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