WALES MILLENNIUM CENTRE
(LIMITED BY GUARANTEE)
GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Registered Company Nurnber 3221924
Chority Number 1060458
CANOLFAN MILENIWM CYMRU
Wales Millennium Centre (Limited by Guorantee)
Annual report and financial statements
Year ended 31 March 2024
CONTENTS
Welcome
Charitable Objectives
Our Impact
Structure, Governance and Management
10
Financial Review
Statement of Responsibility of the Trustees
21
Consolidated Statement of Financial Activities
22
Consolidated Balance Sheet
23
Company Bolonce Sheet
24
Consolidated Cash Flow Statement
25
Notes to the accounts
26
Independent Auditor's Report
46
CANOLFAM MILENIW14 CYMRV
WALE5 MLLLENNIUM CENTRE
Wales Millennium Centre (Limited by Gvorantee)
Annuol report and financial 5tatement5
Year ended 31 March 2024
WELCOME FROM THE CHIEF EXECUTIVE OFFICER
This year, over 1.2m people experienced world-closs ort ond entertainment under our roof. Ticket soles for
visiting commercial productions have returned to pre-pandemic levels and audiences rated their overall
satisfaction with our offer ot 91 %. We presented international musicals ond opera in our iconic Donald
Gordon Theatre and the best of drag, comedy• and burlesque in our Cabaret venue.
We were successful in a major bid os thewelsh partner in a new £6m UK Immersive Arts program, alongside
Water5hed'5 Pervasive Medio Studio. University of Bristol Nerve Centre in Belfast ond Derryj and Cryptic in
Glasgow. This will enable us to further explore the intersection between immersive technology and live
artistic work through research and development with artists. This will build on the succe55 of our digital arts
venue, BOCS, which in 2023/24 took audiences of over 30,000 on journeys into new worlds.
We attracted capital funding to commence work on our PlarfForm studios (transforming existing back of
house spaces into permanent youth led studios), with new digital labs, rehearsal and performance oreas;
targeted to grow our programme of free industry skills training forfuture talent.
Own productions and experiences have welcomed lovers of Welsh homegrown talent to our stoges and
further ofield. Critically acclaimed Es & Flo ployed in Cordiff ond the Kiln in London making it the second
Woles Millennium Centre (WMC) production totronsferto London in successive years. Bronwen.. Dadeniwas
a landmark Welsh language musical on an epic scale, a co-production with Fran Wen (Bangor), the show
captivated over 8,000 people across Wales on tour.
Communities, creative partners, and cultural residents who coll WMC home have energised our programme
with collaborative showcoses, from Diwali to Butetown Cornivol and seasonal public art installations. Our
'pay what you can, community ticketing scheme has provided opportunities for over 7.000 people to attend
performances in the Donald Gordon Theotre.
Our 20th year, 2024, will be pivotal. We will be finolising plans with Cardiff City Council to build a new
production and skills development facility which will enable us to develop and present large scale immersive
digital and theatre experiences (Project Copella). Audiences will enjoy groundbreoking performances
throughout the year, from our own adaptation of cult horror film Pontypool to the cultural phenomenon
Hamilton, which mokes its Welsh debut.
CANOLFAN NILÉNIWM CYMRU
WALE5 MtLLENNtUM CENTRE
Wales Millennium Centre (Limited by Guarantee)
Annual report and financial stotement5
Year ended 31 March 2024
Our other plans for 2024/25 include:
A mojor new theatre co-production Nye with the National Theatre (London) which dromatises the life of
Aneurin Bevan and the formation of the NHS written by Welsh writer Tim Price and storring Michael
Sheen.
Commencement of the UK Immersive Arts progrom which will enoble 200+ artists, young people and
communities to explore their stories digitally through reseorch, training* and funding.
Llois, our festival which celebrates the power of the human voice ocross oll our stages, will be our most
talked-about edition through increased funding via Welsh Government ond Arts Council Wales
alongside a strategic partnership with Cardiff Council.
Finalise capital developmentplansfor Project Capella and continued refurbishment of the public spaces.
Further development of our Platfform spaces, enabling 10.000+ young people and creatives to co-
develop and access our programmes.
WMC was aworded standstill revenue funding for 2024/25 of £3.5m from Arts Council Woles. As we seek to
grow new income streams, the organisation has implemented a new leaner leodership structure to include a
Chief Commercial Officer responsible for developing and maximising revenue opportunities across the
business. Whilstthe economic outlook remains challenging, the Centre is confidentthat itcan deliver agoinst
its future strategic object.
es, ensuring that we can continue to fire the imaginations for future generotions.
Mathew Milsom
CANOLPAN MILEF41WM CYldR
WALE5 MILLENNILIM CEIITRE
Wales Millennium Centre (Limited by Guarantee)
Annual report and finonciol stotements
Year ended 31 March 2024
OURCHARITABLE OBJECTIVES
WMC aims to Inspire the Nation and Impress the World. We invite audiences to fire their imaginotion in
a creative home for everyone by curating and presenting o world-class programme of critically
acclaimed productions, from musical theatre and comedy to dance, cabaret, opera and an international
festival. We provide supportfor artists and kindle emerging talent with fresh and popular productions of
our own and provide opportunities for young people to develop skills for life ond skills for work through
free courses and dedicated spaces.
The Centre is o mojor tourist attraction for Wales. It aims to be internationally significant, renowned for
excellence, leadership, and innovotion. Entertaining oudiences and ottrocting visitors from the whole of
Wales and well beyond, it generates over £75m into the local economy annually and will continue to
provide a creative home for some of Wales's leading arts and cultural organisations.
We aim to:
Be celebrated as one of the leading performing arts centres in the world
Create innovative work that showcases Wales to the world
Roise the aspiration of every young person in Wales
Be accessible to everyone in Wales
iydoli'r9e4
Tonto'r
Fire the
imu9ination
¢>r9raff oi
es5 the
The Trustees confirm that they are awore of the Charity Commission's general guidonce on public
benefit, and they have referred tothe guidance when reviewing the Charity'saims and objectives and
in planning future activities.
CANOLFAN MILENIWM CYMRU
WALES MILLE14NiUM ceNTAE
Wales Millennium Centre (Limited by Guorontee)
Annuol report ond finoncial stotements
Yearended 31 March 2024
OUR IMPACT IN 2023-24
AWORLD-LEADING PERFORMINGARTS CENTRE
A5 a creative home for everyone, we take pride in the quality ond depth of our offer, maximising our impact
for Wales. Pioneering experiences provide visitors with access to award-winning technology and world-
leading theatre, while our innovative sustainability practices safeguard cultural access for generations to
come.
Throughout 2023-24, over 402,000 Donald Gordon Theatre audience members experienced 300+ world-
class musical, opera, dance, theatre, and comedy performances on our largest stage. Highlights included
our presentation of Branwen.. Dadeni, the first visit to Wales of Disneys Aladdin and a return vislt for Je5US
Christ Superstar, while our internotionol festival Llais attracted over 19,000 people to inspiring
performonces, discussions, and workshops across the venue.
Our unique immersive art space, BOCS, is a visitor attroction that has helped us to establish a powerful
network of producing artists, companies and venues working in this fast-growing field. We are capturing
ond sharing insight and learning through our research programme to inform our design and build of a new
larger scale facility for the presentation and production of immersive experiences (Project Capella).
Our new Cabaret venue continues to thrive and develop as a home for vibrant, eclectic and diverse talent. It
attracts a significantly younger audience than the Donald Gordon Theatre with 38% aged under 35
compared to just 11% of DGT bookers, while 42% of Cabaret attendees identify as gay or bisexual,
ompared to just 7% of the DGT audience.
2023/24
2022/25
2021/22
Total visits to Woles Millennium Centre (Inc ticket
buyers)
1,173,535
1,126,471
317,947
Donald Gordon Theatre:
Number of performances
312
317
147
Audience Numbers
402,667
426,826
130,914
Numberof Events
15
19
Event Attendees (where ticketedl
21,546
32,037
Weston Studio:
Performances in Weston Studio
53
64
81
Audience Numbers
6,965
8,247
7,283
Caboret:
Performances in Cabaret (opened Feb 23)
69
27
Audience Numbers
6,008
2,713
CANOLFAN MILENIWM CYMRU
WALE5 MILLENNIUM CENTRÉ
Wale5 Millennivm Centre (Limited by Guorantee)
Annuol report and finoncial stotements
Year ended 31 March 2024
Over the post year we have emborked on new initiatives that will help us reach carbon neutral stotus,
including representing Wales's theatres in the implementation of the new Theotre Green Booki joining the
Cordiff District Heat Network ond generating energy from our award-winning rooftop solar panels.
INNOVATIVE NEWWORKTHATSHOWCASES WALESTOTHEWORLD
This year, we have created 3 WMC productions ond digital experiences enjoyed by over 35,800 people. We
continue to invest in ourfuture work supporting 5 reseorch ond development projects and providing support
to artists based in Wales to develop and explore their proctice through access to free space and access to
producing support and guidance.
Branwen.. Dadeni- is the largest and most successful Welsh language musical to have been staged. A co-
production with Fran Wen (Bangor), this main stage epic employed 47 Welsh speaking creatives and o totol
of 71 freelancers with much of the team being under 40 yeors old and 34 under the age of 30. A neor-sell-
out national touring production, it drew 8,000 audience members across Cardiff, Bangor, and Aberystwyth.
Our production of Es & Flo, a tale of older lesbian love, attrocted 5,800+ audience members at our Weston
Studio and the Kiln Theatre, London.
Our third successful Christmas Cabaret production The FirstXXXmas was seen by 2,800 peoplej providing an
opportunity for Cabaret artists to be ombitious and grow the scale and reach of their work.
WMC is leading the way in developing immersive work inwoles ond has builta reputotion for its producing
in this area across the UK and internationally. Our unique digital venue, BOCS presents free immersive
digital experiences mode by ourselves ond other industry leaders across the world. The space has
demonstrated a keen appetite for innovotive new forms of storytelling, with half of its audiences visiting
specifically to experience BOCS. A third of this audience is new to WMC and it is both younger and more
ethnically diverse than across the rest of our progrommes. Positive responses testify to the growing demand
forthis art form as 93% tell ustheywantto see more experiences likethese on offer in the venue in the future.
RAISING THE ASPIRATIONS OFYOUNG PEOPLE
We support Wales, young people to expand their creotive confidence, skills sociol networks, and career
pathways through collaborative learning experiences.
This year, over 4,100 young people have been inspired here ond across partner venues in Wales, and over
30 have gained paid roles and opportunities. We worked with our Youth Collective across our programmes
to ensure that young people's voices are embedded in our organisational culture and decision-making
processes.
7 young technical apprentices, who together have gained 11,700+ paid hours of world-class technical
theatre experience with us and national partner venues.
CANOLFAN MILÉNIWM CYMAU
WALES XILLENTr4ILFM CENTRE
Wales Millennium Centre (Limited by Guarantee)
Annual report ond finoncial statements
Yearended 31 March 2024
600 young creotives were empowered to curate events and showcase theirtalents within our building.
130 Creative Voice graduates trained in radio, music, and visuol ond digital arts. The vast majority reported
that their creative confidence increased over the 12-hour in-depth industry led training courses.
11 young people were allocoted poid roles in Rodio Platfform, our Aria award winning youth-led radio
station.
PIONEERING STUDIOS FOR YOUNG PEOPLE BYYOUNG PEOPLE
In 2023 we started work on our physicol infrostructure and fundraising strategy required towards our new
capital development Platfform. PlarfForm will be a unique space designed and led by young people,'a space
to learn, a 5paceto be and a spoceto grow,. A homeforour creative learning programmes, itwill a150 provide
state of the art facilities for young people to hone their creative practice and develop skills for work and for
life.
Platfform will house state of the ort facilities including Radio studios, a Performance Space, XR Studio,
Editing Suites, Music production and recording facilities as well as social and well-being spaces.
ACCESSIBLETO ALL
Working with community, nationol, and international partners, and our eight cultural residents, we
chompion the voices of Wales's many communities by creating shared joyous celebrotions and experiences
for everyone in our public building.
We will continue our commitment to the Welsh languoge, ensuring that we are an exemplary bilingual
organisation. We will continue to work with the Welsh Longuage Commissioner in adhering to the Welsh
longuoge standardsthat apply.
We shared 140+ experiences and cultural celebrations with over 7,300 people in our building while our'poy
what you can, ticket scheme saved community groups £101,200 in world-class performances across our
spaces.
270+ volunteer5 shared the joy of live theatre with our audiences, along with over 22,200 collective hours of
their time, skills, and passion for the arts.
Our participatory budgeting scheme has animated our public spaces. putting co-design and collaboration
at the forefront of our practice. We have supported over 10 exhibitions disploying ortists, work ocross our
building, many of whom may never have before stepped through our doors.
CANOLFAN MSLÉNIWM CYMIILI
WALE5 MILLEt4NIUM CENTRE
Wales Millennium Centre (Limited by Guarantee)
Annuol report and financial stoternents.
Year ended 31 March 2024
OURPEOPLE
Removing barriers at WMC
Our role as a creotive home for everyone con only be achieved through an equal, fair, and inclusive
organisation where everyone can be themselves and express their creativity. We have collaborated with
artistS1 young people, and communitie5 to help them tell their stories in their own way.
We have opened our building as a community resource, providing spaces for people to celebrote and share
their cultures, skills, and experiences. This has brought the building to lifethrough workshops, public art, and
events. Our efforts to remove social mobility borriers include initiotives like our community seoting scheme,
ensuring everyone who has a financial barrier con take up the offer.
However, our commitment to Equality. Diversityi ond Inclusion (EDI) extends beyond public spaces and
productions. It encompasses our governance, organisational structure, and decision-moking processes. To
truly celebrate diversity, we must equally focus on our strategy, systems, and processes, as well as our
culture, values, and behoviours. Sustained inclusion can only be achieved when Strategy and culture are
aligned.
WMC Diversity & Inclusion Action Plon
In our last action plon, we concentrated on loying the foundations of our Diversity and Inclusion strategy at
WMC. Our focus was on embedding best practices and creating o more equitable future for our employees
through diverse and representative recruitment practices. We adopted positive action to encourage
opplications from underrepresented group5, promoting a culture of inclusion where employees can
contribute freely and equally.
Key initiatives included:
Workforce networks: We continued running our diversity and inclusion employee network, Newid,
which includes representatives from all departments, building relationships, creating learning
opportunities and encouraging discussions on diversity and inclusion. Newid's sub-groups focus on
specific needs related to disability, roce & ethnicity* LGBTQ+, gender, neurodiver5ityi SOCIO-
economic position, and the Welsh language.
D&1 working group= This working group is dedicated to driving the D&1 action plan. To toke
ownership of responsibilities across various departments and ensure the successful implementation
and integration of D&1 best practicesthroughout our organisation.
Career enlightenment: We offered Valued Partnerships introductory sessions to secondary schools,
supported by Careers Woles, to introduce young people to opportunities at WMC. This ensures that
students in oreas with limited orts provision see potential careers within the Creative Industries,
enhoncing the pipeline of diverse tolent for the future.
Apprenticeships: We continued ourTechnical Apprenticeship Programme in partnership with CAVC.
These programs offer unique opportunities for young people to pursue careers in the Creative
Industries, ensuring a diverse future workforce.
CA140LFAN MILENiwf4 CYMRU
WALES MIILENIIIUM CENTftE
Woles Millennium Centre (Limited by Guorantee)
Annual report and finoncial statements
Year ended 31 March 2024
Commitment to learning: Facilitated lived experience dialogues have created sofe spaces for
conversations, helping identify the need for positive change. The sessions have been led by
individuals who themselves have their own experiences of barriers and this hos been helpful to open
conversations.
To ensure our work is embedded into WMC'S ways of working ondto create an environment where everyone
feels they belong, we must continue to move forward and embed positive change. Through these ongoing
efforts, we oim to svstain and odvonce our commitment to diversity and inclusion.
Key initiatives include:
Role modelling leadership: Engagingtop leadership in inclusion as part of ourambition and strategy
will aid in future planning.
Understanding needs: We will better understond the needs of our people and visitors, ensuring our
environment is free of barriers to engagement.
Encouraging learning- Empowering everyone to challenge behoviour, be inquisitive, and explore
solutions individually, as inclusion is everyone's responsibility.
Welsh language standards: Upholding high standards for the Welsh language and offering a
bilingual experience to all customers, visitors, and staff, respecting language choice.
Building capability: Through allyship ond conscious inclusion, we will increase access, resources, and
opportunities for all, focusing on underrepresented groups.
Aligning systems and structures: We will collect doto to highlight gaps, demonstrote progre55, and
hold ourselves accountable.
Partnerships: We will continue our partnerships with Diverse Cymru, Stonewall and Disability Cymru,
providing us with best practice ond feedback on our octivities and plans.
CANOLFAN MILENIWM CYMALI
WALES MILLE14MIUM CEIITRE
Woles Millennium Centre (Limited by Guarantee)
Annual report and financial statements
Year ended 31 March 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
OUR STRUCTURE
The Charity is the ultimate parent undertaking of three wholly owned svbsidiaries; Wales Millennium Centre
(Troding) Limited, WMC Productions Limited. which is 100% owned by Wales Millennium Centre (Trading)
Limited, and Wales Millennium Centre (Theatre) Limited.
Wales Millennium Centre (Trading) Limited carries out non-charitoble trading activities for the Charity.
There is a deed of covenant in place between the Charity ond Wales Millennium Centre (Trading) Lirnited
whereby the profits of Wales Millennium Centre (Trading) Limtted are transferred to the Charity by way of
charitable donation. The accounting profit for 2023-24 of £0.9m will be gifted to the parent company by
way of charitable donotion.
WMC Productions Limited creates productions commissioned by the Charity, with the Charity paying WMC
Productions Limited o commissioning fee for this work. WMC commissioned the production of three shows
during this financial year; Es ond Flo in Moy and June 2023, Bronwen." Dadeni in November 2023 ond our
Christmos Cabaret The FirstXXXmas in December 2023. The total commissioning fee payable for the year
was £1.02m (2023.. £662k).
Wales Millennium Centre (Theatre) Limited remained dormant throughout the year covered by these
financial statements. It is onticipated that this charitable company will become active in future years os we
progress our plans to build a new production and training focility (Project Copella) in Cardiff with support
from Cardiff City Council.
CANOLFAM MILÉNIWK CYMRU
WALÉS MILLENNIUM CENTRE
io
Wales Millennium Centre (Limited by Guarantee)
Annual report ond financial staternent5
Yearended 31 March 2024
OUR TRUSTEES
The Trustee5 who held office during the year up to the date of approval of the financial statements were as
follows:
Finance & Audit
Committee
Governance &
Compensation
Committee
Peter Swinburn
Carol Bell (retired November 2023)
Geraint Anderson (retired December 2023)
Rita Singh
Joanno Rees
Nicky Goulder
Amit Kachowoho
Rhodri Talfan Davies"
Julie-Ann Haines
Nan Willioms (appointed July 2023)
Vivian Murinde (appointed September
2023)
Geraint Jones (appointed December 2023)
*does not hove ony Committee membership
The Board recognises the importance of effective corporate governance. Accordingly, it has established o
number of Committees that meet on a regular basis, appropriate to the need of the Charity. The following
Committees produce recommendations to the full Board in accordance with their terms of reference and
met with the following frequency:
Finance & Audit Committee
Governonce & Remuneration Committee
Quarterly
Bi-onnvally
Board and all subcommittee meetings in 2023/24 continued to be conducted in a hybrid format.
CAtr40LFAN MILEIIIWM CYMRU
VIALES MILLENNIUM CENTRE
li
Wales Millennivm Centre (Limited by Guarantee)
Annual reportand financiol stotements
Year ended 31 Morch 2024
TRUSTEE APPOINTMENT
The appointment of new Trustees to the Board is the responsibility of the members, who receive
recommendations from the Governance ond Compensation Committee. The composition of the Board
reflects the bolance of skills and attributes needed at any particulor time to oversee the management and
operation of the Charity, whilst having regard for the need for a diversity of Trustees. The role of the
Governance & Compensation committee is to ensure that this balance 15 maintained.
The formal procedure for inducting all new Trustees into the organisation involves meetings with the Chair
of the Board, current Trustees, the Strategic Leadership Team, and other senior staff as appropriate. Atour
of the facility is given os port of the induction process. In addition, all Trustees are provided with o copy of
the Wales Millennium Centre Trustees Briefing Pock, which includes:
Corporate Governonce Stotement.
Articles of Association.
Membership and Terms of Reference of Committees.
Directors. Report ond Financial Stotements forthe previousfinanciol year.
Current Annual Business Plan and 5 Year Strotegic Plan.
Charity Commission Guidance Note CC60- Hallmarks of an Effective Charity (English/ Cymraeg).
Charity Commission Guidance Note CC3- Responsibilities of Chority Trustees (English/ Cymraeg).
Charity Commission Guidance Note CC8- Internal Financial Controls for Charities
(English/Cymraeg)
Wales Millennium Centre's Trustees Code of Conduct incorporating Board policies.
Summary of Organi5ation Structure.
Contact List of Trustees and Senior Manogement; and
Summary of Resident Organisotions and brief terms of agreement with Wales Millennium Centre.
Trustees ossess their current skills ond their training needs on an annval basis and where necessary
appropriate troining programmes are developed and implemented. The Board's membership includesthose
with appropriote professional experience and knowledge of theatre, arts, culture, legal, estates,
commercial, finance, and strategic business matters.
The Board is responsible for approving overall policies, plans. and organisational priorities. The Strategic
Leadership Team of the Charity is responsible for the implementation of the Board's policies and the
management of the Charity.
CANOLFAN MILEMIWM CYMRiI
WALÉS MILL£tr4141UM CE14TtiE
12
Wales Millennium Centre (Limited by Guorantee)
Annval report and financial stotement5
Year ended 31 March 2024
TRUSTEE RESPONSIBILITIES
The Boord of Trustees is ultimately responsible for guaranteeing that the organisation has in place an
appropriote system of controls, finoncial and otherwise, to provide reasonoble assurance that:
The Charity is operating efficiently and effectively;
Its assets are safeguorded against unauthorised use or disposition;
Proper record5 are maintained. and financial information used within the charity, orfor publication,
is reliable,"
The Charity complies with relevant lows and regulotions.
In ossessing what constitutes reasonable assurance, the Boord hos regard to the materiality of any relevant
financial risks; the likelihood of such risks crystallising and the cost and benefits of aspects of the internol
control system. The effectiveness of the system of control is reviewed regularly by the Finance & Audit
Committee, and objectively reviewed through an internal audit review programme conducted by external
professional advisors. The internal audit plan resumed during 2023-24 with three audits being conducted:
Cyber: Microsoft 365, Health and Safetyand VAT. A rolling three-year programme of workwas established
in 2023/24 and will include at least one Finance and one Cyber related audit each yeor.
The Board ha5 instituted a formal risk manogement process to assess business risks and implement risk
management strategies. This involves identifying the type of risksthe charityfaces, prioritising them in terms
of potential impact and the likelihood of occurrence and identifying meons of mitigating those risks.
Management regularly reviews organisational risks, and the top 10 risks ore reported to, and reviewed by
both the Finance & Audit Committee and the full Board. In addition, the adequacy of the Charity's current
internal controls is regularly reviewed as part of this process. The Trustees are pleosed to report that the
Charity's System of internal financiol controls conforms to guidelines issued by the Charity Commission.
Following its review of the risks facing the charity, the Board and management have identified the principal
risk5 and uncertainties reloting to the charity and hove taken appropriote steps, where possible, to mitigate
them. These organisational risks to the organisation ore reviewed monthly by the management teom.
In addition, the Trustees have considered the guidance for Directors contained within the Combined Code.
They believe that although this is not mandatoryfor the Charity, as a public interest body, it should aspire to
these guidelines os best practice, and the Charity has incorporated the three main principles of board
leadershipi effectiveness. and accountability into its Corporate Governance Statement.
As of 31 March 2024, WMC had a board of 10 Trustees. The Board effectiveness is reviewed on ot least an
annual basis. The Board composition is formally assessed preceding the appointment of a new trustee, to
ensure diversity maintained/improved. and appropriate expertise isobtained. Recruitment of new members
IS then targeted, in line with our equality strategy plan, to ensure thot o diverse board with appropriate skills
is maintained.
CANOLFAN MILENIWM CYMRU
WALES MILLENP4IUM CE14TRE
13
Wales Millennium Centre (Limited by Guarantee) Annual report and financial statements Year ended 31 March 2024
|Diversity data
WMC (March 2024)
Population of 10
WMC (March 2023)
Population of 9|Diversity data
WMC (March 2024)
Population of 10
WMC (March 2023)
Population of 9|Diversity data
WMC (March 2024)
Population of 10
WMC (March 2023)
Population of 9|
|---|---|---|
|Gender:
Male
Female
40%
60%
44%
56%|||
|LGBTQ+
0%
0%|||
|Registered disabled
30%
0%|||
|Black, Asian, and ethnically diverse
30%
22%|||
|Religious affiliation
70%
56%|||
|Age –
35-49
50+
40%
60%
33%
67%|||
|Welsh speakers|40%|44%|
A quarterly reporting regime is in place between the Charity and its key stakeholder, **Arts Council of Wales (ACW)** along with an annual report. The annual report assesses performance against agreed objectives and validate objectives for the coming year. WMC has met the key objectives set with ACW and has set out objectives for the future to deliver on our vision but also within the criteria of the investment review.
The financial support of ACW has been critical to us getting through the past few financial years and we are extremely grateful for their ongoing support.
14
Wales Millenniurn Centre (Limited by Guarantee)
Annval report and finoncial statements
Yearended 31 March 2024
PRINCIPAL RISKS AND UNCERTAINTIES
The Board has instituted a formol risk management process to asse55 business risks and implement risk
management Strategies. This involved identifying the types of risks the company faces, prioritlsing them in
terms of potential impact and likelihood of occurrence and identifying means of mitigating those risks.
Risks were reviewed, updoted ond shored quarterly at Finance & Audit Committee meetings.
Current key risks, are:
Risk of cyber crime
Risk of terrorist attack
Increased costs due to inflationary pressures, utility Costs and real living wage
Over relionce on the Donald Gordon for commercial revenue
Capital infrostructure monagement of aging building
Risk of fundraising income targets not being met
Non-compliance penalties
Diversion of funds and management as Capital project works increose
Lack of charitable impact
Reliance on public funds With Government budget cuts and amid the risk of economic
recession
The adequacy of the company's current internol controls is regulorly reviewed as part of this process. The
directors are satisfied that there is a strong internol control environment.
CANOLFAN MILENIWM CYMRU
WALES MILLEMNEUM CENTRE
15
Wales Millennium Centre (Limited by Gvarontee)
Annvol report and financial 5totements
Year ended 31 March 2024
FINANCIAL REVIEW
During the year, the Charity had income of £23.1 m (2023: £26.5m) and incurred expenditure of £24.5m
(2023: £27.4m). Expenditure includes depreciation ond amortisation of £2.2m (2023: £2.3m) both of which
are non-cash items.
The financial year therefore shows a net income of £0.8m (before depreciation and amortisation).
The Charity's principol financial management policies are:
To meet the annual operating budget, capital plans and cash flow;
To manage Charity's reserves in line with Charity Commission guidance and our three-year
strategic plan;
Applying cash surpluses to ensure the maintenance ond development of the Charity and to invest
in furtherance of the choritoble objectives,"
Establishing financial, creotive, business planning, marketingi commerciol, personnel and
fundraising polices to assist the Trustees in meeting their objectives, in keeping with best
corporate governance and proctice standard;
Adoption of corporate governonce and environmental policies to best practice standard5.
The principal funding sources Within the business for the year ended 31 March 2024 (shown proportionately
again5ttotal income) are theatre income 58% (2023: 66%); commercial income 18% (2023: 13/); donations
and sponsorship income 5% (2023: 4%) and Grants, Arts Council Wales ond Government support 19%
(2023: 170/0
The current annuol Arts Council of Woles (ACW) revenue funding agreement to 31 March 2024 (£3.6m)
enabled the Chority to meet its contractual obligations throughoutthis year and deliver on its objectives.
There is a 50-year capital asset plan for the Chority that indicates on annual repair and maintenance
requirement of circa £500-600k. ACW (vio Welsh Government) hos agreed an annual capitol subsidy of
£300k per annum. This capital grant, along with a continued capital maintenance contribution from the
Charity and its Residents will enable the building to be maintained in line with the Capital 50 plan in the
medium term. The directors recognise the risk posed by high levels of inflation on repair and maintenance
costs and required on a 20-yeor-old building ond will continue to review the reserves to ensure they remain
appropriote. Additional funds have been designated to ensure odequote investment in the charity's assets
in the shortterm.
Finance & Audit Committee is responsible for providing oversight of the Centre's financial investment
strategy to the Board. The investment objectives are to monage the Centre's long-term cash resources to
generate income, within o prudent and careful strategy, taking note of any ethical considerations before
adding new investments to the porrfolio. At the year end. the Centre held cash deposits and Managed funds
as detailed in Note 20.
CANOL¥AN MILENIWM CYMRII
WALES MILLENP4IUM CENT%E
16
Wales Millennium Centre (Limited by Gvarantee)
Annual report and financiol stotements
Year ended 31 March 2024
RESERVES
The ability to establish financial reserves is a consequence of achieving on operating surplus in ony given
year. We anticipate that we will ochieve a surplus in 2024125 which will be used to fund the final works of
our ongoing front of house redevelopment.
Our reserves policy is to allocate surplus to copitol maintenance in the first instance, to maintain standords
in the medium term and are then allocoted in furtherance of the charitable objectives, primarily in respect
of our creative ombition and in roising the aspirotions of young people in Wales, including copital
investment.
The Trustees have reviewed the Charty's needs for reserves in line with the guidance issued by the Charity
Commission, and considering the current economic conditions. Trustees have determined that an
oppropriate level of free reserves (excluding designated reserves) to address operational risks for the
monagement of unexpected reductions in income or increases in expenditure, should equateto three months
running costs taking account of the current economic conditions and our business model.
The Charitys current free reserves Position is £2.1 m, this is calculated using the unrestricted Net Current
Assets of £1.3m plus £0.8m investment account (2023: £1.3m). Within this figure, the Trustees have
designated £0.6m for essential capital maintenonce (2023: £0.6m).
ANOLFAN MILEMIWM CYMRU
WALES MILLENNJUM CEIITRE
17
Wale5 Millennium Centre (Limited by Guarantee)
Annual report ond financial statements
Yeor ended 31 March 2024
POST BALANCE SHEET EVENTS
Work on the project to redesign the Front of House commenced in August 2022 and all work on Phase 1 a
was completed bythe end of July2023 with the completion of members lounge. Workon phase 1 b will begin
later in 2024/25 with the total cost of this project to be in the region of £4.8m.
KEY MANAGEMENT PAY AND REMUNERATION
The Governance & Compensation Committee decide the key management pay and remuneration based on
the following key factors; current market conditions and demands, affordability, current internal pay rates
and benchmarking with other similor organisations.
Wales Millennium Centre continues to be an accredited Real Living Woge employer, paying the new rate
from April 2024 following its announcement.
Following the announcement of a 10% increase in the Real Living Wage in October 2023, a review of the
salory structure was conducted between January and March 2024. As a result. an average pay increase at
1 April 2024 for eligible employees of 6% for permonent members of staff was awarded, with individual
increases ranging from 0% - 10%. In addition, oll cosuols paid Real Living Wage saw their poy increose by
10%.
The senior leadershipteam were awardedtheircontractuol Performance Related Payfor 2022/23, receiving
payments during June 2023.The Performance Related Pay award for 2023/24 ha5 been agreed and was
paid in April 2024.
AUDITORS
The Trustees who held office at the date of approval of the Trustees, report confirm that, so far as they are
each awore, there is no relevant audit information of which the company's ouditors are unaware,. and each
Trustee has token all steps that he/ she ought to have taken as a Trustee to make himself / herself aware of
any relevant oudit information and to establish thatthe componqs auditors are aware of that information.
Pvrsuantto Section 487 of the CompaniesAct 2006, the ouditors will be appointed atthe Company's Annvol
General Meeting.
ANOLFAN MILENIWM CYKRLI
WALES MLLLEtr4M4UM ceNTRE
18
Wales Millennium Centre (Limited by Guarantee)
Annuol reportand financial statements
Yeor ended 31 March 2024
CONCLUSION
Throughout 2023/24 we worked to strengthen Wales Millennium Centre as an asset and resource used by
artists, communities and young people. We are committed tothe principlessetout in ACW'S cultural contract
to support o more diverse, inclusive ond sustainable sector. We will reflect the diversity and richness of our
community as we create work thatfulfils our mission to inspire the nation and impress the world.
We want to be a creative home for everyone, we want to fire the imaginations of ortists, young people,
communities ond audiences by creating unique experiences on our stages, in our public space5 and through
our programmes. Our programme will continue to include the very best West End shows, alongside public
art informed by porticipotory budgeting, creative learning experiences designed and developed by young
people and growing support for artists and creative practitioners. We will continue to trial and present
immersive experiences that will further intrigue and diversify our audiences.
These statements constitute the Strotegic Report and the Directors. report required under the Companies
Act 2006.
By order of the Boord on 24.09.2024
Peter Swinbur
Chair
Bute Place
Cardiff Bay
Cardiff, CF10 SAL
CANOLFAM MILENIWM CYMRU
VIALES MILLÉNF41UM CENTRE
19
Wales Millennium Centre (Limited by Guorantee)
Annual report ond financial stotements
Year ended 31 March 2024
Reference and Administrdtive Detai15
CharTty Name: Wales Millennium Centre (Limited by Guarantee)
Charity Number: 1060458
Compony Number: 3221924
Country of Incorporation: Wales
Chair
Mr P Swinburn
Secretory
Mr G R Tilsley
Lewis Silkin LLP
Southgate House, Wood Street
Cardiff, CF10 1EW
Senior Leadership Team:
Mathew Milsom, Chief Executive Officer
Graeme Farrow, Chief Creative and Content OFFicer
Lizz Munday, Chief Commercial Officer
Principal address and registered office
Bute Place
Cardiff Bay
Cardiff, CF10 SAL
Independent auditors-
External:
BPU Ltd Chartered Accountants
Radnor House
Greenwood Close
Cordiff, CF25 8AA
Internal:
RSM
Suite 205 Regus House
Malthouse Avenue
Cordiff Gate Business Park
Cordiff, CF23 8RU
Bankers
Lloyds Banking Group
1 Queen Street
Cardiff, CF10 2AF
Solicitors
Geldard's LLP
Dumfries House
Dumfries Place
Cordiff, CF10 3ZF
Specialist Asset Manager
Sorosin & Partners LLP
Juxon House, 100 St Paul's Churchyard
London, EC4M 8
CAt40LFAN MILENIWM CYMRV
WALES MILLEt4NIUM CENT%e
20
Wales Millennium Centre (Limited by Guorontee)
Annual report and financial stotements
Yeor ended 31 March 2024
STATEMENT OF RE5PONSIBIUTY OF THE TRUSTEES OF WALES MILLENNIUM CENTRE (LIMITED BY GUARANTEE) IN
RESPECT OF THE TRUSTEE'S ANNUAL REPORT AND THE FINANCIAL sfATEMENTS.
The Trustees are responsible for preparing the Trustees. report and consolidated financial statements in
accordance with opplicoble low ond United Kingdom Accounting Standards (United Kingdom Generally
Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trvstees to prepare financial statements
for each financial year which give a true and fair view of the state of offairs of the group and the charity and
of the incoming resources and application of resources of the group and of the charity for that period.
In preparing these fsnancial statements, the Trustees are required to:
Select suitable accounting policies and then apply them consistently.
Observe the methods and principles in the Charities SORP.
Make judgement5 and estimatesthat are reasonable and prudent.
State whether applicable accounting standards, comprising FRS 102, have been followed, subject to
any moteriol deportures disclosed ond exploined in the financial statements. and
Prepare the finonciol statements on the going concern basis unless it is inapproprioteto presume that
the group and the charity will continue in busines5.
The Trustees are responsible for keeping proper accounting recordsthat disclose with reasonable accuracy
at any time the financial position of the group and the charity and enable it to ensure that the financial
statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and
the provisions of the trust deed. The Trustees are also responsible for safeguarding the assets of the group
and the chority and hence for taking reasonable steps for the prevention and detection of fraud ond other
irregularities.
The Trustees are responsible for the maintenonce and integrity of the group and the charity and financial
information included on the charity's website. Legislation in the United Kingdom governing the preparation
and dissemination of finoncial stotements moy differ from legislation in other jurisdictions.
CANOLFAtrI MILEtr41WM CYMAV
WALIS MILLÉNNIUM CENTRE
21
Wales Millennium Centre (Limited by Guorontee)
Annual report and financial statements
Year ended 31 March 2024
CONSOLIDATED STATEMENTOF FINANCIALACTIVITIES (INCLUDING INCOME &
EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 37 MARCH2024
Note Unrestricted Restricted
incame
income
funds
funds
Total
fvnds
Unrestricted
income
funds
Restricted
income
funds
Total
fvnds
2024
2024
2024
2023
£'ooo
2023
£'i)00
2023
£'ooo
Income from charitable
ortivities
Donotions
Sponsorship
Grants receivable
365
364
3,657
504
869
364
4.313
320
280
3,688
550
850
280
4,461
676
773
Income from other
troding activities:
Cateringi
merchandising and
facilities hire
Rentol
Interest & investment
income receivoble
Theatre income
3.608
3.132
3,132
235
250
235
250
200
(24)
200
(24)
13,492
13.492
17,637
17,637
Total income
21,951
1.180
23,131
25,233
1,303
26,536
Expenditure on raising
funds
Charitable octNitie5
(inclvdes depreciation
of £2.2m;12023:
£2.3ml)
9,078
740
9.818
8.252
1,635
9,887
Troding activities
Tox chorge/(ollowance)
for the yeor
15.247
(506)
1 S,252
(506)
17,757
1280)
17,757
(280)
Total expenditure
expended
23.819
745
24,564
25,729
1,635
27,364
Net (expenditvre) /
income ond rtet
movernents in funds for
the year
(1,868)
435
(1,433)
(496)
(332)
1828)
Reconciliation of fvnds
Total fund5 brotjght
forward
43.119
45,007
43.615
2,220
45,835
Total funds carried
fonvord
41.251
2.323
43,574
43.119
1.888
45,007
All income und expenditvre were derived from continuing octivities.
The company hos no recognised gains or losses other than the above results forthe two years. The notes on pages 26 to 46 form an
integrol part of these financiol statemen15.
CA140LFAN MtLENJWM CYKRiF
WALES MILLENNIUM CENTRE
22
Wales Millennium Centre (Limited by Guorontee)
Annual report and finonciol statements
Yearended 31 March 2024
CONSOLIDATED BALANCE SHEET
ASA T37 MARCH2024
Note
Group
2024
£'ooo
Group
2023
£'ooo
Fixed assets
Intangible as5et5
Tangible assets
Investments
10
20
40,483
745
41,541
672
Total Fixed Assets
41.228
42,213
Current assets
Stock
Debtors
Cash at bonk and in hand
55
2,175
11,256
62
2,115
9,142
72
73
Total Current Assets
13,486
11,319
Liobilities
Creditors folling due within one year
14 (11,140)
(8,525)
Net Current Assets
2.346
2,794
Total assets less current liabilities
43,574
45,007
Net Assets
43,574
45,007
The funds of the charity
Unrestricted funds
Restricted funds
77
77
41,251
2,323
43,119
Total Charity Funds
43,574
45,007
These financial statements were approved by the Board of Trustees on 24/09/2024 and were signed on its
behalf by..
Peter Swinburn
Chair
CANOLFAN MILENIWM CYMAU
WALES MILL£N14tUM CENfRE
23
Wales Millennium Centre (Limited by Guarantee)
Annual report and financiol statements
Yearended 31 March 2024
COMPANY BALANCE SHEET
ASA T31 fvIARCH 2024
Note
Company
2024
Company
2023
£'ooo
Fixed assets
Tangible assets
Investments
io
20
41,474
674
747
Total Fixed assets
41,187
42,148
Current assets
Debtors
Cash at bank and in hand
12
13
1,615
1,094
1,369
1,445
Total Current Assets
2,709
2.814
Uabllities
Creditors falling due within one year
14
{1.180}
{1,8551
Net Current Assets
1,529
959
Total assets
42,716
43,107
Creditors: falling due after more than one year
15
121
Net Assets
42.714
43,105
The funds of the charlty
Unrestricted funds
Restricted funds
17
17
40,391
2.323
41,217
1,888
Total Charfty Funds
42.714
43,105
These financial statements were approved by the Board of Trustees on 2410912024 and were signed on it5 behalf by:
Peter Swinburn
Chair
Reglstered Company number 3221924
Registered charity number 1060458
CANOLFAN MILENIWM CYMRU
WALES MILLÉNNIUM CENTRE
24
Wale5 Millennium Centre (Limited by Guarantee)
Annvol report and financial statements
Year ended 31 March 2024
CONSOLIDATED CASH FLOW STATEMENT
For the yeorended 37 Mt7rch 2023
Note
Group
2024
Group
2023
£'ooo
Cash flows from operating octivities
Net income/(expenditure) forthe yeor
(1.433)
(828)
I nterest receivable
Depreciation and amortisation
Loss on disposal of fixed asset5
Decrease/(increase) in stock
Ilncrease)/decrease in debtors
IDecrea5e)/increase in creditors
IGoin)/loss on revaluation of investment
Net cash inflow from operating activities
(250)
2,234
62
(24)
2,346
109
(9)
(535)
(3,897)
27
(2,811)
9&10
70
72
74
160)
2.615
{73)
3.102
Cash flows from investing artivities
Interest received
Acquisition of fixed assets
Disposal of fixed assets
Impairment of fixed osset
Dividend received
Net cash outflow from investing activities
250
(1,243)
24
(3,634)
9&70
(988)
(3.602)
Increose in cash and cash equivalent5 in the year
2,114
(6,413)
Cash ond cash equivalent5 at beginning oftheyear
9,142
15,555
Total cash ond cash equivalents atthe end of the year
11,256
9,142
ANALYSIS OF CHANGES IN NET
DEBT
At 1 April 2023
Cash flows
Other non
cosh
changes
At 31 March
2024
Cash and cash equivalents
Cash
Overdrafts
Cash equivalents
9,142
2.114
11,256
9,142
2,114
11,256
Borrowings
Debt due within one yeor
Debt due after one yeor
Total
9,142
2,114
11,256
CANOLFAN MILENIWM CYMRU
WALES MILLENNIUM CEWT8E
25
Woles Millennium Centre (Limited by Guarantee)
Annual report and financial 5totements
Yeor ended 31 March 2024
NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS
(FORMING PAR T OF THE FINANCIAL STA TEMENTS)
1. ACCOUNTING POLICIES
The following accounting policies have been applied consistently in dealing with items which are
considered material in relation to the Group's financial statements.
BASIS OF PREPARATION
The financiol statements have been prepared in accordance with Accounting and Reporting by
Charities: Stotement of Recommended Practice applicable to charities preparing their Finoncial
Statements in accordance with the Financial Reporting Stondord opplicable in the UK and Republic of
Ireland (FRS 102) (effective 1 Janvory 2015) - (Charities SORP (FRS 102), the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Wales Millennium Centre meets the definition of a public benefit entity under FRS 102. Assets and
liabi lities are initially recognised at historical cosf or transaction value unless Otherwise stated in the
relevant accounting policy notes. The Company hastaken odvontage of the exemption contained in FRS
102 to only present a consolidated cash flow statement.
BASIS OF CONSOLIDATION
The Group financial statements consolidate the Financial Statements of Wales Millennium Centre
(Limited by Guarantee) and of its subsidiaries, Wales Millennium Centre (Trading) Limited, WMC
Productions Limited and Wales Millennium Centre (Theatre) Limited, drawn for the year ended 31
March 2024. No separate statement of financial activities and income and expenditure account is
presented for Wales Millennium Centre (Limited by Guarantee) as permitted by s408 of the Companies
Act 2006.
GOING CONCERN
The Arts Council of Wales (ACW) have confirmed o newfunding arrangement until 31 March 2025. This
settlement hassecured Wales Millennium Centre annual revenue funding of £3.5m from ACW along with
annual capital funding of £0.3m.
The Trustees have concluded that the organisation will continue to remain in operational existence for
at least 12 months from the date the financial statements ore signed. Therefore, these financial
statements are prepared on a going concern basis.
KEY ESTIMATES AND JUDGMENTS
Preparation of the financial stotements requires management to make significant judgements and
estimotes. The items in the financial statements where these judgements and estimates have been made
include:
Provisions for bad debts- all provisions have been made with information ovailoble as at the date
of the signed statements.
CANOLFAN MILENIWM eYMAU
YIALES MILLENNIUM CENTRE
26
Wales Millennium Centre (Limited by Guarantee)
Annual reportand financial stotements
Year ended 31 March 2024
Fixed assets: oll fixed assetsare measured ot cost less accumuloted depreciation. No assets have
been revalued. At the date of capitalising fixed assets, management estimate the Company
estimates the useful life of the asset based upon monagement's judgement and experience,
Theotre tax relief: a provision has been made with information available as at the date of the
Signed statements.
FUND ACCOUNTING
The various types of funds for which the charity is responsible, and which require separate disclosure,
are as follows:
RESTRICTED FUNDS
The funds can take two forms: income and capital. The funds con arise by way of donationsi gifts (of
ossets and services), grants, and legacies, and ore earmarked by the donor for specific purposes. Such
purposes are within the overall aims of the orgonisotion. For restricted income funds, the donation ond
income deriving therefrom moy be utilised. Inthe case of restricted capitalfunds, onlythe income arising
frorn the fund may be utilised for the restricted purposes and the capital asset must be retained.
DESIGNA TED FUNDS
These ore funds which hove been setaside atthe discretion of the Board membersfor specific purposes.
The purpose and uses of the designated funds are set out laterin these notestothefinanciol statements.
UNRESTRICTED FUNDS
These are funds which are expendable at the discretion of the Trustees in furtherance of the objects or
administration of the Chority.
CREDITORS PROVISIONS
Provisions ore recognised where the Chority has a present obligation resulting from o past event that
will probably result in the transfer of funds to a third party and the amount due to settle the obligation
can be measured or estimated reliably. Provisions are normally recognised at their settlement omount
after allowing for any trade discounts due.
INVESTMENTS
Investments are initially recognised at their transaction value and subsequently measured at their fair
value as atthe balance sheet date using the closing quoted market price. All gains and1055es are token
to the Statement of Financial Activities.
FIXED ASSETS
INTANGIBLE FIXEDASSETS
Intangible fixed assets are stated at cost less accumulated amortisation. The annual rate of
amortisation, once the assets have been brought into use. is 20% on a straight-line basis.
CANOLFAN MILENIWM CYMRU
WALÈS NILLEF4NIUII CENTkE
27
Wales Millennium Centre (Limited byGuarontee)
Annval report and financial statements
Year ended 31 March 2024
TANGLIBLE FIXEDASSETS
Tangible fixed assets are stated ot cost less accumulated depreciation. In the case of assets and services
gifted to the Charity a valuation is established by means of an external profe55ional valuation or a
certificate of valve from the donor as oppropriate. Assets with a value of less than £1,000 will not be
copitalised unlessthey form part of a larger copitol project.
DEPRECIA TION
Depreciotion is calculated so as to write-off the cost of on osset, less its estimated residual value, on o
straight-line bosis over its vseful economic life as follows:
Annual r(rte
2%- 20°A straight line
5%- 20Yo Stroight line
4¥.- 33Yo Stroight line
Buildings
Plant and machinery
Fixtures, fittings, and equipment
IMPAIRMENTREVIEWS
The corrying amounts of the Group's assets ore reviewed for impairment when events or changes in
circumstances indicate thotthe corrying amount of the fixed assets moy not be recoverable. If any such
indication exists, the asset's recoverable amount is estimated.
INCOME RECOGNITION
GRANTS
Grants receivable are accounted for in line with charitable income recognition rules.
DONA TIONSAND SPONSORSHIP
Donations and sponsorship income are recognised when the Charity becomes entitled to the income,
when there is certointy that it will be received, ond the amount con be measured. Where conditions of a
grant require spend to be incurred during a specific accounting period, and the grant has been received
in advance, the income is accounted for as deferred income until the accounting period in which the
Charity is allowed, by the condition of the grant, to expend the funds.
THEA TRE INCOME
Theatre income is recognised in the yeor to which it relates. Ticketing income received in advance is
deferred. It 15 released to the stotement of financial activities when the performance takes place.
CA TERINGINCQME
Catering and other income represents the value, net of value odded tax and discounts, of goods and
services provided to customers.
INTERESTRECEIVABLE
Interest on funds held on deposit is included when receivable and the amount can be measured reliably
by the Charity; this is normally upon notification of the interest paid or payable by the Bank.
CANOLFAN MILÉNIWM CYMAU
WALES MtLLENNiiif4 CENTRE
28
Wales Millennivm Centre (Limited by Guorontee)
Annuol report and financial stotements
Yearended 31 March 2024
INVESTMENTINCOME
Investment income is received quarterly and reinvested intothefund. Quarterly statements are received
from Sarasin. Investment income is included when receivable and the amount can be measured reliably
by the Charity; this is normally upon notification of the income paid by the Investmentfund.
GIFTS IN KIND
Gifts in kind include non - cosh donations of services and assets. In accordance with the Statement of
Recommended Proctice they have been included in income, and in the relevont cotegoryof expenditure
and fixed assets and have been recorded at a reasonable estimate of their value to the Charity. We do
not recogni5e ony volunteer hours in the accounts.
GRANTS OFRIGHTS
Where rights are granted to third parties under which benefits accrue over a prescribed period, the
proceeds on the grant of those rights are transferred to a deferred credit account and released to
income on a straight-line basis overthe period during which those benefits are to be provided.
EXPENDITURE
All expenditure is accounted for on an accruol's basis. Costs are apportioned between expenditure
categories in a manner which reflectsthe allocotion of resources to these areas.
PENSION COSTS
Contributions ore made to employees personal pension schemes, which ore defined contribution
schemes, as port of their remuneration package and are chorged in the year in which they are incurred.
STOCK
Stock is valued at the lower of cost and net realisoble value.
INVESTMENTS IN SUBSIDIARIES
Investments in subsidiaries ore carried at cost less impairment.
TAXATION
Wales Millennium Centre (Limited by Guarantee) is considered to pass the tests set out in Paragraph 1
Schedule 6 Finance Act 2014 and therefore it meets the definition of a charitable trustfor UK income tax
purposes. Accordingly, the charity is potentially exempt from toxation in respect of income or capital
gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation
of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to
charitable purposes.
CANOLFAN MILENIW14 CYMRU
WALES biELLENNIUM eÈF4T#E
29
Wales Millennium Centre (Limited by Guarantee)
Annuol report ond financial statements
Year ended 31 March 2024
2. FINANCIAL PERFORMANCE OFTHECHARITY
The consolidated statement of financial activities includes the results of the Charity s wholly owned
subsidiary which operates the Theatre business and hospitolity facilities, along with its wholly own
subsidiaryi WMC Productions Limited.
The summary finoncial performonce of the Charity alone is:
2024
£000
2023
£'ooo
Income
Gift from svbsidiary company
Expenditure on charitable activities
8,415
2,044
(10,848)
7,653
(10 550)
Net income/(expenditure)
(391)
(2,897)
Total funds brought forward
43,105
46,002
Total funds carried forward
42,714
43,105
3. INTEREST AND INVESTMENT INCOME RECEIVABLE
The group's interest and investment income arises from money held in interest bearing deposit & instant
access occounts and from a medium-term investment held with Sarosin. The income of £250k (2023:
£24k loss) includes an unrealised revaluation gain of the Sarosin investment of £54k (2023: £45k
unrealised revaluation loss).
CA140LFAN MILÉ141WM CY14R
WALES 14ILLENpiILfM CÈNTRE
30
Wale5 Millennium Centre (Limited by Guarantee)
Annual report and financial statements
Yearended 31 March 2024
4. ANALYSIS OF EXPENDITURE ON CHARITABLEACTIVITIES
2024
Concerts
and stage
performonces
isiting orts
exhibitions
and
Installations
Education
including
residences
General
centre
visitation
2024
Total
expenditure
£'ooo
£'ooo
£'ooo
£'ooo
Artists, and exhibition
fees
Production expenses
Education and outreach
Box office and front of
house
Promotion and
marketing
Central premises costs
Bank charges
Depreciation
Governance cost5 (Note
357
77
434
313
118
100
128
431
519
132
124
295
12
35
47
1,897
41
325
2,119
4,382
2,202
2,202
5)
Support costs (Note 5)
Total
1,669
6,450
1,669
2.583
165
620
2023
Concerts
and stoge
performonces
isiting arts
exhibitions
and
Installations
Educotion
including
residences
General
centre
visitation
2023
Tota
expenditure
£000
£'ooo
£'ooo
Artists, and exhibition
fees
Production expenses
Education and outreach
Box office and front of
house
Promotion and
marketing
Centro I premises costs
Bank charges
Depreciation
Governance cost5 (Note
416
435
640
39
291
176
679
962
200
268
403
24
24
35
1,628
35
279
1,818
3,760
2,257
2,257
5)
Support costs (Note 5)
Totol
1,557
6,183
1,557
9,887
2,719
303
682
CANOLFAN MfLENIWM eYMkU
VIALES MILLENNIUM CEMTRE
31
Wales Millennium Centre (Limited by Guarantee) Annual report and financial statements Year ended 31 March 2024
## **5. ANALYSIS OF GOVERNANCE AND SUPPORT COSTS**
The Charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance functions. Having identified its governance costs, the remaining support costs together with the governance costs are apportioned between the three key charitable activities undertaken in the year. Refer to the table below for the basis for apportionment and the analysis of support and governance costs.
|**2024**|**General**|**Governance**|**Total**|**Basis of**|
|---|---|---|---|---|
||**Support**|**Function**||**apportionment**|
||**£’000**|**£’000**|**£’000**||
|Salaries, wages and related|812|-|812|Allocated on time|
|costs|||||
|General office|702|-|702|Invoiced|
|Audit fees – External audit|27|-|27|Invoiced|
|Non audit fees|114|-|114|Invoiced|
|Audit fees – Internal audit|14|-|14|Invoiced|
|**Total**|1,669|-|1,669||
## **6. EMPLOYEE NUMBERS AND COSTS**
||**2024**|2023|
|---|---|---|
||**£’000**|£’000|
|**Employee costs during the year amounted to**|||
|Wages and salaries|**4,831**|4,702|
|Social security costs|**427**|437|
|Pension contributions to defined contribution schemes|**290**|259|
||**5,548**|5,398|
||**2024**|2023|
||**Number**|Number|
|**Average number of persons employed (including casuals)**|||
|**were:**|||
|Stage, technical, front of house, catering and venue operations|**285**|245|
|Management and administration|**7**|7|
||**292**|252|
During the year, the company’s wages and salaries costs above include remuneration paid to the Trustees amounting to £nil (2023: £nil). Travel expenses of £101 were reimbursed to one Trustee during the year (2023: one trustee, £128).
32
Wales Millennium Centre (Limited by Guorontee)
Annuol report and financial statements
Year ended 31 March 2024
The number of employees whose emoluments as defined for taxation purposes amounted to over £60k
in the year was as follows:
2024
Number
2023
Number
£60,000- £90,000
£90,001- £100,000
£100,001- £110,000
£110,001- £120,000
£120,001- £130,000
£130,001- £160,000
£160,001- £170,000
£170,001- £180,000
£180,001- £190.000
2024
2023
£'ooo
£'ooo
Pensions contribvtions to defined contribution schemes in
respect of these five
employees (2023: four employees)
42
35
Key monogement personnel who have responsibility for plonning, directing and controlling the activities
of the organisation are detailed in the Trustees report on Page 3 (Trustees) and separately on Page 3
(Managing Director and other senior stoffl. The total amount poid to these four employees was £448k
(2023: £492k).
7. NETEXPENDITURE FOR THEYEAR
2024
£'ooo
2023
£'ooo
Net expenditure is stated after charging the following
Auditorfs fee for parent companyand grovp finoncial statements
Auditor's fee for subsidiarycomponies
Poyroll processing fees
Payments mode under operating leoses
Depreciotion and omortisotion (Notes 9 & 10)
Trvstees and officer's indemnity insurance
15
10
10
85
2,234
14
10
10
171
2,346
TAXATION
Wales Millennium Centre (Limited by Guarantee) is considered to poss the tests set out in Paragraph I
Schedule 6 Finance Act 2014 and therefore it meetsthe definition of a charitable trust for UK income tax
purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital
gains received within categories covered by Part l O Income Tax Act 2007 or Section 256 of the Toxotion
of Chargeable Goins Act 1992, to the extent that such income or gains are applied exclusively to
charitable purposes.
CANOLFAM MILENIWM CYMRU
WALES MILLENNIUM CEFITRE
33
Wales Millennium Centre (Limited by Guarantee)
Annual report ond financial statements
Year ended 31 March 2024
9. INTANGIBLE ASSETS
Group
Group
£'ooo
Cost
At 1 April 2023
Additions during the yeor
289
Cost at 31 March 2024
289
Amortisution and Impairment
At l April 2023
Charge forthe year
Amortisotion at 31 March 2024
289
289
Net Book Value ot 31 March 2024
Net Book Value at 31 March 2023
Intangible ossets represent the volue of funds invested in the redevelopment of the WMC Website,
which wos lounched in August 2018.
CANOLFAM MILENIW14 CYMRV
WALES MILLEt4MIUM CENTAE
34
Wales Millennivm Centre (Limited by Guarantee)
Annual report and financial statements
Year ended 31 March 2024
10. TANGIBLE ASSETS
Group
Long
leasehold
land &
buildings
£'ooo
Plant &
machinery
Fixtures,
frttings &
equipment
Asset under
construction
Total
£'ooo
£000
£'ooo
£'ooo
Cost
At 1 April 2023
Additions in the year
Dispos015 in the year
Transfers in the year
57,738
38,822
230
3,988
250
2,869
763
103,417
1,243
(160)
(160)
1,823
1,472
13,295)
Year ended 31
March 2024
57,578
40,875
5.710
337
104,500
Accumvlated
depreciation
At 1 April 2023
Charge forthe year
Disposals during the
year
21.335
1,154
(93)
38,182
438
2,359
642
61,876
2,234
(93)
Yeor ended 31
March 2024
22,396
38,620
3,001
64,017
Net book value
31 March 2024
35,182
2.255
2.709
337
40,483
31 March 2023
36,403
640
1,629
2.869
41,541
CANOLFAN MILETr41WM CYMftV
WALES MILLENNIUM eÉr4TRE
35
Wales Millennium Centre (Limited by Guorontee)
Annual report ond financial stotements
Year ended 31 March 2024
Company
Long
leasehold
land &
buildings
£'ooo
Plant &
mochinery
Fixtvres,
fittings &
equipment
Asset under
construction
Total
£'ooo
Cost
At l April 2023
Add itions in year
Disposals in year
Transfer5 in year
57,738
38,693
230
3,750
241
2,869
763
103,050
1,234
(160)
(160)
1,823
1,472
(3,295)
Yearended 31 March
2024
57,578
40,746
5,463
337
104,124
Accumuloted
depreciation
At 1 April 2023
Chorge forthe yeor
Disposals during the
yeor
21,335
1,154
(94)
38,096
413
2,145
635
61,576
2,202
(94)
Year ended 51 March
2024
22,395
38,509
2,780
65,684
Net book value
31 March 2024
35.183
2.237
2,683
337
40,440
31 March 2023
36,403
597
1,605
2,869
41,474
Substontially all tongible fixed assets are used for direct choritable purposes. The remainder are used for
administration and fundraising purposes.
At 31 March 2024there were no assets held under finance leases (2023: £nil). These figures represent
amovnts in both the Company and Group.
CANOLFAN MILENIWM CYMRU
WALES hilLLEtINLUM CENTAE
36
Wales Millennivm Centre (Limited by Guarantee)
Annuol report and finonciol statements
Year ended 31 March 2024
11.STOCK
Group
2024
£'ooo
Group
2023
£'ooo
Compony Company
2024
2023
£'ooo
£'ooo
Good5for Resale
55
62
55
62
12. DEBTORS
Group Group
2024
2023
£'ooo
£'ooo
Company Company
2024
2023
£'ooo
£'ooo
Trade debtors
Other debtors
Prepayments
VAT receivable
Theotre Tax Relief
Amount owed by svbsidiary undertaking
742
236
411
880
424
301
93
417
$44
109
360
53
329
79
260
341
786
549
360
2.175 2,115
1,615
1,369
13. CASHAT BANKAND IN HAND
Cash held by the Group atthe bolonce sheet date includes bank accounts relating to ticketing income
received in advance of £8.Om (2023: £5.3m).
14. CREDITORS FALLING DUEWITHIN ONEYEAR
Group Group
2024
2023
£'ooo
£'ooo
Company Compony
2024
2023
£'ooo
£'ooo
Social security and other taxes
VAT
Trade creditors
Accruals
Income in advance
Other creditors
102
148
374
939
7.964
1.613
96
77
71
172
1,849
5,337
1,071
338
717
116
1,592
48
76
11,140
8,525
1,180
1,855
CANOLFAN MILÉNl*tM CYMRU
WALE5 MILLENNIUM CÉNTRE
37
Woles Millennium Centre (Limited by Guarantee)
Annual report and finonciol statements
Year ended 31 March 2024
15. CREDITORS FALLING DUE AFTER MORETHAN ONE YEAR
Group Group
Compan Compan
2024
£000
2023
£'ooo
2024
£'ooo
2023
£'ooo
Unpaid share capital
Total
16. CAPITAL
The Compony is limited by guarantee and therefore has no share copital. The extent of the guarantee is £1
per member. The moximum number of members permitted is 15.
17. FUNDS
UNRESTRICED FUNDS
Group
Income
Expenditure
Capital
Spend
£'ooo
Transfer
2023
£'ooo
2024
£'ooo
£'ooo
De51
nated funds
Capital
Maintenance
Capitol
Development
Creotive Ambition
Total designated
funds
578
186
(200)
564
576
(576)
200
1,354
(200)
(776)
186
(200)
564
General
unrestricted fvnds
41,765
21,765
(23,043)
200
40,687
Total funds
43,119
21,951
(23,819)
41,251
CA14QIFAN MILENIWM CYMRU
WALES MILLENtr411JM CENTAE
38
Wales Millennium Centre (Limited by Guarantee)
Annual report and financiol statements
Year ended 31 March 2024
Company
Income
Expenditure
Capital
Spend
Transfer
2023
£'ooo
2024
£'ooo
£000
£'ooo
£'ooo
£'ooo
Desi
funds
Capital
Maintenance
Copital
Development
Creative
Ambition
Total designated
funds
nated
578
186
(200)
564
576
(576)
200
1200)
1,354
186
1776)
1200)
564
Generol
unrestricted
funds
39,863
9,095
(9.331)
200
39,827
Total funds
41,217
9,281
(10,107)
40,391
Unrestricted funds ore expendable atthe discretion of the Trustees for the Choritys purposes.
DESIGNATED FUNDS
Capital Maintenance
a capital maintenance funding requirement has been identified through the
Capital 50 plan, estimated at half a million pounds per onnum, to maintain the building, plont ond
equipmentto a high standord. This designated fund represents funds set aside to meet this requirement.
Capital development reserve-this has been set up to support the cost of new capital projects.
Creative ambition reserve-this has been established to enhance the creative ambition.
CANQLFAN MILÉNSWM CYMRU
WALES MIILEI4MILtM CENTkt
39
Wales Millennium Centre (Limited by Guorontee)
Annual report ond finonciol statements
Yearended 31 March 2024
RESTRICTED FUNDS
Group
Movement in funds
Income
Expenditure
Transfers
2023
2024
£'ooo
£'ooo
Capital Mointenonce
Capital Development
Creative Ambition
Festival of Voice
Merthyr
Core Restricted Funds
1,372
500
300
500
(349)
1,525
1,000
308
(308)
72
(88)
Totolfunds
1,888
1,180
(745)
2,323
Movement in funds
Company
Income
Expenditvre
Transfers
2023
£000
2024
£'ooo
£'ooo
£'ooo
Copital Maintenance
Capitol Development
Creative Ambition
Festival of Voice
Merthyr
Core Restricted Funds
1.372
500
300
500
(349)
1,323
1,000
308
(308)
68
{84)
Total funds
1,888
1,176
(741)
2,523
Capital Maintenance
During the year, the Centre received restricted grant income from The Arts Council of Wales reloting
to capital maintenance of the Centre underthe Capital 50 plan. Fixed assets relating to this
expenditure have been copitolised and will be written down over the expected life of the assets.
Core resfricted funds related to the Arts Council of Wales Culrural Recovery Fund Gront
CANOLFAN MILENIWM CYMRU
WALÉS MILLÉNNIiJM CENTAE
40
Wales Millennivm Centre (Limited by Guarantee)
Annual report and financial statements
Yearended 31 March 2024
Analysis of net assets between funds
Group
Unrestrirted
Funds
Restricted
Funds
Total for
the year
ended
31 March
2024
£'ooo
Total for
the year
ended
31 March
2023
£'ooo
£000
Intangible & Tangiblefixed assets
Investment
Net current assets
39,160
745
1,323
40,483
745
41,541
672
2,794
1,346
1,000
2,346
41,251
2,323
43,574
45,007
Analysis of net assets between funds
Unrestricted
Funds
Restricted
Funds
Total for
the year
ended
31 March
2024
£'ooo
Total for the
year ended
31 March
2023
Company
£000
£'ooo
£'ooo
Tangible fixed assets
Investment
Net current assets
Creditors falling due after
more than 1 year
59,117
747
529
(2)
1,323
40,440
747
1,529
(2)
41,474
674
959
(2)
1.000
40,391
2.523
42,714
43,105
Total income comprises £22.Om (2023.- £25.2m) for unrestricted funds and £1.2m (2025.. £7.3m) for
restricted funds. Adetoiled analysis of incoming resources isgiven inthe Statement of Financial Activities
and notes.
Total expenditure comprises £23.8m (2023.. £25.7m) for unrestricted funds and £0.7m (2023.. £7.6m) for
restricted funds. A detailed analysis of expenditure is given in the Stotement of Financial Activities ond
notes.
In accordance with the Charities SORP 2015, capital grants are recognised in full in the statement of
finoncial activities in the year in which they ore received, subjectto performance criteria. Capital grant5
are recognised in full in the yeorthey are received.
CAMOLFAN MILEMIW14 CYMRLI
WALES NtLLEtlldlUM CENTRE
41
Wales Millennium Centre (Limited by Guarantee) Annual report and financial statements Year ended 31 March 2024
The summary income and expenditure account illustrated above is derived from the statement of financial activities on page 20 which, together with the notes of the financial statements provides full information on the movements during the year on all the funds of the Group.
## **18. PENSION CONTRIBUTIONS**
The Wales Millennium Centre makes contributions on behalf of employees to individual defined contribution schemes. The amount charged to the statement of financial activities during the year ended 31 March 2024 was £290k _(2023: £259k)._
## **19. OPERATING LEASES**
Total commitments under non-cancellable operating leases are as follows:
||**2024**|**2023**|
|---|---|---|
||**£’000**|**£’000**|
|Within one year|**-**|**85**|
|In the second to fifth years inclusive|**-**|**-**|
||**-**|**85**|
## **20. INVESTMENTS**
|**INVESTMENTS**|||
|---|---|---|
||**Group**|**Company**|
||**2024**|**2024**|
||**£'000**|**£'000**|
|Value at 1 April 2023|**672**|674|
|Additions|**19**|19|
|Disposals|**-**|-|
|Revaluations during the year|**54**|54|
|Value at 31 March 2024|**745**|747|
During the year we reviewed our investment policy and agreed that unrestricted and restricted funds should be predominantly held in minimum risk deposit accounts. Current investments are held in a 5- year investment fund with **Sarasin & Partners LLP** . This fund has a risk level between 4 and 7. Quarterly investment reports are received.
42
Wales Millennium Centre (Limited by Guarontee)
Annual report and financial statements
Yeor ended 31 March 2024
21. CAPITALCOMMITMENTS
Group &
Company
2024
£'ooo
Group &
Company
2023
£'ooo
Capitol expenditure contracted but not provided for in the
financial statements
Capitol expenditure authorised by the board but not
controcted
250
900
500
910
750
1,810
These capital commitments relate to Platfform and the next Stage of the Front of House redesign
project12023: £1,81 Ok related to the first stage of the Front of House redesign project).
22. SUBSIDIARYCOMPANIES
The Charity has two wholly owned subsidiary companies, Wales Millennium Centre (Trading) Limited
and Wales Millennium Centre (Theatre) Limited and is the ultimate parent undertaking of WMC
Productions Limited. All companies ore registered in England ond Wales.
CANOLFAN MILENIWM CYMHU
WALES MILLENNIUIII CENTRe
43
Wales Millennium Centre (Limited by Guarantee)
Annual report ond finonciol statements
Yearended 31 Morch 2024
Wales Millennium Centre (Trading) Limited (registered number 3776896)
Wales Millennium Centre (Trading) Limited carries out trading activity on behalf of the charity. The
tradin9 company has been consolidated in these group Financial Statements.
A summary of its trading results is shown below:
2024
£'ooo
2023
£'ooo
Turnover
Cost of Sale5
16,069
(11,976)
19,636
(14,893)
Gross Profit
4,093
Administrative Expenditure
Interest receivable
(3,256)
167
(2,673)
Profit before charitable donotion
Choritable donation to parent organization
1,004
(2,044)
2,070
(1,040)
2024
£'ooo
2023
£'ooo
Tangible fixed Assets
Net current assets
68
1,833
817
Net assets
861
1,901
Called up share capital and retained earnings
861
1,901
CANOLFAN MILENIWM CYMRIJ
WALE5 MILLENIIILtM CÉNTRÉ
Woles Millennium Centre (Limited by Guorantee)
Annual report and financial statements
Year ended 31 March 2024
WMC Productions Limited (registered number: 09696006)
WMC Productions Limited is a wholly owned Subsidiary of Woles Millennium Centre (Troding)
Limited. It has been consolidated in these group Finonciol Stotements. WMC Productions Limited is
commissioned by the Charity to create productions.
A summary of its results is shown below:
2024
£'ooo
2023
£'ooo
Turnover
Cost of Sales
1,303
{1,809)
1,024
(1,304)
Gross Loss
(506)
(280)
Administrative Expenditure
Loss Before Taxation
(506)
(280)
Tax on loss
506
280
Result for the financial year
2024
£'ooo
2023
£'ooo
Intangible & Tongible fixed Assets
Net current asset5
Net assets
Called up share capital
Wales Millennium Centre (Theatre) Limited (registered number: 03749246)
Woles Millennium Centre (Theatre) Limited was dormantthroughout the year.
CANOLPA14 MILÉNlWt4 CYMAV
WALES MILLENNIUM CENTRE
45
Wale5 Millennium Centre (Limited by Guorantee)
Annual report ond financial statements
Year ended 31 March 2024
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WALES MILLENNIUM CENTRE
(LIMITED BY GUARANTEE)
Opinion
We have avdited the financial stotements of Wales Millennium Centre (Limited by Guarantee) (the 'parent
charitoble company,) ond its subsidiaries (the'grovp,) forthe year ended 31 March 2024 which comprise the
Consolidated Statement of Financial Activities, Consolidated Bolonce Sheet, Porent Charitable Company
Balance Sheet, Consolidated Cash Flow Stotement and notes to the financial statements, including a
summary of significant accounting policies. The financial reporting frameworkthat has been applied in their
preparation is applicable law and United Kingdom Accounting Standords, including Financial Reporting
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United
Kingdom Generally Accepted Accounting Practice).
In our opinion the finoncial statements:
give a true ond fair view of the state of the group's and of the parent charitable
company's offairs as at 31 March 2024 and of the groups and the parent
charitable company's incoming resources and application of resources, including
its income and expenditure, forthe year then ended:
have been properly prepared in accordance with United Kingdom Generally
Accepted Accounting Practice," and
have been prepared in accordance with the requirements of the Companies Act
2006.
Basis for opinion
We conducted our oudit in accordonce with International Standards on Auditing (UK) (ISAS (UK)) and
opplicable law. Our responsibilities under those standards are further described in the Auditors,
responsibilitie5 for the audit of the financial statement5 section of our report. We are independent of the
group in accordonce with the ethicol requirementsthat ore relevant to our audit of the financiol stotements
in the UK, including the FRC'S Ethicol Standard, and we hove fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we hove obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of
accounting in the preparation of the financiol statements is oppropriote.
Based on the work we have performed, we have not identified any material uncertainties relating to events
or conditions that, individually or collectively, may cast significant doubt about the groups and the parent
charitoble company's abilityto continue as a going concern for a period of at leasttwelve monthsfrom when
the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respectto going concern are described in the
relevant sections of this report.
CAP40LFAP4 MILENIWM CYMR
WALES MILLÉNNIUM CEMTFtE
46
Wales Millennivm Centre (Limited by Guorantee)
Annual report and finoncial statements
Year ended 31 March 2024
Other information
The trustees are responsible for the other information. The other information comprises the information
included in the Annual Report, other than the financial statements and our Report of the Independent
Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent
otherwise explicitly stated in our report. we do not express anyform of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information 15 moterially inconsistent with the financial
statement5, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we
identify such material inconsistencies or apparent material misstatements, we are required to determine
whether there is a material misstatement in the financiol statements or a moterial misstatement of the other
information. If, based on the work we hove performed, we conclude thatthere is a material misstatement of
this Other information, we are required to report that fact. We hove nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Group Report of the Trustees for the financial year
for which the financial statements ore prepared is consistent with the financial
statements; ond
the Group Report of the Trustees has been prepared in accordance with
applicable legol requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understonding of the charitoble company and its environment obtained in
the course of the audit, we hove not identified material misstatements in the Group Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to
report to you if, in our opinion:
adequate accounting records have not been kept or returns adequate for our
audit have not been received from branches not visited by us; or
the parent charitable company financial statements are not in agreement with
the accounting records and return5" or
certoin disclosures of trustees, remuneration specified by low are not made; or
we have not received all the information and explanations we require for our
audit.
CANOtFAN MILE141WM CYMRU
WALES MILLENNIUM CENTRE
47
Wales Millennium Centre (Limited by Guorgntee)
Annuol report and financial statements
Yearended 31 March 2024
Responsibilities of trustees
As explained morefully in the Statement of Trustees, Responsibilities, thetrustees (who are also the directors
of the parent charitable company for the purposes of company low) are responsible for the preparation of
the financial statements and for being satisfied that they give o true and fair view, and for such internal
control as thetrvstees determine is necessaryto enoble the preparation of financial 5totements that are free
from material misstatement, whether dueto fraud or error.
In preporing the financial stotements, the trustee5 are responsible for assessing the groups and the parent
choritable company's obility to continue as a going concern, disclosing, as applicable, motters related to
going concern and using the going concern basis of accounting unless the trustees either intend to liquidate
the porent charitable company or to cease operations, or hove no realistic alternative butto do so.
Our responsibilities for the audit of the financial statements
Our objectives ore to obtain reasonable assurance about whether the finonciol statements as a whole ore
free from material misstatement, whether due to froud or error, and to issue o Report of the Independent
Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee
that an audit conducted in occordance with ISA5 (UK) will always detect a material misstatement when it
exists. Misstatements con arise from fraud or error and are considered moterial if, individually or in
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
The extentto which our procedures are copoble of detecting irregularities, including fraud is detailed below:
We gained an Understanding of the legol and regulatory framework applicable to the charity and the
industry in which it operates and considered the risks of acts by the charity that were contrary to applicoble
law5 and regulations, including froud. We designed audit procedures to respond to the risk, recognising that
the risk of not detecting a materiol misstatement due to froud is higher than the risk of not detecting one
resulting from error, as fraud moy involve deliberate conceolment.
The laws and regulations that we determined were most significant to the company were the Companies
Act, Charities Act, Employment Rights Act and the Heolth and Safety Act.
We obtained an understanding of howthe company is complying with those laws and regulations by making
enquiries to the management and corroborated these enquiries through our review of board minutes and
review of legal and professional spend for the year.
We assessed the susceptibility of the charitys financial statements to material misstotement, including how
fraud might occur. We assessed the risk of management override of internal controls and assessed the
effectiveness of internal controls that management has in ploce to prevent ond detect fraud, including
testing of manual journals and evaluating the assumptions and judgements made by management in its
significant accounting estimates.
A fvrther description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council'swebsite atwww.frc.org.uk/ouditorsresponsibilities. This description forms part
of our Report of the Independent Auditors.
CANOLFAN MILENIWM cYf4AU
WALES MtLLENWIUM CENTRE
48
Wales Millennium Centre (Limited by Gvarantee)
Annual report ond financial statements
Year ended 31 March 2024
Use of our report
This report is made solelyto the choritable company's members, as a body, in accordancewith Chapter 3 of
Part 16 of the Companies Act 2006. Our audit work has been undertaken so thot we might state to the
charitable company's member5those matter5 we ore reqvired to stoteto them in an auditors, report and for
no other purpose. TothÈfullestextent permitted by law,we do not acceptorassvme responsibililyto anyone
otherthan the charitablecomponyand the choritable company's members as o body, forourauditwork, for
this report, orfor the opinions we have formed.
711ti124
Nicholas Matthew Toye FCA (Senior Statutory Auditor)
for and on behalf of BPU Limited
ChorteredAccountantS
Statutory Auditor
Rodnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA
¢ANOLFAM MILEIIIVIM CYMRU
WALIS MILLENNIUbt CENTRE
49