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 pr￿ard 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
Si￿atUre
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,