harlty Mgistration nurnber 1000855 Company reglstratlon number 0263S169 (England and Wales) GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU CONTENTS Page Trustees report ststement of twstees responsibiSties Independerrt examinerfs report Statemenl of financial activities 10 Balance sheet 11 Slatemenl of cash flows 12 Noles to the financaal 5talements 13-24
GWENT BALLET THEATRE LIMITED
KNOWN AS BALLET CYMRU
TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
tr108$ pr8s£nt thèir reFxwt and atxounts forthe year eThJed 31 Match 2024.
financial slatements have been prepared In acLYKdance with Ihe accounting poficie5 sel out in nole 1 to the
nancial slalements and comply with the chartys gowning document. the Companies Act 2006 and
"Accountlng and Reporting by Charities: statemt of Recommended Practice applicable to charitles pparing
theiT accounts In acc(Kdance wtth tho Financial ReportiNJ Slandard appkcable in the UK and R4Jublic af Ireland
{FRS 102)"
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU TRUSTEES REPORT {CONTINUED)IINCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Artlstl¢ Activity Ballet Cymru produce one ortwo fill-length productions per year. or one full length work and a double or triple bill of new work. One of the produdion$ is a cwoduction wth The Riverfront Theatre who help with I1)tIng design and provide the Charity a produrtion week in the Iheatre. Ballet Cymru continue lo seek out and work with mpani8E and arti515 of the highest cafibre. Public hnefit We have referred to guidance ca)ntained in the Charity Commissions. general guidance on public benefrt when VIewIng our aims and objectives and in annIng fulure adivities. In partiujlar. Ihe trustees consider how plaM8d activities ¥wll contribute to the aims and objectives they have set. Achievements and perforniance Executive $ummary For the period 202&24 Ballet Cymw created a new and ambitious Business Plan lh refiects the success and ambition of tttis unique and successful company. The Plan aims lo make Ballet Cymfu into a more robust, res51ient organisation that can deliver hwh quality dance produclions. a naiional trainin9 programme end better repre5eni and engage wllh tne wider dance communty in As part of this stralegic plan. we have worked vAh two other national rnmpanies, National Dance Cumpany Wales and National Yoltlh Dance Wales on a new Strategic DanGe Partnership that can help the organisalions collaborate better to further the progression of young danceT5 in V4ales. Prodvetions In April 2023 we began rehearsals for our wc4Juctton, whfich was ffirst Choreographed wi 2013, with a recording of the score by Britlsh compDser pa Patter50n. The FdUctIon loured extensively to venues across England and Wales, induding Newport, Blac100d. Exeter. Newiaslle Under Lyme, Malvem, Basingstoke, Durham, Bangor, Stevenage. Tewkesbury, Brecon, Milford Haven, Treorchy, Chester, WITKesl8T, Mold, Bridgewaler, Newbury. Swansea. Llanelli, Aberyslwyth, Stourbridge and Newtown. Ballet Cymru a150 presented successful Dutdoor performances of Roald Dahl's Lrttle Red Riding Hood al National Trust Tredegar House & Gardens in Newport inAugU$t 2023. The company has made greal strides forward in delivering ACs[ble Performances: BSL, relaxed shows, touch tours and Audio Description Ballet Cymru were planning to present the produdion lor Ihe very ftst lime at the prestigious St Davids H811 in Cardiff In November 2023. however. the venue had lo dose the previous m(mth dug 10 the conc8rns on RAAV concrete present in Ihe buikling. 11 boral- A new evening of short work5 was presentsd the Riverfronl Theatre Newport in November 2023. It foatured new work. Str08m of Consciousness choreographed by Pheonix Danc£ Company Artistic Director MJ Willis, a reworking of TIR with music by Cerys Matthews, and Twenty Tales by Mario Bermudez Gil, p8rform8d by the talented young dancers at National Youth Dance Wales. The production was very well rewved by audience$ and ilics. Ballet Cymru once again promoled the work of mid-cateer Welsh based thoreogT8phers by presenting a Works In Progress project, which offered makers and uealors the time, spa¢e and funds to develop sead of ideas into something more substantial. We are continuing to work in partnership with Ihe Romani Cuhural Atts Company.
GWENT BALLET THEATRE UMrrED KNOWN AS BALLET CYMRU TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Engagament Prngramnws Ballet Cymru will again delr Wvales Summer c¢Jlaboralion wilh Ihe Rkwfronl Theatre In Newport. The lul-lime holisliG traffling p91MMe for talprrtod young dancws wll conlinue to June 2024. 1h performancès at the Riverffont theatre and Dan House #i May 2024. Newport ts becomlng a real dpstination for young darKers to trairL Inryvasing in popty. with more ated onto this yfarfs progrwnrT. SQ we added an additional level to 8ccomm¢)date the partiCiW8 and increased tsathry resources forts wogramme durng this period. DUETS Duets is a nationa training programme for yOg wjple. Ra110L.. a weekly IlUSi balBt progrnrnmB thlldren and yo9 p8opIo. Ballel Cymru held Its first 2-day in FthAry 2024 to 8ncowa9e NK)Te boys to dance. Thls W8nt exlremoty wdl and plan to offer moro re9uknr We attended a at The Riverlwonl made rtsct with V¥tlsh writer and poet. Owen Shears. We have begun convessations about a collaboration. On the back of our third and final event in JwNary al Ballet Cyn, we wetg asked lo present the project at the Aneurin Bevan Creative Forum. Wth exiemal eVatOr Claire Tumer bullding the ca8e 81udy. we wlll be having dls(xtsslons wlth al partners to detemilne nexi steps. Qur partnership wilh RCAC led lo Balet Cymnss involvern in thew JDI2ED which involved young dancers from U)eir cx)mmunty and our Pr&Profe$sional dancets performing together. We held our first eyge wlih. SNI 4¥elcome. the Nny different conwnunille5 In Newport into our space lo danit, eat and lebrate. We Iwe lo wopeat rrnre of ltrrfe day$ in the nearfuture. B1n op9rno New Elhical ITC corrtTrGls were lawKhBd in Apnl 2023. with allRctivo beneffts pac&age which inL4uded Equtyl Aioiva penslon In 2023 we received £100.227 in Th&itre Tax Relief against the expendilure L¥ealive producllons in the prevlou6 yoar. In 2024. after the year end. roceived £1B6,514 in Theatre Tax Relief agalnsl the expenditure on crealive produ(ons in the current year. In 2023 the Charity purchased a minus with som8 of the funds reCad from Ihe Theatre Tax Relief daim. OtherAchlevements In 2023 follDwing an 8xienshR Itent Revlew, ACW (fid that Ballel Cymru would [8ve a signifi1 uplfft In funding from April 2024 and for the followww 3 Sublert to fvndlng teirns 8nd conditions. FIMn¢lal rnvl•w The Charity made an unrestri(e(15UrpS for the peTiud of £220.1 r2023', £12,416 deficit) and 8 restrided deficit of £134.706 (2023: £122.176 defiat). Reserves Free reserves. which ext8 restrkted funds and f1 assets, was £2TI.115 at the year4nd (2023: £75,92n. The larget for our reserves Is currentty estima a$ SSX months of Core oporating c06t6. This is approximately £1WK
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Re$lri¢tsd capltsl funds The restricted capital funds delalled in Note 17 of £495,146 represent the caprtal purthase of the buildlng in 2013 and Ihe subsequent refurbishment of the building and purchase of other capital assets. The capital tems ale being depreciated oveT Iheir Use eGonomiG lives. Restricted revenue funds Ihal were unspent at 31 March 2024 were £2.000. These will be spent In t1 following financial year on speufic projects. Investmont poll¢y Gwenl Ballet Theatre Limiled Tecognises that it wil be holding futyjs throughout the year to finance ils operalions and its reserves policy. Therefore, il has reviewed tts investrnent policy arKI for the presenl time will endeavour to maximise its income On Ihrough guaranteed capital and interest generating safe fftvèstmenls. Thls Inveslmenl strategy a130 SUPPOrts the current economic situation. This will be annually remeweil. Plans for the futu Baltet Cymru will implement ils new ar ambFtiDus Business Plan. This includes reviewing and pdating Contracls and Job deSIplI0nS for ai staff and reviewing it5 ITC Ethical Manager contracts for dancer5 - larget is 12-month o)ntraLa to Sustain up to 8 fijll time dancer roles throughout the year rather than hire freelance dancers just for 2 x louring seasons. bo Ballet Cymru are forging a produLlive relationship wilh Dance City in Newcastle which could lead to a potential residgnoy at Dance Cty in December 2024. We also plan to further our StrategK Partnership with National Dance Cunpany Wdl&s and National Youth Dance Wales. Ballet Cymnj aim lo remve its hugely successful production of Romeo a Juliet, which features Welsh Clog danclng and has already toured thioughoul the UK and lo China and Bemiuda. The company wll also be workiry with choreographers Mar(xJ5 Jarrdl Vhllis and MarG Brew and a new double bill for 2024. Lastty Ballet Cyrnru will be fleveloping a new thiklren's balel set to Children'5 Laureate for Wales, Alex arton's poems with music by instrumentalist and composer Frank Moon. Ballet Cymru will tour these production5 to vBrwes ar feslivals Ihroughout the UK.
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU TRUSTEES REPORT {CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Structure. governance an41 management Govèmlng doGumgnt Ballel Cyrnru is a Company hmiied by guarantee {CoMY number 02535169) established under Memorandum of Association whith establishes objects and powers of the tharilable rx)mpany and is govemed und8r tts Artldes of Association (updated In June 2016}. A Special resolution vrds endorsed in the AGM on 23 November 2020. Gwént Ballet Theatre is a registered charity (number 1000855). In 1986 the Charity Started receiving proied fundlng In 2003 and became a Revenue dient of IArtS Cound of Vdles in 2011. Structurn and hlanagoment The Charity had six trustees for the period. vhn one trustee retired. They pro¥ided managemenL legal. educational and commerclal buslness expertlsa. The IN$to88 were inslNcted on thair r•316s and respc$5bllltIes £s a trustee. Govemaneè As of 31 March 2024. the were 6 members on the Board who meet at least 4 x tlns a year and meetings are led by Chair Jèn Angtrorad. During thi5 period the ¢hwity Tan a recwitment campaign lo source new trustees who have the qualities and experience twhiGh ar¢ roquired to furlhry diversify the Board. best praLXi(z in the Charty's chaiilable objectives. Key Managomont P•r•onn•l Darius James- Artistic Director Amy Doughty - AssistsntMi8tic DirlOr Jenny Carter- Administralor key managemerrt of the Drganisalon listsd above awe employed in accordance wilh the local authority and Charity Commission. Tems of employment key personnel were se( based on advi¢¢ given by Arts Councl of Vdles and olher stakelK)klers. and are o)mparable wllh other similar arts organisations. Relalvd partles AG far as the trustees are ave rK> relaled party transac1ions ocwrrod during the faJTrent or previous year. Rlsk managemollt The Charity has revlewed the malor risks to the organisa11 armj have syslem$ and procedures in pce to manage these rks: Rl8k8 and Steps taken Adapting organlsalon stwclure of ts wganlsatlon. ImprovirKJ efficloncies throu traknlng and Identrfy areas of development. Seeknng new irthme streams and lding latIonS wilh exisling fuThlets to ¥Uslain levels of acbty. in Anticlpating thanges in the ecorh)my arml adapong to changes In govemmer)t pollcy. and respondlng to new regulations (Jn I¢1 and international levels. LLI in Reviewing levels of inrne aquiied tlvough national trring ad other acti1t. identifying new audiences and Increasing reach of engagement and partidpatory projects.
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU TRUSTEES REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT> FOR THE YEAR ENDED 31 MARCH 2024 ReforenGe and admlnistratlve detai15 Registsred charity name Gwent Ballet Theatre LFmited Also known as Independent BalJ8t V*dle5 Ballet Cymru Registerod charity number 1000855 Registèrèd company number 02535169 Registorod 0ffl¢g Ballel Cymw Unit 1 Wern Trading Esiate Rogerstone Newport South Wales NP10 9FQ TrusteeslDlrectors J Angharad (Chair) J Greenidge (resigned 4 Deeember 2023 S Bradley (retired 27 February 2024) CBatt H Bead5worfh E Jones A Music (appointed 27 Febnry 2024) E James (appointed 27 February 2024) Ct)mpany Secretary D J Vmams Chiof Ex•culive Offlc•riTMrectDr D J Wilh'ams Banker% Lloyds Bank plc 42 Commercial Street Newport South Wales NP19 1WX Nalwesl Bank 19 Cardill Road Caerphdly CF83 9FQ Indepfrndent examlner Andrew Howells Azets AudA Servie5 Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU TRUSTEES REPORT (coNfiNUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trus168S feport was approv&1 ty the Board of Trustees. ngharad Chair H Beadsworth
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustee5, who are also the directors of Gwent Bawet Theatre Limited for the purpose of company law, are Tesponslbl& fcr preparing the Truslees Report and the financial slatemenls in aCrdanCe with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounung Ptactice). Company Law requires the trustees to prepare finan(aal statements fof each financial year whicl) give a true and fair view of the state of affair5 of the cherity and of the incoming resources and application of resources. including the income and expenditure, of the charitable (x>mpany for Ihat year. In preparing Ihese financial statements, the tnjstees are required to: - select suilable accounting poScies and then apply them consistently. - observe the methods and prilpleS in Ihè CharlU8s SORP: - make judgemen16 and eslimates that are reasonable and kyudent.. and prepare the financial statements on the going concem basis urle55 it is napprupiiate to presume that the charity will conlinue In operation. The trustees are responsible for keeping adequate ac¢ounting reeords that disdose witti reasonable accuracy at any tlme the financial posrtion of the charity and enable them to ensure that th8 financial statemenls comply with the Companies Act 2006. They are a150 responsible for safeguarding the assets of the charity and hence for tsking rea50nable $tep$ for the prevention and detectton of fraud and other irregulaTities.
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU INDEPENDENT EXAMINEifs REpoirr TO THE TRUSTEES OF GWENT BALLET THEATRE LIMITED I report lo the Irustee¥ on my examinati( of the fjnanc¥al 8tatoments of Gwonl Balet Theatre Limited (the charity) for the year ended 31 March 2024. Re8ponslMilias and basis of rnport As the trustees of the tharity (and also Its dlrectors for the purposes of rnPany law) you gre responslble for the preparalK)n of Ihe financ481 slatements In accordance rylh Ihe requirements of the Cornpanies Act 20(6 (the 2006 Ad). Having 8atlsfied my8elf that Ihe fjnancial slments of Ihe charity e not required to be audited undèr Part 16 of the 2006 Ad and are eligiNe for indepeThJent oxaminalion. I report in respect of my examination of the charity's financial 8tstements carried oui urh4er sec1ion 145 of the Charities Acl 2011 (the 2011 Act). In carrylng Out my examinalion I have followed 811 the ap1¢ab DeLIKIn5 given by Charity Commission under section 145{5){b) of the 2011 Act. Independent •xamlnerfs •tatemt Since the charity's gross Incon exeded £250.0 your exarnvber must be a m8M1 of a body listed in section 145 01 the 2011 Art I confirm that l am quafffied to undertake the exgmination because l am a membw of The Inslltut? of Chartered Accountants in England and Wales, which is one of the listed bodies. I have uvmpleted my examlnalion. l (x)nfinn Ihat no matters ha%e come to my attention in connerAion with the examination giving me cause lo believe that in any Meter1 respect: accounting records were not kepl In respect of the tharity as required by section 386 of the 2006 Act.. or the flnanclal statèrnants do not accord wfth those reccwO8: or the financial statemert8 do not comply with tr* accountirKJ raqulr8ments of seclion 396 of the 20{ Aci other than any requirement that the accounts give a true and fair View whith is a matter considered as part of an independent examination: or the fmandal statements have not been prepared in a(x0rdan with the methods and prfndples of the ststement of Recommended Practice for ac(thnllng r8poiting by tharities applicable lo charlues prBparing their accounts in accordan with Ihe Finandal Report'ng Standarf appl(cable in the UK aThJ Republic of Ireland (FRS 102). I have no ncernS and have rne across no other matters In connèdlon wlth Ihe examination to vthich attention should be (trawn in this report in order to enable a proper understanding of the financial statements to be reathed. A Trdfow HoweN8 Azets Audlt Servlces Ty Derw Lime Tree Court Cardlff Gate Bu8iness Parft Cardlff CF23 8AB 2oiL
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Donalions and legacies Charitable activities Other trading acttvities Investments 194,338 401.030 194,338 572,743 100.296 41)0,592 100,296 515,637 171.713 115,045 5.880 1.238 5.880 1.238 6.283 6,283 1.333 Totsl Income 602.486 171.713 774.199 508,504 115.045 623,549 CharitÉble activities 382.425 306.419 688.844 520.920 237.221 758,141 Nèt Incomo1(gxpendfture> for the yearl Net movwnent in funds 220.1 (134.706) 85.355 {12,416) (122,176) (134,592) Fund balances at 1 Apr 2023 77.235 631.852 709.087 89,851 754,028 843,679 Fund balances al 31 March 2024 297.296 497.146 794.442 77,235 631.852 709,087 The stalemeni of financial aclivit*$ incJude5 all gn5 and losses recognlsed in the yeai. All Income ar+d expendFluro derive from continuing aelivities. The slalemenl of financial activities also complies with the requirements for an income and expendlture accounl under the CompanTres Act 2006. 10-
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU BALANCE SHEEr AS AT31 MARCH 2024 2024 Z023 Fixèd assots Tangitle assets Current ats Debtors Cash at bank and In hand 13 515.327 508.714 14 198.518 97.W6 105.986 105.129 294.424 211.115 crll0. amounts lallin9 due within yoar 15 {15.309} (10,742) Net uJrrent a5set5 279,115 20D.373 Total ass¢ts less turrent Ilabllliles 794.442 709.087 Income fund• Restricled funds UnTe&trickd fvnds 16 497.146 297.296 831.852 77,235 794,442 709.087 The company is entitled lo the exemption from the audl fequirement cffjnt2ined in secl1 477 of the Companles Act 2006. for the year ended 31 March 2024. The directors aCkrW1ed9e thelr responslbllSlles for comptylng wilh the r6qulremerts of the Comparuès Ad 2006 wilh fesped to a¢¢ounting records and the preparation of finanual ststements. The members have not requlred the company lo obtaln an audlt of Its flnaniial statements for the year in queÉtion in accordance Y•th section 476. These financlal statements ha¥* be prnpared in aOrd with the PrO6k)n$ Bpplicable to companies $thie¢t to Ihe small companies regime. 18 No¥er 2024 The accounts were 8pwoved ty theTru¥tees oTr......................... H BeadOrth Tnffjtee Chair Company Reglstrallon No. 02535169 11
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows frorn op¢ratlng actlvltle$ Cash generated Iroml(absorbed by) operations 18 13.652 (195,508) Investlng activities Purchase of tangibFe fixed assets Investment income received 122.113) 1.238 (1.499) 1,333 N?1 cash usod in investlng actl¥ltio$ (20,875) (166) Net Gash u¥od In financlng activlties Net dgcrea$e In cash and cash equivalents (7.223) {195,674} Cash and cash equlvalents al beginniryj ol year 105,129 300,803 Cash and cash equlvalents at end of year 97. 105.129 12-
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 At¢ounling policies Charlty Inforniatlon Gwent Balel Theatre Limited is a prplate CoMnY kniled by guarantsg Incorporated in EnglarKI and Wales. The registered offw 15 Ur#t 1. Wem TradiThJ Estate, Rogerstone, Nvwport NP10 9FQ. United Klngdom. 1.1 Aecountlng comiention The finandal statements have been prepared kn accordan wtth the charws gDvemlng documant. the Companies Act 2006. FRS 102 "Tho Flnancial Reporty Slandard applkable In the UK and Republic of Ireland. ('FRS 10r) arnl the Charitles SORP "Ac¢ounling and Reporting by Charititis: Statement of Recommended Praclice applicable to charities preparing their aCunts in aCCrdanCe wilh the Flnandal Reporknng Stsn(Jard appfic4ble in the UK and Rq)ublc of Ireland (FRS 102)" (effective l January 2019). The charty Is a Public Benefrt Enttty as Ilefined by FRS 11r2. The financial Stalements are prepared in sterwng, is the fundionol currenry of the charity. Monetary amounts in Ihese financial slatements are rounded lo the nearest £. The financial ststements have bèen prepared der 1he tastoflcal cost corwenllon. The principal acojunting policies adopted are set (xrt bolDW. 1.2 Going concern At the time of approving the financial ststements. the twstees have a reasonable expectation that the chÉiTty has 8dequate resources to corbtinue in operational existence for the f0reseeate future. Thus the trustees continue to adopt the govig (Xrn 515 of a(x¥>unling in prepariry th8 financial statements. 12 Charftable funds Unrestricted funds are funds byhtch are available for use at the di%xeiion of thè charity's members in furtherancé of th8 g8n8ral objectives of tho charity and whth have not been deslgnated for other purposes. Restrkted funds arè subioctad to rostrlctions on Iheir oxp6ndilure imposed by Ihe donor. These funds are for use in a particular area or lor specific purposes. the use ofwhich is restricted lo that area of purpose. 1 A In¢om• Income is recognised the tharity is legaly entilted to It after any perfoTmance (x)nditions have been me( the amounts can be measured rèliabty. and It is probable Ihat Kome will be rrfeived. Cash donations are recognised on r1p1. Other dona11ons are recognlsed once the tharity has been notified of the donation. unless performance n(rlOn8 Tequire defwral of the amount. Income tax recoverable in relatlon to donalion5 recaved under GfftAKI or deeds of eA)venant is recognised at the time of th8 don8tlon. IntYJme from re¥enuè grants is recoanised when the has errtitlement to the lunds. any rfOrMance condrtions attached to the grants have beén ml, it is probable that thè ffKome be reIVed and the amounl can be measured rellably and18 not defeTred. Capital grants are released lo tho Staioment of Finanual Actwitses in the year of receipl. Fixed assets relating to capltal grants are capttallsed. and deprecralion dwged 1$ offget against the aranl Ine, In a restricled fund. 13-
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ountlng pollcles Icontinuedl Performance. education and programme inrnme is COgnised in the perirxl to which it relales wilh any amounts rerRived in advance being deferred. Workshop and t-shirt 5ale5 a recognised at Ihe date of s. Income from Theatre Tax Relief is recognised once notification from HMRC is received. Inv85trnent inwme is recognispd al the lime the inveslment income is receivable. Interest on funds held on deposrt is included when receivable and the amounl can be measured relhgbly ty the chaiity,. this is normally upon notificalson of the irrt•re51 paid or payat4e by the bank. Tumover is measured at the fair vatue of the consideration received or re1VatIe and represents amounts reIvable for goods and semces provided in Ihe nomial course of business. nel ol discounts, VAT and ¢)ther sales related laxes. 1.5 Expenditure Expendilure is recognised once there is a legal or construdwe obligation to make a payment to a third party. it is probable that settlement will be required and the amount of the obligation can be measured reliably. Governance eosts comprfse all cosls invol%ryng public a(xounlabilty of the chanty and its compliance with regulation and good practice. Charitable expenditure comprises those cost5 incurred by the chartty in the delivery of its activilies and 5eMces for ils beneficiaries. It indudes both rA)sts Ihat can be allocated directly lo such adiwiies and those costs of an indirect nature necessary lo support them. Govornance These costs include the cx)sts of governance arrangernen15. These include suth r(ems as independenl examinalion. legal advice for trustees and costs as%)ctale(I wllh Gonstitutional and statutory requiremenls. 1.6 Tanglble fixed assets Tangible fixed assets are initlally measured at cost and Subsequent measured at cost or valuation, net of depreGiation and any impaim)ent losses. Depreciaknon is regnised so as lo ¥((e off cost or valuation of assets less Iheii residual values over their useful lives on the followin9 base5-. Fieehold property Equipment Motor vehides 2% straight line 15% reducing balance 20% redUcff balance The gain or loss arising on the disposal of an asset is dètemiined as the differenc between the sale proceeds and the carrying value of Ihe asset, and is recognised in the statement of financial aclivities. 1.7 Impalrnignt of fixed $? At each reporting end date. the charity revIeV the carying amounts of its twwible assets lo determine whether there is any indicatlDn that those assets have suffered an impairment loss. If any such IndatiOn exists, the recoverable amount of tl%* asset is eslirnated in order to determine the extent of the impaiment loss (il any). 14-
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles (Continued) Cash and cash equlvalents C06h and cash equi¥alents indude cash in hand. deposits held at Gam with banks. other short-temi liquid investrnents with origtnal maturities of three months w less, and bank overylrafts. Bgnk overdrafts are shown within borrowings in current liabiliknes. 1.9 Flnanclal Instruments The charlty has elected to appty the provTrslons of Sedion 11 'Basic Finaal Instruments. and Sèdion 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instrumerrt5. Flnancial instruments are recognised in the charitys baance sheet when lh8 dwity bècomes party to the ntractual provisions of the instrumenL Financial assets and Irablrties are offset. Tmlh thè net amunts presentsd in the financial statement5. when there ts a legal]y enforceable light to set off the recognised amounts and there is an inlention to settle on a net basis or to realise the asset and selde the k8bilty slmultaneou. Baslc flnanelalatsets Basie financial assets. which indude debtors ar cash and bank balar$, are initially measured at transactlon pd¢e Indudlng tran5aGllon wsts and are subsequen11y c4rrfed al amorlised cost using the effectiv8 interest rneth unless the arrangement conslibjtes a finanan9 Iransact50n. where Ihe transaction 18 measured at the present value of the future receipts (thscounted at a market rate of interest. Financial assets dassifi8d as recelvable thIn one year are ncl amothed. Derecognltlon oifun¢lal assets Financial assels are derocognisèd only when Ihe contradual riglrts to the cash flows from the asset explre or are settled, or when Ihe charity transfers Ihe financial assel and subslantially all the risks and rewards of ownership to another entity. or rf some significanl risks arKI rewards of owner5hlp are retained but control ol the asset ha5 transfeThed to another party that is able to sel the asset in its entirety to an unrelaled thlrd party. Bask 17nancJal Ilatjllllies Bas1¢ ffinan¢l81 Ilabllltles. kK4uding rAedltors and ba[ k)ans we inltially 0)gnISed at transaction price unless Ihe arrangement constitutes a ffinancing transaction. where the debt inslrurnent is measured at the psent value of the fulure payments disojuntsd at a m*ket late of Interest. Flnancial liabifities classified as payable wllhin one year are noi amortised. Debt instruments are subsequently carried al amtirti (x>st. Using the effectNe tmeresl rate method. Trade credrtors are obligalions lo pay for goods OT servKes that have been acqulred in the ordinary course of operations from supplers. Amounts payable are classified as current liabir8$ rf payment is due Viithin one yèar or less. If not. they are prèwted as non-e1 IHtMlitiès. Trade (Yeditors are recognised initially at tran5a(Xton PTIGe and subsequenlty measureil al 81 uslng the eifeGiive Interest meinoa. Dere¢ognhlon of flhancl•l Il•bllitle5 Flnancial Ilabllttles aro derecognlsed when the charitys contraGtual obllgation5 expre or are di8tharged or cancelled. 15-
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.10 Employèè benèffts The costs of short-tenn employee benefits ae recogrbised as a liability and an expense, unless those costs are required to be recognised as part of Ihe cost of stock or fixed assets. The cost of any unused holiday entillemenl is recognised in the period in whith the ernF4oye8's services are received. Termination beneffts a recognised immediately as an expense when the chaiity 15 demonstrnbly committed lo temilnale the employmenl of an employee or to provide termination beneffts. 1.11 Rellrement benefits Payments to defined conlribulion reliiemenl benefft schemes are tharg as an expense as they fall due. 1.12 Taxatio As a registered charity. Gwent B8llel Theatre Limtted is entrtled to the exemption f taxation in respect ot income and capital gain5 received with seciions 478489 of the Corporation Tax Aci 2010 and seclfjon 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are apF4ied to it5 tharitable objects purposes only. Critical accounting egllmotss and judgements In the application of the charity's 3GGounling poliues, the tfustees are required to make judgements, •stima18S and assumption5 about the carying amount of assets and liabilities that are not readily aPPant from other &ourcès. The 8Stimates and associaled assumptions are based on historical oxperience and other factors that are considered to be relevant. Actual iesulls may thffer from ihe8e esbmales. The estimates and underlying a&&umplK)ns aro reviewed on an ongoing basis. Revision5 to a¢counting estimates are recognised in the period in whith the eslimale is revised where the revision affects only thal period, or in the period of the revision and futwe periods where the revision affects both current and future Periods. Oonations andlogaclos Unrestrfcted fund3 Total 2024 2023 Donations HMRC Theatre Tax Reliel 7,824 186.514 1,132 99,164 194,338 100,296 16-
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltbl• aetivilies 2024 2023 37.854 108,674 426,215 10,514 131,099 374,024 Education Grants 572,743 515.637 Anal1¥ by fund Unreslricted funds R881ricled funds 401,030 171.713 400.592 115.045 572.743 515.637 Other trdlng actlvllleo Unrestrlcted Unrnstrfcted lund8 2024 2023 Feed In tsrfff Workshops and trshirts 2,809 3.071 2,283 4,000 Other tradlng actie& 5,880 6,283 Invoslmgnts Unr••trlctod Unrn8trfctsd nds fundi 2024 2023 Interesl recefvable 1.238 1,333 17-
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2024 Charitable actlvitles 2024 2023 stsff ¢osts Depreclallon Performan5 Subscriptlms Advertising and marketing Repairs and rates Administralive costs Insurance Vehicle costs Olher projects Travel and subsisten¢& 204,831 15,500 308,765 4,961 41,393 32,898 28,841 5.708 10,215 22,266 6,935 191,198 12.490 341,087 4.568 47,253 35,133 12.064 6,765 27,550 55.747 16,996 682,313 750.851 Share of govemance costs (see note 8) 6,531 7.290 688,8 758,141 Support costs Support Govemanee ¢osts eosts 2024 2023 Accounlancy fees 6.531 6,531 7.290 6,531 6.531 7,290 Anatysed between Charitable activtties 6.531 6,531 7.290 Governance Costs includes payments to the independent examiners costs of £4.320 (2023.. £3,650), with the remaining Costs relating to payroll processing and eal¢ulalion and submission of the Theatre Tax Relief relurn to HMRC. Net movement In funds 2024 2023 Nel movement in funds is slated aftw chargirW(uedrting> Deprecialion of owned tangible fixed assets 15,500 12.490 18-
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Trustees None of the Itustee6 reIVed remuneration or reiVed any other benefits Irom an employment with the chaty or a rèlatèd effj duriry the curreni pritir period. No trustees expenses were incurred during the cwrent or piior period. 11 Employees Number of employee• The aveTag8 mr)nthty numberof ernployees during Ihe yeaf was: 2024 Xun*r 2023 Number Productlon staff Administration staff Employm•nl ¢o•ts 2024 2023 Wages and sakrles Social securlty c08ts Other pension costs 188,829 11.831 4.171 147,004 10,315 4,247 204.831 191,198 There were no enwoyees whose annual remmeratlon wa8 £60.c or more. 12 R•lald party tranmctlom Remuneratlon of key m•nagemont porsonnol The key management personnel of Ihe Charity ¢omwise of the trustees, the artistlc dlr8ctor, th8 a88iStant artisilc director and the adnistratOr. The remuTIeran of key management personnel. is as follows. 2024 2023 Aggregate Gonyensation 114,532 113.856 19-
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYM.RU NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Tonglble fixed assets Fv•ehold Equlwn•ntMotorvohlc Total Cost Al 1 April 2023 Addition5 601.854 49.650 5,081 651,504 22,113 17,032 Al 31 March 2024 601.854 54.731 17,032 673,817 Depreciation and impalrw*nt Al 1 April 2023 Depreciaiton charged in the year 95.923 12,039 46.867 626 142.790 15.500 2,835 Al 31 March 2024 107,962 47.493 2.835 158,290 Carrylng amount At 31 March 2024 493.892 7.238 14.197 51S,327 Al 31 March 2023 505.931 2,783 508,714 14 Debtors 2024 2023 Amounts falling due wlthln onè year. Prepaymenls arid accrued income 196.518 105,986 1S Credltorn: amounts falling du¢ wlthln on4 year 2024 2023 A¢¢ruals and deferred income 15,309 10,742 -20-
P)0 a) • lry ro) O C> (D Joo c> orie4 8 8888% •n OJ o o*c) i oo) c E c c c L)OUL)U u J ¢tttrtoC
v v u c>
GWENT BALLET THEATRE LIMITED KNOWN AS BALLET CYMRU NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Analysis of net assèts between funds Unrestricted Restrted fund$ fun 2024 2024 Total Unrestrl¢ted Re5tr1cted funds funds 2023 2023 Total 2024 2023 Fund bal8nces al 31 March 2024 are represented by.. Tangible assets Current asselsl{liabilrties) 20,181 277.115 495.146 2.000 515.327 279.115 1,308 75,927 507.406 124,446 508,714 200,373 297,2S6 497,146 794,442 77.235 631,852 709,087 18 Cash generated from operdtion6 2024 2023 Surpluslldeficit) for the year 85,355 1134,592) A(fiustments for.. Investment income recogNsed in statemenl of financial actr¥tties Depreciation and impaim*nl ol tangible fixed assets (1.238) 15.500 11,3331 12,490 Movements in working capital: Ilncroas8) in debtors In¢reasel<decrease) in ueditors {90.532) 4.567 {70.808) {1.265) Cash generated froml{absortbed by) operatSons 13.652 (195,508) 19 Analysls of ehanges In net funds The charity had no debt during the year. -24-