# ## ## |||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| ||||Slcl
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Z LL|| ## ## ## ||||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| ## ## |EC||O
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EA|CI| ||||||||OE| |||||||CR|CO| ## ## ## ## |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.|||||