REGISTERED COMPANY NUMBER: 02701986 (England and Wales) REGISTERED CHARITY NUMBER: 1024034 Report of the Trustees and Consolidated FinonciAI Statements ror the Year Ended 31 March 2025 ror Theatr Mwldan Ashmole & Co Manchc5Ler House Grosvenor Hill Cardigan Ceredigion SA43 IHY Ashmole & Co.
Theatr Mivldan Contents of the Financial Statements for the Year Ended 31 March 2025 Page Report of the Tru5tee$ I to 6 Report of the Independent Auditors 7 to 9 Statement of Financial Activities io BalAnce Sheel 11 to 12 Cash Flow St2tetllent 13 Notes to the Cash Flow Statement 14 Notes to the Financial Statements 15 to 24 Det4iled Staten)ent of Finan¢lal Activities 25 to 27
Theatr Mwldan Report of the Trustees for the Year Ended 31 March 2025 The trustees who are also directors of the charity fiir the purposes of the CompleS Act 2006, present their report with the financial statemenls of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Rep)rting by Charitics: Statement of Recommended Practice applicablc lo charities preparing their accounts in accordancc with the Financial Reporting SL3ndard applicable in the UK and Republic of Ireland (FRS 102) (cffective l January 2019). OBJECTIVES AND AcfiviTIES Objeclives and Aims The principal activity of the company during the year under review was th¢ management oftheatre premises known as Theatr Mwldan as a venue for the 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 drama, theatre music, dance and film; the development of public appreciation thereof through t]ie medium of IN)th the English and Welsh languages." The Board believes that these aitns will be achieved by Tnaintaining and improving the facilities offered by the theatre and by presenting a wide range of artistic events. The balancc of the programme Tecognis¢s thc activities of various community u5cr groups who are encouraged to use the theatrc as a base. -fhis gencral w>licy has not changed. In shaping our objectives for the year and planning our activities. the TStetS have considered the Charity Q)mmission's guidance on public bcnefit, iD¢luding the guidance on public benefit and fee charging. The theatre relies on grants and the in¢om¢ from fees and Gharges to cover its op¢rating costs. In setting the level of fees, ¢harge5 and concessions, the Trustees give &2reful ¢onsideration to the a¢cessibility of the theatre for those on low in¢omes. The Board me¢ts fomially every three months to create and monitor the implementation of poli¢y and the day-to-day management of the Company's facility by the Theatre Director, Mr. Dilwyn Davies. and his staff.
Th¢4tr Mwldsn Report of the Trustees for the Year Ended 31 March 2025 STRATEGIC REPORT Achievements and performance ChArilable ¥clivities During the year 2024125 the resources available ¢0 the company decreased by £125,763 (2023124 £250,121 decrease). This decrease in resources eornprises a revenue surplus generated by the venue of £34,693 (2023124 - £92,786 loss), a loss generated by the trading subsidiary of £9.711 {2023124 £12,994 loss) and a decrease in the Capital Fund of £150,745 (2023124 - £131,347 decrease). The financial statement5 of 2024125 show a turnover of £1,726 J93, an increase of 12.8 % from the pr¢viou5 year. The financial year ending 31 March 2025 was again atTe¢ted by an adverse set of circumstances that continue to cause conGern. The Ioss of cinema turnover compared to pre-pandemic levels continued, with a level in 2024125 only 80•/0 of that achieved in 2019120, but an increase of 2.7 % for 2024125 over the previous year. Energy and other overhead Costs have increased as have the costs of essential maintenance and repairs. In addition, the National Living Wage increased by 9.80/0 on 1st April 2024, Ivhich resulted in a large increase in staff salary spend of around £40k including on-costs. Admissions to live performance events at the venue were strong, and the company delivered a significant contribution to the bottom line from the live in-house programme. Touring production actlvlty a150 returned to near nonnal after the pandemic, with Catrin Finch and Aoife Ni Bhriain touring their debut album, released in October 2023, throughout the year. Significant income was earned by the ci)mpany from its touring production work. Two recorded releases on the Bendigedig label recouped their production costs during the Ye 2024125 and moved into profit. The income levels generated by the company's bar operation continu¢d to grow at a level approximately 28 /0 higher than its pre-pandemic turnover, and 1.50/0 higher than 2023124. Mindful of rising costs and loss of income, the company flagged the circumstance5 to Arts Council of Wales, its primary funder, early in 2024. ACW secured a modest level of additional support funding for the sector from Welsh Govemment. On 31 May 2024, ACW offered Mwldan a one-off an1 of £120.000 as a result of the company's application to the Jobs Protection Fund in April 2024. This sum was allocated to support the company's operatiTJg budget for the financial year 2024125 to offset the previously predicted loss of £120k and therefore deliver a balanced budget. The intention of the fund was to protect jobs that would otherwise be at risk in the sector due ty the need to cut costs to stem predicted losses. The injection of this additional funding for 2024125 h&% enabled the company to retain its full staff team and to stabilis¢ the losses that were incurred the previous year 2023124 (approximately £105k). We welcome the vital injection of funding and pleased to report a slabilisation ofthe losses of the previous year. Together with partners South Wind Blows of Ireland and Triongl of Wales, the company delivered a highty successful fourtli physical edition of the Other Voice5 Feslival in cardig An O¢tober 2024. Mindful of the increased financial risks, the Gompany scaled back its outdoor proamme of events presented at and in partnership with Cardigan Castle in the summer of 2024, focusing on low-risk outdoor theatrc productions. In the year 2024125 the company received £265,068 in revenue funding from the Arts Council of Wales as Core grant support via its status as an ACW Arts Porcfolio Wales member. the company was reconfinned as a portfolio client effective from 1st April 2024 as a result of the Investment Review process of 2023. The company no longer ceIVeS ring- fenced funding for Wyeside Arts Ccntre as a result of Wyeside's S¢¢$$1 Investment Review application to be a direct ACW portfolio client. Mwldan continues to offer programming. iy)oking and management services to Wyeside for an agreed fee. The Company received £14.000 in Gore support grant from Cyngor Sir Ceredigion in 2024ll5, but this fimding cea$ and reduces to zero from 2025126. Cyngor Tref Aberteifi generously supported the company with a £2000 grant in 2024125.
Theatr Mwldan Report of the Trustees for the Year Ended 31 Mareh 2025 In May 2024, Arts Council of Wales atmounced an additional Capital Fund open for application, targeted at the presenting venue sector. Mwldan submitted an application and was awarded £106.163 from the fund in July 2024. This vital investment is supporting a range of capilal procurement packages which enable the company to spend on essential equipment renewal to &ddress failing older cqulpment and keep the company operational. The cquipment includes new sound equipTnenl, cinema processors and server. seat re-upholstery, investment in new energy-5aving LED lighting for buildings and stage, heating boilers, lighting desk. signage and heating system pumps. Funding was drawn down in 2024125 and the in5th11ation work continued through 2025. The ncw LED based lightTng for Ihe stage and buildings via this aWd will enablc the company to reducc its energy costs and mitigate its impact on climate change. In the face of lunding cuts. rising costs and Ios5 of income the Trustces are extremcly grat¢ful for the additional Jobs Protection funding provided by Welsh (iovernment / Arts Council ol Wales. This ha5 been vital in protecting the COTnpany from further losses in 2024125. Whi15t the Trustees are not immediately unduly concerned about the company's financial hcalth in the short term due to healthy levels of cash reserves, there are concerns about the longer- term suslainability of the company within the current circumstances which put the company in a vulnerable position. It is cl¢ar that, without continued additional funding supwTrrt, the current climate will placc the company into a position of conlinued operating losses and erosion of cash reserve4 and therefore impending fmancial crisis and closure if it continues to operate its activities at the curr¢ni level required by funders. The Trustees are taking all necessary m¢asures to increase income and achieve operational savings wherever possible, but they are also conscious thal they must maintain a certain level of operational PTovision to th¢ community they serv¢ via the provision of a significant level of programme and activities. The Trustees and CEO remain extremely vigilant ty the continued and changing business climate and monitor fulancial perfomiance extremely ¢10sely. The Trustees and CEO will continue to protect, as much as possible, the company's cash reserves, conscious that these are needed to support business r¢wvery in the longer tenn. Thtr MM'ldan Media Developments Ltd (TMMD). the wholly Own subsidiary of Theatr Mwldan. has made a loss of £9,711 this year. Future Developments and Plan5 As the Trustees looked towards 2025126, the Chief Executive again highlighted the company's predicted substantial loss for that approaching year to ACW in September 2024, in resp)nse to a Welsh Government announcement of further additional emergency support for the sector via a second Jobs Protection and Resilience Fund. This fund opened for applications in O¢tober 2024, and Mwldan submitted an application for £140k to underpin the company's operating budget for 2025126, again to stabilise the cornpany to a break-even budget and avoid job losses. On 2 December 2024, ACW offcied, and the cornpany accepted. a grani of £140k from the fijnd. which was receivcd in the 2024125 fjnancial year. but restricted for use via th¢ accounls until 2025126. The Trustee5 can therefore confinn that with this additional funding secured, thc company is finan¢ially stable in an op¢raÉional break-even situation through to ihe end of March 2026, protecting the existing jobs in place at the compatry and its currcnt level of operation. However, the 7'ntee5 ale mindful that cost and inronic reviews will be nccessary in the early part of 2026 in order to plan for a more sustainable budget for 2026127 onwards. Thc Trustees have taken action to introduce booking fee charges effective 1st April 2025 in order to gcnerate additional income to offset costs that the company can no longer absorb. Th¢ Arts Council of Wales also confirnled a second Capitat Fund was available for application in 2025ll6, and the company h&$ again becn successful with its application to the fund. being awarded a grant of £250,000 in the financial year 2025126. Thi5 Vital second tranche of capital investment will enabl¢ the company to continue to invest in new ¢quipment to replace existing equipTnenl whi¢h has reached the end of its life. and undertake vital repairs and mainlenance to the building fabric. Ultimately, the Trustees b¢lieve the aTts sector in Wales needs more funding support going forwards in the light of limited options for generating additional surpluses from commercial activity with the limited human sourCeS availabl¢, and increasing costs continuing across the board.
Theatr Mwldan Report of the Trnstees for the Year Ended 31 March 2025 The afterniath of the pandemic and exlernal global and domestic events continue8 to be significant threats to the company's busine55 recovery in the medium to l(Trng term, and to have a profound impact on the business model of the company. Financial review Reserves policy The Trustees r¢cognise that the risks and opportunities faced by the chwity have changed significantly since 2CH)4 with the end of the capital development project and the impressive perforniance and diversifL¢alion of the new venue pre- pandemi¢. The risks which were present in ihe capital project had diminished and the Board continues to develop systems and procedures to manage the different risks presented by the new enlarged venue. The Trustees have since ensured that the company's reserves have been steadily increased as a result of successful year- on-year trading, recognising that, in the longer terni, lh¢ main threat to the company's viability would be the withdrawal or reduction of revenue fundin& or as recenlly illustrated income loss and rising costs due to the interventlon of external global events over which they have no control. The years 2023124 and 2024125 have seen these factors increasingly affect the company. The larget level of reserves is currently quantified as twelve months, worth of fixoj overhead costs. Future budgets will, as far as possible, aim for modest annual SUTpluses to build up to the target level of free reserves. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing doeument Theatr Mwldan is a company limited by guarantee. Each member has ulldertaken 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 ceases to be a member foT payment of the company'5 debts and liabilities along with other costs. During the year ended 3 1st March 2025 there were 38 members. The company was incorporated on 30ih March 1992. Its affairs are govemed by its Memorandum and Articles of Association, as amended on 15th June 1993. 22nd October 1997. 26th September 2002 and 15th January 2017. Recruitment and appointment of new trustees New trust¢¢s are briefed on their legal obligations under charity and company law, the Charity Commission Guidance on public benefit, content of the Memorandum and Articles of Association, the committee and decision-making process and the recent financial perfonnance of the charity. Organisation41 structure The Articles of Association specify that the number of trustees shall be at 1¢&8t six but not more than twelve. Six 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 nominated by each of Cardigan Town Council and Qngor Sir Ceredigion. Related parties None of our Trnsfres receive r¢muneratTon or other benefit from their work with the charity. Any connection betsveen a Trustee or Senior Manager of the charity with a production wmpany, contra¢ted actor, perfomier or exhibitor must be disclosed to the 11 Board of Trustee5 in the same way as any other contractual relationship with a related paty. In the cuent year no such r¢lated paty transactions were reported. REFEREIYCE AND ADMINISTRATIVE DETAILS Registered Company number 02701986 (England and Wales) Registered Charity number 1024034 Registered olet Bath House Road CARDIGAN Ceredigion SA43 IJY
Th¢gtr Mwldan Report of the Trustees for the Year Ended 31 Mar¢h 2025 Trustees P J Layton (resigned I 1.1 1,24) D Grace G Johnson (resigned 7.4.25) J Jones P D Halliday (resigned 7.4.25) A E Evans M Hine T Phillips (resigned 14.7.25) D A J Daw (apwinted 7.4.25) J R J Furse (appointed 27.2.25) Company Seeretary J A D Davies Auditors Ashmole & Co Manchester House Grosvenor Hill Cardigan Ceredigion SA43 IHY Bankers HSBC Bank pl¢ I l High Street Cardigan Ceredigion SA43 IJN Solicitors Messrs George, Davies & Evans Castle Chambers Grosvenor Hill Cardigan SA43 IHX STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees {who are also the directors of Theatr Mwldan for the purposes of company law) are responsible for preparing the Report of the Trustees &nd the financial statements in awrdance with applicable law and United Kingdom Accounting Siandards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. Under that law, the tNstee5 have elected io prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law)- Under company l&w the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the InMing resources and application of resources, including the income and expenditure. of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitabl¢ accounling policies and then apply them CODSiStently- observe Ihe methods and principles in the Charities SOR. make judgements and estimates that are reasonable and pwdent. slate whether applicable accounting slandards have been followed, subject to any material departures disclosed and explained in the finan¢i&l statements. prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charitable company will continue in business.
Theatr Mwldan Report of the Truslees for the Year Ended 31 Mareh 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES- continued Thc trustees &re responsiblc ft>r keeping propeT accounting records which disclose with reasonable aGGuracy at any time the financial posilion of the charitable Gompany and to enablc thcm to ensure that th¢ financial statcments comply with the Companie5 Act 2006, They are also responsible for safeguarding the assets of the charitsble company and hence for laking reasonable steps for th¢ prevention and dete¢tion of fraud and other irregularities. In so far as the truste¢s are aware.. there is no relevant audit inforn]ation of which the charitable compaTEy'S auditors are unaware. and the trustecs have taken all steps that they ought to have taken to make thetnselves aware of any relevant audit information and tn establish that the auditors aTe aware of that inforniation. AUDITORS The auditors, Ashmole & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trustees. ineo directors, on ....... rating a strategic reporL approved by order of the board of trustees, a5 the company . 1£.,....... and signed on the iN)ard's behalf by: Grace - Trusiee
Report of the Independent Auditors to the Trustees of Theatr Mwldan Opinion We have audited the fman¢ial statements of Theatr Mwldan (the 'charitable company,) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a Summary of significant a¢¢ounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial ststements: give a trne and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resource5, including its in¢ome and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted A¢¢ounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordanee with International Standards on Auditing {UK} (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the fmancial ststement5 section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial slatements in th¢ UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ConclusKons relating to going concern In auditing the financial statement5, we have concluded that the trustee5' use of the going concern b&si5 of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned. we have not identified any material uncertainties relating to events or condition5 that, individually or collectively, rnay cast 5ignificanl doubt on the charitable company's ability to ¢ontinue as a going concem for a period of at least twelve months from when the financial statements a authori5ed for issue. Our responsibilities and the responsibilities of the trustee5 With respect to going concern are described in the relevant seGlions of thi5 report. Other information The trustees are responsible for the other inforniation. The other inforniation comprises the infornlation included in the Annual Report. other tE]an the financial Statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other infomiation and, except to th¢ extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in th¢ audit or otherwise appear5 to be materially misststed. If we identify such material inconsistencies or apparent material misstatements, we are required io detennine whether thi5 gives rise to a material misstatemeni in the financial statements themselves. If, based on the work we bav¢ performed, we conclude that there is a material misstat¢ment of this other infomation, we are required to report that fact. We have nothing to rep)rt in this regard. Mgtters on which we are required to report by exception W¢ have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the information given in the Report of the Truste¢s is inconsistent in any material respect with the fLnancial statements. or the charitable ¢otnpany has not kept adequate ac¢ounting records. or the financial statements are not in agreement wilh the accounling rewrds and retums, or we have not received all the information and explanations we require for our audit.
Report of the Independent Auditors to the Trustets of Theitr Mwldan Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of Company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees deterniine is necessary to enable the preparation of ftnancial statements thai are free from material misstatemenL wheiher due to fraud or error. In preparing the fin&ncial statements, the trustees are responsible for assessing the charitable Gompany's ability to continue as a going Concern, disclosing, as applicable, matters related to going concern and uslng the going concern basis of accounting unless the trus*es either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the Audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 aT]d report in a¢cordanc¢ with the A and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statemenls as a whol¢ are free from material misstatemenl, whether due to fraud or error, and io issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or ¢rror and are ¢onsidered material if, individually or in the aggregate, Ihey could reasonably be ¢xpecled to influence th¢ economic decisions of users taken on the basis of these financial statements. The extent to which our procedures arc capable of d¢tecting irregularities, including fraud is delailed below- In identifylng and assessing risks of mat¢rial misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, we considered the following.. - nature of the charity and the sector in which it operates. the legal and regulatory framework in which the charity operntes, and in particular those laws and regulations that directly affect the financial statements or have a fundamental effect on operations eg Charities Act 2011, health and safety legislation. - results of enquiries of man&gement and those Charged with governance any matters identified relating to the charity's policies and procedures for identifying, evaluating and complylng with laws and regulations, and whether there were any known instances of non compliance. detecting and resw)nding to ihe risks of frnud and whether there is any knowledge of actual, suspected or alleged fraud. - the internal controls established to miligaie risks of fraud or non compliance with laws and regulations. As a result of perforniing the above, we did not identify any key audit matters related to pjlential risk of fraud or non compliance with laws and regulations. In addition to the above, our procedures included: reviewing the financial stat¢ment disclosures and testing to supw)rting documentation to assess ¢ompliance with relevant laws and regulations enquiries of management and those charged with governance concerning actual and potential litigation and claims perfonning analytical procedures to identify any unusual or unexpected relalionships that May indicate risks of material misstatement due to fraud - review of minutes of committee meetings - written representations A fijrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's w¢bsAte at www.frc.org.uwauditorsre5ponsibilities. This description fonns part of our Report of the Independent Auditors.
Report of the Ind¢p¢ndent Auditors to the Trustees of Theatr Mwldan Use of our report This report i5 made solely to the charitable company's trustees, as a body, in &ccord&nce with Part 4 of the Charities (Accounts and Reports} Regulations 2008. OUT audit work has b¢en undertaken so that we rnight state to the charitable mpany's tiustees those matters we are requiT¢d to state to them in an auditors, report and for no other purpose. To thc fullest extent pcrmilled by law, we do not accept or assume responsibility to anyone other than the charitablc company and the Charitable company's trustees as a body, for our audit work, for this report. or for the opinions we have formed. for and on behalfof Ashmole & Co Eligible to act as an auditor in terms of Section 1212 of the Cotnpanies Act 2006 Manchester Housc Grosvenor Hill Cardigan Ceredigion SA43 IHY IL .11. 20 1$............
Theatr Mwldan Statement of FinAnelal Activities for the Year Ended 31 March 2025 31.3.25 Total funds 31.3.24 Totsl funds Unrestri¢t¢d fund Restricted nd Noles INCOME AND ENDOWMENTS FROM Donations and Ic¥acies 15,352 15.352 2.835 Charitable activities Theatre Touring Productions Commercial trading activities 1.289,409 151,009 15.387 74,314 1,363,723 I5L,009 15,387 1,141,981 194.993 12.572 19 Other trading activities Investment in¢ome 179,961 961 179,961 961 177,298 1.372 Total ,652,079 74,314 1,726,393 1531.051 EXPENDITURE ON Raising funds Commercial trading artivities 86255 25,098 86,255 25,098 85,038 25,566 19 Ch4ritable activitles 'rheatre Touring Productions 1,394,326 195,732 150.745 1,545,071 195,732 1,492,120 178,448 Total 1.701,411 150,745 1852.156 1.781.172 NET INCOMEI(EXPF,NDITURE) Transfers between funds (49.332) 26,372 (76,431) 26,372 (125.763) (250.121) 18 Net movement in funds (75,704) (50,059) (125,763) {250,121) RECONCILIATIOY OF FUNDS Totsl funds brought forward 525,629 3,539,662 4,065,291 4,315.412 TOTAL FUNDS CARRIED FORWARD 449,925 3.489,603 3 939,528 4.065,291 The notes forni part of these financial statements io
Theatr Mwldgn BalAnee Sheet 31 March 2025 31.03.25 Group fund 31.03.24 31.03.25 31.03.24 Group fund Charity fund Charity funds Notes FIXED ASSLTS Tangible assets Investments 13 14 3,656.951 3,709,087 3,656.566 160,544 3,708,572 153.385 3,656,951 3,709,087 3,817,110 3,861,957 CURRENT ASSETS Stocks Debtors Cash at baTJk and in hand 15 16 500 170,759 407,388 500 166,503 381,066 500 169,851 372,013 500 164,029 344,509 578,647 548,069 542,364 509.038 CREDITORS Amounts falling due within one year 17 (296,070) (191,865) (292,918) (188,387) NET CURRENT ASSETS 282 577 356,204 249.446 320 651 TOTAL ASSETS LESS CURRENT LiABILITIES 3.939,528 4,065.291 4,066.556 4.182,608 NET ASSFTS 3,939.528 4,065.291 4 066 556 4 182.608 FUNDS Unrestricted funds Restricted fund5 18 449,924 525,628 576,952 3 489 604 642,945 3 539 663 TOTAL FUNDS 4 066 556 4 182,608
Theatr Mwldan Balance Sheet- eontlDu¢d 31 M#r¢h 2025 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not deposited notice. pursuant to Section 476 of the Companies Act 2006 requiring an audit of these finclaI slatements. The trustees acknowledge their responsibilities for (a) cnsuring that the charitable company keeps accounting CordS that comply with Sections 386 and 387 of the Companies Acl 2006 and preparing financial statements which give a true and fair view of th¢ state of affairs of the charitable company as at the end of each financial year and of its surplu5 or deficit for each financial year ID accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable ¢ompatry. These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011. (b) Th financial statements were approvcd by the Board of Truskes and authorised for issuc on . and were signed on its behalf by: D Grace - Trustee 12
Theatr MwldAn Cash Flow StAtement for the Year Ended 31 Mareh 2025 31.3.25 31.3.24 Notes CAsh tlows from operating activities Cash gcnerated from operations 137.853 118.088) Net cash provided byl(used in) operating activities 137 853 118088) Cash flows from investing activities Purchase of tangible fixed assets Loan advanced to subsidiary Interest received (103.749) (7,159) 559 (17,000) (5,9JO) 172 Net cash used in investing activities 110 349) 22,758 Chgnge in cdsh and cash equivalents in the reporting period Cash and cash equivAlentS 4t the beginning of the reporting period 27,504 (140,846) 485.356 Cash and Cash equivalents at the end or the reporting perxod 372 013 344 509 The notes form part of these financial statements 13
Thellr Mivldan Notes to the Cash Flow Statement IOT the YeAr Ended 31 March 2025 RECONCILIATION OF NET EXPENDJTURE TO NET CASH FLOW FROM OPERATING ACTIVII'IES 31.3.25 31.3.24 Net expenditure for the reporting period {as pcr the Statement of Fin2nciAI Activities) Adjustments for: Depreciation charges Interest received {Increaselld¢crease in debtors Incre&8e/(decrease) in creditOTS (116,052) (237,127) 155,755 (559) (5,822) 104.531 136,357 (172) 44,061 61,207 Net cash provlded byl(used in) operations 137.853 118 088) ANALYSIS 01 CHANGES IN NET FUIYDS At 1.4.24 Cash tlow At31.3.25 Nct cash Cash at bank and in hand 344,509 372 013 344 509 372 013 Total 344 509 372,013 The notes fom part of these financial staiements 14
Thegtr Mwldan Notes to the Finaneial Statements for the Ye2r Ended 31 March 2025 ACCOUNTtNG POLICIES Basis of preparing the flnancial statements The financial statements of the chariiable company, which is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP (FRS 102) 'A¢countlDg and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in th¢ UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been prepared under the historical c05t convention, with the exceplion of investments which are included at market value. Incom¢ All income is recognised in the Statement of Financial Aclivities once the charity has entitlement to the funds, it is probabl¢ that the income will be received and the amount can be measured reliably. Expendilur¢ Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will b¢ required in settlem¢nt and the amount of the obligation can be measured Teliably. Expenditure is accounted for on an accruals basis and has been ¢l&ssified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allo¢ated to activities on a b&8is consistent with the use of resources. Alloeation and apportionment of costs Costs have been allocated &8 far as possible btheen the expenditur¢ ¢ategories of the SOFA on a basis designed to reflect the use of the resource. Costs relating lo a particular activity are allocated directly- others have been apportioned based on the ¢stimated usage of the resource. Tangible fiJed assets Depreciation is provided at the following annual rates in order to write off eaGh asset over its estimated useful life. Freehold property Long leasehold Plant and machinery Fixtures and fittings Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving item5. over the temi of the property lease over the temi of the propety lease 33 % on cost and 25 % on LL)st Taxation The charity is exempt from corp(Trrdtion tax on its charitsble activities. Fund aceounting Unrestricted funds can be used in accordance with the Ch&table objectives at the discretion of the trustees. ReslriGted funds Can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or wh¢n funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in th¢ notes to the financial statem¢nts. Hir¢ purchase gnd legsing commitments Rentals paid under operating leases are charged to the Siatement of Financial Activities on a straight line basis over the period of the le&se. Pension cos¢s 8nd other post-retirement benefits The charitable ¢ompany operates a defined contribution pension scheme. Contributions payable to the ¢haritable company'5 pension s¢heme are Charged to the Statement of Financial Activities in the period to which they relate. 15 ontinued...
Theatr Mwldan Notes to the Financial St4tements- continued for the Yegr Ended 31 March 2025 ACCOUNTING POLICIES - continued Grants and donations receivable Confirmed revenuc grants and general programme support grants are crcditd to the income and expenditure aL£ount evenly ovcr ihe accounting peri(Ki conccrned. Specific progranime support grants are taken into account when ihe relevant production OCCUTS. Gifts of fixed assets for charity use, and funds received for the specific purpose of providing such fixed &ssets, are accounted for immediately as restricted funds whcre it is clear that thc donor intended the continuing use of the asset. In particular, this trcatmenl is applied to capital grants. All other grants and donations are included in inwTne on receipt. Arts outside Cardiff production eosts Production wsts are Gharged to the income and expendithre account in the accounting period in which the related income arises. Donated services Generally, donated services including the work done by volunteers, ar¢ 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 theTe i5 no financial cost borne by the donor. Group Financial Statements The financial ststements consolidate the results of the Charity and its M'holly owned subsidiary, Theatr Mwldan Media Developments Limited. A separate Statement of Financial Activities, and Income and Expcnditure Account, for the Charity itself are not piesented. DONATIONS AND LEGACIES 31.3.25 31.3.24 Donations Subscriptions 15,288 64 2.753 82 15,352 2,835 OI'HER TRADING ACTIVITIES 31.3.25 31.3.24 Bar sales 179961 177298 INVESTMEiYf IIYCOME 31.3.25 31.3.24 Caffi & catering income Bank interest 402 559 I,200 172 961 16 continueiL..
Theatr Mwldan Notes to the Finaneial Statements - CODtinued lor the Year Ended 31 March 2025 INCOME FROM CHARITABLE ACTIVITIES 31.3.25 31.3.24 Activity Ticket sal¢s - live events Theatre Cardigan Castle events Theatre Cinema Theatre Theatre hire Theatre Other inwme Theatre Cyngor Sir Ceredigion grant Theatre Arts Council of Wales - core revenue Cardigan Town Council Arts Counctl of Wales - job protection grant Arts CouncAI of Wales- capital grant Other production grant Other Voices- other income Bendigedig sales income Other Voi¢¢s grant Bendigedig royalty income Bendigedig other income Other Voices- Welsh Government grant Other Voice5 - UK shared prosperity fund Arts Council of Wales - cosl of living grant Theatre Other Voices - earned income Theatre Ty Cerdd Grant Theatre Department of Foreign Affairs and Trade Reconciliation Fund Wyesid¢ Programme Management Live shows- other income Project grants Production & touring- other income Production & touring perfomiance fees Bendig¢dig investment recoup 99,126 14,922 333,691 39,287 5,000 14,000 79.712 92,869 324,831 46,639 5,000 14,000 Theatre Theatre 265,068 2,000 271,865 Theatre 120,000 Theatre Theatre Theatre Theatre Theatre Theatre Theatre 74,314 978 2,221 25,162 17,965 240,000 2,128 5,199 874 Theatre 180,000 Theatre 78,000 9,924 32,070 4,000 56,831 Theatre 37,855 Theatre Theatre Touring Productions 10,000 173 4,000 Touring ProduGtions 10,499 Touring Productions 105,688 181.829 Touring PToducÉions 1.514,732 1336,974 17 ontinued...
Thegtr Mwldan Notes to the Financial Statements - continued for ¢he Year Ended 31 March 2025 RAtSllYG FUNDS Other trAding activities 31.3.25 31.3.24 Purchases 86,255 CHARITABLE AcrtVlTIES COSTS Support costs (see note 8) Direct Costs Totals Theatr¢ Touring Productions 1,058,882 195.732 486,189 1,545,071 195.732 1,254.614 486,189 1,740,803 SUPPORT COSTS Governance costs Managcment Financ¢ Totals Theatr¢ 452,210 14,861 486 189 NET INCOMEI(EXPENDITURE) Net incorncl(expenditure) is stat¢d after char¥ing(crediting): 31.3.25 31.3.24 Auditors, rcmuneration Auditors, remuneration for non audit work Dcprcciation - OHed assets Other operating leases 3,250 910 155.755 647 3,250 1,980 136,356 io. TRUSTEES, REMUNERATION AND BENEFITS There were no tntees, remuneration or otber benefils for the year ended 31 March 2025 nor foT the year ended 31 March 2024. Trustees, expenses There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. 18 continued...
Tbeatr Mwldan Notes to the Financial Ststements- continued for the Year Ended 31 March 20Z5 STAFF COSTS 31.3.25 31.3.24 Wages and salaries Social security costs Other pension costs 535.492 41,888 13.579 483.397 39,240 14,629 590.959 537 266 The average monihl}' number of employee5 during the year was as follows.. 31.3.25 13 31.3.24 li Theatre Management Cleaning Technicians 18 16 No employees received emoluments in excess of £60.000. No employee earned £60,000 or more per annum. 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted fund Total funds INCOME AIYD FNDOWMENTS FROM Donations and legacies 2,835 2,835 ChAritable aetivities Theatre Touring Productions Commer¢ial trading activities 1.141.981 194,993 12,572 1,141,981 194,993 12,572 Otber trading activities Investment income 177,298 1,372 177,298 1,372 Total 1,531,051 1.531051 EXPENDITURE OLY Rdising funds Commercial trading activities 85,038 25,566 85.038 25,566 ChAritgble activitie5 Theatre Touring Productions 1,360,773 178,448 131,347 1,492.120 178,448 Total 1649 825 131347 1781.172 NET tNCOMEI(EXPENDITURE) (118,774) (131,347) (250,121) RECONCILLiTION OF FUNDS Total funds brought forward 644.403 3,671.009 4.315,412 19 continued...
Theatr Mwldxn Notes to the FinanciAI Statements - continued for the Year Ended 31 March 2025 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - Continued Unrestricted Restricted nd fund Total funds TOTAL FUNDS CARRIED FORWARD 525 629 3,539.662 4 065,291 13. TANGIBLE FIXED ASSETS Freehold property Long leasehold Plant and machinery COST At l April 2024 Additions 651,048 5.661,118 1,051,894 103,749 At J l March 2025 651,048 5.661,118 1.155,643 DEPRECIATION At l April 2024 Charge for year 273,440 13,021 2.346,491 114291 1.050,341 At 3 1 March 2025 286 461 2 460 782 1.077214 NET BOOK VALUE At 31 Mar¢h 2025 364,587 3,200 336 At 31 March 2024 377 608 3.314,627 Fixtures Motor vehicles fittings Totals COST At l April 2024 Additions 287,106 l6,450 7,667,616 103 749 At 3 1 March 2025 287.106 7 771.365 DEPRECIATION At l April 2024 Charge for year 271,806 1,700 16,451 3,958,529 155 885 At 31 March 2025 273 506 4,114414 NET BOOK VALUE At 31 March 2025 3.656.951 At 31 March 2024 15,300 3,709 087 20 ontinued...
Theatr Mwldan Notes to Ihe Financial Statements - continued lor th¢ Year Ended 31 March 2025 14. FIXED ASSET INVESTMENTS 31.325 31.3.24 Shares Loans loo 160444 100 153 285 160.544 153,385 Shares in group undertakings MARKET VALUE At l April 2024 and 31 March 2025 loo NET BOOK VALUE At 31 March 2025 loo At 31 March 2024 loo Loans to group undertakings At l April 2024 New in year 153,285 At 31 March 2025 Th¢r¢ were no investment assets outside the UK. 15. STOCKS 31.03.25 Group 31.03.24 Group 31.3.25 Charity 31.3.24 Charity Sto¢ks soo 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.03.25 Group 31.03.24 Group 31.3.25 Charity 31.3.24 Charity Trade debtors Other debtors VAT Prepayments and accnjed income 81,517 30.598 728 41,849 36,683 498 81,337 30,598 39.873 36,683 57,916 87,473 166 16 21 continued...
Theatr Mwldan Notes to the Financi21 Statements- contlDued for the Year Ended 31 Mareh 2025 17. CREDrroRS: AMOUNTS FALLING DUE WII'HIN ONE YEAR 31.03.25 Group 31.03.24 Group 31.3.25 Charity 31.3.24 Charity Trade creditors Social security and other taxes VAT Oiher creditors Accruals and deferred income 32,780 7,631 6,655 3,152 245.S52 47,875 8,664 16,806 3,478 115,042 32,780 7,631 6,655 47,875 8,664 16,806 245,852 115,042 270 292 18. MOVEMELYT IN FUNDS Net movemcnt in funds Transfers between nds At 31.3.25 At 1.4.24 Unrestricted funds General fund 642,945 (39,621) {26,372) 576,952 Restricted fund5 Capital Fund 3,539,663 {76,431) 26,372 3,489,604 TOTAL FUNDS 4.182,608 116,052) 4,066,556 N¢t movement in funds, included in the atKive are as folloivs: Ineoming resources Resources expended Movement in funds Unrestricted funds General fLmd 1,636,692 (1.676,313) (39,621) Re$trlrted funds Capital Fund 74,314 (150.745) (76,431) TOTAL FUNDS 1,711006 Comparatives for movement in funds Net movwient in funds At 31.3.24 At 1.4.23 Unrestricted funds Gcncral lund 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 22 continued...
Theatr MwldA Iyotes to the Financial Statements - continued for the Year Ended 31 Mareh 2025 18. MOVEMENT IN FUNDS- continued Comparative n¢t movement in fund5, includd in the above arc as follows: Incoming resources Resources expended Movement in funds Unrestrlded funds General fund 1,518,479 (1.624.259) {105,780) Restricted funds Capital Fund (131J47) (131,347) TOTAL FULYDS 1,518,479 1,755.606 A current year 12 months and prior year 12 months combined position is as follows.. Nct movement in funds Transfers between fund5 At 31.3.25 At 1.4.23 Unrestricted funds General fund 748.725 (145,401) (26.372) 576.952 Restrieted funds Capital Fund 3,671,010 (207,778) 26,372 3,489,604 TOTAL FUNDS 4,419 735 353,179 4,066 556 A current year 12 months and prior year 12 months combined net movement in funds, included in tbe above are as follows.. Incoming resources Resources expcnded Movement in funds Unrestrlcted fund5 General fund 3,155,171 (3,300.572) {145,401) Restricted funds Capital Fund 74,314 (282,092) {207,778) TOTAL FUNDS 3 229 485 (3.582,664) 353 179 23 continued...
Theatr Mwldan Notes to the FinnnclAI Statements- continued for the Year Ended 31 March 2025 19. COMMERCIAL TRADtNG OPERATIOIYS AND INVESTMENT IN SUBSIDIARY 31.03.25 31.03.24 Turnover Cost of sales and administrative expenses 15,387 12,572 Net loss for Éhc period (9,711) {12.994) Summary of assels And liabilities Fixed assets Current assets Current liabilities Long tenn liabilities 385 36,283 (3,152) 160 444 515 39.031 (3,478) 153 285 Total net liabilities (126,928) Share Capilal Profit and (loss) ¢llnt loo 126 928 loo Financed by Theatr Mwldan Long temi creditor of £160,444 (2024 - £153,285) is due to Theatr Mwldan. The subsidiary continues to experience difficultie5 but repaymenls will take place when sufficient fvnds are available to do so. RELATED PARTY DISCLOSURES 20. There were no related paity transactions for the year ended 31 March 2024. FRC ETHICAL STANDARD- PROVISIONS AVAILABLE FOR SMALL E,TITIEs 21. In common with many other bwinesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial slatement5. 22. GOIP4G CONCERN These financial statements have been prepared on the going concern basis. 24
Theatr Mwldan Detailed Statement of Financial Activlties for the Ye#r Ended 31 March 2025 31.3.25 31.3.24 INCOME AND ENDOWMENTS Donations and legacies Donations SubscriptlODS 15,288 64 2,753 82 15,352 2,835 Other tradlng aetiviti¢s Bar sales 179,961 177.298 Investment incorne Caffi & caiering incoTne Bank interest 402 559 1,200 172 961 1,372 c.haritable activities Ticket sales - live events Cardigan Castle events Cincma Theatre hi Other income Cyngor Sir Ceredigion grant Arts Council of Wales- core revenue Cardigan Town Council Arts Council of Wales- job protectiOTJ grant Project grants Production & touring - other in¢ome Arts Council of Wales- capital grant Other production grant Production & touring perfonnance fees Bendigedig investment recoup Other Voices - other inwme Bendigedig sales income Other Voices grant Bendigedig royalty income Bendigcdig oth¢r income Other Voices - Welsh Government grant Other Voices - UK shared PT05perity fund Arts Council of Wales - cost of living grnnt Other Voicc5 - earned income Ty Cerdd Grant Departn]ent of Foreign Affairs and Tradc Reconciliation Fund Wyeside Programme Management Live shows - otheT income 99,126 14,922 333,691 39,287 5,000 14,000 265,068 2,000 120,000 4,000 10,499 74,314 79,712 92,869 324,831 46,639 5.000 14,000 271,865 978 181,829 13,164 105,688 30,822 2,221 25,162 17,965 240,000 2,128 5,199 874 180,000 78,000 9.924 32,070 4,000 56,831 37,855 10,000 173 1514,732 1336 974 Total incoming resources 1,711,006 1,518,479 This page d0¢5 not fonn part of the statutory financial slatements 25
Theatr Mwldan Detailed Statement of FlnanciAI Activities ror the Year Ended 31 March 2025 31.3.25 31.3.24 EXPENDITURE Other trading ft¢tivities Bar wst of sales 86,255 85.038 Charitable activities Wages Employer's NI Rates and water Insurance Light and heat Telephone & internet Postage and stationery Marketing costs Cardigan C&stle event costs Cinema- film hire Repairs and renewals Cleaning materiaIs & support cleing wages Ernploy¢r's Nl Lieences and Perfonning Rights Society Programme printing and distribution Production touring costs Bendigedig production ¢osts Grants to other organisatiolls Motor expenses Production & touring artist fees Other Production costs Travel Other Voices expenses Bendigedig sales cosls Live show perfomiance Cost Depreciation of tgAb]e red assets 74,004 4,772 3,127 27,054 77,524 25,433 2,580 42,564 9,261 156,190 53,848 11,681 59,895 3,244 16,465 47,885 4,271 3,918 22,159 70,638 22,997 2.000 22.143 71.850 143.645 58,369 10,406 55.932 2,619 19,233 26,329 6,206 L3,896 30,132 19,413 4,404 97.595 59.501 13,553 223,766 13.305 52,106 136.357 2,164 79,826 10,891 312,621 17,759 63,928 155 755 1.254,614 1,210,600 Support costs Manllgement Wage5 Etnployer's NL Pensions Other operating leas¢s Staff and volunteers, expenses 401,593 33,872 13,579 647 379,580 32,350 14,629 1,909 3,031 452,210 431,499 Finance Bank ¢harges 19,118 17.673 Governance costs Auditors, MuneratIon Carried fonvard 3,250 3,250 3,250 3.250 This page does not form part of the statutory financial statements 26
TheAtr Mwldan Detsiled Statement of Flnanci*l Aetivities ror the Year Ended 31 March 21125 31.3.25 31.3.24 Governance costs Brought fotward Audilors, remuneration for non audit work Directors, indemnity insurance Legal & pr(Trfessional fees 3,250 910 1,580 9,121 3,250 1,980 1,560 10,796 Total resources expcnded 1.827.058 1,755,606 Net expenditure 116.052) 237.127) This page does not forni part of the statutory financial statement5 27