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 re￿rt 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 the￿0¢ 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 MagnI￿de 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 CUl￿ra1 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 d￿lS10Th 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 Si￿lfIcant 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 Signific￿tlY 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 appIl￿tion 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 p￿lOd 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 pu￿ose. 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 t￿Stee5 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 beh￿r 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,c￿0)
(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 use￿1
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
R￿tricted 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 s￿L4LL ENTITIES
21.
In common with many other businesses of our size and na￿re we use our auditors to Pr￿are 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