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2021-03-31-accounts

Page
Report ofthe Trustees 1to7
Independent
Examiner's		 Report
Statement ofFinancial Activities
Balance Sheet
Cash Flow Statement
Notes to the Cash Flow Statement
Notes to the Financial Statements 13to 21

2021 2020
Unrestricted Restricted Total Total
funds funds funds funds
Notes F E
INCOME AND ENDOWMENTS FROM
Donations
and legacies		 256,917 28,991 285,908 394,339
Other trading
activities		 2,759 4,350 7,109 194,524
investment
income		 52 52 129
Other income 57,255 57,255 62,580
Total 316,983 33,341 350,324 651,572
EXPENDITURE ON
Raising funds 6,125
Charitable
activities
Advancing
education		 ofthe public in the
appreciation
ofnew		 opera and music theatre 247,5?4 40,073 287,647 812,692
Total 247,574 40,073 287,647 818,817
NET INCOME/(EXPENDITURE) 69,409 (6,732) 62,677 (167,245)
Transfers
between		 funds 19 ~7,316) 7,316
Net movement
in funds		 62,093 584 62,677 (167,245)
RECONCILIATION OF FUNDS
Total funds brought forward 97,864 78,894 176,758 344,003
TOTAL FUNDS CARRIED FORWARD 159,957 79,478 239,435 176,758

2021 2020
Notes E f
Cash flows from operating activities:
Cash generated
from		 operations 84,326 (226,776)
Tax paid 25,538
Net cash provided
by (used in) operating
activities 84,326 )201,230)
Cash flows from investing activities:
Purchase oftangible fixed assets (3,052) (2,232)
Sale oftangible
fixed		 assets 2,844
Interest received 52 129
Net cash provided
by (used in) investing
activities		 ~3,000) 741
Change
in cash and		 cash equivalents in the
reporting
period		 81,326 (200,497)
Cash and cash equivalents at the beginning of
the reporting
period		 88,645 289,142
Cash and cash equivalents at the end ofthe
reporting
period		 169,971 88,645
2021 2020
F F
Net income/(expenditure) for the reporting period (as per the statement
offinancial
activities)		 62,677 (167,245)
Adjustments
for:
Depreciation
charges		 2,628 2,569
Loss/(profit)
on disposal offixed assets		 2,280 (2,844)
Interest received (52) (129)
Decrease/(increase)
in debtors
Decrease
in creditors		 17,124
~331)		 (53,219)
~5.906)
Net cash provided
by (used in) operating		 activities 84,326 )226,776)
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1/4/20 Cash flow At 31/3/21
E E
Net cash
Cash at bank and in hand 88,645 81,326 169,971
Total 88,645 81,326 169,971

2021 2020
E
Donations 1,270 11,712
Gift aid 2 2,105
Grants 284,636 380,522
285,908 394,339
Grants received,
included		 in the above, are as follows:
2021 2020
E E
Arts Council ofWales 222,214 283,009
Mystrica Trust 5,000
The Boltini Trust 5,000
Colwinston
Charitable		 Trust 25,000
Arts Council ofWales - Resilience 31,066
PRS Foundation 2,500
The Leche Trust 3,000
Stephen
Oliver Trust		 10,000
Opera Philadelphia 20,947
Fidelio Charitable Trust 2,000
Ernst von Siemens Music Foundation 21,119
The Marchus Trust 5,000
Cardiff County Council - business rate relief 10,000
Job Retention Scheme 19,303
284,636 380,522
4. OTHER TRADING ACTIVITIES OTHER TRADING ACTIVITIES OTHER TRADING ACTIVITIES OTHER TRADING ACTIVITIES OTHER TRADING ACTIVITIES
2021 2020
F
Venue fees and programme sales 2,100 74,471
Co-production/commission fees 4,934 113,335
Other earned income 75 6,718
7,109 194,524
5. INVESTMENT INCOME
2021 2020
E E
Deposit account interest 52 129
6. OTHER INCOME
2021 2020
F
Gain on sale oftangible fixed assets 861 2,844
Theatre tax relief 56,394 59,736
57,255 62,580
7. RAISING FUNDS
Raising donations and legacies
2021 2020
E
Fundraising
costs		 6,125
8. CHARITABLE ACTIVITIES COSTS
Direct costs Support costs Totals
(See note 9) (See note 10)
L
Advancing
education		 of the public in the appreciation of new
opera and music theatre 56,385 231,262 287,647
9. DIRECT COSTS OF CHARITABLE ACTIVITIES
2021 2020
E f
Production
and performance		 37,881 460,504
Sales and marketing 6,504 62,794
Commission
fees		 12,000 39,840
56,385 563,138

SUPPORT CO STS
Staff and
associated Governance
costs Other
F		 Depreciation
f		 costs
f		 Totals
f
Advancing education of the
public
in the appreciation		 of
new opera and music
theatre 167,737 55,526 5,769 2,230 231,262
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2021 2020
E
Depreciation - owned assets 2,628 2,569
Deficit&(surplus) on disposal offixed asset 2,280 (2,844)
Independent examination fees 2,000 2,000

Expenses offNil (20
STAFF COSTS		 20:f256)were paid to one tr ustee
in the year in respect of t		 ravel costs.
2021 2020
f E
Wages and salaries 154,065 149,834
Social security costs 8,900 11,158
Other pension costs 3,122 3,263
166,087 164,255
The average
monthly		 number ofemployees during the year was as follows:
2021 2020
4 5

2020 2020 2020
Unrestricted Restricted Total
funds funds funds
E E
INCOME AND ENDOWMENTS FROM
Donations
and legacies		 248,293 146,046 394,339
Other trading
activities		 81,189 113,335 194,524
Investment
income		 129 129
Other income 62,580 62,580
Total 392,191 259,381 651,572
EXPENDITURE ON
Raising funds 6,125 6,125
Charitable
activities
Advancing
education
of the public		 in the appreciation ofnew
opera and music theatre 271,708 540,984 812,692
Total 277,833 540,984 818,817
NET INCOME/{EXPENDITURE) 114,358 (281,603) (167,245)
Transfers
between
funds		 ~337.064) 337.064
Net movement
in funds		 (222,706) 55,461 (167,245)
RECONCILIATION
OF FUNDS
Total funds brought forward 320,570 23,433 344,003
TOTAL FUNDS CARRIED FORWARD 97,864 78,894 176,758

15. TANGIBLE FIXEDA SS E TS
Instruments
and Fixtures and Office
accessories fittings equipment Totals
E E E E
COST
At 1 April 2020 46,614 4,368 12,9?9 63,961
Additions 674 2,378 3,052
Disposals ~46,614) ~4,368) L11,880055) ~62,787)
At 31 March 2021 6?4 3,552 4,226
DEPRECIATION
At 1 April 2020 46,614 2,363 9,346 58,323
Charge for year 555 2,073 2,628
Eliminated
on disposal		 ~46,614) ~2.907) ~10,986) L60,55007?)
At 31 March 2021 433
NET BOOK VALUE
At 31 March 2021 663 3,119 3,782
At 31 March 2020 2,005 3,633 5,638
16. DEBTORS: AINOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
Trade debtors 55,771
Other debtors 3,230 1,792
VAT 7,985 19,663
Prepayments
and accrued		 income 62,609 13,722
73,824 90,948
17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
f F
Accruals and deferred income 8,142 8,473
18. LEASING AGREEMENTS
Minimum
lease payments		 under non-cancellable operating leases fall due as follows:
2021 2020
E F
Within one year 1,948 13,448
Between one and five years 2,533 34,981
4,481 48,429

Net movement Transfers
At1/4/20 in funds between
funds		 At 31/3/21
E E E E
Unrestricted funds
General
fund		 37,864 69,409 (7,316) 99,957
Designated
contingency		 fund 60,000 60,000
97,864 69,409 (7,316) 159,957
Restricted funds
Violet by Tom Coult
Denis &Katya Outreach		 77,359
1,535		 2,119
~8,851)		 7,316 79,478
78,894 (6,732) 7,316 79,478
TOTAL FUNDS 176,758 62,677 239,435
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
in
resources expended funds
E F E
Unrestricted funds
General fund 316,983 (247,574) 69,409
Restricted funds
Violet by Tom
Denis & Katya		 Coult
Outreach		 32,469
872		 (30,350)
~9,723)		 2,119
~8,851)
33,341 (40,073) (6,732)
TOTAL FUNDS 350,324 )287,647) 62,677

Comparativ es for move ment
in funds
Net movement Transfers
At 1/4/19 in funds between
funds		 At 31/3/20
E E C E
Unrestricted Funds
General fund 260,570 114,358 (337,064) 37,864
Designated contingency fund 60,000 60,000
320,570 114,358 (337,064) 97,864
Restricted Funds
Violet by Tom Coult 23,433 53,926 77,359
Intelligence Park (232,997) 232,997
Denis & Katya (104,067) 104,067
Denis & Katya Outreach 1,535 1,535
23,433 (281,603) 337,064 78,894
TOTAL FUNDS 344,003 )167.245) 176,758