||||Page| |---|---|---|---| |Report ofthe|Trustees||1 to23| |Report ofthe|Independent
Auditors||24 to 26| |Consolidated|Statement of Financial|Activities|27| |Consolidated|and Charity Balance Sheets||28| |Cash Flow Statement|||29| |Notes to the|Cash Flow Statement||30| |Notes to the|Financial Statements||31 to49| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||||||2022|2021| |---|---|---|---|---|---|---|---|---| ||||||Unrestricted|Restricted|Total funds|Total funds| ||||||funds|funds||| |||||Notes||||| |INCOME AND ENDOWMENTS||FROM||||||| |Donations
and legacies
Charitable
activities||||3
5|1,664,735||1,664,735|1,712,487| |Promoting,
maintaining,|improving||and advancing|||||| |education|||||346,582|3,204,599|3,551,181|332,641| |Investment
income|||||113||113|259| |Total|||||2,011,430|3,204,599|5,216,029|2,045,387| |EXPENDITURE ON||||||||| |Raising funds||||7|851||851|771| |Charitable
activities||||8||||| |Promoting,
maintaining,|improving||and advancing|||||| |education|||||1,996,634|1,695,840|3,692,474|1,677,649| |Total|||||1,997,485|1,695,840|3,693,325|1,678,420| |NET INCOME/(EXPENDITURE)|||||13,945|1,508,759|1,522,704|366,967| |Transfers
between funds||||||||| |Net movement
in funds|||||13,945|1,508,?59|1,522,704|366,967| |RECONCILIATION
OF FUNDS||||||||| |Total funds brought forward|||||806,304|116,271|922,575|555,608| |TOTAL FUNDS CARRIED FORWARD|||||820,249|1,625,030|2,445,279|922,575| ## ||||||Group|||Charity| |---|---|---|---|---|---|---|---|---| |||||2022|2021|2022||2021| ||||Notes|||||| |FIXEDASSETS||||||||| |Tangible assets
Investments|||16
17|6,680|8,880|6,680
'I||8,880
1| |||||6,680|8,880|6,681||8,881| |CURRENT ASSETS||||||||| |Debtors: amounts
Cash at bank|falling due within one year||18|376,833
2,768,845|198,991
1,053591|376,883
2,7M,845||198,991
1,053.591| |||||3,145,678|1,252,582|3,145,678||1,252,582| |CREDITORS||||||||| |Amounts
falling due||within one year|19|(707,079)|(338,887)|(707,080)||(338,888)| |NET CURRENT ASSETS/(UABILITIES}||||2,438,599|913,695|2,438,598||913,694| |TOTAL ASSETS|LESSCURRENT LIABIUTIES|||2,445,279|922,575|2,445,279||922,575| |NETASSETS||||2,445,279|922,575|2445279|,|,922,575| |FUNDS|||21|||||| |Unrestricted
funds:||||||||| |(Including
designated||funds)||820,249|806,304|820,249||806,304| |Restricted funds||||1,625,030|116,271|1,625,030||116,271| |NETASSETS||||2,445,279|922.575|2,445,279||922,575| ## ## ||||||2022|2021| |---|---|---|---|---|---|---| |||||Notes||F| |Cash flows from operating|activities:|||||| |Cash generated
from operations|||||1,718,801|662,377| |Net cash provided
by (used in) operating||||||| |activities|||||1,718,801|662,377| |Cash flows from investing|activities:|||||| |Purchase oftangible fixed assets
Sale oftangible
fixed assets|||||(4,002)
342|(1,349)| |Interest received|||||113|259| |Net cash provided
by (used in) investing
activities|||||~3,347)|~1,000)| |Change
in cash and cash equivalents||in the||||| |reporting
period
Cash and cash equivalents|at the beginning||of||1,715,254|661,287| |the reporting
period|||||1,053,591|392,304| |Cash and cash equivalents|at the end|ofthe||||| |reporting
period|||||2,768,845|1,053,591| ## ## |RECONCILIATION
OF
NET
I
ACTIVITIES|NCOME/(E|XPENDITURE)
TO
NET
CASH|FLOW
FROM|OPERATING| |---|---|---|---|---| ||||2022|2021| |||||f| |Net income/(expenditure)
for the
offinancial activities)
Adjustments
for:|reporting|period (as per the statement|1,522,704|366,967| |Depreciation
charges
Interest received
Theatre tax relief claim —movement
Decrease/(increase)
in debtors
(Decrease)/increase
in creditors|in debtor||5,860
(113)
(147,467)
(30,375)
368,192|6,513
(259)
52,707
147,675
88,774| |Net cash provided
by (used in) operating||activities|1,718,801|662,377| ## |ANALYSIS OF CHANGES
IN NET FUNDS|||| |---|---|---|---| ||At 1/4/21|Cash flow|At 31/3/22| ||E|F|| |Net cash|||| |Cash at bank and in hand|1,053,591|1,715,254|2,768,845| |Total|1,053,591|1,715,254|2,768,845| ## ## ## ## ## ## ## ## ## ## ## |economic||life ofthe asset as follows:|||,|| |---|---|---|---|---|---|---| |Fixtures|8|fittings|-|25%|straight|line| |Computer||equipment|-|33%|straight|line| ## ## ## ## ## ## ## ## ## ## |Grants received,
included
in the above|, are as follows:||| |---|---|---|---| |||2022|2021| |Paul Hamlyn
Foundation||91,370|99,795| |British Council —Go Digital
Battersea Arts Centre - The Agency||8,000|49,520| |Andrew
Lloyd Webber Foundation
Theatre Granit- Creative Europe
The Bluestone
Foundation
Pembrokeshire
Association ofVoluntary
People's Palace Projects
Welsh Government-
Communications|Services
Strategy|18,600
10,000|6,000
12,870
2,500
1,000
8,000| |John Eflerman
Foundation||40,000|| |||167,970|179,685| ## ## ## ## ## ## |||||||||||Direct Costs|Support|| |---|---|---|---|---|---|---|---|---|---|---|---|---| |||||||||||(see note|costs (see|| |||||||||||9)f|note 10)
f|Totals
f| ||Promoting,||maintaining,||improving||and|||||| ||advancing||education|||||||3,161,796|530,678|3,692,474| |9.|DIRECT|COSTS OF CHARITABLE ACTIVITIES||||||||||| ||||||||||||2022|2021| ||||||||||||f|| ||Staff costs
Creative and artistic activities||||||||||1,096,498
1,929,626|748,488
470,429| ||Marketing|costs|||||||||127,951|62,355| ||Recruitment||costs||||||||7,721|8,064| ||||||||||||3,161,796|1,289,336| |10.|SUPPORT||COSTS|||||||||| ||||||||||||Governance|| ||||||||Staff|costs
f|Other costs
f|Depreciation
f|costs
f|Totals
f| ||Promoting,||maintaining,|||||||||| ||improving|and advancing||||||||||| ||education||||||363,682||110,738|5,860|50,398|530,678| |11.|NET INCOME/(EXPENDITURE)|||||||||||| ||Net income/(expenditure)||||is stated||after|charging/(crediting):||||| ||||||||||||2022f|2021f| ||Auditors'
Auditors'|remuneration
remuneration||for non-audit|||work||||5,820
990|5,902
1,350| ||Depreciation||-owned assets||||||||5,860|6,513| |2.|GRANTS|PAYABLE||||||||||| ||||||||||||2022|2021f| ||Promoting,||maintaining,|improving||and advancing|||education|||13,500| ||The total grants
paid to|||individuals||during||the year|was as follows:|||| ||||||||||||2022f|2021f| ||General|||||||||||13,500| ## ## ## ## ## ## |||||||||2022||2021| |---|---|---|---|---|---|---|---|---|---|---| |||||||||F||E| |Employee|costs during the year|||||||||| |Wages and|salaries|||||||1,288,610||827,582| |Employer's|National|Insurance||contributions||||113,920||71,202| |Pension costs||||||||57,650||35,010| |||||||||1,460,180||933,794| |||||||||2022||2021| |Number of|persons|employed||||||||| |Permanent|staff|||||||30||22| |Temporary|production|staff||||||3||1| |||||||||33||23| |The number
of employees
whose
emoluments,
860,000 during the year were as follows:||||||as defined|for taxation|purposes,
amounted|to|a rate of over| |||||||||2022||2021| |260,001 - 270,000||||||||1||1| |F70,001 - F80,000
f80,001 -f90,000||||||||1||1| ## ## ||||||Unrestricted|Restricted|Total funds| |---|---|---|---|---|---|---|---| ||||||funds|funds|| |||||||E|| |INCOME AND ENDOWMENTS||FROM|||||| |Donations
and legacies
Charitable
activities|||||1,712,437|50|1,712,487| |Promoting,
maintaining,|improving||and advancing|education|52,999|279,642|332,641| |Investment
income|||||259||259| |Other income|||||||| |Total|||||1,765,695|279,692|2,045,387| |EXPENDITURE ON|||||||| |Raising funds|||||771||771| |Charitable
activities|||||||| |Promoting,
maintaining,|improving||and advancing|education|1,372,267|305,382|1,677,649| |Total|||||1,373,078|305,382|1,678,420| |NET INCOME/(EXPENDITURE)|||||392,657|(25,690)|366,967| |Transfers
between funds|||||~24.289}|24,289|| |Net movement
in funds|||||368,368|(1,401)|366,967| |RECONCILIATION
OF FUNDS|||||||| |Total funds brought
forward|||||437,936|117,672|555,608| |TOTAL FUNDS CARRIED FORWARD|||||806,304|116,271|922,575| ## ## ## ## ||Fixtures||| |---|---|---|---| ||and|Computer|| ||fittings|equipment|Totals| ||F|E|E| |COST|||| |At 1 April 2021|33,110|54,721|87,831| |Additions
Disposals||4,002
~1,540)|4,002
~1,540)| |At 31 March 2022|33,110|57,183|90,293| |DEPRECIATION|||| |At 1 April 2021|32,107|46,844|78,951| |Charge for year|719|5,141|5,860| |Eliminated
on disposal||~1,198)|~1,198)| |At 31 March 2022|32,826|50,787|83,613| |NET BOOK VALUE|||| |At 31 March 2022||6,396|6,680| |At 31 March 2021|1,003|7,877|8,880| ## ## ## ||||Group|Group|Charity|Charity| |---|---|---|---|---|---|---| ||||2022|2021|2022|2021| |Trade debtors
Other debtors
Accrued
income
Theatre tax relief recoverable
Prepayments
Amounts
owed by group undertakings|||144,299
43
18,536
194,269
19,686|930
10,107
46,802
141,152|144,299
43
18,536
19,686
194,269|E
930
10,107
141,152
46,802| ||||376,833|198,991|376,833|198,991| |CREDITORS: AMOUNTS||FALLING DUE WITHIN ONE YEAR||||| ||||Group
2022|Group
2021|Charity
2022|Charity
2021| ||||E||E|| |Trade creditors
Social security and other
VAT
Other creditors
Accruals
Deferred income|taxes||49,528
35,950
358,455
62,546
151,627
48,973|61,027
16,991
19,560
5,579
57,235
178,495|49,528
35,950
358,455
62,547
151,627
48,973|61,027
16,991
19,560
5,580
57,235
178,495| ||||707,079|338,887|707,080|338,888| |Included
within deferred|income above is the following:|||||| ||||||2022|2021| |Paul Hamlyn
Foundation
Festival 2022
Natural Resources Wales
British Council —Go Digital|||||48,973|E
75,342
92,153
3,000
8,000| ||||||48,973|178,495| ## ## ## ## |Minimum|lease payments|under non-cancellable|operating leases fall due as follows||| |---|---|---|---|---|---| |||||2022|2021| |||||E|F| |Within one year||||31,122|18,466| |Between|one and five years|||23,500|14,384| |||||54,622|32,850| ## |||||Net|Transfers|| |---|---|---|---|---|---|---| |||||movement|between|At| ||||At 1/4/21|in funds|funds|31/3/22| |||||F|E|E| |Unrestricted
funds||||||| |General
fund|||251,901|356,592|(324,687)|283,806| |Designated
fund
Designated
fund|- Fixed assets
- TEAM||8,880
4,100|(5,860)|3,660|6,680
4,100| |Designated
fund|- Marketing||40,683|(7,956)|2?,500|60,227| |Designated
fund
Designated
fund
Designated
fund|- Core resilience
- Creative Development
- Office Improvements||12,947
62,195
2,458|(2,389)
(34,011)
(650)|(2,611)
(1,487)|7,947
26,697
1,808| |Designated
fund|- Productions||316,822|(264,463)|178,286|230,645| |Designated
fund|- Organisational|review||||| |changes|||35,000|||35,000| |Designated
fund
Designated
fund|- HR support
- CEO support||5,746
2,750|(5,746)
(2,750)||| |Designated
fund|- Creative Development|||||| |posts
Designated
fund|- Creative Development||6,822|(6,822)|40,686|40,686| |projects|||6,000|(2,000)||4,000| |Designated
fund|—Springboard
bursaries||50,000|(50,000)|32,210|32,210| |Designated
fund|—Festival 2022 Support|||||| |(Creative Associate)|||||33,443|33,443| |Designated
fund|—Young People's Strategy||||13,000|13,000| |Designated
fund|—Reinventing
Performing|||40,000||40,000| |Arts||||||| |Restricted funds|||806,304|13,945||820,249| |Paul Hamlyn
Foundation
Esmke Fairbaim
Foundation|||56,473
11,322|4,727
(10,532)||61,200
790| |Arts Council Wales - Ocean Park Creative||||||| |Collaboration|||1,064|(1,064)||| |National
Companies
Consultancy
Project
Battersea Arts Centre - The Agency|||19,863
9,874|(12,281)||7,582
9,874| |Big Lottery Fund|- Access Forum||2,330|||2,330| |Mametz real-time|digital lesson plans||2,356|(975)||1,381| |Andrew
Lloyd Webber Foundation-||||||| |Emerging
Directors
People's Palace Projects (Far Apart UK)|||6,000
6,880|(2,000)
5,790||4,000
12,670| |Bluestone
Foundation/Little
Green||Grant|109|||109| |Festival 2022 - Galwad||||1,485,094||1,485,094| |John Ellerman
Foundation
—Associate||||||| |Dramaturg
Programme||||40,000||40,000| ||||116,271|1,508,759||1,625,030| |TOTAL FUNDS|||922,575|1,522,704||2,445,279| ## ## |Net movement
in funds,
included
in the a|bove|are as follows:|||| |---|---|---|---|---|---| ||||Incoming|Resources|Movement| ||||resources|expended|in funds| |||||F|| |Unrestricted
funds|||||| |General
fund|||1,971,430|(1,614,838)|356,592| |Designated
fund - Fixed assets
Designated
fund - Marketing
Designated
fund - Core resilience
Designated
fund - Creative Development
Designated
fund - Office Improvements||||(5,860)
(7,956)
(2,389)
(34,011)
(650)|(5,860)
(7,956)
(2,389)
(34,011)
(650)| |Designated
fund - Productions||||(264,463)|(264,463)| |Designated
fund - HR support
Designated
fund - CEO support
Designated
fund - Creative Development
Designated
fund - Creative Development|posts
projects|||(5,746)
(2,750)
(6,822)
(2,000)|(5,746)
(2,750)
(6,822)
(2,000)| |Designated
fund - Springboard
bursaries||||(50,000)|(50,000)| |Designated
fund —Reinventing
Performing|Arts||40,000||40,000| |Restricted funds|||2,011,430|(1,997,485)|13,945| |Paul Hamlyn
Foundation|||91,370|(86,643)|4,727| |Esmhe Fairbaim
Foundation
Arts Council Wales —Ocean Park Creative|Collaboration|||(10,532)
(1,064)|(10,532)
(1,064)| |National
Companies
Consultancy
Project|||4,500|(16,781)|(12,281)| |Mametz
real-time
digital lesson plans
Andrew
Lloyd Webber Foundation —Emerging
People's Palace Projects (Far Apart UK)
Festival 2022 —Galwad||Directors|18,600
3,042,129|(975)
(2,000)
(12,810)
(1,557,035)|(975)
(2,000)
5,790
1,485,094| |John Ellerman
Foundation —Associate Dramaturg|||||| |Programme
British Council —Go Digital|||40,000
8,000|~8,000)|40,000| ||||3,204,599|~1,695,840)|1,508,759| |TOTAL FUNDS|||5,216,029|~3,693,325)|1,522,704| ## ## ## ## |||||Net movement|Transfers|Transfers|| |---|---|---|---|---|---|---|---| ||||At 1/4/20|in funds|between|funds|At 31/3/21| ||||E||||| |Unrestricted
funds|||||||| |General
fund
Designated
fund
Designated
fund|- Fixed assets
—TEAM||345,110
14,044
4,100|446,561
(6,513)|(539,770)
1,349||251,901
8,880
4,100| |Designated
fund
Designated
fund|—Marketing
- Core resilience||6,150
7,947|(6,150)||40,683
5,000|40,683
12,947| |Designated
fund|- Creative Development||58,127|(41,241)||45,309|62,195| |Designated
fund
Designated
fund|- Office Improvements
- Productions||2,458||316,822||2,458
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
Esmee Fairbaim
Foundation
Arts Council Wales - Ocean Park||Creative|31,209
50,163|25,264
(38,841)|||56,473
11,322| |Collaboration|||1,064||||1,064| |National
Companies
Consultancy
Project
Battersea Arts Centre - The Agency
Big Lottery Fund - Access Forum|||22,663
6,257
2,330|(2,800)
3,617|||(19,863)
9,874
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
People's Palace Projects (Far Apart UK)
Bluestone
Foundation/Little
Green Grant|||900|5,100
6,880
109|||6,000
6,880
109| ||||117,672|(25,690)|24,289||116,271| |TOTAL FUNDS|||555,608|366,967|||922575,| ## ## ## ## ## ## ## ## ## ## ## ## ## ## |A summary
o
Turnover|fthe|res|ults ofthe|subsidiary
is shown below:||| |---|---|---|---|---|---|---| ||||||2022|2021| |||||||f| |Cost ofsales|||||467,938
(615,405)|340,342
(387,144)| |Gross profit
Administrative|expenses||||(147,467)|(46,802)| |Loss on ordinary
Theatre tax relief||activities before taxation
claim|||(147,467)
147467|(46,802)
46 602| |Profit for the|financial||year|||| |The aggregate|of|the|assets, liabilities and funds was:|||| ||||||2022|2021| |||||||E| |Assets|||||194,270|46,803| |Liabilities|||||(194,269)|(46,802)| |Funds (representing|||1 ordinary|share ofE1)|||