2022-03-31-accounts - Sherman Cymru

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OBJECTIVESAND ACTIVITIES..
ACHIEVEMENTS AND PERFORMANCE.
FINANCIAL REVIEW..	14
INVESTMENT POWERS AND POLICY.	15
KEY MANAGEMENT PERSONNEL	16
FUTURE PLANS	17
PRINCIPAL RISKSAND UNCERTAINTIES.	18
STRUCTURE, GOVERNANCE AND MANAGEMENT. .	18
REFERENCE AND ADMINISTRATIVE DETAILS.	.....20
OFFICERS AND PROFESSIONAL ADVISERS.	...20
RESPONSIBILITIES OF THE BOARD OF TRUSTEES'	.....21
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SHERMAN CYMRU ....	...22
STATEMENT OF FINANCIAL ACTIVITIES - CONSOLIDATED ..	.....26
SUMMARY INCOME AND EXPENDITURE ACCOUNT.	...27
BALANCE SHEET - CONSOLIDATED..	.....28
BALANCE SHEET - CHARITY ONLY .	..29
STATEMENT OF CASH FLOWS - CONSOLIDATED ...
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS...	.....31

a.	To establish		astrong, distinct artistic identity
b.	To create a		resilient, financially stable company capable	of delivering the artistic
	vision
C.	To engage both loyal and new audiences with increased frequency ofattendance
d.	To actively engage our communities in meaningful participatory relationships
	To generate		opportunities for developing and nurturing the theatre-makers		of	the
	future
	To maintain		a resilient, accountable and well-managed	company with	strong
	corporate governance
	To ensure	that all staff understand the business aims		and objectives	and	are
	empowered		and motivated to assist the Company to achieve its Mission
	To develop		and implement environmental policies and	practices which	result	in
	environmental		benefit and energy use reduction.

					Total	Total
			Unrestricted	Restricted	funds	funds
		Note	funds	funds	2022	2021
			f	f	f	f
Income and endowments	from:
Donations and legacies			1,173,661	302,137	1,475,798	2,093,078
charitable activities			362,913		362,913	91,442
Other trading activities			52,341		52,341	319
Other			97,018		97,018	28,105
Totalincome and endowments			1,685,933	302,137	1,988,070	2,212,944
Expenditure on:
Raising funds			43,529		43,529	46,047
Trading costs			110,132		110,132	60,583
Charitable activities			1,558,549	541,501	2,100,050	1,755,819
Total expenditure			1,712,210	541,501	2,253,711	1,862,449
Net movementin funds		12	(26,277)	(239,364)	(265,641)	350,495
Total funds brought forward		21,22	1~302~278	3p530g666	4g832p944	4,482,449
Totalfunds carried forward		22,23	1,276,001	3,291,302	4,567,303	4,832,944

			2022	2021
				E
Total income ofcontinuing		operations	1,988,070	2,212,944
Total expenditure	ofcontinuing operations		(2,253,711)	(1,862,449)
Net surplus/deficit	forthe	period	(265,641)	350,495

					2022		2021
			Note		E		E
Fixed assets
Tangible assets			15		4,185,276		4,495,195
Current assets:
Stocks			17	34,568		26,696
Debtors and prepayments			18	188,684		203,672
Cash at bank and in	hand			731,113		806,944
				954,365		1,037,312
Liabilities:
Creditors: amounts	falling due within one
year
Trade creditors				35,812		107,464
Other creditors			19	276,384		278,058
				312,196		385,522
Net current assets					642,169		651,790
Total assets less current		liabilities			4,827,445		5,146,985
Creditors: amounts	falling due after more
than one year			20		(260,142)		(314,041)
Net assets					4,567,303		4,832,944
The funds ofthe chadity:
Restricted Funds			22		3,291,302		3,530,666
Unrestricted funds:			21		1,276,001		1,302,278
Total charity funds			23		4,567,303		4,832,944

						2022		2021
				Note		f		E
Fixed assets:
Tangible assets				15		4,185,276		4,495,195
Investments				16		1		1
Current assets:
Stocks				17	34,568		26,696
Debtors and prepayments				18	188,684		203,672
Cash at bank and	in	hand			731,113		806,944
					954,365		1,037,312
Uabilities:
Creditors: amounts		falling due within one
year
Trade creditors					35,812		107,464
Other creditors				19	276,384		278,058
					312,196		385,522
Net current assets						642,169		651,790
Total assets less	current		liabilities			4,827,446		5,146,986
Creditors: amounts		falling due after more
than one year				20		(260,142)		(314,041)
Net assets						4,567,304		4,832,945
The funds ofthe	chadity:
Restricted Funds				22		3,291,302		3,530,666
Unrestricted funds:				21		1,276,002		1,302,279
Total charity funds				23		4,567,304		4,832,945

					Note	2022	2021
						6	E
Net cash provided by operating activities					27	(21,935)	622,440
Cash flows from investing activities:
Purchase ofproperty plant and equipment
Net cash provided by (used in) investing	activities
Cash flows from financing activities:
Repayments ofborrowing						(54,193)
Net cash provided by (used in) financing	activities					(43,869)
Change in cash and cash equivalents in the		reporting	period			(75,831)	622,440
Cash and cash equivalents at the beginning		ofthe reporting		period		806,944	184,504
Cash and cash equivalents at the end of	the	reporting	period		27	731,113	806,944

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

				Unrestricted	Restricted	Total funds	Total funds
				funds	funds	2022	2021
				f	f	E	f
	Fundraising			10,325		10,325	9,698
	Recurrentgrants:
	Arts Council of		Wales	1,138,383		1,138,383	1,211,883
	Other grants:
	Arts Council of		Wales		148,024	148,024	548,491
	Other			24,953	154,113	179,066	323,006
				1,173,661	302,137	1,475,798	2,093,078
4.	INCOME FROM	CHARITABLE ACTIVITIES
				Unrestricted	Restricted	Total funds	Total funds
				funds	funds	2022	2021
				f	f	E	E
	Ticket sales:
	Sherman Cymru		productions	117,187		117,187	6,107
	In House Visiting		Companies	50,898		50,898	200
	Communities	and Engagement		117		117
	Touring:
	Sherman Cymru		productions	7,100		7,100
	Co-productions			61,917		61,917
	Communities and		Engagement:
	Participant fees			21,169		21,169	6,286
	Project income						397
	Hires			48,402		48,402	78,237
	Publishing			123		123	215
	HMRC Theatre Tax		relief	56,000		56,000
				362,913		362,913	91,442

5.	INCOME FROM OTHER TRADING ACTIVITIES	INCOME FROM OTHER TRADING ACTIVITIES
		Unrestricted		Restricted	Total funds	Total funds
			funds	funds	2022	2021
			E	E	E	E
	Barand Front of House receipts		52,341		52,341	319
			52,341		52,341	319
6.	INCOME FROM OTHER SOURCES
			Unrestricted	Restricted	Total funds	Total funds
			funds	funds	2022	2021
			E	E	E	E
	Otherincome		97,018		97,018	28,105
			97,018		97,018	28,105
7.	EXPENDITURE ON RAISING FUNDS
			Unrestricted	Restricted	Total funds	Total funds
			funds	funds	2022	2021
			E	E	E	E
	Fundraising	activities	43,529		43,529	46,047
			43,529		43,529	46,047
8.	EXPENDITURE ON TRADING COSTS —GROUP		AND CHARITY

	2022f	2021 E
Bar and front ofhouse costs
Barand cafe salaries	51,070	31,660
Barand cafe purchases	47,546	15,424
	98,616	47,084
Other Front of House salaries and costs	11,516	13,499
Total bar and Front of House costs	110,132	60,583

9.	EXPENDITURE	EXPENDITURE	ON	CHARITABLE ACTIVITIES —GROUP	CHARITABLE ACTIVITIES —GROUP	AND CHARITY	AND CHARITY
				Staff	Other	Deprecia-		Total	Total
				costs	costs	tion	Governance	2022	2021
				E	E	f		f	E
Unrestricted
	Artistic			689,405	296,000	53,623		1,039,028	473,237
	Marketing			137,112	112,339	10,957		260,408	202,076
	Management		&
	Administration			111,190	49,460	8,836		169,486	179,238
	Support
	Costs			52,232	11,669	4,270	21,456	89,627	69,653
				989,939	469,468	77,686	21,456	1,558,549	924,204
Restricted
	Production	&
	Performances				42,571	31,967		74,538	51,487
	Marketing				4,564	3,427		7,991	2,099
	Management		&
	Administration				10,606	7,964		18,570	8,047
	Support Costs			96,338		72,341		168,679	266,671
	Other costs				155,189	116,534		271,723	503,311
				96,338	212,930	232,233		541,501	831,615
				1,086,277	682,398	309,919	21,456	2,100,050	1,755,819

		Unrestricted	Restricted	funds	funds
		funds	funds	2021	2020
		E	f	E	E
Audit		8,250		8,250	6,950
Legal		4,263		4,263	1,587
Salary		6,209		6,209	6,042
Support	costs	2,734		2,734	3,392
		21,456		21,456	17,971

				2022	2021
				E	E
Employee	costs during the year:
Wages and	salaries			668,289	621,797
Employer's	National	Insurance	contributions	59,308	54,846
Employer's	Pension	contributions		21,891	17,577
				749,488	694,220

1.STAFF N	UMBERS
		2022	2021
Average number of persons employed:		No.	No.
Production	staff (temporary)	6	2
Permanent	staff	23	23
		29	25

Annual Gross	Employer	Nl	Employer	Pension	Total 2022	Tota I 2021
E260,750	E28,661		E6,863		6296,274	E237,866

2. NET INCOME/(EXPENDITURE) FOR THE YEAR- GR	OUP AND CHARITY
	2022	2021
	E	E
Net incoming resources after charging:
Auditors' remuneration	8,250	6,950
Depreciation	309,918	310,150

			Year ended	Year ended
			31March 2022	31March 2021
			E	E
Summary	profit and loss account:
Income			368,160
Administrative expenses			(424,160)
Operating	loss		(56,000)
HMRC Theatre Tax Relief			56,000
Result for the period
The assets	and liabilities ofthe subsidiary	were:
Total assets			56,000
Amounts	falling due within one year		(55,999)
Aggregate	share capital and reserves

7. STOCKS —GROUP AND CHARITY
	2022	2021
		E
Bar and Front ofHouse	9,910	3,605
Production	11,980	10,127
Publications	10,882	11,313
Other stocks	1,796	1,651
	34,568	26,696

		Group	Charity	Group	Charity
		2022	2022	2021	2021
		6	6	E	E
Trade debtors		61,724	61,724	57,859	57,859
Other debtors		22,032	22,032	14,965	14,965
Taxation and Social Security				26,413	26,413
HMRC Theatre	Tax Relief	56,000
Intercompany	balance		56,000
Prepayments		44,153	44,153	47,596	47,596
Accrued Income		4,775	4,775	56,839	56,839
		188,684	188,684	203,672	203,672

9. CREDITOR	S: AMOUN	TS FALLING	DUE WITHIN ONE	YEAR
			Group	Charity	Group	Charity
			2022	2022	2021	2020
			f	E	E	E
Other creditors
Taxation and Social Security			11,945	11,945
Deferred revenue	income		74,387	74,387	52,238	52,238
General accruals			126,761	126,761	162,232	162,232
Bank Loan			53,896	53,896	54,193	54,193
Accruals for Redevelopment		costs	9,395	9,395	9,395	9,395
			276,384	276,384	278,058	278,058

			Charity	Ih Group
			2022	2021
			E	E
Balance	as at 1st	April 2021	52,238	124,941
Income	received	in the year	1,354,984	1,482,198
Released	to income		(1,332,835)	(1,554,901)
Balance	asat31	March 2022	74,387	52,238

		Group	Charity	Group	Charity
		2022	2022	2021	2021
		E	E	f	E
Bank	Loan	260,142	260,142	314,041	314,041
		260,142	260,142	314,041	314,041

	Total	Total
	2022	2021
	f	E
Within one year	53,896	54,193
Between 2 and 5years	233,958	228,509
After 5years	26,184	85,532
	314,038	368,234

1. UNR	EST	RICTED FUNDS —GROUP AND	CHARITY
			General	Capital	Total
			funds	funds	Funds 2022
			f	f	f
Balances Brought Forward			566,864	735,414	1,302,278
Surplus/deficit		for the year	(26,277)		(26,277)
Movement	for	the year	52,555	(52,555)
			593,142	682,859	1,276,001

		General	Capital	Total
		funds	funds	Funds 2021
		f	E	f
Balances Brought Forward		(20,205)	813,330	793,125
Surplus for	the year	509,153		509,153
Movement	for the year	77,916	(77,916)
		566,864	735,414	1,302,278

				Balance	Incoming		Balance
				at 01/04/21 E	resources f	Expenditure E	at 31/03/22 E
Capital
Building Refurbishment	and
Redevelopment				3,310,162		(209,190)	3,100,972
Foyer Refurbishment				50,281		(15,043)	35,238
Arts Council ofWales —Public		Art		2,437			2,437
Foyle Foundation/GarrickTrust-Transit			Van	28,667		(8,000)	20,667
				3,391,547		(232,233)	3,159,314
Revenue funds
Arts Council ofWales (Cultural		Recovery	2)		102,898	(102,898)
Arts Council ofWales (Cultural		Recovery	3)		30,598	(30,598)
Arts Council ofWales (Creative		Pathways)		45,178		(26,584)	18,594
Arts Council ofWales (Housemates)					14,528		14,528
Ashley Foundation				3,500		(3,500)
Esmee Fairbairn (ITP)				30,086		(15,2211	14,865
Esmee Fairbairn (Covid Support)				3,370	35,000	(29,169)	9,201
Garrick Trust				750		(750)
Gibbs Trust					2,000		2,000
Go Wales					3,990	(3,023)	967
Innovate Trust				437			437
Legacy —A Kellaway				1,246			1,246
Lloyd Webber Foundation				5,046		(3,500)	1,546
National Theatre Connections		Festival 2019		17		(17)
National Theatre Connections		Festival 2020		1,669		(1,634)	35
National Theatre Connections		Festival 2022			3,250	(251)	2,999
Old Vic					10,000		10,000
Paul Hamlyn Foundation	2019			46,796	76,000	(69,956)	52,840
Philip Carne				1,024			1,024
Stage One Producers					23,873	(22,167)	1,706
				139,119	302,137	(309,268)	131,988
Total Restricted Funds				3,530,666	302,137	(541,501)	3,291,302

					Balance	Incoming		Balance
					at 01/04/20	resources	Expenditure	at 31/03/21
					f	E	E	f
Capital
Building Refurbishment	and
Redevelopment					3,519,352		(209,190)	3,310,162
F~oer 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		(-1	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

23. ANALYSIS OF NET ASSETS	BETWEEN FUNDS
	Unrestricted	Funds
	Designated
	Capital	General	Restricted	Total
	funds	funds	funds	2022
	f	E	E	6
Group
Fixed assets	1,025,962		3,159,314	4,185,276
Net current (liabilities)/assets	(82,961)	593,142	131,988	642,169
Long Term liabilities	(260,142)			(260,142)
	682,859	593,142	3,291,302	4,567,303
Charity
Fixed assets	1,025,962		3,159,314	4,185,276
Investments		1		1
Net current (liabilities)/assets	(82,961)	593,142	131,988	642,169
Long Term liabilities	(260,142)			(260,142)
	682,859	593,143	3,291,302	4,567,304

	Unrestricted	Restricted	Total
	funds	funds	2021
	E	E	E
Group
Fixed assets	1,103,648	3,391,547	4,495,195
Net current assets	512,671	139,119	651,790
Long Term liabilities	(314,041)	-	(314,041)
	1,302,278	3,530,666	4,832,944
Charity
Fixed assets	1,103,648	3,391,547	4,495,195
Investments	1		1
Net current assets	512,671	139,119	651,790
Long Term liabilities	(314,041)		(314,041)
	1,302,279	3,530,666	4,832,945

	2022	2021
	E	E
Plant and equipment:
Fall due within 1year	30,277	20,888
Fall due within 2 —5years	26,133	29,641
	56,410	50,529

				2022	2021
				E	E
Net income/(expenditure) for the reporting			period (as per the
Statement ofFinancial Activities)				(265,641)	350,495
Adjustments for:
Depreciation charges				309,919	310,150
(Increase)/decrease	in stocks			(7,872)	4,518
(increase)/decrease	in debtors			14,988	(69,417)
Increase/(decrease)	in creditors			P3,031)	26,694
Net cash provided by/(used in) operating		activities		(21,637)	622,440
Anal sis ofCash and	Cash E uivalents
Cash in hand				731,113	806,944
Total Cash and Cash	Equivalents			731,113	806,944

					At 1	Cashfiowa	At 31
					April 2021		March 2021
					f	E	E
Cash					809,944	(78,831)	731,113
Bank	loans	falling	due	within
one year					(54,193)	(53,896)	(108,089)
Bank	loans	falling	due	after
more	than	one year			(314,041)	53,896	(260,145)
					441,710	(78,831)	362,879

					Total
			Unrestricted	Restricted	funds
			funds	funds	2021
			E	E	E
Income and endowments		from:
Donations and legacies			1,420,121	672,957	2,093,078
Charitable activities			91,442		91,442
Other trading activities			319		319
Other			28,105		28,105
Total income and endowments			1,539,987	672,957	2,212,944
Expenditure on:
Raising funds			46,047		46,047
Trading costs			60,583		60,583
Charitable activities			924,204	831,615	1,755,819
Total expenditure			1,030,834	831,615	1,862,449
Net movement infunds			509,153	(158,658)	350,495
Reconciliation of Funds
Total funds brought	forward		793,125	3,689,324	4,482,449
Totalfunds carried	forward		1,302,278	3,530,666	4,832,944