2023-03-31-accounts - Sherman Cymru

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OBJECTIVESAND ACTIVITIES
ACHIEVEMENTS AND PERFORMANCE
FINANCIAL REVIEW.	10
INVESTMENT POWERS AND POLICY
KEY MANAGEMENT PERSONNEL	12
FUTURE PLANS
PRINCIPAL RISKSAND UNCERTAINTIES	14
STRUCTURE, GOVERNANCE AND MANAGEMENT	14
REFERENCE AND ADMINISTRATIVE DETAILS	16
OFFICERS AND PROFESSIONAL ADVISERS	16
RESPONSIBILITIES OF THE BOARD OF TRUSTEES'	17
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SHERMAN CYMRU	18
STATEMENT OF FINANCIAL ACTIVITIES - CONSOLIDATED	22
SUMMARY INCOME AND EXPENDITURE ACCOUNT
BALANCE SHEET - CONSOLIDATED	24
BALANCE SHEET - CHARITY ONLY.	25
STATEMENT OF CASH FLOWS - CONSOLIDATED .	26
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	27

						Total	Total
				Unrestricted	Restricted	funds	funds
			Note	funds	funds	2023	2022
				f	E	f	f
Income and endowments		from:
Donations and legacies				1,177,592	307,986	1,485,578	1,475,798
Charitable activities				623,971		623,971	362,913
Other trading activities				141,700		141,700	52,341
Other				160,891		160,891	97,018
Totalincome and endowments				2,104,154	307,986	2,412,140	1,988,070
Expenditure on:
Raising funds				49,323		49,323	43,529
Trading costs				215,400		215,400	110,132
Charitable activities				1,921,430	425,053	2,346,483	2,100,050
Total expenditure				2,186,153	425,053	2,611,206	2,253,711
Net movement infunds				(81,999)	(117,067)	(199,066)	(265,641)
Total funds brought	forward		21,22	1,276,001	3,291,302	4,567,303	4,832,944
Totalfunds carried	forward		22 23	1,194,002	3,174,235	4,368,237	4,567,303

			2023	2022
			f	f
Total income ofcontinuing		operations	2,412,140	1,9&8,070
Total expenditure	ofcontinuing operations		(2,611,206)	(2,253,711)
Net surplus/deficit	for the	period	(199,066)	(265,641)

					Note	2023	2022
						f	f
Net cash provided by operating activities					27	(33,884)	(21,935)
Cash flows from investing activities:
Purchase of property plant and equipment						396
Net cash provided by (used in) investing	activities					396
Cash flows from financing activities:
Repayments of borrowing						(52,955)	(54,193)
Net cash provided by (used in) financing	activities					(52,955)	(51,193)
Change in cash and cash equivalents in the		reporting	period			13,553	(75,831)
Cash and cash equivalents at the beginning		ofthe reporting		period		731,113	806,944
Cash and cash equivalents at the end ofthe		reporting	period		27	744,666	731113

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

				Unrestricted	Restricted	Total funds	Total funds
				funds	funds	2023	2022
					f	f	f
	Fundraising			10,578		10,578	10,325
	Recurrent	grants:
	Arts Council		ofWales	1,167,014		1,167,014	1,138,383
	Other grants:
	Arts Council		ofWales		153,593	153,593	148,024
	Other				154,393	154,393	179,066
				1,177,592	307,9&6	1,485,578	1,475,798
4.	INCOME FROM CHARITABLE ACTIVITIES
				Unrestricted	Restricted	Total funds	Total funds
				funds	funds	2023	2022
				f	f	f	f
	Ticket sales:
	Sherman	Cymru productions		160,708		160,708	117,187
	In House Visiting Companies			259,130		259,130	50,898
	Communities		and Engagement	7,252		7,252	117
	Touring:
	Sherman Cymru productions			12,750		12,750	7,100
	Co-productions						61,917
	Communities	and Engagement:
	Participant	fees		35,735		35,735	21,169
	Project income
	Development	5	New Writing	471		471
	Hires			13,915		13,915	48,402
	Publishing			1,574		1,574	123
	HMRC Theatre Tax relief			132,436		132,436	56,000
				623,971		623,971	362,913

5.	INCOME FROM OTHER TRADING ACTIVIT	IES	IES
		Unrestricted		Restricted	Total funds	Tota I funds
			funds f	funds f	2023 f	2022 f
	Bar and Front of House receipts		141,700		141,700	52,341
			141,700		141,700	52,341
6.	INCOME FROM OTHER SOURCES
		Unrestricted		Restricted	Total funds	Total funds
			funds f	funds f	2023 f	2022 f
	Other income		160,891		160,891	97,018
			160,891		160,891	97,018
7.	EXPENDITURE ON RAISING FUNDS
		Unrestricted		Restricted	Total funds	Total funds
			funds	funds	2023	2022
			f	f	f	f
	Fundraising activities		49,323		49,323	43,529
			49,323		49,323	43,529
8.	EXPENDITURE ON TRADING COSTS —GROUP		AND CHARITY
					2023	2022
					f	f
	Bar and front ofhouse costs
	Bar and cafe salaries				103,864	51,070
	Bar and cafe purchases				&6,973	47,546
					190,837	98,616
	Other Front of House salaries and	costs			24,563	11,516
	Total bar and Front of House costs				215,400	110,132

	Staff	Other	Deprecia-		Total	Total
	costs f	costs	tion f	Governance f	2023 f	2022 f
Unrestricted
Artistic	743,223	474,999	51,574		1,269,796	1,039,028
Marketing Management 5	186,234	168,592	13,251		368,077	260,408
Administration	110,152	60,856	7,905		178,913	169,486
Support
Costs	62,079	14,5&4	4,564	23,417	104,644	89,627
Restricted	1,101,688	719,031	77,294	23,417	1,921,430	1,558,549
Production 5
Performances		42,478	50,919		93,397	74,538
Marketing Management 5		5,250	6,293		11,543	7,991
Administration		755	905		1,660	18,570
Support Costs	108,785	2,642	133,567		244,994	168,679
Other costs		33,410	40,049		73,459	271,723
	108,785	84,535	231,733		425,053	541,501
Costs	1,210,473	803,566	309,027	23,417	2,346,483	2,100,050
ncluded in governance	costs above are the following governance costs:
	Unrestricted Restricted			Total funds	Total funds
		funds	funds	2023	2022
			f	f	f
Audit		13,325		13,325	8,250
Legal		630		630	4,263
Salary		6,858		6,858	6,209
Support costs		2,604		2,604	2,734
		23,417		23,417	21,456

											2023	2022
											f	f
Employee Wages and Employer's Employer's	costs during the year: salaries National Insurance contributions Pension contributions										874,841 77,803 20,233	668,289 59,308 21,891
											972,877	749,488
mployee costs shown above relate				to staff	paid through		payroll.		Note 9contains amounts paid to
reelance	contracted	staff	and	relates	only	to	staff	engaged		in	charitable activities.
1.STAFF NUMBERS
											2023	2022
Average number of		persons employed:									No.	No.
Production	staff (temporary)										14	6
Permanent	staff										24	23
											38	29

Annual Gross	Employer	Nl	Employer	Total 2023	Total 2022
f306,456	f35,464		f7,904	f349,824	f296,274
2. NET INCOME/(EXPENDITURE)		FOR	THE YEAR —GROUP AND CHARITY
				2023	2022
				f	f
Net incoming	resources after charging:
Auditors' remuneration				13,325	8,250
Depreciation				309,027	309,918

	Long Leasehold
	Property	Fixtures and	Motor
	Improvements f	equipment f	vehicles	Total f
Cost or valuation
at 1April 2022	7,035,361	280,655	40,000	7,356,016
Additions		396		396
Disposa Is
At 31March 2023	7,035,361	281,051	40,000	7,356,412
Accumulated depreciation
at 1April 2022	2,897,488	253,919	19,333	3,170,740
Charge for the year	297,389	3,638	8,000	309,027
Eliminated on disposal
At 31March 2023	3,194,877	257557	27.333	3,479,767
Net book value
At 31March 2023	3,840,484	23,494	12,667	3,876,645
At 31March 2022	4,137,873	26,736	20,667	4,185,276

				Year ended	Year ended	Year ended
				31March 2023	31Ma	rch 2022
				f		f
Summary profit		and loss account:
Income				347,880		368,160
Administrative	expenses			(480,316)	(424,160)
Operating loss HMRC Theatre	Tax Relief			(132,436) 132,436		(56,000) 56,000
Result for the	period
The assets and	liabilities ofthe subsidiary		were:
Total assets				132,436		56,000
Amounts falling		due within one year		(132,435)		(55,999)
Aggregate share capital and reserves
17. STOCKS		—GROUP AND CHARITY
					2023	2022
					f	f
Bar and Front	of House				9,463	9,910
Production					10,915	11,980
Publications					11,914	10,882
Other stocks					968	1,796
					33,260	34,588

18. DEBTORS	18. DEBTORS
					Group	Charity	Group	Charity
					2023	2023	2022	2022
					f	f	f	f
Trade debtors					37,772	37,772	61,724	61,724
Other debtors					45,820	45,820	22,032	22,032
Taxation and Social Security
HMRC Theatre	Tax Relief				132,436		56,000
Intercompany	balance					132,436		56,000
Prepayments					64,491	64,491	44,153	44,153
Accrued Income							4,775	4,775
					280,519	280,519	188,684	188,684
19. CREDITORS: AMOUNTS				FALLING DUE WITHIN ONE		YEAR
					Group	Charity	Group	Charity
					2023	2023	2022	2022
					f	f	f	f
Other creditors
Taxation and Social Security					28,52&	28,528	11,945	11,945
Deferred revenue		income			136,066	136,066	74,387	74,387
General accruals					68,609	68,609	126,761	126,761
Bank Loan					52,485	52,485	53,896	53,896
Accruals for Redevelopment			costs		8,225	8,225	9,395	9,395
					293,913	293,913	276,384	276,384

			Charity &Group	Charity &Group
			2023	2022
			f	f
Balance	as at 1st	April 2022	74,387	52,238
Income	received	in the year	1,771,933	1,354,984
Released	to income		(1,710,254)	(1,332,835)
Balance	as at 31	March 2023	136,066	74,387

				Group	Group	Charity	Charity	Group	Charity
				2023			2023	2022	2022
					f		f	f	f
Bank Loan				208,599		208,599		260,142	260,142
				208,599		208,999		260,142	260,142
he bank	loan	is secured	over the assets	of the	charity	and	is repayable	in equal	monthly
nstalments.
epayable	by instalments
								Total	Total
								2023	2022
								f	f
Within one year Between 2 and 5years							52,485 208,599		53,896 233,958
After 5years									26,184
							261,0&4		314,038

			General	Capital	Total
			funds	funds	Funds 2023
			f	f	f
Balances Brought Forward			593,142	682,859	1,276,001
Surplus/deficit		for the year	(81,999)		(81,999)
Movement	for	the year	77,294	(77,294)
			588,437	605,565	1,194,002

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

The income funds	of	Sherman Cymru	Sherman Cymru	Sherman Cymru	included		in restricted	funds comprise	funds comprise	the following	the following
unexpended balances	of capital grants and				donations		applied for	the Building	Refurbishment		and
Redevelopment, the	cost of		which are being depreciated over the					useful life ofthe		asset.
						Balance		Incoming				Balance
					at	01/04/22		resources f	Expenditure f		at	31/O3/23 f
Capital
Building Refurbishment		and Redevelopment				3,100,972			(209,190)			2,891,782
Foyer Refurbishment							35,238			(14,543)		20,695
Arts Council ofWales	—Public		Art				2,437					2,437
Foyle Foundation/Garrick		Trust-Transit		Van			20,667			(8,000)		12,667
						3,159,314			(231,733)			2,927,581
Revenue funds
Arts Council ofWales	(Creative Pathways)						18,594	3,020		(17,597)		4,017
Arts Council ofWales	(Creative Pathways)							44,742		(17,8261		26,916
Arts Council ofWales	(Housemates)						14,528	15,075		(10,417)		19,1&6
Arts Council Wales (RAMPS)								90,756		(6,770)		83,986
Darkley Trust								2,500		(2,500)
D'Oyly Carte								4,500		(50)		4,450
Esmee Fairbairn (ITP)							14,865			(14,865)
Esmee Fairbairn (Covid Support)							9,201			(4,668)		4,533
Fenton Arts Trust								3,000		(z,7zo)		280
Gibbs Trust							2,000					2,000
Go Wales							967					967
Innovate Trust							437			(430)		7
Hodge Foundation								5,000		(z,64z)		2,358
Legacy —A Kellaway							1,246					1,246
Lloyd Webber Foundation							1,546			(1,546)
Moondance Foundation								40,170		(5,577)		34,593
National Heritage								27,804				27,804
National Theatre Connections			Festival	2020			35			(35)
National Theatre Connections			Festival	2022			2,999			(2,999)
Old Vic							10,000			(6,329)		3,671
Paul Hamlyn Foundation		2019					52,840	71,419		(93,619)		30,640
Philip Carne							1,024			(1,024)
Stage One Producers							1,706			(1,706)
						131,988		307,986	(193,320)			246,654
Total Restricted Funds						3,291,302		307,986	(425,053)			3,174,235

				Balance	Incoming		Balance
				at 01/04/21 f	resources f	Expenditure f	at 31/03/22 f
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/Garrick	Trust-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 Esmee Fairbairn (ITP)				3,500 30,086		(3,500) (15,221)	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 Lloyd Webber Foundation				1,246 5,046		(3,500)	1,246 1,546
National Theatre Connections		Festival 2019		17		(17)
National Theatre Connections		Festival 2020		1,669		(1,634)	35
NationalTheatre 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

	Unrestricted	Funds
	Designated
	Capital	General	Restricted	Total
	funds	funds	funds	2023
	f	f	f	f
Group
Fixed assets	949,064		2,927,581	3,876,645
Net current (liabilities)/assets	(134,900)	588,438	246,654	700,192
Long Term liabilities	(208,599)			(208,599)
	605,565	588,438	5,174,255	4,368,238
Charity
Fixed assets	949,064		2,927,581	3,876,645
Investments		1		1
Net current (liabilities)/assets	(134,900)	588,438	246,654	700,192
Long Term liabilities	(208,599)			(208,599)
	605,565	588,439	3,174,235	4,368,239

	Unrestricted	Restricted	Total
	funds	funds	2022
	f	f	f
Group
Fixed assets	1,025,962	3,159,314	4,185,276
Net current assets	510,181	131,988	642,169
Long Term liabilities	(260,142)		(260,142)
	1,276,001	3,291,302	4,567,303
Charity
Fixed assets	1,025,962	3,159,314	4,185,276
Investments	1		1
Net current assets	510,181	131,988	642,169
Long Term liabilities	(260,142)		(260,142)
	1,276,002	3,291,302	4,597,304

		2023	2022
		f	f
Plant and equipment:
Fall due within	1year	14,989	30,277
Fall due within	2 —5years	4,716	26,133
		19,705	56,410

OPERATING ACT	IVITIES
				2023	2022
					f
Net income/(expenditure) for the reporting			period (as per the
Statement of Financial Activities)				(199,064)	(265,641)
Adjustments for: Depreciation charges				309,027	309,919
(Increase)/decrease	in stocks			1,308	(7,872)
(Increase)/decrease	in debtors			(91,835)	14,988
Increase/(decrease)	in creditors			(53,320)	(73,031)
Net cash provided by/(used in) operating		activities		(33,884)	(21,637)
Anal sis of Cash and	Cash E uivalents
Cash in hand				744,666	731,113
Total Cash and Cash	Equivalents			744,666	731,113

					At 1	Cashflows	At 31
					April 2022 f	f	March 2023 f
Cash					731113	13,553	744,666
Bank	loans	falling	due	within
one year					(53,896)	(52,485)	(106,381)
Bank	loans	falling	due	after
more	than	one year			(261,084)	52,485	(208,599)
					416,133	13,553	429,686

					Total
			Unrestricted	Restricted	funds
			funds	funds	2022
			E	f	f
Income and endowments		from:
Donations and legacies			1,173,661	302,137	1,475,798
Charitable activities			362,913		362,913
Other trading activities			52,341		52,341
Other			97,018		97,018
Totalincome and endowments			1,685,933	302,137	1,988,070
Expenditure on:
Raising funds			43,529		43,529
Trading costs			110,132		110,132
Charitable activities			1,558,549	541,501	2,100,050
Total expenditure			1,712,210	541,501	2,253,711
Net movementin funds			(26,277)	(239,364)	(265,641)
Reconciliation of Funds
Total funds brought	forward		1,302,278	3,530,666	4,832,944
Totalfunds carried	forward		1,276,001	3,291,302	4,5687,303