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2021-03-31-accounts

Page
Trustees'
report		 1-23
Statement
oftrustees'		 responsibilities 24
Independent
auditor's		 report 25-28
Statement
offinancial		 activities 29
Balance sheet 30-31
Statement ofcash flows 32
Notes to the financial statements 33 - 54

Reference and administrative and administrative and administrative details
Registered chadty name Newport
Live
Charity number 1162220
Company registration number 09323582
Registered office Newport
International		 Sport Village
Regional Swimming Pool and Tennis Centre
Newport
Wales
NP19 4RA
Trustees DW Hayhoe - appointed 17th March 2021
J R Harrhy
KDWard
S E Hazlehurst
M J Butler
DJ Mayer
N Jakomis
KMDew
AM Rahman-
resigned		 14th October 2021
PATilley - appointed 17th March 2021
R M Turner- appointed 17th March 2021
Secretary Martyn Seaward
Key Management Personnel SWard - Chief Executive
M Seaward - Director of Finance and Resources
N Sargeant - Director ofOperations
A Ovey - Commercial Director
Auditors Azets Audit Services
Ty Derw
Lime Tree Court
Cardiff Gate Business Park
Cardiff
CF23 8AB
Bankers Barclays Bank pic
1-5St David's Way
28 Working Street
Cardiff
CF102DP

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2021 2021 2021 2020 2020 2020
Notes 6 6 6 6
t
Donations and legacies 3 1,075,284 1,075,264 1,321,158 1,321,158
Charitable
activities		 4 4,039,310 3,364,880 7,404,190 7,537,247 1,234,317 8,771,564
investments 5 3,589 3,589 25,202 25,202
Total income 5,118,163 3,364,880 8,483,043 8,883,607 1,234,317 10,117,924
~ECht
Charitable
activities		 6 5,229,012 2,955,241 8,184,253 9,979,572 1,099,297 11,078,869
Net (expenditure)/income
for the year/
Net (outgoing)/incoming
resources (110,849) 409,639 298,790 (1,095,965) 135,020 (960,945)
Other recognised gains and losses
Actuarial
(loss)/gain		 on
defined
benefit		 pension
schemes (4,585,000) (4,585,000) 1,992,000 1,992,000
Net movement in funds (4,695,849) 409,639 (4,286,210) 896,035 135,020 1,031,055
Fund balances at 1
April 2020 (3,242,908) 150,323 (3,092,585) (4,138,943) 15,303 (4,123,840)
Fund balances at 31
INarch 2021 (7,938,757) 559,962 (7,378,795) (3,242,908) 150,323 (3,092,585)

2021 2020
Notes 6 8
Fixed assets
Tangible assets 10 294,013 286,760
Current assets
Stocks 11 39,993 40,227
Debtors 12 1,142,009 470,742
Cash at bank and in hand 2,318,601 1,934,885
3,500,603 2,445,854
Creditors: amounts falling due within
one year 13 (1,415,411) (1,332,199)
Net current assets 2,085,192 1,113,655
Total assets less current liabilities 2,379,205 1,400,415
Provisions for liabilities (9,758,000) (4,493,000)
Net liabilities (7,378,795) (3,092,585)
Income funds
Restricted funds 17 559,962 150,323
~II
tie df		 d
Designated
funds		 18 1,032,023 565,304
General
unrestricted		 funds (8,970,780) (3,808,212)
(7,938,757) (3,242,908)
(7,378,795) (3,092,585)

2021 2020
Notes 6
Cash flows from operating activities
Cash generated
from/(absorbed
by)
operations		 22 492,207 (90,882)
Investing activities
Purchase oftangible fixed assets (112,080) (208,058)
Investment income received 3,589 25,202
Net cash used
in investing		 activities (108,491) (182,856)
Net cash used
in financing		 activities
Net increase/(decrease)
in		 cash and cash
equivalents 383,716 (273,738)
Cash and cash equivalents at beginning ofyear 1,934,885 2,208,623
Cash and cash equivalents at end of year 2,318,601 1,934,885

2021 2020
6 6
Operation
ofsport,		 leisure, arts and cultural activities 1,144,292 5,069,979
Management
fees		 2,181,496 2,160,663
Grants 4,078,402 1,540,922
7,404,190 8,771,564
Analysis
by fund
Unrestricted
funds		 4,039,310 7,537,247
Restricted
funds		 3,364,880 1,234,317
7,404,190 8,771,564
Grants
Sport Wales Core Programme 437,252 673,599
Welsh Government 305,573 252,648
Gwent Office ofthe Police and Crime Commissioner 181,000 181,000
Arts Council ofWales 271,496 165,390
Active Communities 17,500 102,319
Federation
of Disability Sport Wales		 19,842 19,842
Street Games 13,750 14,300
Tennis Wales 7,453
Sport Wales - Other 206,567 51,630
Newport
City Council		 45,000
Groundwork
UK		 3,710
Welsh Athletics 900
UK Youth 868
HMRC Coronavirus Job Retention Scheme 1,911,894 72,741
Leisure Hardship Fund 668,528
4,078,402 1,540,922

5 Investments
Unrestricted Unrestricted
funds funds
2021f 2020f
Rents receivable 2,530 24,045
Interest receivable 1,059 1,157
3,589 25,202
6 Charitable
activities
2021f
Staff costs 3,880,936 4,199,187
Depreciation
and		 impairment 104,827 67,556
Other staff costs 53,063 85,971
Rent 646,268 600,000
Energy 475,264 721,158
NNDR 3,288 134,910
Water and sewage costs 71,452 111,406
Building maintenance 90,920 65,287
Cost ofshows and productions 31,206 793,827
Cost ofgoods for resale 11,000 263,952
Tools, equipment and chemicals 125,113 133,789
Partner organisation costs 132,390 231,323
Other costs 185,581 341,959
5,811,308 7,750,325
Share ofsupport costs (see note 7) 2,366,245 3,322,046
Share ofgovernance costs (see note 7) 6,700 6,498
8,184,253 11,078,869
Analysis
by fund
Unrestricted
funds		 5,229,012 9,979,572
Restdcted funds 2,955,241 1,099,297
8,184,253 11,078,869

Support osts
Support Governance 2021 Support Governance 2020
costs costs costs costs
K 5 6
Staff costs 1,648,572 1,648,572 2,730,503 2,730,503
Premises and equipment 27,316 27,316 4,307 4,307
Operational costs 38,515 38,515 19,849 19,849
Administration 579,627 579,827 415,256 415,256
Marketing and
advertising 72,215 72,215 152,131 152,131
Audit fees 5,600 5,800 5,500 5,500
Accountancy 1,100 1,100 750 750
Board and trustee
expenses 248 248
2,366,245 6,700 2,372,945 3,322,046 6,498 3,328,544
Analysed between
Charitable activities 2,366,245 6,700 2,372,945 3,322,046 6,498 3,328,544

2021 2020
Number Number
Total employees 318 383
Employment
costs		 2021 2020
6
Wages and saladies 4,017,078 4,834,403
Social security costs 258,212 316,443
Other pension costs 1,254,218 1,778,844
5,529,508 6,929,690

more were:
2021 2020
Number Number
860,000 - 870,000 1 1
870,000 - 880,000 1 1
10 Tangible fixed assets
Improvements lEquipment Total
to property
E 8
Cost
At 1 April 2020 51,360 536,158 587,518
Additions 112,080 112,080
At 31 March 2021 51,360 648,238 699,598
Depreciation and impairment
At 1 April 2020 6,006 294,752 300,758
Depreciation charged in the year 9,197 95,630 104,827
At 31 March 2021 15,203 390,382 405,585
Carrying
amount
At 31 March 2021 36,157 257,856 294,013
At 31 March 2020 45,354 241,406 286,760
11 Stocks
2021 2020
8 8
Finished goods and goods for resale 39,993 40,227

Debtors
2021 2020
Amounts
falling		 due within one year: 8
Trade debtors 649,909 346,552
Other debtors 11,750 11,750
Prepayments
and		 accrued income 480,350 112,440
1,142,009 470,742
Creditors: amounts falling due within one year
2021 2020
Notes 6 6
Other taxation
and social security		 230,280 222,799
Deferred income 14 123,172 292,228
Trade creditors 367,830 226,222
Accruals 694,129 590,950
1,415,411 1,332,199
Deferred income
2021 2020
6 8
Grants 33,813
Sales, memberships and lessons paid in
advance 123,172 258,415
123,172 292,228
Deferred income is included in the financial statements as follows:
2021 2020
6
Balance brought forward 292,228 525,116
Income received 47,271 408,034
Income released (216,327) (640,922)
Balance carried forward 123,172 292,228

Provisions for liabilities 2021 2020
Notes 6 6
Retirement benefit obligations 16 9,758,000 4,493,000
9,758,000 4,493,000

Defined benefit schemes Defined benefit schemes Defined benefit schemes
Key assumptions
2021 2020
Discount rate 2.05 2.3
Expected rate ofincrease of pensions in payment 2.80 1.8
Expected rate ofsalary increases 3.10 2.1
Morlality assumptions
The assumed life expectations on retirement at age 65are:
2021 2020
Years Years
Retiring today
- Males 20.7 20.6
-Females 23.4 22.9
Retiring
in 20		 years
- Males 22.1 21.6
- Females 25.4 24.6
Amounts
recognised		 in the profit and loss account:
2021 2020
6
Current service cost 1,160,000 1,630,000
Net interest on defined benefit liability/(asset) 109,000 145,000
Total costs 1,269,000 1,775,000

16 Retirement
benefit schemes		 Retirement
benefit schemes		 Retirement
benefit schemes		 (Continued)
Amounts
taken to other comprehensive		 income:
2021 2020
8 8
Actual return on scheme assets (3,379,000) 1,056,000
Less: calculated
interest		 element 255,000 286,000
Return
on scheme assets excluding		 interest income (3,124,000) 1,342,000
Actuarial changes related to obligations 7,709,000 (3,334,000)
The
amounts
included		 in the balance sheet arising from the charity's
obligations
in respect ofdefined		 benefit plans are as follows:
2021 2020
f 8
Present value ofdefined benefit obligations 24,578,000 15,208,000
Fair value of plan assets (14,820,000) (10,715,000)
Deficit in scheme 9,758,000 4,493,000
Movements
in the present value		 ofdefined benefit obligations:
2021
8
Liabilities at 1 Apdil 2020 15,208,000
Current service cost 1,160,000
Benefits paid (79,000)
Contributions
from scheme		 members 216,000
Actuarial
gains and losses		 7,709,000
Interest cost 364,000
At 31 March 2021 24,578,000

Retirement benefit schemes (Continued)
Movements in the fair value of plan assets:
2021
8
Fair value ofassets at 1 April 2020 10,715,000
Interest income 255,000
Return on plan assets (excluding amounts included in net interest) 3,124,000
Benefits paid (79,000)
Contributions by the employer 589,000
Contributions by scheme members 216,000
At 31 March 2021 14,820,000
The fair value ofplan assets at the reporting
perio		 d end was as follows:
2021 2020
6 6
Equity instruments 12,004,200 7,821,950
Debt instruments 2,519,400 2,464,450
Property 296,400 321,450
Cash 107,150
14,820,000 10,715,000
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Balance at Transfers Balance at Transfers Balance at
1April 2010
8		 8 1 April 2020
8		 8 31 March 2021
f
Business re-engineering 154,000 154,000 154,000
Structural re-organisation 100,000 100,000 100,000
Maintenance
and development		 ofthe
estate 211,269 100,035 311,304 209,185 520,489
Fixed assetfund 257,534 257,534
465,269 100,035 565,304 466,719 1,032,023

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under non-cancellable
operating
leases, which fall due		 as follows:
2021 2020
Within one year 54,000 54,000
Between two and five years 121,500 229,500
175,500 283,500

22 Cash generated
from		 operations operations 2021 2020
8 6
(Deficit)/surpus
for the		 year 298,790 (960,945)
Adjustments
for:
Investment
income recognised		 in statement offinancial activities (3,589) (25,202)
Depreciation
and impairment
oftangible fixed assets		 104,827 67,556
Difference between
pension charge		 and cash contributions 680,000 1,196,000
Movements
in working		 capital:
Decrease/(increase)
in		 stocks 234 (4,621)
(Increase)
in debtors		 (671,267) (184,637)
Increase
in creditors		 252,268 53,855
(Decrease)
in deferred		 income (169,056) (232,888)
Cash generated
from/(absorbed		 by) operations 492,207 (90,882)
23 Analysis ofchanges in net funds
The charity had no debt during the year.