Charity Reglstration Number: 1118364 Compary ReBlstration Number: 06002090 SHERMAN CYMRU CONSOLIDATED TRUSTEES. REPORT AND GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2025 HSJ Audlt Ltd Severn House Hazell Drive Newport NPIO 8FY SHERMAN CYMRU Consolidated Tru5tees' Report and Group Financial Staiemen Year ended 31 March 2025 CONTENTS: OBJEcfivES AND AcfiviTIES.......................................................................................,............................... ACHIEVEMENTS AND PERFORMANCE.......................................................................................................... FINANCIAL REVIEW....................................................................................................................................12 INVESTMENT POWERS AND POLICY...........................................................................................................13 KEY MANAGEMENT PERSONNEL...................--..........................................................................-................14 FUTURE PLANS.................................................................................................,,.......................................15 PRINCIPAL RISKS AND UNCERTAINTIES.......................................................................................................16 STRucfuRE, GOVERNANCE AND MANAGEMENT........................................................................................16 REFERENCE AND ADMINISTRATIVE DEfAILS...............................................................................................18 OFFICERS AND PROFESSIONALADV15ERS...................................................................................................18 RESPONSIBILITIES OFTHE BOARD OF TRUSTEES'........................................................................................19 REPORT OF THE INDEPENDENfAUDITORS TO THE MEMBERS OF SHERMAN CYMRU...................................20 STATEMENT OF FINANCIAL ACTIVITIES- CON50UDATED......................................-.....................................24 SUMMARY INCOME AND EXPENDrruRE ACCOUNT.---.................................................................................25 BALANCE SHEET- CONSOLIDATED..............................................................................................................z6 BALANCE SHEEf- CHARITY ONLY...............................................................................................................27 STATEMENf OF CASH FLOWS- CONSOLIDATED..........................................................................................28 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENT5............................................................................29 SHERMAN CYMRU Consolidated Trustees, ReDort and Group FTnanclal Statements ". ear ended 31 March 2025 The trustees are pleased to present their annual directors, report together with the financial statements of the charity for the year ending 31 March 2025 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companles Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of I￿land {FRS 102) (effective I January 2019). OBJEcfivES AND AcfiviTIES oBJE￿IVEs The objects of Sherman Cymru are to promote and encourage art and in particular performing art for the benefit of the public by the development, production and presentation of new writing or works of anyform,the provision of theatre facilities and the advancement of education of children, young persons and adults by participation in the experience of theatre, drama and the performing arts. Our Mlsslon: To create and curate shared live theatre experiences that inspire people from all backgrounds across South Wales and beyond to make a better world. We believe that access to creativity and self-expression is a right and we strive every day to ensure everyone has the opportunity to be enriched by the art of theatre. Our Artistic Vlslon: lrnagine a world made more equitable. more compassionate, MO￿ unified bythe powerof theatre. We are driven to achieve this vision every day. We do this by creating and curating shared live theatre experiences that inspire people from all backgrounds acr055 South Wales to make a better world, in their own way. We believe that access to creativity and self-expression is a right and we constantly strive to ensure everyone has the opportunity to be enriched by the art of theatre. Ourfocus on the development and production of new writin& and on nurturlng Welsh and Wales- based artlsts makes us the engine room of Welsh theatre. We tell Welsh stories with global resonance through our Made at Sherman productions, created under our roof in the heart of Cardiff. We're a place for everyone, generating opportunities for the citizens of South Wales to connect with theatre through inspiring and visionary engagement. ShERMAN CYMRU Consolidated Trustees Report and Group Financial Statements Year ended 31 March 2025 PUBLIC BENEFIT We have referred to the guidance contained in the Charity Commissloners, general guidance on public benefit when reviewing our aims and objectives and in plannlng our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. The company's strategic aims are: To create and curate exceptional, exciting, hlgh quality theatre experlences in Welsh and English forthe enjoyment and stimulation of all ages and backgrounds As a truly bilingual organisation, to make a mea ningful and Impactful contribution to the Welsh Government's aim of reaching I million Welsh speakers by 2050 To grow and diversify ouraudience, increasing our annual average capacity by 8% from the pre-pandemic average of 67% to an average of 72% by the end of 2026127 To strengthen the Sherman's reputation as an iconic, welcoming public building and creative hub in the centre of Cardiff for the local and Wales-wide community To cultivate and nurtu￿ a new, diverse generation of theatre makers and arts leaders To work in partnership to engage young people, including those from socially excluded and disadvantaged backgrounds, in hlgh quality, affordable activities in a wide range of theatre making disciplines to help develop their creative, social, personal and economic potential To ensure we have a fully supported workforce and leadership team which is as diverse as the city we represent To grow our digital understandingand capacityand develop new ways of working that exploit modern technologies for artistic, strategic, commercial, communication, and operational purposes To exploit the Sherman's work nationaify and internationally for the purpose of building audlences, reputation, and where appropriate, commercial gain To reduce Sherman Theatre's long-term impart on the environment and to aspi to become a model of practice for other arts organisations To maintain a financially stable company and develop a commercially viable and sustainable income generation model which will grow year-on-year acr055 the period of this plan Each aim has two or three key objectives and three-to-five-year outcomes all contained within the Company Buslness Plan. SHERMAN CYMRU Consolidated Trustees, ReDon and GrouD Financial Statements Vear ended 31 March 2025 ACHIEVEMENTS AND PERFORMANCE 2024-25 was another successful year for Sherman Theatre. Throughout the year we continued to rnake and curate uplifting theatre which resonated deeply with ever increasing audiences and was rnet with acclairn. We created 4 world premiere Productions of plays by Welsh and Wales-based writers. We gave 204 performances of Made at Sherman productions. We staged 7 Made at Sherman productions in total, all created on site at the Sherman, in Cathays, Cardiff. We toured 2 productions acr05S Wales. Through these events and productions we re*ngaged with lapsed audiences and engaged with new audiences which sawoverall capacity increase from a pre-pandemic {2019-20) level of 65%, to 67% in 2023-24, and 72% in 2024-25. And for Made at Sherman productlons. capacity increased from 67% in 2019-20 to 76% in 2024-25. We saw record-breaking runs through Odyssey '84 and A Christmas Corol. Whilst over 14,51J) children experienced exceptional theatre at the Sherman during Christmas 2024. The theatre was nominated for Theatre of the Year at The Stage Awards 2025 for the second consecutive year. The theatre was shortlisted in the Sky Arts Awards 2024- Theatre category. Azuka Ofork3, writer of The Women of Llanrumney, won Best Writer at The Stage Debut Awards 2024. The Women of Llonrumneywas selected in The Stage's Ilst of the top 50 best shows of 2024. Joe Murphy and Julia Barry included in The Stage 100- list of the most influential people in the theatre industry. SHERMAN THEATRE PRODucfioNS Our 2024-25 programme saw a number of exciting productions, tours, new writing, stories rooted within our city. The Women of Llanrumney by Azuka Oforka Written by Azuka Oforka, a debut writer who emerged from the Sherman Theatre Unheard Voices programme established by the Literary Team in 2021. This blistering new playi directed by Patricia Logue and featuring a cast including Suzanne Packer, Nia Roberts and Matthew Gravelle garnered overwhelming audience and critlcal response. "morks Oforka as an urgent and important voice In Welsh theatre." ***** The Guordit7n -soors in its boldness, a spectocular staging by Patrici(7 Logue. **** The Stoge The Women of Llanrumney achieved 100% of target and 100% of survey respondents reported that the production was Good or Very Good. The production was also picked up by Theatre Royal, Stratford East for a reviva l in 2025. SHERMAN CYMRiI Consolidated Trustees, Report ana Group Financial Statements Year ended 31 March 2025 "Conceptually brilliant, with complex characters ond a fearless cast, Azuko Oforka's debut ploy is o remarkable exomination of women under colonialism with contemporary resononce." ***** The Guardian RWCMD NEW: Couple Gools by Rhiannon Boyle - a co-production with Royal Welsh College of Music and Drama. Our 9 collaboration with Royal Welsh College of Music and Drama's NEW Festival was Couple Goals by Rhiannon Boyle. The produrtion played at RWCMD as well as at The Yard in London. 0.6. Prince of Wales- supported by National Theatre Wales In September 2024 we presented a Concert Performance of O.G. Prince of Woles, a new musical by Seiriol Davies. An original co-commission between Sherman Theatre and National Theatre Wales. NTW supported this enhanced R&D phase which culminated in a public concert performance at Sherman Theatre. Iphigenia yn Sblot - a new Welsh language adaptstion of Gary Owen's playi Supported by Elsteddfod Genedlaethol Cymru. This produrtion opened at the National Eisteddfod in Pontypridd in August 2024 prior to a run at Sherman Theatre and an extensive three-week tour across Wales to the following venues: The Arts Wing, Swansea Grand Theatre The Met Theatre, Abertillery Ffwrnes, Llanelli Awel Y Mor, Porthcawl Mwldan, Cardigan Torch Theatre, Milford Haven Theatr Soar, Merthyr Tydfil Theatr Brycheinio& Brecon Aberystwyth Arts Centre Neuadd Dwyfor, Pwllheli Galeri, Caemarfon All performances were in Welsh, with English language surtitles to support Welsh learners and non- Welsh speakers. -Emotional, visceral Welsh longuoge adaptation of a modern clossic.- **** The Stage Odyssey '84 by TIM Price Odyssey'84 demonstrated the appetite of Sherman audiences, existing and new, to see new writing on the main stage. Presented during the 40 anniversary year of the miners, strike, Odyssey'84 by rim Price and directed by Joe Murphyi allowed us to showcase the very best of Welsh talent both on and off the stage. A very targeted communications and engagement campaign ensured a wide reach for the production to new audiences from a greater geographical area: 39% of bookers were new to Sherman Theatre 49% of bookers came from outside of Cardiff 96% of suNey respondents reported that Odyssey '84 was good or very good SHERMA ￿ CYMRLI Consolidated Trustees, ReDorc and GrouD Financial Statements Vear ended 3] March 2025 ..dlrected wlth on abundance of heart by Joe Murphy.- ***** The Telegmph Little Red Riding Hood / Yr Hugan Fach Goch by Katle Elin-salt. with translatlon by Lity Beau - SUPPOrted by Theatr Cymru This is our regular Christmas production for younger audiences {3-6 years) and their families, performed in Welsh and English with specific provision for Relaxed Perfomiances a5 well as a BSL interpreted performance. Little Red Riding Hood / Yr Hugon Fach Goch was direrted by Alice Eklund. For the second year there was a Welsh language trainee Assistant Dirertor role fulfilled by Elin Phillip5. This production opened at the Sherman in early November prior to touring to venue5 throughout SE Wales for three weeks in November 2024 and then returning to finish the run in the Shemian Studio over the Christmas period. At the Sherman the production played to an overall audience of 7,985 {compared to 7,496 In 20231. A Chrlstmos Carol by Gary Owen, a revival of the 2021 production We revisited Gary Owen'sA Christmos Carol, d1￿cted by Joe Murphy, which was originally created in 2021 during the pandemic. Due to the conditions under which it was made and presented in 2021, it was recognised that there were many audiences who hadn't had the opportunity to experien￿ it. It was also noted that those audiences who had seen it previously had ￿SpOnded overwhelmingly positivety and would potentially make return visits. A Christmus Caml {2024) becarne the highest grossing and most attended show in the Sherman's recent history. 41% of bookers were new to Sherman Theatre 52% of bookers carne from outside of Cardiff PRODucfioNS SUPPORTED BY SHERMAN THEATRE Throughout the course of the year enhanced SUPF)Ort has been offered to a number of productlons made by Welsh companies". Polfy and Esther- the Sherman. Pleasance Edinburgh National Partnership show In 2024 Sherman Theatre again worked with the Pleasance as the Welsh venue partner for their Edinburgh National Partnership programrne. The show was very well received in Edinburgh and met its sales targets. In addition, Polly and Esther secured a number of additional, paid performance and appearance opportunities across the Festival. Subsequent to their run at the Fringe, Polly and Esther were invited to take the show to Adelaide Fringe Festlval in Australia in 2025. Splinter- a production by Red Oak, Sherman Theatre Company in Residence Splinter was the first production by Red Oak Theatre Company, one of Sherman Theatre's Companies in Residen￿. As Company in Residence, the Red Oakteam had full access to props and set building resources as well as support from the Literary team, Marketin& Fundraising and Production elements of the Sherman. SHERMAN CYMRU Consolidaied Trustees. Report and Group Fin(Incial Statements Year ended 31 March 2025 The Misadventures of Pinocchlo, The Robot Glrll by The Bohemians In June 2025, the Sherman offered enhanced SUPF)Ort to The Bohemians Theatre Company and their actor-musician production of The Misadventures of Pinocchlo, The Robot Girll This new production not only aligned with the Sherman tradition of actor-musician shows for children and families, but importantly also had a focus on climate change. The team were supported in a variety of areas includlngthe loan of the Sherman van forthetour, and marketing and fundraisingsupport. CURATEO PROGRAMME FAMILY WORK: The Bohemlans Theatre Company opened their show, The Mlsadventures of Pinocchio.. The Radicol Robot Girll in the Studio, prior to a tour across Wales. Durin8the summer, we presented two Welsh language produrtions for children In the Maln House, Delann a Loll by Cwm ni Fran Wen, and Cerdyn Post o Wlad YRwla from Arad Goch. Birmingham Stage Company brought the ever-popular Horrible Histories.. Rotten Royals to the Main House in July 2024 for four performances. In spring 2025 Theatr lolo rehearsed and opened their show Tidy/Taclus at Sherman Theatre. Presenting such hlgh quality work for younger audiences, in both Welsh and English, builds on the Sherman Christmas shows and gives audiences opportunities to engage wlth theatre at othertimes of the year. DANCE/PHYSICAL THEATRE: National Dance Company Wales returned in September 2024 with two performances of Fmntlers, as well as matinee of Zoetrope targeted at families. WELSH LANGUAGE WORK: In April Theatr Cyrnru presented Parti Priodas by Gruffudd Owen in the Sherman Studio for 6 performances, prior to a tour across Wales. All performances had open captions In English and Welsh. In June we presented Fran Wen's production of Delan a Loli on our Main Stage for two performances and In July, Arad Goch brought their production of Cerdyn Post o WladyRwla to the Main Stage for three performances. In October 2024, for one night, Theatr Cymru presented the first Welsh language version Fy Enw I Yw Rachel Corrie. a powerful piece, directed by Steffan Donnelly. Theatr Cymru's Byth BythoeddAmen both rehearsed and opened at the Sherman in January 2025. This was a new piece of work by Mared Jarman. This wa5 a groundbreaking piece of work In the Welsh language that spoke from the lived experien￿ of a disabled person and therefore hugely important for our audiences. SHERMAN CYMRU Consolidated Tru5tees' Report and Group Financlal Statements . ear ended 31 IVlarcr-, 2025 NEW WRITING: Splinter. written by Gemma Prangle and directed by Nerida Bradley and Matthew Holmquist. Was presented by Sherman Theatre Company in Residence, Red Oak. This ran for 6 performances in the Studio. Shlrfey, by Nova Theatre, was written by Lowri Jenkins and directed byjennlfer Fletcher and ran in the Sherman Studio for 8 performances. We were delighted to welcome back Shon DaltrJones with two of his shows: The Duke. and Cracking, both performed in the Studio on consecutive evenings. MUSIC / COMEDY / CABAREr: A programme of one-night comedy, music and cabaret events often bring in new audiences and also can drive ancillary sales across the café bar. The comedy programme featured a variety of well-known names: Phil Ellis's Excellent Comedy Show- Studio (April 2024) Daniel Kitson: Collaborator- Studlo (April 20241 Lucy Beaumont: The Trouble ond the Strife- Main House (May 2024) Griff Rhys Jones: The Cot's Pyjamas- Main House (April 20241 Rosie Hok: Thays Politoinment- Main House (April 2024) Miles Jupp: On l Bang- Main House (May 2024> All Killa No Filla - Main House {May 2024) Punt and Dennls- Main House (May 2024) Luke Wright's Silver Jubllee- Studio (June 20241 Steve Bugeja: Self Doubt (J Think)- Studio (June 20241 Bilal Zafar: Imposter-studio (June 20241 Sofie Hagan: Will l Ever Have Sex Agoin- Main House (July 2024) Fern Brady: l Gave you Milk To Drink- Main House (October 20241 Garrett Millerick Needs More Space- Studio (November 2024) MarkThomas: Gaffo Tapes- Main House (December 20241 Andy Zaltzm3n- The Zaltgeist- Main House (January 2025) Rob Auton: The Eyes Open ond Shut Show- Studio (February 2025) Richard Herring: Can l Have My Ball Back?_ Main House (March 2025} Angela Barnes: Angst- Main House {March 2025 Jenny Éclair: Jokes, Jokes, Jokes, Live- Main House (March 2025) We also presented the following one-night events, which were a combination of cabaret, talks and an evening with style events: Gingerjohnson Blow5 Offl_ Main House (November 2024) Jay Rayner: Nights OutAt Home- Live- Main House (November 2024) OPERA: In October, Muslc Theatre Wales presented a brand new Welsh language opera, BwstlodAfilon with music by Conor Mitchell and directed by Jac Ifan Moore. This was a National Eisteddfod commission with Music Theatre Wales and Aberystwyth Universlty Music Centre. SHERMAN CYMRU Consolidated Trustees, Reporr and Group Financial Statements Year enaed 31 March 2025 COMMUNITY AND AMATEUR: In April 2024, over three days young people from eight different youth theatre groups from across Wales and the South West participated in workshops, performances and social activities with Sherman Youth Theatre presenting The Periodlcals by Sian Owen. Throughout July we also had a number of events from the Creative Engagement team at the Sherman. Our Sherman Players lour amateur group for ages 18+1 performed Our Country's Good, directed by Francesca Pickard. Ourfinal performances injulywere byour integrated Youth Theatre group- 60 young people between the ages of 8 and 17 perfonned Hove Your Welsh Cake andEat It, written by Lowri Morgan and Davina Moss, on the stage of the Studio, In March 2025, Sherman Youth Theatre presented The Pllot, written by Jen Lunn with contributions from the Introduction to Playwriting cohort. They perfomied in the Studio across three evenings in March 2025 and then agaln at the Sherman NT Connections Festival in April 2025. In September, National Youth Arts Wales brought us a new production written by Mared Llywelyn and Steven Kavuma and co-produced by National Youth Theatre of Wales, Theatr Cymru and Fio. The production showcased a 24 strong cast featuring some of Wales's most talented young performers aged 16- 22. The relationship between Sherman Theatre and Royal Welsh College of Music and Drama continued to grow and develop and throughout the year. As well as the Sherman involvernent in NEW, the theatre also hosted two of the College productions. Our co-production of Couple Goals by Rhiannon Boyle was performed at RWCMD and at The Yard, London. In May, their Musical Theatre students presented Sweet Charity in the Main House, which included a gala performance attended by Oame Shirley Bassey. And in July the Musical Theatre 5tudent5 also presented Little Women.. The Broadway Musicol in the Main House. A new relationship saw the students of Wales Academy of Voice and Dramatic Arts presentjekyll and Hyde in the Studio. ARTIST DEVELOPMENT The Sherman Literaryteam has continued to make an impact through 2024-25, not simply with the writers who are working directly with the Sherman, but also across the sector In Wales. Slnce its inception in 2021, the team has engaged with writers atevery career stage. The success of Unheard Voices led to two commissions to Wflters whose voices are not regularly heard on stages across Wales, and the UK. The first of these, The Women of Uanrumney by Azuka Oforka has had unprecedented success. Across 2024-25, the Literary Team achieved thefollowing, supportlng writers and audiences across Wales. 132 writers participated in a total of 61 workshops across three core writer development initiatives including delivery of 33 workshop sessions across three terms of the Introduction to Playwriting programme for writers age 15-18. 28 sessions with the following writers participatlng In the EXPERIMENT programme, offerlng them the opportunity to research and develop their work: Juliette Manon, Emily Burnett, Neon Candle, and a collective comprising of Fflamingo, Hijinx Theatre (House of Devtant and Vaguely Artistic) and Gag8lebabble. 75 one-to-one Pit Stop Sessions SHERMAN CYMRU Consolidated Trustees, Reoon and Group Financlal Statements ", ear ended 31 March 2025 Feedback for 60 scripts submitted via the Open Script submisslon programme. Readin8 and feedback for a further 107 scripts, 57 of which were not commissioned or programmed by the Sherman {demonstrating the aim and impact of wider support across the sector). Dramaturgical support for 14 Sherman Theatre commissioned writers. Dramaturgical support to R&Ds of six pieces of new writing The Literary Manager was the dramaturg forScene/Chonge, a groundbreaking new playwriting programme for Welsh and Wales-based writers of South Asian heritage. The Literary Associate provided dramaturgical support to Leila Navabl's debut play with Theatr Cymru, and forTaking Flight'5 early sharing of The Mab. The department also supported applications to the Peter Schaffer Prize and Peggy Ramsay Award for two writers to develop their work. CRAIDD Sherman Theatre is a core partner of the Craidd initiative which aims to make the Welsh Theatre sector the most inclusive sector in the world by placing deaf, disabled and neurodiverEent art15ts and theatremakers at the heart of our mainstream work. Craidd is already making seismic shifts across the sector and as an organisatlon, the Sherman has seen significant change in approach and thinking to ensure the best experience is provlded for audiences, visitors, artists, and people working within the building. There has been a programme of training activity across the team and the different areas of the organisation. The organisation has been able to access capital funds to support the improvement of facilities at the Sherman, specifically the Introduction of an assistive listenin8 System and hearing loops placed in key areas of the building. CREATIVE ENGAGEMENT The Shemian has a variety of open access opportunities for young people and non-professional development. Sherman Youth Theatre and Sherman Players groups offer regular opportunities for people to get involved in activities that encourage creative expression. All groups are open access {no auditions) and there are bursaries and other support mechanisms for people who may face barriers to accessing this provision, Introduction to Playwrltlng A core part of our Creative Engagement work is our Introduction to Playwriting pro8ramme supported by Moondance Foundation. In 2024-25, Introduction to Playwritlng participants explored different writing tools and techniques, The cohort have been working with professional writer Jen Lunn to co-write The Pilot, which was performed by the older Youth Theatre Group {Group 41. This is a production that focuses on climate change an important topic for young people. It has been hugely beneficial for these young wrlters to have a voice in the development of the play as well as expanding thelr writing skills. io SHERMAN CYMRU Consolidated Trustees, Reporr and Group Financial Statement Year ended 31 March 2025 The Story Project - Collaboratlon wlth The Wallich Thi5 is a two-year project which aimsto expand the reach of the arts in Wales and establish creative pathways for individuals within a culture of shared learning through collaboration between Welsh art makers and people with lived experience of homelessness, and to support the creation of work informed by real stories. Sherman Theatre's involvement in The Story Project has enabled the organization to learn more about how we can work closely with, and support, people who have experienced homelessness. Participants in the project have subsequently been invited to join the Sherman team as volunteers, to participate in the Sherman Players programme, and to taketo thestage as part of the community chorus of Odyssey'84. Tales and Tea - supported by the Gwendoline and Margaret Davie5 Charity. Through the Tales and Tea initiative we provide a daytime performance for audience memberswho prefer not to venture out to the theatre in the evening. The project aims to promote wellbeing through the opportunity to see a brand new piece of writing, share thoughts and feedback. chat and meet others in a supported, friendly environment. Each performance comprises of a rehearsed reading in either the Sherman Studio or Main House theatre, a post show Q&A session with the writer, director, and cast, followed by tea, cake and an opportunity to socialise. The audience age range5 from 50 to 80+. Performances are held on a quarterly basls, both at Sherman Theatre and, where possible, in community venues. All performances have BSL interpretation and are relaxed, Dementia Friendly performances. We offer a sub5idised ticket rate of £5 at the Sherman and offer our community based performances free of charge. The Tales and Tea season began with a preview performance of Paul Jenkins piece, Moscow Love Story on 26 April. Moscow Love Storywent on to be performed at the Edlnburgh Festival Fringe for two weeks in August 2024. In June 2024 we presented an extended edition of Tales and Tea when we read the new play bv Tim Price, Odyssey'84, both at the Sherman as well as a day in the community at The Big Pit. The production was set at the heart of the Miners, Strike of 1984 and shone a light on the experiences, not only of the miners, but of their wives and families. It was therefore vital to engage with ex- mining communities, whose feedback and contributions to the script were invaluable. COMMUNITY COLLABORATIONS Sherman Theatre is part of a number of initiatives which offer a variety of opportunities to meet and engage with new visitors to the Sherman including: Repair Café Wale5. Chatty Café. Greening Cathays, and Tempo Time Credits. Hosting Repaircafé Cathays benefits the hyper-local Cathays community. It also brings new people into the Sherman buildin& reinforcing the position of the theatre as a civic resource. and it supports the organisation's sustainability agenda by reminding people of the power of repairing, reusing and repurposing. The theatre held a series of Sanrtuary Sessions throughout January, February and March as well as presenting the annual Sanctuary Celebration event, an important part of the theatre's calendar as a Theatre of Sanctuary. Through this, thetheatre has been able to engage with more Refugees and Asylum Seekers who have become further involved with the Sherman as participants and volunteers. li SHERMAN CVMRU Consolidated Trustees, Repon and Grou￿ Financial statements . ear ended 31 March 2025 ORGANISATION The Theatre is commltted to strengthening the incluslve and welcoming environment of the theatre. To achieve this, the organisation has developed a strong induction and in-house training programme to develop the Sherman team. There is a rolling programme of trainrngfor all staff and volunteers which includes, but it not limited to: anti-racism trainin& dementla awareness trainin& LGBTQIA+ awareness training, Displaced People In Action {DPIA} tralnin& and deaf awareness training. Over 2024-25 Sherman Theatre employed 174 Individual f￿elancerS over more than 300 employrnent opportunities. These roles have included: youth theatre facilitators, actors, designers, stage managers, marketin& fundraising, carpenters, technicians, and others. SUSTAINABILITY The Sherman is committed to creating an ethical and values-led approach to sustainability promoted via the work on the 5taEes and through all engagement with artists. practitioners, audiences and participants. Carbon Literacy training is being rolled out to all Staff. A Climate Justice Champion has been identified on the Board of Trustees The Theatre Green Book is firmly embedded into production and operation5 practices There will be a team of Sustainabillty Champions established to lead on these key areas and to keep the organisation accountable and on track. The theatre is committed to creating an Environmental Artion Plan FINANCIAL REVIEW These accounts cover the period from l Aprll 2024 to 31 March 2025. Duringtheyearthe charitycontinued to receive ongoing revenue Investmentfrom the Arts Council of Wales IACWI. Restricted Fund projects: In addition, duringthe yearthe charity received grant aid from thefollowingtrusts and foundations for Restricted Fund projects: During the year, the charity gratefully received the following restricted funds: Arts Council of Wales (Create) £45.999 to support the continuation of the Literary Department to March 2025 Arts Council of Wales {Housemates 2025) - £64,741 to 5UPPOrt the revival and tour of Housemates 2025 Cardlff Council - £2,000 to support the delivery of sanctuary Sessions Cardlff Unlversity - £5,950 to Sherman Theatre artivity as part of the Greening Cathays Project Craldd- £5,000 to improve backstage way finding as recommended by the Access Audit For Cardiff - £1,450 contrlbutlon towards the annual Festival of Sanctuary 12 SHERMAN CYMRU Consolidated Trusrees. Reporr ano Group Financial Staiements Year ended 31 March 2025 Moondance Foundation £40,170 final year of three-year funding for continuation of Introduction to Playwriting initiative, working with yOLsng people aged 15- 18. National Theatre Connections Festlval - £8,500 to support the delivery of the annual National Theatre Connections Festivals National Theatre Wales £48.547 to support the delivery of the concert performance of O. G. Prince of Wales Oakdale Trust- £1,000 to support schools to attend Christmas Shows Simon Gibson Trust- £3,000 to support the delivery of Deaf Theatre Club Theatr Cymru- £3.000 to support the Welsh Language trainee A55i5tant Director for the Studio Christmas Show Theatres Trust £20,000 for the replacement of lighting across performance spaces Unrestricted Income from commercial hiringlletting out of our auditorium and rehearsal spaces, and our bar and café. amounted to £238,723. Resources Expended: Expenditure totalled £2,768,067 in the year. Staff levels were 21 (including 2 funded posts). The Charity continues to hold a term loan with the Royal Bank of Scotland. Within the Balance Sheet given on page 26 and 27 the loan balance outstanding is split between creditor payments due within one year and creditor payments due after more than one year. Following the process to confirm the loan agreement under Section 124121 of The Charities Act 2011 during the 2014-year and the consequent change to the rate of interest paid the company is pleased to report the diminishing level of the tota I loan. FUNDS: We closed the year with an in-yearoperating deficit in unrestricted funds of {£3771. INVESTMENT POWERS AND POLICY Under its Memorandum and Articles of Association the charity has a range of powers to invest its funds. Sherman Cymru Productions Ltd: On 30 September 2014 the charity set up a wholly owned trading subsidiary called Sherman Cymru Productions Ltd. The charity holds the entire issued share capital of l ordinary shares of £1 each in Sherman Cymru Productions Limited, a company incorporated in England and Wales, companv number 9241356, set up to develop and produce the Production of Theatrical Plays. During this year, the company received £199,881 (2024: £215,486) under the Theatre Production Tax Relief. As at 31 March 2025 the charity was owed £199,881 from Sherman Cymru Productions Limited. At the year end the charity had no further investments other than monies held in interest earning accounts at Barclays Bank PLC and a holding account with Royal Bank of Scotland. 13 SHERMAN CYMRU Consolidated Trustees, Report and Grourj Financial Statements .ear ended 31 March 2025 TANGIBLE FIXED ASSErs Details of movements in tangible fixed assets are shown in Note 15 to the financial statements. RESERVES POLICY The trustees agreed at a Finance Committee meeting on 3 September 2024 to a reserves polioi that general reserves, after excluding restricted funds and any transfers to designated funds, should be in the region of £300,000. The purpose of these reserves are to cushion the potential impact of any major unforeseen or unexpected expenditure and to ensure that any significant shortfall in short-term income, e.g. the income generated from ticket sales, doesn't affect the charity's financial viability. The charity aims to achieve this level of general reserves within the next three financial years. At 31 March 2025 the charity had free reseNes {excluding restricted funds and fixed assets} of £658,87312024: £587,099). Transfers and Reserves: A budget item was added in February 2015 for Transfers. The practice of designating reserves continues. Allowing for the agreed setting aside of the £300k, for the General Reserves Policy, would leave a balance of £358,873. The Trustees agreed to assign the free reserves to designated funds as outlined below: £13,873 to underwrite the Chrlstmas productions and any shortfa115 in ticketing income £75,000 for Digital Capture £180,000 Building Maintenance finformal recognition of the ever depreclating asset value) £IOO,000 Potential future Business Disruptlon KEY MANAGEMENT PERSONNEL The executive team consists of the Artistic Director (leading on Artistic Policy) and the Chief Executive. The Senior Management team ISMT) comprises the above two Director5 working with a team of five Senior Managers to deliver the strategies, policies and aims of the company through its artistic programming. The Senior Management Team are: Head of Finance & Administration, Head of Marketing and Communications, Head of Produrtion and Planning, Head of Fundraising and Development, and Head of Operations. Trustees setthe remuneration forthe executive team. The executive team review and recommend rates of pay, salaries and wages forthe SMT and all staff through the HR & Governance Committee who will make recommendatlon to the Finance Committee before a full recommendation is made to the Board for ratiflcatlon. Certain posts/roles are governed by union agreements- recognised unions are EQUITY, the union for actors, stage managers and creative teams (Designers, Lighting Designers, choreographers, Fight Directors, et all, and BECTU the union representing most theatre 14 SHERMAI4 CYMR Consoliaaied Trustees, Report ana Group Financial Statements Year enoed 31 March 2025 technicians and some FOH staff. The company is committed to paying the MRSL 2 rate for creative teams. Pension arrangements, annual leave terms, and all other contract terms are the same for all staff including the executive team. We do not operate a performance related pay scheme, nor do we have any bonus scheme. There are no incremental pay awards- although the Board undertake an annual review. Each year the Artistic Director and Chief Executive and all staff participate in performance appraisals, the executive team appraisals being undertaken by the Chair of the Board. During the year the following remuneration was paid in respect of the Executive and Senior Management team. Annual Gross Ernployer Nl Employer Pension Total 2025 Total 2024 £324,059 £35,933 £8,550 £368,542 £360,900 In April 2024 a company pay increase was awarded for all posts up to and including the Senior Management Team this financial year in response to the cost-of-living crisis. FUTURE PLAN5 Sherman Cymru's Business Plan is updated and re-issued regularlyi setting out plans for the forthcoming three years. The theatre has recently appointed a new Artistic Director who will join the organisation in January 2026. This will mark a new chapter for the organisation and there will be a significant review of the Business Plan. Following the successful outcome of the Investment Review in 2023, we have secured mutti-year funding for the next 3-6 years. That said there is ongoing uncertalnty about the level of funding that we will receive in the future. Despite this element of ongoing uncertainty, our core priorities over the next years are to ensure: we produce and curate high quality work that is relevant to the citizens of Cardlff and beyond. This Vision is reflected across all work at the Sherman and underpins all artistic decision-making. 5tron& clear and forthright artistic leadership 15 5UPPOrted by the ambition of the Executive and Senior Management Team ISMTI and a honed, skilled team of staff members empowered to fulfil the mission; the company is in the best possible position to take full advantage of the Theatre Production Tax Relief Scheme; parsimonious use of all the compan¢s resources at all times so the company can achieve its aim to be more financially stable and less reliant on grants, and in the short-term to reduce the reliance on ACW advance grant; we invest in CPD for our staff to build a knowledgeable and highly skilled team driving forward the ambition of the company; we choose our partners and collaborator5 With care- ensurin8 buy-in to the company's ambition from all parties primarily through confirming artistic compatibility and financial viability of companies and projects before proceeding; we strengthen and add to the skills of the board of trustees through public advertisingi and the re-introduction of the trainee trustee mentoring scheme, all with the aim to have a board working to its optimum level of support; 15 SHERMAN CYMRU Consolidated Tru5tees' Repon and Group Financial Statements Year en¢ed 31 March 2025 we respond to opportunities to tour the companvs work further afield, ensuring that the best new work made in Wales is seen by audiences across the UK and when possiblelinvited, internationallyi we continue to ensure that we are looking ahead and developlng a robust and resilient organisation for the future. This Includes constant analysis of our infrastructure and its fit for purpose; finding future proof solutions to meet our digital requirements; and striving to identify additional streams for income generation within our defined business model. we strive for continuous improvement in minimlsing the impact of our work on our environment and prioritise sustainability across all areas of our activities. The company constantly seeks to improve, to set ourselves targets, to aim high, to self-assess, to produce the highest posslble quality and standard of work that it can. The impact of self- assessment/evaluation both individually for members of staff, and collectively in evaluating the produced work, will lead to the highest possible achievements. The impact of having a programme of work that chimes with the citizens of Cardiff should lead to widening access to the performing arts within our communities and result in a higher number of first-time theatre attenders and attenders generally. PRINCIPAL RISKS AND UNCERTAINTIES The cornpany's Risk Register is reviewed throughout the year, by all Committees, who each focus on a particular area and then make recommendations to the Board of Trustees. Four areas of risk are considered: Governance and Management, Financial, Artistic, Organisational and Operational. All are assessed for both likelihood of occurrence and potential impact, severity of impact and overall gross risk. Mitigating factors are then considered and recorded. In addition to this main risk register, we also carry out Risk Assessments of every Productlon we create, every production that we buy in, every activity we undertake to ensure we are providing as safe and risk-free an environment as possible for our audiences, customers, staff and participants. Liability of members Sherman Cymru Ltd is a company Ltd by Guarantee with no share capital. Clause 7 of the memorandum of assoclatlon provides that every member, as defined by Clause l of the articles of association, is liableto contribute a sum not exceeding£l Inthe event of the company beingwound up whilst they are a member orwithin one year of ceaslng to be a member. At the year-end there were IS members. STRucfuRE GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENr Sherman Cymru is a charity limited by guarantee governed by Its Memorandum and Artlcles of Association dated 17 November 2006. The charity is registered as a charity With the Charity Commission. 16 SHERMAN CYIVIRU Consolidated Trustees. Report ana Group Financial Staiements Year ended 31 March 2025 APPOINTMENT OF TRUSTEES As set out in the charity's Articles of Association, trustees are eitherappointed at an Annual General Meetin& or may be co-opted by the trustees during the year. INDucfioN AND TRAINING PROVIDED FOR NEWTRUSTEES On election/appointment, each new trustee re￿iVeS an induction pack, some key organisational policies, and pen pictures of existing trustees and key members of staff. New trustees are briefed by the Chair and the Executive Team comprising of the Artistic Director and Executive Director on the charivs artistic activity and how the Board of Trustees and its Committees work. All trustees are actively encouraged to see the charity's work and to discuss the work they have seen either with fellowtru5tee5, or with the charit¢s staff. ORGANISATION The charity is administered by the Board of Trustees, which can number upto 20 people, who meet on average every twelve weeks. At 31 March 2025. the Board had an Artistic Policy Committee, Marketing and Fundraising Committee, a Finance Committee and an HR and Governance Committee. The membership of the Board of Trustees is set out on page 16. The Chief Executive is accountable for the management of the charity, delegating responsibility through a team of Senior Managers leading their relevant teams. The Artistic Director takes the artistic leadership for the charity. RELATED PARTIES There was one related party transaction with Trustees durlng the year: Gary Owen {Reslgned 23 September 20241. Writer and Royalty fee for Iphlgenia Yn Sblot" £7,000 and Writer and Royalty fee for "A Christmas Carol" £10,630.73 Sherman Cymru commissioned productions of £453,846 {2024: £526.374) to Sherman Cymru Productions Ltd durin8 the period. As at 31 March 2025 the charity was owed £199,88212024: £215,487) from Sherman Cymru Productions Limited. All transartions were at arm's length. RISK ASSESSMENT Risk is regularly reviewed by the Board of Trustees as part of business planning processes, with financial risk reviewed and considered by the Board's Committees on an ongoing basis. AUD￿oR5 The current Letters of Engagement to appoint HSJ Audit Services as auditors to the charity will be presented at the forthcoming Annual General Meetlng. 17 SHERMAN CYMRU Consolidated Trustees, ReL)0rt and Group Financial Statements ear ended 31 March 2025 REFERENCE AND ADMINISTRATIVE DEfAILS OFFICERS AND PROFESSIONAL ADVISERS TRusfEES Ceri Davies Rhian Head Louise Thomas Nichola5 Carlton Llinos Daniel Lauren Hamilton Alex Hicks Darren Joyce lftakhar Khan David King MBE Janice Lane Marta Minier Gary Owen Marc Simcox RogerTomlison Huw Thomas Owen Thomas Jane Tyler Helen Vallis (Chair- from 26 September 20221 Ilnterim Vice Chair-from 26 September 2022 to 02 March 2025) Vice Chair- from 03 March 2025 (Resigned 23 September 20241 (Appointed 03 Marth 20251 (Appointed 03 March 20251 (Resigned 23 September 20241 (Appointed 03 March 20251 (Resigned 23 September 2024) (Appointed 03 March 2025) (Reslgned 23 September 2024) CHARITY SECREfARY Julia Barry REGISTERED OFFICE Sherman Theatre Senghennydd Road Cardiff CF24 4YE BANKERS Barclay5 Bank PLC 1- 5 Working Street Cardiff CFIO 2DP AUDITORS HSJ Audit Limited Severn House Hazell Drive Newport NPIO 8FY SENIOR STAFF Joe Murphy Artistic Dirertor luntil 14 March 2025) Julia Barry Chief Executive Mandy Ivory-castlle Head of Production and Plannlng Kevin Burt Head of Operations Edward Newsome Head of Marketlng and Communications Sally Shepherd Head of Finance and Administration Emma Tropman Head of Fundraising and Development 18 SHERMAN CYMRU Consolidated Tru5tees' Report and Group Financial Staiements Year enéed 31 March 2025 RESPONSIBILrriES OF THE BOARD OF TRUSTEES. The trustees {who are also dirertors of Sherman Cymru for the purposes of company law) are responsible for preparing the Trustees, Report {incorporating the strategic report and direttors. report) and the financial statements in accordance with applicable law and United Kingdom Accountin8 Standards, including Financial Reporting Standard 102.. The Finonciol Reporting Stondord opplicoble in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view ofthe state of affairs of the charitable company and the group and of the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistentlyj observe the methods and principles in the Charities SORP,. make judgments and accounting estimates that are reasonable and prudent- state whetherapplicable UKAtcounting Standards have been followed, subject to any material departures disclosed and explalned in the financial statements, and prÈparÈ the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for maintaining proper accounting records which dlsclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companles Act 2006. They are also responsible for safeguardingthe assets of the charitable company and the group and hence fortaking reasonable steps for the prevention and detection of fraud and other irregularities, In so far a5 the trustees are aware: there is no relevant audit information of which the charitable company's auditors are unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company'swebsite. Legislation inthe United Klngdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Auditor The current Letters of Engagement to appoint HSJ Audit Services as auditors to the charity will be presented at the forthcoming Annual General Meeting. Disclosure of Informatlon to audltor In 50 far as the trustees are aware.. Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the audltor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The trustees report, including the strategic report, was approved by the Board of Trustees. Approved ytheBo rd of Trustees and signed on behalf of the Board Trustee .. ..Ceri Davies Date.. 19 SHERMAN CYMRb' Consolidated Tru5tee5' Report and Group Financial Statements Year ended 31 March 2025 INDEPENDENT AUDITORS REPORTTO THE MEMBERS OF SHERMAN CYMRU Oplnion We have audited the financial statements of Sherman Cymru (the'parent charitable company,) and its subsidiaries Ithe 'group'l for the year ended 31 March 2025 which comprise the consolidated Statement of Financlal Activities, the consolidated and parent Balance Sheet, the consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation Is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financiol Reporting Standard applicoble in the UK and Republic of Irelond (United Kingdom Generally Accepted Accountin8 Practice}. In our opinion the financial statements= give a true and fair view of the state of the group's and parent charitable compan¢s affairs as at 31 March 2025, and of the group'5 incoming resources and application of reSoUr￿s, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companie5 Act 2(N)6 Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs respon5ibilitie5 for the audit of the financial statements section of our report. We are independent of the group and parent charltable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtaSned is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to 8oln8 concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertaintles relating to events or conditions that, individually or collectively, may cast Significant doubt on the group's or parent charitable companls abilityto continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant Sections of thi5 report. Other information The other information comprisesthe information included in thetrustees annual report, otherthan the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financlal statements or our knowledge obtained in the course of the audit or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a rnaterial rnlsstatement in the financlal statements themselves. If, based on the work we have 20 SHERMAN Cy￿]R￿ Consolidated Trustees, Report ana Group Financial Staiements Year ended 31 March 2025 performed, we conclude that there Is a material misstatement of this other information, we are required to report that fact. We have nothing to reF)Ort in this regard. Opinions on other matters prescrlbed by the Companles Art 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report {incorporating the strategic report and directors report) for the financial year for which the financial statements are prepared is consistent with the financial statements: and the strategic report and the directors report including the trustees report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors, report included within the trustees report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us. or the parent charitable companws financial statements are not in agreement with the accounting records and returns. or certain disclosures of directors, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 21, the trustees (who are alsothe directors of the parent charitable companyforthe purposes of company law) are responsible forthe preparation of the financial statements and for being satisfled that they give a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparation of financlal statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statement5, the trustees are responsible for assessing the group's and parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so. Audltorfs responsibilities for the audit of the financial statements We have been appointed auditor underthe Companies Act 2006 and report in accordance withthis Act. Our objettives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whetherduetofraud orerror, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordan￿ with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 21 SHERMAN CYMRL, Consolidated Trustees. Report and Grouo flnancial Statements Yeai ended 31 March 2025 Extent to which the audlt was considered capable of detectln8 Irregularities, including fraud As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the group and the sector in which it operates to identify the key laws and regulations affecting the group, As part of this assessment process we discussed with the key laws and regulations with management. We also considered those laws and regulatlons that have a direct impact on the preparation of the financial statements, prlmarily the Companles Act 2006. We discussed with rnanagement how compliance wlth these laws and regulations is monitored and discussed the policie5 and procedures in place. We also identified the individu315 who have responsibility for ensuring that the group complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity's ability to continue trading and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures inVo￿ed the following: Enquiries of management and those charged with governance regarding their knowledge ofany non-compliance with laws and regulationsthatcould affectthefinanclal statements. Review of legal and professional costs to identify any possible non-compliance or legal Costs in respect of non- compliance. As part of our enquirles we discussed wlth management whether there have been any known instances, allegations or suspicions of fraud, and established that there were none. We also evaluated the risk of fraud through management override including that arising from management's incentlves. We determined that the principal risks were related to the overstatement of profit through overstating revenue or understating expendlture. or through blas in accounting estimates. In response to the identified risk, as part of our audit work we.. Performed substantive testing on income and expenditure; Used data analytics to test journal entries throughout the year for appropriateness; and Reviewed estimates and judgments made in the preparation of the financial statements for any indication of bias and challenged the assumptions used by management in making those estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud 15 higher than not detecting one resulting from error as fraud may involve deliberate concealment, collusion, omission or misrepresentation. A further description of our responsibilities ts available on the Financial Reporting Council's website at.htt www.frc.or Our-work Audit Audit-and-assurance Standards-and- uidance Standards-and- uidance-for-audltors Auditors-res nsibilities-for-audit Descri auditors-res nsibilities-for-audit.as x. This descrlption forms part of our auditorfs report tion-of- 22 SHERMAN CYMRU Consolidated Trustees, Repor¢ ana Group Flnan¢ial Statements Year ended 31 March 2025 Use of our report This report is made solely to the charitable companvs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable CoMpan￿S members as a body, for our audit work, for this report, or for the opinions we have formed. Andrew Hill HSJ Audit Limited Severn House Hazell Drive Newport NPIO 8FY HSJ Audit se￿ices is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companie5 Act 2006. 23 SHERMAN CYMRI., Consolidated Trustees, Report and Group Financlal Statements Year ended 31 March 2025 STATEMENT OF FINANcIALA￿1VITlES- CONSOLIDATED Total funds 2025 Total funds 2024 Unrestrlcted funds Restrlrted funds Note Income and endowments from: Donations and legacies Charitable activities Other trading activitles Other Totol Income and endowments 1.269,941 762,788 230,716 128,031 2,391,476 232,339 1,502,280 762,788 230,716 128,031 2,623,815 1,355,485 872,234 219,745 146,749 2,594,213 232,339 Expenditure on: Raislng funds Trading costs Charitable activities Totol expenditure 62,530 259,537 2,069,786 2,391,853 62,530 259,537 2,446,000 2,768,067 53,655 278,335 2,723,665 3,055,655 376,214 376.214 Net movement infvnds 12 1377) 1143,875) (144,252) 1461,4421 Total funds brought forward 21,22 1,119,024 2,787,771 3.906,795 4,368,237 Totalfvnds corrledfvnvord 22,23 1,118,647 2,643,896 3,762,543 3,906,795 The notes on pages 29 to 45 form part of the financial statement 24 SHERMApJ CYMRU onsolidated Trustees, Report and Group Financial Statements Year enéed 31 March 2025 SUMMARY INCOME AND EXPENDITURE ACCOUNT 2025 2024 Total income of continuing operations 2,623,815 2,594,213 Total expenditure of continuing operations 12,768,067) 13,055,655) Net surplus/deficit for the period (144,252) (461,442 There are no recognised gains and losses forthe financial year other than the deficit on the income and expenditure account of -£144,252 after depreciation charges of £294,663 Total Income comprlses £2,391,476for unrestricted funds and £232,339 for restricted funds. A detailed analysis of income by source Is provided in the statement of financial activities. Detailed analysi5 of the expenditure is provided in the statement of financial activities and notes 7- The summary income and expenditure account is derfved from the statement of flnancial activities which, together with the notes to the financial statements, provides full information on the movements during the year on all the funds of the company. The notes on pages 29 to 45 form part of the financial statement 25 SHERMAN CYMRU Consolidated Tru5tee5' ReDort and Group Financlal Statements Vear ended 31 March 2025 BALANCE SHEET- CONSOLIDATED 2025 2024 Note Flxed assets Tangible assets 15 3.279,712 3,574,775 Current assets: Stocks Debtors and prepayments Cash at bank and in hand 17 18 25,811 430.868 567,270 1,023.949 25,681 383,062 466,444 875,187 Liabilitles: Creditors: amounts falling due within one year Trade credltors Other creditors 115,372 333,453 448,825 52,420 338,002 390,422 19 Net current assets Total assets less current liabilities 575,124 3,854,836 484,765 4059,540 Creditors: amounts falling due after more than one year 20 192.293) {152,745) Net assets 3.762,543 3,906,795 The fvnds of the charity: Restricted Funds Unrestricted funds: Total charlty funds 22 21 2,643.896 1,118,647 3,762,543 2,787,771 1,119,024 3,906,795 23 The financial statements have been prepared in accordance with the speclal provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, The financial statements were approved by the board of directors and signed on its behalf. Trustee ........ . Jane Tyler oJ.q)23.......... Company No. 06002090 IEngland and Wale5} The notes on pages 29 to 45 form part of the financial statement 26 SHERMAN CYMRU Consoli(lated Trustees Report and Group Financial Staiements Year ended 31 March 2025 BAiANCE SHEET- CHARITY ONLY 2025 2024 Note rixed assets: Tangible assets Investments 15 16 3,279,712 3,574,775 Current assets: Stocks Debtors and prepayments Cash at bank and in hand 17 18 25.811 430,868 567,270 1,023,949 25,681 383.062 466.444 875,187 Uabilities: Creditors: amounts falling due within one year Trade creditors Other creditors 115.372 333.453 448,825 52,4201 338,002 390,422 19 Net current assets Total assets less current liabilities 575,124 3,854,837 484,765 4,059,541 Credttors: amounts falling due after more than one year 20 (92,293) {152,745) Net assets 3,762,544 3,906,796 The funds of the charlty: Restritted Funds Unrestricted funds: Total charity funds 22 21 2,643,896 1,118,648 3,762,544 2,787,771 1,119,025 3,906,796 23 The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The financial statements were approved by the board of directors and signed on its behalf. Trustee ....... .. . Jane Tyler Date..... 21.19.1.23 Company No. 06LX)2090 (England and Wales) The notes on pages 29 to 45 form part of the financial statement 27 SHERMAN CYMRLI Consolidated Trustees, Reporl and Group Financial Statements Vear ended 31 March 2025 STATEMENT OF CASH FLOWS- CONSOLIDATED N•xe 2025 2024 Net cash provided by operating activities 27 1105.523) 1283,3211 Cosh flowsfrom investing artivities.. Purchase of property plant and equipment Net cash provided by (used in) investing activities Cash flowsfrom financlng octivities.. Repayments of borrowing Net cash provlded by (used in) financing activities (56,0761 156,0761 152,4711 {52,4711 Change in cash and cash equivalents In the reporting period 1100,826) {278,222) Cash and cash equivalents at the beginning of the reporting period 466,444 744,666 Cash and cash equlvalents at the end of the reporting period 27 567,270 466,444 The notes on pages 29 to 45 form part of the financial statement 28 SHERMAN CYfvIRU Consolidated Trustees, Report and Group Financial Statements Year ended 31 March 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ACCOUNTING POUCIES Sherman Cymru is a private company limited by guarantee incorporated in England and Wales re8lStered office Senghennydd Road, Cardiff, CF32 4YE. The following accounting policies have been used consistently in deallng with items which are considered material In relation to the chariVs financial statements. Basis of Preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportingstandard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 20191 - {Charities SORP {FRS 1021), the Financial Reportingstandard applicable in the UKand Republic of Ireland (FRS 102) and the Companies Act 2006. Sherman Cymru meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notels)- Roundlng Figures contained in the financial statements have been rounded to the nearest pound. Presentation of the accounts on a going concern basls The charlty reported a net deficit on unrestricted funds of1£3771 in the year. This charity is monitoring results on a frequent basis. The trustees are of the view that on this basis the charity is a going concern and there are no material uncertainties about the charity's ability to continue as a going concern. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued atthe amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resuking from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated ￿liably. Creditors and provisions are normally recognised at their settlement amount after allowin8 for any trade discounts due. Flnanclal instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Liabilitie5 policy Liabilities are recognised in the Statement of Financial Activities as they become payable. 29 SHERMAN CYMRU Con501idated Trustees, Report and Group Financial Statements Vear ended 3] March 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS I. ACCOUNTING POLICIES (Contlnued) Pensions The charity operates a defined contribution scheme forthe benefit of its employees. Theassets of thescheme are held separatelyfrom those of the charity. Contributions payablearechargedtothe profit and loss account in the year they are payable and are charged against unrestricted funds Group financial statements These financial statements consolidate the results of the charity and its wholly owned subsidiarysherman Cymru Productions Limited. The particular accounting policies adopted are described below. Fund accounting Unrestricted fund5 are funds which are available for use at the discretion of the charitrfs members in furtherance of the general objettives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors. or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. Investment income and gains are allocated to the appropriate fund. Incomlng resources Trading actlvlties {Included within activities in furtherance of the chariws objectlvesl comprise re￿iptS from performances held duringthe year and other related income. Monies received In advance of the next financial period are carried forward in the balance sheet. Tangible fixed assets Tangible fixed assets are depreciated at cost in equal annual instalments over thelr estimated useful Ilves as follows: Major leasehold improvements General building improvements Fixtures and fittings Vehicles IT equiprnent All other equipment 25 years 10 years 5 years 5 years 3 years 5 years Basis of apportionment Support costs and management and administration have been allocated to the following categories on a staff cost basis: Trading Costs Bar and front house costs Fundraising activities Support costs have been allocated to governance costs based on the percentage of governance c05tS to total costs in the year. 30 SHERfvIAN CYMRU Consolidated Trtjstees, Report ana Group Financial Starements Year ended 31 March 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ACCOUNTING POLICIES (Contlnued) Stocks Stocks are stated at the lower of cost and net realisable value. Grants Revenue grants receivable are accounted for in the period to which they relate. Capital grants are credited to restricted funds on a received basis and released to the income and expenditure account over the remaining lives of the assets to which they relate. Script commissions Script commission payments to writers and development costs are treated as prepayments until the accounting period in which the production takes place. Where it is decided not to take a commlsslon Through to productlon any commissloning payments and accrued development costs are written back to the financial year in which that decision is made. Development income Development income is accounted for in the period in which the related expenditure occurs. Taxation As a registered charity, Sherman Cymru is entitled to the exemption from taxation in respect of income and capital gains received with settlons 478-489 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to Its charitable objects purposes only. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of charity's accounting pollcies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readlly apparent from other sources. The estimates and associated assumptions are based on historical experlence and other factors that are considered to be relevant. Actual results may differ from these estlmates. The estimates and underlying assumptlons are reviewed on an ongoing basi5. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affetts only that period, or In the period of the revision and future periods where the revision affects both current and future periods. 31 HERMAN CYlb1RLI Consolidated Trustees, Report and Group Financial Statemenrs Year ended 31 March 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS INCOME FROM DONATIONS AND LEGACIES- GROUP AND CHARITY Unrestrlcted funds Restricted funds Total funds 2025 Total funds 2024 Fundraising Recurrent gmnts.. Arts Council of Wales Other grants.. Arts Council of Wales Other 15,279 15,279 15,577 1,202,180 1,202,180 1,165,461 52,482 90,576 141,763 232,339 143.058 141.763 1.502.280 80,366 94,081 1,355,485 1,269.941 INCOME FROM CHARITABLE AcfiviTIES Unrestricted funds Restrirted funds Total fvnd5 2025 Total funds 2024 Tlcket sales: Sherman Cymru productions In House Visiting Companies Communities and Engagement Touring: Sherman Cymru productions Co-productions Communities and Engagement: Participant fees Project income Development & New Writing Hires Publishing HMRCTheatre Tax relief 253,101 247,043 5,982 253,101 247,043 5.982 286,279 242,683 6,030 15.293 15.293 13,259 41,532 33,042 33.042 29,812 451 35,416 1,285 215,487 872,234 8,007 438 199,882 762,788 8,(107 438 199.882 762,788 32 SHERMAN CYMRLI ionsolidated Trustees, Report ana Group Financial Statements Year ended 31 March 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 5. INCOME FROM OTHER TRADING ACTIVITIES Unrestricted funds Restricted funds Total funds 2025 Total funds 2024 Bar and Front of House receipts 230,716 230,716 230,716 230,716 219,745 219,745 6. INCOME FROM OTHER SOURCES Unrestrlcted funds Restrlcted funds Total funds 2025 Total funds 2024 Other income 128.031 128,031 128.031 128,031 146,749 146,749 7. EXPENDITURE ON RAISING FUNDS Unrestricted funds Restricted funds Total funds 2025 Total funds 2024 Fundraising attivities 62,530 62,530 62,530 62,530 53.655 53,655 8. EXPENDITURE ON TRADING cosrs-GROUP AND CHARITY 2025 2024 Bar and front of house costs Bar and café salarles Bar and café purchases 115,782 114,615 230.397 29.140 259,537 127,858 119,248 247,106 31,229 278,335 Other Front of House salaries and costs Total bar and Front of House costs 33 SHERMAN CYMRU Consolid?.ted Tru5tees' Report and Group Financial StatemenL5 Year ended 31 March 202- NOTES TO THE CONSOLIDATED FINANCIAL STATEMENrs 9. EXPENDITURE ON CHARITABLE ACTIVITIES- GROUP AND CHARITY Staff costs Other costs Deprecla- tion Governance Total 2025 Total 2024 Unrestrirted Artistic Marketing Management & Administration Support Costs 768.158 208,236 485.856 179.770 45,618 12,57Z 1.299.632 400,578 1,444,806 409,071 123,548 109,434 1,209.376 75,358 27,385 768,369 7,520 6,441 72,151 206.426 163,150 2,069,786 207,767 159,576 2,221,220 19,890 19,890 Restricted Production & Performances Marketing Management & Administration Support Costs Other costs 99,171 145,157 244,328 236,244 914 353 257,145 7,789 502,445 47.980 70,228 8.126 223,511 118.208 13.678 376.214 5.552 104,723 47,980 Total Charitable Activity Costs 1,257,356 873,092 295,662 19,890 2,446,000 2,723,665 Included in governance costs above are the following governance costs: Unrestricted funds Restrirted funds Total funds 2025 Total fund5 2024 Audit Legal Salary Support costs 9,500 447 13,000 1,877 7,314 3,100 25,291 447 7,340 2,603 19,890 2,603 19,890 34 SHERMAN CYMRU Consolidated Trustees, Reoort an(t Groua Financial StaTements Year enued 31 March 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 10. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES. AND THE COST OF KEY MANAGEMENT PERSONNEL-GROUP AND CHARITY None of the trustees received any emoluments from the company duringthe year12025: £nill. Two members of the Executive and Senior Managementteam received remuneration within the £60,￿0 - £69,999 bracket12024: Two). Pension contributlons were £3,73012024: £3,821}. 2025 2024 Employee costs during the year: Wages and salaries Employerfs National Insurance contributions Employerfs Pension contributions 790,484 70,762 25,261 886.507 865,039 74.394 21,639 961,072 Employee costs shown above relate to staff paid through payroll. Note 9 contains amounts paid to freelance contracted staff and relates only to staff engaged in charitable activities. 11. STAFF NUMBERS 2025 No. 2024 No. Average number of persons employed: Produttion staff {temporaryl Permanent staff io 21 31 12 23 35 Key Management Personnel During the year the following remuneration was paid in respect of the Executive and Senior Management team. Annual Gross Employer Nl Employer Pension Total 2025 Total 2024 £324,059 £35,933 £8,550 £368,542 £360,9CM) 12. NEf INCOME/{EXPENDITURE) FOR THE YEAR- GROUP AND CHARITY 2025 2024 Net incoming resources after charging: Auditors, remuneration Depreciation 9,500 295,663 13,000 301,870 35 SHERMAN CYMRU Consolidated Trustees, Report and Grouo Financial Statement5 Year ended 31 March 2025 NOTES TO THE CONSOLIDATED FINANCIAL sfATEMENTS 13. TAXATION - GROUP AND CHARITY As a registered charity, Sherman Cymru is entitled to exemption from taxation in respect of income and capital gains received with section 478489 of the Corporation Tax 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects purposes only. 14. CALLED UP SHARE CAPITAL-CHARITY ONLY The company 15 limited by guarantee. All members of Sherman Cymru have guaranteed to contribute, in the event of winding-up, an amount not exceeding £1 each. There were 15 members12024: 15 members) at 31 March 2025. 15. TANGIBLE FIXED ASSEfs- GROUP AND CHARITY Long Leasehold Property Improvements Fixtures and equipment Motor vehicles Total Cost or valuatlon at l Aprll 2024 Additions 7.035,361 281,051 600 40,000 7.356,412 600 Disposals At 31 March 2025 7,035,361 281.651 7.357,012 Accumulated depreciation at l April 2024 Charge forthe year Eliminated on disposal At 31 March 2025 3,487,379 290,5T7 258,92S 419 35,333 4,667 3,781,637 295,663 3,777,956 259,344 40,000 4,077,300 Net book value At 31 March 2025 3,257.405 22,307 3,279,712 At 31 March 2024 3,S47,982 22,126 4,667 3,574,775 Long leasehold land and buildings with a carrying amount of £3,257,40512024: £3,547,982} have been pledged to secure borrowings of the charity. The charity is not allowed to pledgethese assets as security for other borrowings or to sell them to another entity. 36 SHERMAN CYMRU Consolidated Trustee5' Report and Group Financial Statements Year ended 31 March 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 16. INVESTMENTS- CHARITY ONLY On 30 September 2014 the charlty set up a wholly owned trading subsidiary called Sherman Cymru Productions Ltd. The charity holds the entire issued share capital of l ordinary shares of £1 each in Sherman Cymru Produrtions Limited. a company incorporated in England and Wales. company number 9241356. set up to develop and produce the Production of Theatrical Plays. A summary of the trading results is shown below. Year ended 31 March 2025 Year ended 31 March 2024 Summary profit and loss account: Income Administrative expenses Operating loss HMRC Theatre Tax Relief Result forthe period 453,846 (653,728) 1199.882) 199.882 526,374 (741,8611 (216,487) 215,487 The assets and liabilities of the subsidiary were: Total assets Amounts falling due within one year 199,882 (199,8811 215,487 1215,4861 Aggregate share capital and reserves 17. STOCKS- GROUP AND cHAR￿y 2025 2024 Bar and Front of House Production Publications Other stocks 8,395 10,927 5,587 902 25,811 6,743 8,642 9,315 981 25,681 37 SHERMAN CYMRLI Consolldated Trustees, Repon and GrouD Financial Statements Year ended 31 March 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 18. DEBTORS Group 2025 Charlty 2025 Group 2024 Charity 2024 Trade debtors Other debtors Taxation and Social Security HMRC Theatre Tax Relief Intercompany balance Prepayments Accrued Income 20,911 36,415 20.911 36,415 42,144 38,095 42,144 38,095 199,882 215,487 199,882 161,550 12,110 430,868 215.487 56,181 31,155 383,062 161.550 12.110 430,868 56,181 31,155 383,062 19. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2025 Charity 2025 Group 2024 Charity 2024 Other creditors Taxation and Social Security Deferred revenue income General accruals Bank Loan Accruals for Redevelopment costs 2.883 189.028 81,299 60,243 2,883 189,028 81,299 60,243 23,248 104,427 154.459 55,868 23,248 104,427 154,459 55,868 333,453 333,453 338,002 338,002 Deferred income relates to income received in advance and which relates to future financial period. Charity & Group 2025 2024 Balance as at 1st April 2024 Income received in the year Released to income Balance as at 31 March 2025 104,427 136,066 1,128,466 1,277,986 (1,043,865) (1,309.6251 189,028 104,427 38 SHERMAN CYMRU Consolidated Trustees. Report ano Group Financial Statements Year ended 31 March 2025 NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS 20. CREDITORS: AMOUNTS FALUNG DUE AFfER MORE THAN ONE YEAR Group 2025 Charity 2025 Group 2024 Charity 2024 Bank Loan 92,293 92,293 92,293 92,293 152,745 152,745 152,745 152,745 The bank loan is secured over the assets of the charity and is repayable in equal monthlv instalments. Repayable by instalments Total 2025 Total 2024 Within one year Between 2 and 5 years After 5 years 60,244 92.293 55,868 152,745 152,537 208,613 21. UNRESTRICTED FUNDS-GROUP AND CHARITY General funds Capital Total funds Funds 2025 Balances Brought Forward Surplu5/deficit for the year Movement for the year Designated (Fundraising & Development Support) 587,099 4,623 72.151 531,925 1,119,024 4,623 (72.151} (5,0001 (5,00) 658.873 459,774 1,118,647 Designated Funds Designated Capital funds, relates to the investment in fixed assets. Designated Revenue Funds comprises:. £13.873 to underwrlte the Christma5 produrtion5 £75.000 for Digital Capture £180,000 Building Maintenance {informol recognition of the ever deprecioting 055et Vt71ueJ £IOO,OCKJ Potential future Business Disruption 39 SHERMAN CYMRLI Consolidated Tru5tee5' Report and Group Financial Statements Year ended 31 March 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Previous ear General funds Capital funds Total Funds 2024 Balances Brought Forward Surplus for the year Movement forthe year 588,437 (74,9781 73,640 587,099 605,565 1,194,002 {74,9781 {73,640) 531,925 1,119,024 22. REsTricfED FUND5- GROUP AND CHARITY The income funds of Sherman Cymru included in restricted funds comprise 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 of the asset. Balance at 01104/24 Incomlng resources Balance at 31103125 Expenditure Capitsl Building Refurbishment and Redevelopment Foyer Refurbishment Arts Council of Wale5- Public Art Foyle FoundationlGarrick Trust-Transit Van 2,682.592 9,655 2.437 4.667 2.699,351 (209,190) 19,655) 2A73A02 2,437 (4,667} (223.512) 2N75,839 Revenue funds Arts Council of Wales (Create 2023-24) Arts Council of Wales (Create 2024-251 Arts Council of Wales Ilphigenia in Splott Welsh} Arts Councll of Wales (RAMPS Cymru) Arts Council of Wales (Housemates 2025} Cardiff Council Cardlff University Craidd Davies M Charity Esmee Fairbairn Icovid Support) For Cardiff - Festival of Sanctuary Garrick Trust Go Wales Moondance Foundation National Theatre Connections Festival 2025 National Theatre Connettions Festival 2026 National Theatre Wale5 Old Vic Oakdale Trust Share Your Passion Simon Gibson Trust Theatr Cymru Theatres Trust 3.687 1,217 44,782 122,0411 (4,904) 146.617) 11,835) 22,041 1,877 64,741 2.000 5,950 5.000 211 11,877) 64,741 11,500) {3,992 1,958 3,004 4,21)J (3,2151 4,200 1,391 813 967 62,323 1,618 1.950 1,450 159) 813 967 53,384 {3.347) 40,170 6.400 2.100 48,547 (31,231) (1,435) (150) <48,547) {2.660) 3.671 i.oii 1.000 730 1,690 1,000 2.935 3,000 3,000 20,000 232,339 232,339 12.205} 11.310) 13,000) 20,000 168,057 2,643,896 88.420 2,787,771 1152,702} 1376,214) Total Restrlcted Funds 40 SHERMAi4 CYMRiJ Consolidated Trustees, Report and Group Financial Statemenis Year ended 31 March 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 22. RESTRicfED FUNDS GROUP ANO CHARITY (continued) Arts Council of Wales (Create) A grant to support the continuation of the Literary Department to March 2025 Arts Council of Wales {Iphlgenia yn Sbjot) A grant to support the production and tour of "Iphigenia yn Sblot" also supported by the Eisteddfod Genedlaethol Cymru Arts Council of Wales (Housemates 2025) A grant to support the revival and tour of -Housemotes 2025- Cardiff Council A grantto support the delivery of Sanctuary Sessions Cardiff Universfty A grant to Sherman Theatre actlvity as part of the Greening Cathay5 Project Craidd An access and inclusion grant to improve backstage wayfinding as recommended bythe Access Audit Davles M Charity A grant to support a programme of Tales and Tea events aimed at reducing feelings of isolation and lonellness in older people Esmee Fairbairn A grant received to support the organisation For Cardiff A contribution to the annual Festival of Santtuary Garrick Trust A grant to support the development of an emerging designer Go Wales A grantto 5UPPOrt a technical apprenti￿ in the production department Moondance Foundatlon Final year of a three-year funding for the continuation of the Introdurtion to Playwriting initiative, working with young people aged 15- 18 National Theatre Contribution towards the delivery of the annual National Theatre Connertion5 Festivals Old Vlc Match funding to support the work of the Literary Department 41 SHERfviAN CYMRU Consolldated Trustees, Report and GrouL) Financial Statements Year ended 31 March 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 22. RESTRICTED FUNDS GROUP AND CHARITY {contlnued) Oakdale Trust A grant to support schools to attend Christmas shows Share Your Passlon A donation scheme to raise funds for audience engagement Slmon Glbson Trust A grant to support the delivery of Deaf Theatre Club Theatr Cymru Agrant to support the Welsh Language trainee A551Stant Dirertor for the Studio Christmas Show Theatres Trust A grant for the replacement of lighting across performance spaces Previous Balance at 01/04123 Incomlng resources Balance at 31103/24 Expenditure Capltal Building Refurbishment and Redevelopment Foyer Refurbishment Arts Council of Wale5- Public Art Foyle Foundation/Garrick Trust-Transit Van 2,891,782 20,695 2,437 12,667 2,927,581 (209,190) 111,040) 2.682,592 9,655 2,437 4,667 2,699,351 (8,000) (228,230) Revenue funds Arts Councll of Wales (Creative Pathways) Arts Council of Wales Icreatlve Pathways) Arts Council of Wales (Housemates) Arts Council Wales IRAMPSI Arts Council of Wales Ilphlgenia yn Sblot)) Davies M Charity D'oyly Carte Esmee Fairbairn (Covid Support) Fenton Arts Trust Garrick Trust Gibbs Trust Go Wales Innovate Trust Hodge Foundation Legacy- A Kellaway Moondance Foundation National Heritage National Theatre Connections Festival 2024 Old Vic Paul Hamlyn Foundation 2019 4,017 26,916 19,186 83,986 1330} (48,8161 (19,186 (83.986) 3,687 21,900 22.041 5,219 22.041 3,004 (2,215) (4,450) (333 (280) (687 (2,000) 4.450 4,533 280 4,200 1,500 813 2,000 967 967 2.358 1,246 34.593 27,804 (2,358) {1,246) 121,379) 152,613) {3,347) 40,170 24.809 53,384 (3.347) 3,671 3,671 30,640 246,654 3,174,235 342 115,981 115,981 (30,982) {274,215 {502N45) Total Restricted Funds 2,787,771 42 SHERMAIN CYMRU Consolidated Trustees, Reporr ano Group financial Staiemenis Year ended 31 March 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 23. ANALYSIS OF NEf ASSETS BEfwEEN FUNDS Unrestricted Funds Deslgnated Capital funds General funds Restricted funds Total 2025 Group Fixed a55ets Net current Iliabilitiesl/assets Long Term liabilitie5 803,873 (251,8061 (92,2931 459,774 2,475,839 168,057 3,279,712 575,124 192,293) 3.762.543 658,873 658.873 2.643.896 Charity Fixed assets Investments Net current Iliabilitiesl/assets Long Term liabilities 803.873 2,475,839 3,279,712 1251.806) 192.2931 459,774 658,873 168,057 575,124 {92.293) 3,762,S44 658,874 2,643,896 See notes 21 and 22 for a breakdown of funds. Previous ear Unrestrfrted funds Restrlcted funds Total 2024 Group Fixed assets Net current assets Long Term liabilities 875,424 396,345 (152,745) 1,119,024 2,699,351 88,420 3,574,775 484,765 1152,7451 3,906,795 2,787,771 Charlty Fixed assets Investments Net current assets Long Term liabilities 875,424 2,699,351 3,574,765 396,345 (152,745) 1,119,025 88,420 484,765 {152,745) 3,906,796 2,787,771 24. RELATED PARTY TRANSACTIONS- CHARITY ONLY Sherman Cymru commissioned productions of £453,846 12024: £526,374) to Sherman Cymru Productions Ltd during the period. As at 31 March 2025 the charity was owed £199,882 (2024: £215,487} from Sherman Cymru Productions Limited. All transactions were at arm's length. There was one related party transactions during the year12024:3} Gary Owen (Resigned 23 September 2024), Writer and Royalty fee for 'lphigenia Yn SbloV £7,000 and Writer and Royalty fee for"A Christmas Carol" £10,630.73 43 SHERMAN CYMRU Consolidated Trustees, ReDon ano GrouD Financial Statements Year ended 31 March 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 25. OPERATING LEASES- CHARITY ONLY At 31 March 2021 the charity was committed to making the following payments under non- cancellable operatin8 leases: 2025 2024 Plant and equlpment: Fall due within l year Fall due within 2- 5 years 14,760 15,417 30.177 19,305 21,698 41,003 26. PENSIONS- GROUP AND CHARITY Sherman Cymru is fully compllant with Auto Enrolment and operates a quallfying workplace pension scheme with Legal & General. Contribution during the period were £25,26212024: £21,639). The outstanding balance at the year-end was £3,699 {2024- £4,015). 27. RECONCILIATION OF INCOME/{EXPENDtfuRE) TO NEf CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net Income/(expenditure) for the reporting period las per the Statement of Financlal Activitles) {144,2521 (461,4411 Adjustments for.. Depreciation charges {Increasel/decrease in stocks Ilncreasel/decrease in debtors Increase/{decreasel in creditors Net cash provlded byllused in) operating activities 295,663 (130) (47.806) 2,048 1105.523) 301,870 7,579 {102,5431 {28,7841 {283.3211 Anal is of Cash and Cash E Cash in hand Total Cash and Cash Equivalents uivalents 567,270 567,270 466,444 466,444 Anal￿15 of Net Debt: At I Cashflows April 2024 At31 March 2025 Cash Bank loans falling due within one year Bank loans falling due after more than one year 466,444 {100,8271 365,617 {55,8681 14,3761 (60,244) (152,7451 60,452 (92,293) 257,831 144,751) 213,080 44 SHERMAN CYMRU onsolidated Trustees Report and Group Financial Statements Year ende(J 31 March 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 28. COMPARATIVE sfATEMENT OF FINANCIAL ACTIVITIES - 2024 Total funds 2024 Unrestricted funds Restricted funds Income and endowments from: Donations and legacies Charitable activities Other trading activities Other Total Income and endowments 1,239,504 872,234 219,745 146,749 2,478,232 115,981 1,355,485 872,234 219,745 146,749 2,594,213 115,981 Expenditure on: Raising funds Trading costs Charitable activities Totol expenditure 53,655 278,335 2,221,220 2,553,210 53,655 278,335 2.723,665 3,055,655 502,445 502.445 Net movement infvnds (74,978) 1386,464) (461,442) Reconciliation of Funds Total funds brought forward Totalfvnds carriedfo￿ard 1,194,002 1,119,024 3,174,235 2,787,771 4,368,237 3,906,795 45