Resources Flank Deposit I nterest l)onations Subscriptions 224,265 224.265 50,001 10 Total 224.265 224,265 50.011 Resources Tr:xpended on Administration Accountancy l)LsigynlProductioniframing Insurance Storage Rental Administrative Costs MisLellaneous E,-xpenses 4,429 4,429 1,325 175 1,623 1,623 'I'otal 6,052 1,500 Net Movements in 14.unds for the Year 218,213 218,213 48,511 'rotal funds brought forward 77,229 77,229 28,718 Total funds carried forward 295,442 295,442
CLWYD FINE ARTS TRUST THE NOTF.S TO I'HF, ACCOUNTS FOR TEIE YEAR ENDED 31 MARCII 2024 l. Accounting policies a} The accounts are prepared under the historical cost convention and incorporate the recommendations of the Statement of Recommended Practice (SORP), issued by the Charity Commission, adapted to comply with the form and content of accounts required under the provisions of ihe Companies Act applicable to small companies. b) In accordance with FRS 102, donated works of art are designated as heritage assets. It is ihe pol icy of the trusl not to capilal ise herilage assets belonging to the charity, where a reliable eslirnate cannot be made of the asset's fair value or the information on cost or value is not available and which cannot be obtained at a cost which is commensurate with the benefits to the users of the financial statements c) Depreciation of fixed assets is not considered necessary as the works of art have in fin ite useful l ives and are to apprcciate in value. d) No adjustments are made in respect of unrealised gains as a result of appreciation in asset value. 2. Tr ixed Assets Works of Art are stated in the accounts after the deduction of donations received towards speci fic acquisitions 2024 2023 Actual purchase price Deduct specific donations Net cost to thc Trust 23,339 3,025 20,314 23,339 3,025 20,314
CLWYD FINE ARTS TRUST THE NOTES TO I'IIE ACCOUNTS FOR TFIE YEAR ENDED 31 MARCI12024 CONTINUED Specific donations received to date are as follows: 1992193 Lord Kenyon of Gredington Portrait Simon Whistler Glass Goblet 'I'otal Donalions 575 1993194 2,450 3,025 'rhe Council of Management have agreed that only high value works of art are to be insured in order lo minimise costs. Works on permanent display are to be covered by the policy of the orgyanisation to which the works are entrusted. 3. Bank Accounts I'he 'l"rust has one bank account and this remains with the Natwest, Mold. further to this, the I rust has lodgpcd £200,000 with a Natwest "I'reasury Reserve Account for l year with the intL'rcbt payablc o1'4.2% annually in December 2024."1-hcret"ore, no interest will be accruLd in the 2023124 Accounts 4. 1)esignated Tr'uiid Trustecs have agTrreed to allocate £50,000 from the unrestricted gycnLral fund to an unrestricled designaled t.und to cover the futurL Costs of conservation and rLpairs lo the works of art currently held in storage. Unrcstrictcd Gencral fLind Ljnrestricted DesignatL'd l.'und otal Unrcstrictcd l. unds £225,505 £50,000 £275,505 S. ljiabilities falling due wilhin one year 2024 2023 Other creditors 377 377 265 265 6. 'faxation As Ihis organisation is a Registered Charity it is not subjecl to taxation. 7. Share Capital The "frust is limited by guarantee and, theret"ore, has no aLlthorised share capital,