REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 March 2023 |
for |
Theatr Clwyd Trust Ltd |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 March 2023 |
for |
Theatr Clwyd Trust Ltd |
Theatr Clwyd Trust Ltd |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Chairman's Report | 1 | to | 2 |
Report of the Trustees | 3 | to | 10 |
Report of the Independent Auditors | 11 | to | 13 |
Statement of Financial Activities | 14 |
Balance Sheet | 15 | to | 16 |
Cash Flow Statement | 17 |
Notes to the Cash Flow Statement | 18 |
Notes to the Financial Statements | 19 | to | 30 |
Theatr Clwyd Trust Ltd |
Chairman's Report |
for the Year Ended 31 March 2023 |
As we look back on the year under review we can, once again, feel satisfied with a strong year of delivery, even though we continue to go through significant change via the Capital redevelopment of our site in Flintshire. |
Financially we find ourselves posting a strong operating surplus for the second year in a row (the accounting approach to pensions which is underwritten by partners not withstanding), fuelled by the return of audiences to match 2019/pre-pandemic levels, the well planned and delivered interim facilities allowing us to keep our main theatre for 12 months alongside a second pop up theatre, and the new and increasingly exciting addition to our portfolio of William Aston Hall in Wrexham. All this, supported by some sound financial management by the executive team, endorsed by our Finance and Audit Committee, puts us in a stable position to tackle the challenging financial years ahead as we navigate the later stages of the capital redevelopment, and ahead of opening the significant new facility in Flintshire. |
The capital project remains our most exciting venture as well as posing the greatest risk to the immediate revenue operations over the coming years. This financial year saw significant progress which, given the substantial rising costs across all sectors, and with some construction projects costing 40% more than previously projected, is a sign of the quality we have within our project management team. That said, the 18% increase to our scheme was a challenge, but our lead funding partners in Welsh Government and Flintshire County Council should be applauded for their faith and additional support in the project, not to mention our in-house development team who continue to raise record breaking amounts of private funding and investment for the arts in Wales towards our scheme. Delivering this through the asset owner, Flintshire County Council, offers assurance and cashflow flexibility. Flintshire remain a high-quality local authority with their understanding as to the impacts of arts and culture at a scale delivered by Theatr Clwyd. |
Between January and August 2022 there was a specialist team removing all asbestos whilst we continued to work with the market to attract the right contractor, and in October 2022 mobilisation began with Gilbert Ash, a construction firm who have significant experience in delivering capital redevelopments of theatres as well as delivering construction sites adjacent to operational public offers. At the time of writing, we are 10 months into their construction programme, and they remain on programme and within budget. Our development team continue making progress with our fundraising efforts with £4.3m of our £5m target already raised. Mention must go to our lead donors including the Garfield Weston Foundation, The Wolfson Foundation, The Moondance Foundation, The Foyle Foundation, The Clore Duffield Foundation. The Backstage Trust and The Mosawi Foundation. |
The year we are reporting also saw Tamara Harvey, who had been our Artistic Director since 2015, leave for her new role as Co-Artistic Director of The Royal Shakespeare Company. It was of course a shame to say goodbye to such a successful and inspirational arts leader and theatre director, but a huge sign of the quality of Theatr Clwyd's work that our Artistic Director has gone on to take up one of the most prominent artistic roles in world theatre. The trustees would like to thank Tamara for all she achieved at Theatr Clwyd. I would also like to thank my fellow People Committee members, and our Executive Director and CEO Liam Evans-Ford, for delivering a high-quality recruitment process, one which saw us appoint Kate Wasserberg as the sixth Artistic Director in Theatr Clwyd's history. We are excited to see what Kate and Liam achieve together following Kate taking up post late in 2023. |
This year, whilst always forecast as the first year of making less theatre productions due to the capital project, has seen us continue to champion world premieres and Welsh theatre makers. Milky Peaks, our new, queer led musical set in the foothills of a fictional village in North Wales, was eventually staged for the public having been cancelled due to COVID. The production played at seven Welsh venues on tour as well as in the Mix Theatre at Theatr Clwyd. We staged two productions developed and directed by our inaugural Trainee Directors, Francesca Goodridge and Eleri Jones. Pretty Shitty Love was a hard-hitting true story about domestic abuse set in Swansea, Celebrated Virgins shared the true story of The Ladies of Llangollen who ran away to be together hundreds of years before the word lesbian came into our vocabulary. Both productions opened in the Mix Theatre at Theatr Clwyd before transferring to Chapter Arts Centre in Cardiff for sell out runs. We also enjoyed receiving a new version, based on our original Olivier Award winning production, of Home, I'm Darling in partnership with The National Theatre and produced and toured by Bill Kenwright Productions, and our world premiere production of Famous Five The Musical, in Co-production with Chichester Festival Theatre, opened in North Wales before transferring to Chichester. Finally, our annual Rock n' Roll Pantomime entertained over 40,000 people and delivered the highest box office return in its history. |
Theatr Clwyd Trust Ltd |
Chairman's Report |
for the Year Ended 31 March 2023 |
We continue to ensure our work with and for communities has an equal status to the work we produce and present on our stages, and special mention ought to go to the Esmée Fairbairn Foundation who have supported our revenue journey through the capital project and enabled us to take on new spaces for our established weekly community groups, as well as continuing initiatives to reach out to communities who might not engage with our work otherwise, and also Thalamic who are supporting Arts from the Armchair (our strand of referral work with the NHS for people living with memory loss) with multi-year support and helping stabilise this work during the transition back into the new building. The work with Flintshire County Council Social Services is richer, deeper, and more impactful than any other partnership we have experienced, with over 40% of the young people in our weekly theatre groups now on bursary schemes, and our continuing work with the NHS, Housing Associations, and City of Sanctuary, remain core areas of our growth of understanding about reaching and working with specific communities in North Wales. Added to this our partner charity Theatr Clywd Music Trust now delivers weekly music tuition to over 3500 young people each week, across every school in Flintshire, with our largest pupil base being in Flint High who receive close to 300 hours of lesson time per week. Readers may be interested to look at the Theatr Clwyd Music Trust report alongside this document. |
This year has also seen us expand our venue operations into Wrexham, with the running of William Aston Hall. This partnership with Wrexham University is one of the key Higher Education partnerships (the other well established is Royal Welsh College of Music and Drama), but the commercial and community benefits are becoming apparent through this, our second significant venue. A key area worth noting is that during the first year close to 60% of bookers to William Aston Hall events were new to the Theatr Clwyd database. This different location, and different genre of programming, is an exciting area of development for the organisation in the future. Added to this, the work of our Executive Director Liam Evans-Ford as part of the executive group for the Wrexham City of Culture bid, in which the newly named City with a newly formed Hollywood glamour were runners up to the three times bidders Bradford, continues to develop a strong cultural strategy in partnership with Wrexham Borough Council. |
Perhaps one of the biggest pieces of work undertaken by the Executive Director, and supported by the Board and senior leadership team, has been the review of business planning and strategising in line with the Arts Council of Wales Investment Review. Whilst the recent news announced confirms our status as the third biggest client of the Arts Council of Wales, it is also positive that the requested standstill funding (our view, as a responsible request, was for standstill) will be supplemented by direct support for Ramps Cymru as an ACW strategic priority. The process itself was deeply useful and in line with the forward thinking we welcome form the executive team. |
The company reorganisation in moving from eleven traditionally recognised departments to four families of Theatre Making, Experience, Communities, and Company Support, is not only supported by the board, but championed as exemplary modern thinking for a producing theatre and community focused arts organisation. We shall see how this is embedded during the next 12-24 months. |
Finally, our newly formed Strategic Priorities are outlined later in this report, but we are confident that these priorities progress our work in achieving our mission: |
'To make the world a happier place, one moment at a time.' |
Helen Watson, Chair |
Theatr Clwyd Trust Ltd (Registered number: 12465903) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The Charity is established for the advancement of the arts by the management and development of Theatr Clwyd and its programme of productions, events, shows and other activities involving the arts of theatre, dance, visual arts and music and the pursuit of any other charitable objects |
STRATEGIC REPORT |
Achievement and performance |
Charitable activities |
The purposes of the charity are: |
The Charity is established for the advancement of the arts by the management and development of Theatr Clwyd and its programme of productions, events, shows and other activities involving the arts of theatre, dance, visual arts and music and the pursuit of any other charitable objects. |
Our Mission |
To make the world a happier place, one moment at a time. |
Our Vision |
We will be a place to dream - inspiring, limitless, alive |
We will be a space to play - inspiring, limitless, alive |
We will be a training ground - rigorous, challenging, supportive |
We will be a healing space - encompassing, understanding, safe |
We will be a home - for our company, for our communities, for our theatre makers, dancers, |
musicians and artists, for our facilitators and practitioners, and for the wider world |
Our strategic priorities are the areas in which we will seek to enact substantial change to fulfil our mission and vision over the next 6 years. |
Environmental Sustainability |
How can we help combat the biggest challenge faced by humankind? |
Our building design offers the foundation of our environmental journey and will see that the new facility in Flintshire is gas free with air source heat pumps replacing gas boilers, will harvest rainwater, harvest solar energy via PV panels, will offer electric charging for company vehicles, will be fully insulated across the 10,000sqm facility, and include biodiversity on external walls and roofs. The new facility will cut carbon emissions to become a carbon neutral building and on a day with the right weather, can be carbon positive. |
The inspiration given to us by what we have achieved with design for the building leads us to areas of operational improvements. We have a fully embedded approach to the Theatre Greenbook and are delivering all current productions at basic level with some moving towards intermediate level. |
We are looking at all areas of our operations and our well established internal Environmental Working Group which includes representatives from all areas of the organisation, continue to take responsibility to champion our progress. |
Theatr Clwyd Trust Ltd (Registered number: 12465903) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
Theatre Producing |
How will we approach theatre making, and how will we deliver professional development for theatre makers in Wales? |
As highlighted within the Chair's report, we continue to champion Welsh talent and voices by giving full production opportunities, and marrying that with our high-quality production teams, and often world-renowned partners. |
With less producing output currently and with a new Artistic Director soon to take up post we are looking to the future, with a significant programme of produced work being planned for 2025 and the re-opening of our new facility in Flintshire. |
This year has also seen us take significant steps in the research and planning for Stiwdio Clwyd, which is envisioned to be a national development studio for theatre makers in Wales. Having researched other national studios/artist development schemes, and then consulted with over 70 theatre makers from across disciplines, we are excited about the development of the studio in coming years. |
Community Care |
How will we use theatre making and the arts to help the most vulnerable people in our communities? |
This area looks at our referral partnerships, working with experts in their fields to identify what their clients, patients, or participants need, and tailoring our arts programmes to support them. |
The most established of our partnerships are: |
- with Flintshire Social Services, whose team members work closely with us daily to enable the 40% of young people within our weekly groups on bursaries to keep attending, and working in a person-centred way for everyone who has come through our holiday hubs and into our regular sessions. |
- with Betsi Cadwaladr University Health Board, with extensive referral programmes into our 4 regular dementia and Alzheimer groups. |
Craig McLeod, Head of Social Services said: |
In Social Services we have seen children develop and flourish through their involvement with the Theatre, sometimes the steps may seem small, but we know they are huge leaps for the individual child. One young person has been able to tell his social worker what is important to him and the support he feels he needs by using a puppet show. This was inspired by his involvement with the Theatre, before this he did not contribute to his assessment, but now has found a way to communicate his feelings and aspirations to help us support him and his development. The possibilities of supporting our community are vast and matched by the unique ambition and creativity of the Theatre to be inclusive of all parts of our local community. |
Something for Everyone |
We are not in an urban centre, and many of the communities and audiences we serve only have us - how do we offer something for everyone? |
Over the past 6 years the senior team have embedded strong data tracking and surveying to ensure we know, and can respond to, communities and audience feedback, and adjust programming to suit. However, the next steps go further as we aim to build a mechanism to allow members of communities to decide what programming appears on our stages. This work has progressed in several ways, they key areas to mention are: |
Theatr Clwyd Trust Ltd (Registered number: 12465903) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
- The Flintshire 6 programme. Designed specifically to engage with members of communities who do not engage or think Theatr Clwyd is for them. Our Communities Associates have spent 12 months embedded in Connah's Quay, Flint, Shotton, Buckley, Holywell, and Mold, speaking with people and finding out what their interests are. This has led to a second stage where we support people to programme important spaces within the local area with programming they want. Two examples include a pub in Flint who we now support to deliver regular standup comedy programming both during the day and evening (many shift workers use the pub and those working nights rarely have access to live cultural content); and a club in Shotton where the forces veteran group have been given cornets, and are receiving lessons from our musicians, so that they are able to play the Last Post at friends funerals rather than playing a CD. |
- Our newly established Youth Advisory Board consists of 14 young people between the ages of 12-25. One of the executive team, another senior leader, and one board member attend each of their meetings, and their Chair is soon to become a full trustee of Theatr Clwyd, with the Vice Chair joining us as an observer at meetings. |
These are two such examples (amongst many) of building full agency for our communities within the choices we make and enabling us to continue to offer something for everyone. |
Ramps Cymru |
How will we make the theatre sector in Wales the best and most accessible in the world? |
This partnership with The Sherman Theatre, The Torch Theatre, Pontio Arts and The Royal Welsh College of Music and Drama, seeks to enact organisational change for each partner, the public's perception, and long-term industry change for the theatre sector in Wales. |
This year has seen us build a Story of Change, a three-year business plan for the partnership, appoint a Director for Change who is a high quality and experienced disabled theatre maker, and begin to undertake a full 360-degree audit of each organisation. We are pleased that the Arts Council of Wales confirmed Ramps Cymru as a strategic funding area in their recent portfolio review, and we look forward to progressing this important area of work over the coming years. |
Learning and Education |
How will we support the curriculum, work with and in educational settings based on established need, and offer career pathways? |
We occupy a unique position as a nation here in Wales. With the introduction in 2023 of a new curriculum, one that allows and encourages teachers and schools to deliver education based on individuals needs rather than just via academically driven grades, and that expects education to harness creativity and culture across subjects, and indeed to value creative subjects equally to that of science and maths. There is a significant opportunity for us as a prominent arts and cultural organisation. |
We also occupy a unique position as an arts and cultural organisation, with multiple venues across Flintshire and Wrexham, our status as a major producing theatre with all craft making departments in house, an organisation who has one of the most established and successful Creative Engagement teams in the UK, and all this with a full music service comprising of 38 musicians as part of our core employees who deliver music tuition to over 3500 young people each week across 72 schools within Flintshire. |
These two unique elements offer a significant opportunity for impact over coming years, as we not only work with schools on finding ways to deliver the new curriculum, but for us to significantly grow our educational and training opportunities for young people wanting a career in the arts. |
The year under review has seen continued growth with long standing partners such as The Royal Welsh College of Music and Drama, and Wrexham University (fuelled by the William Aston Hall being within our venue portfolio) and has seen new educational partnerships form with Coleg Llandrillo Menai Group, the largest FE provider in Wales. |
World Class Employer |
How can we become the best arts employer in the world? |
Theatr Clwyd Trust Ltd (Registered number: 12465903) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
As trustees we support bold and ambitious aims and priorities, and this is certainly another one outlined within our business plan. We are aware that for too long the employment standards of arts organisations and theatres has not been at the level it should have been, and whilst our People Subcommittee are confident that we are a high-quality employer, we also support the executive to strive for more. |
This year has seen us agree an average pay award of 4.5% across the core company, has seen a full benchmarking exercise for freelance fees with all disciplines receiving an uplift, and we have also increased our expenses rates to match the rise in costs. All of these will receive an annual review, and we are proud to ensure all our rates remain above industry union minimums for an organisation of our scale. |
In addition to this a strong wellbeing programme has been put in place, with in house counselling provision available to all company members, including guest freelancers (with the programme available beyond their contracts if required), and supported by an external team of counsellors who we can refer company members should they have specific needs (gender preference, Welsh speakers, and global majority as three such examples). This year also saw us take the step of attaching a Well-being coordinator to each of our productions, delivering two tech session days over a period of a week and a half (rather than three session days over a week), and continue our Well-being programme including weekly yoga, walking groups, running groups, ballet sessions and a whole host of company benefits. |
We also acknowledge the significant support we continue to receive from our Front of House Volunteers. Over 4,500 hours were given by our volunteers during the year to March 2023 |
Our Year in Numbers: |
- We opened 1 new venue, the William Aston Hall in Wrexham |
- Opened 1 interim theatre village for business continuity during capital programme |
- 123,000 tickets sold across both our Flintshire and Wrexham Venues |
- 16,000 tickets sold at £10 |
- 340 performances across the year |
- Over 400 Freelancers engaged during the year. |
- 5 world premiers made by Welsh and Wales based lead artists |
- Over 20,000 people watched a Theatr Clwyd production elsewhere in the UK |
- More than 1,000 people engaged with our Creative Engagement Team |
- Over 36,000 Followers across our Social Media Channels |
Financial review |
Financial position |
The charity's wholly owned subsidiaries Theatr Clwyd Enterprises Ltd delivered net profits of £183,442. |
Theatr Clwyd Productions Limited generated a net deficit of £602,604 which represents the tax credit due back for the Theatre Tax Relief claim. |
Principal funding sources |
Theatr Clwyd acknowledges the financial support it received from Flintshire County Council £1,290,982 and Arts Council of Wales £1,849,404 |
Theatr Clwyd Trust Ltd (Registered number: 12465903) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
STRATEGIC REPORT |
Financial review |
Reserves policy |
The Trust will require both restricted, designated (earmarked) and unrestricted (general / free) reserves in order to cover business risk. |
Restricted reserves will be identified for a specific use and will be designated for that purpose. |
Unrestricted reserves are required to cover a general business and operating risk. |
Target range for reserves |
The target range is set at £1.2 million for the initial 5 year contract period of 2021-2026. The Board of Trustees consider that this target range provides sufficient flexibility in the context of operational requirements, and for an organisation of our size and complexity. |
Responsibilities |
The Board of Trustees are responsible for ensuring that we manage our resources responsibly, and that we act in the best interests of the organisation and the people we serve. The Board has responsibility for approving and monitoring the implementation of this policy. |
The Finance and Audit Committee are responsible for monitoring and supervision of the current and future financial situation and associated risks to the organisation. The committee has responsibility for reviewing this policy and making recommendation for approval to the Board. |
The Executive Leadership Team is responsible for providing clear and focused leadership of the organisation, and to ensure our financial stability. |
The Finance, Operations & People Director is the policy owner and is responsible for managing our reserves level within the policy range, ensuring this policy is reviewed in line with corporate requirements. |
As at 31st March our Reserves levels were as follows: |
Restricted Funds £2,547,068 |
Designated funds Nil |
Unrestricted general funds (£820,467) |
Principal risks and uncertainties |
The Trustees are committed to the identification and management of the major strategic, business, and operational risks which the charity faces. |
Notwithstanding the major capital redevelopment, the principal financial risks revolve around the risk of audiences not attending in sufficient numbers for whatever reason, and the potentially adverse effect on both profitability and cash flow. |
The Trustees are fully aware of the risk profile in the business, and the Senior Leadership Team is tasked with communicating with all levels of the organisation to identify all risks and regularly update a detailed risk register identifying likelihood and impact, together with actions necessary to mitigate the risk. This is considered by the Finance & Audit Committee and then presented to the main Board. |
Both Flintshire County and Arts Council of Wales have indicated the level of grants up to March 2023. Following the autumn 2022 submission as part of the Arts Council of Wales Investment Review, they have confirmed that we remain their third biggest client and will receive multiyear funding at levels recognised within previous accounting periods. |
Theatr Clwyd Trust Ltd (Registered number: 12465903) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
Theatr Clwyd Trust Ltd is a registered charity and a company limited by guarantee governed by its Memorandum and Articles of Association dated 17 February 2020 |
Recruitment and appointment of new trustees |
As set out in the Articles of Association the directors elect the chair of the trustees. All elected trustees serve for an initial term of four years and may then serve for a further four years. |
Nominees appointed by Flintshire County Council are subject to the appointment processes of those bodies and the guidelines on appointment to public office as they apply to Local Government nominees. |
Organisational structure |
The board of trustees, which can have up to 13 members, administers the charity. |
The board meets quarterly and there are sub-committees covering Finance and Audit, People and Capital Steering. The trustees appoint the Joint Chief Executives to manage the day-to-day operations of the charity. To facilitate effective operations, the Chief Executives have delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and artistic performance related activity. |
Decision making |
The Board of Trustees are responsible for ensuring that we manage our resources responsibly, and that we act in the best interests of the organisation and the people we serve. The Board has responsibility for approving and monitoring the implementation of this policy. |
The Finance and Audit Committee are responsible for monitoring and supervision of the current and future financial situation and associated risks to the organisation. The committee has responsibility for reviewing this policy and making recommendation for approval to the Board. |
The Executive Leadership Team is responsible for providing clear and focused leadership of the organisation, and to ensure our financial stability. |
The Finance, Operations & People Director is the policy owner and is responsible for managing our reserves level within the policy range, ensuring this policy is reviewed in line with corporate requirements. |
Induction and training of new trustees |
New trustees are invited to meet with the Executive and Senior Leadership Team to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the charity. |
Any trustees elected to serve on the Finance Sub Committee receive a more detailed financial induction following appointment. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Theatr Clwyd Trust Ltd (Registered number: 12465903) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
Trustees |
Executive Director and Joint CEO |
Liam Evans-Ford |
Artistic Director and Joint CEO |
Tamara Harvey (resigned March 2023) |
Company Secretary |
Auditors |
Military House |
24 Castle Street |
Chester |
Cheshire |
CH1 2DS |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of Theatr Clwyd Trust Ltd for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Theatr Clwyd Trust Ltd (Registered number: 12465903) |
Report of the Trustees |
for the Year Ended 31 March 2023 |
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued |
In so far as the trustees are aware: |
- | there is no relevant audit information of which the charitable company's auditors are unaware; and |
- | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
AUDITORS |
The auditors, Haines Watts, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on |
Report of the Independent Auditors to the Members of |
Theatr Clwyd Trust Ltd |
Opinion |
We have audited the financial statements of Theatr Clwyd Trust Ltd (the 'charitable company') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. |
Other information |
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Theatr Clwyd Trust Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of trustees' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. |
Responsibilities of trustees |
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. |
Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Enquiry of management, those charged with governance around actual and potential litigation claims. |
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. |
Report of the Independent Auditors to the Members of |
Theatr Clwyd Trust Ltd |
Use of our report |
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
24 Castle Street |
Chester |
Cheshire |
CH1 2DS |
Theatr Clwyd Trust Ltd |
Statement of Financial Activities |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £'000 | £'000 | £'000 | £'000 |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Other trading activities | 3 |
Investment income | 4 |
Total |
EXPENDITURE ON |
Charitable activities | 5 |
Other |
Total |
NET INCOME |
Other recognised gains/(losses) |
Actuarial gains/(losses) on defined benefit schemes |
( |
) |
Net movement in funds | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | ( |
) | ( |
) |
TOTAL FUNDS CARRIED FORWARD | (806 | ) |
Theatr Clwyd Trust Ltd (Registered number: 12465903) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £'000 | £'000 | £'000 | £'000 |
FIXED ASSETS |
Tangible assets | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 | ( |
) | ( |
) |
PENSION LIABILITY | 18 | ( |
) | ( |
) | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
FUNDS | 17 |
Unrestricted funds | (879 | ) |
Restricted funds | 2,547 | 73 |
TOTAL FUNDS | (806 | ) |
Theatr Clwyd Trust Ltd (Registered number: 12465903) |
Balance Sheet - continued |
31 March 2023 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Theatr Clwyd Trust Ltd |
Cash Flow Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £'000 | £'000 |
Cash flows from operating activities |
Cash generated from operations | 1 | 4,701 | 2,312 |
Net cash provided by operating activities | 4,701 | 2,312 |
Cash flows from investing activities |
Purchase of tangible fixed assets | 26 | (274 | ) |
Interest received | 3 | 1 |
Net cash provided by/(used in) investing activities | 29 | (273 | ) |
Cash flows from financing activities |
Intercompany loans in year | (725 | ) | (323 | ) |
Hire purchase loan | (25 | ) | - |
Capital repayments in year | (8 | ) | - |
Net cash used in financing activities | (758 | ) | (323 | ) |
Change in cash and cash equivalents in the reporting period |
3,972 |
1,716 |
Cash and cash equivalents at the beginning of the reporting period |
1,716 |
- |
Cash and cash equivalents at the end of the reporting period |
5,690 |
1,716 |
Theatr Clwyd Trust Ltd |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2023 |
1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
31.3.23 | 31.3.22 |
£'000 | £'000 |
Net income for the reporting period (as per the Statement of Financial Activities) |
2,603 |
1,581 |
Adjustments for: |
Depreciation charges | 42 | 41 |
Interest received | (3 | ) | (1 | ) |
Decrease/(increase) in debtors | 513 | (789 | ) |
Increase in creditors | 1,546 | 1,480 |
Net cash provided by operations | 4,701 | 2,312 |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1.4.22 | Cash flow | changes | At 31.3.23 |
£'000 | £'000 | £'000 | £'000 |
Net cash |
Cash at bank | 1,716 | 3,974 | 5,690 |
1,716 | 3,974 | 5,690 |
Debt |
Finance leases | - | 8 | (25 | ) | (17 | ) |
- | 8 | (25 | ) | (17 | ) |
Total | 1,716 | 3,982 | (25 | ) | 5,673 |
Theatr Clwyd Trust Ltd |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The financial statements are presented in sterling which is the functional currency of the Trust, rounded to the nearest £1. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
The main source of income from charitable activities is show income. Tickets are sold in advance and released to the Statement of Financial Activities once the show has opened. |
Grants are recognised when the Trust become legally entitled to the grant income. |
Donations are recognised Statement of Financial Activities when received. |
Where donations are received in the form of donated items, such and equipment etc, the donation is recognised, once received, at Market value as determined by the Trustees. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery | - |
Motor vehicles | - |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Theatr Clwyd Trust Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | DONATIONS AND LEGACIES |
31.3.23 | 31.3.22 |
£'000 | £'000 |
Donations |
Grants |
Grants received, included in the above, are as follows: |
31.3.23 | 31.3.22 |
£'000 | £'000 |
Furlough scheme claims | - | 122 |
Arts Council Wales | 1,850 | 1,871 |
Other grants | 204 | 115 |
Flintshire Council Cultural Services Agreement | 1,291 | 1,247 |
Capital grant income | - | 489 |
3,345 | 3,844 |
3. | OTHER TRADING ACTIVITIES |
31.3.23 | 31.3.22 |
£'000 | £'000 |
Membership fees & Sponsorship |
Box Office sales etc |
Management fees & other income | 52 | 58 |
4. | INVESTMENT INCOME |
31.3.23 | 31.3.22 |
£'000 | £'000 |
Deposit account interest |
Theatr Clwyd Trust Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | CHARITABLE ACTIVITIES COSTS |
Direct |
Costs |
£'000 |
Wages | 3,656 |
Music Trust Service Contract | 250 |
Production costs | 1,654 |
Other costs | 168 |
5,728 |
6. | SUPPORT COSTS |
Governance |
Management | Finance | costs | Totals |
£'000 | £'000 | £'000 | £'000 |
Other resources expended | 690 | 2 | 141 | 833 |
7. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.3.23 | 31.3.22 |
£'000 | £'000 |
Depreciation - owned assets |
8. | AUDITORS' REMUNERATION |
31.3.23 | 31.3.22 |
£'000 | £'000 |
Fees payable to the charity's auditors for the audit of the charity's financial statements |
12 |
12 |
9. | TRUSTEES' REMUNERATION AND BENEFITS |
There was no trustee's remuneration for the year ended 31 March 2023, nor for the year ended 31 March 2022. |
Trustees' expenses |
31.3.23 | 31.3.22 |
£'000 | £'000 |
Trustees' expenses |
During the year, the Trustees were provided with complementary tickets to all shows. |
Theatr Clwyd Trust Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | STAFF COSTS |
31.3.23 | 31.3.22 |
£'000 | £'000 |
Wages and salaries |
Other pension costs |
2,603 | 2,805 |
The average monthly number of employees during the year was as follows: |
31.3.23 | 31.3.22 |
Executive | 2 | 2 |
SLT | 5 | 4 |
Operations | 38 | 38 |
Producing and production | 28 | 45 |
Administration | 13 | 10 |
Creative engagement | 11 | 15 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |
31.3.23 | 31.3.22 |
£60,001 - £70,000 |
£70,001 - £80,000 |
2 | 2 |
11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£'000 | £'000 | £'000 |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Charitable activities |
166 | - |
Other |
Theatr Clwyd Trust Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
11. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued |
Unrestricted | Restricted | Total |
fund | funds | funds |
£'000 | £'000 | £'000 |
Total |
NET INCOME |
Other recognised gains/(losses) |
Actuarial gains/(losses) on defined benefit schemes |
( |
) |
( |
) |
Net movement in funds | ( |
) | ( |
) |
TOTAL FUNDS CARRIED FORWARD | (879 | ) | 73 | (806 | ) |
12. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£'000 | £'000 | £'000 |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
During the period ended 31 March 2022, assets consisting of plant and equipment etc was donated to the Trust. These assets are recognised within the financial statements at market value, as calculated by the Trustees. No assets were donated in the year ended 31 March 2023. |
Theatr Clwyd Trust Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£'000 | £'000 |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the |
effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£'000 | £'000 |
Hire purchase (see note 16) | 3 | - |
Trade creditors |
Accruals and deferred income |
Accrued expenses |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference |
shares that are classified as debt, are initially recognised at transaction price unless the arrangement |
constitutes a financing transaction, where the debt instrument is measured at the present value of the future |
payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are |
not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of |
business 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 at transaction price and subsequently measured at amortised cost using the effective interest method. |
Theatr Clwyd Trust Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£'000 | £'000 |
Hire purchase (see note 16) | 14 | - |
16. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
31.3.23 | 31.3.22 |
£'000 | £'000 |
Net obligations repayable: |
Within one year | 3 | - |
Between one and five years | 14 | - |
17 | - |
17. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.23 |
£'000 | £'000 | £'000 |
Unrestricted funds |
General fund | (879 | ) | 2,352 | 1,473 |
Restricted funds |
Arts from the Armchair | 21 | - | 21 |
Brightsparks | 14 | - | 14 |
Summer of Fun | 33 | 2 | 35 |
Film Cymru | 5 | - | 5 |
Capital development | - | 2,456 | 2,456 |
Film Lottery | - | 2 | 2 |
Justice in a day | - | 14 | 14 |
2,474 |
TOTAL FUNDS | ( |
) | 4,826 | 4,020 |
Theatr Clwyd Trust Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
17. | MOVEMENT IN FUNDS - continued |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£'000 | £'000 | £'000 | £'000 |
Unrestricted funds |
General fund | 6,575 | (6,446 | ) | 2,223 | 2,352 |
Restricted funds |
Summer of Fun | 60 | (58 | ) | - | 2 |
Capital development | 2,456 | - | - | 2,456 |
Film Lottery | 2 | - | - | 2 |
Justice in a day | 40 | (26 | ) | - | 14 |
Consent | 16 | (16 | ) | - | - |
Community Justice | 15 | (15 | ) | - | - |
( |
) | 2,474 |
TOTAL FUNDS | ( |
) | 4,826 |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.21 | in funds | 31.3.22 |
£'000 | £'000 | £'000 |
Unrestricted funds |
General fund | - | (879 | ) | (879 | ) |
Restricted funds |
Arts from the Armchair | - | 21 | 21 |
Brightsparks | - | 14 | 14 |
Summer of Fun | - | 33 | 33 |
Film Cymru | - | 5 | 5 |
- | 73 | 73 |
TOTAL FUNDS | - | (806 | ) | (806 | ) |
Theatr Clwyd Trust Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
17. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£'000 | £'000 | £'000 | £'000 |
Unrestricted funds |
General fund | 6,392 | (4,884 | ) | (2,387 | ) | (879 | ) |
Restricted funds |
Arts from the Armchair | 21 | - | - | 21 |
Brightsparks | 28 | (14 | ) | - | 14 |
Summer of Fun | 68 | (35 | ) | - | 33 |
Film Cymru | 5 | - | - | 5 |
Capital development | 489 | (489 | ) | - | - |
611 | (538 | ) | - | 73 |
TOTAL FUNDS | 7,003 | (5,422 | ) | (2,387 | ) | (806 | ) |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.4.21 | in funds | 31.3.23 |
£'000 | £'000 | £'000 |
Unrestricted funds |
General fund | - | 1,473 | 1,473 |
Restricted funds |
Arts from the Armchair | - | 21 | 21 |
Brightsparks | - | 14 | 14 |
Summer of Fun | - | 35 | 35 |
Film Cymru | - | 5 | 5 |
Capital development | - | 2,456 | 2,456 |
Film Lottery | - | 2 | 2 |
Justice in a day | - | 14 | 14 |
- | 2,547 | 2,547 |
TOTAL FUNDS | - | 4,020 | 4,020 |
Theatr Clwyd Trust Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
17. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£'000 | £'000 | £'000 | £'000 |
Unrestricted funds |
General fund | 12,967 | (11,330 | ) | (164 | ) | 1,473 |
Restricted funds |
Arts from the Armchair | 21 | - | - | 21 |
Brightsparks | 28 | (14 | ) | - | 14 |
Summer of Fun | 128 | (93 | ) | - | 35 |
Film Cymru | 5 | - | - | 5 |
Capital development | 2,945 | (489 | ) | - | 2,456 |
Film Lottery | 2 | - | - | 2 |
Justice in a day | 40 | (26 | ) | - | 14 |
Consent | 16 | (16 | ) | - | - |
Community Justice | 15 | (15 | ) | - | - |
3,200 | (653 | ) | - | 2,547 |
TOTAL FUNDS | 16,167 | (11,983 | ) | (164 | ) | 4,020 |
18. | EMPLOYEE BENEFIT OBLIGATIONS |
The charity participates in the Clwyd Pension Fund which is a multi-employer scheme and is part of the Local Government Pension Scheme in England and Wales. This is a defined benefit pension scheme for qualifying employees and the benefits are set in line with Local Government Pension Scheme Regulations. Benefits vary depending on the employee's joining date and length of participation in the Fund. |
The pension cost and provision for the year ended 31st March 2023 are based on the advice of a professionally qualified actuary. The most recent actuarial valuation is dated 31st March 2023 which has been updated to reflect the conditions at the balance sheet date. |
2023 | 2022 |
The major assumptions used by the actuary were: | % | % |
CPI Inflation/care benefits revaluation | 2.7 | 3.2 |
Increase in salaries | 4 | 4.5 |
Increase in pensions in payment | 2.8 | 3.3 |
Discount rate | 4.7 | 2.8 |
Mortality assumptions: | 2023 | 2022 |
Years | Years |
Retiring today |
Males | 21.4 | 22.5 |
Females | 23.8 | 24.9 |
Retiring in 20 years |
Males | 22.9 | 24 |
Theatr Clwyd Trust Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
18. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Females | 25.6 | 26.9 |
2023 | 2022 |
Analysis of amount charged to operating profit: | £ s | £ s |
Current service cost | 521 | 597 |
Net interest cost | 64 | 53 |
Administrative expenses | 11 | 11 |
Total cost recognised in operating profit | 596 | 661 |
2023 | 2022 |
Analysis of amount charged to other recognised gains/(losses) | £ s | £ s |
Remeasurements - net (gain)/loss | (2,568 | ) | (517 | ) |
Effect of asset ceiling | 0 | 0 |
Total remeasurements (gain)/loss in SOCI | (2,568 | ) | (517 | ) |
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows: |
2023 | 2022 |
£ s | £ s |
Present value of benefit obligations | 4,188 | 5,910 |
Fair value of plan assets | (4,024 | ) | (3,523 | ) |
Deficit/(surplus) in scheme | 164 | 2,387 |
Movements in the present value of defined benefit obligations | 2023 |
£ s |
Liabilities at 1 April 2022 | 5,910 |
Current service cost | 521 |
Benefits paid | 0 |
Contributions by scheme members | 90 |
Actuarial gains and losses | (2,500 | ) |
Interest cost | 167 |
Liabilities at 31 March 2023 | 4,188 |
Movements in the fair value of plan assets | 2023 |
£ s |
Fair value of assets at 1 April 2022 | 3,523 |
Interest income | 103 |
Remeasurements | 68 |
Administration expenses | (11 | ) |
Contributions by the employer | 251 |
Contributions by scheme members | 90 |
Theatr Clwyd Trust Ltd |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
18. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Benefits paid | 0 |
Fair value of assets at 31 March 2023 | 4,024 |
2023 | 2022 |
The fair value of plan assets are as follows: | £ s | £ s |
Equities | 439 | 694 |
Government bonds | 0 | 0 |
Other bonds | 1,517 | 1,251 |
Property | 245 | 211 |
Cash/liquidity | 177 | 113 |
Other | 1,646 | 1,254 |
Fair value of plan assets at the end of the period | 4,024 | 3,523 |
Defined contribution scheme |
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the |
scheme are held separately from those of the company in an independently administered fund. |
19. | RELATED PARTY DISCLOSURES |
The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
During the year £5,400 was received by the Trust in relation to sponsorship income from a business in which a Trustee of the Trust is a partner. |
During the year £14,245 was received by the Trust in relation to hire income from an organisation in which an employee of the Trust is Trustee. |
During the year £15,000 was received by the Trust in relation to a donation from a Business in which a Trustee of the Trust is a Director. |
At the 31 March 2023, Theatr Clwyd Productions owed Theatr Clwyd Trust Ltd £864,027. At the 31 March 2023 Theatr Clwyd Enterprises owed Theatr Clwyd Trust £183,442. Both are subsidiary companies of Theatr Clwyd Trust. |