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2021-03-31-accounts

OBJECTIVES AND ACTIVITIES
ACHIEVEMENTS AND PERFORMANCE.
FINANCIAL REVIEW. .10
INVESTMENT POWERS AND POLICY
KEY MANAGEMENT
PERSONNEL
FUTURE PLANS .14
PRINCIPAL RISKSAND UNCERTAINTIES 15
STRUCTURE, GOVERNANCE
AND MANAGEMENT		 15
REFERENCE AND ADMINISTRATIVE
DETAILS.		 17
OFFICERS AND PROFESSIONAL ADVISERS 17
RESPONSIBILITIES OF THE BOARD OF TRUSTEES' 18
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SHERMAN CYMRU 19
STATEMENT OF FINANCIAL ACTIVITIES -CONSOLIDATED.
SUMMARY INCOME AND EXPENDITURE ACCOUNT. 24
BALANCE SHEET - CONSOLIDATED. 25
BALANCE SHEET - CHARITY ONLY .26
STATEMENT OF CASH FLOWS -CONSOLIDATED .27
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS		 .28

TATEMENT OF FINANCIAL ACTIVITIE S -CONSO LIDATED
Total Total
Unrestricted Restricted funds funds
Note funds funds 2021 2020
f E f f
Income and endowments from:
Donations
and legacies		 1,420,121 672,957 2,093,078 1,254,969
Charitable
activities		 91,442 91,442 564,699
Other trading activities 319 319 173,084
Other 28,105 28,105 103,163
Total income and endowments 1,539,987 672,957 2,212,944 2,095,915
Expenditure
on:
Raising funds 46,047 46,047 24,313
Trading costs 60,583 60,583 212,857
Charitable
activities		 924,204 831,615 1,755,819 2,145,355
Total expenditure 1,030,834 831,615 1,862,449 2,382,525
Net movement
in funds		 509,153 (158,658) 350,495 (286,610)
Total funds brought forward 21,22 793,125 3,689,324 4,482,449 4,769,059
Total funds carried forward 22,23 1,302,278 3,530,666 4,832,944 4,482,449

2021 2020
f f
Total income of continuing operations 2,212,944 2,095,915
Total expenditure ofcontinuing operations (1,862,449) (2,382,525)
Net surplus/deficit for the period 350,495 (286,610)

2021 2020
Note f f
Fixed assets:
Tangible assets 15 4,495,195 4,805,345
Investments 16 1 1
Current assets:
Stocks 17 26,696 31,214
Debtors and prepayments 18 203,672 134,255
Cash at bank and in hand 806,944 184,504
1,037,312 349,973
Liabilities:
Creditors: amounts falling due within one
year
Trade creditors 107,464 91,794
Other creditors 19 278,058 212,841
385,522 304,635
Net current assets 651,790 45,338
Total assets less current liabilities 5,146,986 4,850,683
Creditors: amounts falling due after more
than one year 20 (314,041) (368,234)
Net assets 4,832,945 4,482,450
The funds ofthe charity:
Restricted
Funds		 22 3,530,666 3,689,325
Unrestricted
funds:		 21 1,302,279 793,125
Total charity funds 23 4,832,945 4,482,450

Note 2021 2020
f E
Net cash provided
by operating
activities		 27 622,440 44,897
Cash flows from investing
activities:
Purchase of property
plant and equipment		 (42,025)
Net cash provided
by (used in) investing		 activities (42,025)
Cash flows from financing
activities:
Repayments
of borrowing		 (51,719)
Net cash provided
by (used in) financing		 activities (51,719)
Change
in cash and cash equivalents
in the		 reporting period 622,440 (48,847)
Cash and cash equivalents
at the beginning		 ofthe reporting period 184,504 233,351
Cash and cash equivalents
at the end of		 the reporting period 27 806,944 184,504

Major leasehold Major leasehold improvements 25years
General building improvements 10years
Fixtures and fittings 5years
Vehicles 5years
ITequipment 3years
All other equipment 5 years

3. INCOME FROM DONATIONS DONATIONS AND LEGACIES —GROUP AND CHARITY
Unrestricted Restricted Total funds Tota I funds
funds funds 2021 2020
f f f f
Fundraising 9,698 9,698 8,557
Recurrent grants:
Arts Council of Wales 1,211,883 1,211,883 1,125,997
Other grants:
Arts Council of Wales 31,003 517,488 548,491 48,427
Other 167,537 155,469 323,006 71,988
1,420,121 672,957 2,093,078 1,254,969
4. INCOME FROM CHARITABLE ACTIVITIES
Unrestricted Restricted Total funds Total funds
funds funds 2021 2020
f f f f
Ticket sales:
Sherman
Cymru		 productions 6,107 6,107 188,084
In House Visiting Companies 200 200 217,761
Communities and Engagement 1,714
Touring:
Sherman
Cymru		 productions 11,100
Co-productions 35,558
Communities
and		 Engagement:
Participant fees 6,286 6,286 24,504
Project income 397 397 7,608
Hires 78,237 78,237 20,029
Publishing 215 215 278
HMRC Theatre Tax relief 58,063
91,442 91,442 564,699

Unrestricted Restricted Total funds Tota
I funds
funds funds 2021 2020
f f f f
Bar and Front of House receipts 319 319 173,084
319 319 173,084
ME FROM OTHER SOURCES
Unrestricted Restricted Total funds Total funds
funds funds 2021 2021
f f f f
Other income 28,105 28,105 103,163
28,105 28,105 103,163
NDITURE ON RAISING FUNDS
Unrestricted Restricted Total funds Total funds
funds funds 2021 2020
f f f f
Fundraising
activities		 46,047 46,047 24,313
46,047 46,047 24,313
NDITURE ON TRADING COSTS —GROUP AND CHARITY
2021 2020
f f
Bar and front ofhouse costs
Bar and cafe salaries 31,660 87,830
Bar and cafe purchases 15,424 104,182
47,084 192,012
Other Front of House salaries and costs 13,499 20,845
Total bar and Front of House costs 60,583 212,857

.
EXPENDITUR		 E ON CH ARITABLE ACTIVI TIES —GROUP AND CHARIT Y
Staff Other Deprecia- Total Total
costs costs tion Governance 2021 2020
f f f f f f
Unrestricted
Artistic 277,187 153,764 42,286 473,237 1,186,809
Marketing 109,187 76,866 16,023 202,076 308,945
Management &
Administration 100,686 64,005 14,547 179,238 174,819
Support 32,805 13,815 5,061 17,972 69,653 104,230
Costs
519,865 308,450 77,917 17,972 924,204 1,774,803
Restricted
Production &.
Performances 37,109 14,378 51,487 91,416
Marketing 1,513 586 2,099 7,408
Management &.
Administration 5,800 2,247 8,047 14,015
Support Costs 192,202 74,469 266,671 203,288
Other costs 362,759 140,552 503,311 54,425
192,202 407,181 232,232 831,615 370,552
Costs 712,067 715,631 310,149 17,972 1,755,819 2,145,355
Unrestricted Restricted Total funds Tota I funds
funds funds 2021 2020
f f f f
Audit 6,950 6,950 6,840
Legal 1,587 1,587 3,180
Salary 6,042 6,042 6,039
Support costs 3,392 3,392 2,157
17,971 17,971 18,216

f69,999b racket (2 020:None).
Pension contributions
were f1,		 807 (2020:f1,050).
2021 2020
f f
Employee costs during the year:
Wages and salaries 621,797 859,581
Employer's National Insurance contributions 54,846 58,520
Employer's Pension contributions 17,577 22,616
694,220 940,717

2021 2020
Average number ofpersons employed: No. No.
Production staff (temporary) 2 20
Permanent staff 23 22
25 42

Annual
Gross		 Employer Nl Employer Pension Total 2021 Tota
I 2020
E249,345 E27,225 E6,666 f283,236 f237,866

2021 2020
E f
Net incoming resources after charging:
Auditors'
remuneration		 6,950 6,840
Depreciation 310,150 305,576

5.
TANGIBLE FIXEDASSETS —G		 ROUP AND CHARITY
Long Leasehold
Property Fixtures and Motor
Improvements
f		 equipment
f		 vehicles
f		 Total
f
Cost or valuation
at 1April 2020 7,035,361 280,655 40,000 7,356,016
Additions
Disposa ls
At 31March 2021 7,035,361 280,655 40,000 7,356,016
Accumulated
depreciation
at 1April 2020 2,301,314 246,024 3333 2,550,671
Charge for the year 298,087 4,063 8,000 310,150
Eliminated
on disposal
At 31March 2021 2,599,401 250,087 11.333 2,860,821
Net book value
At 31March 2021 4,435,960 30,568 28,667 4,495,195
At 31March 2020 4,734,047 34,631 36,667 4,805,345

Year ended Year ended Year ended
31March 2021 31March 2020
f f
Summary
profit and loss account:
Income 375,623
Administrative
expenses		 (433,686)
Operating
loss		 (58,063)
HMRC Theatre Tax Relief 58,063
Result for the period
The assets and liabilities ofthe subsidiary were:
Tota
I assets		 58,063
Amounts
falling due within one year		 (58,062)
Aggregate
share capital and reserves
17.
STOCKS —GROUP AND CHARITY
2021 2020
f f
Bar and Front ofHouse 3,605 6,763
Production 10,127 10,671
Publications 11.313 11,645
Other stocks 1,651 2,135
26,696 31,214

18. DEBTORS
Group Charity Group Charity
2021 2021 2020 2020
f f f f
Trade debtors 57,859 57,859 334 334
Other debtors 14,965 14,965 33,511 33,511
Taxation and Social Security 26,413 26,413
HMRC Theatre Tax Relief 58,063
Intercompany
balance		 58,063
Prepayments 47,596 47,596 42,347 42,347
Accrued Income 56,839 56,839
203,672 203,672 134,255 134,255
19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group Charity Group Charity
2021 2021 2020 2020
f f f f
Other creditors
Taxation and Social Security 13,913 13,913
Deferred
revenue		 income 52,238 52,238 124,941 124,941
General accrua Is 162,232 162,232 64,592 64,592
Bank Loan 54,193 54,193
Accruals for Redevelopment costs 9,395 9,395 9,395 9,395
278,058 278,058 212,841 212,841
Charity LGroup Charity LGroup
2021 2020
f f
Balance as at 1st April 2020 124,941 79,532
Income received in the year 1,482,198 1,505,024
Released to income (1,554,901) (1,459,615)
Balance as at 31 March 2021 52,238 124,941

Group Group Group Charity Charity Group Charity
2021 2021 2020 2020
f f f f
Bank Loan 314,041 314,041 368,234 368,234
314,041 314,041 368,234 368,234
The
bank		 loan is secured over the assets of the charity and is repayable in equal monthly
insta Iments.
To mitigate the impact ofCovid-19 a Capital Repayment Holiday was agreed for 2021.
Repayable by instalments
Total Total
2021 2020
f f
Within one year 54,193
Between 2 and 5 years 228,509 257,450
After 5 years 85,532 110,784
368,234 368,234
1.
UNRESTRICTED FUNDS —GROUP AND CHARITY
General Capital Total
funds funds Funds 2021
f f f
Balances Brought Forward (20,205) 813,330 793,125
Surplus/deficit for the year 509,153 509,153
Movement for the year 77,916 (77,916)
566,864 735,414 1,302,278

Previous
ee		 r
General Capital Total
funds funds Funds 2020
f f f
Balances Brought Forward (32,893) 837,598 804,705
Surplus for the year (11,580) (11,580)
Movement for the year 24,268 (24,268)
(20,205) 813,330 793,125

Balance Incoming Balance
at 01/04/20
f		 resources
f		 Expenditure
f		 at 31/03/21
f
Capital
Building Refurbishment and
Redevelopment 3,519,352 (209,190) 3,310,162
Foyer Refurbishment 65,324 (15,043) 50,281
Arts Council ofWales —Public Art 2,437 2,437
Foyle Foundation/Garrick Trust-Transit Van 36,667 (8,000) 28,667
3,623,780 (232,233) 3,391,547
Revenue funds
Arts Council ofWales (Cultural Recovery) 494,899 (494,899)
Arts Council ofWales (Under 7s Production) 2,024 (2,024)
Arts Council ofWales (Creative Pathways) 22,589 22,589 45,178
Age UK 500 (500)
Ashley Foundation 5,000 (1,500) 3,500
Awards for All —Community Fund 3,907 (3,907)
Anonymous
donation		 -TEN 5,150 (5,150)
Cathays
High School		 58 (58)
Esmee Fairbairn
(ITP)		 14,716 28,340 (12,970) 30,086
Esmee Fairbairn
(Covid Support)		 10,870 (7,500) 3,370
Garrick Trust 1,500 (750) 750
Innovate Trust 437 (-) 437
Legacy —A Kellaway 1,281 (35) 1,246
Lloyd Webber Foundation 1,696 3,800 (450) 5,046
Moondance
Foundation		 19,978 (19,978)
National Theatre Connections Festival 2019 603 (586) 17
National Theatre Connections Festival 2020 2,539 (870) 1,669
Paul Hamlyn
Foundation		 2019 13,951 80,050 (47,205) 46,796
Philip Carne 1,024 (-) 1,024
The College Merthyr Tydfil 1,000 (1,000)
65,544 672,957 (599,382) 139,119
Total Restricted
Funds		 3,689,324 672,957 (831,615) 3,530,666

NOTES TO THE CONSOLIDATED NOTES TO THE CONSOLIDATED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
National Theatre Connections Festival 3,211 3,745 (6,353) 603
2019
National Theatre Connections Festival 3,750 (1,211) 2,539
2020
Paul Hamlyn
Foundation		 2019 85,524 (71,573) 13,951
Philip Carne 3,524 (2,500) 1,024
113,006 95,522 (142,984) 65,544
Total Restricted Funds 3,964,354 95;522 (370,552) 3,689,324

Unrestricted Funds
Designated
Capital General Restricted Total
funds funds funds 2021
f f f f
Group
Fixed assets 1,103,648 3,391,547 4,495,195
Net current (liabilities)/assets (54,193) 566,864 139,119 651,790
Long Term liabilities (314,041) (314,041)
735,414 566,864 3,530,666 4,832,944
Charity
Fixed assets 1,103,648 3,391,547 4,495,195
Investments 1 1
Net current (liabilities)/assets (54,193) 566,864 139,119 651,790
Long Term liabilities (314,041) (314,041)
735,414 566,865 3,530,666 4,832,945

Unrestricted Restricted Total
funds funds 2020
f f f
Group
Fixed assets 1,181,565 3,623,780 4,805,345
Net current assets (20,206) 65,544 45,338
Long Term liabilities (368,234) (368,234)
793,125 3,689,324 4,482,449
Charity
Fixed assets 1,181,565 3,623,780 4,805,345
Investments 1 1
Net current assets (20,206) 65,544 45,338
Long Term liabilities (368,234) (368,234)
793,126 3,689,324 4,482,450

OPERATING ACT IVITIES
2021 2020
f E
Net income/(expenditure)
for the reporting		 period (as per the
Statement
of Financial Activities)		 350,495 (286,610)
Adjustments
for:
Depreciation
charges		 310,150 305,576
(Increase)/decrease in stocks 4,518
(Increase)/decrease in debtors (69,417) 23,469
Increase/(decrease) in creditors 26,694 2,462
Net cash provided
by/(used
in) operating		 activities 622,440 44,897
Anal
sis of Cash and		 Cash E uivalents
Cash in hand 806,944 184,504
Total Cash and Cash Equivalents 806,944 184,504

Analysis of Net D ebt :
At 1
Cashflows		 At 31
April 2020 March 2021
f f f
Cash 184,504 622,440 809,944
Bank loans falling due within
one year (54,193) (54,193)
Bank
loans		 falling due after
more than one year (368,234) 54,193 (314,041)
(183,730) 622,440 438,710
28.
COMPARATIVE		 STATEMENT OF FINANCIAL ACTIVITIES - 2020
Total
Unrestricted Restricted funds
funds funds 2020
E f f
Income and endowments from:
Donations
and		 legacies 1,159,447 95,522 1,254,969
Charitable
activities		 564,699 564,699
Other trading
activities		 173,084 173,084
Other 103,163 103,163
Total income and endowments 2,000,393 95,522 2,095,915
Expenditure
on:
Raising funds 24,313 24,313
Trading costs 212,857 212,857
Charitable
activities		 1,774,803 370,552 2,145,355
Total expenditure 2,011,973 370,552 2,382,525
Net movement in funds (11,580) (275,030) (286,610)
Reconciliation of Funds
Total funds brought forward 804,705 3,964,354 4,769,059
Totalfunds carried forward 793,125 3,689,324 4,482,449