||Page| |---|---| |Report ofthe Trustees|1 to 19| |Report ofthe Independent
Auditors|20to 22| |Consolidated
Statement ofFinancial Activities|23| |Consolidated
and Charity Balance Sheets|24| |Cash Flow Statement|25| |Notes to the Cash Flow Statement|26| |Notes to the Financial Statements|27to45| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |REFERENCE AND|REFERENCE AND|REFERENCE AND|ADMINISTRATIVE|ADMINISTRATIVE|ADMINISTRATIVE|ADMINISTRATIVE|DETAILS|||| |---|---|---|---|---|---|---|---|---|---|---| |Registered|Company|||number||||||| |06693227 (England|||and Wales)|||||||| |Registered|Charity||number|||||||| |1127952||||||||||| |Registered|office|||||||||| |30Castle Arcade||||||||||| |CARDIFF||||||||||| |CF101BW||||||||||| |Trustees||||||||||| |Chair|||||||Clive William Jones|||| |Trustees|||||||Bethan Cousins|Resigned|11 March 2021|| ||||||||Simon Keith Pirotte|||| ||||||||Roger Michael Awan-Scully|Resigned|23September|2021| ||||||||Bedwyr Elias Williams|||| ||||||||Sian Elin Doyle|||| ||||||||Keith Power|||| ||||||||Raidene Carter|||| ||||||||Wayne Boucher|||| ||||||||Anna Arrieta|Appointed|11March 2021|| ||||||||Steffan Donnelly|Appointed|11 March 2021|| |Executive team||||||||||| |Chief Executive/Artistic||||Director|||Lorne Campbell|||| |Executive Producer/Deputy|||||CEO||Lisa Maguire|||| |Senior Statutory||Auditor||||||||| |Julia Mortimer||||||||||| |Auditors||||||||||| |Watts Gregory LLP||||||||||| |Chartered
Accountants||||8 Statutory||Auditors||||| |Elfed House||||||||||| |Oak Tree Court||||||||||| |Cardiff Gate|Business Park|||||||||| |CARDIFF||||||||||| |County ofCardiff||||||||||| |CF238RS||||||||||| |Solicitors||||||||||| |Hugh James||||||||||| |Hodge House||||||||||| |114-116St.|Mary|Street||||||||| |CARDIFF||||||||||| |CF101DY||||||||||| |Bank||||||||||| |HSBC||||||||||| |56 Queen Street||||||||||| |CARDIFF||||||||||| |CF102PX||||||||||| ## ## ## ## ## ## ## ## ||||||||2021|2020| |---|---|---|---|---|---|---|---|---| ||||||Unrestricted|Restricted|Total funds|Total funds| ||||||funds|funds||| |||||Notes||F||| |INCOME AND ENDOWMENTS||FROM||||||| |Donations
and legacies||||3|1,712,437|50|1,712,487|1,613,106| |Charitable
activities||||5||||| |Promoting,
maintaining,|improving||and advancing|||||| |education|||||52,999|279,642|332,641|681,816| |Investment
income|||||259||259|1,312| |Other income||||||||10,140| |Total|||||1,765,695|279,692|2,045,387|2,306,374| |EXPENDITURE ON||||||||| |Raising funds||||8|771||771|19,955| |Charitable
activities||||9||||| |Promoting,
maintaining,|improving||and advancing|||||| |education|||||1,372,26?|305,382|1,677,649|2,604,530| |Total|||||1,373,038|305,382|1,678,420|2,624,485| |NET INCOME/(EXPENDITURE)|||||392,657|(25,690)|366,967|(318,111)| |Transfers
between funds|||||~24,289)|24,289||| |Net movement
in funds|||||368,368|(1,401)|366,967|(318,111)| |RECONCILIATION
OF FUNDS||||||||| |Total funds brought forward|||||437,936|11?,672|555,608|873,719| |TOTAL FUNDS CARRIED FORWARD|||||806,304|116,271|922,575|555,608| ## ## ||||||Group||Charity| |---|---|---|---|---|---|---|---| |||||2021|2020|2021|2020| |FIXEDASSETS|||Notes|||E|| |Tangible assets
Investm
en@|||17
18|8,880|14,044|8,880
1|14,044
1| |||||8,880|14,044|8,881|14,045| |CURRENT ASSETS|||||||| |Debtors: amounts
Cash at bank|falling due within one year||19|198,991
1 053,591|399,373
392,304|198,991
1,053,591|399,373
392,304| |||||1,252,582|791,677|1,252,582|791,677| |CREDITORS|||||||| |Amounts
falling due within one year|||20|(338,887)|(249,445)|(338,888)|(249,446)| |NET CURRENT ASSETS/(LIABILITIES)||||913,695|542,232|913,694|542,231| |TOTAL ASSETS LESSCURRENT LIABILITIES||||922,575|556,276|922,575|556,276| |PROVISION FOR|LIABILITIES||22||(668)||(668)| |NET ASSETS||||922,575|555,608|922575|555,608| |FUNDS|||23||||| |Unrestricted
funds:|||||||| |(Including
designated||funds)||806,304|437,936|806,304|437,936| |Restricted funds||||116,271|117,672|116,271|117,672| |NET ASSETS||||922,575|555,6D6|922,575|555,6D8| ## |||||2021|2020| |---|---|---|---|---|---| ||||Notes||| |Cash flows from operating
activities:|||||| |Cash generated
from operations||||662,377|~507.5D1)| |Net cash provided
by (used in) operating
activities||||662,377|~507,501)| |Cash flows from investing
activities:|||||| |Purchase oftangible fixed assets
Sale oftangible
fixed assets
Interest received||||(1,349)
259|(16,428)
14,189
1,312| |Net cash provided
by (used in) investing
activities||||~1,090)|~927)| |Change
in cash and cash equivalents|in the||||| |reporting
period
Cash and cash equivalents
at the beginning
the reporting
period||of||661,287
392,304|(508,428)
900,732| |Cash and cash equivalents
atthe end|ofthe||||| |reporting
period||||1,053,591|392,304| ## ## ## |RECONCILIATION
OF
NET
IN
ACTIYITIES|COME/(E|XPENDITURE)
TO
NET
CASH
|FLOW
FROM|OPERATING| |---|---|---|---|---| ||||2021|2020| ||||F|F| |Net income/(expenditure)
for the
offinancial activities)
Adjustments
for:|reporting|period (as per the statement|366,967|(318,111)| |Depreciation
charges
Profit on disposal offixed assets
Interest received
Theatre tax relief claim —movement
Decrease/(increase)
in debtors
(Decrease)/increase
in creditors|in debtor||6,513
(259)
52,707
147,675
88,774|7,326
(10,140)
(1,312)
32,065
(210,058)
~271)| |Net cash provided
by (used in) operating||activities|662,377|~507.501)| |ANALYSIS OF CHANGES
IN NET FUNDS||||| |||At 1/4/20|Cash flow|At 31/3/21| |||F||| |Net cash||||| |Cash at bank and in hand||392,304|661,287|1,053,591| |Total||392,304|661,287|1,053,591| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |Grants received,
included
in the above, are as|follows:||| |---|---|---|---| |||2021|2020| |Paul Hamlyn
Foundation
Esmee Fairbaim
Foundation
Battersea Arts Centre - The Agency
Andrew
Lloyd Webber Foundation
Theatre Granit - Creative Europe
British Council - repurposing
ofincome Egin
Arts Council Wales - Organisational
Structure
Review
Arts Council Wales - For All
I Care Edinburgh
National
Trust - Egin
Goethe Institute
Mackintosh
Foundation
Snowdonia
National
Park Authority
- Egin
Ashley
Family Foundation
Came Trust
British Council - Cotton Fingers Edinburgh
Natural
Resources Wales -
Egin
Tipping
Point - Egin
The Bluestone Foundation
Pembrokeshire
Association
ofVoluntary
Services
People's Palace Projects||99,795
49,520
6,000
12,870
2,500
1,000
8,000|100,206
93,984
63,333
6,000
4,629
4,792
6,064
15,000
5,000
4,477
3,000
4,000
5,600
3,000
5,000
4,950
2,500| |||179.555|331.535| ## ## ## ## ## ## ## ## ||||||||Grant||| |---|---|---|---|---|---|---|---|---|---| ||||||||funding of||| |||||||Direct|activities|Support|| |||||||Costs (see|(see note|costs (see|| |||||||note 9)|10)|note 11)
f|Totals
f| ||Promoting,|maintaining,|improving||and||||| ||advancing|education||||1,289,336|13,500|374,813|1,677,649| |10.|DIRECT COSTS OF CHARITABLE ACTIVITIES||||||||| |||||||||2021|2020| ||Staff costs|||||||748,488|896,302| ||Creative and artistic activities|||||||470,429|965,512| ||Marketing
costs|||||||62,355|178,194| ||Recruitment|costs||||||8,064|28,375| |||||||||1,289,336|2,068,383| |11.|SUPPORT|COSTS|||||||| |||||||||Governance|| ||||||Staff costs
f|Other costs|Depreciation
f|costs|Totals
f| ||Promoting,|maintaining,|||||||| ||improving
and advancing||||||||| ||education||||185,306|126,178|6,513|56,816|374,813| |12.|NET INCOME/(EXPENDITURE)||||||||| ||Net income/(expenditure)||is stated||after charging/(crediting):||||| |||||||||2021f|2020f| ||Auditors'
remuneration|||||||5,902|4,716| ||Auditors'
remuneration||for non-audit||work|||1,350|1,419| ||Depreciation|-owned assets||||||6,513|7,326| ||Surplus on|disposal of|fixed assets||||||~10,140)| |13.|GRANTS PAYABLE||||||||| |||||||||2021f|2020| ||Promoting,|maintaining,|improving|and advancing||education||13,500|| ||The total grants paid to||individuals||during the year|was as follows:|||| |||||||||2021|2020| ||General|||||||13,500|| ## ## ## ## |||||||||||||2021||2020|2020|| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||||||||||||F.||||| |Pete Rogers|||||||||||||||400|| |Wayne Boucher||||||||||||2,319||||| |||||||||||||2,319|||400|| |Trustees
are permitted
clause 5(5)(a)(ii) ofthe||to receive
Memorandum|||compensation
for professional
ofAssociation.|||services||rendered||to the charity||by virtue||o| |STAFF COSTS||||||||||||||||| |||||||||||2021f||||2020
F||| |Employee costs during the year||||||||||||||||| |Wages and salaries||||||||||827,582||||1,031,116||| |Employer's
National
Pension costs|Insurance|||contributions|||||||71,202
35,010|||70,909
39,902||| |||||||||||933,794||||1,141,927||| |||||||||||2021||||2020||| |Number ofpersons|employed|||||||||||||||| |Permanent
staff|||||||||||||||25|| |Temporary
production||staff|||||||||||||7|| |||||||||||||23|||32|| |The number
of employees
whose
emoluments,
660,000 during the year were as follows:||||||as defined|for taxation||purposes,||amounted||to a|rate of|over|| |||||||||||2021||||2020||| |F60,001 - F70,000||||||||||||1|||2|| |f70,001 - F80,000||||||||||||||||| |F80,001 -690,000||||||||||||1||||| ## ## ## ## ||||||Unrestricted|Restricted|Total funds| |---|---|---|---|---|---|---|---| ||||||funds|funds|| ||||||F|E|| |INCOME AND ENDOWMENTS||FROM|||||| |Donations
and legacies
Charitable
activities|||||1,613,106||1,613,106| |Promoting,
maintaining,|improving||and advancing|education|350,031|331,785|681,816| |Investment
income|||||1,312||1,312| |Other income|||||10,140||10,140| |Total|||||1,974,589|331,785|2,306,374| |EXPENDITURE ON|||||||| |Raising funds
Charitable
activities|||||19,955||19,955| |Promoting,
maintaining,|improving||and advancing|education|2,272,477|332,053|2,604,530| |Total|||||2,292,432|332,053|2,624,485| |NET INCOME/(EXPENDITURE)|||||(317,843)|(268)|(318,111)| |Transfers
between funds|||||~5,701)|5,701|| |Net movement
in funds|||||(323,544)|5,433|(318,111)| |RECONCILIATION
OF FUNDS|||||||| |Total funds brought
forward|||||761,480|112,239|873,719| |TOTAL FUNDS CARRIED FORWARD|||||437,936|117,672|555,608| ## ## ## |||Fixtures||| |---|---|---|---|---| |||and|Computer|| |||fittings
f|equipment|Totals
f| |COST||||| |At 1 April 2020||33,110|53,372|86,482| |Additions|||1,349|1,349| |At 31 March 2021||33,110|54,721|87,831| |DEPRECIATION||||| |At 1 April 2020||31,372|41,066|72,438| |Charge for year||735|5,778|6,513| |At 31 March 2021||32,107|46,844|78,951| |NET BOOK VALUE||||| |At 31 March 2021||1,003|7,877|8,880| |At 31 March 2020||1,738|12,306|14,044| |FIXEDASSET INVESTMENTS -Charity||||| |||||Shares in| |||||group| |||||undertakingsf| |MARKET VALUE||||| |At 1 April 2020 and 31 March 2021||||| |NET BOOK VALUE||||| |At 31 March 2021||||| |At 31 March 2020||||| |There were no investment|assets outside the UK.|||| ## ## ## ||||Group|Group|Charity|Charity| |---|---|---|---|---|---|---| ||||2021|2020|2021|2020| ||||F|||| |Trade debtors
Other debtors
Accrued income
Theatre tax relief recoverable|||930
10,107
46,802|190,914
3,745
48,614
91,937|930
10,107|190,914
3,745
48,614| |VAT recoverable
Prepayments
Amounts
owed by group|undertakings||141,152|5,442
58,721|141,152
46,802|5,442
58,721
91,937| ||||198,991|399,373|198,991|399,373| |CREDITORS: AMOUNTS||FALLING DUE WITHIN ONE YEAR||||| ||||Group|Group|Charity|Charity| ||||2021|2020|2021|2020| |||||F||| |Trade creditors
Social security and other
VAT
Other creditors
Accruals
Deferred income|taxes||61,027
16,991
19,560
5,579
57,235
178,495|154,752
21,676
5,821
33,346
33,850|61,027
16,991
19,560
5,580
57,235
178,495|154,752
21,676
5,822
33,346
33,850| ||||338,887|249,445|338,888|249,446| |Induded
within deferred|income above is the following:|||||| ||||||2021|2020| ||||||Z|F| |Paul Hamiyn
Foundation
Battersea Arts Council -
Festival 2022|The Agency||||75,342
92,153|33,850| |Natural
Resources Wales|||||3,000|| |British Council —Go Digital|||||8,000|| ||||||178,495|33,850| ## ## ## |Minimum|lease payments|under non-cancellable|operating leases fall due as follows:||| |---|---|---|---|---|---| |||||2021|2020| |Within one year||||18,466|39,328| |Between|one and five years|||14,384|32,612| |||||32,850|71,940| ## |2021|2020| |---|---| ||E| ||668| ## |||||||||Net|Transfers|| |---|---|---|---|---|---|---|---|---|---|---| |||||||||movement|between|At| ||||||||At 1/4/20
f|in funds
f|funds
f|31/3/21
f| |Unrestricted||funds||||||||| |General
fund|||||||345,110|446,561|(539,770)|251,901| |Designated||fund|- Fixed assets||||14,044|(6,513)|1,349|8,880| |Designated||fund|- TEAM||||4,100|||4,100| |Designated||fund|- Marketing||||6,150|(6,150)|40,683|40,683| |Designated||fund|- Core resilience||||7,947||5,000|12,947| |Designated||fund|- Creative|Development|||58,127|(41,241)|45,309|62,195| |Designated||fund|- Office Improvements||||2,458|||2,458| |Designated||fund|- Productions||||||316,822|316,822| |Designated||fund|- Organisational|||review||||| |changes|||||||||35,000|35,000| |Designated||fund|- HR support||||||5,746|5,746| |Designated||fund|- CEO support||||||2,750|2,750| |Designated||fund|- Creative|Development||||||| |posts|||||||||6,822|6,822| |Designated||fund|- Creative|Development||||||| |projects|||||||||6,000|6,000| |Designated||fund|- Springboard||bursaries||||50,000|50,000| ||||||||437,936|392,657|(24,289)|806,304| |Restricted|funds|||||||||| |Paul Hamlyn||Foundation|||||31,209|25,264||56,473| |Esmhe Fairbaim|||Foundation||||50,163|(38,841)||11,322| |Arts Council||Wales - Ocean||Park||Creative||||| |Collaboration|||||||1,064|||1,064| |National
Companies
Consultancy||||||Project|22,663|(2,800)||19,863| |Battersea|Arts Centre - The|||Agency|||6,257|3,617||9,874| |Big Lottery|Fund||- Access Forum||||2,330|||2,330| |Mametz real-time|||digital lesson||plans||2,781|(425)||2,356| |EU Creative||Europe|||||305|(24,594)|24,289|| |Andrew
Lloyd Webber Foundation-||||||||||| |Emerging|Directors||||||900|5,100||6,000| |People's Palace Projects (Far Apart UK)||||||||6,880||6,880| |Bluestone|Foundation/Little|||Green||Grant||109||109| ||||||||117,672|25,690|24,289|116,271| |TOTAL FUNDS|||||||555,608|366,967||922,575| ## ||||Incoming|Resources|Movement| |---|---|---|---|---|---| ||||resources|expended|in funds| |||||F|| |Unrestricted
funds|||||| |General
fund|||1,765,695|(1,319,134)|446,561| |Designated
fund - Fixed assets||||(6,513)|(6,513)| |Designated
fund - Marketing
Designated
fund - Creative|Development|||(6,150)
~41,241)|(6,150)
~41.241)| ||||1,765,695|(1,373,038)|392,657| |Restricted funds|||||| |Paul Hamlyn
Foundation|||99,794|(74,530)|25,264| |Esmee Fairbaim
Foundation||||(38,841)|(38,841)| |National
Companies
Consultancy||Project||(2,800)|(2,800)| |Battersea Arts Centre - The|Agency||49,570|(45,953)|3,617| |Mametz real-time
digital lesson plans||||(425)|(425)| |EU Creative Europe|||12,871|(37,465)|(24,594)| |Andrew
Lloyd Webber Foundation-|||||| |Emerging
Directors|||6,000|(900)|5,100| |People's Palace Projects (Far Apart UK)|||8,000|(1,120)|6,880| |Bluestone
Foundation/Little
Festival 2022|Green|Grant|3,500
99,957|(3,391)
~99.957)|109| ||||279,692|~305,382|~25,690)| |TOTAL FUNDS|||2,045,387|~1.678.420)|366,987| ## ## |Comparative|s
f|or movemen|t
in|funds||||| |---|---|---|---|---|---|---|---|---| |||||||Net movement|Transfers|| ||||||At 1/4/1 9|in funds|between funds|At 31/3/20| ||||||F|F|F|| |Unrestricted|funds|||||||| |General
fund|||||335,313|70,587|(60,790)|345,110| |Designated|fund|- Fixed assets|||8,991|(7,326)|12,379|14,044| |Designated|fund|- TEAM|||6,100||(2,000)|4,100| |Designated|fund|- Marketing|||5,500|(5,500)|6,150|6,150| |Designated|fund|- Production|and|creative||||| |development|||||289,864|(289,864)||| |Designated|fund|- Core resilience|||15,782|(7,835)||7,947| |Designated|Fund|- Casting|||8,581|(8,581)||| |Designated|Fund|- Creative|Development||42,019|(23,789)|39,897|58,127| |Designated|Fund|- Office Improvements|||4,030|(1,572)||2,458| |Designated|fund|- Strategic|planning||8,800|(8,800)||| |Designated|fund|- Audience|development||16,500|(15,163)|(1,337)|| |Designated|fund|- Artistic Director||recruitment|20,000|~20.000)||| ||||||761,480|(317,843)|(5,701)|437,936| |Restricted funds||||||||| |Paul Hamlyn|Foundation||||20,024|9,035|2,150|31,209| |Esmhe Fairbaim||Foundation|||38,059|12,104||50,163| |Jerwood Charitable
Foundation|||||10,582|(10,582)||| |Arts Council|Wales - Ocean||Park|Creative||||| |Collaboration|||||1,064|||1,064| |National
Companies
Consultancy||||Project|29,518|(6,855)||22,663| |Arts Council|Wales - Resilience Programme||||1,174|(1,174)||| |Battersea Arts Centre - The Agency||||||6,257||6,257| |Big Lottery Fund||- Access Forum|||6,512|(4,182)||2,330| |Mametz
real-time||digital lesson plans|||5,071|(2,290)||2,781| |EU Creative|Europe||||235|(3,481)|3,551|305| |Andrew
Lloyd Webber Foundation||||- Emerging||||| |Directors||||||900||900| ||||||112,239|(268)|5,701|117,672| |TOTAL FUNDS|||||873,719|~318,111)||555,608| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |A summary
o|fthe|res|ults ofthe|subsidiary
is shown below:||| |---|---|---|---|---|---|---| ||||||2021|2020| ||||||f.|F| |Turnover
Cost ofsales|||||340,342
(387,144)|558,524
(650,461)| |Gross profit
Administrative|expenses||||(46,802)|(91,937)| |Loss on ordinary
Theatre tax relief||activities before taxation
claim|||(46,802)
46 602|(91,937)
91937| |Profit for the|financial||year|||| |The aggregate|of|the|assets, liabilities and funds was:|||| ||||||2021|2020| |Assets
Liabilities|||||46,803
(46,802)|91,938
(91,937)| |Funds (representing|||1 ordinary|share ofF1)|||