Charity registration number 269068 Company registration number 1195345 (England and Wales) WELSH DANCE THEATRE TRUST LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
WELSH DANCE THEATRE TRUST LIMITED CONTENTS Page Chaimian's statement Trustees. report 2-10 Statement of trustees, responsibilities 11 Independent examiner's report 12 Stslemenl of financial a¢livilies 13 Balance sheet 14 Statement of cash flows Notes to the financial statements 16-32
WELSH DANCE THEATRE TRUST LIMITED CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Chalr's Report Annwyl Cyfaill, Dear Reader With this document, we present to you our annual report for the year 2023124. Our previous report highlighted the crisis that Vvelsh Dan Theatre Trust Limited IRubiconl had sustained along with the summary investigation and our plans for remedial action. This year has very much been fOcUd on creating a strong foundation and implementing a clear structure lo enable Rubicon to recover and grow. Specifically.. Key recrultment - We secured funding via the Arts Council of Wales lo appoint an interim CEO. This appointment was vital as rt has provided the organisalion ¥Mth daily leadership and strategic focus. Fundraising strategy - We have focussed our fundraising efforts into areas and seen success in both.. large strategic bids including Arts Council of Wales, Garfield Weston Foundation, Moondance and the National Lottery,. and community fundraising including donations from local businesses, raffles and cake sales. Governance.. Vve have reviewed 8nLY communicated many of our polices & procedures lo make sure they are up lo date, fil for purpose and embedded within the organisation. These have included topics such as absence and support, time off in lieu, travel, and disciplinary procedures. We have appointed a Chief Executive, initially on a one-year fixed term contract lo focus on a reorganisation and establishing a secure future for the charity. We plan to outsource our finance function to provide greater resilience, expertise and visibility on our accounts. We have established a more robust Risk Register which is reviewed regularly by the CEO and Board. Vve have created an action tracker to record all key decisions made as a board and the CEO. The tracker also enables us to monitor progress, agree timelines and assign owners lo ensure key activf(ies are progressed. Trustee recrultment - We have been refreshing our board of trustees, with four stepping down and being replaced, reinvigorating the board and providing valuable skills and expertise. The essence of who we are and what we do is unchanged and we have updated our strategy for 3 years, starting in April 2024, and refreshed the business plan, reflecting what we do well and identify areas for growth so that we can rebuild effectively. There are many things that we still need lo address bul with key building blocks in place lo capilalise on the potential of the organisats"on, we are excited about what's to come. With this report, we want lo present lo you what we have achieved and what our plans are for the future. We are so very proud of the progress we have made in building a stable and secure future for Rubicon. Yr eiddoch yn wir, Gemma Barnett Chair Novernber 2024
WELSH DANCE THEATRE TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordan with the accounting policies set OLJt in note 1 to the financial statements and comply with the charitls governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" Objectives and activities Who we are The charitable objects of Welsh Dance Theatre Trust trading as Rubicon Dance are.. For the benefit of the public, lo foster, promote, and increase the interest of the public in the knowledge, understanding and praclice of dancing (including but not restricted lo contemporary dance, community dance, and other modem dance forms) and to promote, assist and provide facilities for presentations of such dancing and training of dancers and choreographers. Our vision is an inclusive, vibrant and diverse Wales in which anyone anywhere can experience the joys and benefits of dancing, lo their full potential and aspiration. In this world, we are a key collaborator with other organisalions, uplifting and celebrating the successes of others as much as our own. Our community work brings engaging, safe, inclusive and inspiring opportunities for dancing and movement to people in Cardiff and South Wales, especially those who may face barriers to dance. Through our education and career work, we provide excellent dance education, career progression routes and skill developrnenl for aspiring and existing professionals. Our valutrs and behaviours ar& inspid by community dance pra¢ti¢e1 and reflected throughout our work- Collaboration". nurturing work with and between others, doing with them instead of to them Creativity.. enabling selfexpression and imagination InclLJsion'. bringing together difference by actively seeking to redu barriers and enable access Care.. providing a safe and supportive environment QLJality'. delivering to highest possible stsndards 1 Professional code of conduct of communit dance by People Dancing Our charitable activitias To fulfil our purpose, we undertake activities in three main programmes.. Community Dance In this programme, we engage with communities in general, but also in specific settings such as schools, hospitals and elsewhere to enable them to dance. We nurture participation and interest in dance, self- expression of our participants and provide opportunities lo move with joy where they may be scar. We challenge traditional views of what il means lo dance, be that where we dance, who we dance with, or what artistic expression looks like. 11 goes beyond performance in traditional theatrical settings and erumpasses an ever-growing list of allernalive ways of artistic expression. You will see in our information below the variety of settings in which we work, and each of these settings requires a distinctly different approach. Instead of expecting people to come to us lo dance, we come lo where they are. Wales Wide Training Our Wales Wide Training Programme seeks lo inspire and sustain community dance in Wales by providing training to any sector participant in a strategic way. responsive lo sector need. It addresses the development and support needs of freelance community dance praclilioners within the broader context of the community dance landscape across Wales. Through this programme. we contribute lo the danGe sector's workforce development and enhanced Community dance provision through the provision of rtrlevanl, regular and varied opportunities for dance pr8¢tilioners 81811 stsges of their career journeys.
WELSH DANCE THEATRE TRUST LIMITED TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Education and career This work includes our Young Dance Programme in which we provide GCSE dance training, as well as cur unique pre-vocational full-time dance course IBTEC Level 3 Extended Diploma), both of which prepare talented young people from Wales at different stages of their development for entry to higher education and the major conservatoires. The GCSE programme is also designed to detect lalenl by working with secondary schools and providing high intensity dance training lo encourage rllore people from diverse backgrounds to consider careers in the sector. The full-time course has run since 1986 and provides students with the technical skills as well as the necessary UCAS points to progress lo the degrees offered by the conservaloires. Since its inception, we have trained hundreds of people and lake immense pride in following the progress of their careers and it is important part of the dan ecosystem in Wales. Achievements and performance In the following, we want lo share some qualitative and quanlitslive information lo provide you with a sense of what we achieved in 2023124. Our charitable a¢tivities- quantity Community work During the year we held 1,672 sessions which were attended by 15,451 participants who physically tended the sessions and 531 who attended virtLJally. The s¢ope of the ¢ommunily work we undertook included working with young people in s¢hools and at the dan studio in Nora Street. In addition to working with young people in schools, including some with disabilities, we have excellent and greatly appreciated programmes in care homes, online sessions for stroke victims, and our regular tap, jazz and contemporary dance classes at Rubicon have enabled adulis to participate in dance in a relaxed, soci4ble environment. Rubicon runs an extremely popular Bharata Natyam dance session at both our centre and online that enables participants from all over Wales join in. Education and career work We provided 436 curriculum-based sessions lo 19 schools which were attended by 857 pupils with a total attendance figure of 7,998. In addition to schools-based sessions 16 pupils took part in our GCSE Dance course and 12 students participated in the 8TEC course. This year we were proud lo gel 19 young people through their Dance GCSE and a further 15 through the BTEC programme. The end-of-year show was a superb display of the skills and creativity of these remarkable young people and was well received by all those who attended. The Leverhulme Trust have continued to support Rubicon's programme of tslent detection by working with secondary schools. The programme provides high intensity dance training to encourage more people from diverse backgrounds lo consider a career in the dance sector. Wales Wide Training Programme Rubicon has continued to lead on the Wales Wide Training Programrne IWWTPI on behalf of the communty dance sector across Wales. In 8ddition to online and faCt0-face CPD sessions there is continued support for community dance apprentices and mentors across Wales plus ongoing development of learning oul¢ome a¢¢redilalion linked to People Dancing." Evaluation Forums, Dance for Parkinson's developments, Shared Pra¢ti¢e Forums, additional one to one Creative practi & Wellbeing Support Sessions to support freelance dance practitioners across Wales Ithrough the medium of Welsh, English or bilingual, Sensing Welsh ssions aimed at beginners and those more confident in using Welsh in their dance sessions, plus a Wales based Guest Talk series looking at past and present key people who are working in Dance in Wales. Regular network and strategy meetings were held to bring the dance sector together to discuss current iSSLJes and the development and shape of WIP. Case stLJdies and films were made to highlight some of the strands of WWTP. International links were created with Wales, Australia and New Zealand linked to Arts & Health. An eXperiend groLJP of Arts & Heallh professionals was set up to share good and current practi.
WELSH DANCE THEATRE TRUST LIMITED TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 As part of the Wales Wide Training Programme we provided 96 sessions attended by over 500 participants. The topic areas covered were.. Arts and health,. Social prescribing, the Welsh language,. early years., young people., older people,. dance for people living with Parkinson's,. New Schools Curriculum for Wales,. Climate Change in the Arts,. Policy Forum,. Evaluation, Skills Share, and Creative practice & Wellbeing Support Sessions. These sessions were.. Disabilities We continued lo work with disabled participants of all ages offering a range of sessions which are designed to suit the needs and abilities of participants. Health and wellbeing The work we undertake in hospilal-based sessions included Neuropsychiatry, brain injury, stroke rehabilitation, mental he8llh services for older people and inlegr8ted medicine for patients with dementia and Confusion. We 81s0 continued lo offer online sessions for p8rti¢ip8nts recovering from 8 slroktr. Our charltable a¢tlvltles- quallty Some of the feedback we re¢eived in 2023124.. 'People can forget about their disabililies, they can frirget about their pain. There is 2n esc2pism in it. Music is deeply wired despile brain injury and taking part makes them happy" NHS Staff member "What I find wilh WWTP is th21 there is an 211-inclusive approach.... Regardless of age or experience there is something that all of us can lap into. These sessions are giving opportunities to freelancers .(and).. they are listening to what we need and doing everything they can to offer resources... - Participant, Wales Wide Trnining Programme. "I found Rubicon when I was 17 years old and at a crossroads with what path to take. Rubicon welcomed me in with open arms and nurtured me through some of the most important years of development for a young &piring artist. At Rubicon my individuality was celebrated, my creativity was challenged & 1 gained the technique and knowledge to secure a place at degree level vocational dan schools. Since graduating I have travelled all over the world performing. I have danced on the prestigious Queen Mary 2 world voyage, performed on television series and adverts, danced in Dubai's royal opera house, and for the last 3 years toured the U.K. wrfth Strictly Come Dancing professionals making my wesl end debut in 2022. 1 am currently dance captain on Johannes Radebe's sell out U.K. tour'House of JoJo' and l am absolutely loving every second. l am so blessed lo do what I love for a living, and I will be forever grateful to Rubicon for making il all possible" B TEC Alumni Sludenl .1 feel I have another group of friends now your Glass and a few of us have been going for CO aftenvardsl Thank you, Sophie, for your enthusiasm 8nabling me to be distracted from my pain for a little whilel" Community Session PartlGipant "I have never felt so connected lo dance across Wales as I have through Wales Wide Training Programme" Participant "Coming dancing is fabulous. 11 good for th& braAn, combats loneliness, with a gr$81 teach&r who always has a smile' Parti¢Npanl community s&ssion 'Patients might have physical weaknesses, may have lost speech or be non-verbal. The sessions give them a 'voi¢e' and they are able to show theirpersonality"_ NHS staff member
WELSH DANCE THEATRE TRUST LIMITED TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Our charitable activities- place Rubicon's activities continue to span the major population cenlres of Cardiff and Newport, with various initiatives impacting dance communities further afield. The extensive reach of the Wales Wide Training Programme has enabled us lo connect with dance praotilioners across Wales including Abergavenny, Bangor, Caemarfon, Caerphilly, Cardiff, Cardigan, Carmarthen, Ceredigion, Narberth, Nealh, Newport, Port Talbol, Powys, Rhondda Cynon Taf, Swansea, and Vale of Glamorgan. Our charitable activities- partners Along with Arts Council Wales, we enjoy supportive partnerships with many organisalions, here am some of them. Thanks lo you alll Cardlff Sport Metropolltsn Unlverslty Cardlff and Vale Unlverslty Health Board As part of the Cardlff and Vale Unlverslty Health Board partnèrshlp.. Mental Health Sèrvices for Older People.. Neuropsychiatry., Community Brain Injury Team,. Integrated Medicine,. Stroke Rehabilitsb'on servIs Cardiff & Val8 Collag• National Youth Danca Company One Dance UK Sense Touchbase Sparkle (Newport) The Royal Ballet The Stroke Association Wales Wide Training Programme Partners- Afon Dance Artis CommunityArts Care Ballet Cymru Caerphilly Arts Development Cardiff Metropolitan University Coleg Sir Gar Dance Blast Dancerama Dawns i Bawb Dance Collectlve Elenl Cymru Gofal Colf
WELSH DANCE THEATRE TRUST LIMITED TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Resources in 2023124 Staffing During the year under review Rubicon employed an average of 23 staff, 17 of whom were part lime, equating to 14 full-time roles. Seven freelan dance practitioners also delivered sessions on behalf of Rubicon. Board Al the end of 2023124, Rubicon had eight trustees. Following the resignation of four and recruilThent of four, Rubicon currently has eight, comprising three females and five males, aged between 30 and 61 years. Their expertise covers strategy, govemance, operations, HR, facilitation and co-production, mental health, policy, finance, commercial & transformation, general business and data. They have experien drawn from a wide range of sectors including arts, charity, health, finance, insurance, legal, sports, manufacturing and technology. Investment Poli¢y The trustees consider il prudent to hold most of the reserves on deposit lo meet short term finanaal commitments. Reserves Policy Reserves are needed to bridge the gap between the spending and receiving of in¢ome, and to ¢over unplanned emergency repairs and other expenditLJre and fLJture plans. We aim to maintain sufficient unrestricted funds in reserves to.. Cover three months, Core Operating costs including associated siaff salaries Undertake emergency building work, if necessary, with as lie disrupb'on as possible to ongoing programmes Cover matemity pay if all female members of staff went on matemity leave at any given time The trustees consider that three months operational costs would be required to cover the above. At the year-end 2023124, the charity had unrestricted reserves lotalling £251,599 and restricted reserves of £13,435. It's free reserves total £46,736. We are aiming to increase our reserve levels in the coming years sustainably and transparently. Flnanclal rovlaw Rubicon continues lo deal with a difficult financial landscape. Following the financial crisis we went through in 2022123, this financial year 120231241 has seen the organisalion seek to stablilise our financial position and prepare for the future. We owe significant gratitude lo our funders and partners for their support over this extremely difficult lime, first and foremost the Arts Council of Wales, who remained a consislenl source of support, advice and critical friendship. Whilst Rubicon is no longer part of the Arts Council Wales portfolio, they have continued to be an invaluable source of support, funding and expertise and we hope our produdive relationship can continue into the future. Indeed, all of our amazing funders and partners have been land are continuing to bel incredibly supportive, including but not limited lo all the partners mentioned on page 5 along with Arts & Business Cymru (lture Slep, BBC Children in Need, Cardiff & Vale College. Gwendoline & Margaret Davies Charity, Moondance Foundation, Leverhulme Trust, Paul Hamlyn Foundation, Waterloo Foundation, Wales & West Housing Association, and many more. A huge THANK YOU also to all the individuals and inslilulions who have fundraised for us during the crisis, some of which are ¢ontinuing to give regularly. The charity generated a net surplus of £52,59412023.' deficit of £115,476). It has unrestricted funds of £268,725 12023.. £186,045) and restricted funds of £37,711 12023.. £67,797) It's free reserves are £63,86212023'. £12,216). Our financial perfomiance is comprehensively disclosed in the attached financial statements. We have made some amendments to the way in which we present OLJr accounting statements this financial year for the purposes of transparency. Based on two consecutive years of losses, the Board of Trustees believes we have now correcled for the impacls of the finanaal crisis across the past two financial years and hope to be able to move lowards balanced budgets.
WELSH DANCE THEATRE TRUST LIMITED TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Board of Trustees has been taking significant steps lo prepare for the end of core Arts Councl Wales funding and secure the long term future of Rubicon, as we will necessarily have to move towards a drfferenl funding model lo which we have become accustomed. We anticipate seeking more funding streams and a wider range of partners through 2024125 and into 2025126. Risk management Issues of risk are brought to the attention of the trustees al monthly meetings held with senior nBnagement staff, with any incidents or emerging risks raised as they occur. Polices are in place for health and safely, equal opportunities, vulnerable adults and child protection, which are reviewed regularly. The loss of core funding has been identified as a major risk to the charity. The charity continues to seek to expand its sources of incomè lo miligata this. Attention has also been fo¢used on the non-financial risks arising from fire, health and safety of staff and parti¢ipants. The risk of fire is managed by ensLJring adequate firefighting equipment is available throughout the premises", insurance cover is maintsined and reviewed annually. A full health and safety audit is Carried out annually by the Centre Co-ordinator andlor an extemal ¢ontra¢tor, which is reported to, and monitored by the Board. Accident and incident books are kept in reptIOn and the building is monitored by closed circuit television. Simple but comprehensive internal procedures are followed for all financial transactions, which are detailed in the Financial Procedures Manual. All expenditure musl be approved for payment with an approval process to minimise the risk of financial loss to the charity. Our future plans Our vision for the future is an inclusive, vibrant and diverse Wales in which anyone, anywhere Can experien the joy and benefits of dancing. In this world we will be a key llabOratOr with other organisations, uplifting and lebrating the SLJccess of others as much as its own. We will undertake work in the community which brings safe, inclusive, and inspiring opportunities for dancing and movemenl to people in Cardiff and Ihe surrounding area. Through our education and career wort(, we will provide dan education, career progression, routes and skill development for aspiring and existing professionals. To deliver this vision we will implement a fit-for-the-future structure and sound internal functioning of the organisation while strengthening our reputation in our environment leading lo sustainable resource generation relationships. We aim to increase pathways between communities, our offers and partners, offers. Through the Wales Wide Training Programme, we will increase connectedness and knoedge transfer rosS the dan sector and beyond. We will continue lo strengthen our education offering from key stage 1 to level 3, improving the reputslion of dance as a relevant skill. Through these actions il is our ambition that Rubicon will be a renewed organisalion with the right Structure and ullure, as well as clear, impact-driven, and transparent decision-making processes and that we will have strong, positive relationships Internally and &xl&rnally with a strong income and resource pipeline.
WELSH DANCE THEATRE TRUST LIMITED TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 We will endeavour lo ensure that people in Cardiff, South Wales and beyond especially those who might traditionally face barriers to dancing - have the opportunity lo dance in an enjoyable and inclusive environment. They find the opportunities they need, thanks to our collaborative networks and strong educational pathways. We will continue lo work with dance praclilioners, organisations and other experts so that they feel supported in their development, locally and nationally, and dance will be more valued as a career skill beyond performance. The rllajor focus areas for the next year are about reorganising the Rubicon team lo provide clear leadership, management, governance and development, and lo secure future funding, while managing the operational imperatives. Structure. governance and management It wa5 recognised in the previous year that the structure, governance, and management of the charity required a omplele overhaul. The Board of Trustees involvement in the day-to-day running of the organisation was not sustainable and that clear and conslstent day-lo-day rnanagement, which were causing issues with morale and the general operating, needed lo be put in place. We were therefore delighltrd to secure funding via the Arts Council of Wales lo fund the recruitment of an Interim CEO who would join in April 2024 to focus on organisational reslru¢lure, strengthening OLJr relationships with key funders and partners, identifying new opportunities for growth and introdu¢ing new policies and produre$. The aim is to ¢on¢lude the re-structure by the end of December 2024, to stsrt 2025 with a cleady defined slru¢lure, roles and responsibilities, and effe¢live Core policies and procedures. Govomlng Do¢umgnl The organisation is a registered charity and company limited by guarantee, incorporated on 2 January 1975. The company was established under a Memorandum ofAssociation which established the objects and powers of the charitable company and is governed by its Articles of Association,. the Articles of Associalion were amended in July 2014. In the event of the company being wound up, members are each required to contribute an amount not exceeding £10. Remuneration All trustees give their time freely and no trustee received remuneration during the year. Staff salaries are reviewed al least annually by the Board and benchrnarked against similar sized charities, along with ensuring that legal minimums are applied. Induction and Training A wide rllix of business, creative, and social skills and experience are represented by the board of Iruslees. When a vacancy becomes available or is identified, individuals are identified, interviewed and invited to join the board lo ensure this balance of skills is rllaintained. In June 2022, a comprehensive skills audit and governance self-review was completed lo asses5 gaps in expertise and identify mitigating actions, during 2023124 Rubicon established the groundwork lo prepare for a reorganisalion of the team, including the recruilrnenl of a CEO and new trustees. All new Irustetrs are given an introduction 8nd briefing on the Charity itself 8nd what would be expected of them, along with the rtrlevanl information requirement of the Charity Commission lo ensu that their role and responsibilities are fully understood. Those resources include Ibul are not limited lol.. Free Iruslee training course by the Institute of Chartered Accountsnts England & Wales.. -Icaew.comllechnicallcharit mmunit I Governance help & guidance by the NCVO.. Charity Governance Code.. Centre for Charity Excellen Building Better Governance..
WELSH DANCE THEATRE TRUST LIMITED TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Reference and administrative details Registered charity number 289068 Registered company number 1195345 Name Welsh Dance Theatre Trust Limited Business name Rubicon Dance Board of trustees David Morgan Shell Miller- resigned 2410612024 Gemma Barnett- resigned 0211212024 Paul Whittaker Matthew Williams Simon Dancey- resigned 1211212023 Jonas Fathy - resigned 1211212023 Caroline Thompson - resigned 1211212023 Avijit Bhagwant- appointed 0310912024 John Cavanagh - appointed 1211212023 Charfie Ellaway- appointed 0310912024 Micaela Owen - appointed 0910412024 Key management personnel Simon Morris Ilnterim CEO) Tracey Brown Imenloring, Training and Development Leaderl Deborah Ford (Head of Vocational Training) Sam Hindle IPrograrllme Coordinalorl Adam Lloyd-Binding (Centre Coordinalorl Sharon Teear (Programme Coordinator) Principal and registered office Nora Street Adamsdown Cardiff CF24 1ND Independent examiners Azets Audit Services Ty DenN Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB Bankèrs Natwest Bank plc 96 Queen street Cardiff CF10 2GR
WELSH DANCE THEATRE TRUST LIMITED TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees. report was approved by the Board of Trustees. John Cavanagh 2111212024 Trustee . Dated". 10-
WELSH DANCE THEATRE TRUST LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors of Welsh Dan Theatre Trust Limited for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GenerallYAcpted Accounting Praclicel. Company Law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of reSoUrs, including the income and expenditure, of the charitable company for that year. In preparing these financial slalements, the trustees are required lo.. select suitable accounting policie5 and then apply them consislenlly., observe the methods and principles in the Charities SORP; make judgements and estimates that 8re reasonable and prudent., and prepare the financial ststomenls on the going con¢grn basis unless it is inappropriate lo presume that the charity will ¢ontinue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hen for taking reasonable sleps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the mainlenan¢e and integrity of the charity and financial infotmalion included on the charity's website. Ltrgislation in the United Kingdom goveming the preparation and dissemination of financial stslemenls may differ from legislation in other jurisdictions.
WELSH DANCE THEATRE TRUST LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WELSH DANCE THEATRE TRUST LIMITED I report to the trustees on my examination of the financial slalemenls of Welsh Dance Theatre Trust Limited Ilhe charilyl for the year ended 31 March 2024. Responsibilities and basis of report As the trustees of the charity land also ils directors for the purposes of wmpany lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2Q08 Ithe 2006 Act). Having satisfied myself that the financial statements of the charity are not required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 Ilhe 2011 Acll. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinerfs ststement Since the charity's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. l confirm that l am qualified to undertake the examination because l am a member of Institute of Chartered Accountants in England and Wales. which is one of the listed bodies. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the financial slalements do not accord with those records., or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter consided as part of an independent examination., or the financial stslemenls have not been prepared in accordance with the methods and principles of the Statement of Recommended Practi for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. I have no ¢on¢erns and have come across no other matters in Connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Andrew Howells Azets Audit Services Ty Derw Lime Tree Court Cardiff Gale Business Park Cardiff CF23 8AB . 23 t>ècember 2023 12-
WELSH DANCE THEATRE TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Donations and legacies Charitable activities Other trading activities Investments Other income 4,454 475,918 4,454 555,548 4,857 438,983 1,000 98,503 5,857 537,486 79,630 3,404 1,724 4,924 3,404 1,724 4,924 21,934 628 107,889 21,934 628 107,889 Total in¢ome 490,424 79,630 570,054 574,291 99,503 673,794 Charitsble activities 407,744 109,716 517,460 714,121 75,149 789,270 Gross transfers between funds Net Incomèll8xp&ndltur•l for th• y8arl Net movement in funds 134,8011 34,801 82,680 130,0861 52,594 1174,6311 59,155 1115,4761 FLJnd balances at 1 April 2023 186,045 67,797 253,842 360,676 8,642 369,318 Fund balance5 at 31 March 2024 268,725 37,711 306.436 186,045 67,797 253.842 The slalemenl of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditLJre account Ljnder the Companies Act 2006. 13-
WELSH DANCE THEATRE TRUST LIMITED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notss Flxgd assets Intangible assets Tangible assets 770 138,908 2,090 151,739 13 139,678 153,829 Current assets Debtors Cash at bank and in hand 14 129,807 98.059 174,620 84,999 227,866 259,619 Creditors: amounts falling due within one year 161,1081 {159,6061 Net current assets 166,758 100,013 Totsl assets less currgnt Ilabllltlo$ 306,436 253,842 Income funds Restricted funds nr 17 37,711 67,797 Designated funds General unrestricted funds 18 204,863 63,862 173,829 12,216 268,725 186,045 306,436 253,842 The company 15 entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year endèd 31 March 2024. The directors acknowledge their re5ponsibililies for complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial stslemenls. The members have not required the company to obtain an audit of ils financial slalements for the year in question in accordance with section 476. These financial slalements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 2111212024 John Cavanagh Trustee. Company Registration No. 1195345 14-
WELSH DANCE THEATRE TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash generated fromllabsorbed by) operations 22 11,652 166,2181 Investing activities Purchase of tsngible fixed assets Proed$ from disposal of tsngible fixed assets Investment income received 13161 11,7751 14,283 628 1,724 Net Cash generated from Investlng actlvltles 1,408 13,136 Net cash used in financing activities Net increaselldecreasel in cash and cash equivalents 13,060 153,0821 Cash and ¢ash equivalents at beginning of year 84,999 138,081 Cash and cash equivalents at end of year 98,059 84,999 15-
WELSH DANCE THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Welsh Dance Theatre Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Rubicon Dance, Nora Street, Adamsdown, Cardiff, South Glamorgan, CF24 1ND, United Kingdom. 1.1 Accountlng convèntlon The financial statements have been prepared in accordan with the charity's governing document, the Companies Act 2006 and 'Accounling and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional CLJrrency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expe¢tstion that the ¢harity has adequate resources to Continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitsble funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the trustees for 5tEcific purposes. The purposes and uses of the designated funds are sel out in the notes lo the financial statements. Reslri¢led funds are subject to spocific Conditions by donors as to how they may be usgd. The purwsos and uses of the reslricled ftjnds are sel out in the notes to the financial statements. 1.4 Incomè Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant 15 recognised al the time of the donation. 16-
WELSH DANCE THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued} Income from other trading activities is received by way of sales of dancewear and sundry items as well as fundraising events and is included in the year in which il is receivable. Income from InvestentS is included in the year in which il is receivable. Incoming resources from charitable activities is received by way of sales associated with dance education and participation and grant income and is included in the Slalernenl of Financial Activities as and when earned and receivable. Grants where enlillemenl is not conditional on the delivery of 8 specific performanc* by the charity are recognised when the charity becomes unconditionally enlilled lo the grant. Deferred income is accounted for so that work invoiced in advance is deferred on the Balance Sheet within a¢¢ruals and deferred income and released to the relevant in¢ome stream in the Statement of Financial Activities in the year in which il is ¢arried out. 1.5 Expondltura Expenditure is recognised once there is a legal or constructive obligation lo make a payment to a third party, it is probable that settlement will be required and the arnounl of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Ch8rilable expenditure comprises those costs incurrtrd by the charity in the delivery of its activities and services for ils benefi¢i8ries. 11 includes both costs that Can bts allocated directly lo such activities and those costs of an indirect nature necessary lo support them. Governan Costs include those Costs associated with meeting the ¢onstitution and statutory requiremonls of the charity and inclLJde audit fees and costs linked to the strategic management of the charity. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finan, personnel, payroll and governan cosÈ. The basis for calculaling the allocation of support costs was as a flat percentage of total costs with the excepb'on of payroll which was calculated by reviewing employee job roles and allocating accordingly. 1.6 Intangible fixed assets other than goodwill Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated arllortisalion and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill al the acquisition date where il is probable that the expected future economic benefits that are attributable lo the asset will flow lo the entity and the fair value of the asset can be me8sured reli8bly', the intangible asset arises from contractual or other ltrgal rights- and the intangible asset is separable from th& entity. Website 10Qlo Straight line 1.7 Tangibl8 fixed assèts Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, nel of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Leasehold properties Planl and machinery straight line over the life of the le8se 10-33 /0 Straight line 17-
WELSH DANCE THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued} 1.8 Cash and cash equivalents Cash and ¢ash equivaltrnls include cash in hand. deposits held at call with banks, other short-lerm liquid inveslmtrnls with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilitios. 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of ils finan¢ial instruments. Financial instruments are re¢ognised in the ¢harity's balan¢e sheet when the ¢harity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off Ihe recognised amounis and there is an intention to seltle on a net basis or to realise the asset and settle the liability simultaneously. Basic finan¢ial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at Iransaction pri including transaction costs and are subsequently carried at amortised cosl using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at Ihe present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Dere¢ognltlon of flnanclal assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. Baslc flnanclal Ilabllltles Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or ServIS that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially al transaction price and subsequently measured al amortised cost using the effective interest method. Derecognition of financial liabilities Financial Iiabililies are derecognised when the charity's contractual obligations expire or are discharged or Canlled. 1.10 Employee benefits The cost of any unused holiday enlillement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to lerminale the employment of an trmployee or lo provide lerminalion benefits. 1.11 Retirement benefits Payments to defined Contribution retirement nefIt schemes are charged as an èxpense as they fall due. 18-
WELSH DANCE THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued} 1.12 Leases Rtrnlal charges a charged on a straight line basis over the term of the lease. 1.13 Taxation As a registered Charity, W&lsh Dance The8tTe Trust Limited is entitled lo the exemption from tsxation in respect of in¢ome and Capital gains received with sections 47PA89 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the oxlonl that these are applied to ils charitable objects purposes only. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estirnates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donations and legacies Unrestrlcted funds Unrestrl¢ted Restrlcted funds funds Total 2024 2023 2023 2023 Donations and gifts 4,454 4,857 1,000 5,857 19-
WELSH DANCE THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities 2024 2023 Full time wurse fees Outreach income Grants Box office and studio rentsls Consultancy, training and other 74,027 SO,118 422,730 7,119 1,554 54,638 60,174 410,236 10,103 2,335 555,548 537,486 Analysis by fund Unreslricled funds Restricted funds 475,918 79,630 438,983 98,503 555,548 537,486 Grants Arts Council of Wales - revenue funding Arts Council of Wales - other Arts & Business Cymru The Gwendoline and Margaret Davies Charity Cardiff Council MOOndan Foundation Cardiff Sport Kickstsrt Funding Leverhulme Culture Step Educ8 Waterloo Foundation David Pilchforth Royal Ballet ACW WWTP Newport Sense CAVUHB Tou¢hbase Rathbone First Choice JGH8le Wales & West PHF Other 197,503 10,715 1,400 205,891 23,402 4,182 3,000 7.020 29,630 104,374 900 3,212 54,600 11,3201 1,500 3,375 3,120 4,000 4,910 7,337 50,000 750 950 25,258 1,463 750 1,014 2,750 500 80,580 200 422,730 410,236 20-
WELSH DANCE THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 other trading activities Unrnstrictèd Unrèstrictèd funds funds 2024 2023 Sale of dancewear Community fundraising 221 3,183 210 21,724 Other trading activities 3,404 21,934 Investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 1,724 628 Other income Unrestricted Unrestricted funds funds 2024 2023 Theatre Tax Relief 4,924 107,889 21
WELSH DANCE THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities 2024 2023 Staff costs Depreciation and impairment Advertising, marketing and publicity Bank ¢harges General expenses Insurance Light and heal Printing, postage and stalionery Rates and water Repairs and maintenance Specific project expenses Staff training Telephone and inlernel Travel and subsislencg Irrecoverable VAT 230,818 10,850 6,761 1,361 6,644 3,005 4,941 901 2,258 15,256 17,338 2,950 2,343 238 6,695 445,171 10,816 11,036 1,596 9,61 S 4,095 6,338 1,406 1,058 7,110 58,436 3,961 2,414 2,359 4,786 312,359 570,197 Share of support costs (see note 91 Share of governance costs Isee note 91 197,127 7,974 171,383 47,690 517,460 789,270 Analysis by fund Unreslricled funds Restricted funds 407,744 109,716 714,121 75,149 517,460 789,270 22-
WELSH DANCE THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance Costs Costs 2024Support costs Governance costs 2023 Staff costs Depreciation Advertising and publicity Bank charges General expenses Printing, postage and stationery Property expenses Travel and subsistance Specific project expenses Staff training Insurance 172,176 3,617 2,254 453 2,215 172,176 3,617 2,2S4 453 2,215 131,304 3,605 3,679 532 3,204 131,304 3,605 3,679 532 3,204 301 8,266 80 5,780 983 1,002 301 8,266 80 5,780 983 1,002 469 5,640 786 19,479 1,320 1,365 469 5,640 786 19,479 1,320 1,365 Independent examination fees Legal and profession81 4,800 3,174 4,800 3,174 4,350 43,340 4,350 43,340 197,127 7,974 205,101 171,383 47,690 219,073 Analysed between Charitable activities 197,127 7,974 205,101 171,383 47,690 219,073 Governance costs includes payments to the independent examiners of £3,50012023.- £2,850) for independent examination fees and £1,30012023.' £1,500) for accountancy fees. 10 Truste•$ No trustees received remuneration or received any other benefits from an employment with the charity during the current or previous year. No Iruslees were reimbursed for expenses during the current or previous year. 23-
WELSH DANCE THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employees Numbèr ofemploye8s The average monthly number of employees during the year was.. 2024 Number 2023 Number Full lime Temporaryl term lime 14 17 20 31 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 376,310 20,337 6,347 539,692 29.089 7,694 402,994 576,475 Key management personnel The lolal amount of employee benefits (including gross salary, employers national insurance contributions and employers pension conlribulionsl received by the charity's key management personnel for their services lo the Charity during the year was £172,17612023.. £131,304). There were no employees whose annual remuneration was £60,000 or rnore. 12 Intangible fixed assets Web8lte Cost At 1 April 2023 and 31 March 2024 5,280 Amortlsatlon and Impalrment At 1 April 2023 Amortisation charged for the year 3,190 1,320 Al 31 March 2024 4,510 Carrying amount At 31 March 2024 770 At 31 March 2023 2,090 24-
WELSH DANCE THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Tangible fixed assets Lea86hold prop6rt188 Plant and ma¢hlnery Total Cost At 1 April 2023 Additions 324,765 89,952 316 414,717 316 At 31 March 2024 324,765 90,268 415,033 Depr8clatlon and Impalrm8nt At 1 April 2023 Depreciation charged in the year 184,057 6,495 78,921 6,652 262,978 13,147 At 31 March 2024 190,552 85,573 276,12S Carrylng amount Al 31 March 2024 134,213 4,695 138,908 At 31 March 2023 140,709 11,030 151,739 14 Debtors 2024 2023 Amounts falling due within one year: Trade debtors other debtors Prepayments and accrued income 9,534 116,157 4,116 10,203 161,761 2,656 129,807 174,620 15 Creditors: amounts falling due within one year 2024 2023 Notes Other tsxation and social security Deferred income Trade creditors other creditors Accruals 3,509 49,904 289 1,372 6,034 2,893 8,858 1,319 1,422 145,114 61,108 159,606 25-
WELSH DANCE THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Deferred income 2024 2023 Other deferred income 49,904 8,858 Deferred income is included in the financial statements as follows.. 2024 2023 Balance brought forward In¢ome reiVed Amounts released Balance carried forward 8,858 172,310 1131,2641 50,564 83,209 1124,91 Sl 49,904 8,858 Deferred income relates lo amounts received for grants, class fees and studio hire which are tskiry place in the 2024125 financial year. 26-
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WELSH DANCE THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific PLJrposes'. Balance at 1 April 2022 22,917 157,000 180,759 Resources expended Transfers BalanGe at 1 April 2023 20,000 Transfers Balance at 31 March 2024 Operating reserve fund Property upgrad8 fund Fixed asset fund 12,9171 45,185 65,185 1157,0001 126,9301 153,829 114,1511 139,678 360,676 12,9171 1183,9301 173,829 31,034 204,863 Operating reserve fund- This fund has been designated to cover unexpected events and large unbudgeled expenses. Property upgrade fund- This fund has been designated to fund the upgrade of current facilities and the acquisition and renovation of additional premises. Flxed a$$et fund - This ftjnd represents the net book value of the charity's intangible and tsngible assets. 30-
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WELSH DANCE THEATRE TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Related party transactions There were no related party transactions to disdose in the current year. In the prior year120231, trustee Paul Whittaker Ithrough his trading name Hide Productions) was paid £1,500 for filming, producing and edib'ng. 21 Company limited by guarantee Welsh Dan Theatre Trust Lirlliled is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes lo contribute such amount as may be required Inol exceeding £5 to the assets of the Charitable company in the event of its being wound up while he or she is a member, or within one year after he or she cease to be a member. 22 Cash generated from operations 2024 2023 Surpluslldeficill for the year 52,594 1115,4761 Adjustments for.. Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets 11,7241 14,467 16281 14,421 Movements in working capital.. Decreasellincreasel in debtors IDe¢reasellin¢rease in Creditors Increaselldecreasel in deferred income 44,813 1139,5441 41,046 145,7241 122,895 141,7061 Cash generated froml{absorbed by) operations 11,652 166,2181 23 Analysis of changes in net funds The charity had no debt during the year. 32-