Company registration mjmber: 02621963 Charity registration numb¢r. 1008593 Ucheldre Centre (A company limited by guarantee) Anmd Report and Financial Statements for the Year Ended 31 March 2024 Aston Hughe8 & Co chart Accountants and Statutory Audito Selby Towers 29 Princes Drive Colwyn Bay LL29 8PE
Contents Reference and Administrative Details Strategic R4)0rt 2to6 Trustees, Report 7t08 tndep¢nd¢nt Auditors, Report 9toll ststement of FtDancial Artivitle5 12 Balance Sheet 13 Statement of Cthk Flows 14 Not&8 to the Financial Statements 15to26
Reference and Admlnistratlve Detsfils Trustee4 Mr A D&TToch MTS B Francis Ms S Moffat MrsHXi Mr A L Robert8 Ms K S Thomas Ms S A Williams Dr D Roberts- (Resigned l November 2024) Mr M B Gould Se¢retary Charity Registration Number 1008593 Company Registratlon Number 02621963 The charity is in¢0rated in EDgland & Wal¢s. Millbank Holyhead LL65 ITE Registered Office Auditor Aston Hughe8 & Co Chartered Accountants and Statutory Auditors S¢lby Towers 29 Princes Drive Colwyn Bay LL29 8PE Page I
Strateglc Report for the Year Ended 31 March 2024 The trslees, who are directors for the purposes of company law, present their strategic report for the year ¢nded 31 March 2024, in compliance with $414C of the CompaDi¢s Act 2006. AchieveDRnts Ydnd perforDMnce The provision of a top quality, and varied programme of perfOrnCe events. theatrical and musicaL exhibitions. , Class, and other events, as well &s being a venue for local societies and rA)mmunity activities, remained at the heart of Ucheldre's existence. The enhancements made during th¢ last few years to its facilities continued to have a major impact in improving the quality and range of perfornwi¢es. This was only our second post-Pandemic year of being fully open. Overall. a better year than last, although audiences and visitor nwnbeTS are do1 on pre-Pandemic levels. However. we continue to suffer th¢ detrimental effects of iTJfiation. huge ¢nergy ¢ost increases. and a cost-of-living crisis for many people. Not to llntion, of course, the lingering threat of war. All these factors discouraging people from coming to perfornwjces. Therefore, all in all, we are going to need as much financial 8UPPOrt as possible &8 we are already having to dip into our reserves. GAven staff shortages in the KitchetL along needing to Close the Café for the building wo, we have rLm the cateting sid¢ very lighL We will look to r¢laun¢h with staff, and a revamped space in late 2025. The nm light does impact on numbers aDd income. of course. but hopefully the new offering on re-opening will boost Ucbeldre's In summary durirAg FY 23-24 Ucheldre facilitated: . 25,326 Visitors to Exhibitions . 328 Sessions of wothops for (bildr¢ involving 5,523 att¢ndaDces. . 54 Sl0s of regular painting 410 attendances. . 23 Se&8ions of opera workshop8 with 77 attendallces. . 35 Profcssionai perfonnances. . 9 Amatew perfornwices. 114 Screenings of 52 film and satellite titles, 1,725 attendances. 13 Exhibitions. • 172 Sessions includillg Jazz Club, Repertory Company, Adult Art, Sgwrs a paned, Literary Society involving 1,570 participants. . 81 Sessions of Conllnunity use. involving 1,946 participants. Page 2
Strategic Report for the Year Ended 31 March 2024 Althouth audieDCCS rernained cautious, we are getting bk to som¢thing like a norn1 programme. As usual we Programm a huge rdnge of plays, music from folk to rock though classical. films and s¢reenings as well as many workshops and classes for chilthen and adults. The mix ofprofessional and amateur productions h&8 recommenced. We held the ninth S¢eM6r film ftstival in October 2023 with entries from worldwide. We are particularly pleased with the Creu Heulwenlcreating Sunshine project which is really getting underway and engaging many chtldren and adults alike in creative activitics. As we have secured fi]ndin& we can offer the activities for fre¢ which offsets the financial pressure8 on parents. Wc will bc lookillg to wntIn the stheme which ended at the end of June 2024. The gaTdens Continue to thTive but sadly all the saplings we planted in lockdown were destroyed by vandals. We will ha to ty again alld b8vc illcludcd cxt¢nsiv¢ r¢-plaDting in th¢ DelOPMent'S landscape proposals, but we will put strong fencing around the plantings. We mallaged to tske euÈtAngs from the old apple trS on site which were cut down to make way for the newbuild. Twelve cuttings have taken to stock so we w511 have an orchard of OTiginal apple trees! Ucheldre CoDtinU to play a very important role in the Anglesey Arts Fonun. Easter Sti10s 2023 saw 58 locations open their doors with around 70 artists tsking patL Uch¢Id rernains a memlxr of the Anglesey Attractions Association as an accredited Quality Visitor Attraction. Flnanelal revlew As warned in the Directors, Report last year, we had built up our reserve to spend urM)n energy saving llsures, and to offset increased energy prices and other costs. The welcome COVID Emergency fimding was vital for our sU1val along with Fudougb, but the8¢ have fallen away. Followlng an exhaustive review by the Council of Wales (ACW). we were retained as a core Arts Portfolio Member with the prospect of 3-6 year funding. However, our bid for increased fiindillg was not successfid. and subsequently the Welsh Government's Cut to arts fimding resulted in us receiving 2•/0 le. This mpOUndS r¢du¢ing grdnts and the invÉdious effect of non-itrftation based grants so that in real tern]s we are probably SO/ worse off from even 5 years ago. Consequently, given the d}snted progrdmme, energy measures expenditure and the various headwinds of IncSed energy costs and Wdges, our utlrestricted reserve has been severely reduced to a negative £4,035, although our total resetve is an astounding £1,469,396. Ucheldre continues to research other avenues of fundi both for revenue and capital, althougb competition for all grants is bec0ng Incr8]gIY intsnse and difficult with many inundated with requests for cost-of-living support. Ucheldre was recently successful in obtsining from Arts & Busines8 Cymn4 a 750/0 funded Creative ]ntern 3 day a week post for 10 months to assist with fiwdraisillg. The other good news of the year was that Ucheldre was successful in obtaining £4.038M for its Space for 21st Century Cr¢ativ¢ Well-being n¢wbuild as part of the Holyh¢ad bid for UK Gov IKvelliDg Up Funding. Building work Started in OctolKr 2023 and is expected to complete in July 2025. Page 3
Strateglc Report for the Year Ended 31 March 2024 The cost totals £5,288.523 with fill)ding from UK LUF £4,038,523, ACW £950K and £300K from the Community Facilities Prot. We still need to fmd £700K for our wish-list of.. disabled lift access to the stsge, enhanced landap]n& properly equipped kitche and a full PV and EV array on the Southern fiat roof. ApplitioDs are being Ucheldre has produced a revised Business Plan wbich sbows that the enhanced facilities will greatly improve its long-terni sustainability. The Holyhead wide investtThent aims to reverse the continuing depSed state of the Town by increasing the nurnber of visitors and tying to offsct thc cconi)mic wicertainty, exacetbated with continuing effects of Brexit and the cancellation of Wy]fa Newydd. Ucbeldre is keeping its expenditure under car¢fi teview. The wre funding provided by Anglesey County Council (ACQ and ACW remains vital to Urheldre, although we still need to raise over 6/0 of our income from oth¢r sources. Ucbeldre being retained as one of ACW'S Arts Portfolio Wales venues is very important for our stability, and also as a good marker of the confidence ACW has in us whtch hopefully will en¢oura8c other fimders. However, our bid to Cynthithas Elusennol Ynys M6n for fill]ding for carrying on with our community Creu Heulwen project was unsuccessful! Pollry on Mervts Due to the large grdnts received for the DevelopmenL our overall reserve has increased subsLqntially as the accounting rnles require this to be shown as an increase in OUT assets as we are building n¢w facilities. Th¢s¢ ass¢ts will be depreciated over the next 20 years. The underlying operdting costs reflethed in the uDreStTiGt r¢s¢rv¢ is not so robusL with th¢ larg¢ operdting dcfi¢it whith has wnsumed our reserv¢. The TTU8tees' aspiration to res¢rves equating to at l¢ast 3 months of the Charitys pendIture was 1&8t a¢hieved in 2008. but is no longer regularly possible. The Trustees hav¢ long awepted £IOK as a realistic historical average given the difficulty. despite vario8 fund-raising initiatives, to support even its cwrent activities. Ucheldre's Business Plan aspires to have more robust JnweslM¢ntpolKy and obj¢divts Under the Memorandum and Articles of Associatxon, the Charity has the power to ke any investment which the Tnthees see fiL In September 2017 the Trnstees updated the Centre's Articles to bring its governance in Ilne with current good practice, and appointed 9 new Trustees. Page 4
Strateglc Report for the Year Ended 31 March 2024 PlaDS for future periods Akns dndkey objed1vesf0rfulurIDdS Ucheldre is 33 years 014L. the Development is aimed at n]aking it fit for the next 33 $0 tt ¢an revamp its fa¢ilities and relaunch activities to meet the latest highest standards of an arts centre and visitor attraction. U¢heldr¢ to providc its historically busy mixed progra1n of exhibitions, events, and activities during the coming year, but ever aiming to both increase attendances. and widen the catcljment of its audi¢nc¢s. We will endeavour to continue to programrne the content of our ACW Connect and Flourish Scbeme Creating Sunshine with us working closely with our Partner. Menter Jaitb M6n. However, the extent of the programme will depend upon our funding. The programme will be wnstrain¢d during tbe constTUCtion phase as we work around handing over space for building worL It is unlikely we will have all spaces fiY operational until Octobcr 2025. As part of the Development Stage Uchcldre has rccruitcd an additional mcrnbcr of staff to programmc and plan events and activities in preparation for the NeWkId wbich will help boost activity and attendances. This is 750/ fimded by the ACW Lottery Grant for the Development. Ucheldre is also part of the Holy Island Heritsge and Landscape. and Ports- Past and PresenL projtS. These aim to increase visitors to the area and promote and link attractions, including U¢heldr¢, th¢r¢by raising its profil¢. U¢h¢ldre is to become a hub directing visitors to other hubs on different t1$. Whilst the previous Significant improvements to Ucheldre's facilities had already seen an increase in attendances, the wider economic difficulties could mean that raising income from audiences will be increasingly difficult. However, despite the cancellation of Wylfa Newydl there are still a few large potential projects on the Island that, if they ¢an)e to fruition, Could radically inwrove the local economy, and increase the workforce on Anglesey. The possible dev¢lopments outlined below of a Dance stdI0, Art Studio and improved access and other facilities will greally improve Ucheldrc's offer to the public. and potentially increase its income and swtainability. ACW continues to be extremely supportive, and we remain extremely thankf to ACC for its continuing support, without which we would not be able to provide the facilities we do. However, the arts sector was last out of lockdown restrictions and is very much in recovery mode still without the safety blanket of the emergency COVID support nwsures. Life remains difficult! The most satisfng part of the year has been to sec the long planned. and wishd for, expansion of Ucheldre move from d&M to reality! The extensive work undertaken with De Matos Ryan arcbitects during the Pandemic to push ahead with raising the necessary fimds and gain1 full listed building and planning consents finally resulted in planning pemission and the appointing of Grosvenor Construction Ltd as contractors in October 2023 after open tender on S¢112Wales. As a reminder the projecL Space for 21st Century Creative Well-being, is estimat¢d to cost just under £5.29W and will include a: Pagc 5
Strategic Report for the Year Ended 31 March 2024 Bespoke Dance Studio which can also be used &8 a'mindfulnesOwell-being" studio spacc allowing for workthops and classes in more iniimate and suitable surroundings than the Main Ha]I, which would be freed to hold more perforn)an¢¢s and reenIng$. Visual arts and ¢rafts iyorkshop spa¢e for practical workshop activity that focuses on Children, schools, and aduli activity groups, and leads onto an outdoor garden workspace. • New main entrance with improved circulation (incliiding opening-up the Ucheldre Kitchen) and providing better public toilets, and changing room& ivith enhanced disabled fa¢ilities, including a Changiiig Space, and disabl¢d perfonners, friendly access platforni to the stage. Revamped garden area including creation of a wmmunity garden and making a grecn spacc including a grassed roof to the new extension with beehives. • New servery and relocation of the Ucheldre Kitche]). • Revamped Reception, Box Office and Shop area8. • New Green Room with improved back-stage facilities, and repairs to ihe existing building including the Main Hall's exterior wall lo prevent water ingress, and repair of the dllaged rend¢ring. . Nei¥ soiind system and scr¢¢n for the cinem& Selection of energy saving MSure$ in¢luding LED lighting, air wurce pump for undertloor l)eating, new boiler& and PV pa]iels on the flat roof with EV wints in ¢arpark. Th¢ strat¢gi¢ reporl was approved by the trustees of the charity on 20 Decemb¢r 2024 and signed on its behalf by: (JL,-P, 6< Mr A L Roberts Trustee Page 6
Trn$tees' Report The Intee5, who a directors for the pUSeS of company law, present the aDnual report tO8ether with the financial statements and auditors, report of the clwitable company for the year ended 31 March 2024, Objectives gctiwities PUNIC benefv The pmvision of a cornty arts centre open to all. Th¢ trustees confirni that they have complied with th¢ requirements of section 17 of the ChaTiti¢s Act 2011 to have due regard to the publi¢ benefit guidance published by the Charity Commi$sioD for England and Wal¢s. Structsrei govern4nee and management N4thre ofgovernthg docum¢nt The compan8 governing documents are its Memordndurn and Articl&s of Association. Flnandal Instruments Obiectsves andpolicies The charitys activities expose it to a number of financial risks inchlg credit risK cash flow risk and liquidity risk. The charity does not use derkvative financial illstrumcnts. The cl]arity's principal financial asscts ar¢ bank balances and ca$ trade and other r¢ceivables. The cliarity h&s no significant concentration of credit risk. Statement of trustses, responsibllltles Page 7
Trustees, Report The trustees (who are also tl)e directors of Ucheldre Centre for thc piirposes of company law) are responsible for preparing the trustees, report and the financia] statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PracÈice}, including FRS 102 "Th¢ Financial Reporting Standard applicable in the UK and Republic of treland" Company law requires the trustecs to prepare financial stateinents for earh financial year. Under company law the trustees inust not approve the fin>ncial 8iatemeiits unless they are satisfied ihai they give a true and fair vieiv of the state of affairs of the charitable conipany and of t]ie incoming resources and application of resources, including ils income and expenditure. of the charitable compan), for that period. In preparing these financial statements, the Iniste¢s are required io.. select suitable accounting policies and apply them consistently. observe the methods and principlcs in the Charities SORP; make judgements and estimates that are reasonable and prudent. state whether applicabl¢ acwunting standards, comprising FRS 102 have been followe& subject to any material departures disclosed and explained in the financial statetnents. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the haritable company will Continue in business. The trLlStees are restM)nsibl¢ for k¢¢ping proper a)lInting records that ¢an disclose with r&gsonable accuracy at any time th¢ financial p)silion of the Charitable wmpany and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also r¢swnsible for safegiiarding the assets of the charitable company 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 corporate and financial information included on the Charilable company's ivebsite. Legislation governing the preparation and dissemination of financia] statements may differ from legislation in other jurisdictions. Disclosure of information to audilor Each trustee ha8 taken steps that they ought to have taken as a trustee in order to make ihemselves aware of any r¢l¢vant audit infornialion and to eslablish that ih¢ ¢harity's audilor is aware of that infonnation. The trustees confirni thcre is no relevant infonnation that they know of and of which they know ih¢ audilor is unaware. The annual report was approved by ihe trustees of the charity on 20 December 2024 and signed on its behalf by: Mr A L Roberts Trustee Page 8
Independent Auditor's Report to the Members of Ucheldre Centre Opinion We have audited the financial statements of U¢heldre Centr¢ (the 'chaTity') for the year ended 31 March 2024, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Fitwi¢ial Statements, including a of sigDifJcant accounting policies. The financial reporti framework that Fths been applied in their preparation is United Kingdom A¢¢ountitig Standards. comprising Charities SORP - FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounling Practice). tn our opinion the financial statements: give a true and fair view of the state of the charity's affaiTS 88 at 31 March 2024 and of its incoming resources and application of resources, including its income alld cxpMditure, for the then end¢d. bav¢ b¢¢n properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepar in accordance with th¢ requirements of tbe Companies Act 2006. Basls for oplnlon We Conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards ate further described in the auditor responsibilities for tbe audit of the ruwla1 statements section of our report. We are independent of th¢ Ghatity in accordance with the ethical requirenltS that are relevant to our audit of the fllJan¢ial statements in the UL including the FRC'S Eihical Standarl and we have fulfilled our other ¢tbi¢al responsibilities in accordance with these requirements. We believe that the audit eviden¢¢ we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conduslons relating to going eoncern ID audititig the financial statements, we have con¢lud¢d that the tsustees use of the going concern basis of accountffitig iti the preparation of the fllwicial stat¢nLents is appropriate. Based on tbe work we have f0rnIe4 we have not identified any Materi uncertainties relating to events or nditions that, individually or collectively, may c&8t Significant doubt on the clwity's ability to CQDtinue as a going ¢on¢¢rn for a period of at Icast tw¢lve months from when the original fmancial statements were authoris¢d for ille. Our respoDsibilities and the resnsIbilitieS of the tnle¢S with respect to going ¢oncern are described in the relevant sections of this report. Other Inforniation Th¢ truste¢s ar¢ r¢srK)nsible for the other infommtion. The other infonnation comprises the information included in the 8nnuaJ report. other than the fjnancial statements and our auditor's report thcreon. Our opinion on the financial statenjents does not cover the other infornmtion an except to the extent otherwise explicitly ststed in our reporL we do not express any fonn of assurance conclusion thereon. tn connection with our audit of the financial statements, our responsibility is to read the other iDforn]ation in doing so, consider whether the other infotmatioTh is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify sucb matcrial inconsistencies or apparent material misstatement& we are required to dd¢rrnine whether there is a material misstat¢m¢nt iti the financial statements or a material misstatement of the other inforntiOn. If, based on the Work we have terforniel we conclude that th¢r¢ is a mat¢rial misstst¢m¢nt of this other infonnatioty we are required to report that fa¢L We have nothing to report in this regard. Page 9
Independent Auditor's Report to the Membern of Ucheldre CeDtre Oplnlon on other matter prescrlbed by the Companies Aet 2006 tn our OPiDiOQ based on the work undertaken in the course of the audit: th¢ InforntiOn given in the Strategic R¢port and Trustees, Report foT the rUwla1 year for which the fula1 statements are prepared is consistent with th¢ financial statsments: and the Strategic Report and Tntees, Rep)rt have been prepared in accordance with applicable legal requirrnts. Matters on which we are required to report by exception In the light of our knowledge alld understanding of the charity and its environment obtained in the urse of the audit, we have not identified n181 misstaten8 in the Strategic Rqx>rt aTkd the TTUStees' ReporL We have nothing to rwort ill reSpt of the following Dtter8 wbere the ComF)anies Act 2006 rquites us to report to you if. in our opinion: adequate acwunting records have not been k¢pL or r¢turns adequate for our audit have Dot been ¢¢iVed from brdn¢hes Dot visit¢d by us. or the finan¢ial statements ar¢ not in agreement with the aountIng records and returns; or certain disclosures of trustees remuneration specified by law are not made. or w¢ have not received all the InforntiOn and explatiations we require for our audit. Responslblllties of trustees As explained more fidly in the Statement of tniste¢$' responsibilities (8¢t out on page 7 and 8}, the tntee8 are responsible for the preparation of the finati¢ial statements and for being satisfied that they give a tn and fair view, and for such internal control as the trustees deleTmine is necessary to enable the prepatation of financial statements that are free from maknial misstatemenL whether thie to fraud or error. In preparlng the financial statements, the tTrteeS are responsible for SesSIng the chtiTity's ability to continue as a going concern, disclosing, as applicable, matter8 related to going concern and using th¢ going con¢¢rn basis of accounting unless the lJustc¢s ¢ith¢r int¢nd to liquidate the charity or to c¢w operations. or have no realistic Iternative but to do so. Auditor respollsibilitses for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial 8latements as a whole are free from material misstatemenL whether due to fraud or error, and to issue an auditor's report that includes our opinion. ReasoDable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance wryth ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are consid¢Ted material if. 1ndivithiIY or in the aggregate. th¢y could reasonably be expected kn influence the e¢onomi¢ decisions of users taken on the basis of these finan¢ial statements. The ¢xt¢nt to which our pro¢edures are Capable of det¢rting irregulariti¢s. including fraud is detailed lOw. Page 10
Independent Auditor's Report to the Members of Ucheldre Centre We considered the nature of the cl]arity's ]ndty and control environment and reviewed policies and procedures relating to fraud and compliance with laws and regulations. We also ¢nquxred with management about their own identification and assessment of the risk of iLTegularities. We conllnunicated amongst the audit teaTll are&8 that may exist within the organisation for fraud or non-compl1ale with laws and regulatio. Where we considered the risks identified may have a material effect on the financial slatements or operatioDS of the clwity. audit procedures were TrIed out. To addre88 the risk5 identified we discussed mattery with key managemott and rcvicwcd documclltation whcre availabl¢. tn common with all audits under ISA'S IUK) we are also required to p¢rforni specific procedures to respond to the risk of fraud and error through management override of controls and in response we Incorrated testing of journal entiies within the main accounting system and the manual entries made in th¢ ¢li¢nt financial reporting system. A fijrther description of our responsibilities is available on the Financial Reporting Council's website at: www.frs.org.uklauditorsre8ponsibilities. This description fomis part of our auditorfs report. Use of our report This report is made solely to the cbaTitable compatty's trtee$. ag a IK>dy. in a¢cordan¢e with Chapter 3 of Part 16 of the CompanRes Act 2006. Our audit work has been undertaken so that we might state to the charity's 1mstees those matters we ar¢ r¢quir¢d to stat¢ to th¢m in an auditor's report and for no other purpo8¢. To the fiest extent pernlitted by law, we do not accept or assume responsibility to anyone other than the charitable compaDy and its iTUStees as a iKKly. for our audit worL for this rOr¢ or for the opinions we have fotmed. Andrew Erasmus Bsc FCA (Senior Statutory AuditOT) For and on behalf of Aston Hughes & Co, Statutory Audltor Selby Towers 29 Princes Drive ColwyD Bay LL29 8PE 20 December 2024 Pagcll
Statement of Financial Activitles for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Total 2024 Total 2023 UnrestrACted Re8tricted Note Incon and EDdoWnt9 from: Donati and legaci¢s Charitable activities Investment income 137,556 79,348 2,811 1,528,328 1.665.884 79,348 2,811 225.041 84,443 45 Totsl Income 219,715 1,528J28 1,748,043 309,529 Expenditure on: Charitsble activities (282,081) (64,331) (346,412) (307,852) Total Expenditure (282,081) (64,331 (346.412) (307,852) Net (exnditUYjnCQrne (62.366) 1,463,997 1,401,631 1,677 Net nx)veDTht in funds (62,366) 1.463,997 1,401.631 1.677 Rcconclllatlon of fund8 Total funds brougbt forward 58,331 9.434 67.765 66,088 Totsl funds carried forward 1,473,431 1,469,396 67,765 All of the charity's activities derive from ¢ontimiing operations during the aknve two periods. The funds breakdown for 2023 is shown in nofr 19. The notes on pages 15 to 26 form an Inte8 part of these financial statements. Page 12
(Registration number: 02621963) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets 13 ,481.384 29.435 Current 4$sets Stocks D¢biors Cash at bank and in hand 14 15 16 4,742 63.314 311,022 4,752 33.119 72.075 379,078 109,946 Creditors: Amounts falling due within one year 17 391.066 (71,616) Net current {lixbilitiesyas$¢ts {11,988) 1,469,396 38,330 Net assets 67,765 Funds of the charity: Restricted in¢om¢ funds Restricted funds 1,473,431 9.434 Unrestricted income funds Unrestricted funds (4,035) 58.331 Totsl funds 19 1,469,396 67,765 The financial statements on pages 12 to 26 were approved bv the trustees, and authorised for iSsi on 20 December 2024 and signed their behalf by: Mr A L Roberts Trustee The notes on pages 15 to 26 forni an integra] part of these financia] statements. Page 13
Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Nots Cash nows from operating activities Net casb ine 1,401,631 1.677 Adjustments to ¢ash flows from Don-casb items Depreciation Investhient inwme 9.435 2,811 1.408,255 13.121 45 14,753 Worklng eapfital adjustments DcGreas¢ in sto¢ks (Incrseydecrea8e in debtors tncreasel(decreas¢) in creditors Increasel(decrease) in deferred income 14 15 17 io (30,195) 274.471 44,979 219 5.829 (14.467) 2,972 Net cash flows from op¢rating artiviti 1,697,520 3.362 Cash flows froni investing activities tnt¢rest r¢¢eivable and similar income Purchase of tsngible fixed assets 2.811 1.461,384 45 13 Net cash flows from investing activities 1,458.573 45 in¢re4se in ca8h and cash equivalents 238.947 3.407 Cash and ¢&sh equivalents at l April Cash and cash equivalents at 31 March 72,075 68,668 311,022 72,075 All of the c&8h flows are derived from continuing operations during the above two periods. The notes on pages 15 to 26 forni an integral part of these financial statements. Page 14
Notes to the Flnanclal Ststements for the Year Ended 31 March 2024 I Cbarity Staths The clwity is limited by guarantee. incorporated in EnglaDd & Wales, and consequently does not have share capitsl. Each of th¢ tn]ste¢s is liabl¢ to contribute an amount not exceeding £1 towards the assets of the cliarity in th¢ event of liquidation. The address of its registered office is: Millbank Holyhead L1fj5 ITE These fmancial statements were authorksed for issue by the trustees oll 20 Der¢mb¢r 2024. 2 Accomnting polides Summairy of slgnfficant accoundng pollcles and key accounthig estlmates The principal accounting policies applied in the preparation of these financial Statements are set out below. These policies have been consistently applied to all the yeaTS presented, unless otherwise stated. StateDllt of complianee The fmancial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities prcpaTing their accounts in accordance with the Finaticial R¢rt1Thg Standard applicable in the UK and Rq)ublic of Ireland (FRS 102)) (issued in October 2019) - (Charitics SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Jreland (FRS 102) and the Companies Act 2006. Bgsls of prepAratlon Ucheldre Centre meets the definition of a publi¢ b¢n¢fit entity under FRS 102. Assets and liabilities are initially re¢ognis¢d at historical cost or transaction value Ullle othenvise stated in the relevant accounting policy notes. GolDg concern The trustees consider that there are no mafrTial uncertainties about the thaTity's ability to Continue as a going concern nor any significant are&8 of uncerthty that affect the carrying value of assets held by the clwity. Income and endowments All illCOEllC is recogDi8ed once the cliarity has entitlement to the incomc. it is probablc that the InM¢ will be received and the amount of the income receivable can be rne&8ured reliably. Donalions andlegacies Donations are r¢cognised when the charity has been notified in writing of both the amount and Settlement date. In the eveDt that a donatioj) is subject to ¢onditions that require a level of perfornwice by th¢ charity before the Charity is entitled to the fid4 the income is deferred and not re¢ognised until eithcr those conditions fully met, or the fulfilment of those conditions is wholly within the control of the clwity and it is probable that these conditions will be fulfilled in the reporting period. Page 15
Notes to the Financfial Statements for the Year EDded 31 March 2024 Grnnts recelvable Grants are recognised when the charity has an entitlement to the fimds and any conditions linked to the lts have been met. Where perforniance conditions are attached to the grant and are yet to be mel the income is recognised as a liability and included on the balance sheet as deferred income to be released. Deferredixcome Deferred income represents amounts received for future periods and is released to inwming r¢s(yurc¢s in the period for whith, it has been received. Such in¢oTne is only deferred when: - The donor specifies that the grant or donation must onty be used in future accounting periods. or - The donor has 1rnpos conditions whi¢h must b¢ met bef1¢ the tharity has wiconditional entitlement. EndIture All ¢xp¢nditure is recognised once there is a legal or collstructive obligation to that expenditure. it is probabl¢ ttlement is required aDd the amount can be measured reliably. All costs allocated kn the applicabl¢ expenditure heading that aggregate similar costs to that ¢ategory. Wh¢r¢ rosts cannot be dir¢¢tly attributed to particular headings they hav¢ be¢n allocated on a basis consistent with the use of resourtts. with ¢entral staff Costs allocated on the basis of time Spt. and depwiarion charges allo¢ated on the portion of the asset's use. Other support costs are allocated based on tbe spread of stsff costs. Charilable acliiyties Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It include8 both costs that can be allocated directly to such activities and those costs of an indircct natur¢ necessary to support them. Governance eosts These include the Costs attributsble to the charity's conwliance with constitutional and statutory requIrenlts, in¢luding audiL strategic management and lntreS meetings and reimbursed expenses. Goyernment Erants Government grants ate Tecogllised based on the accn]al model and are measured at the faiT value of the asset received or receivable. Grnnts are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which Ihe related costs are recognised. Grants relating to assets are recogt)ised over th¢ expected useful life of Ihe SeL Where part of a grant relating to an asset is deffflTc it is recogni8ed as defrrred income. Taiation The cbarity is considered to pass the *sts set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a ¢haritable cornpany for UK COTPOTation tax purposes. Accordingly. the charity is potentially excrnpt from taxation in respect of income or ¢apital gains re¢eiv¢d wiihin rat¢gori¢s cov¢rcd by Chapt¢r 3 Part I I of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gain8 Act 1992, to the tellt that such income or gains are applied exclusively to charitable PUTP(IS¢S. Tanglble fixed assets Individual fixed assets costing £10,000.00 or more are initially recorded at cost. Page 16
Notes to the Flnanclal Statements for the Year Ended 31 March 2024 Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or Valuatio less any estimated residual value, ov¢r their expected useful economic life as follows: Asset elass Land & buildings Furniture and equipment Furniture and equipment . audio and visual equipment Depreciation method and rate 5 /0 on cost 25 /0 reducing balance 33.330/0 straight lin¢ Stock Stock is vahd at the lower of cost and estimated selling price less costs to complete and selL after due regard for obsolete and slow moving stocks. Cost 18 detemiined using the first-itL first-out IFIFO). TrAde debtors Trdde debtors are atnounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost usitig the effective iDt¢rest metho( less provision for impairnient. A provision for the impairnlI of trade debtors is established when there is objective evidence that the Clwity will not be able to Collect all amounts due according to the oriwal tenns of the rrteivables. Cash eAsh equlvalents Cash and casb equivalents comprise cash on hand and call deposits. and other short-terni higbly liquid investments that are readily convertible to a known amount of cash and ate subject to an insignificant risk of thge in valu¢. Trade creditors Trade creditors ar¢ obligaii(ms to pay for goods OT services that have been acquirLxI in the ordinary course of business from suppliers. Accounts payabl¢ are ¢la&8ifie41 as Current liabilities if the charity does not have an un¢onditional righL at the end of the reporting period, to defer settlement of the creditor for at lea8t twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after th¢ reporting date, they are presented as llon-current liabilities. Trade creditors are r¢co8nised initially at the transa¢tAon price and subsequently measured at amortised cost using the effective interest nkethod. Page 17
Notes to tbe Flnanclal Statements for the Year Ended 31 March 2024 Foreign ueh8nge TraDSactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilitie8 denominated in foreign cutrencie5 at thc balance sheet dats ar¢ reported at the rdtes of exchange prevailing at that date. The results of overseas operations are translated at the average ratcs of cxchaDge during the period and their balan¢¢ sh¢¢ts at the rdtes nding at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive illcome and accumulated in equity (attributed to non-rontrolling interests as appropriate). Other exchange differences recognised in the Statement of Financial Activities in the period in which they arise except for. l) exchange differences on Iransa¢tions entere4J into to hedge Certain foreign curr¢n¢y risks (see above). 2) exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive itKome: and 3) in the case of the consolidated fi]Mncial st&tenKnts, exchange differen¢cs on monetary items receivable from or payable to a foffign operation for wbich settlement is neither planned nor likely to occur {th¢r¢fott forniing part of the net investment in the foreigD operation), which are recognisd in other comprehensiv¢ Illwn and r¢ported under equity. Fund structure Unrestricted income filnds are general fimds that are available for use at the tntee'S discretion in fuTtherance of the objectives of the charity. R&8tricted income fimds are those donated for in a particular arca or for spccific purposes, the use of which is restricted to that area or PUryK)S¢. Flnanclal instrnments Financial assets and fman¢ial liabilities are 08n1$¢d when the charity bewmes a paty to the contractual provision5 of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arngements ¢nter¢d into. An equity instnunent is any contract that evidences a residual interest in the &8sets of the charity after deducting all of its liabilities. Pag¢ IS
Notes to the Financial Statements for the Year Ended 31 M2r¢h 2024 Recognilion andm¢4$ureMeAt All financial assets and liabilities are initially measured at transaction price {including transaction cost8). exc¢pt for tIK)se financial &ss¢ts GIlfied as at fair value through profit or loss. which are initially measured at fair value (which is non[lY the transaction price excluding transaction costs}. unle55 the a[rangeDnt constitutes a financing transaction. If an aTrangem¢nt ¢onsÈRtutes a financing trdnsartion. the financial or financial liability is measured at the present value of the future payments discounted at a Tnarket rate of interest for a similar debt inslnynent. Financial assets and liabilities are only offset in the slatement of financial position Whe and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to rea]is¢ the a&8et and settle the liabiltty Simultaneously. Financial assets are dere¢o8tiised when and only vthen a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substsntially all of the risks and rewards or ownership of the fll)ancial asseL or c) the charity, despite baving retained some, but not all, sigmificant risks and rewards of owneIp, has transferred control of the asset to another paty. Financial liabkiities are derecognis¢d only when th¢ obligation specified in the contract is discharge cancelled or expires. Fair value measurement The best evid¢ of fair value is a quoted pri¢¢ for an identical asset in an active markeL When quotsd priceA a unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the marknt is not active and recent transactions of an identical aSt on their own are not a good estimate of fair valu< the fair value is estlmated by using a valuation lechnique. Page 19
Notes to the Flnanclal Statsments for the Year Ended 31 March 2024 3 In¢ome from donations and l¢g*¢ies Unrestricted nds General Restrietsd nds Total fund$ Donations and legacies. Donations from individuals GTaDts, including capital . Govenunent grants Grants from other charities 38,400 38.400 22.801 76.355 22,801 1.604.683 1,528,328 Total for 2024 137,556 1,528,328 1,665,884 Total for 2023 221.567 3.474 225.041 4 Intomt from ebaritable aetivities Unrestrictrd funds General Total funits Shop sales Other Commission Centre hire Events inci)me Catering Other goods 939 2.673 20,663 35,183 17287 2.603 939 2,673 20,663 35,183 17,287 2.603 Totsl for 2024 79,348 79,348 Totsl for 2023 84.443 84.443 5 Investm¢nt incon Unrestricted funds General Totsl nd$ Int¢r¢st re¢eivable and sinjilar in¢On. tnterest receivable on bank deposits 2,811 2,811 Totsl for 2024 2.811 2,811 Total for 2023 45 45 Page 20
Notes to the Financial Statsments for the Year Ended 31 March 2024 6 Expendfithre on ¢h8rltsble a¢ilvfttie$ Unrestricted funds General Restrlcted funds Tot funds Note Publicity costs Purclwes Event costs Event costs Rent Water rates Lighl heat and power 1,720 4.967 1,720 4,967 54.897 43,502 54,897 43.502 507 41.319 4.534 7,191 2,442 1.156 (910) 1,239 33,000 2,984 507 41,319 4,534 7.191 2,442 1.156 (910) 1,239 33,000 2,984 9,434 133,425 5,000 Telephone and fax Office expenses Pritstitig. postage and stationery Cleaning Management cbarges payable Bank charges Depreciation of fixtures and fittings Staff costs 9,434 133.425 Total for 2024 282,081 64,331 346.412 Totxl for 2023 287,739 20,113 307,852 In addition to the expenditur¢ anaiysed aiM)v¢, thete are also governance costs of £5,000 (2023 - £1.025) wbich relate directly to charitable activities. See note 7 for further details. 7 Atty$l$ of gov¢rn8n¢¢ and 511PPOrt Costs Govern*nee eosts Page21
Notes to the Financial Statements for the Year Ended 31 March 2024 Unre8trietsd funds General Tot funds Audit fees Audit of the financial statrments 5,000 Total for 2024 5.000 Total for 2023 1,025 1,025 8 Trustees remuneration expen No trust¢¢s, nor any persons connected with hav¢ r¢¢eiv¢d any rfflllunerntion from the chatity during th¢ year. No tnjstees have received any reimbursed expenses or any other benefits from the charity duritig the year. 9 Staff costs The aggregate payroll costs were &8 follows: 2024 2023 Staff costs during the year were: Wages and salaries Pension costs 131,859 1.566 124,128 1.188 133.425 125.316 The monthly average number of persons {including senior management I leadership team) employed by the charity during the year expressed as fl time equivalents was as follows: 2024 No 2023 Admin ond support 13 13 No employce received cmoluTn¢nts of mor¢ than £60,000 during the year. 10 Independent exaer,5 remuDeratloD 2023 EXaMition of the finattclal Statements 1,025 Page 22
otes to the Financial Statements for the Year Ended 31 March 2024 11 Auditors, remwieratlon 2024 Audit of the financial statements 5,000 12 Taxation The charity is a registered charity and is therefore exempt from taxation. 13 Tangible fixed a$s¢ts Land and bulldlngs Furnithre and equlpment Total Cost At l April 2023 Addition8 35,297 1,461,384 79,626 114,923 1,461384 At 31 March 2024 1,496,681 79.626 1,576,307 Depreeiation At l April 2023 Charg¢ for the year 15,297 70.191 9,435 85.488 9,435 At 31 March 2024 15.297 79.626 94,923 Net book value At 31 March 2024 1,481,384 1,481,384 At 31 March 2023 20,000 9,435 29,435 14 Stock 2024 2023 stks 4,742 4,752 Page 23
Notes to the Financial Statsments for the Year Ended 31 March 2024 IS Debtors 2024 2023 Trade debtors Prepayments VAT recoverable Other debtors 3,893 960 20,646 37,815 3,740 985 21,456 6.938 63,314 33,119 16 Cash #nd ¢sh equiv4lents 2024 2023 Cash on hand Casb at bank 1,779 309.243 1,121 70,954 72,075 311,022 17 Creditor5: aiiioiiDts flling du¢ withln 00¢ y¢ar 2024 2023 TTade creditors Other taxation and social security Other creditors 273,022 1,878 12.372 1,481 39.852 76,313 26.426 31,334 Deferred incom¢ 391,066 71,616 Page 24
Notes to the Financial Ststements for the Year Ended 31 March 2024 18 Comnrftments Capital conubitmeDts At the balance she¢t dat¢. the charity had committed to signifi&gnt capital expenditure in relation to the Ucheldr¢ Arts Centre expansion and the Creation of Space for 21st Century Creative Well-being project. The total conllnitments in respect of this work are £5.29m. with £1.46m of these ¢ost8 being Incurr during the year to 31 March 2024. The total amount contracted for but not provided in the financial statements was £3,830,(KKI (2023 - £Nil). 19 Funds Ban¢t #t I April 2023 Ineoming resour¢es Re80urees expended Balance at 31 March 2024 Unrestrlcted funds General Ullrestrict fil1 58.331 219,715 (282,082) (4,036) Restricted fund8 Filming - visuavaudio equiptDent Isle of Anglesey Cow)ty Council Levelling Up Fund ACW Lottery- Development of Centr¢ Creating Sunshine 9,434 (9,434) 1.142,793 1,142,793 318.591 66,945 318.591 12.048 (54,897) Total restrlcted fuDds 9.434 1,528,329 64,331) 1,473,432 Totsl fund8 67,765 1,748,IM4 {346,413) 1,469,396 Balallce at 31 March 2023 Balance at I Aprll 2022 In¢omlng resources R0ree8 expended Tranxf¢rs Unrestsicted funds Genernl Unrestricted fund 43.533 306.055 (287.739) (3.518) 58,331 ReBtrlcted Filming . visuavaudio equipment 22,555 3,474 (20,113) 3.518 9,434 Total funds 66,088 309,529 307,852) 67,765 Page 25
Notes to the Financial Statements for the Year Ended 31 March 2024 20 Any$l$ of net 4$sets between funds Unrestricted fuDd8 Gener*1 Total funds at 31 March 2024 Restricted fund8 Tangible fixed ossets Current assets Current liabilities 20,000 290,717 314,753) 1,461,384 88.361 (76.313) 1,481,384 379,078 {391,066 Total net assets (4,036 1,473,432 1,469,396 Unrestrleted funds General Total funds at 31 Mareh 2023 Re8trlcted funds Tangible fixed assets Current assets Current liabilities 20.000 109,946 71,616 9.435 29.435 109,946 71,616 Total net assets 58,330 9,435 67,765 21 Analy8is of net funds At l April 2023 At 31 Marcb 2024 C&8h at bank and in hand 311,022 311,022 Net debt 311,022 At l Aprll 2022 311.022 At 31 Mar¢h 2023 Cash at bank and in Iwid 72,075 72,075 Net d¢bt 72,075 72,075 22 Reltdted party transa¢tion8 Dunng the year the charity made the following related paty transactions: M Gould (M Gould is the secretary of the charity.) During the period ngeMent fees to1 £33,000 were charged to the ¢lwity (2023: £33.000). At the balance sheet date the amount due to M Gould was £24,170 (2023 - £24,420). Page 26