## # ## ## |||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| ||||||'0|C Ch
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a I—|| ## ## ## |||||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| ## |III
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CO| ||||||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||||||||||||||