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
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|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|
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||||||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|||||
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|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|
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|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|
##
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|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|
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|||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|
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|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|
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||||||||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)|
##
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|||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||||