REGISTERED COMPANY NUMBER: 02701986 {England and Wales) REGISTERED CHAIUTY NUMBER: 1024034 Report of the Trustees And Consolidated Finaneial Statements for the Year Ended 31 March 2024 for Theatr Mwldan Ashmole & Co Manchester House Grosvenor Hill Cardigan Ceredi¥ion SA43 IHY Ashn701e & Co.
TheAtr MwldAn Contents of the Financi81 Statements for the Year Ended 31 March 20Z4 Page Report of the Trustees I to 6 Report of the Independent Auditors 7 to 9 ststement ol Fin4neial Activitles io Balance Sheet 11 to 12 Cash Flow StAtement 13 Notes to the Cash Flow Stgtement 14 Notes to the Financial Statements 15 to 23 Detailed Slatement of Finaneial Activities 24 to 25
Theatr Mwldan Report of the Truste for the Year Ended 31 Mgrch 2024 Thc trustees who arc also dir¢ctors of the charity for the purposes of the Companies Act 2006, Present their rert with the financial statements of the charity foT the year ende4J 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Ststcment of RecoJnmended Practice applicable to charities preparing their accounts in acc4)rdance with Ihe Financial Reporting Standard appli¢able in the UK and Republic of Ireland (FRS 102) (effectiv¢ l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims Th¢ principal activity of the company during the year under revi was the management of theatre prmises known as Theatr Mwldan as a venue for th¢ Arts. The company's Memorandum of Association states that its objects are .to promote the advancement and improvement of general education in relation to all aspects of the arts and dram4 theatre music, dance and filtn. the development of public appreciation the0¢ through the medium of both the English and Welsh languages." The Board believes that these aims will be achieved by Tnaintaining and improving the facilitics offered by the theatre and by presenting a wide range of artistic events. The balance of the programme recognises the aGtivities of various covnrnunity user wups who are encouragcd to use the theatre as a base. This general policy has not changed. In shaping our objectives for the year and plannlng our activities, the Trustees have considered the Charity Commission's guidance on public benefit. iDcluding the guidance on public benefit and fee charging. Th¢ theatre relies on grants and the inc4)me from fees and charges to cover its operating ¢osts. In setting th¢ level of f¢¢s, charges and concessions, the TTUStee5 give careful consideration to the acc¢55ibility of the theatre foT those on low incomes. The Board meets fom)alty every three months to create and monitor the implementation of policy and the day-to4ay management of the mpanY'S facility by the Theatre Director, Mr. Dilwyn Davies, and his staff. Page I
Theatr Mwldan Report of the Trustees for the Year Ended 31 March 2024 STRATEGIC REPORT Aehievement #nd performance Charitable activities During the year, the resources available to the company decreased by £250.121 (2022-23 £129,938 decrease). This decrease in resources comprises a revenue loss generated by the venue of £92,786 (2023 £598 surplus), a loss generated by the trading subsidiary of £12,994 (2023 £81 I sutplus) and a decrease in the Capilal Fund of £131 J47 (2023 - £131,347 de¢re&e). Thc financial statements of 2023-2024 show a turnover of £1.531.051, increase of 9 % from the previous year. The financial y¢ar ending 31 March 2024 was affected by an adverse set of circumstances that resulted in the company delivering a significant trading loss, representing thc largest in its history. As society was still emcrging from the pandemic. wider global and domestic events also impacted on the company's financial well-being. The key factors that contributed to this loss were.. The company's cinema operation recovered slightly frorn 2022123 but still ran at a level of 76.6Q/o of its pre-pandemic turnover, representing a £IOOk reduction in net income compared to pre-pandemic figure5. - Ener and wider overhead costs increased substsntiaIly. - The costs of essential repairs and maintenanc¢ increased. - The staff salary costs increascd as a result of an increase in the National Living Wage. - Cuts in public fvnding. Ivhilst attendances to live perfonnan¢es and inwme from the company's production and touring a¢tivity retUTned to near nornial. the combined impact of the adverse factors noted above were of such a MagnIde that very little effectiv¢ mitigating action could be taken without having a seriously negative impact on the levels of tbe company's operation and activities. Together with partners South Wind Blows of Ireland and Triongl of Wales, the company delivered a highly successful third physical edition of the Other Voices Festival in Cardigan in October 2022, and also continued its outdoor programme of events at Cardigan Casde in the summer of 2023. The income l¢vels generated by the company's bar operation continued to recover particularly well to a level equivalent to a 26.70/0 increase on those achieved pre-pandemic. it As notable that this recovery was helped by the improvements made to the front of house &nd bar areas during the venue's pandemic closure and the work done by the staff team as a result of the CUlra1 Recovery Fund. In addition, the company launched a series of new community events in the gallery space of the foyer which also encouraged an increase in attendance, footfall and secondary spend. In the year 2023124 the company received £271,865 in revenue thnding from the Arts Council of Wales as Core grant support via its status as an ACW Arts Portfolio Wales member: this reprcsented a reduction of 1.1 /0 on the previous ycar. As part of thi5 funding £29,413 was rtDg fenced to provide programming, marketing and business support serviGes from Theatr Mwldan to Wyeside Arts Centre, Builth Wells. £19,413 of the £29,413 was passed as grant funding to Wyeside Arts Centre to SUPPOrt its programming costs. During 2023124 Theatr Mwldan continued as an Arts Portfolio Wales client witbin Arts Council of Wales, (ACW) portfolio. Howevcr, during the year 2023124 ACW issued a notice of tern]ination of portfolio client funding for 31 March 2024 and held an Investment Review of their portfolio funded sector, the outcome of which would detemiine if organisations would continue to be part of the portfolio and therefore core funded from l April 2024. Theatr Mwldan had submitted an extensive application lo the Investmcni Review by the March 2024 deadline. and Teceived the welcome news in September 2024 that it would Continue as part of the ncw funded portfolio from April 2024. However, although Mwldan's application requested an annual llplift of £125k from 2024125, based on its estimates of the likely losses to b¢ incurred as a result of the factors outlined alx)ve, ACWS dlS10Th deliv¢red a funding Gut of 2.5 /0 for 2024125. In addition, Cyngor Sir Ceredigion a150 announced that it would cut its arts budget funding by IOOO/o, which included its funding to MwldaD. effective from its 2024125 budg&. Page 2
Theatr Mwldan Report of the Trnstees for the Year Ended 31 March 2024 These funding cuts. when combined with the continuing wider extemal factors outlined above, put the company in a vulnerable position. Whilst the Trustees are not immedialely con¢ern¢d due to tbe cash reserves available to the company, these are clearly finite and it is clear that without additional funding support the current climate will place the ci)mpany into a position of continued operating losses and erosion of cash reserves, and therefor¢ impending financial crisis and closure if it continues lo operate its activities at the current level required by funders. The Chief Executive of Mwldan therefore highlighted the company's predicted situation to ACW in February 2024. In March 2024 ACW announced an emergency Jobs Protection Fund with a relatively small budget would be open for applications in April 2024. The Trustees and CEO remain extremely vigilant to the Continued and changing business climate, and monitor financial perfomiance extremely c105ely. The Trustees and CEO will ¢ontinue to protect, as much as tK)ssible, the company's cash reserves, ¢onscious that these are needed to support business recovery in the longer tern. Theatr Mwldan Media Developments Ltd (TMMD), the wholly owned subsidiary of Theatr Mwldan, has made a loss of £12,994 this year, due to a decrease in income and increase in costs. Futhre Developmenls and Plans On 31 May 2024, ACW offered Miwldan a one-off grant of £120,000 as a result of the company's application ¢0 the Jobs Protection Fund in April 2024. This sum is allocated to support the company's operating budget for the fmancial year 2024125 10 offset the predicted loss of £120k and therefore deliver a balanced budget. The intention of the fund is to prote¢t jobs that would otherwise be at risk in the sector due to the need to Cut costs to stem predicted losses. In May 2025, ACW announL*d an additional Capital Fund open for application, largeted at the presenting venue sector. Mwldan submitted an appllcation and was awarded £106,163 from the thnd in July 2024. This investment is to support a range of Capital procuremenl packages which WAII enable the company to spend on essential equipment renewal and maintenance to address failing older equipment and k¢ep the company operational. In addition, investment in new LED based lighting for the stage and buildings via this award will enable the company to reduce its energy wsts and mitigate its impact on climate change. Procurement is now underway and will be complete by March 2025. As the Trustees looked towards 2025126, the Chief Executive again highligbted the wrnpany's predicted substantial Ios5 for that approa¢hing year to ACW in September 2024, An response to a Welsh Govemment announcement of fiwther additional emergency support for the sector via a second Jobs Protection and Resilience Fund. This fund opened for applications in 0¢ber 2024, and Mwldan submitted an application for £140k to undewin the company's operating budget for 2025126, again to stabilise the Company to a break-even budgei and avoid job losses. On 2 December 2024, ACW offered a grant of £140k from the fvnd. The Trustees can now confllm that with this additional funding secured, the company is financial stable in an operational break-even situation through to the end of March 2026, protecting the existing jobs in place at the company and its current level of operation. However, the Trustees are mindful that cosl and income reviews will be necessary in ihe early part of 2025 in order to plan for a more sustainable budget for 2026127 onwards. Ultimately. the Trusl¢es believe the arts se¢tor in Wales needs more lldIng support going forwards in the light of limited options for generating addilional surpluses from commercial activity with the limited human resources &vailabl¢. and increasing costs ¢ontinuing across the board. The aftemiath of the pandemic and external global and domestic events combine and continue to be SilfIcant threats to the ¢ompany's business recovery in the medium to long tenn, and to have a profound impact on the business model of the company. Page 3
Theatr MwIdan Report of the Trustees for the Year Ended 31 March 2024 STRATEGIC REPORT Flnancial review Reserves policy The Trustees recognise that the risks and opporttu)ities faced by the charity have changed SignifictlY since 2004 with the end OF capital dcvelopmenl project and ihe impressive performance and divcrsification of the new venue pre-pandemiG. The risk5 which were present in ihe capital project had diminished aT]d the Board continues lo develop systems and procedures to manage the different Tisks presented by the new enlarged venue. The TTUStees have since ensured that the company's reserves have been steadily increased as a result of successful year-on-year trading, recognising thaL in the longer term. the main threat to the company's viability would be the withdrawal or reduction of rcvenue funding. or as Tccently illu5tratcd the intervention of external global events over which they havc no control. To some cxtent, the ycar 2023124 has seen these lactors increasingly affect the company. The target level of reserves is currently quantified as twelve months, worth of f]xed overhead costs. Future budg¢ts will, as lar as possible. aim for modest annual surpluse5 to build up to the target l¢v¢l of free rcserves. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Theatr Mwldan is a wmpany limi*d by guarantee. Each member has undertaken to Contribute such amount as may be required (not exceeding £1) to the company's assets if it should be wound up while he or she is a member or within one year after he or she ceas¢s to be a member for payment of the compally's debts and liabilitie5 along with other costs. During the year ended 3 1st March 2024 there weT¢ 37 membw. The company incorw)rated on 30th March 1992. Its affairs are governed ty its Memorandum and Articles of Association. &$ amended on 15th June 1993, 22nd October 1997, 26th September 2002 and l5th January 2017. Re¢ruitment And appointment of new trustees New trustees are briefed on their legal obligations under charity and company law, the Charity Commission Guidance on public benefiL content of the Memorandum and Articles of Associatio the committee and decision-making process and the recent financial perfornianee of the Charity. OrgAnisational structure The Articles of Association specify that the number of tLVStees shall be at leasl six but not more than twelve. Si¥ trustees are to be elected by the members at the Annual General Meeting and four trustees may be co-opted. One trustee is to be nomiThated by each of Cardigan Town Council and Cyngor Sir Ceredigion. Related parties Nonc of our Trustees receive remuncration or other berA¢fit from their work with the charity. Any connection belwe¢n a Trustee or Senior Manager of the charity with a production company, contracted actor. perfornicr or exhibitor must be discloscd to ihe full Board of Trustees in the same way as any other contractual relationship with a Telated party. In the CUTrent year no such relat£d party trans&clions were rew)rtcd. REFEREIYCE AND ADMINJSTRATIVE DETAILS Registered Company number 02701986 (England and Wales) Registered Ch&rity number 1024034 Registered office Bath House Road CARDIGAN Ceredigion SA43 IJY Page 4
TheAtr Mwldan Report of the Trustees for the Ye#r Ended 31 March 2024 Trustees P J Layton (resigmed I l.11.24) D Grace G Johnson D Llewhelin J Jones P D Halliday A E Evans M Hine T Phillips Company Secretary Mr5 V Goddard Auditors Ashmole & Co Manchester House Grosvenor Hill Cardigan Cercdigion SA43 IHY Bankers HSBC Bank plc I l High Street CaTdigan Ceredigion SA43 IJN Solicitor5 Messrs George, Davies & Evans Castle Chambers Grosvenor Hill Cardigan SA43 IFEI STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of Theatr Mwldan for the purposes of company law) are responsible for prq)aring the Report of the Trustees and the financial ststements in accordance with applicable law and Uniled Kingdom Ac¢4)unting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of Ihc stale of affairs of the charitable company and of the incoming resources aDd appIltion of resources, including the income and expenditUTe, of the charitable company for that period. In preparing those fiDancial statsments, the IN5tees are required to s¢lect suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity SORP. make judgements and estimates that are rcasonable and prud¢nL slate whether applicable accounting standards have beell followed. subjeGt to any matcrial departures disclosed and explained in the financial slatements; prepare the finaDcial statements on the going concern basis unless it is inappropriate to presume that the Gharitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial w)sition of the charitable company and to enable them to ensure that the finan¢i&l statements ci)mply with the Cornpanies Act 2006. They are also responsible for safeguarding the assets of the charitable Company and hence for taking reasonable steps for the prevention and detectffion of fraud and other irregularities. Page 5
Theatr Mwldan Report of the Trustees for the Year Ended 31 March 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES- continued In so far as the trustees are aware. there is no relevant audit infornlation of which the tharitable company's auditors are unawore" and the trustees have tak¢n all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors aTe aware of that inforn]ation. AUDITORS The auditQTS. Ashmole & Co, will be proposed ftir re-appointment at the forthcorning Annual General Meeting. Report of th¢ trustees, inco direclor5. on ..... .. rating a strategic reporL approved by order of the tK)ard of tru5t¢e& as th¢ company 2y........ and signed on the board's behalf by.. Grace- T Page 6
Report of the Independent Auditors to the Trustee5 of Theatr Mwldan Opinlon We have audited the fman¢ial statements of Theatr Mwldan (the 'charitable company'} for the year ended 31 March 2024 which cornprise the Ststement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the fmancial statements, including a summary of signiflcant accounling policies. The fmancial reporting framework that has been applied in their preparation is &ppli¢able law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Ac¢ounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable covnpany's affairs as at 31 March 2024 and of its incoming resources aT]d application of re50urccs. including its Income and expcnditur& for the year then end. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice" and have been prepared in accordance with thc Tequirements of the Companics Act 2006. Basis for opinion We conducfrd our audit in acc4)rdance with International Standards on Audtting (UK) (ISAS (UK)) and applicablc law. Our responsibilities undcr ihose standards are further described in the Auditors, reswynsibiliti¢s for the audit of the rinancial slatements scclion of our report. We arc independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the fmancial statemcnts in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffiGient and appropriate to provid¢ a basis for OUT opinion. Conclusions relating to going roncern In auditing the financial statement5. we have Goncluded that the trustees, use of the going con¢ern basis of accounting in the preparation of the fmancial statemenls is appropriate. Based on the work we have perfonned. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may th8t significant doubt on the charitable company's ability to continue as a going conG¢rn for a plOd of at least hvelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The truste¢s are responsible for the other inforniation. The other infonnation ¢4)mprises the information included in the Annual Report, other than Ihe financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other infomation an¢ except to the extent othenvtse explicitly stated in our retK)rt, we do not express any fom) of assuranee conclusion thereon. In connection with our audit of the financial statem¢ntS, OUT responsibility is to read the oth¢r infomiation and, in doing so. consider whether the other inforniation is materially inconsistent with the financial statemeT]ts or our knowledge obtained in the audit or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent material misstateTnents, we are required to detsnnine whether this gives rise to a material misstatement in the financial Statements themselves. If. based on thc work w¢ have performed, we conclude that there is a rnaterial misstatement of this other inforniation, we are required to report that facl. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matlers where the Charities (Accoullts and Reports) Regulations 2008 requtres us to report lo you if, in our opinion: the infoTmation given in the Report of the Trustces is inconsistent in any material resped with the financial statements: or the charitable company has not kept adequate accounting rewrds. or the financial statcments are not in agreement with the accounting Tecords and returns. or we have not received all the infomiation and explanations w¢ require for our audiL Page 7
Report of the Independent Auditors lo the Trustees of Theatr Mwldan Responsiblllties of trustees As explained more fjjlly in the Statement of Trustees, Responsibilities, the trustees (who are also tbe dire¢lors of the charitsble company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control the trustees deterniine is necessary to enable the preparation of fmancial slatements that are free from material mASStatemenL whether due to fraud or error. In preparing the financial slalements. the trustees a responsible for assessing the charitable company'5 ability to continue as a goiT]g concern, disclosing. as applicable. matters related to going concern and using the going concern basis of accounting unless thc Irustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but lo do so. Our responsibilities for the audit ofthe financial statements We have been appointed as auditors 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 obtsin reasonable assurance atK)Ut whether the financial statements as 8 whole are free from material misstatement. whether due to fraud or error. and to issue a Rep)rt of the Independent Auditors that includes our opinion. Reasonable assurdnce is a high level of &ssurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will a]ways detect a material misstatement when it exists. Misstatements Gan arise from fraud or error and are considered matcrial if, individually or in the aggregate, they could rcasonably be expectcd to influence the economic decisions of users taken on the basis of these financial slat¢ments. The exlent to which our procedures are capable of detething irregularities. including fraud is detailed below: In identifying and assessing risks of material misstatement in respect of irr¢gularitie5, including fraud and non-cornpliance with laws and regulations, we wnsidered the following: nathre of Éhe charity and the sector in which it operales. the legal and regulatory framework in which the charity operates. and in particular those laws and regulations that dir¢¢tly affect the flnancial statements or have a fundamental effect on operations e.g. Charities Act 2011, health and safety legislation. - results of ¢nquiries of management and those charged with governance any matters identified relating to the charity's policies and procedures for identifying, evaluating and complying with laws and regulations, and whether the were any known instances of non compliance. delecting 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 perfoTming the a¥K)v4 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 alK)ve, our procedures included: reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relcvant laws and regulations - enquiries of managcment and those charged with governanc¢ concerning actual and potential litigation and claims perfonning analytical procedures to identify any unusual or unexpccted relationships that may indicate risks of material missiatement due to fraud - review ofminutes 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.uklauditorsT¢sponsibilities. This description fornis part of our Report of th¢ Independent Auditors. Page 8
Report of the Independent Audltors to the Trustees of TheAlr Mwldln Use of our report This r¢port is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulation5 2008. Our audit work has been undertaken 80 that we might state to the charitable company's trust¢¢s those matters we are required to state to them in an auditors, report and for no other puose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charitable company andt e charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have fonned. ar4 dham F.C.C.A d on behalf of Ashmole & Co ble to act as an auditor in tern]s of Section 1212 of the Companies Act 2006 chester House Grosvenor Hill Cardigan Ceredigion SA43 IHY for Eli Date: ...... 19.12.20I+ Page 9
Theatr Mwldan Statement of FinAncial Atifivities for the Year Ended 31 March 2024 31.3.24 Totsl funds 31.3.23 Total fijnds Unrestricted fund Restricted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2,835 2.835 3,569 Chydritable activities Theatre Touring Productions Comrnercial trading activities 1,141.981 194.993 12,572 1,141,981 194,993 12,572 1,116.613 134,416 21,390 19 Other trading activities Inveslment income l77,298 1,372 177,298 1,372 125,288 Total 1,531051 1,531,051 1.402,276 EXPENDITURE ON Raising funds Commercial trading activitics 85.038 25,566 85,038 25,566 59.346 20.579 19 Ch8rit2ble activities Theatre Touring Productions 1.360,773 178.448 131.347 1.492,120 178.448 1.290.943 161346 Tolal 1,649 825 131,347 1,781172 1532,214 NET INCOME/(EXPENDITURE) (118,774) (131,347) (250,121) (129,938) RECONCILIATIOIY OF FUNDS Total funds brought forward 644,403 3,671,009 4.315,412 4,445.350 TOTAL FUNDS CARRIED FORWARD 525.629 3,539,662 4 065,291 4,315 412 The notes forni part of these financial statements Page 10
Thegtr Mwldan Balance Sheet 31 Mgrch 2024 31.03.24 Group fund 31.03.23 31.03.24 31,03.23 Group fund Charity funds Charity funds Notss FIXED ASSETS Tangible assets Investments 13 14 3,709.087 3.828,618 3,708,572 153.385 3,827,928 147,455 3,709,087 3,828,618 3,861,957 3.975.383 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 15 16 500 166,503 381,066 500 210,465 527,866 500 164,029 344,509 500 208,090 485.356 548,069 738.831 509,038 693,946 CREDITORS Amounts falling due within one year 17 (191.865) (252,037) (188,387) (249,594) NET CURRENT ASSETS 356 204 486.794 320,651 444 352 TOTAL ASSETS LESS CURRENT LIABILfTIES 4.065,291 4.315,412 4.182,608 4.419,735 NET ASSETS 4.065.291 4.315,412 4 182.608 4 419.735 FUNDS Unrestricted funds Restricted fund5 18 525,628 3 539 663 644.402 3 671010 642,945 3 539.663 748.725 3,671010 TOTAL FUNDS 4 182.608 4 419,735 The notes forni part of these financial stat¢ments Page 11
Theatr Mwldan Balance Sheet- continued 31 March 2024 The charitable company is entitl¢d to exemption from audit under Section 477 of the Cornpanies Act 2006 for the year ended 31 March 2024. The members have not dewsited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements. The tStee5 acknowledg¢ their resw)nsibilities for (a) ensuring that the charitable company keeps accounting r¢cords that wmply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and faiT view of the statc of affairs of the charitsble company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirernents of Sections 394 and 395 and which otherwise comply with the r4uirements of the Companies A 2006 relating to financial statements, so far as applicable to the charitsble cornpany. These finanGiaJ statements have been audited under the requirements of Section 145 of the Charities Act 2011. (b) The financial statements were approved by the Board of Trustees and authorised for Issue on ..IE....I1 :..70.%.* . and werc signed on its behr by: D Grace - Trustee The notes fonn part of these financial ststements Page 12
Theatr Mwldan Cash Flow Statement for the Year Ended 31 March 2024 31.3.24 31.3.23 Note5 C28h flows from operating #ctivlties Cash generated from operations 118.088 86.746 Net cash (used in)Iprovided by operating activities 118.088) Cash tlows from investing activities Purchase of tangible fixed assets Loan advanced to subsidiary Interest received (l7,c0) (5,930) 172 (926) (6,615) Net cash used in investing activities Change in CAsh and cash equiv91ents in the reporting pcriod Cash and tash equivslents at the beginning of the reporting period (140.846) 79,205 485.356 406 151 Cash and eAsh equivalents al the end of the reporting perlod 344.509 485 356 The notes form part of these financial statements Page 13
Theatr Mwldan Notes to the Cgsh Flow Stgtemtnt ror the Year Ended 31 March 2024 RECONCILIATION OF NET EXPENDrruRE TO NET CASH FLOW FROM OPERATING AcfiviTIES 31.3.24 31.3.23 N¢t expenditure for the rcporting period (as per the Statement of Finaneial Activities) Adjustments for: Dcpre¢ialion charges Interest received Decreasel(increase) in debtors (Dectease)lincre&se in creditors (237,127) (130,749} 136,357 (172) 44,061 61207) 135,227 (14,665) Net cash (used in)Iprovided by operations 118,088) ANALYSIS OF CHANGES JN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank and in hand 485.356 140,847) 485.356 140,847) Total 485,356 140 847) 344.509 The notes forn] part of these financial stalements Page 14
TheAtr Mwldgn Notes to the Flnanei21 Ststements for the Year Ended 31 Mar¢h 2024 ACCOUNTING POLICIES Basis of preparing the financial st#tements The financial statements of the charitable Company, which is a public benefit entity under FRS 102, have been prepared in ac£ordance with the Charities SORP (FRS 102) 'Ac¢ounting and Reporting by Charities: Statement of Recommended Pra¢tice applicablc to charities preparing their accounts in accordance with the Financial Reporting SL2ndard applicable in thc UK and Republic of Ireland {FRS 102) (effective l January 2019),, Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of ITcland' and the Companies Act 2006. The financial stateTncnts have been prepared under the historical cost convention, with the &xceplion of investments which are included at market value. Income All income is recognised in the Siatement of Financial Activities once the charity has entitlement to the fijnds. it is probable that the income will be received and thc amount can be measured reliably. Expenditure Liabilitics are reGognised as expenditure a5 soon as there is a legal or constructive obligation committing the harity to that cxpenditure. it is probable that a transfer of economic benefits will be required in 5eitlement and the amount of the obligation can be measured reliably. Expenditure is acc4)unted for on an accruals basis and ha5 been Classified under heading5 that aggregat¢ all cost r¢lated to thc calegory. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis nSIStent with the use of r¢soLwces. Allocation and apportionmenl of cost5 Costs have been allocated as far as w)ssible between the expendilure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly. others have been apportioned based on the estimated usage of ihe resource. Tangible fixed assets Depreciation is provided at the following annual rdtes in order to write off eb asset over its estimated use1 life. Fre¢hold property Long leasehold Plant and machinery Fixtures and fittings over the term of the property lease over the tenn of the property lease 330/D on cost and 25 /0 on cost IOO/o on 5t Stocks Stocks are valued at the low¢r of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taiation The charity is excmpt from COTporation tax on its charitable activities. Fund accounting UnreslriGtrd funds be used in accordance with thc charttable objectives at the discretion of the trustees. Restricted funds can only be uscd for particular restricted PUTposes Within thc objects of the charity. Restrictions arisc when specified by the donor or when funds are rdised for particular r¢stricted puo)oses. Furthgr explanation of tbe nature and purpose of cach fund is included in the notcs to the financial statements. Ilire purchase gnd leasiDg commitments Rentals paid under operaling leases are charged to thg Statement of Financial Activities on a straight line basis over Iho perlod of the lease. Pension costs and other post-retirement benefits The charitable company operates a d¢fmed contribution pension scheme. Contributions payable to the chariiable company's p¢nsion scheme are Charged to tILe Statement of Financial Activities in the period to whiGh they relatr. Page 15 ontinud...
Thev4tr Mwldan Noles to the Flnancial Statements- eontlnued for the Year Ended 31 Mareh 2024 ACCOUNTING POLICIES- continued CraDt$ and donations receivable ConfIrn]ed revenuc grants and gencrnl programme supwrt granls are Creditcd to the income and expenditure account evenly over the accounting pcriod CODcerned. SpecifJ¢ programme support grants are taken into account when the relevant production occurs. Gifts of fixed assets for charity use, and funds received for the specific purpose of Providing such fixed assets, are accounted for imvncdiately as restricted fuT]ds where it is clear ihal the donor intended the continuing use of the assct. In particular. this treattnent is applied to capital grants. All other grants and donations are in¢luded in income on receipt. Art5 outside Cardiff production ¢(trsts Production costs are charged to the income and expenditure account in the accounting period in which the related income arises. Donated services Generally, donated services including the work done by volunteers, are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised when there is no financial cost borne by the donor. Group FinAnelal Statements The financial slatern¢nts consolidate the results of the Charity and its wholly owned subsidiary) Theatr Mwldan Media Developments Limited. A separate Statement of Financial Activities, and Income and Expenditure AccounL for the Charity itself are nol presented. DONATIONS AND LEGACIES 31.324 31.3.23 Donation5 Subscriptions 2,753 82 3,461 108 OTHER TRADJNG ACTtVlTIES 31.3.24 31.3.23 Bar sales 177,298 125 288 INVESTMENT INCOME 31.3.24 31.313 Caffi income Bank interest 1.200 l72 1,000 Page 16 continued...
TheAtr Mwldgn Notes to the Flnancial Statements- continued for the YeY4r Ended 31 Mareh 2024 INCOME FROM CHARITABLE ACTIVITIES 31.3.24 31.3.23 Activity Theatre Thcatre Theatre Theatrc Theatre Theatrc T'icket sales - live events Cardigan Castle events Cinema Theatre hire Other income Cyngor Sir Ceredigion Arts Council of Wales - consolidated revenue grdnt Cardigan Town Council Other production grant CD Sales Other Voi¢es ant Music Royalty income Arts Council of Wales Culture Re¢overy Fund - revenue Arts Council of Wales of living grant Other Voices-wristband income Theatre Ty Cerdd Grant Theatre Production perforniance fees Touring Productions Other production income Touring Productions 79,712 92.869 324,831 46,639 5,OIM) 14,0(M) 70,670 70,208 257,899 47.009 12,057 14.000 Theatre Theatre Thealre Theatre Thcatre Theatre 271,865 274.889 2,500 978 17.965 240.000 2,128 24.305 295,000 12,167 Theatre 9.942 cost Theatre 9,924 8.522 32,070 4,000 181,829 17,445 113,554 20,862 1336 974 1251029 RAISING FUNDS Other trading aetivities 31.3.24 31.3.23 Purchases CHARIT ABLE ACTIVITIES COSTS Support costs (see note 8) Direct Costs Totals Theatre Touring Productions 1,032,152 178 448 459,968 1,492,120 178 448 1210,600 459 968 1670,568 Page 17 continued...
Theatr Mwldan Notes to the Financjal Statements- eontinued for the Year Ended 31 M#reh 2024 SUPPORT COSTS Governance osts Management Finance Totals Theatre 431499 17,673 10,796 459.968 NET IIYCOMEI(FXPENDITURE) Net in¢omel(expenditure) is stated after chargiT]W(cr¢diting): 31.3.24 31.3.23 Audilors, remunerntion AudiloTS' remunerdtion for non audit wo Depreciation - owned assets Otber operating leascs 3,250 1.980 136,356 1.909 3,150 1,880 135.228 261 io. TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no 31 March 2023. trustees, exp¢5 paid frir the year ended 31 March2024 nor for the y&ir ended ii. STAFF COSTS 31.324 31.3.23 Wages and salaries Social security Costs Other pension costs 483.397 39.240 14,629 407,278 34,488 22.920 537 266 464,686 The average monthly number of employees during the year was as follows.. 31.3.24 li 31.3.23 10 Theatre Management Cleaning Technicians 16 13 No employees received emoluments in excess of £60.000. No employ¢¢ earned £60,000 or more per annum. Page 18 continued...
Thegtr Mwldan Notes to the Financial Siatements- eontinued for the Year Ended 31 March 2024 12. COMPARATIVES FOR THE STATEMENT OF FINANCLiL ACTIVITIES UnTCStricted fund Restricted fimd Total funds INCOME AND EIYDOWMENTS FROM Donations and legacies 3.569 3,569 Charitsble activities Theatre Touring Productions Commercial trading activities 1.116,613 134,416 21.390 1,116,613 134,416 21,390 Other tr&ding activities Investment income 125,288 1,000 125,288 1,000 Total 1.402,276 1,402 276 EXPENDITURE O Raising funds Commercial trading activities 59,346 20,579 59,346 20,579 Charltable Ietlvities Theatre Touring Productions 1.159,596 161,346 131.347 1,290,943 161346 Total 1,400 867 131347 1532 214 NET INCOME/(EXPENDITURE) 1,409 (131,347) (129,938) RECONCILIATION OF FUNDS Total funds brought forward 642,994 3,802,356 4,445,350 TOTAL FULYDS CARRIED FORWARD 644,403 3,671,009 4,315.412 13. TANGtBLE FIXED ASSETS Freehold property Long leasehold Plant and machinery COST At l April 2023 Additions 651.048 5,661,118 1.051,894 At 31 March 2024 651,048 5,661,118 1.051,894 DEPRECIATIOPI At l April 2023 Charge for y¢ar 260.419 2,232.200 114.291 1,042,822 At 31 March 2024 273 440 2 346 491 1050341 NET BOOK VALUE At 31 March 2024 377 608 3 314,627 1.553 At 31 March 2023 390 629 3,428 918 Page 19 continued...
Theatr Mivldgn Notes to the Finanefial Statements- tontinued for the Year Ended 31 March 2024 13, TANGIBLE FIXED ASSETS - continued Fixtures and fittings Motor vehicles Totals COST At l April 2023 Additions 270,106 16,450 7,650,616 17.000 At 3 1 March 2024 287 106 7 667 616 DEPRECIATION At l April 2023 Charge for year 270,106 16.450 3,821,998 136 531 At 31 March 2024 271.806 3 958 529 NET BOOK VALUE At 31 March 2024 3,709,087 At 31 March 2023 3 828618 14. FIXED ASSET INVESTMENTS 31.3.24 31,3.23 Shares Loans IIK) 153 285 loo 147355 153 385 147455 Shares in group und¢rtakings MARKET VALUE At l April 2023 and 31 March 2024 loo NET BOOK VALUE At 31 March 2024 loo At 31 March 2023 loo Loans to group undertakings At l April 2023 New in year 147.355 At 31 March 2024 153 285 There were no investment assets outside the UK. Page 20 conlinued...
Theatr Mwldan Notes to the Financial St*tements- Continued for the YeAr Ended 31 March 2024 15. STOCKS 31.3.24 31.3.23 31.324 31.3.23 Stocks 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 Group 31.3.23 Group 31.3.24 Charity 31.3.23 Charity Trade debtors Other debtor VAT Prepayments and accrued income 41,849 36,683 498 95,206 54,980 1,317 39,873 36.683 94,148 54,980 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 Group 31.3.23 Group 31.3.24 Charity 31.3.23 Charity Trade creditors Social security and other taxes VAT Other creditors Accruals and deferred incorne 47,875 8.664 16,806 3,478 13,240 8,337 16,819 2,443 211 198 47,875 8.664 16,806 13,240 8J37 16,819 211 198 25 18. MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 UThr¢strieted funds General fund 748,725 (105,780) 642,945 Restricted funds Capital Fund 3,671,010 131,347) 3,539,663 TOTAL FUNDS 4.419.735 237,127) 4.182,608 Net rnovement in fjjnds, included in the abov¢ are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General thnd 1,518,479 (1,624,259) (105,780) Restricted funds Capital Fund 131.347) 131,347) TOTAL FUNDS 1,518,479 {1,755,606) {237,127) Page21 continued...
Theatr Mwldan Notes to the Finan¢lal Statement5 - continued for th¢ Year Ended 31 March 2024 18. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in fimds At 31.3.23 At 1.4.22 UDr¢stricted funds General fund 748,127 598 748,725 Restrlcted funds Capital Fund 3.802,357 (131,347) 3,671,010 TOTAL FUNDS 4 550 484 130.749 4 419,735 Comparative net movement in funds, included in the above are as follows: Lncoming resources Resources expended Movement in funds Unreslrleted funds General fund 1,380,886 (1,380,288) 598 Rtricted funds Capital Fund (131,347) (131,347) TOTAL FUNDS 1.380,886 1,511.635 130,749 A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 31.3.24 At 1.4.22 Unrestricted fund5 General fund 748,127 {105.182) 642,945 Restrieted funds Capital Fund 3.802,357 (262.694) 3.539.663 TOTAL FUNDS 4 550.484 367 876 4 182 608 Page 22 continued..
Theatr Mwldan Notes to the Financial Statements- continued for the Year End¢d 31 March 2024 18. 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- In¢oming resources Resources expended Movement in fvnds Unrestri¢ted funds General fund 2,899,365 (3,004,547) (105,] 82) Restricted funds Capital Fund (262,694) (262,694) TOTAL FUNDS 2.899.365 3267.241 19. COMMERCIAL TRADING OPERATIONS AND INVESTMENT IN SUBSIDIARY 31.03.24 31.03.23 Turnover Cosl ofsalcs and administrative expenses 12,572 21,390 Net loss for the period (12,994) 811 Summary of assets and liabilities Fixed assets Current assets Current liabilities Long tem) liabilities 515 39,031 (3,478) 153 285 690 44,885 (2,443) 14 355 Total net liabilities (117,217) Share Capitsl Profit and (loss) account loo 117217 loo 104 323 Financed by Theatr Mwldan Long tern] creditor of £153.285 (2023 - £147,355) is due to Theatr Mwldan. The subsidiary conunues to experience difficulties but repayments will take place when sufficient fimds are available to do so. RELATED PARTY DISCLOSURES 104 20. There were no rel&ted paty transactions for the year ended 31 Mareh 2024. FRC ETHICAL STANDARD- PROVISIONS AVAILABLE FOR sL4LL ENTITIES 21. In common with many other businesses of our size and nare we use our auditors to Prare and submit returns to the authorities and assist with the preparation of the financial statements. 22. GOILYG CONCERN These financial statements have been prepared on the going concern basis. This page does not form part of the statutory financial statements Page 23
Theatr Mwldan Detailed Statement of Financial Activities for the Year Ended 31 Mareh 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS Donations and legacies Donations Subscriptions 2,753 82 3,461 108 2,835 3,569 Other trAding aetlvlties Bar sal 177,298 125,288 Investment income c.affi incomc Bank interest 1,200 172 1,000 1,372 1,000 Charitable activities Ticke¢ sales - live events Cardigan Castle events Cinema Theatre hire Other income Cyngor Sir Cercdigion Arts Council of Wales - consolidated revenu¢ grant Cardigan Town Council Other production grant Production performance fees Other production income CD Sales Other Voices granl Music Royalty income Arts Council of Wales Culture Recovery Fund- revenue Arts Council of Wales ¢05t of living grant Other Voices -wristband income Ty Cerdd Grant 79,712 92,869 324,831 46,639 5,000 14,000 70,670 70,208 257,899 47.009 12,057 14.000 271.865 274,889 2,500 978 181,829 13,164 17,965 240,000 2,128 113,554 20,862 24,305 295.000 12,167 9,942 8,522 17.445 9,924 32,070 1336.974 l 251.029 Total incoming resour¢¢$ 1,518,479 1,380.886 EXPENDITURE Other trading activities Bar cost of sales 85,038 59.346 Charitable getfvitie5 Wages Carried forward 47,885 47,885 34,284 34,284 This pag¢ (loes not forni part of the statutory financial slatsments Page 24
Th¢Atr Mwldan Detailed Statement of Financial Activities for the Year EDded 31 Marcb 2024 31.3.24 31.3.23 Charitable activities Brought fon¥ard Social security Rates and water Insurance Light and heat Telephone & internet Postage and stationery Advertising Cardigan Castle event costs Cinema - film hire Cinema - other costs Repairs and renewals Cleaning materials & support Cleaning wages Social security Licences and Perforniing Rights Society Programme printing and distribution Other Marketing expenses Grants to other organisations Motor expen5¢S Production Artist fees Other Production costs Production travel and accommodation Other Voice5 expenses CD Sales Costs Live show perforniance cost Depreciation of tangible fixed a5set5 47,885 4.271 3,918 22,159 70,638 22.997 2,000 22,143 71,850 143,645 34,284 3,468 2,341 21.686 46,737 15,951 704 4,523 65,446 111,616 339 48,312 8,577 45,665 2,309 2,667 19,504 11,774 19,740 1,032 85,140 19,730 8273 255.006 20,929 49.654 135.227 58,369 10,406 55,932 2,619 19,233 26,329 6,206 19,413 4,404 97,595 59,501 13,553 223,766 13,305 52,106 136 357 1,210,600 1,040.634 Support costs Managem¢Dt Wages Social security Pensions Other operating le&8¢s stsff and volunteers, expenses 379,580 32,350 14,629 1,909 3,031 327,329 28.711 22,920 261 431,499 384,164 FinAnce Bank charges 17,673 14,279 Governance eosts Auditor5, remuneration Auditor5, remuneration for non audit work Directors, indemnity insurance Legal & professional fees 3,250 1,980 1,560 3,150 1,880 1,520 Total resources expended 1755 606 1511,635 Net expenditure 237 127 130.749 This page does not foTrn part of the statutory financial statements Page 25