## 



## 

|OBJECTIVESAND ACTIVITIES..||
|---|---|
|ACHIEVEMENTS<br>AND PERFORMANCE.||
|FINANCIAL REVIEW..|14|
|INVESTMENT POWERS AND POLICY.|15|
|KEY MANAGEMENT<br>PERSONNEL|16|
|FUTURE PLANS|17|
|PRINCIPAL RISKSAND UNCERTAINTIES.|18|
|STRUCTURE, GOVERNANCE<br>AND MANAGEMENT. .|18|
|REFERENCE AND ADMINISTRATIVE<br>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<br>FINANCIAL STATEMENTS...|.....31|





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



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||||||Total|Total|
|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|funds|funds|
|||Note|funds|funds|2022|2021|
||||f|f|f|f|
|Income and endowments|from:||||||
|Donations<br>and legacies|||1,173,661|302,137|1,475,798|2,093,078|
|charitable<br>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<br>on:|||||||
|Raising funds|||43,529||43,529|46,047|
|Trading costs|||110,132||110,132|60,583|
|Charitable<br>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<br>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<br>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<br>Funds|||22||3,291,302||3,530,666|
|Unrestricted<br>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<br>Funds||||22||3,291,302||3,530,666|
|Unrestricted<br>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<br>by operating<br>activities|||||27|(21,935)|622,440|
|Cash flows from investing<br>activities:||||||||
|Purchase ofproperty<br>plant and equipment||||||||
|Net cash provided<br>by (used in) investing|activities|||||||
|Cash flows from financing activities:||||||||
|Repayments<br>ofborrowing||||||(54,193)||
|Net cash provided<br>by (used in) financing|activities|||||(43,869)||
|Change in cash and cash equivalents<br>in the||reporting|period|||(75,831)|622,440|
|Cash and cash equivalents<br>at the beginning||ofthe reporting||period||806,944|184,504|
|Cash and cash equivalents<br>at the end of|the|reporting|period||27|731,113|806,944|





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## 

## 

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



## 

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## 

## 

|||||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<br>Cymru||productions|117,187||117,187|6,107|
||In House Visiting||Companies|50,898||50,898|200|
||Communities|and Engagement||117||117||
||Touring:|||||||
||Sherman<br>Cymru||productions|7,100||7,100||
||Co-productions|||61,917||61,917||
||Communities<br>and||Engagement:|||||
||Participant<br>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<br>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|Total|funds|Total|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<br>Gross|Employer|Nl|Employer|Pension|Total 2022|Tota I 2021|
|---|---|---|---|---|---|---|
|E260,750|E28,661||E6,863||6296,274|E237,866|



## 

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





## 

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## 

## 




## 

## 

||||Year ended|Year ended|
|---|---|---|---|---|
||||31March 2022|31March 2021|
||||E|E|
|Summary|profit and loss account:||||
|Income|||368,160||
|Administrative<br>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.<br>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.<br>CREDITOR|S: AMOUN|TS<br>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.<br>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<br>E|resources<br>f|Expenditure<br>E|at 31/03/22<br>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<br>(ITP)||||30,086||(15,2211|14,865|
|Esmee Fairbairn<br>(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<br>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<br>Funds||||3,530,666|302,137|(541,501)|3,291,302|





## 

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## 

## 

## 

||||||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<br>donation - TEN||||||5,150|(5,150)||
|Cathays<br>High School|||||58||(58)||
|Esmee Fairbairn<br>(ITP)|||||14,716|28,340|(12,970)|30,086|
|Esmee Fairbairn<br>(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<br>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<br>Foundation|2019||||13,951|80,050|(47,205)|46,796|
|Philip Carne|||||1,024||(-)|1,024|
|The College Merthyr<br>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.<br>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)<br>for the reporting|||period (as per the|||
|Statement ofFinancial Activities)||||(265,641)|350,495|
|Adjustments<br>for:||||||
|Depreciation<br>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<br>by/(used<br>in) operating||activities||(21,637)|622,440|
|Anal<br>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<br>and legacies|||1,420,121|672,957|2,093,078|
|Charitable<br>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<br>on:||||||
|Raising funds|||46,047||46,047|
|Trading costs|||60,583||60,583|
|Charitable<br>activities|||924,204|831,615|1,755,819|
|Total expenditure|||1,030,834|831,615|1,862,449|
|Net movement<br>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|