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← Millennium Stadium Charitable Trust

2025-03-31-accounts

Charity registration number 1086596 (England and Wales)

MILLENNIUM STADIUM CHARITABLE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

MILLENNIUM STADIUM CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr J M Lloyd-Jones
Mr R V Goodway
Mr J Rawlins
Cllr P Bradbury
Col D Hammond
Mr I H Davies
Mr A Walker
Mr J Day
Ms M Ali
Mr E W Jones
Mr C Wilkes (Appointed 17 December 2024)
Ms A Thorne (Appointed 17 December 2024)
Charity number (England and Wales) 1086596
Auditor UHY Hacker Young
Bradbury House
Mission Court
Newport
Gwent
United Kingdom
NP20 2DW
Bankers Metro Bank plc
One Southampton Row
London
WC1B 5HA

MILLENNIUM STADIUM CHARITABLE TRUST

CONTENTS

Page
Trustees report 1 - 4
Statement of Trustees responsibilities 5
Independent auditor's report 6 - 8
Statement of financial activities 9 - 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 19

MILLENNIUM STADIUM CHARITABLE TRUST

TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025

The Trustees present their annual report and financial statements for the year ended 31 March 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)”.

Objectives and activities

The objects of the Trust are to apply income and capital for the benefit of those residing in Wales:

  1. With the object of improving the quality of life of the community and in the interests of social welfare, to organise or provide (or assist in the organisation or provision thereof in conjunction with local authorities, voluntary or other or organisations otherwise) facilities for leisure-time or recreational occupation

  2. provided that the facilities will either:

  3. a) Be available for the public at large; or: b) Be provided for persons who have need of such facilities by reason of their youth, age,

  4. infirmity, or disablement, poverty, or social and economic circumstances.

  5. To advance the education of the community and others anywhere in the world and institutions, people, history, language, culture, music, and folklore of Wales as well as in its intellectual artistic and economic life.

  6. To advance for the benefit of the community the education of young persons of school and university age (by ensuring that due attention is given to the systematic physical education of such young persons as a means of developing their character, minds, mental co-ordination, self discipline and physical fitness, so that they grow to full maturity as individuals and members of society) through the organisation or provision (or assistance in the organisation or provision) of facilities which will encourage and enable such young person to play games or sports.

Public Benefit

Our main activities are described above. All our charitable activities focus on the provision of benefits for all those residing in Wales and are undertaken to further our charitable purposes for the benefit of the public. The Trust seeks always to comply with the requirements of charity law and the guidance published by the Charity Commission, particularly the imperative to ensure that the activities of the Trust demonstrate public benefit, as is evidenced throughout this report.

Grantmaking

The Trust intends to re-distribute funding received from the Millennium Stadium Plc ("MSP" hereafter).

Volunteers

All members of the Board of Trustees are volunteers and do not receive any remuneration.

Achievements and performance

Charitable activities

During the year the Trust had distributed grants (refer to notes 4 and 5 of the financial statements) of £364,648 (2024: £546,492) to organisations throughout Wales that met the requirements and objectives of the Trust. Grants were awarded to organisations in every local authority in Wales.

The Trust has worked extensively over the past year to raise its profile.

Fundraising activities

The Trust relies on grant income received from the MSP during the year. There have been no other fundraising activities.

MILLENNIUM STADIUM CHARITABLE TRUST

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Investment performance

The investment performance achieved in the year was satisfactory given current interest rates.

Financial review

Reserves policy

The finance committee has been delegated the responsibility of ensuring the Trust has sufficient free reserves to meet any eventuality/emergency which may arise, however given the nature of the Trusts activities these are highly improbable. The Board believes that the minimum cash/reserves requirement is £40,000 in order to ensure the continuity of operations.

The Trust's income is derived primarily from funds transferred to it by the MSP. The MSP is required under its Articles of Association to transfer funds to the Trust. These funds are calculated by two methods, one being based on the level of ticket sales income of MSP ("Ticket levy funds"), the other being determined by the level of distributable profits of MSP ("Special payment"). All grant income currently being received is via the ticket levy. No special payments are likely to be made in the foreseeable future.

In July 2009 the Trust and MSP reached an agreement with regard to the VAT element of ticket sales whereby the Trust has agreed to pay this VAT element of all ticket sales as a donation to the Welsh Rugby Union Charitable Trust (WRUCT) who provide grants to support injured rugby players. The grant is offered subject to receipt of an application from the WRUCT on an annual basis. The amount of the grant is match funded by the Welsh Rugby Union.

The statement of financial activities indicates that the Trust's funds have increased by £56,833 to £297,066 from £240,233 during the year, therefore at the 31 March 2025 the trust is holding the required levels of reserves as set per the policy above. From working closely with the Millennium Stadium Plc we are able to forecast at least two years in advance. This has enabled the Trust to have reasonable assurance about the availability of grant funding for the foreseeable future.

Funds in deficit

The Board of Trustees is satisfied that the charities assets in each fund are available and adequate to fulfill the obligations in respect of each fund.

Principal funding sources

The principal funding source is the MSP.

Investment policy and objectives

The Trust deed provides for wide powers of investment. Due to the uncertain nature of future income and ongoing development of grant schemes the Trustees have agreed to retain current funds in a low risk, interest bearing, cash deposit account.

The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Future developments

Looking to the future, the Trustees are confident that the Trust will continue to be successful through a combination of effective management, hard work and dedication.

MILLENNIUM STADIUM CHARITABLE TRUST

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management

Governing document

The Trust is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity.

The Millennium Stadium Charitable Trust Fund is constituted under a trust deed dated 8 February 2001 and subsequent deed of amendment in November 2009, and is a registered charity no. 1086596.

The Trustees who served during the year and up to the date of signature of the financial statements were: Mr J M Lloyd-Jones

Mr R V Goodway Mr J Rawlins Cllr P Bradbury Col D Hammond Mr I H Davies Mr A Walker Mr J Day Ms M Ali Mr C W J Jones (Resigned 1 November 2024) Mr E W Jones Mr C Wilkes (Appointed 17 December 2024) Ms A Thorne (Appointed 17 December 2024)

Recruitment and appointment of new trustees

The Trustees are appointed by a range of organisations, as follows:

  1. Two by the Welsh Rugby Union (WRU) 2. One jointly by the WRU and a business association or organisation (the latter approved by the Welsh Office of the Big Lottery Fund or its successors)

  2. Two by Cardiff County Council (CCC)

  3. Two jointly by CCC and a sports organisation (the latter approved by the Welsh Office of the Big Lottery Fund or its successors)

  4. Three by organisations designated by the Welsh Office of the Big Lottery Fund or its successors

  5. A maximum of four co-opted trustees, by the remainder of the committee

Trustees remain in office for a period determined by their appointing bodies but for generally no longer than 5 years.

The Trustees meet at least twice per year but are supported by sub-groups (a Finance Committee and and Grants Administration committee) which meet more regularly to consider financial arrangements and grant schemes and applications.

The maximum number of Trustees appointed at any one time is 13.

Organisational structure

The Trust is managed and controlled by the Trustees who meet between two to four times per year.

Wider network

Relationships exist in accordance with the relevant professional organisations.

Risk management

The Trustees have a duty to identify and review the risks to which the Trust is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

MILLENNIUM STADIUM CHARITABLE TRUST

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Going Concern

It is anticipated that the Trust will receive sufficient funds to proceed with Regional and Local rounds of grants in the next financial year.

The Trustees report was approved by the Board of Trustees.

..............................

Mr R V Goodway

Dated: .........................14 / 01 / 2026

MILLENNIUM STADIUM CHARITABLE TRUST

STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025

The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources of the Trust for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MILLENNIUM STADIUM CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MILLENNIUM STADIUM CHARITABLE TRUST

Opinion

We have audited the financial statements of Millennium Stadium Charitable Trust (the ‘Trust’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the 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 Trustees 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 Trust’s ability to continue as a going concern for a period of at least twelve 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

MILLENNIUM STADIUM CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MILLENNIUM STADIUM CHARITABLE TRUST

Responsibilities of Trustees

As explained more fully in the statement of Trustees responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine 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 Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether 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) will 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

MILLENNIUM STADIUM CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MILLENNIUM STADIUM CHARITABLE TRUST

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mr John Griffiths (Senior Statutory Auditor) for and on behalf of UHY Hacker Young

15 / 01 / 2026.........................

Chartered Accountants Statutory Auditor

Newport Gwent United Kingdom

UHY Hacker Young is eligible for appointment as auditor of the Trust by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

MILLENNIUM STADIUM CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025

Current financial year
Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
2
477,371
112,778
Investments
3
562
-
Total income
477,933
112,778
Expenditure on:
Charitable activities
Grant disbursement
4
421,100
112,778
Total charitable expenditure
421,100
112,778
Net income/(expenditure) for the year/
Net movement in funds
56,833
-
Fund balances at 1 April 2024
240,233
-
Fund balances at 31 March 2025
297,066
-		 Total
Total
2025
2024
£
£
590,149
503,177
562
1,878
590,711
505,055
533,878
688,526
533,878
688,526
56,833
(183,471)
240,233
423,704
297,066
240,233

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

MILLENNIUM STADIUM CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025

Prior financial year
Unrestricted Restricted Total
Unrestricted funds Total
funds
2024 2024 2024
Notes £ £ £
Income from:
Donations and legacies 2 419,314 83,863 503,177
Investments 3 1,878 - 1,878
Total income 421,192 83,863 505,055
Expenditure on:
Charitable activities
Grant disbursement 4 604,663 83,863 688,526
Total charitable expenditure 604,663 83,863 688,526
Net income/(expenditure) for the year/
Net movement in funds (183,471) - (183,471)
Fund balances at 1 April 2023 423,704 - 423,704
Fund balances at 31 March 2024 240,233 - 240,233

MILLENNIUM STADIUM CHARITABLE TRUST

BALANCE SHEET AS AT 31 MARCH 2025

2025 2024
Notes £ £ £ £
Current assets
Debtors 11 157,549 178,260
Cash at bank and in hand 168,960 94,868
326,509 273,128
Creditors: amounts falling due within one 12
year (29,443) (32,895)
Net current assets 297,066 240,233
The funds of the Trust
Unrestricted funds 14 297,066 240,233
297,066 240,233
The financial statements were approved by the Trustees on ......................... The financial statements were approved by the Trustees on ......................... The financial statements were approved by the Trustees on .........................
14 / 01 / 2026
..............................
Lissa, Crrdwavy		 ..............................
bay
bySous
Mr R V Goodway Mr E W Jones

MILLENNIUM STADIUM CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from/(absorbed by) operations
17
Investing activities
Investment income received
Net cash generated from investing activities
Net cash generated from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
562		 £
73,530
562
-
74,092
94,868
168,960		 2024
£
£
(210,852)
1,878
1,878
-
(208,974)
303,842
94,868

MILLENNIUM STADIUM CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

Millennium Stadium Charitable Trust is a unincorporated charity. The principal address is 4 Bessemer Road, Cardiff CF11 8BA. The Charity Registration No. is 1086596.

1.1 Accounting convention

The accounts have been prepared in accordance with the Trust's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Trust is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

It is anticipated that the Trust will receive sufficient funds to proceed with Regional and Local rounds of grants in the next financial year.

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is generated through a levy on every ticket purchased for public events at the Principality Stadium.

Income is recognised when the Trust is legally entitled to it, the amounts can be measured reliably, and it is probable that income will be received.

MILLENNIUM STADIUM CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure on charitable activities includes grant funding awarded to successful applicants, the general costs undertaken to further the purposes of the charity and their associated support costs.

1.6 Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

2 Income from donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Grants 477,371 112,778 590,149 419,314 83,863 503,177
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable 562 1,878

MILLENNIUM STADIUM CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

4 Charitable activities

Grant disbursement Grant disbursement
2025 2024
£ £
Grant disbursement - Direct costs 112,778 83,863
Sundry expenses 5,040 7,514
117,818 91,377
Grant funding of activities (see note 5) 364,680 546,492
Share of support costs (see note 6) 46,580 45,599
Share of governance costs (see note 6) 4,800 5,058
533,878 688,526
Analysis by fund
Unrestricted funds - general 421,100 604,663
Restricted funds 112,778 83,863
533,878 688,526

5 Grants payable

Grants are payable to different organisations year on year. In the year 81 (2024: 138) organisations were awarded grant funding from the Millennium Stadium Charitable Trust. The sectors of which received grants were as follows:

Sport
Community
Environment
Art
Support costs allocated to activities
Consultancy
Governance costs
Analysed between:
Charitable activities		 2025
£
125,307
158,951
36,176
44,246
364,680
2025
£
46,580
4,800
51,380
51,380		 2024
£
179,560
279,817
50,158
36,957
546,492
2024
£
45,599
5,058
50,657
50,657

6 Support costs allocated to activities

MILLENNIUM STADIUM CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

6
Support costs allocated to activities
Governance costs comprise:
Audit fees
Trustee expenses
7
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements		 (Continued)
2025
2024
£
£
4,410
4,080
390
978
4,800
5,058
2025
2024
£
£
4,410
4,080		 (Continued)
2025
2024
£
£
4,410
4,080
390
978
4,800
5,058
2025
2024
£
£
4,410
4,080
5,058
2024
£
4,080

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.

Trustees' expenses

During the year £nil (2024: £nil) was paid out to trustees in respect of travel and subsistence expenses.

9 Employees

There are no employees in Millennium Stadium Charitable Trust.

10 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11 Debtors

11
Debtors
Amounts falling due within one year:
Trade debtors
12
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 2025
£
157,549
2025
£
26,258
3,185
29,443		 2024
£
178,260
2024
£
29,710
3,185
32,895

MILLENNIUM STADIUM CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

13 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April 2024 Incoming Resources At 31 March
resources expended 2025
£ £ £ £
Rugby development fund - 112,778 (112,778) -
Previous year: At 1 April 2023 Incoming Resources At 31 March
resources expended 2024
£ £ £ £
Rugby development fund - 83,863 (83,863) -

Rugby development fund

This fund represents the VAT element of ticket sales received from MSP that is paid as a donation to the Welsh Rugby Union Charitable Trust (WRUCT) who provide grants to support injured rugby players.

14 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2024 Incoming Resources At 31 March
resources expended 2025
£ £ £ £
General funds 240,233 477,933 (421,100) 297,066
Previous year: At 1 April 2023 Incoming Resources At 31 March
resources expended 2024
£ £ £ £
General funds 423,704 421,192 (604,663) 240,233

MILLENNIUM STADIUM CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

15 Analysis of net assets between funds
Unrestricted
funds
2025
£
At 31 March 2025:
Current assets/(liabilities) 297,066
297,066
Unrestricted
funds
2024
£
At 31 March 2024:
Current assets/(liabilities) 240,233
240,233

MILLENNIUM STADIUM CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

16 Related party transactions

During the year, the charity received grant income amounting to £590,149 (2024: £503,177) from Millennium Stadium plc. At the year end an amount of £157,549 (2024: £178,280) remained outstanding and is included in debtors amounts falling due within one year. The Trust was established through an agreement between the Millennium Stadium plc and the Millennium Commission. The Trust's income is generated through a levy on every ticket purchased for public events at the Stadium.

No guarantees have been given or received.

17
Cash generated from/(absorbed by) operations
Surplus/(deficit) for the year
Adjustments for:
Investment income recognised in statement of financial activities
Movements in working capital:
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Cash generated from/(absorbed by) operations		 2025
2024
£
£
56,833
(183,471)
(562)
(1,878)
20,711
(30,604)
(3,452)
5,101
73,530
(210,852)