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 Comp￿leS 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 T￿StetS 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 pro￿amme 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 aW￿d 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.
Th￿tr 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'n￿tee5 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
cu￿ent 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 o￿let
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 In￿Ming 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
fin￿claI 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 - OH￿ed assets
Other operating leases
3,250
910
155.755
647
3,250
1,980
136,356
io.
TRUSTEES, REMUNERATION AND BENEFITS
There were no tn￿tees, 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
2￿70
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
cle￿ing 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 t￿gAb]e r￿ed 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