| Page | ||
|---|---|---|
| Trustees' report |
1-9 | |
| Statement oftrustees' |
responsibilities | 10 |
| Independent auditor's |
report | 11 - 13 |
| Statement offinancial |
activities | 14 |
| Balance sheet | 15-16 | |
| Statement ofcash flows |
17 | |
| Notes to the financial | statements | 18-37 |
| Reference | and administrative | and administrative | and administrative | details | ||
|---|---|---|---|---|---|---|
| Registered | charity | 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 | |||||
| JR Harrhy - resigned | 15th March 2023 | |||||
| KD Ward | ||||||
| SE Hazlehurst | ||||||
| M J Butler | ||||||
| DJ Mayer - resigned | 23rd June 2022 | |||||
| N Jakomis - resigned | 28th June 2022 | |||||
| K M Dew | ||||||
| PATilley | ||||||
| R M Turner | ||||||
| J Hughes | ||||||
| YForsey - appointed | 23rd June 2022 | |||||
| R Begum - appointed | 15th March 2023 | |||||
| BFlood - appointed | 15th March 2023 | |||||
| Secretary | Martyn Seaward | |||||
| Key Management | Personnel | SWard - Chief Executive | ||||
| M Seaward - Director ofFinance 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 | |||||||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |||||
| Notes | F | 8 | 8 | 6 | 6 | 8 | ||||
| Inggmaftgm; | ||||||||||
| Donations and |
||||||||||
| legacies | 3 | 1,306,574 | 1,306,574 | 1,201,263 | 1,201,263 | |||||
| Charitable activities |
4 | 7,734,919 | 1,436,678 | 9,171,597 | 6,525,740 | 1,844,756 | 8,370,496 | |||
| Investments | 5 | 85,422 | 85,422 | 115,116 | 115,116 | |||||
| Total income | 9,126,915 | 1,436,678 | 10,563,593 | 7,842,119 | 1,844,756 | 9,686,875 | ||||
| Emgndittttaua; | ||||||||||
| Charitable activities |
6 | 10,529,560 | 1,532,982 | 12,062,542 | 9,010,732 | 2,135,530 | 11,146,262 | |||
| Net expenditure | for the | |||||||||
| year/ | ||||||||||
| Net outgoing | resources | (1,402,645) | (96,304) | (1,498,949) | (1,168,613) | (290,774) | (1,459,387) | |||
| Other recognised | gains and losses | |||||||||
| Actuarial gain |
on | |||||||||
| defined benefit |
||||||||||
| pension schemes | 11,836,000 | 11,836,000 | 3,438,000 | 3,438,000 | ||||||
| Net movement | in funds | 10,433,355 | (96,304) | 10,337,051 | 2,269,387 | (290,774) | 1,978,613 | |||
| Fund balances | at | 1 April | ||||||||
| 2022 | (5,669,370) | 269,188 | (5,400,182) | (7,938,757) | 559,962 | (7,378,795) | ||||
| Fund balances | at | 31 | ||||||||
| March 2023 | 4,763,985 | 172,884 | 4,936,869 | (5,669,370) | 269,188 | (5,400, 182) |
| 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | 5 | ||||||
| Fixed assets | |||||||
| Tangible assets | 215,300 | 191,965 | |||||
| Current assets | |||||||
| Stocks | 12 | 33,333 | 39,993 | ||||
| Debtors | 13 | 1,186,661 | 1,924,542 | ||||
| Cash at bank and in hand | 3,377,656 | 2,675,626 | |||||
| 4,597,650 | 4,640,161 | ||||||
| Creditors: amounts | falling due within | ||||||
| one year | (2,280,081) | (2,262,308) | |||||
| Net current assets | 2,317,569 | 2,377,853 | |||||
| Total assets less current | liabilities | 2,532,869 | 2,569,818 | ||||
| Net assets excluding | pension surplusl(deficit) | 2,532,869 | 2,569,818 | ||||
| Defined benefit | pension | surplus/ | |||||
| (deficit) | 17 | 2,404,000 | (7,970,000) | ||||
| Income funds | |||||||
| Restricted funds ~it df |
d | 18 | 172,884 | 269,188 | |||
| Designated funds |
1,483,146 | 1,381,315 | |||||
| General unrestricted | funds | 3,280,839 | (7,050,685) | ||||
| 4,763,985 | (5,669,370) | ||||||
| 4,936,869 | (5,400,182) |
| 2023 | 2022 | |||||||
|---|---|---|---|---|---|---|---|---|
| Notes | 8 | 8 | ||||||
| Cash flows from operating | activities | |||||||
| Cash generated from operations |
23 | 716,608 | 241,909 | |||||
| Investing | activities | |||||||
| Purchase | oftangible fixed assets |
(100,000) | ||||||
| Investment | income received | 85,422 | 115,116 | |||||
| Net cash investing |
(used in)/generated activities |
from | (14,578) | 115,116 | ||||
| Net cash | used in financing | activities | ||||||
| Net increase in cash and cash equivalents |
702,030 | 357,025 | ||||||
| Cash and | cash equivalents | at beginning | ofyear | 2,675,626 | 2,318,601 | |||
| Cash and | cash equivalents | at end of | year | 3,377,656 | 2,675,626 |
| Donation | s and |
leg | acies | ||
|---|---|---|---|---|---|
| Unrestricted | Unrestricted | ||||
| funds | funds | ||||
| 2023 | 2022 | ||||
| 6 | F | ||||
| Donated | goods | and | services | 1,306,574 | 1,201,263 |
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| 6 | 8 | |||||
| Operation ofsport, | leisure, arts and | cultural | activities | 5,490,025 | 2,819,497 | |
| Management fees |
2,181,496 | 2,181,496 | ||||
| Grants | 1,500,076 | 3,369,503 | ||||
| 9,171,597 | 8,370,496 | |||||
| Analysis by fund |
||||||
| Unrestricted funds |
7,734,919 | 6,525,740 | ||||
| Restricted funds |
1,436,678 | 1,844,756 | ||||
| 9,171,597 | 8,370,496 | |||||
| Grants | ||||||
| Sport Wales Core | Programme | 435,351 | 407,012 | |||
| Welsh Government | 384,785 | 258,532 | ||||
| Gwent Office ofthe | Police and Crime Commissioner | 181,000 | 181,000 | |||
| Arts Council ofWales | 194,961 | 481,539 | ||||
| Active Communities | (5,000) | |||||
| Federation of Disability Sport Wales | 18,763 | 11,279 | ||||
| Street Games | 6,000 | 13,500 | ||||
| Positive Futures - | Other | 90,485 | ||||
| Sport Wales - Other | 11,605 | |||||
| Alliance ofSport | 33,500 | |||||
| UK Youth | 15,750 | 26,000 | ||||
| HMRC Coronavirus | Job Retention | Scheme | 181,384 | |||
| Leisure Hardship | Fund | 1,503,728 | ||||
| NCC - Summer ofFun &Winter of | Well-being | 139,481 | 130,060 | |||
| UK Government - |
Kick Start | 1,500 | ||||
| Velodrame Dance |
Studio | 77,795 | ||||
| ACW Capital | 50,000 | |||||
| Sports Development | 39,569 | |||||
| 1,500,076 | 3,369,503 |
| Unrestricted | Unrestricted | |||
|---|---|---|---|---|
| funds | funds | |||
| 2023 | 2022 | |||
| 6 | 6 | |||
| Rents receivable | 68,168 | 115,037 | ||
| Interest receivable | 17,254 | 79 | ||
| 85,422 | 115,116 | |||
| Charitable activities |
||||
| 2023 | 2022 | |||
| 6 | ||||
| Sta1fcosts | 6,062,723 | 5,916,969 | ||
| Depreciation and |
impairment | 76,664 | 102,046 | |
| Other staff costs | 187,907 | 130,576 | ||
| Rent | 650,091 | 648,113 | ||
| Energy | 739,549 | 610,372 | ||
| NNDR | 72,745 | 3,850 | ||
| Water and sewage costs | 39,310 | 71,202 | ||
| Building maintenance | 259,552 | 207,233 | ||
| Cost ofshows and productions | 834,174 | 253,565 | ||
| Cost ofgoods for | resale | 248,946 | 103,469 | |
| Tools, equipment | and | chemicals | 288,556 | 243,137 |
| Partner organisation | costs | 142,940 | 121,989 | |
| Other costs | 4,057 | 4,714 | ||
| 9,607,214 | 8,417,235 | |||
| Share ofsupport costs (see note 7) | 2,447,327 | 2,721,791 | ||
| Share ofgovernance | costs (see note 7) | 8,001 | 7,236 | |
| 12,062,542 | 11,146,262 | |||
| Analysis by fund |
||||
| Unrestricted funds |
10,529,560 | 9,010,732 | ||
| Restricted funds | 1,532,982 | 2,135,530 | ||
| 12,062,542 | 11,146,262 |
| Support | Governance | 2023 | Support | Governance | 2022 | |||
|---|---|---|---|---|---|---|---|---|
| costs | costs | costs | costs | |||||
| 8 | 8 | 8 | ||||||
| Staff costs | 1,069,410 | 1,069,410 | 1,056,221 | 1,056,221 | ||||
| Premises | and equipment | 198,513 | 198,513 | 259,582 | 259,582 | |||
| Operational | costs | 308,957 | 308,957 | 251,630 | 251,630 | |||
| Administration | 598,922 | 598,922 | 844,133 | 844,133 | ||||
| Marketing | and | |||||||
| advertising | 271,525 | 271,525 | 310,225 | 310,225 | ||||
| Audit fees | 7,800 | 7,800 | 6,750 | 6,750 | ||||
| Board and | trustee | |||||||
| expenses | 201 | 201 | 486 | 486 | ||||
| 2,447,327 | 8,001 | 2,455,328 | 2,721,791 | 7,236 | 2,729,027 | |||
| Analysed | between | |||||||
| Charitable | activities | 2,447,327 | 8,001 | 2,455,328 | 2,721,791 | 7,236 | 2,729,027 |
| The average monthly number ofemployees during th |
e year was: | |
|---|---|---|
| 2023 | 2022 | |
| Number | Number | |
| Total employees | 297 | 278 |
| Employment costs |
2023 | 2022 |
| 6 | ||
| Wages and salaries | 4,661,724 | 4,400,406 |
| Social security costs | 350,720 | 313,156 |
| Other pension costs | 2,119,689 | 2,259,628 |
| 7,132,133 | 6,973,190 |
| 2023 | 2022 |
|---|---|
| Number | Number |
| Tangible fix | ed assets | ||||
|---|---|---|---|---|---|
| improvements | Equipment | Total | |||
| to propertyf | |||||
| Cost | |||||
| At 1 April 2022 | 51,360 | 648,237 | 699,597 | ||
| Additions | 100,000 | 100,000 | |||
| At 31 March | 2023 | 51,360 | 748,237 | 799,597 | |
| Depreciation | and impairment | ||||
| At 1 April 2022 | 24,401 | 483,231 | 507,632 | ||
| Depreciation | charged | in the year | 9,197 | 67,468 | 76,665 |
| At 31 March | 2023 | 33,598 | 550,699 | 584,297 | |
| Canying amount |
|||||
| At 31 March | 2023 | 17,762 | 197,538 | 215,300 | |
| At 31 March | 2022 | 26,959 | 165,006 | 191,965 |
| 12 | Stocks | |||||||
|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||||
| 5 | 8 | |||||||
| Finished | goods | and goods for resale | 33,333 | 39,993 | ||||
| 13 | Debtors | |||||||
| 2023 | 2022 | |||||||
| Amounts | falling due within | one year: | 5 | 5 | ||||
| Trade debtors | 527,543 | 1,133,563 | ||||||
| Other debtors | 11,750 | 11,750 | ||||||
| Prepayments and accrued income |
647,368 | 779,229 | ||||||
| 1,186,661 | 1,924,542 | |||||||
| 14 | Creditors: amounts falling |
due within one year | ||||||
| 2023 | 2022 | |||||||
| Notes | 6 | 8 | ||||||
| Other taxation | and social security | 125,413 | 82,083 | |||||
| Deferred | income | 15 | 551,124 | 428,803 | ||||
| Trade creditors | 95,510 | 239,424 | ||||||
| Other creditors | 50,427 | |||||||
| Accruals | 1,508,034 | 1,461,571 | ||||||
| 2,280,081 | 2,262,308 | |||||||
| 15 | Deferred | income | ||||||
| 2023 | 2022 | |||||||
| 5 | 5 | |||||||
| Other deferred | income | 551,124 | 428,803 | |||||
| Deferred | income is included | in the financial statements | as follows: | |||||
| 2023 | 2022 | |||||||
| 5 | 8 | |||||||
| Deferred | income is included | within: | ||||||
| Current | liabilities | 551,124 | 428,803 | |||||
| Movements in |
the year |
| Deferred income at | 1 April 2022 | 428,803 | 123,172 |
|---|---|---|---|
| Released from previous periods |
(428,803) | (553,180) | |
| Resources deferred | in the year | 551,124 | 858,811 |
| Deferred income at | 31 March 2023 | 551,124 | 428,803 |
| Provisions for liabilities |
2023 | 2022 | |
| 5 | 8 |
| Kay assumptio | ns | |||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| '/o | O/o | |||||
| Discount rate | 4.75'/o | 2.75 | ||||
| Expected rate | ofincrease ofpensions | in payment | 2.95'/0 | 3.15 | ||
| Expected rate | ofsalary increases | 3.45'/a | 345 | |||
| Mortality assumptions | ||||||
| The assumed | life expectations | on retirement | at age 65are: | |||
| 2023 | 2022 | |||||
| Years | Years | |||||
| Retiring today | ||||||
| - Males | 18 | 20.5 | ||||
| -Females | 23 | 23.2 | ||||
| Retiring in 20 |
years | |||||
| -Males | 21 | 21.8 | ||||
| -Females | 25 | 25.1 |
| 17 | Retirement benefit schemes |
Retirement benefit schemes |
(Continued) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amounts recognised in the profit |
and | loss account: | |||||||||||
| 2023 | 2022 | ||||||||||||
| 2 | 8 | ||||||||||||
| Current service cost |
1,879,000 | 2,049,000 | |||||||||||
| Net interest on defined benefit |
liability/(asset) | 235,000 | 214,000 | ||||||||||
| Total costs | 2,114,000 | 2,263,000 | |||||||||||
| Amounts taken to other comprehensive |
income: | ||||||||||||
| 2023 | 2922 | ||||||||||||
| 6 | 8 | ||||||||||||
| Actual return on scheme assets | 64,000 | (908,000) | |||||||||||
| I ess: calculated interest element |
463,000 | 311,000 | |||||||||||
| Return on scheme assets |
excluding | interest | income | 527,000 | (597,000) | ||||||||
| Actuarial changes related | to obligations | (12,363,000) | (2,841,000) | ||||||||||
| Total costs/(income) | (11,836,000) | (3,438,000) | |||||||||||
| The amounts included |
in | the | balance | sheet | arising | from | the | charity's | |||||
| obligations in respect ofdefined |
benefit | plans are as follows: | |||||||||||
| 2023 | 2022 | ||||||||||||
| f | 8 | ||||||||||||
| Present value ofdefined benefit | obligations | (1,696,000) | 24,419,000 | ||||||||||
| Fair value of plan assets | (708,000) | (16,449,000) | |||||||||||
| (Surplus)/deficit in scheme |
(2,404,000) | 7,970,000 | |||||||||||
| Movements in the present |
value | ofdefined | benefit obligations: | ||||||||||
| 2023 | |||||||||||||
| 5 | |||||||||||||
| Liabilities at 1 April 2022 | 7,970,000 | ||||||||||||
| Current service cost | 1,879,000 | ||||||||||||
| Benefits paid | (129,000) | ||||||||||||
| Contributions from scheme members |
249,000 | ||||||||||||
| Actuarial gains and losses | (12,363,000) | ||||||||||||
| Interest cost | 698,000 | ||||||||||||
| At 31 March 2023 | (1,696,000) |
| 17 | Retirement | benefit schemes | (Continued) | |||
|---|---|---|---|---|---|---|
| Movements | in the fair value of plan assets: | |||||
| 2023 | ||||||
| 8 | ||||||
| Fair value ofassets at 1 April 2022 | ||||||
| Interest income | 463,000 | |||||
| Return on plan assets (exduding | amounts | induded | in net interest) | (527,000) | ||
| Benefits paid | (129,000) | |||||
| Contributions | by the employer | 652,000 | ||||
| Contributions | by scheme members | 249,000 | ||||
| At 31 March | 2023 | 708,000 |
| The fair value ofplan assets at the reporting period |
end was as follows: | |
|---|---|---|
| 2023 | 2022 | |
| 8 | 6 | |
| Equity instruments | 559,320 | 13,323,690 |
| Debt instruments | 21,240 | 2,631,840 |
| Property | 120,360 | 493,470 |
| Cash | 7,080 | |
| 708,000 | 16,449,000 |
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| Balance at | Balance at | Transfers | Balance at | |||||
|---|---|---|---|---|---|---|---|---|
| 1Apdl 2021 | 1 Apdil 2022 | 31 March 2023 | ||||||
| 6 | 6 | 8 | ||||||
| Business | re-engineering | 154,000 | 154,000 | 154,000 | ||||
| Structural | rewrganisafion | 100,000 | 100,000 | 100,000 | ||||
| Maintenance | and development | ofthe | ||||||
| estate | 520,489 | 441,819 | 962,308 | 69,299 | 1,031,607 | |||
| Fixed asset | fund | 257,534 | (92,527) | 165,007 | 32,532 | 197,539 | ||
| 1,032,023 | 349,292 | 1,381,315 | 101,831 | 1,483,146 |
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| LCI |
| 2023 | 2022 | |
|---|---|---|
| 6 | ||
| Within one year | 50,688 | 50,688 |
| Between two and five years | 13,054 | 67,584 |
| 63,742 | 118,272 |
| Newport City Council acts as the principal |
Newport City Council acts as the principal |
funder | funder | and | a member | a member | a member | of Newport | of Newport | Live. During the year grants, | Live. During the year grants, | Live. During the year grants, | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| management fees and other services |
amounting | to | 54,470,538 (2022: 55,930,929)were received | from, and | ||||||||||
| purchases off394,392 (2022:f563,054) were made to |
Newport | City Council. | The grants and management |
|||||||||||
| fees did not have any performance related |
conditions | attached | to them. | At | the year-end | date, | amounts | |||||||
| totalling 93268,942 (2022:9931,193)were | owed | to | Newport | Live | by Newport | City Council and Newport Live |
||||||||
| owed Newport City Council gnil (2022: |
f10,693). | |||||||||||||
| 23 | Cash generated from operations |
2023 | 2022 | |||||||||||
| 6 | ||||||||||||||
| Surplus for the year | (1,498,948) | (1,459,385) | ||||||||||||
| Adjustments for: |
||||||||||||||
| Investment income recognised in statement |
offinancial | activities | (85,422) | (115,116) | ||||||||||
| Depreciation and impairment oftangible |
fixed assets | 76,664 | 102,046 | |||||||||||
| Difference between pension charge and cash contributions |
1,462,000 | 1,650,000 | ||||||||||||
| Movements in working capital: |
||||||||||||||
| Decrease in stocks |
6,660 | |||||||||||||
| Decrease/(increase) in debtors |
737,881 | (782,533) | ||||||||||||
| (Decrease)/increase in creditors |
(104,548) | 541,266 | ||||||||||||
| Increase in deferred income |
122,321 | 305,631 | ||||||||||||
| Cash generated from operations |
716,608 | 241,909 | ||||||||||||
| 24 | Analysis ofchanges in net funds |