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2022-03-31-accounts

WALES MILLENNIUM CENTRE (LIMITED BY GUARANTEE) GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 Reglste¥edCthpany Nwnber 32Z1920 ered¢harJty ￿uMbar 10604S8 CANOLFAN MILENIWM

Trustees'
report		 Trustees'
report
Statement of responsibility ofthe Trustees of Wales Millennium Centre (Limited by Guarantee Group) in
28
respect ofthe Trustees' annual
report and the financial		 statements
Independent auditors' report to the members ofWales Millennium Centre (Limited by Guarantee)
29
Consolidated statement of financial
activities		 (including income & expenditure account)
31
Consolidated balance sheet
32
Company
balance sheet
33
Consolidated cash flow statement
34
Consolidated notes to the financial statements
35

Finance &Audit Governance &
Committee Compensation
Committee
Peter Swinburn
Carol Bell
Geraint Anderson
Mererid Hopwood" (retired December 2021)
lan Hargreaves* (retired December 2021)
Rita Singh
Michelle Pearce-Burke (resigned April 2022)
Joanna Rees
Nicky Goulder
Amit Kachawaha
Rhodri Talfan Davies* (appointed March 2022)
Julie-Ann
Haines		 (appointed April 2022)
'does not have any Committee membership

CS I '
Lw-r, ;,=w

FOR THE YEAR END ED 3 2 MARCH 2 022
Note Unrestricted Restricted Total Unrestricted Restricted Total
income funds income funds funds income income funds
funds Funds
2022 2022 2022 2021 2021 2021
f'000 f'000 f'000 f'000 f'000 f'000
Income from charitable
activities
Donations 374 374 300 67 367
Sponsorship 157 157 49 49
Grants receivable 3,675 3,475 7,150 3,577 5,430 9,007
Income from other trading
activities:
Catering,
merchandising		 and 2.172 2,172 480 480
facilities hire
Rental 141 141 147 147
Interest R investment income 36 36 140 140
receivable
Theatre income 5,626 5,626 (10) (10)
Total income 12,181 3,475 15,656 4,683 5,497 10,180
Expenditure
on raising		 funds
Charitable
activities (includes
depreciation
off2.2m; (2021:
f2.2m))		 4 6,842 3,647 10,489 5,730 1,897 7.627
Trading activities 6,52 1,118 7,646 503 1,018 1,521
Tax charge/(allowance) for the (137) (137)
year
Total expenditure expended 13,233 4,765 17,998 6,233 2,915 9,148
Net (expenditure) / income and
net movements
in		 funds for the (1,053) (1,289) (2,342) (1,550) 2,582 1,032
year
Reconciliation
offunds
Total funds brought forward 44,668 3,509 48,177 46,218 927 47,145
Total funds carried forward 43,615 2,220 45,835 44,668 3,509 48,177

Note Group Group
2022 2021
6'000 6'000
Fixed assets
Intangible
assets		 9 58 116
Tangible assets 10 40,312 41,612
Investments 20 699 666
Total Fixed Assets 41,069 42,394
Current assets
Stock 11 53 41
Debtors 12 1,580 1,133
Cash at bank and in hand 13 15,555 13,904
Total Current Assets 17,188 15,078
Uabilities
Creditors
falling due within one year		 14 (12,422) (9,295)
Net Current Assets 4,766 5,783
Total assets less current liabilities 45,835 48,177
Net Assets 45,835 48,177
The funds ofthe charity
Unrestricted
funds		 17 43,615 44,668
Restricted funds 17 2,220 3,509
Total Charity Funds 45,835 48,177

Note Company Company
2022 2021
6'000 6'000
Fixed assets
Tangible assets 10 40,221 41,528
Investments 20 701 668
Total Fixed assets 40,922 42,196
Current assets
Debtors 12 1,876 1,418
Cash at bank and in hand 13 5,418 6,891
Total Current Assets 7,294 8,309
Liabilities
Creditors
falling due within one year		 14 (2,2121 (1,961)
Net Current Assets 5,082 6,348
46,004
Total assets less current liabilities 48,544
Creditors: falling due after more than one year (2) (2)
Net Assets 46,002 48,542
The funds ofthe charity
Unrestricted
funds		 17 43,782 45,043
Restricted funds 17 2,220 3,499
Total Charity Funds 46,002 48,542

Note Group Group
2022 2021
Cash flows from operating activities E'000 E'000
Net income/(expenditure) for the year (2,343) 1,032
Interest receivable
Depreciation
and amortisation		 3
9810		 (36)
2,287		 (140)
2,222
Disposal offixed assets 10 326
Decrease/(increase)
in stock		 11 (12) 42
Decrease
in debtors		 12 (447) 514
(Decrease)/increase
in creditors		 14 3,128 (1,655)
(Gain)/loss
on revaluation		 ofinvestment (33) (132)
Net cash inflow from operating activities 2,870 1,883
Cash flows from investing activities
Interest received 36 140
Acquisition
offixed assets		 9&10 (1,255) (601)
Impairment
offixed asset		 486
Dividend
received		 4
Net cash outflow from investing activities (1,219) 29
Increase
in cash and cash equivalents		 in the year 1,651 1,912
Cash and cash equivalents at beginning ofthe year 13,904 11,992
Total cash and cash equivalents atthe end ofthe year 15,555 13,904
ANALYSIS OF CHANGES
IN		 NET DEBT At 1April 2021 Cash flows Other At 31 March 2022
non cash changes
Cash and cash equivalents
Cash 13,904 1,651 15,555
Overdrafts
Cash equivalents
13,904 1,651 15,555
8orrowings
Debt due within one year
Debt due after one year
Total 13,904 1,651 15,555

Analysis ofexpenditure on charitable activities (continued)
2021 Concerts Visiting arts Education including General 2021
and stage exhibitions and residences centre Total
performances Installations vtsItatIon expenditure
f'000 f'000 f'000 f'000 f'000
Artists'
and exhibition		 fees 90 90
Production
expenses		 601 24 625
Education
and outreach		 21 80 38 139
Boxoffice and front of house 6 6
Promotion
and marketing		 8 8
Central premises costs 684 15 118 765 1,582
Bank charges 1 1
Depreciation 2,102 2,102
Governance
costs (Note 5)		 2 2
Support costs (Note 5) 3,072 3,072
Total 1,375 60 198 5,994 7,627

2022 General Governance Total Basis ofapportionment
Support Function
f'000 f'000 f'000
Catering and venue hire for trustee and Invoiced
other business meetings
Salaries, wages and related costs 839 839 Allocated on time
General office 508 508
Audit fees —External audit 3 3 Invoiced
Non audit fees 48 48
Audit fees —Internal audit
Total 1,398 1,398
2022 2021
f'000 E'000
Employee costs during the year accounted to
Wages and salaries 3,554 3,313
Pension contributions to defined contribution schemes 228 188
Social security costs 318 270
4,100 3,771
2022 2021
Number Number
Average number ofpersons employed (including casuals) were:
Stage, technical, front ofhouse, catering and venue operations 152
Management
and administration		 6
207 158

The number ofemployees The number ofemployees whose emoluments as defined for taxation purposes as defined for taxation purposes amounted to over f60k in the year was as follows: to over f60k in the year was as follows:
2022 2021
Number Number
E60,000 - E70,000
E70,001-E80,000
E80,001 - E100,000
E100,001 - E120,000
f120,001 - f150,000
E150,001 - E170,000
f170,001 - f180,000
2022 2021
Pensions contributions to defined contribution schemes in respect ofthese five f'000 f'000
employees
(2022&5)		 39 36

2022 2021
E'000 f'000
Net expenditure isstated after charging the following
Auditor's fee for parent company and group financial statements 15
Auditor's fee for subsidiary
companies		 10 10
Payroll processing fees 10 12
Payments made under operating leases 170 170
Depreciation and amortisation (Notes 9 gt 10) 2,287 2 222
Trustees and officer's indemnity insurance 15 11

N OTES T O THE CONSOLIDATED
FINANCIAL		 STATEMENTS
(co t'
dj
9. Intangible Assets
E'000
Cost
At 1April 2021 289
Additions during the year
Cost at31March 2022 289
Amortisation
and Impairment
At 1April 2021 173
Charge for the year 58
Amortisation
at31March 2022		 231
Net Book Value at 31March 2022 58
Net Book Value at 31March 2021 116

Long Plant and Fixtures, Asset under Total
leasehold machinery fittings and cons'tructlon
land and equipment
buildings
E'000 E'000 E'000 E'000 E'000
Cost
At 1April 2021 57,817 43,691 4,351 297 106,156
Additions in the year 1 277 685 292 1,255
Disposals in the year (63) (908) (292) (297) (1,560)
Year ended 31March 2022 57,755 43,060 4,744 292 105,851
Accumulated
depreciation
At 1April 2021 19,079 41,669 3,796 64,544
Charge for the year 1,151 820 258 2,229
Disposals during the year (37) (905) (292) (1,234)
Year ended 31March 2022 20,193 41,584 3,762 65,539
Net book value
31March 2022 37,562 1,476 982 292 40,312
31March 2021 38,738 2,022 555 297 41,612

Group Company
2022 2021 2022 2021
f'000 f'000 f'000 f'000
Social security and other taxes 86 60 67 49
Trade creditors 290 237 226 209
Accruals 2,112 842 1,688 739
Income in advance 8,662 6,656
Other creditors 1,272 1,500 231 964
12,422 9,295 2.212 1,961

Group Company
2022 2021 2022 2021
f'000 f'000 f'000 f'000

Unrestricted
funds
Group Income Expenditure Capital Transfer
2021 Spend 2022
E'000 E'000 E'000 E'000 E'000 E'000
~di
tdf
d
Capital Maintenance 656 164 (64) 756
Capital Development 792 (292) 1,569 2,069
Sustainability
Reserve		 180 (180)
Reorganisation
Reserve		 500 (500)
Creative Ambition 275 (75) 200
Total designated
funds		 2,403 164 (536) 994 3,025
General unrestricted funds 42,265 12,017 (13,234) (458) 40,590
Total funds 44,668 12,181 (13,234) (536) 536 43,615
Company Income Expenditure Capital Transfer
Spend
2021 2022
E'000 E'000 E'000 E'000 E'000 E'000
~Di
tdf
d
Capital Maintenance 656 164 (64) 756
Capital Development 792 (292) 1,569 2,069
Sustainability
Reserve		 180 (180)
Reorganisation
Reserve		 500 (500)
Creative Ambition 275 (75) 200
Total designated
funds		 2,403 164 (536) 994 3,025
General unrestricted funds 42,640 5,419 (6,844) (458) 40,757
Total funds 45,043 5,583 (6,844) (536) 536 43,782

Group Movement in funds
Income Expenditure Transfers
2021 2022
E'000 E'000 E'000 E'000 E'000
Capital Maintenance 1,353 300 (267) 1,386
Creative Ambition 68 (8) 60
Festival ofVoice 10 (10)
Core Restricted Funds 2,088 3,164 (4,478) 774
Total funds 3,509 3,474 (4,763) 2,220
Company Movement in funds
Income Expenditure Transfers
2021 2022
E'000 E'000 F.'000 E'000 E'000
Capital Maintenance 1,353 300 (267) 1,386
Creative Ambition 68 (8) 60
Festival ofVoice 10 (10)
Core Restricted Funds 2,078 2,056 (3,360) 774
Total funds 3,499 2,366 (3,645) 2,220

Group Unrestricted Restricted Total for Total for
Funds Funds the year the year
ended ended
31March 31March
2022 2021
E'000 E'000 E'000 E'000
Intangible 8 Tangible fixed assets 38,984 1,386 40,370 41,728
Investment 699 699 666
Net current assets 3,932 834 4,766 5,783
43,615 2,220 45,835 48,177

Group & Group &
Company Company
2022 2021
E'000 E'000
Capital expenditure contracted but not provided for in the financial statements 925
Capital expenditure authorised by the board but not contracted 3,025
4,000
These capital commitments relate to the Front of House redesign project.

2022 2021
E'000 E'000
Turnover 7,079 1,149
Cost ofSales (4,922) (195)
Gross Profit
2,157 954
Administrative Expenditure (1,963) (1,318)
(Loss)/profit before charitable donation 194 (364)
Charitable
donation		 to parent organization
194 (364)
Wales Millennium Centre (Trading) Limited (continued) 2022 2021
6'000 E'000
intangible
&Tangible fixed Assets		 150 200
Net current liabilities (319) (563)
Net assets (169) (363)
Called up share capital and retained earnings (169) (363)

2022 2021
f'000 f'000
Turnover 621
Cost ofSales (758)
Gross Loss (137)
Administrative Expenditure
Loss Before Taxation (137)
Tax on loss 137
Result for the financial year
2022 2021
f'000 f'000
Intangible
&Tangible fixed Assets
Net current assets
Net assets
Called up share capital