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 al￿n 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 D1￿ctOr 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 resOur￿S 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 perforMan￿S 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 audien￿5 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 2￿8. 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
Acriv￿lEs
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 Acriv￿lEs 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
Con￿rtS 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 A￿1VITIEs
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: AMou￿rS 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 fO￿ard
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