REGISTERED COMPANY NUMBER: 02446965 (England and Wales) REGISTERED CHARITY NUMBER: 1005327 rt of the Trustees and Financial Statements for the Year Ended 31st Mar Ashmole & Co Chartered Certified Accountants & Registered Auditors Castle House High Street Ammanford Carmarthen5hire SA18 2NB
r B heinio Contents of the Finantlal Statements for the Year Ended 31st Marth 2 Page Report of the Trustees Report of the Independent Auditors 10 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 Flnanclal statements 19 to 27 Detsiled Statement of Financial Activities 28 to 29
Re of the Trustees h Y r Ended 31st March 2025 The trustees who are also directors of the charity for the purposes of the Companies Act 21x16, present their report with the financial staternents of the charity for the year ended 31st March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charitles: 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 l January 2019}. OBJECTIVES AND AcnvmES Objertlves and alms Theatr Brycheiniog (TB) is a communty-based presentation and co-producing arts centre situated in the Brecon Beacons and seNing South Powys, Mid and South Wales and beyond. Its charitable objects are "to promote, maintain, improve and advance educatlon, partlcularly by the presentation and producing of plays and other material, and the encouragement of the arts, Including the arts of drama, mime, dance and music" Theatr Brycheinlog works collaboratively with its many partners and stakeholders to provide a warm and welcoming theatre which delivers a professional and high-quality programme, across a wide range of artisticgenres, to inspire and engage its audiences. We aln our workwith the priorities of our main funding partner the Arts Council of Wales. They areto: l. Deliver creativity 2. Involve everyone 3. Celebrate Wales 4. Lead responsibly 5. Develop people 6. Challenge ourselves During the financial year we have benefitted from additional funds from the Welsh Government 5UPPOrted Arts Council of Wales Jobs Protertion and Resilience Fund. We thank Arts Council of Wales for the ongoing support in the challenging times faced by the whole of the arts sector. Page I
Theatr B heinio rt of the Trustees for the Year Ended 31st March 2025 OBJECTIVES AND ACTIVITIES Organlsatlonal review Theatr Brycheiniog has continued to make headway despite the challenges facing both the charity and the wider arts sector. At the beginning of April 2025, we signed a new 28-year lease with Powys County Council on the completion of the £1.8 million UK Government supported Levelling up Fund refurbishment of the building. Thi5 has seen the replacement of external doors and windows, new and mo environmentally friendly heating and air conditioning systems, new lifts and other elements of our building's infrastructure - much of it in place since Theatr Brycheiniog was opened in the late 19905 Work was also completed during the summer of 2024 on a new and more energy efficient auditorium lighting system, complementing the new stage lighting introduced at the start of 2024. This and the improvements listed above have had an important impact on our overall energy costs which had risen from £38,871 to £119,105 an increase of over £80,000 in the previous financial year. This has now reduced to £74,553. We hope for a further reduction On we see the impact of these improvement5 across a full financial year. Again, we are grateful for the support offered by ACW for this work, which will help us do our part in moving towards carbon neutrality. Staffing has evolved during the year in review and continues to do so at the time of wrltin8. Director Eleri B Jones left us at the end of 2024 at the conclusion of a year during which she did much to attract the additional ACW sUPPOrt. Thi5 has helped us to retain jobs and finance projetts whlch will improve our financial resilien in the longer term. Eleri left with the board's thanks and best wSshes for her future career. Our Interim D1ctOr Nic Youngi a very experienced arts and venues leader took over that work to build a more stable and resllient flnancial future. He has assisted in fine tuning our approach to programmin& staffing, financial management and the full range of core theatre activities. He has also supported the board in stabilising other activities and planning to recruit a permanent leader of the organisation with that process taking place during the summer and autumn of 2025. The title of the role has been changed from Director to Chief Executive to better reflect the requirements and responsibilities of the position. Work has also been ongoing to reprioritise the activities of the staff team. taking advantage of natural staff turnover as it occurs. This and a review of staffin& launched early in 2025 is helping the or8anisation to increase financial stability and better focus on opportunities and rnore financially resilient results. It has also helped us cap payroll costs for 2025126 to a similar level as 2024/25 despite the rise in the National Minimum Wage5 and the change in National Insurance thresholds. The board would like to thank Eleri, Nic, the Senior Management Team and all our professional colleagues for maintaining effective operations though such a busy and challenging period. Arts Council of Wales continue to be our largest financial supporter with additional and very welcome funding also coming from Brecon Town Council. Powys County Council have stopped making ongoing grant payments since the start of the financial year under review. This contrasts with annual grants of up to £130,000 in the past and is in line with a trend seen among many local authorities across the United Kingdom. However, the council and their staff have been Invaluable in leading and overseeing the Levelling Up Fund work and they have been immensely helpful In addressing ongoing 'snagging' work since the completion of the maln project. Page 2
Re ort of the Trustees for the Year Ended 31st March 2025 OBJECTIVES AND ACTIVITIES We are also grateful for our growing team of volunteers who act as steward5 and our many Friends, Patrons and supporters in the wider community who vislt the theatre to see shows, enjoy our café and bar, use our car park, help with fundraising and contribute to the ongoing viability of the charity, In fact, it would be impossible to operate without our army of volunteer stewards, gardeners to maintain planting around the Theatr site and trustees. Each of our main auditorium shows use between six and thirteen stewards - typically operating for two to four hours per show. It would be economically unfeasible to state an accurate cash value for that work but even using the National Minimum Wage, a rough guestimate might suggest a figure of 7,000 hours of voluntary work worth £80,IX)O. In addition, senior trustees spend many hours each week supporting the leadership team and also taking on additional administrative responsibilities to release staff resOurS for more customer focussed activities. Again, it would be economically unfeasible to calculate an accurate figure for the number of hour5 Of the cash value but a guestirnate would suggest a total of around 450 hours and a cash value of over £5,000. Page 3
Theatr B heinio Re rt of the Trustees for the Year Ended 31st March 2025 OBJECTIVES AND ACTIVITIES Public benefit In preparing this report, the Trustees have had regard to Charity Commission guidance on public benefrt. Theatr Brycheiniog is a major employer in the town and significant contributor to the local economy. We strive, in both the building and the performing arts programme we present, to be accessible to all sections of the community, and to encourage diversity of use and of u5er5, and we publici5e the Theatr's activities widely. We continually update our policies and action plan5 covering diversity throughout the organi5ation and diversity of access. visitor and user safety and promotion of the Welsh language. Theatr Brycheiniog is committed to offering bilingual access to audiences and visitors wherever p055ible and to put in place the practical training and infrastructu re to support users with diverse need5. Theatr Brycheiniog offers a home or stage to numerous professional and communty-rooted groups including the Brecon Baroque Festival, Brecon Festival Ballet, Brecon Jazz Festival, the Westenders, Mid Wales Dance Academyj Brecon Little Theatre, the Federation of Young Farmers, Clubs and Brecknock YFC the Urdd, the University of the Third Age [u3a], Seren Stars, Theatr Wildcats, Taiko Drumming, the Uplift Community Choir, The Brecknock Society and Brecon Town Concert Band. We also encourage local schools to use our facilities and attend perforManS on a regular basis, and we provide an outlet for visual artists by exhibiting their works in our public spaces. We are especially honoured to support the work of the many groups, rooted in our community, who inspire and encourage a love and understanding of the benefits of culture across all ages. We pay tribute to the skill, energy and enthusiasm that they bring to Theatr Brycheiniog on a daily basis. We also thank them for their efforts and look forward to continuing to work together for the future success of all. We are also proud to offer a stage to numerous professional tourin8 organisations many of them supported by the Arts Council of Wales and a wide variety of charitable trust5. We are delighted to ensure that audien5 in Mid Wales can experience that work. They included the return of Theatr na nog With Operation Julie and a150 their show The Fight, Sherman Theatre's Iphigenia yn Sblot and Little Red Riding Hood. Black Rat Production5 brought us The Three Musketeers, and Theatr lolo, The Welsh Dragon. We enjoyed Taiko drumming from Mugenkyo. We also hosted Rockefeller Productions, A Very Hungry Caterpillar Show, Lighthouse Theatre's O Little Town of Aberystwyth and Boy on the Roof from Vamos Theatre. Other notable nights included the acclaimed Welsh singer Aled Jones, the entertainer John Barrowman, the comedian and broadcaster Miles Jupp, National Dance Company Wales, Ballet Cymru and the Orchestra of Welsh National Opera. We offered a wide range of National Theatre, Royal Ballet and Opera Live and Encore screenings. We also hosted a wide range of musical tribute groups who remain popular as we seek to offer a rich variety of arts to engage and entertaln all of our audiences. The financial year has seen us present a wide range of events across a diverse range of art forms, providing over 29,000 tickets with many other free-to-attend activities. Page 4
Theatr B ¢heinio Re rt of the Trustees for the Year Ended 31st March 2025 ACHIEVEMENTS AND PERFORMANCE Fundraislng actlvlties Theatr Brycheiniog has been delighted and encouraged that it has continued to receive its core funding frorn the Art5 Council of Wales during the year under review. Brecon Town Council has also maintained its 5UPPOrt in this most difficult of times. Details of this funding and other activities are shown in the financial statements later in this report. Friends and Patrons continued their generous support throughout the year and our volunteer army of stewards continue to offer a dedicated service. Our restructured Friends & Patrons packages have been rebranded to celebrate the natural beauty of the Bannau Brycheiniog National Park where we are based. The different levels of Eiving have been re-named Cribyn, Com Du and Pen y Fan - the three highest peaks in the park, which sit just to the sound of our canal side home. The top level of Seren {Star) is a reminder that the Bannau Brycheiniog is only the fifth destination in the world to be granted International Dark Sky Reserye status. As well as lebrating our outstanding natural environment, our restructured Friend5 & Patrons packages allow us to claim Gift Aid on the donations. FINANCIAL REVIEW Flnanaal positlon The Statement of Financial Activities for the year ending 31 March 2025, the Balance Sheet and related notes illustrate some of the progress made in addressing ongoing financial challenges which have faced the charity in recent years. Total income rose from £1,317,777 to £1,442,176, an improvement of £124,399 while total expenditure fell from £1,468,076 to £1,411,117, a reduction of £56,959. This resulted in a positive net income listed as £31,059 compared to -£150,299 in the previous financial year. Depreciation charges continue to be a significant figure at £151,043 (previously £154,444). Prudent cost controls have been applied across all of our artivities. A reduction of £44,552 in our energy costs has been noted earlier in our report. Events and projert costs have been reduced by £10,689 (from £167,871 to £157,182); wage rises have been limited to just £12,461 despite a significant rise in the National Minimum Wage {from £652.378 to £664,839}. The increase in bar, bistro and catering costs of £15,827 refletts a substantial increase in trading activity (from £150,741 to £166,568). Income from the bar, bistro and event caterinE rose by £71,202 (from £370,049 to £441,2511- box office income rose by £57,2201from £180,439 to £237,659}; hire of facilities brought in an additional income of £24,901 (from £128,905 to £153,806) The Notes to the Financial Statement (Note 4) also record the substantial and very welcome support offered by the Welsh Government and Arts Council of Wale5 through the Jobs Protection Grant and the Resilience Grant. This allowed us to preseNe roles within the year while also developing more resilience fundraising and income stream5 for the future. This resilience work in partlcular has already resulted in the offer of a substantial ACW Capital Grant to 5UPPOrt the costs of our auditorium sound system, much of which dates to the opening of the venue, nearly thirty years ago. We are currently seeking match funding to allow that work to progress. Page 5
Theatr B einio rt of the Trustees for the Year Ended 31st March 2025 FINANCIAL REVIEW Resetves policy It remains the long-term policy of the board that we seek to build up a permanent reserve of three months of unrestricted funds. Having secured significant financial support from the Arts Council of Wales we have begun to resolve the historic deficit during the 2024/25 financial year. This has seen us reducine the deficit significantly during the year with those improvements continuing into 2025/26 with us recording an in-year surplus at the time of writing. Work is underway to identify additional income streams while maintaining strict expenditure control, to allow the reserves policyto be delivered. FUTURE PIANS During 2025/26 we will continue to carry out work around staffin& budgets, programming and other activtties to return to a resilient financial base and to refresh our creative vision. The significant sums of the ACW Resllience Grant should start adding to that resilien. A new permanent Chief Executive is due to take over the leadership of the organisation from our Interim Director Nic Young with a recruitment exercise across the summer of 2025 attracting a number of skilled and experienced arts and venue leaders. srRucfuRE. GOVERNANCE AND MANAGEMEMr Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited companyi limited byguarantee, as defined bythe Companies Art 2CK)6. Theatr Brycheiniog Cyf is a company limhted by guarantee governed by it5 Memorandum and Articles of Association dated 17 December 2019. It was incorporated under the name of Brecon Guildhall Theatre Limited on 27 November 1989 and changed its name to Theatr Brycheiniog Cyf on 26 November 28. It is registered as a charlty wlth the Charity Commission. Theatr Brycheiniog Cyf took on the management of Theatr Brycheiniog on a 28-year lease when it opened in April 1997. The building is owned by Powys County Council who have agreed a new 25-year lease once the current Levelling Up Fund buildingworks are complete. Recruitment and appointment of new trustees The Board of Trustee5 is in place to oversee the artistic and financial management of the charity, to ensure legal compliance and to ensure the theatre is used by as many sections of the community and as wide constituency in Mid Wales a5 15 POS5ible. Trustees are selected through a process of open recruitrnent according to skill and experience needs identified through self-audit and, also, through co-option when a particular gap in skills is identified. New trustees are appointed for a defined term of three years, may be re-elected for a second term and retire by rotation. Their appointments are confirmed at the AGM following their recruitment. New trustees follow a process of induction to equip them for the role and are required to operate to a Board Code of Conduct. During 2024125 the board has continued its process of refreshing its membership and increasing the diversityi experience and skills base of the twstee team. This has led to the co-option of four additional members in April 2025. They are Ryan Coleman, Gemma Bardsley, Eilir Owen GrffiFith5 and Gwyn Emberton. We thank them for the additional expertise and support that they are offering to the board and the wider charity. Page 6
r B heinio ort of the Trustees for th Year Ended 31st March 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure The Board meets quarterly to scrutinise management reports and accounts and day to day management is conducted by the Theatre Director and staff team. There are three committees of the Board, being the Finance & Strategy, Buildin& Health & Safety and People & Policies. These meet separately from the main Board. Each has defined Terms of Reference and membership which comprises selected Board members and co-opted advisers. Ad hoc working groups of Board member5 also occasionally meet to deal with specific issues on a task and finish basis. Related parties Theatr Brychelniog's relationship with its stakeholders is fundamental to its success and sustainability and also to Its position and perception within the community. Its principal financial stakeholder has been identlfied elsewhere in this report as the Arts Council of Wales IACWI. Powys County Council {PCCI continues to support the organisation as its landlord with an interest in delivering cultural activities across the county. Other organisational stakeholders include Brecon Town Councll {BTC) who also offer much appreciated financial support, the Bannau Brycheiniog National Park Authorlty IBBNPAI, Wales Council for Voluntary Action IWCVAI and many connected communty groups and users - see Publlc Beneflt. Also vital to the Theatr's operation are our army of local volunteers who steward perforrnances and act as advocates in the wider community, our company members, our Friends and Patrons. Risk management The board scrutinises the financial performan of Theatr Brycheiniog Cyf. This is also done through regular dialogue with its key funding partners. A risk register is in place and key risks are mitigated including insurance cover provision where this is relevant. Health and Safety within the organisation is overseen by the Building, Health & Safety committee which also has overall responsibilty for risk assessment and management. Full building and fire risk assessments are in place and actions are completed on a priority basis. REFERENCE AND ADMINisfRATIVE DEfAILS Registered Company number 02446965 {England and Wales) Registered Charity number 1005327 Registered office Theatr Brycheiniog Canal Wharf Brecon Powys LD3 7EW Page 7
Theatr B heinio rt of the Trustees rthe Year En Trustees Ms G Bardsley (appointed 25.4.251 Ms J R Bond Iresigned 24.6.251 Mr R E Coleman (appointed 25.4.251 Mr A K R Collinson Chair of the Board Ms B M Davies (appointed 29.10.24) Ms H F Davis Vice Chair Ms H W East {appointed 29.10.24) Mr N B A Groombridge Ms E A Owen Vice Chair Ms A M Price (appointed 29.10.241 Mx T Wheeler Mr G J Emberton (appointed 1.4.25) Mr E O Griff iths (appointed 1.4.251 Ms LGre80ry lappolnted 24.6.251 Mr R Powell lappolnted 24.6.251 Auditors Ashmole & Co Chartered Certified Accountants & Registered Auditors Castle House High Street Ammanford Carmarthenshire SA18 2NB STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees {who are also the directors of Theatr Brycheiniog Cyf for the purposes of company lawl are responsible for preparing the Report of the Trustees 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. Under that law, the trustees have elected to prepare the financial statements in accordance wlth United Kingdom GenerallyAccepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they 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 preparingthose financial statements, the trustees are required to select suitable accounting policies and then apply them consistentlv; observe the methods and principles in the Charities 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. Page 8
Theatr B heinio C Re ort of the Trustees for the Year Ended 3tst March 2025 STATEMENf OF TRUSTEES. RESPONSIBILITIES- continued 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 hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's audltors 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, Ashmole & Co, will be proposed for re-appointment at the forthcoming Annual General Meetin& This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2CK)6 relating to small companies. Approved by order of the board of trustees on 25th November 2025 and signed on its behalf by: Mr A K R Collinson - Trustee Page 9
ndent Auditors to th Tr Theatr B chelnl ees of Opinion We have audited the financial statements of Theatr Brycheiniog Cyf (the 'charitable company'} for the year ended 31st March 2025 whlch comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accountlng policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Klngdom GenerallyAccepted Accounting Pratticel. In our oplnlon the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31st March 2025 and of its incoming resources and application of resources, including its income and expendlture, for the year then ended; have been properly prepared in accordance with United Klngdom Generally Accepted Accounting Practtce: and have been prepared in accordance with the requirements of the Companies Aec 2CrfJ6. Basis for opinion We conducted our audit in accordance with Internatlonal Standards on Auditing (UK) (ISA5 (UKI) 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 fulfllled our other ethical responslbillties in accordance with these requirements. We believe that the audit evidence we have obtalned is sufficient and appropriate to provide a basis for our opinion, Materlal uncertalnty relatlng to going concern We draw your attention to note 20 in the financial statements, which provided additional infom)ation regardingthe going concern basis. At the balance sheet date the company'5 liabilities exceed its asset by £53,816. The charity continues to be heavily reliant on the grant aid provided by its core funders. These events or conditions indicate that a material uncertainty exist5 that may cast significant doubt on the company's ability to contlnue as a going concern. Our opinion is not modlfied in respect of thls matter. 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. Our responsibilities and the responsibilities of the trustees with respect to the going concern basis are described in the relevant sections of this report. Page 10
Re rt of the Inde ndent Audltors Theatr B helnlo Tr ees of Other infomiation 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 explicltly stated in our report, we do not express any form of assurance conclusion thereon. In connectlon wlth 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 incon515tent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materlally 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. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2)8 requires us to report to you if, in our opinion: the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or the charitable company has not kept adequate accounting records; or the financial statements are not in agreement wlth the accounting records and returns; or we have not received all the information and explanations we require for our audit, Responslbllltles 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 lawl are re5pon5ible 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 freefrom material misstatement, whether due tofraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosin& as appllcable, 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 butto do so. Page 11
rt of the Inde ndent Auditors to the Trustees of Theatr B heinio Our responsibilities for the audit of the financial statements We have been appointed as audltors under Section 144 of the Charities Act 2011 and report In accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtaln reasonable assurance about whether the financial statements as a whole are free from material mlsstatement, 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 condu¢(ed 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. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: nature of the charity and the sertor In whlch It operates. the legal and regulatory framework in which the charity operates, and in particular those laws and regulations that diree(ly affect the financlal statements or have a fundamental effect on operations eg Charities Act 2011, health and safety legislation. results of enquiries of management and those charged with governance any matters identified relating to the charity's policies and procedures for identifying, evaluating and complying with law5 and regulations, and whetherthere were any known instances of non compliance. detecting and responding to the risks of fraud and whether there is any knowledge of actual, suspected or alleged fraud. - the internal controls established to mitigate risks of fraud or non compliance with laws and regulations. As a result of perfomiinE the above, we did not identify any key audit matters related to potential risk of fraud or non compliance with laws and regulations. In addition to the above, our procedures included: reviewinE the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations. enquires of management and those charged with governance concerning actual and potential litigation and claims. performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. - review of minutes of committee meetings. - written representations. 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. A further description of our responsibillties 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. Page 12
rt of the Inde ndent Auditors to the Trustees of Theatr B chelnl Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might State to the charitable company's trustees 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 trustees as a body, for our audit work, forthis report, orforthe opinions we have formed. Ashmole & Co Chartered Certified Accountants & Registered Auditors Eligible to art as an auditor in terms of Section 1212 of the Companies Act 2006 Castle House High Street Ammanford Carmarthenshire SAI8 2NB Page 13
Th r B cheinio Statement of Financial Activities ratin an Income and Ex nditure Account tor the Year Ended 31st March 2025 Incor 31.3,25 Total funds 31.3.24 Total funds Unrestricted Restricted fund fund Notes INCOME AND ENDOWMENTS FROM Donations and grants 207,895 207,895 229,498 Charitable activities Operation of theatre and arts centre 238,133 302,965 541,098 483,517 Other trading activities 693,183 693,183 604,762 Total 1,139,211 302,965 1,442,176 1,317,777 EXPENDITURE ON Raising funds Other trading actlvities 166.568 166,568 150,741 166,568 166,568 150,741 Charltable arthAtles Operation of theatre and arts ntre 935,789 308,760 1,244,549 1,317,335 Total 1,102,357 308,760 1,411,117 1,468,076 NET INCOME/{EXPENDrruRE Transfers between funds 36,854 24,178 15,7951 {24,1781 31.059 {150,299) 17 Net movement in funds 61,032 {29,973) 31.059 (150.299) RECONCIUATION OF FUNDS Total funds brought fonNard 1302,762) 217,887 {84,875) 65,424 TOTAL FUNDS CARRIED FORWARD 1241,730) 187,914 153,816) {84,875) The notes form part of these financial statements Page 14
Theatr B heinio C Balan Sheet 31st March 2025 31.3.25 Total funds 31.3.24 Total funds Unrestricted Restricted fund fund Notes FIXED ASSETS Tangible assets 12 21,002 103,889 124,891 257,344 CURRENT ASSErs Stocks Debtors Cash at bank and in hand 11,326 37,026 833 11,326 44,026 77,858 12.675 38,794 69,958 14 7.0 77,025 49,185 84,025 133,210 121,427 CREDITORS Amounts falling due within one year 15 (290,466) 1290,466) (431,898) NET CURRENT ASSEfs/(LIABILITIES) (241,281} 84,025 1157,256) 1310,471) TOTAL ASSETS LESS CURRENT LIABILITIES {220,279) 187,914 (32,365) {53,127) CREDITORS Amounts falling due after more than one year 16 121,451} (21,4511 {31,7481 NEf ASSEfsiiuABILITIESI (241,7301 187,914 153,8161 (84,8751 FUNDS Unrestricted funds Restricted funds 17 1241,7301 187,914 1302,762 } 217,887 TOTAL FUNDS 153,8161 {84,8751 The charitable company is entitled to exemption from audit under Section 477 of the Companies Art 2006 for the year ended 31st March 2025. The members have not deposited notice, pursuant to Section 476 of the Companies Act 2CrfJ6 requiring an audit of these financial statements. The notes form part of these financial statements Page 15 continued..
Theatr helnlo Balance Sheet- continued 3tst March 2025 The trustees acknowledge their responsibilities for {a) ensuring that the charitable company keeps accounting records that comply WFth Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requlrements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. {b) These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011. These financial 5tatement5 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 25th November 2025 and We signed on its behalf by: MrA K R Collinson - Trustee The notes form part of thesefinancial statements Page 16
Theatr B Cash Flow Statemen forthey 25 31.3.25 31.3.24 Notes Cash flows from operatin8 activities Cash generated from operations Interest paid 27,113 16271 217,520 Net cash provided by operatlng attlvitles 26,486 217,520 Cash flows from Investlng artlvities Purchase of tangible fixed assets (18,586) (202,644 } Net cash used in investing activities (18,586) (202,6441 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginnlng of the reportin8 perfod 7,900 14,876 69,958 55,082 Cash and cash equlvalents at the end of the reporting period 77,858 69,958 The notes form part of these financial statements Page 17
Theatr B heinio Notes to the Cash Flow Statement for the Year Ended 31st March 2025 RECONCILIATION OF NEf INCOMEI(EXPENDrruRE) TO CASH FLOW FROM OPERATING AcrivlEs 31.3.25 31.3.24 Net incomel(expenditure) for the reporting period las per the Statement of Flnanclal Artlvitles) Adjustments for: Depreciation charges Interest paid Decrease in stocks Increase in debtors {Decrease}/increase in creditors 31,059 1150,2991 151,043 627 1,349 15,234) 1151,731) 154,444 216 {23,392) 236,551 Net cash provided by operations 27,113 217,520 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At 31.3.25 Net cash Cash at bank and in hand 69,958 169,958) 77,858 69,958 169,958) 77,858 Total 69,958 169,958) 77,858 The notes form part of these financial statements Page 18
Theatr B heinlo Notes to the Flnanclal Statements for the Year Ended 31st March 2025 ACCOUNTING POUCIES Basis of preparing the financial ststements The financial staternents of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 1021 'Accounting and Reporting bv 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 l January 2019}', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2C(16. The financial statement5 have been prepared under the historical cost convention. Income All income is recognised in the 5taternent of Financial Activities once the charty has entitlement to the fund5, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or construrtive 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 dirertly 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. Leasehold improvements General equipment Fixtures and fittings Technical equipment Over the period of the lease 25% on cost at varyinE rates on cost 25% on cost Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting Unrestricted fund5 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. Page 19 continued...
Theatr B heinio Notes to the Financial Statements - continued for the Year Ended 3tst March 2025 ACCOUNTING POUCIES - continued Hire purchase and leasing commitments Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. DONATIONS AND GRANTS 31.3.25 31.3.24 Donatlons and sponsorshlp Powys CC- core fundlng ACW- core funding 15,330 13,454 192,565 206,600 207,895 229,498 OTHER TRADING AcfiviTIES 31.3.25 31.3.24 Hire of facilities Bar, bistro and event catering Othercatering income Other income Employment allowance 153,806 441,251 35,535 57,591 5,000 128,905 370,049 36,547 64,261 5,0(X) 693,183 604,762 Page 20 continued...
ea r B heinio Notes to the Financial Statements- continued for the Year Ended 31st March 2025 INCOME FROM CHARITABLE ACTivmES 31.3.25 31.3.24 Activity Operation of theatre and arts ntre Box office income Merchandising and proErammes Grants 237,659 180,439 Operation of theatre and arts ntre Operation of theatre and arts centre 474 302,965 328 302,750 541,098 483,517 Grants received, included in the above, are as follows: 31.3.25 31.3.24 Brecon Town Council Arts Council of Wales Anthem Music Fund- Atsain Brecon Beacons National Park Sustainable Development fund The National Lottery- Gallery Fund Arts Council for Wales- Resilience Grant Arts Council for Wales- Create Grant Arts Council for Wales- Jobs Protection Grant 15.000 15,1 278,550 2,000 7,200 9.000 12(K)) 10,000 100,000 {2,835} 172,OCKi 302,965 302,750 OTHER TRADING ACtIVlTIES 31.3.25 31.3.24 Purchases 166,568 150,741 CHARITABLE AcrivlEs cosrs Support costs (see note 7) Direct Costs Totals Operation of theatre and arts centre 1,213,523 31,026 1,244,549 Page 21 continued...
Theatr B heinio Notes to the Finan¢lal Statements - contlnued rthe Year Ended 31 SUPPORT COSTS Governance cost5 Finance Tota15 Operation of theatre and arts centre 20,456 10,570 31,026 NE[ INCOME/(EXPENDITURE) Net income/{expenditure} is stated after charging/(creditingl: 31.3.25 31.3.24 Auditors, remuneration Depreciation - owned assets Hire of plant and machinery 10,570 151,039 4,733 154,444 12,136 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31st March 2025 nor for the yearended 31st March 2024. Trustees. expenses There were no trustees, expenses paid for the year ended 3tst March 2025 nor for the year ended 3tst March 2024. 10. STAFF COSTS The average monthly head count was 44 staff12024: 43) The average Month number of employees during the yearwas as follows: 31.3.25 34 31.3.24 34 Trading Box office, sales and marketing ConrtS and stage performance 43 No employees received emoluments in excess of £60,OtMJ. Page 22 continued...
Theatr B helnlo Notes to the Financial Statements- contlnued for the Year End l M h2025 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL A1VITIEs Unrestricted Restricted fund fund Total funds INCOMEAND ENDOWMENTS FROM Donations and grants 229,498 229,498 Charitable activities Operation of theatre and arts centre 180,767 302,750 483,517 Other trading artivities 604,762 604,762 Totsl 1,015,027 302,750 1,317,777 EXPENDITURE ON Raising funds Other trading activities 150,741 150,741 150,741 150,741 Charitable artivities Operation of theatre and arts ntre 1,089,463 227,872 1,317,335 Totsl 1,240,204 227,872 1,468,076 NEf INCOME/(EXPENDrfuREI 1225,177) 74,878 (150,299) RECONCIUATION OF FUNDS Total funds brought forward (77,585 143,009 65,424 TOTAL FUNDS CARRIED FORWARD 1302,7621 217,887 {84,8751 Page 23 continued...
Theatr B heinio Notes to the Financial Ststements - continued for the Year ErKled 31st Marth 2025 12. TANGIBLE FIXED ASSEf5 Fixtures and fitting5 Leasehold General improvements equipment Technical equipment Totals COST At tst April 2024 Additions 181,195 126,711 7,979 308,437 9,933 306,944 674 923,287 18,586 At 31st March 2025 181,195 134,690 318,370 307,618 941,873 DEPRECIATION At 1st April 2024 Char8e foryear 104,116 60,398 107,846 13.424 259,466 37,522 194,515 39,695 665.943 151.039 At 31st March 2025 164,514 121,270 296,988 234,210 816.982 NEf BOOK VALUE At 31st March 2025 16,681 13,420 21,382 73,408 124,891 At 31st March 2024 77,079 18,865 48,971 112,429 257,344 13. STOCKS 31.3.25 31.3.24 Stocks 11,326 12,675 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Trade debtors Other debtors Prepayments and accrued income 25,471 8,407 10,148 17,150 14,974 6,670 44,026 38.794 Page 24 continued...
The Notes to the Financial Statements . continued forth Y ar Ended 31st March 2025 15. CREDITORS: AMourS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Trade creditors Social security and other taxes VAT Other creditors Advanced ticket sales Accruals and deferred income 140,413 230,408 12,538 7,950 44,882 59,691 76,429 17,801 32,038 42,497 57,717 290,466 431,898 16. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 31.3.25 31.3.24 Other creditors 21,451 31,748 17. MOVEMEMf IN FUNDS Net movement in fund5 Transfers between funds At 31.3.25 At 1.4.24 Unrestrirted funds General fund {302,762) 36,854 24,178 (241,730) Restricted funds Restricted 217,887 {5,7951 {24,1781 187,914 TOTAL FUNDS 184,875) 31,059 153,816> Net movement in funds, included in the above are as follows: Incomlng resources Resources expended Movement in funds Unrestrirted funds General fund 1,139,211 11,102,357) 36,854 Restricted funds Restricted 302,965 {308,760) 15,795) TOTAL FUNDS 1,442,176 (1,411,117) 31,059 Page 25 continued...
Theatr B heinio C Notes to the financial Statements - contlnued for the Year Ended 31st Ma 17. MOVEMENT IN FUNDS- continued Comparatives for mvement in funds Net movement in funds At 31.3.24 At 1.4.23 Unrestrirted funds General fund (77,5851 (225,177) 1302,762) Restricted funds Restricted 143,009 74,878 217,887 TOTAL FUNDS 65,424 (150,299 (84,8751 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund 1,015,027 11,240,204 } 1225,177) Restricted funds Restricted 302,750 1227,872) 74,878 TOTAL FUND5 1,317,777 11,468,076 } 1150,299) A current year 12 months and prior year 12 months combined position is as follows: Net movement in funds Transfers between funds At 31.3.25 At 1.4.23 Unrestricted funds General fund {77,5851 1188,3231 24,178 (241,7301 Restricted funds Restricted 143,009 69,083 {24,178) 187,914 TOTAL FUNDS 65,424 1119,240} {53,816} Page 26 continued...
Theatr B helnlo Notes to the Financial Statements - contlnued for the Year l M rch 2025 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: Incomlng resources Resources expended Movement in funds Unrestricted funds General fund 2,154,238 {2,342,561 } {188,323) Restricted funds Restricted 605,715 (536,6321 69,083 TOTAL FUNDS 2,759,953 (2,879,193) (119,240} RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31st March 2025. 19. USE OF FACIUTIES Theatr Brycheiniog Cyf operates from Theatr Brycheiniog which is owned by Powys County Council. Rent of £1 per annum is chaiged for the use of the facility. The true value of the provision of this facility is not reflected in these financial statements, as the amount is not quantifrable. 20. GOING CONCERN At the balance sheet date the Ilabilities of the charity exceeded Its assets by £53,816. The organisation continue5 to be heavily reliant on the grant aid provided by its core funders. The financial statements have been prepared under the going concern basis which assumes the ongoing support of its core funders to enable it to continue as a going concern for the foreseeable future. The financial statements do not include any adjustment5 that would be requlred were the charity not to be consldered as a going concern. Page 27
Theatr B cheinio Detsiled Statement of Financlal Artlvltles for the Year Ended 31.3.25 31.3.24 INCOME AND ENDOWMENTS Donations and grants Donations and sponsorship Powys CC - core funding ACW- core funding 15,330 13,454 192,565 206,6IXI 207,895 229,498 Other tradlng actlvltles Hire of facilities Bar, bistro and event catering Other catering income Other income Employment allowance 153,806 441,251 35,535 57,591 5,000 128,905 370,049 36,547 64,261 693,183 604,762 Charitable activities Box office income Merchandising and programmes Grant5 237,659 474 302,965 180,439 328 302,750 541,098 483,517 Total incoming resources 1,442,176 1,317,777 EXPENDITURE Other trading activities Bar, bistro and catering 166,568 150,741 Charitable activities Wages Pensions Equipment hire Water rates Insurance Light and heat Telephone Carried forward 664,839 14,942 4,733 7,694 5,259 74,553 3,196 775,216 652,378 14,616 12,136 4,972 5,976 119,105 2,482 811,665 This page does not form part of the statutory financial statements Page 28
r B heinio Detailed Statement of Financial Activitles for the Year Ended 31st March 2 31.3.25 31.3.24 Charitsble actlvltles Brought fOard Events and project costs Recruitment costs Postage and stationery Sales commission Advertising and printing General marketing costs Travelling Rent Equipment maintenance Property repairs Subscriptions and licences Refuse, computer and sundry Legal and professional fee5 Training Cleaning Irrecoverable vat Depreciation of tanglble fixed assets Interest on late payments 775,216 157,182 3,389 811,665 167,871 10,742 10.525 12,505 13.891 990 18,247 6,453 100 3,495 15,850 6,940 29,813 32,881 1,490 12,326 6,407 154,444 7,519 12,883 10,554 37,688 17,499 1,115 6,027 151,043 627 1,213,523 1,292,499 Support costs Finance Bank charges Credit card charge5 1.670 18,786 1,476 14,360 20,456 15,836 Governance costs Auditors, remuneration 10,570 9,000 Total resources expended 1,411,117 1,468,076 Net Incomellexpenditure) 31,059 (150,2991 This page does not form part of the statutory financial statements Page 29