WALES MILLENNIUM CENTRE (LIMITED BY GUARANTEE) GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Registered Compony Nvmber 3221924 Chtsrity Number 1060458 CANOLFAN MILENIWM CYMRU WALES MILLENNIUM CENTRE
Woles Millennium Centre (Limited by Guorontee) Annual report and financial Statements Yeorended 31 March 2025 CONTENTS Welcome Charitable Objectives Our Impact Our SustainabilityJourney Our People STfucTure, Governance and Manogement Financial Review 20 Reference and Administrative Details 24 Stotement of Responsibility of the Trustees 25 Consolidated Statement of Financiol Attivities 26 Consolidated Balance Sheet 27 Company Balance Sheet 28 Consolidated Cash Flow Statement 29 Notes to the occounts 30 Independent Auditor's Report 50 CAMOLPAW MILÉNIWM CVB4AL• WALE5 MILLENNIUM CENT AE
Woles Millennium Centre (Limited by Guarantee) Annual report and financial statements Year ended 31 March 2025 WELCOME FROM THE CHIEF EXECUTIVE OFFICER This year, over 1.3m people experienced world-class ort ond entertainment under our roof. Ticket sales for visiting commercial productions have returned to pre-pandemic levels and we saw our highest net return in the iconic Donald Gordon Theatre (DGT) since we opened in 2004. We presented international musicals ond opero in the DGT and the best of drag, comedy, and burlesque in our Cabaret venue. We staged a mojor new theatre co-production with Notional Theatre 'Nye' dramatising the life of Aneurin Bevan and the formation of the NHS. Over 30,000 people saw the show with 25Yo of oudiences being new bookers and 17% travelling from 30 countries outside Wales including Australia, Japan, Ukraine ond South Korea. We attracted further capital funding to continue work on our Platfform studios (tronsforming existing back of house spaces into permanent youth led studios), with new digital labs, rehearsal ond performance areas. targeted to grow our programme of free industry skills training for future tolent. Our own productions and experiences have welcomed lovers of Welsh homegrown talent to our stages ond further afield. Pontypool opened on our Weston stoge in October 2024 and we extended its run by o week following strong ticket sales. Our alternative Christmas Cabaret. The Nutcracker, attracted 2,000 people in Decémber with 27% being first time bookers. Communities, creotive portners, and cultural residents who call WMC home have energised our programme with collaborative 5howcascs, from StDovid's Doyto Butetown Cornivoland seasonol public ort instollotions. Our 'pay whot you can, community ticketing scheme has provided opportunities for over 6,000 people to attend performances in the Donald Gordon Theatre. Over the coming year we will be finalising plans with Cordiff City Councilto build a new production and skills development facility which will enoble us to develop and present large scole immersive digital and theatre experiences (Project Copello). Audiences will enjoy groundbreaking performances throughout the year, from the return of Nye in August to the return of the global phenomenon WarHorse. Our other plans for 2025-26 include: The continuation of the UK Immersive Arts program wliich will eriuble 200* urt1515, youiig people and communities to explore their stories digitally through research, training, and funding. CAF4QLPAN 141LtWlV¥M L Tmirii WALES MILLENNIUM CENTRÉ
Woles Millennium Centre (Limited by Guarantee) Annual report and financial statements Yeor ended 31 March 2025 The lounch of our Annwn Prize for excellence in Immersive storyfelling. An international prize thot will cement WMC'S position a5 a world leader in this field Llais, our festival which celebrates the power of the human voice across all our stages, will return in October with singer-songwriter Rufus Wainwright playing one of only 6 UK dates in 2025. We will continue to diversify our offering in our Cabaretvenue, focu55ing on six distinct genres- Comedyi Drag, Burlesque, Music (including Jazz), Community and Variety. Finalising capitol development plans for Project Capello and continued refurbishment of the public Spaces. Further development of our Plarfform spoces, enobling 10,OOO+ young people and creatives to co- develop and access our programmes. WMC was awarded revenue funding for 2025-26 of £3.6m from Arts Council Wales. Whilst the economic outlook remains challenging, the Centre is confident thot it can deliver against Its future strotegic objectives, ensurin that we c continue to fire the imoginotions for future generations. 2 L( /Oq /goiC Mothew Milsom CANQLFAM MILEP41V¥M CYMRV WALES MILLENNIUM CENTRÉ
Wales Millennivm Centre (Limited by Gvarantee) Annual report and finoncial statements Yeor ended 31 Morch 2025 OURCHARITABLE OBJECTIVES WMC aims to Inspire the Nation and Impre55 the World. We invite oudience> to fire tlieir irTiugiriutiuii iri a creative home for everyone by curating ond presenting a world-class programme of critically acclaimed productions, from musical theatre and comedyto dance, cabaret, opera and on international festival. We provide supportfor artists and kindle emerging tolent with fresh and popular productions of our own and provide opportunities for young people to develop skills for life and skills for work through free course5 and dedicated spaces. The Centre is a major tourist attraction for Wales. It aims to be internationally significant, renowned for excellence, leadershipi and innovotion. Entertaining audiences and ottracting visitors from the whole of Wales and well beyond, it generates over £75m into the locol economy annually and will continue to provide a creative home for some of Waless leading orts ond cultural orgonisations. We aim to: Be celebrated as one of the leading performing arts centres in the world Create innovotive work thot showcases Wales to the world Roise the ospiration of every young person in Wales Be occessible to everyone in Wales doli r ge4 Tonior dychymyg Fjrethe tmogination Qp9roff of re£s tbe The Trustees confirm that they are aware of the Charity Commission's generol guidonce on public benefit, and they have referred to the guidoncewhen reviewing the Charity'saimsand objectives and in planning future activities. CANOLFAN MILtNIWM CYMAI• WALES XILLEIINIUM cÉNfRE
Wales Millennium Centre (Limited by Guarantee) Annuol report and financial statement5 Year ended 31 March 2025 OUR IMPACT IN 2024-25 A WORLD-LEADING PERFORMING ARTS CENTRE As o creative home for everyone. we toke pride in the quality and depth of our offer, moximising our impact for Woles. Pioneering creative technology provides visitors with access to award-winning experiences and world-leoding theatre, while our innovative sustainability practices safeguard cultural occess for generotions to come. Throughout 2024-25, over 457,000 Donald Gordon Theatre audience members experienced 300+ world- class musical, opera, dance, theatre, and comedy performances on our largest stage. Highlights included presenting our co-production Nye, the first visitto Wales of Homilton and Come FromA wayand a return visit for Hairspray, while our international festival Llais attracted more than 6,000 people to inspiring performonces across the venue. Ovr unique immersive art space, BOCS, is o visitor attraction that has helped us to establish a powerful network of producing ortists, companies and venues working in the fast-growing field of storytelling and creative technology. We are capturing and sharing insight and leorning through our research programme to inform our design and build of a new largerscalefacilityforthe presentation and production of immersive experiences (Project Capello). Our unique Coboret venue continves to thrive and dÈv@lop os o hompforvibrnnt. p.c.Ipr_tir. c]nd divg_rso tolent. Caboret bookers are three times as likely os our main theatre booker5 to be goy or bisexual, and they are much younger- 28°A are under 35 versus 11 % of our main theatre bookers. 2024-25 2023-24 2022-23 Total visits to Woles Millennium Centre (Inc ticket buyers) 1.335.186 1.173.535 1.126.471 Donald Gordon Theotre: Number of performance5 311 312 317 Audience Numbers 457,572 402,667 426,826 Number of Events 13 15 19 Event Attendees (where ticketed) 19,457 21,546 32,037 Weston Studio: Performances in Weston Studio 55 53 64 Audience Numbers 7,596 6,965 8,247 Cabaret: Performance5 in Cabaret 101 69 27 Audience Numbers 9,291 6,008 2,713 rLIILeAIWM CYMRU WALES MILLENNIUM CEIITRe
Woles Millennium Centre (Limited by Guarantee) Annuol report and financial statements Year ended 31 Morch 2025 INNOVATIVE NEWWORKTHAT SHOWCASES WALES TOTHE WORLD This yeor, we created two stoge productions and we continueto invest in ourfuture worksupporting research and development projects and providing sUPPOrt to artists based in Wales to develop and explore their practice through access to free space and producing support and guidance. Our 2024/25 prodvction, Pontypool opened on our Weston Studio stage on 30 October 2024 and following strong ticket sales, we extended its run by a week. Over 3,000 people saw the show with 21 % of bookers new to WMC and 97% of the audience rated the quolity os good or very good. "It was absolutely brilliont from stage setup ond sound scoping to the octing. It is one of the best shows I've seen in a whilellYPontypool audience member Our olternative Christmas Caboret, The Nutcrackerspotlighted some of thefinest talentwales has to offer. Over 2,000 people attended the show with 27°h being first time bookers and 85% of audience members rated it good or very good. "This show was so wellproduced. It was precise, topicol and heartworming. I went from howling with laughter to shedding o thoughrful teartowards the end. Itbroughtthe joyondhoppiness. It's everything thot o cobaret basedshow shouldbe." Nutcracker audience member. WE NUTURE PROFESSIONAL TALENT, GROW SKILLS AND DEEPEN EXPERIENCE BY SUPPORTING FREELANCERSANDCREATIVESACROSSWALES This year, we supported 75 Creative freelancers with poid opportunities ocross our programmes. WMC is taking an inclusive ond supportive approoch to R&D with Welsh ortists investing in five R&D workshops, all with Wales-based artists. These have included Owoin ond Henry, a project with Michael Sheen about Owain Glyndwr, and an exploration of Welsh identity with Inuo Ellams and Honon Isso, the current NaTional Poet of Woles. We have supported 42 companies ond individuolswith 282 day5 (2730 hours) of space-in-kind for R&D, with feedback received hiqhliqhtinq how this hos enobled creatorsto produce new work, Secure funding, develop skills, and feel connected to Wales's creotive scene. Learning-disabled troupe House of Deviant have reported gaining creative outonomy and confidence through regular use of our Cabaret venue and production company Fomilia de la Noche attributes their oudience growth to this invaluable support. Bec(Juse we hove a regular space to work in, our Queens hove learned to travel independently, make decisions about theirlives within andoutside the project. andhave their voices heardin the orts scene in Wales. We're proud to call WMC our home." House of Deviant CANOLFAM MILENIIYX CYMR WALES MILLENNIUM CENTItÉ
Wales Millennivm Centre (Limited by Guarantee} Annuol report and financial statements Year ended 31 March 2025 "It would have been much harder to create new bilingual and Welsh work for families ocross Wales without thi5 5UPPOrt. We wouldn't be where we are (performing to over l 0,000 people across three yeors) if it Wasn't for this support." Fomilia de le Noche WMC is leading the way in developing immersive workin Walesond has built a reputation forits producing in this area across the UK and internationally. We presented 28 immersive digital experiences this year to over 24,000 people in our dedicoted digitol venue BOCS and across our site including 360-degree films and projections and XR experiences. In June 2024 we presented Unity Expanded, an installation of three works by disabled ortists and creators working in immersive technology and from Julyto September 2024, visitors could experience Invisible Ocean. a series of shored interactive experiences taking audiences below the surfaces of the seas. Aifrdience feedback evidences the emotive reach and impact of immersive storytelling, and an appetite for more stories to be told in this medium. 92% of bookers in this period told us they were'emotionally moved, bythe experience and 94% were impressed bythe technology used. 96%of oudienceswould like to see WMC offer more immersive experiences in future. BOCS and our immersive progromme is also driving new visitors to Woles Millennium Centre. Of audiences Surveyed belweeii April 2024 to Morch 2025. 59% vvere visiting WMC specifically for thcir immersive experience and 37% were visiting WMC for the first time. "Love that WMC are leading by hosting this Ort form/media. Very excited to see how things develop, there is so much potential."Survey feedback. Invisible Oceans "I've never experienced anything like this as an exhibition/experience. It really showed how lucky we ore and it is amazing thot we have the chance to understand ond respectsome of the conditions others have around us. Very impressivel"Survey feedback. Unity Expanded: Turbulence- Jamals Vu Our diverse Cabaret prograrnme presented 78 unique productions, reaching over 9,000 audience members. Cabaret supportsthe best UK and internationol C_ahcjrpttolent alongside opportunitiesforwales based ond Welsh led companies. Our focus is on creating a diverse and accessible programme and we continue to receive positive feedback from our Cobaret audiences, who along with proising the quality and variety of shows on offer, frequently reference the venue's welcoming and inclusive environment. "We had the best time everl Everyone obsnlijtp.ly loved it. Unquestionobly coming back - with more people - as soon 05 possible."Audience feedback, Cabaret "It was our first visit to Cobaret and we loved itl It's a wonderful venue and we look forward to returning soon." Audience feedback, Cabaret ¢AN•LfAN MILENIWM CYMMV WALES MILLeN#iuM CENTRE
Woles Millennium Centre (Limited by Guorantee) Annual report and financiol stotements Yeor ended 31 March 2025 RAISING THE ASPIRATIONS OF YOUNG PEOPLE Formerly known as Creative Voice, our youth training programme, Plaffform, has expanded to Include level 2 courses across our core subject oreas: Radio, Music, Performance, ond Visual and Digital arts. 2024125 saw 21 courses engaging just over 1000young people. This year our youth led Radio Station continued, the creation of a new youth led theatre academy and the development of our Lock Off programme which support young people within the musir industry. Of the young people who participated, 99% sold thatthey gained new skills, including editingi camera work, and radio production. The progromme is boosting confidence ond industry insight, helping participants to feel heard when sharing their ideas, providing them with a greater understanding of creative careers availoble to them. 91 % of participants said they ore eager to take part in more creative opportunities at WMC. By equipping young pevF)le willi skills and oworene55, Plotfform is helping cultivote the next generation of creative professionals, amplifying voices and fostering creative community in Wales. "I've gained loods of new skills including Premiere Pro, lighting, comera, and more. I've 0150 found meeting newpeople really beneficiol, os Istruggle to findplaces to connectondgetto knowpeople my age. lin going home feeling more confidentin mycreotivity." Documentary film participant We successfully secured a £58,OOOgrantfrom Creative Walesto SUPPOrt our Creative XR programme. This initiative, run in collaboration with Plarfform, aims to develop skills and practices in immersive arts, fostering a future talent pipeline for our Immersive Arts production stream. In November, we hosted an XR Inspirotion Day where 12 people took port in an intensive training programme on immersive experiences, creating a number of a rough prototypes. A programme of XR events, including a further Inspirotion Day and longer training courses ore planned for the next 18 months. WMC collaborated with Cardiff ond Vole College (CAVC) to support young people at risk of disengaging with education. Seven junior apprentices (young people aged 14-16) were with u. this ycar. Thcy attended weekly learning sessions at WMC, working alongside a lead facilitator from CAVC ond teoms from across WMC including interview skills ond team building with HR and on introduction to sustainability with our business operations team. They also plonned and led events with our Security and Eventsteams and had the opportunity to undertake training and be customer experiences assistants for the day 5UPPOrting audiences attending a performance of Hamilton. All of the sessions are aimed at providing skills for work and skills for life as well as opening up opportunities in and understanding of careers in the creative industries. Working in partnership again with CAVC and 9 delivery venues across Waleg, WÈ sÈcured Tachnical Apprenticeship roles for 9 individuals in 2024/25. Apprentices complete the level 3 certificate in Technical Theatre by undertaking a rigorous professional and place-bosed troining programme. Whilst studying CAMOLFAN HILENIWM eymftu WALES MILLEN141UM CENTRE
Woles Millennivm Centre (Limited by Gvarantee) Annual report and financial statements Yearended 31 March 2025 areas such as rigging, IPATH, ETC ond more, apprentices also work on commercial productions to gain reol terms experience. Production highlights in 2024-25 included Mathew Bourne's Swon Loke, Pontypool, Disney on Ice and pantomime. PIONEERING STUDIOS FOR YOUNG PEOPLE BYYOUNG PEOPLE In 2023 we started work on our new capital development Plarfform. Platfform will be a unique space designed and led by young people, .0 spoce to learn, a space to be and a space to grow.. A home for our creative learning programmes, it will also provide stote of the art facilities for young people to hone their creative practice and develop skills for work and for life. Platfform will house state ofthe art studios including Radio studios, a Performoncespoce, XR Studio, Editing Suites, Music production ond recording facilities as well as social and well-being spaces. The first stage, Stiwdio Scratch. was completed in August 2024 and is now being used for workshops, artist residencies. events and exhibitions. Work on the second stogo. Block Box, will begin in the summer of 2025- 26. ACCESSIBLE TO ALL Working with community, national, and international partners, and ovr eight cvltural residents, we champion the voices of Wales's many communities by creating shared joyous celebration5 and experiences foreveryone in our public building. This financial year, over 6,000 'pay whot you can, tickets have been distributed across 121 world-closs productions, including Nye, Wizard of Oz, Wicked ond Homilton. With occessible price points between £2 - £8, these have saved communities over £120,000 in ticketing costs. Partnering with over 50 community ambassadors, including refugee group Cardiff for Ukroine and Cordiff Women's Aid, our scheme is focused on providing access for first time attendees who would never OTherwise walk Through our doors and those who are in financial hardship. "Visiting Wales Millennium Centre for these refugees reolly is a fantastic opportunity and escapism from the stresses of their situotion. We are all so grateful this scheme exists to facilitate such experiences." Helen McAdie, co-founder of Cardiff for Ukraine AI4QLFAN MILENIWM CYMRU WALES MILLENNIUM CENTRE
Wales Millennium Centre (Limited by Gvorantee) Annuol report and financial statements Year ended 31 March 2025 We want to encourage people from all walks of life ond of all ages to get more involved with the arts and toke port in ourfantastic volunteering scheme. 270volunteers in 2024-25 shared the joy of live theatre with our audiencesi 9iving over 25,000 collective hours of their time, their skills, and their passion for the orts. This year, we hove continued our commitment to ensuring our theatre offer is accessible to everyone by offering 94 BSL, open coptioned or audio described performonces ond 189 touch tours. We continue to receive positive feedbock from customers using these accessible options, who frequently highlight the enhanced inclusivity and quality of the experience. We have also piloted on Access Host scheme that provides additional support for audiences ond will be rolled out more widely in 2025/26. "I thnijght the subtitles were greot. I ve previously booked shows intentionolly for descriptions when trovelling with my heoring-impaired grandmother." Hairspray audience member WE ARE A CREATIVE HOME FOR EVERYONE Our Engagement prograrnmes amplify the voices and storie5 of communities across Wales providing opportunities to share and celebrote together. We use participatory budgeting as a process to run our engagement work creating exhibitions, workshops and celebration events, building democracy ond co- production into the workfrom the outset. This year we have created exhibitionsthot included complimentary artwork in our front-of-house areas for Hijinx's Unity Festival, showcasing art from disabled ortists and artwork from Explore Collectives and work created by community participant5 in ACE (Action in Coerau ond Ely) and Volleys Kids (Porth). Together, these exhibitions have been viewed by an estimated audience of 31,700. Feedback from ortists and local collectives has been overwhelmingly posltive, with participonts oppreciating the chance to shore their work with a national oudience. Our celebrations programme has included St David's Doy, Eid and Butetown Cornival os well os o lantern parade and Winter Solstice event. And amongst our workshops we have significant programmes this year that explore emotional wellbeing and music moking- NanoPunk's a group of women over 50 who hove come Togerher to share experiences, make new connections and write punk song5. A new documerilury about their experiences will be broadcast on S4C in 2025. We will continue our commitment to the Welsh language, ensuring thot we are an exemplary bilingual organisation. We will continue to work with the We15h Language Commissioner in odhering to the Welsh language standards that apply. CANOLFAN fLIILtNIWM CYHRLt WALES MILLEIINIUM CENTRE io
Wales Millennium Centre (Limited by Guarontee) Annual report and finonciol statements Yeor ended 31 March 2025 OUR SUSTAINABILITYJOURNEY Minimi5ing our environmental impact and achieving nct zero by 2030 As part of our Platfform project we have installed a new Air Handling Unit (AHU) that is 70% more efficient than the previous model marking o significant step toword reducing our environmental impoct. Phose 2 of this project, the commissioning of a chiller linked to air handling was completed on 1 May 2025. We have optimised our Building Management System to adjust heating. cooling and energy use on non- performance doys, ensuring efficiency. We have achieved approximately 0 12% reduction in kilowatt Usage in 2024 compared to 2022. We ore collaboroting with the Welsh Longuage Commissioner and an externol company to explore the development of an interactive sustoinobility informotion point in our building that will focus on the environment ond climate justice. We have successfully secured our IS014001 accreditation an internationally agreed and recognised standard for Environmentol Management Systems (EMS) which identifies, manages, monitors and controls environmental processes. Implementing the Theotre Green Book We are port of the steering committee fortheThcotre Grccn Book, an initiative forsustainablethoatre which works towards net zero by oddressing three areas - Sustainable Buildings, Sustainable Operations and Sustainable Productions. All three areas have agreed targets providing a rating of either Bosic, Intermediate or Advonced to help reach net zero. tainable Buildin s- Intermediate We have invested in green innovative technology such os our solar panels ond as part of our capitol maintenance process, we ensure that any mainTenance or upgrade5 moke u5 morE eiivirviiineiitolly friendly. We will be connecting to the Cardiff District Heot Network this year which will provide the site with hot water by burning waste to generote heat - it is estimated that 350,000 tonnes of non-recyclable waste will be diverted from landfill each year CAMOLFAM f4iLENIWM ¢YMRLI WALES MILLENNIUM CENTRE li
Wales Millennium Centre (Limited by Guarantee) Annval report ond financial statements Year ended 31 March 2025 Su5toinable O erations- Intermediate By embracing the principles ot reduce, reuse, recycle we have ensured that 0% of our general waste goes To landfill. Instead, all general waste is sent to the Viridor plant for incineration, generating energy that is fed back into Cardiffs power grid. We hove reviewed our procurement processes to simplify supply chains torgeting reductions in Scope 3 emissions and we require thatall newcontroctors have sustainable processes ottheircore. Oursustainability goals are embedded in our organisation through our training and induction processes. Sustainable Productions- Basic Nye ran for 14 weeks with "103 performances, marking a key achievement in our cornmitmerit 10 5uslainable practices. For scenery, we aimed to achieve 40% sustoinobility and reoched 66%. In props, we set a goal of 57% and achieved 64%. For costumes, we went bÈyond expectations, achieving 76% ogainst o torget of 74%, meeting The Theatre Green Books intermediate standard. Pontypool ran for 3 weeks and we donated, recycled and repurp05ed 97.2% of the set, 99.6Yo of ovr props, 100% of our costumes and 99.9°A of our tech equipment. CANOLFAN MILENIWM CVMAU WALES MILLENNIUM CÉNTAE 12
Wales Millennium Centre (Limited by Guarantee) Annual report ond financial statements Year ended 31 March 2025 OUR PEOPLE Removing borriers ot WMC Our role as o creative home for everyone can only be achieved through an equal, foir, and inclusive organisotion where everyone can be themselves and express their creativity. We hove collaborated with artists. young people. and communities to help them tell their stories in their own way. However, our commitment to Equolity, Diversity, and Inclusion (EDI) extends beyond public spaces and productions. It encomposses our governance, organisational structure, and decision-making processes. To truly celebrate diversity, we must equally focus on our strategy, systems, and processes, as well as our culture, values, and behaviours. Sustained inclusion can only be achieved when strategy and culture are aligned. WMC Diversity & Inclusion Action Plan In our last action plan, we concentrated on laying the foundations of our Diversity and Inclusion strategy at WMC. Our focus was on embedding best practices and creating a more equitable future for our employees through diverse and representotive recruitment practice5. We odopted pvsiliv¥ aLliuii lo èncourage opplications from underrepresented groups, 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 deportments, building relationships, creating learning opportunities and encouraging discussions on diversity and inclusion. Newid's sub-groups focus on specific needs related to disability, race & ethnicity, LGBTQ+, gender, neurodiversity, socio- economic position, and the Welsh language. D&1 working group: This cross orgonisotional working group is dedicated to driving the D&1 action plon ond holding WMC. tn nrroiint in rplntir)n to it% commitments. The working group works to ensure the successful implementation and integration of D&1 best practices throughout our or9anisation. Cultural Competency: WMC is undertaking the Cultural Competence Certification Scheme led by Diverse Cymru. This is an award-winning progrom designed to help organisations create fair ond inclusive workplaces, ensuring services are equirable for Black, Asian, and eThnically diverse people in Wales, the scheme encourages workplaces to explore unconscious biases and improve cultural competence 50 thot both employment practices and 5ervice5 are fair. This opproach benefits employees and customers alike. WMC will undertake the scheme in department teams to ensure depth of learning ond engagement. eAwoLPAN MILÉtr4lWM cvMfLU WALES MILLÉNNIUM CENTAE 13
Wales Millennium Centre (Limited by Guarantee) Annual report and financial stotements Year ended 31 Morch 2025 Newid Dwylliant: WMC is one of the National Companies that created and porticipated in Newid Diwylliont this year. This scheme includes training for stoff and freelancers (including onti-racism training). a review of the compony's internal culture and working practices especiolly in relation to Human Resources and recruitment; ond opportunities to develop leaders from the global mojority. Access working group- Alongside our D&1 working group we have set up a task and finish group to undertake and audit of our currenr approach to Accessibility across The site and service5. This group will conclude it's work ot the end of 2025 and create a list of recommendations to be taken forwords. Commitment to leorning: Focilitated lived experience dialogues hove created safe spaces for conversations, helping identify the need for positive chonge. The sessions hove been led by individuals who themselves have their own experiences of barriers and this has been helpful to open conversations. To ensure our work is embedded into Wmc'sways of working and to create an environment where everyone feels they belong, we must continue to move forword and embed positive chonge. Through these ongoing efforts, we aim to sustoin and advance our commitment to diversity and inclusion. Key initiativp.£ inr.lude: Role modelling leadership: Engaging top leadership in inclusion as part of our ombition and strategy will aid in future planning. Understanding n•ads: We will better understond the needs of our peoplp and vi£itor%. ensuring our environment is free of barriers to engogement. Encouraging learning: Empowering everyone to chollenge behoviour, be inquisitive, and explore solutions individual Iyi os inclusion is everyone's responsibility. Welsh language standards: Upholding high standards for the Welsh language and offering o bilinqual experience to all customers, visitors, and staff, respecting language choice. Building capability: Through allyship and conscious inclusion, we will increase access, resources, ond opporTuniTies for all, focusing on underrepresented group5. Aligning systems and structures- We will collect dato to hiqhlight qaps, demonstrate progress, and hold ourselves accountable. Partnerships: We will continue our portnerships with Diverse Cymru, Inclusive Companies and Disability Cymru, providing us with best practice and feedback on our activities and plans. ¢ANOLfAN MILETrIIWM ¢YMRII WALES MILLENNIiIM CENTRE 14
Wales Millennium Centre (Limited by Guarantee) Annual report and financial stotements Year ended 31 March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT OUR STRUCTURE The Charity 15 the ultimate parent undertoking of three wholly owned subsidiaries; Wales Millennium Centre (Trading) Limited, WMC Productions Limited, which is l 00% owned by Wales Millennium Centre (Trading) Limited, ond Wales Millennium Centre (Theatre) Limited. Wales Millennivm Centre (Trading) Limited carries out non-charitable trading activities for the Charity. There is o deed of covenant in place between the Charity and Wales Millennium Centre (Troding) Limited whereby the profits of Wale5 Millennium Centre (Trading) Limited ore tronsferred to the Charity by way of choritoble donation. The accounting profit for 2024-25 of £2.5m will be gifted to the parent company by woy of charitable donation. WMC Productions Limited creates productions commissioned by the Charity, with the Charity paying WMC Productions Limited o commissioning fee for thi5 work. WMC commissioned the production of two shows dvring this financial year; Pontypool in October 2024 ond our Christmas Cabaret The Nutcracker in December 2024. The total commissioning fee poyable for the year was £0.6m (2024.. £7.02m). Wales Millennium Centre (Theatre) Limited remained dormant throughout the year covered by these financial statements. It is anticipated that this charitable company will become active in future years as we progress our plans to build a new production and training facility (Project Capella) in Cardiff with support from Cordiff City Council. OUR TRUSTEES The Trustees 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 Rita Singh Joanna Ree5 Nicky Goulder Amit Korhawrjha Rhodri Talfan Davies. Julic-Ann Hoines Nan Williams Vivian Murinde Geroint Jones "does not have ony Committee membership CAMOLFAN MILENIWM CYh•RU WALES MICLENNIUFA CENTRE 15
Wales Millenniurn Centre (Limited by Guarantee) Annvol report and financial statements Year ended 31 March 2025 The Board recognises the importance of effective corporate governance. Accordinglyi it hos established a number of Committees that meet on a regulor bosis, appropriate to the need of the Charity. The following Committees produce recommendations to the full Board in occordance with their terms of reference and met with the following frequency: Finance & Audit Committee Governance & Remuneration Committee Quarterly Bi-annvally Boord and all subcommittee meetings in 2024-25 continued to be conducted in a hybrid format. TRUSTEE APPOINTMENT The appointment of new Trustees to the Board is the responsibility of the members, who receive recommendotions from the Governance and Compensation Committee. The composition of the Board reflects the bolance of skills and attributes needed ot ony particular time to oversee the management and operation of the Charityi whilst having regard for the need for o diversity of Trustees. The role of the Governance & Compensation committee is to ensure thot this balonce is maintoined. Th@ formol procgdiirg. frjr inducting oll new Trustees into the organisotion involves meetings with the Choir of the Boord, current Trustees, the Strategic Leadership Team, and other senior staff as appropriate. A tour 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 Pack, which includes: Corporate Governance Statement. Articles of Association. Membership and Terms of Reference of Committees. Director5. Report ond Financial Statements for the previous financial year. Current Annual Business Plan and 5 Year Strategic Plan. Charity Commission Guidance Notè CC60- Hallmarks of on Effectiv@ Charity (English/ C.ymroeg) Charity Commission Guidance Note CC3- Responsibilities of Charity Trustees (English/ Cymraeg). Charity Commission Guidonce Note CC8- Internal Financiol Controls for Charities (English/Cymroeg) Wales Millennium Centre's Trustees Code of Conduct incorporating Boord policies. Summary of Orgonisotion Structure. Contact List of Trustees and Senior Management; and Summary of Resident Orgonisations and brief terms of agreement with Wales Millennium Centre. Trustees assess their current skills and their training needs on on annual basis and where necessary appropriate training programmes are developed and implemented. The Board'5 membership includesthose with appropriate professionol experience and knowledge of theatre, arts, culture, legal, estotes, commercial, finance, ond strategic business matters. CANOLFA Tr4 MILtNJWM CYMRU WALES MILLENNIUM CÉNT AE 16
Wale5 Millennium Centre (Limited by Guarantee) Annual report ond financial statements Year ended 31 Morch 2025 The Board is responsible for approving overoll policies, plans. and organisational priorities. The Strategic Leadership Team of the Chority is responsible for the implementation of the Board's policies and the monagement of the Chority. TRUSTEE RESPONSIBILITIES The Board of Trustees is ultimately responsible for guoranteeing that the organisation has in place an appropriate system of controls, financial and otherwise, to provide reasonable assurance thot: The Charity is operoting efficiently and effectively,- Its assets are safeguarded against unouthori5ed usc or disposition; Proper records are maintained, and financial information used within the charityi or for publication, is reliable; The Charity complies with relevant laws and regulotions. In ossessing whot constitutes reasonable ossurance, the Board has regard to the materiolity of ony relevant finonciol risks; the likelihood of such risks crystallising and the cost and benefits of aspects of the internal 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 continued during 2024-25 willi four oudit5 being conducted- Cyber: Disaster Recovery, Stock - Cash Management, Froud and Business Continuity Planning. A rolling three-year programme of work was estoblished in 2023-24 and will include at least one Finance and one Cyber related audit each year. The Board hos i11s1ilul¥d u foini(Jl risk monagement proce55 t0 055ess business risks and implement risk management strategie5. This involves identifying the type of risksthe charityfaces, prioritising them in terms of potential impoct and the likelihood of occurrence and identifying means of mitigating those risks. Monagement regulorly reviews organisationol risks, and the top 10 risks ore reported to, and reviewed by both the Finance & Audit Committee ond the full Board. In addition, the adequacy of the Charity's current internol controls is regularly reviewed as part of this process. The Trustees are pleased to report that the Charity's System of internal financial controls conforms to guidelines issued by the Chority Commission. Fvllvwing its review of the risks focin9 the charity, the Boord and management have identificd the principal risks and uncertaintie5 reloting to the charity and hove taken appropriate steps, where possible, to mitigote them. These organisational risks to the organisation are reviewed monthly by the management team. In addition, the Trustees have considered the guidance for Directors contained within the Combined Code. They believe that although this is not mandatoryfor the Chority, as a public interest body, it should aspire to these guidelines as best practice, and the Charity hos incorporated the three main principles of boord leadership, effectivene55, ond accountability into its Corporate Governance Stotement. e*M•LFAtrI MILENIWM CYMRU WALES MILLENNIUM CENTFtE 17
Wales Millennium Centre (Limited by Guarantee) Annual report and tinancial statements Yearended 31 Morch 2025 As of 31 March 2025, WMC had a board of 10 Trustees. The Board effectiveness is reviewed on at least an annual basis. The Board composltion is formally assessed preceding the appointment of a new trustee, to ensure diversity maintained/improved, and appropriate expertise is obrained. Recruiimenrof new members is then targeted, in line with our equality strategy plon, to ensure that a diverse board with appropriate skills is maintained. Diversity data MC (Morch 2025) Population of 10 WMC (March 2024) Population of 10 Gender: Male 25% 40% Female 60% LGBTQ+ Heterosexuol 100% Prefer not to say 10% Identified as having o disability Yes 10% 30% No 70% Prefer not to say Block, Asian, and ethnically diverse 7.5% 30% Religious affiliation 2.5% 70% Age- 35-49 37.5% 40% 50+ 62.5% 60% Welsh speakers 37.5% 40% A quarterly reporting regime is in place between the Chority and its key stakeholder, Arts Council of Wales (ACW), along with an annuol report. The annual report assesses performance against ogreed objectives and validate objectives for the coming year. WMC has met the key objective5 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 criTicalTO us getting through The pasr few financial year5 and we are extremely grateful for their ongoing support. CAMOLSAW Cyblviil WALE5 MILLEIINIUM CEIITRE 18
Woles Millenniurn Centre (Limited by Guarantee) Annual report and financial stotements Year ended 31 March 2025 PRINCIPAL RISKS AND UNCERTAINTIES The Board has instituted o formal risk management process to assess business risks and implement risk management strategies. This involved identifying the types of risks the compony faces, prioritising them in terms of potential impact and likelihood of occurrence and identifying means of mitigating those risks. Risks were reviewed, vpdated and shored quarterly at Finonce & Audit Committee meetings. Current key risks, are: Risk of cyber crime Risk of terrorist attack Increased COSTS due TO inflaTionary pressures, uriliry COSTS and real living wage Over relionce on the Donald Gordon Theatre for commercial revenue Capitol infrastructure monagement of aging building Risk of fundraising income torgets not being met Non-compliance penolties Diversion of funds and management os Copital project works increase Lack of charitable impact Rcliancc on public funds with Government budget cvts and amid tho risk of economic recession The adequocy of the company's current internal controls is regularly reviewed os part of this process. The directors are satisfied that there is a strong internal control environment. CANOLFAN MEICNJWM CYi4f¢U WALES MILLENNIUM CENTRE 19
Wales Millennium Centre (Limited by Guarantee) Annual report ond financial statements Year ended 31 March 2025 FINANCIAL REVIEW During the year, the Charity had income of £28.2tTi (2024: £23.1 In) ond incurred expenditure of £27.8m (2024: £24.5m). Expenditure includes depreciation and amortisation of £2.1 m (2024: £2.2m) both of which are non-cash items. The financial year therefore shows a net income of £2.4m (before depreciation and amortisation). The Charitys principol financial management policies ore: To meet the annual operating budget, copitol plans and cash flow; To manage Chority's reserves in line with Charity Commission guidonce and our three-year strategic plan," Applying cash surpluses to ensure the mointenance ond development of the Charity and to invest in furtherance of the choritable objectives; Establishing financiol, creative, business planning, marketing, commercial, personnel ond fundroising polices to assist the Trustees in meeting their objectives, in keeping with best corporote governance and practice standard; Adoption of corporate governance and environmental policies to best practice standards. The principal funding sources within the business for the year ended 31 March 2025 (shown proportionately againsttotol income) are theatre income 63Y. (2024: 58%); commercial income 17% (2024: 18tyA); donations ond 5pon5or3hip income 3% (2024: 5%) and Grants, Arts Council Wole5 and Government svpport 17% (2024: 19%). The current annual Arts Council of Wales (ACW) revenue funding agreement to 31 March 2025 (£3.6m) enabled the Charity to meet its contractual obligotions throughout this year ond deliver on its objectives. There is a 50-year copital asset plan for the Charity that indicates an onnual repair and maintenance requirement of circa £500-600k. ACW (via Welsh Government) hos agreed an annual capital subsidy of £300k per annum. This capitol grant, along with a continued capitol maintenance contribution from the Charity and its Residents will enable the building to be maintained in line with the Capital 50 plon in the medium term. The director5 recogni5e tlie risk pvsed by high levels of inflation on repoir ond maintenance osts and required on a 20-year-old building and will continue to review the reserves to ensure they remain appropriate. Additional funds have been designated to ensure odequote investrnent in the chority's ossets in the short term. Finonce & Audit Committee 15 responsible for providing oversight of the Centre'5 financial investment strategy to the Boord. The investment objectives ore to manage the Centre's long-term cash resources to qenerate income, within a prudent and careful strategy. taking note of any ethical considerations before adding new investment5 to the portfolio. At the year end, the Centre held cash deposits Inote 14) and monaged funds (note 20). CA Tr•OLfAN MILENIWP4 CYMRU WALES MILLENWIUkl CENTRE 20
Wales Millennium Centre (Limited by Guarantee) Annual report ond financial statements Year ended 31 March 2025 RESERVES The ability to establish financial reserves is o conseqvence of achieving an operating surplus in ony given year. We anticipate that we will achieve a surplus in 2025-26 which will be used to fund the capital works on Project Capella. The Charity splits its reserves into Restricted and Unrestricted Funds dependent on the nature of the transaction. All restricted funds relate to specific projects or funding and are held and used in line with the original agreement. Our unrestricted reserve5 policy is to allocate surplus to capital maintenance, to mointoin standords in the medium term and then to allocote in furtherance of the charitable objectives, creative ombition and raising the aspirations of young people in Woles and fvtvre capital investment. Surplus funds ore ollocated to copitol maintenance in the first instonce. ensuring the correct level of free reserves to address operational risk second and finally any further designated reserves that trustees feel necessary to manage foreseeable contingencies. The Trustees have reviewed the Charity'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 appropriate level of free reserves (excluding designated reserves) to address operational risks for the managemÉntof unexpected reductions in income or increases in expenditure, should pquntp tn thrpp month running costs taking account of the current economic conditions ond our business model, currently £1.5m (2024.. £1.5m). The Charity's current free reserves position is £3.5m, this is calculated using the unrestricted Net Current Assets of £2.7m plus £0.8m investment account (2024: £1.3m). st At 31 March 2025 free cash reserves were £1.5m (2024: £1.5m) and essential capitol maintenance £0.6m (2024:£0.6m). In light of the ongoing ond upcoming capital projects, the trustees hove ogreed to designate 11.4m into o Copitol Development reserve. MILÉNIWM CYAu WALES MILLÉNNIUM CENTRE 21
Wales Millennium Centre (Limited by Guarantee) Annual report ond financial Statements Year ended 31 March 2025 POST BALANCE SHEET EVENTS Work on the proiect to redesign The Front of House commenced in August 2022 witli wol k on our new retail space completing in June 2025. Further work on a café and events space will complete later in 2025/26 with the total cost of this project to be in the region of £4.8m. During 2024-25 funding towords our Platfform project of £500k was awarded subject to designs being approved, design work is due to finalise in July 2025 and work on the project begin in August 2025. Plans for Project Capella, o new productions ond skills development facility continue to be worked on with Cardiff City Council and it is expected that further details will be confirmed in the later part of 2025-26. Following a review of departmentstructvres in 2024-25, a redundoncy process began in April 2025, resulting in two redundancies. KEY MANAGEMENT PAY AND REMUNERATION The Governance & Compensation Committee decide the key management pay and remunerotion based on the following key factors; current morket conditions and demonds, affordability, current internal pay rates and benchmarking with other similar orgonisotions. Wales Millennium Centre continues to be an accredited Reol Living Woge employer, poying the new rate from April 2025 following its announcement. An average poy increase ot l April 2025 for eligible employees of 6% for permonent members of stoff was awarded, with individual increases ranging from 0% - 17%. In addition, oll casuals paid Real Living Wage saw their pay increase by 5%. The senior leadership team were awarded their contractual Performance Related Payfor 2023/24, receiving poyments during April 2024.The Performance Relotpd Pay oward for 2024/25 has been agreed and was paid in April 2025. AUDITORS The Trustees who held office at the dote 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 C*LNOLPAN MILEf41wM CYMRU WALES MILLENNIUM eÉNTItE 22
Wales Millennium Centre (Limited by Guarantee) Annuol report and financiol stotements Yearended 31 March 2025 Trustee has taken all steps that he/ she oughtto have taken as a Trustee to make himself / herself aware of any relevant audit information and to establish thot the company's auditors ore aware of that information. Pursuant to Section 487 of the Companies Act 2006. the auditors will be appointed at the Company's Annual General Meeting. CONCLUSION Throughout 2024-25 we worked to Strengthen Wales Millennium Centre as on asset and resource used by artlsts, communitie5 and young people. We are committed to the principlesset out in ACWS cvlturol contract to support a more diverse, inclusive ond sustainable sector. We will reflect the diversity and richness of our community as we create work that fulfils our mi55ion to inspire the nation and impress The world. We want to be a creative home for everyone, we want to fire the imaginations of artists, young people, communitie5 ond audiences by creating unique experiences on our stages, in our public spaces and through our programmes. Our programme will continue to include the very best West End shows, alongside public ort informed by participatory budqetinq, creative learninq experiences desiqned and developed by younq people and growing support for artists and creative proctitioners. We will continue to trial and present immersive experiences that will further intrigue and diversify our audiences. These statements constitute the Strategic Report ond the Directors. report required under the Companies Act 2006. By order of the Board on 24109/2025 Peter Swin Chair ur Bute Place Cardiff Bay Cardiff, CF10 SAL CAP4DIFAM MILEMIWM CYMRU WALES MILLENNILIM CENTRE 23
Wales Millennium Centre ILimited by Guarantee) AnnLfal report and financial statements Year ended 31 March 2025 Reference and Administrative Details Charity Name: Wales Millennium Centre (Limited by Guarantee) Charity Number: 1060458 Company Number: 3221924 Country of Incorporation: Wales Chair Mr P Swinburn Secretary Mr G R Tilsley Lewis Silkin LLP Southgate House, Wood Street Cardiff, CFIO IEW Executive 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. CFIO SAL Independent auditor5- External: Bishop Fleming Audit Limited 10 North Place Chcltcnham GL50 4DW Internal: RSM Suite 205 Regus House Malthou5e Avenue Cardiff Gate Business Park Cardiff. CF23 8RU Banker5 Lloyds Banking Group l Queen Street Cardiff. CFIO 2AF Solicitors Geldard's LLP Dumfries House Dumfries Place Cardiff, CFIO 3ZF Specialist Asset Manager Sarasin & Partners LLP Juxon House, 100 St Paul's Churchyard London, EC4M 8 CANOLFAN MILENfwM CYMRU WALES MIILEP•NIUM CENT AE 24
Wales Millennium Centre (Limited by Guarantee) Annual report and financial statements Yearended 31 March 2025 STATEMENT OF RESPONSIBILITY OF THE TRUSTEES OF WALES MILLENNIUM CENTRE (LIMITED BY GUARANTEE) IN RESPEcf OF THE TRUSTEE'S ANNUAL REPORT AND THE FINANCIAL STATEMENTS. The Trustees are responsible for preparing the Trustees. report and consolidated financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicoble to charities in England and Wales requires the Trustees to prepore financial statements for each financial yearwhich give o true and foirviewof the state of affairs of the group and the chorityand of the incoming resources and opplicotion of resources of the group and of the charity for that period. In preparing these financial statements, the Trustees are required to: Select suitable accounting policies and then apply them consistÈntly. Observe the methods and principles in the Charities SORP. Make judgements ond estimates that are reasonable and prudent. Stale whether opplicoble accounting stondards, comprising FRS 102, have been followed, subject to any material deportures disclosed and explained in the financial statements; and Prepore the financial statements on the going concern bosis unle55 it is inappropriate to presume thot the group and the charitywill continue in business. The Trustees are responsible for keeping proper accounting records that 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 201 I, the Chority (Accounts and Report5) Regulations 2008 and the provisions of the trust deed. The Trustees are also responsible for safeguarding the assets of the group cjnd thÈ chority and hence for toking reasonable steps for the prevention ond detection of fraud ond other irregularities. The Trustees are responsible for the maintenance and integrity of the group ond the chariTy and finonciol information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statoments rnoy differ from legislotion in oth@r jurisdiction<_ ¢•4WQLPAM MILENIWM CYMRU VIALES MILLEN141VM CEWTRE 25
Wale5 Millennium Centre (Limited by Guarantee) Annual report and finoncial statements Yeor ended 31 March 2025 CONSOLIDATED STATEMENT OF FINANCIALACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 37 MARCH 2025 Note Unrestrirted Restricted income income funds funds Total funds Unrestricted Restricted income income funds funds Total funds 2025 2025 2025 2024 £'ooo 2024 £'ooo 2024 £'ooo Income from tharitruble activitie5 Donations Sponsorship Grants receivable 471 329 3,501 50 521 329 4.752 365 364 3.637 504 869 364 4,313 1.251 676 Income from other troding activities Catering, merchandising ond facilitie5 hire Rental Theatre income 3,960 3.960 3.608 3,608 325 17,760 325 17.760 235 13.492 235 13.492 Incomefrom investments 434 73 507 250 250 Total income 26.780 1.374 28.154 21.951 1,180 23,131 Expenditure on raising funds Charitable activitie5 (includes depreciutiori 9.021 853 9.874 9,078 740 9,818 of £2.1rn- {2024.. £2.2m)} Ti"odin9 QCtivitie5 18,105 (224) 18.105 (224) 15,247 (5061 15,252 (5061 Tox charge/(allowancel for the year Total expenditure expended 26,902 853 27,755 23.819 745 24,564 Net (expenditure) / income and net movetn¢nts in fund5 for the year (122) 521 599 (1.8681 435 11.4331 R•c•n¢ilÉ¢tign of funds 41.251 2.323 43.574 41.119 1.888 45,007 Total funds brought forward Total funds Carried fon¥ard 41.129 43.973 41.251 2,323 43,574 All income and expenditure were derived from continuing octivities. The company hos no recognised goins or losses other than the obove resvlrs for the hvo yeors. The notes on pages 30 to 49 form on integrol part of these finoncial statement5. ¢ANOLfAtr4 MILENIWM CYMRV WALES MILLet4MIVM CEIITftE 26
Woles Millennium Centre (Limited by Guarontee) Annuol report and financial staternents Year ended 31 Morch 2025 CONSOLIDATED BALANCE SHEET ASAT37 MARCH2025 Note roup 2025 £'ooo roup 2024 £'ooo Restated Fixed assets Intangible assets Tangible ossets Investments 70 22 39,217 769 40,483 745 Total fixed assets 39.986 41,228 Current assets Stock Debtors Investments Cash at bank and in hand 58 2,123 3,790 8,974 55 2,175 4,630 6,626 72 13 14 Total current assets 14.945 13,486 Cvrient liabilities Ticket sales in odvance Creditors 75 76 (7,906) (3.052) (7,963) (3,177) Total current liabilities (10.958) 111,140) Net current ossets 3,987 2,346 Total assets less current liabilities 45,973 43,574 Net assets 43.973 43,574 The funds of The charity Unrestricted funds Restricted funds 20 20 41,129 2.844 41,251 Total Charity Funds 43,973 43,574 These financiol stotements were approved by the Board of Trustees on 24/09/2025 and were signed on its behalf by: Peter Swinburn Choir CAMOLFAN HILENIWM CYMItii WALES MtLLeNNIVM CENTRE 27
Wale5 Millennium Centre (Limited by Guarantee) Annual report and financial statements Year ended 31 March 2025 COMPANY BALANCE SHEET ASA T37 MARCH2025 Note Company 2025 £'ooo Compony 2024 £'ooo Restated Fixed assets Tangible ossets Investments 10 22 39,124 771 40,440 747 Total Fixed assets 39,895 41,187 Current assets Debtors Amounts owed by group undertakings Investments Cash at bank and in hand 72 956 2,746 1,075 735 1,066 549 1,000 94 73 Total Current Assets 5.512 2,709 Current liabilities Credilois rolling duewithin one yeor 76 (1,432) (1,180) Nei Current Assets 4,080 1,529 Total assets less current liabilities 43,975 42,716 Creditors: fnlling dL19. aftÈr more than one year 77 12) (2) Net Assets 43,973 42,714 The funds of the chority Unrestricted fvnd5 Restricted funds 20 20 41,129 2,844 40,391 2,323 Total Charity Funds 45,973 42,714 These financial stotements were approved by the Board of Trustees on 24109/2025 and were signed on its If by: Peter Swinburn Choir Registered Company number 3221924 Registered Charity number 1060458 <MMOLFAM MILEMIWH CYMRU WALES MILLENNIUM CENTRE 28
Wale5 Millennium Centre (Limited by Guarantee) Annual report and financial statements Year ended 31 March 2025 CONSOLIDATED CASH FLOW STATEMENT For the yeorended 31 March 2025 Note Group 2025 Group 2024 £'ooo Cash flows from operating activities Net inrnmg/(gxppnditLJre) farthe yeor 399 11.433) Interest receivable Depreciation and amortisation Loss on disposol of fixed ossets Decrease/(increase) in stock (Increase)/decrease in debtors (Decreose)/increose in creditors Gain on revoluation of investment Net cosh inflow from operating octivities (434) 2,063 137 (3) 52 {182) (24) 2,008 (2501 2,234 62 9&70 70 77 72 75876 (60) 2,615 (73) 3.102 Cash flows from investing activities Acquisition of fixed assets Disposal of fixed assets I nterest received Net cash ourflow from investing activitie5 9&70 1934) (1,243) 434 1500) 250 (988) Increase in cash ond cash equivalents in the yeor 1,508 2,114 Cash and cash equivolents at beginning of the year 11,256 9,142 Total cash and cash equivalents ot the end of the year 12.764 11,256 Cash and cash qquivalents consists of: Cash at bankand in hond ,974 3,790 6,626 4,630 Shortterm deposits (included in currentosset investments) 12.764 11,256 ANALYSIS OF CHANGES IN NET DEBT At1 April 2024 Cash flows Other At31 March 2025 non cash changes Cash and cash equivalents Lash at barik and In hand Short term deposits 6.626 4,630 2,548 (840) 8,974 3,790 Total 11,256 1.506 12,764 ¢AMOLFAM IrfILeNIwM CYMAU WALES MILLEN141UM CE14TRE 29
Wales Millennium Centre (Limited by Guorantee) Annuol report and financiol statements Year ended 31 March 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (FORMING PAR T OF THE FINANCIAL STA TEMENTS) 1. ACCOUNTING POLICIES The following accounting policies have been opplied consistently in dealing with items which are considered material in relation to the Group's financial statements. BASIS OF PREPARATION The financial stotements have been prepared in accordance with Accounting ond Reporting by C_haritip_q= Stotement of Recommended Proctice (SORP) applicable to chorities preparing their Financial Statements in occordance with the Financial Reporting Standord applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The presentation currency of these finoncial statements is sterling and all amounts in the tinancial statements have been rounded to the nearest £1,000. These Financial Statements have been prepared under the historical cost convention. Wales Millennium Centre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recogni5ed ot historical cost or tronsoction value unless otherwise stated i n the relevant occounting policy notes. The Company hastoken odvantage of the exemption contained in FRS 102 to only present a consolidoted cash flow statement. BASIS OF CONSOLIDATION The Group financial statements consolidate the Financial Stotements of Wales Millennivm Centre (Limited by Guarantee) and of its subsidiaries, Wales Millennium Centre (Trading) Limited, WMC ProducTions Limired and Wales Millennium Centre (Theotie) Limited, diuwi) for the yeor ended 31 March 2025. No separate statement of fsnancial activities and income and expenditure account is presented for Wales Millennium Centre (Limited by Guarontee) as permitted by s408 of the Companies Act 2006. GOINGCONCERN Thp. Arts Council of Wales (ACW) have confirmed o newfunding arrangement until 31 March 2026. This settlement has secured Wales Millennium Centre onnual revenue funding of £3.6m from ACW along with onnual capitol 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 finoncial stotements ore signp.d. Therefore. these financiol statements are prepared on o going concern basis. KEY ESTIMATES ANDJUDGMENTS Preparation of thc financial stotements requires management to moke significant judgÉmonts and estimates. The items in the financial statements where these judgements and estimates have been made include: Provisions for bod debts: all provisions hove been mode with information ovoiloble as at the date of the signed statements. CAMOLPAN MILENiwfLI WALES MILLEP4NIUM CENTAE 30
Wales Millennium Centre (Limited by Guarantee) Annuol report and finonciol stotement5 Year ended 31 March 2025 Fixed assets: all fixed assets are measured at cost less occumulated depreciation. No assets have been revolued. At the date of capitalising fixed assets, management estimate the Company estimates the useful life of the 05set based upon management's judgement and experience. Theatre tax relief- a provision has been made with information available as at the date of the signed statements. FUNDACCOUNTING The vorious 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 ond capital. The funds can arise by woy of donations, gifts (of assets and services), grants, and legocies, and are earmarked by the donor for specific purposes. Such purposes are within the overall aims of the organisation. For resTficTed income funds, The donation and income deriving therefrom may be utilised. In the case of restricted capitalfunds, onlythe income arising from the fund may be utilised for the restricted purposes and the capitol osset must be retained. DESIGNA TED FUNDS These ore funds which hove been set oside atthe discretion of the Board members for specific purposes. The purpose and uses of the designated funds are setout later in these notesto the financial statements. UNRESTRICTED FUNDS These are funds which are expendable at the discretion of the Trustees in furtherance of the objects or administration of the Charity. CREDITORS PROVISIONS Provisions are recognised where the Chority has a present obligotion resulting from a past event that will probably result in the transfer of funds to a third party ond the amount due to settle the obligation con be measured or estimated reliobly. Provisions are normally recognised ot their settlement amount after olluwiiig for ony trode discounts due. INVESTMENTS Investments are initially recognised at their tronsaction value and subsequently measured at their fair value as otthe bolance sheet daTe using the closlng qUOTed market price. All goin5 ond Iu55e5 ore taken to the Statement of Financial Activities. FIXED ASSETS INTANGIBLE FIXEDASSETS Intangiblo fixed assets are stated at cost less or.r.iJmulotÈd omortisation. The annual rate of amortisation, once the assets have been brought into use, is 20% on a stroight-line basis. ¢AXOLFAM MtLEl4lWM cYfLln WALES MILLENNIUM CENTRÈ 31
Wales Millennium Centre (Limited by Gvarontee) Annvol report and financial statements Yearended 31 March 2025 TANGLIBLEFIXEDASSETS Tangible fixed assets are stated ot cost less accumulated depreciation. In the case of assets and services gifted to the Charity a valvotion is established by means of an external professional valuation or o certificate of volue from the donor os oppropriate. Asset5 With a value of less than £1,000 will not be capitalised unles5 they form part of a larger capitol project. DEPRECIA TION Depreciation is calculated so os to write-off the cost of an osset, less its estimoted residual value, on a straight-line basis over its useful economic life as follows: Category Buildings Plant and machinery Fixtures, fittings, and equipment Annual rate 2%- 20%straight line 5%- 20% straight line 4%- 33% STraighT line IMPAIRMENTREVIEWS The carrying omounts of the Group's assets are reviewed for impairment when events or changes in circumstonces indicate thatthe carrying amount of the fixed assets may not be recoverable. If any such indication exists, the asset's recoveroble amount is estimated. INCOME RECOGNITION THEA TRE INCOME Theatre income is recognised in the year to which it relates. Ticketing income recéived in odvonce 15 deferred. It is released to the stotement of financial octivities when the performonce takes place. CATERINGINCOME Catering and other income represents the value, net of value added tax and discounts, of goods and service5 provided to CU5totnei5. GRANTS Grants receivable are accounted for in line with charitoble income recognition rules. DONA TIONS AIVL) SPONSORSHIP Donations and sponsorship income are recognised when the Charity becomes entitled to the income, when th@re is cprtainty that it will be received. and the amount can be measured. Where conditions of a gront require spend to be incurred during a specific accounting period, ond 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. INTERESTRECEIVABLE Interest on funds held on deposit is included when receivable ond the omount can be measured reliobly by the Charity; this is normolly upon notification of the interest paid or poyable by the Bank. CANOLFAM MILENIWM ¢YMA WALES MIILENNIIIM CÉ14TRÉ 32
Wales Millennium Centre (Limited by Guarantee) Annual report and financiol stotements Year ended 31 March 2025 INVESTMENTINCOME Investment income is received quarterly and reinvested into thefund. Quarterlystatements ore received from Sarasin. Investment Income Is included when receivable and the amount con be measured reliably by the Charity," this is normally upon notification of the income paid by the Investment fund. GIFTS IN KIND Gift5 in kind include non - cosh donation5 of 5crviccs and aset In occordonce with the Statement of Recommended Practice they hove been included in income, and in the relevant category of expenditure and fixed assets and hove been recorded at a reasonoble estimate of their value to the Charity. We do not recognise any volunteer hours in the accounts. GRANTS OFRIGHTS Where rights ore granted to third parties under which benefits accrue over a prescribed period, the proceeds on the grant of those rights ore 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 occruols basis. Costs are apportioned between expenditure categories in a manner which reflects the ollocotion of resources to these oreas. PENSION COSTS Contributions are made to employees. personal pension schemes, which ore defined contribution schemes, a5 part of their remuneration package and ore charged in the year in which they ore incurred. STOCK Stork iq volLlP.d at thp lower of cost and net realisable value. INVESTMENTS IN SUBSIDIARIES Investments in subsidiaries are carried ot cost less impairment. TAXATION Wales Millennium Centre (Limited by Guarantee) is considered to pass the tests set out in Parograph I Schedule 6 Finance Act 2014 and therefore it meets the definition of a charitable trustfor UK income tax pui"poses. Accordinglyi the chority is Potentially exempt from toxotion in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Toxation of Charqeable Gains Act 1992, to the extent that such income or gains are applied exclusively to choritable purposes. ¢ANOLFAN >41LENtwM CYMRU WALES MILLEW141UM CENTRE 33
Wales Millennium Centre (Limited by Guurontee) Annual report and financial statements Year ended 31 March 2025 2. FINANCIAL PERFORMANCE OFTHE CHARITY The consolidated statement ot financial activities includes the resvlts of the Charitys wholly owned subsidiary which operotes the Theatre business and hospitality focilities, along with its wholly own subsidiory, WMC Productions Limited. The summary financial performance of the Charity alone is: 2025 £'ooo 2024 £'ooo Income Giftfrom subsidiary company Expenditure on charitoble octivities 8.388 3.330 (10,459) 8,413 2,044 (10,848) Net income/(expenditure) 1.259 (391) Total funds brought forward 42,714 43,105 Total funds carried forward 43,973 42,714 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 Soro£in. Thp. invÈstment income of £24k (2024: £250k) includes an unrealised revaluation goin of the Sarasin investment of £5k (2024: £54k). eAF4•LfAN MILttr4iwM CYMRU WALES MILLÉNMIUM CEIITAE 34
Wales Millennium Centre (Limited by Guarantee) Annvol report ond tinancial 5totements Year ended 31 March 2025 4. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES 2025 Concerts and stage performan ces Vlslflng ans exhibitions and Installations EducaTion including residences Generol centre visitotion 2025 Total expenditure £'ooo £'ooo £'ooo Artists. ond exhibition fees Prodvttion expenses Education and outreoch Box office and front of house Promotion and marketing Central premises costs Bank charges Depreciotion Svpport costs (Note 5) Totol 377 576 25 356 25 267 57 113 790 714 694 90 56 3.774 396 90 48 1,825 1,634 35 280 2,042 1,713 5,895 2,042 1,713 2.620 683 676 2024 Concert5 Visiting arts and stage exhibitions and performances Install(rtions Education including residences General centre visitation 2024 Totol expenditure £'ooo £'ooo £'ooo Artists, and exhibition fees Production expenses Education and outreach Box office and front of house Promotion and morketing Centrol promises costs Bank charges Depreciotion Suppon cosrs (NoTe 5) Totol 357 313 77 118 100 128 35 2.119 434 431 519 132 47 4,382 124 295 l.A97 41 325 2,202 1,669 6,450 2,202 1,669 9,818 2.583 165 620 5. ANALYSIS OF GOVERNANCE AND SUPPORT COSTS The Charity initiolly identifies the costs of its support functions. It then identifies those costs which relate to the governance functions. Having identified its governance costs, the remoining support costs together with the governonce costs are opportioned between the three key choritable activities undertoken in the year. Refer to the table below for the basis for opportionment and the onolysis of support and governance costs. CANOLFAPI MILSWIWM CYMAiI WALES MILLENNIUM CÉNYRE 35
Wales Millennium Centre (Limited by Guarantee) Annual report ond financial stotements Yeor ended 31 March 2025 2025 General Support Governa Total Basis of apportionme nt nce Function £'ooo £'ooo £'ooo Salaries, wages and related costs 806 806 Allocated on time Invoiced Invoiced Invoiced Invoiced Generol office Audit fees- External audit Non auditfees Avdit fee5- Internal oudit Totol 692 30 160 25 1.713 692 30 160 25 1.713 6. EMPLOYEE NUMBERSANDCOSTS 2025 £'ooo 2024 £'ooo Employee costs during the year amounted to WagÈ.g ond salaries Social security costs Pension contributions to defined contribution schemes 5.365 480 317 4,831 427 290 6,162 5,548 2025 Number 2025 Number Average number of persons employed (including casuals) were: Stage, technicol, front of house, catering and venue operations Manogementand administration 293 285 298 292 Included in the total average number of employees above are 114 (2024- 117) casual members of stoff. If these casual staff were included at their full rime equivalenT, They would number 41 (2024 - 43), a difference of 73 (2024-74). During theyear remuneration paid to the Trustees amounted to £nil (2024: £nil). Travel expenses of £900 were reimbursed to three Trustees during the year (2024: one Trustee, £101). Key management personnel who have responsibility for plonning, directing and controlling the activities of the organisation are detailed in the Trustees report on Page 15. CANQLFAM MILeF41V114 CY14RV WALES MILLENNIUM CENTRE 36
Wales Millennium Centre (Limited by Guarantee) Annval report ond financial statements Year ended 31 Morch 2025 The Group undertook on internal restructure at the end of the prior year that led to the creation of the Senior Leadership Group, who are considered to be key management personnel in the current year, along with the existing Executive Team (previously called the Senior Leadership Team). One member of the Senior Leadership Team joined the team partway through the year. Key management personnel were in receipt of the following benefits during the yeor: 2025 £000 2024 £'ooo Key management personnel benefits during the year omounted to Wages and 5alarie5 Social security costs Pension contributions to defined contribution schemes Health related benefits 902 103 492 62 37 10 11 1,080 601 As part of the prior year ond current year restructures a number of employee roles were made redundant. Redundancy payments during the year amounted to £87.Ok (2024- £niD. The number of employees whose emoluments as defined for toxotion purposes amounted to over £60k in the year wos as follows: 2025 2024 Number Number £60.000- £70.000 £70,001- £80,000 £80,001- £90.000 £90,001- £130,000 £130,001- £140,000 £140,001 - £1 JO,000 £150,001- £160,000 £160.001 - £180,000 £180,001 - £190,001 £190,001- £200.000 2025 2024 £'ooo Pensions contributions to defined contribution schemes in respect of these employees 52 42 eANOLfAN >41LENIWM CYMRV WALÉS MJLLEN141UM CENTRE 37
Wales Millennium Centre (Limited by Guarantee) Annuol report and financial statements Year ended 31 Morch 2025 7. NET EXPENDITURE FOR THEYEAR 2025 £'ooo 2024 £'ooo Net expenditure 15 Stated after charging the following Auditor sfee for parent componyond group financial statements Auditor'sfee for subsidiarycomponies Payroll processing fees Payments made under operating leoses Depreciation and amortisation (Notes 9 & 10) Trustees and officerfs indemnity insurance 19 15 85 2,234 14 2,063 12 8. TAXATION Woles Millennium Centre (Limited by Guarantee) is considered to poss the tests set out in Poragroph I Schedule 6 Finance Act 2014 and therefore it meets the definition of a choritable trust for UK income tax pvrposes. Accordingly, the chority is potentiolly exempt from taxation 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. 9. INTANGIBLE ASSETS Grovp Group £'ooo Cost At 1 April 2024 Additions during the yeor 289 Cost <rt 31 Mareh 2025 289 Amortisation and Impairment At 1 April 2024 Chorge forthe year Amortisotion at 51 March 2025 289 289 Net Book Value at 31 March 2025 Net Book Value at 31 March 2024 Intongible assets represent the value of funds invested in the redevelopment of the WMC Website, which was launched In August 2018. CANOLFAN HILENIWM CYMRV WALES MILLENNIUM CEIITRE 38
Wales Millennium Centre (Limited by Guarantee) Annuol report and financiol statements Year ended 31 March 2025 10. TANGIBLE ASSETS Group Long leasehold land & buildings £'ooo Plont& machinery Fixtures, fittings & equipment Asset under Construction Total rooo £'ooo Cost At 1 April 2024 Additions in the yeor Disposals in the year Transfers in the yeor 57,578 40,875 490 (72) 232 5,710 117 337 327 (137) (255) 104,500 934 (209) 23 Yeor ended 31 March 2025 57.578 41,525 5,850 272 105,225 Accumuloted depreciation At l April 2024 Charge forthe year Disposols during the year 22,396 1,149 38,620 293 (72) 5,001 621 64,0-17 2,063 (72) Year ended 31 March 2025 23.545 38,841 3,622 66,008 Net bookvalue 31 March 2025 34.033 2,684 2,228 272 39.217 31 March 2024 55,182 2,255 2,709 337 40,485 NOLPAN MILENlVrfM ¢YMlilJ WALES MILLEtINIUM CEP4TRÉ 39
Wales Millenniurn Centre (Limited by Gvarontee) Annuol report and financiol stotement5 Yearended 31 March 2025 TANGIBLE ASSETS Conyd Company Long leo5ehold land & buildings £'ooo Plant & machinery Fixtvres. fittings & equipment £'ooo Asset under con5tructson Total £'ooo £'ooo Cost At 1 April 2024 Additions in year Disposals in year Transfers in year 57,578 40,746 459 (72) 232 5,463 101 337 303 (137) (255) 104,124 863 (2091 23 Year ended 31 March 2025 57,578 41,365 5,587 248 104,778 Accumulated depreciation At 1 April 2024 Charge forthe year Disposals during the year 22,395 1.149 38,509 282 (72) 2,780 611 63,684 2,042 (72) Year ended 31 March 2025 23,544 38,719 3,391 65,654 Net bookvalue 31 March 2025 34.034 2,196 39,124 31 March 2024 35,183 2,237 2.683 337 40,440 Substontially all tangible fixed assets are used for direct charitoble purposes. The remoinder are used for administration ond fundraising purposes. At 31 March 2025 there were no assets held underfinance leoses (2024: £nil). These figures represent uivivuii15 iii both the Compony ond Group. 11. STOCK Group 2025 Group 2024 £'ooo Company Company 2025 2024 £'ooo £'ooo Goodsfor Resale 58 55 58 CAIIOLPAM NILEWIWM ¢YMliLI WALES IIILLENNIUM CENTRÉ 40
Woles Millennium Centre (Limited by Guarantee) Annual report ond financiol stotement5 Yearended 31 March 2025 12. DEBTORS Group Group 2025 2024 £'ooo £'ooo Company Company 2025 2024 £'ooo £'ooo Trade debtors Other debtors 776 742 74 11A 389 544 Accru•d income 229 388 154 302 111 108 360 53 Prepayments VAT receivoble Theatre Tax Relief 455 730 786 2,123 2,175 956 1,066 The comparatives have been restated to show prepayments and accrued income seporotely. 13. CURRENT ASSET INVESTMENTS Group Group 2025 2024 £'ooo £'ooo Company Compony 2025 2024 £'ooo £'ooo Shortterm deposits 3,790 4.630 1,075 1,000 Investments in short term deposits hove an original maturity of 12 months or less. At the balance sheet date the average group maturity of the deposits was 9 months (2024- 7 months). The average group intp.rp.4t rntÈ was 4.22% (2024- 5.23%). The average company maturity of the deposits was 8 months12024- 12 months). The overage company interest rate wos 4.24% (2024-4.62%). 14. CASHATBANKAND IN HAND Cash held by the Group ot the balance sheet date includes bonk accounts relating to ticketing income received in advance of £7.9m (2024: £8.Om). The comparotive has been restated to recognise current asset investments (see note 13) separately. 15. TICKET SALES IN ADVANCE Group Group 2025 2024 £'ooo £'ooo Compony Company 2025 2024 £'ooo £'ooo Ticket sale5 in advance 7.9¢)6 7.963 Ticket sole5 in odvonce relotes to the income received, net of VAT, in relation to future shows. CANOLFAM MILENIWM CYMRLI WALES kllLLeNNIUM CENTRE 41
Wales Millennium Centre (Limited by Guarantee) Annual report and financial statements Yeor ended 31 March 2025 16. CREDITORS FALLING DUEWITHIN ONEYEAR Group Group 2025 2024 £'ooo £'ooo Company Company 2025 2024 £'ooo £'ooo Social security and othertaxes VAT 133 103 679 102 148 374 83 77 Trade creditors 579 33A Accruals Other creditors 896 1.241 939 1,614 700 70 717 48 3.052 3.177 1.432 1,180 The comparatives have been restated to show Ticket Sales in Advonce separately on the bolonce sheet (See note 15). 17. CREDITORS FALLING DUEAFTER MORE THAN ONEYEAR Group Group Compon Compan 2025 £'ooo 2024 £'ooo 2025 £'ooo 2024 £'ooo Unpaid share capitol Total 18. FINANCIAL INSTRUMENTS Group Group 2025 2024 £'ooo £'ooo Company Company 2025 2024 £'ooo £'ooo Finrtnciol assets at fair value through profit or loss 769 745 769 745 Fii)vJiciol assets that are debt instruments meosured at amortised cost 5,525 6.350 4,474 2,773 Financial liabilities measured at amortised cost (2,367) (2,538) (1,390) (1,132) 3,927 4.757 3,853 2.386 19. CAPITAL The Company is limited by guarantee ond therefore has no shore capital. The extent of the guorontee is £1 per member. The maximum numberof members permitted is 15. CAMgL&A*4 MILEMIWM CYNAU WALES MILLENNILIM CENTRE 42
Wales Millennium Centre (Limited by Guarantee) Annual report and financial statements Yeorended 31 March 2025 20. FUNDS UNRESTRICTED FUNDS Group Copital Spend £'ooo 2024 £'ooo Income ExpendiTure £'ooo Transfer £'ooo 2025 £'ooo £'ooo Desi nated funds Capital Maintenance Capital Development 564 190 (195) (5) 554 1,450 1,450 Total designated funds 564 190 (195) 1,445 2,004 Generol unrestricted funds 40,687 26,590 (26,707) (1,445) 39,125 Totol funds 41,251 26.780 (26.902) 41.129 Company Capital Spend eooo 2024 £'ooo Income Expenditure Tron5fer 2025 £'ooo £'ooo £'ooo £'ooo Desi nat Capital Maintenance Capital Development 564 190 (195) (5) 554 1,450 1,450 Total designated funds 564 190 (195) 1,445 2,004 Generol vnrestricted funds 39,827 10,154 (9,606) (1,445) 39,125 Total funds 40,391 10,344 (9,801) 41,129 Unrestricted funds are expendoble ot the discretion of rhe TrusTees for the Chariry's purposes. CANOLFAN MIL¢NivIM CVMAU WALES IIILLENPIIUM CENTRE 43
Wales Millennivm Centre (Limited by Guarantee) Annuol report ond financial statements Yearended 31 March 2025 DESIGNATEDFUNDS Copital Maintenance A capitol maintenance funding requirement has been identified through the Capital 50 plon, estimated at half a million pounds per annum, to maintain the buildingi plont and equipment to a high standard. This designated fund represents funds set aside to meet this requirement. Capital Development This fund has been Set up to 5UPPOrt the cost of new capital projects. Current projects are Plarfform, a project to transform existing back of house spaces into permanent youth led studios; Capella, a new producTlon and skills training facility being 5UPPOrted by Cordirr Cily Couiicil and Fiont of House Phose redevelopment of the front of house spoce at Wales Millennium Centre. RESTRICTED FUNDS Group Movement in funds Income Expenditure Transfers 2024 £'ooo 1,323 1,000 2025 £'ooo 1,612 1,123 £'ooo 550 123 327 70 290 £'ooo (261) £'ooo Capital Maintenance Capital Development Llais Immersive Art5 Project Immersive Arts Grant Merthyr Apprenticeship Community Seating (327) (70) (221) 40 (15) 69 40 15 l otol funds 2,523 1.375 (854) 2,844 Company Movement in funds Income Expenditure Tronsfers 2024 £'ooo 1,323 1,000 2025 £'ooo 1,612 1,125 £'ooo 550 123 327 70 290 Eooo (261) £'ooo Capital Maintenonce Capital Development Llais Immersive Arts Project Immersive ArTS GranT Merthyr Apprenticeship Community Seoting (327) (70) (221) 40 (15 69 40 15 Total funds 2,323 1,375 (854) 2,844 CANOLFAN MILENIWM eYMA WALES MILLENNIUM CEt4TRE
Wale5 Millennium Centre (Limited by Guarantee) Annual report and finoncial statements Year ended 31 March 2025 Capital Maintenance During the year, the Centre received restricted grant income from The Arts Council of Wales reloting to capital maintenance of the Centre under the Capital 50 plan. The Centre also received restricted grant income from the Shored Prosperity Fund relating to the redevelopment of on existing spoce into a creative spoce suitable for workshops ond courses for our youth partners. Fixed ossets relating to this expenditure have been capitalised and will be written down over the expected life of the assets. Capital Development The centre received a restricted donation for the Capella project. Income in the current year relates to the interest from the deposit of this donation. Llais Cardiff Council provide a grant for Llais, our festival which celebrates the power of the human voice across oll our stages. Immersive Arts Project The University of the West of England provided o grant relating to two employee plocements within our Digital Experiences team, who create and curate immersive arts experiences and installations, using the latest technology. Immersive Arts Grant The University of the West of Englond oworded the Centre o gront to be in turn granted to teams ond individuals working on projects in the immersive arts field. Merthyr Apprenticeship Fund Merthyr Tydfil County Borough Council granted funds for a Technical Apprenticeship. for a young person from their ward. Community Seoting Thé Contre received 0 £15k donation to hÈlp fund the running of its CnmmLJnity Seoting schem@. ¢ANOLFAM MILENIWY CYMRU VIALES MILLEN141UM CENTRE 45
Woles Millennivm Centre (Limited by Guorantee) Annual report ond financial statements Year ended 31 March 2025 Anal sis of net assets between funds Group Unrestricted Funds Restricted Fund5 Totol for the year ended 31 March 2025 Total for the year ended 31 March 2024 £'ooo £'ooo rooo Intongible & Tangible fixed assets Investment 37,605 1,612 39,217 40,483 769 2,755 769 3,987 745 2,346 Net current 055et5 1,232 41,129 2.844 43,973 43,574 Unrestricted Funds Restricted Fvnds Total for the year ended 31 March 2025 £'ooo Totol forthe year ended 31 March 2024 £'ooo Company £'ooo £'ooo Tongible fixed assets Investment Net current assets Creditors falling due after more than 1 year 37,459 771 2,708 (2) 1,612 39,071 771 3,940 12) 40,440 747 1,529 (2) 1,232 40,936 2.844 43,780 42,714 Total income comprises £26.8m (2024.. £22.Om) for unrestricted funds and £1.4m (2024.. £7.2m) for restricted funds. A detailed analysis of incoming resources is given in the Statement of Finoncial Activities and notes. Total expenditure comprises £26.9m (2024.. £23.8m) for unrestricted funds and £0.9m (2024.. £0.7m) for rÈstricted fiinds. A dg.tailed onolysis of expenditure is given in the Statement of Financial Activities and notes. In accordance with the Chorities SORP 2015, capitol grants are recognised in full in the statement of financial octivities in the year in which they are received, subject to performance criterio. Capitol grants are recognised in full in the year they are received. The summary income and expenditure account illustrated above is derived from the statement of financial activities on page 26 which, together with the notes of the financial statements provides full information on the movements during the year on oll the funds of the Group. ¢ANOLfAtr4 MILENIWM CYMRU WALÉS MILLENWIUM ceNTRE 46
Wales Millennium Centre (Limited by Gvarantee) Annuol report ond financial stotementS Year ended 31 March 2025 21. PENSION CONTRIBUTIONS The Wales Millennium Centre makes conTribuTions on beholf of employees TO individual defined contribution schemes. The amount charged to the Statement of financial activities during the year ended 31 Morch 2025 was £316k (2024.. £290k). 22. INVESTMENTS Group 2025 £000 745 19 Compony 2025 £'ooo 747 19 Value at 1 April 2024 Additions Revaluations during the year Value ar 31 March 2025 769 771 During the year we reviewed our investment policy and agreed that unrestricted and restricted funds should be predominantly held in lower risk deposit accounts. Current investments are held in a 5-year investment fund with Sarosin & Partners LLP. This fund has a risk level between 4 and 7. Quarterly investment reports are received. 23. CAPITAL COMMITMENTS Group & Company 2025 £'ooo Group & Compony 2024 £'ooo Capital expenditure contracted but not provided for in the financial statements Capital expenditure authorised by the board but not contracted 250 200 500 200 750 These copital commitments relate to the next stoge of the Front of Houso rèdesign project (2024: £25Ok Platfform project and £500k for the next stoge of the Front of House redesign project). 24. RELATED PARTYTRANSACTIONS During the year the group purchased £5k of goods from Hudson Blue Limited, o company controlled by o member of the Executive Team. CAMOLFN h•lLEPJiWPA fvutlLI WALES MILIENNIUX CENTRÉ 47
Wales Millennium Centre (Limited by Guarantee) Annual report and finoncial stotements Yeor ended 31 March 2025 25. SUBSIDIARY COMPANIES The Charity hos two wholly owned subsidiary companie5, Wales Millennium Centre (Trading) Limited ond Wales Millennium Centre (Theatre) Limited ond is the ultimate parent undertaking of WMC Productions Limited. All companies are registered in England and Wales. Wales Millennium Centre (Troding) Limited (registered number 3776896) Woles Millennium Centre (Trading) Limited corries out trading activity on behalf of the charity. The trading company has been consolidated in these group Financial Statements. A summary of its trading results is shown below: 2025 £'ooo 2024 £'ooo Turnover C05t of Sales 21,202 (15,709) 16,069 (11,976) Gross Profit 5.493 4,093 Administrative Expenditure Interest receivable (3,426) 403 (3,256) 167 Profit before charitable donotion Charirable donaTion TO parenT organization 2,470 (3,190) 1,004 (2,044) (720) (1,040) 2025 2024 £'ooo £'ooo Tangible fixed Assets Net current assets 93 47 44 817 Net assets 139 861 Called up shore capital and retained earnings 139 861 CANOLFAI4 MILII4IWM eYMItii WALES MILLENNIUM CENTRÉ 48
Wales Millennium Centre (Limited by Guarantee) Annval report ond finoncial statements Year ended 31 March 2025 WMC Productions Limited (registered number: 09696006) WMC Productions Limited is a wholly owned 5vbsidiary of Walcs Millennium Centre (Trading) Limited. It has been consolidated in these group Financial Stotements. WMC Productions Limited is commissioned by the Charity to create productions. A summary of its results is shown below: 2025 £'ooo 2024 £'ooo Turnover Cost of Sales 689 (906) 1,303 (1,809) Gross Loss (217) (506) Administrative Expenditure (6) Loss Before Taxation (223) (506) Tox on loss 223 506 Resultfnr thp. finanr_i(Jl yeor 2025 £'ooo 2024 £'ooo ntongible & Tangible fixed Assets Net current ossets Net assets Called up share capital Wales Millennium Centre (Theatre) Limited Iregistered number: 03749246) Wales Millennium Centre (Theatre) Limited was dormant throughout the year. ANQLFAN DIILENIWM CY14RV WALES MILLENNIUM CEIITAE 49
WMC Production5 Limited Annual report and h'nancial statements Year ended 31 March 2025 INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF WALES MILLENNIUM CENTRE Opinion We have audited the financiaL statements ofwales Millennium Centre {the'Charitable Company,) and its subsidiaries (together, the'Group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities. ConsoLidated Balance Sheet, Company BaLance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements. including significant accounting policies. The financial reportingframework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reportingstandard applicable in the UKand Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice>. In our opinion the financial statements: give a true and fairview of the state of the Group and Charitable Company's affairs as at 31 March 2025, and of the Group'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 audit in accordance with International Standards on Auditing {UK) {ISAs (UK)) and appLicable law. Our responsibilities underthose standards are further described in the auditor's responsibiLities forthe audit of the financial statements section of our report. We are independent of the Group and Charitable Company in accordance with the ethical requirements that are relevantto our audit of the financial statements in the UK. includingthe FRC'S Ethical Standard, and we have fuLfiLled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have 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 Trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 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 on the Group or Charitable Company's abilityto continue as a going concern for a period of at leasttwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. SV•SIDIARY OF VIAIE5 MILICNNIUM CEIITRE 50
WMC Production5 Limited Annual report and h'nancial statements Year ended 31 March 2025 Other information The other information comprises the information included in the Trustee's annual report, other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information. Our responsibility is to read the other information and. in doingso, considerwhether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed bythe Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit: the information given in the trustees, report. which includes the strategic report and the Directors, report prepared forthe purposes of company Law. forthe financial yearforwhich the financiaL statements are prepared is consistent with the financiaL statements. and the strategic report and the directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors, report included within the trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require 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 notvisited by us: or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made" or we have not received all the information and explanations we require for our audit. Responsibilities of the Trustees As explained more fully in the Trustees, responsibiLities statement, the Trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internaL controL as the Trustees determines is necessary to enabLe the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the group and charitable company's abilityto continue as a going concern. disclosing, as appLicable, matters SUOSIOIARY OF WAIES NILI%NNIUPI CEMTRE
WMC Production5 Limited Annual report and h'nancial statements Year ended 31 March 2025 related to going concern and using the going concern basis of accounting unLess the Trustees either intend to liquidate the charity orto cease operations. or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance aboutwhether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high Level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) WILI always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered materiaL if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in Line with our responsibiLities. outlined above. to detect materiaL misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irreguLarities, including fraud is detaiLed beLow. In identifying and assessing risks of material misstatement in respect of irreguLarities, including fraud and non-compliance with Laws and regulations, we considered the foLLowing: the nature of the sector. control environment and the Group and Charitable Company's performance" results of our enquiries of management and the Trustees Board, including the committees charged with governance over the charity's finance and control, about their own identification and assessment of the risks of irregularities: any matters we identified having obtained and reviewed the charitable company's documentation of their policies and procedures relating to: identifying, evaLuating and complying with laws and reguLations and whether they were aware of any instances of non- compliance. detecting and respondingto the risks offraud and whetherthey have knowledge of any actual, suspected or alleged fraud" the internaL controLs estabLished to mitigate risks of fraud or noncompliance with Laws and regulations; As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation forfraud, which included incorrect recognition of revenue, management override of controls using manualjournal entries. In common with all audits under ISAS (UK). we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legaL and regulatoryframeworks that the Group and CharitabLe Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, the Charities Act 2011 and tax LegisLation. SUOSIOIARY OF WAIES NILI%NNIUPI CEMTRE 52
WMC Production5 Limited Annual report and h'nancial statements Year ended 31 March 2025 In addition. we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamentalto the Group and Charitable Company's ability to operate orto avoid a materiaL penalty. Our procedures to respond to risks identified included the foLLowing: reviewingthe financiaL statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements: reviewingthe financiaL statement disclosures and testing to supporting documentation to assess the recognition of income; enquiring of the Trustees and management and those charged with governance concerning actuaL and potential litigation and cLaims" performing procedures to confirm material compliance with the requirements of its reguLators; performing anaLytical procedures to identify any unusual or unexpected relationships that may indicate risks of materiaL misstatement due to fraud: reading minutes of meetings of those charged with governance and reviewing internal control reports: and in addressing the risk of fraud through management override of controls, testing the appropriateness of journaLentries and other adjustments. and assessingwhether the judgements made in making accounting estimates are indicative of a potential bias. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognisingthat the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resuLtingfrom an error, as fraud may involve deliberate conceaLment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions refLected in the financial statements, the less LikeLy we would become aware of it. A further description of our responsibilities is avaiLable on the FRC'S website at: thefi/descri tion-of-the-auditor % E2 % 80 % 99s-res onsibiLities-for. This description forms part of our auditor's report. Use of our report This report is made soLelyto the charity'sTrustees. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so thatwe might state to the charitable company's members those matters we are required to state to them in an auditor's report SUOSIOIARY OF WAIES NILI%NNIUPI CEMTRE 53
WMC Productions Limited Annual report and h'nancial statements Year ended 31 March 2025 and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibiLityto anyone otherthan the Group and Charitable Companyand the Group or Charitable Company's members as a body. for our auditwork, forthis report, orforthe opinions we have formed. David Butler FCA (Senior Statutory Auditor) For and on behalf of Bishop FlemingAudit Limited Chartered Accountants Statutory Auditors 10 North Place Cheltenham GL50 4DW Date: 8 October 2025 SuOSiOIA*Y OF WAIES NILI%NNIUPI CEMTRE 54