REGISTERED CHARrrY NUMBER: 1155291 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR MEMORIAL HALL AND THEATRE Xainadin AudK Llmited (ststutory Auditor) Court House Court Road Bridgend CF3118E MEMORIAL HALL AND THEATRE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Pag8 R•port of th• Tru$t•è$ 1 to 10 Report of the Independent Audltors 11 to 13 Stat•m8nt of Flnanclal Actlvlt16S 14 statament of Flnan¢lal Posltlon 15 statsrnent of Ca8h Flows 16 Nolejj to th• Statement of Cash Flows 17 Not•8 lo th• Flnanclal Statemont8 18 to 28 MEMORIAL HALL AND THEATRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees are pJ8ased to present their report with the financial statements of the charity for the year ended 31 March 2024. The tnjslees have adopted Ihe provisions of Accounting and Reporting by Charities: Statement of Recomm8nd8d Practice appllcabl8 to Charitles preparing thair accounts in a¢¢ordance wth the Financial Reporting Standard appllcable in lh8 UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJEcllvES AND ACTNMES Objectlves and aims The Memohal Hall and The8tr6's (Irading narn8: Memo Arts Centre (MAC)) objective8 for public benefSt are to pres8nt vibrant and exciting cultural arts, cinema and accessible cultural educational and participatory adivllies that help make arts and ¢utture an important and rneanlngful part of peoplé's lives and contsibute to their wellbelng. MAC'S programme conneds wlth audien¢8s through Engllsh. Welsh, and mUlt￿culture1 languages. to promote the widest understandlng of cuftur8 and diverslty, and is de8igned to inuease opportunStles for engagement vthth und8rs8Thed communtties to make Barry and the Vale of Glamorgan 8 better place to live. Our Misslon: Promote innovative, creative arts actlvjtles in ways vthich help to est8bll8h them as an Important part of people's lives. Our Vl81on: At the h8art of all our WO￿ are our partnership rel8tionshlps with the vAder community, artists and collaborators. - A welcoming accessible resource Ihat encourages ￿Ople from all background to bvork or partiapate wslh us, and offer a supportive homa for the communty to celebrate their volces - Progr8mmes that focus on work adopfjng inter4ultural and inter4lisciplinary apprtsache8 acr¢)ss a ran￿ of art foms. MAC'S values underpln all the decisions we take, how we 8erva our audlences, recrult our staff and engage th artisls. MAC valufrs: Actlvity that celebrates equality. dlversity. Incluslon, and supports aconomlc disadvantage to 8trengihen sodal coheslon through our audience engagement Increasing th8 accesslbllty of the arts by giving users and audlences more involvement In programmlng and inlroduclng them to new opportuniknes and Innovalions Helping artists lo devalop and showcase thelr creativty through productive partnerships with dlverse collaborators and the public - Incluslve opportunities for everyone, recognislng thg unlqu8ness of artistlc tslpnt, and lived experfence Making the most of the s￿181 benefits of the arts and valulng the pleasure people galn from their own individual artistlc expression Publ1¢ bonefft MAC'S programming aligns and Is ¢ommilm8nt to the principles of the Welsh Govemmenl Wellb8ing of Fuiure Generatk)ns Acl and our CuEtural Contract wlth boih clltural and soctal purpose. MAC'S public benefii Is wide-reaching; our activitie5 and ser4lc8s are created to encourage Ihe public to have a positiv8 8nd aclive ￿latIOnshIP to the arts. MAC'S partnershlps and collabor3tions support skill-based leamlng throughout our wo￿, that further supports artists through 5h8red mentoring, in-kind resourGes, tralnlng and pald 8mployment opportunitles that ¢onned MAC works wlth p80ple in our Ioc81 community in a way that feels relevant to thelr everyday lives and enhances their shared experlences. MAC'S actlvittes are d8s¥Jned to meet the interests of all, and ambrace s￿c￿lC strands for specific projects for child￿n, young people. families and people with disabilitles and disadvantaged peopte. MEMORIAL HALL AND THEATRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charitable actlvlti MAC relles on grants and the income from fées and d)arges to cover Its operating cosls. MAC has Considered the Charity Comm15sion's guidance on publlc b8nefit and fee charsing. In s8tting the level of faes. charges and concesslons, the Board gives very c8refvl conslderation to the equalty of accessibility of the centr8 for those on low income and disadvanlagad from taking part in the arts. MAC'S succ8ssful Investment grants from our G￿tive funding partners ACW, Fli m Hub Wales and Ffilm Cymru and all our patlners 8UPPOrts MAC to work wilh communlty organi5atlons, local and nat'onal artists and creatlve se¢lor companles to help make lives better for peopl8 livlng in the Vale of Glamorgan and wider region. Durin9 tho year. MAC promoted an increasingly wide range of arts, leaming 8nd participatkjn 8d5vities, and provides a base for outreach activities through touring and comrnunty engagement. especially in our local communltles wlth Ilttl& access to arts partlcipal¢on. MAC'S programme hlghlights included hi9h-quafty, diverse small and mid-scale theatre and music perfonnances perfomied by national and International touring professlonal Companies. MAC prornoled more popular well recognlsed family theatre adaptations with speciflc CAammunlcations and marketing campaigns to attracl new audiences from wider c4tchm8nls to experience les8erknown new produdlons m8de In W8188. MAC'S artlst48d partnérshlps wldened our creatfve connectlons to open new project plannlng conversattons for future communlty engagement and helped shape our ongolng strategies lo enhance inclusion. spark foTh¥ard4ooklng creative ¢0118borations, that wlll result in the presentauon of 8xciling p8rfom)ances, screenings and partlclpatory projects In Barry. ACW Create funding supported our Memo Connect projecis which 5trenglhgned our audlenc* reach and engagement further, these valuable Investments have helped MAC io create partidpalory projects like our MemoPhonlcs wellbelng choir and Memo Slarllngs pr&school cr8atlve play workshops, that are now embadded in our weekly programme. Our &)mmunity is rnajorly based in the Vale of Glamorgan whlch Is an affluent area, bul algo indudes Barry. tha largest town In Walas, which has arèas wfth income deprivation of 47% for young Child￿n, and a third of Barry is In the worst 20% for povety Indicators such as low In￿me and ungmployment. MAC'S engagement strategle8 look Into consideratlon tho Impact of the ongoing cost-of41vlng crtsls felt by the whole community Ihrough programmlng that could maxlmlse our resillence. and adaptablg buslness models to whape our ongolng planning whgn neadad. MAC'S Ilve And Ginema programme provided aC￿Ssible programming and free ticketing for all ac￿mPanY1ng carers, for peoplo of all ages. MAC provldes adapted presentatfon in relaxed settlngs and spaces, wllh 8SL, subtides and induction loop $y8tems to enable inGlusion for all. MAC'S 8V8luated box office data indicated 32Yo of our overall audlence are aged 65+, wlth 72Yv attendlng our Aftemoon Con￿rtS series as living as disabledfiong-term illness. To ensure our wldest reach with clder audiences, MAC continued to worf( In partnership wlth Ioc81 care hom85, voluntary organisatlons. ¢8r8 providers and Individuals to help us deliver m&anlngful activlties. In 202>2024 our Audience were: - Ages: 2-97 - 54% live within postcodes Bary CF82 and CF63 - 42Yo VOGICardiff Pen8rth, Sully, Brfdgand, Cowbridge, LlantwiL Rhoose. Newport. RTC and beyond - 58Yo live within O-3&minut8 driv8 area - 440h working dass - 65+ 32° - 23'k disablgdnivlng with long tem illness (72% - Aftemoon concerts) - 600/0 regular ￿tUrnerS to our young children and family screenings - Primary and Secondary VOGICardifflBridgand Schools MEMORIAL HALL AND THEATRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 - 90k Deaflhard of hearing audience - 22% unemployed Welsh languag• - MAC values the development and support of Welsh language In all asp8cts of our progfdmme and work for adultslfamllylchildren. MAC'S programme offered Welsh language speak8rs and leamers opportunities to engage in Welsh language activities by working with multiple partners and promolers induding C8miarthenshiTe Theatres lo present Golygfeyedd o'r Pla Du, Familia De m￿he'S Frogs in Bogs, and with our partnérship with Menlir laith Bro Morgannwg to co*romote Walsh language artlst concerts with Garelh Bonello and Myn8diad am Ddlm. MAC'S audience moniloring mo¥t common suni&y repli8s provlded partlcularly posltlve feedback around: - Experience of highquellty arts here in Bary - Value for money - Accessibilty to muftlgenerational activty - Out of sch¢y)l Family activty - Welcomlng stsff Ivolunteers - MAC'S valuelpride for Bary and the wider Vale community Fl8xibility of Venues spaces - Enjoyment of seeing shows outdoors onsitelopposita park - Fr8e paTklng onsite Clnema: Fllm title av4ilablllty continued to be 1Smited across th8 year, whlch led us to prioritise affordable 5creenlngs for local famllles (especially in school holidays) and curated targeted regional school cinema trips Ihrough our screenings. MAC'S (x)nlinued participation in the Into Film festival enabled us to provide frea Ilckets to local primary school ¢hildr8n. Clnema programming fundlng enabled us to promote famlty holiday with cinema wtap around activitie8, along wllh our archive, Made In Wales. BFI and Gommemorative clnema events, and support relaxed screenings for older, and young neurodlv8rse audignces. Partn•r8hlps - At the core of MAC'S values is working collal)oratively in partnership wlth others, acros8 all sectors. to provlde an increasingly wide range of arts and participation adivities for the widest cornrnunity engagement, especially In communities with 11tt1è 8ccess to arts partlCiP8tlon. MAC'S partnerships und8rpin aur social Impacl and ganarale grealer benefit for our audi6n¢es, userB, collaboratlon partnèrs, staff, and volunt8er8. MAC'S communlty ongagément 8upport•d: - New ways to explore, experience. shar8 and value cultural diverslty - Inclusion and affordable access to tak8 part. enjoy and be inspired by aur programme Relaxed events with fffje hospitality and Social opportunlties for older n8umdiverse, disabled, deaf people, and people with prolected characteristics lo combat isolation - Free engagement tickets for dlsadvantaged people - Affordable school hollday events with free prwvent craft acti1￿tIeS - Free carer tickets - Programrning to suppoTlng school trips, currfculurn, and continued dassroom work 2,000 free school cinema tickets (IntoFiltn) - Intergene￿t1t)n8I parti¢lpaUon workshops - IrFkind spaces and expertlse to local artists. devalop skills and creste new work - Volunteer skills, tralnlng. week experience and other Barry projects - Local employments, and cultural $8Ctor career opportunilles - Fundraising resilience for communlty groups, school PTAS and local charilies Shared resourc88, marketing, box-office, mentoring, production expertise supp¢rt for our community Communlty Hire Programme: MAC provides facilities and resources for hir&. and prides itse]f as a home and integral partner in supporting income generation for many lorAI community and community focused charities, education, and voluntsry groups, along with the local aulhoritl8s. NHS, businesses and diveTS8 social adivitias, as well as our diverse prNate evenl$. MEMORIAL HALL AND THEATRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Communlcations: MAC continued lo develop diverse cornmunlcation and ￿gagement slralegles delivered across mulb'pla social, digital. and tradi1Sonal communication plalfomis. combined wth distribution of physical marketlng materials to prornote our worf(. programme, and venue. revlewed its KPI'S to monitor the efficacy of our cDrnmunl¢ations and audience 8ngagement strategies, thls dats was used to develop ongolng pmgrarnming and funding blds to support our ongoing work. Capllal D•voloprnont Memo Shaping Up project development formed a vital part of our 2023-24 ndraising focu8 during the year, underpinned by a successful VOGCC Strongèr Communities Levelllng Up Stage 1 funding grant we wero abb to investlgate the potential to develop séveral future pr(y)fing venue development Interventl on5. This funding specifically supportèd MAC to commlssion Archltects to explor8 through a RIBA lev81 2 feaslbility report lo idenllfy the resources needed to Cally Out refurbishments that will support diverse Income strearns. offor a future proofed venue with innovativ8 slage production ￿sOUrceS to enhance our production pres8ntalion, clnema and community arKI commerclal hire programmes. R•slllene•: MAC'S Gombined 8xper¢ence and ongoing leamlng Contribuled to the ongolng operational capacbty to implement adaptable business models lo strengthen resilience and ljjild ongolng sustainabllity ith the emphasls on good govemance and 9rovAh development ralher than retuming to business as usual. Cllmats s￿taInablI1ty. MAC'S action plan rev58ws contributed to our ongolng commitment to maklng its operatlons more environmentally sustalnable and undertook work to davelop more sustainable energy u8ag6 and waste and recycllng throughout the venue facilitles. Over the year we worked to ensure all dlsposable bar or caf8 W8r8 is recyclable or biod£gradable products and we put in place new waste systems in readiness for the nèw Welsh Governmenl regulations in Aprfl 2024. MAC worked wllh extamal specialists, architécts and community advisors to identify the dev8lopment projècts wlthln Memo Shaping Up fundlng proposal more Sustainab le heatlng, and venue systems. Equallty, Dlv•rnlty, Inclu8lon: MAC reviewed Its organlsation's 8pproaches to 8UPPOrt EDI awareness, and engagement, and identify ongoing Iralnlng and CPD opportunilles to support our organisation relationships with our (x)mmunity and benefit how we work wlth freelances artists arkd enwurdge new partnershlps. Our fulur• planning incorporates flexibla strategies to driv8 the development of MAC'S work for positive soclal impact, from wellbeing and heal th to incluslon. educalion,. and regeneration. MAC* prograrnmlng Included aclivilies that showcased, educated and built stronger public awareness about the Impacts we have on cllrnate sustalnability. Cllmate Ju6tlce now features alongslde equalllles & diversity as an overarching prfnciple in all that we do. MEMORIAL HALL AND THEATRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Revlow of transactlons and flnanclal p08ition Total income for the year was £504,096 (2023 £562,463). Income from donations and grants amounted to £55,782 {2023 £107,489). Theatre, hlres. bar and investment income from r8ntal of part of the prop8rty tolalled £448,314 (2023 £454,974). The Memo ￿ntInUed to pur$ue Its objects and the charitys financial posi￿On is stable. The charity's $trategi0s going fO￿ard are to secure capthl inveslrnents to make improv8m8nls to the factlities that will buSld addltlonal capacity lo increase ils arts and clnema actlvlty levels. increas8 hlrlng potential of our facilities. and develop Improvements lo Increase the generatlon ol hospitality income to SUPPOrt our future suslainabillty. The Irusi88s r8Vi8W thelr annual budgets to identlfy areas where change or greater Investm9nt to facilitate long-term suslainability can b8 achieved and have established new fundrdlsin9 Strategles to generate new funds and extend the dlverslty of Its lunding partner5hlps to support SU8talnability and buslne$s dévelopment. The arnount of total expenditur8 for the year was £665,637 (2023 £614,407) includlng depr8ciatK)n charge £42,795 (2023 £45,157) on rued assets. Total net expenditur8 and net movement In funds amounls to £161,541 (2023 £51.944). This Includes £36.764 re8tricted surplus balanc• ov8rall and an unr8strfcted loss of £198,305. Efficiency savings have been klentlfled and implemented to create operational effectiveness and sustainabllty across 811 departments. Summary of r•s•N At the year-&nd unrestricted reserrfes were £3,101,479 <2023 £3,299,784) and ragtrlcted reserves amounted to £156,984 (2023 £120,220). The unrestrlct8d reseNe is represented by the buildlng value. The level of fr88 reseNe8 av8ilable after removing the bullding valu8 W8$ a deficlt cf £62.941 (2023 £96,545 surplus). Reserv•* pollcy Trustees recognise the Importanc8 of malntalnlng reserves to enable ongolng Inveslrnenl in th8 Charity and lo cover any downtum in martwntum or loss of any significant revenue genèralion. The Trust68$ proactlvely manage the risks assotAated with Icss of incomé and consiantly review and consSder rtsks and whar8 requlred implement a range of contlngenGy plans that serv8 in the place of reserves. Princlpal R18ks and Challenges We are committed lo sustainlng a (x>nfident and skilled or9anisation and providlng the best Possible creative environment in which to devalop our work at MAC, in our communty and, Increasingly. online. Our plannlng acknowledg8S the import8nc8 of Investing In hlgh4uality artistic delivery, peopl8. and Infrastructure to bring the best work to th& widest audience. We regularty monltor risks to enable Ihe Successful dellvery of our artislic programme and use a rangé of self4s5essmont tools. ext8m81 evaluatlon. and p8er rèview to help tss ensure our own hlgh standards. supporung excellence whilst ensuring the widest possib[8 partl¢ipation and engagèm&nl. The Board has raviewed and assassed Ihe rlsks to which we may be exposed. A rtsk register identifi8S those risks and a5s1gns specific actions and responsibillties for mitlgating them. The F15k rnanagemenl pr0¢6ss is ongolng and IB regularfy updated by the General Manager and Intemal Flnance Accountant and reviewed by the Board. The Board maintains a watchfvl eye on financial. reputational, and operational rlsk3, efficiencyi gtreamllnlng Operations, processes, and practlces, to achieve th8 best and fairest use of our financial and human re8ourc8s. The busSness plannlng a¢tlvitie5 are enabllns the Senlor Management and Board to make inf(ymod declslon8 while understanding the risks and opportunlles for the organlsallon and how thls rnight affect MAC'S future plans. The Intemal 8y8tem8 are designed to meet the charivs particular neèd8 8nd the risks to which we are exposed, to manago those r4sks and lo provide raasonable assurance that mltigatlon plans are realistic and Ilkely to be effective golng forward. Tha Board oversees budgetary controls, recommends steps lo ensure financlal viabilty of the organlsation, monitoring thè receipt of income for both rev8nue and capital exp8nditurè. REFERENCE AND ADMINISTrATIVE DETAILS Reglstered Charfty number 1155291 Prlnclpal address 7 Gladstone Road Vale of Glamorgan CF62 8NA Trustees MB L Thoma5 Dr J Salisbury Mr R W Thomas Ms K Ghazi-Torbati Dr A C Tweed lappoinled 15.1.24) MEMORIAL HALL AND THEATRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Auditors Xelnadin Audit LimEtsd (ststutory Auditor) Court Hous& Court Road Bridgend CF311BE Senlor Managèment CEO - General Manager . Ms K Long STATEMENT OF TRUSTEES. RESPONSIBILMES The trustees are responsibÈ for prèparing tha Report of the Trustees and the financial statem8nts In accordance with applicab18 law and United Kingdom Accounting Stand8rds (Uniled Kingdom Generdlly Acceptsd Accounting PrdCtice)- The law appllcable to charities in England and Wales, the Chaiities Act 2011. Charity IA¢counts and Raportsl Regulations 2008 and Ihe provlsions of the Irusl deed rèqulres the trustees to prep8re flnancial stataments for each financial year which give a true and fair view of Ihe stale of affairs of the charity and of the Incoming r&8ources and applSeAtion of resources. including the incoma and expenditure, of the charity for that period. In preparlng those flnanclal statements, the trustees are requlred to select suitable accounting policie$ and then appty thém consistently; obserye the methods and princlples in Ihe Charity SORP: make Judgements and estlmates that are reasonable and prudent. state whether appll¢able accounting standards have be8n followed, subject to any rnaterial departures dlsclosed and explalned in the financial statements., prepare Ihe financlal statements on the golng concem basls unle8S It is In8pproprlate to presume that the charity wlll conilnue in buslness. The trust888 are resp￿SIble for keeping prop8r accounting records whlch disclose with reasonable accuracy at any tlme the ftnanclal position of the charity and to enable them to ensure that the financial statements comply wlth Ihe Charltles Act 2011. the Charity (Accounts and Reports) Regulatlons 2008 and the provlslons of the trust deed. Thay are also responslble for safeguarding the assets of the charfty and hence for taking sonable sleps for th8 preventlon and detectlon of fra d and other Irregularities. . and signed on its behalf by: Approved by ordèr of the board of trustses on ........-. Mr R IV Thomas- Trustee REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MEMORIAL HALL AND THEATRE Oplnlon We have audited the finanrial ststernents of Memorial Hall and The8tre (the 'charity) for th8 year ended 31 March 2024 which cornwise the Statsment of Financlal Adivities, the Statement of Flnanclal Position, the stst8ment of Cash Flows and notes to the financial st8temenfs, including a summary of significant accounllng policies. The financial Teporting framework that has been applied in thelr preparation is appllcable law and United Klngdom Accountlng St8ndard5 (Unlled Klngdom Generalty Accepted Accounllng Practlce). In our opinion the financial statements: give a true and falr view of the stale of the chariWs 8ffair8 8s at 31 MaTth 2024 and of tts IncomSng rosourc8s and applicalion of r8soure8s, for the year then endÈd', have been properly prepared in a¢cordance with United Kingdom G&n8rally Acc8Pted Accounting Practlce; and have been prepared in accordance with the r8quiremenls of th& Charilies Act 2011. 8asls for oplnion We conducted our audit In ac(xJrdance with Int8inational Stsndards on Auditing (UK) (ISAS (UK)) and appllcabl8 Eaw. Our responslbllltles under those stsndards are further descrlbed in the AudltopJ' responslblllt￿S ft)r the audlt of the finan¢lal statements secllon of our report. We are indepèndent of the charity in accordancè with the ethlcal requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethlcal Standard, and w8 have fulfilled our other ethical responslbilities in accordance with these requirernenls. We beliève that the audit evldenc8 we have obtained Is sufficienl and appropriats to provid8 a basis for our op5nion. C¢)n¢luslon$ relatlng to golng concern In auditing the financial statements. w8 have ¢xncluded that the trustees, use of the golng concem basis of accounting in the preparatlon of the financlal stslements Is approprbate. Based on Ihe V￿rk we have perfomiad, we hav8 not identlfBd 8ny materlal unc8rtalnlles rolaling to ovanls or conditions thac Indlvidually or ¢ollectlv8ty, may cast significant doubt on the charity's abllty to continua as a golng concem for a perlod of at least hvglve months from when the flnanclal statements are aulhorlsed for issue. Our responsibilitlas and the responslbllities of tha truste68 Wlth respect to golng c¢)nc8m are desrxibed in the rebvant sections of Ihls report. Other Infomiation The tnjstees are responslble for the olher inft)M￿tI0n. The other Informats'on ¢omwlses ltte informatlon includ8d in the Annual Report, other than the flnanclal statemanls and our Report of the Independent PoJdllors thereon. Our oplnlon on th6 financial statements does not COV8r the other inf0m￿li0n and. except to the extent otherwlse explicltly slaled In our report. we do not express any form of assurance conclusion thereon. In rnnnection with our audit of the financial statements, our responsiblllty is lo read the other informatlon and, in dolng so, consider ￿ether the other infomiation is materially inconslstent with the ffin8nrAal statements or our knovledge oblalned in the audit or otherwise appears lo be materially misslated. If we Identify Such materlal inconsistencies or apparent malarial mhsstatements, we ar8 required to detormine whether this gives rise to a materlal mlsst2tement In the financlal statsments themselves. If, based on the work we have performed. we Con¢￿de that there is a material mlsstaternent of thls other InfcKmalion, we are reqUI￿d to report thal fact. We have nothing to report In this regard. Matterg on whlch w• ar• r•qulrèd to report by exceptlon We have nothing to report in respect of the following matters wharè the Charities (Accounts and Reports) Regulatlons 2008 requires us to report to you If, in our opinlon: th8 informatlon givan In the Report of the Trustees is inconsistent in any materlal resp8Ct wilh the financial ststemenls: or sufficienl accounting records have r￿l been kept; or the financial slatements 8re not in agreement with the accoUn￿n9 record8 and returns; or we have not received a15 the information and explanations we requlre for our audit. REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEES OF MEMORIAL HALL AND THEATRE Responslbllltlos of trustees As exptained more fully in the Slatement of Trustees. Responsibilities. the trustees are responsib￿ for Ihe preparation of the tlnancial stalemenls which give a true and fair view, and for such intern81 control as Éhe trustees determine is necessary to enable the preparation of ffinancial statements that are free from maierial rnlsstatemènt, whether due to fraud or error. In preparing the financial statemenls, the trustees ar8 responslble for ass88slng Ihe charfvs ability to ntlnu8 as a going concem, disclosing, as applicable, matters relaled to golng concern and uslng the going concem ba$ls of accounting unless the trustees elther intsnd to liquidate the charity or to cease operat￿n8. or have no realEstiC oltemative but to do so. Our responslbllltlas for tho audlt of th• flnanclal Statements We have been appointed as auditor3 under S8Ction 144 of the Charilles Act 2011 and report in accordance wilh the Acl and relevant regulation8 made or having 8ffect thereunder. Our obj8ctlves are to obtain rea8onab18 assurance about whether the financlal slalements as a whole ara free from materlal mls8tatsment, whether due to fraud or error, and to188ue a Report of th8 Independent Auditors that Includes our oplnion. Reasonable assurance is a high 18vel of assur8nc8. but Is not a guarantse that an audit conducted In accordance with ISAS (UK) w511 always dat8Ct a material mlsstatement when 118XiStB. Mi5Statements can arlse from fraud or error 2nd are considered material if, individually or In the aggr8g8te. they could reasonably be exp8Cted to intluence the èconomic decisions of users taken on the basis of thase financial ststements. The extpnt to which our procedures are capable of detecting iffeguladties. Including fraud is detailed below: The audit wa$ planned on the basis that Ihe tssllng undertaken and procedures carried out would have reasonable expectation of detecting any instan￿$ of irregularity including fraud. The plan involved assessing the risk of the financi81 $t8tements contalning matorial mlsstatements t3￿ng Into account varlous 18clors such as the Gontrol systems in ￿8C8, the standard of record ke8plng and an assessment of the influence and role of the stakeholders Involved. The audit plan was followed and benefitted from the audlt toams knowledge of the cllent. They consldered how fraud may occur 8nd where the financial stataments may be susceptible lo grror. Suitabl8 transaction sampl8 tesllng was made on the high risk areas of thè financial statem8nts. Enqulries were made of the company directors for information and explanatlons as required during the course of tha audlt and any contentious areas appropriately challenged io 8n8ure thet sufficlent audit evldence was obtalned. The procedurès and testlng undertaken as a result of our risk assessments were deemed sufflcient to rdentfy material errors for which adjustment was then made in the financbal statemènls. There is however no guarante8 Ihat all errors, Including those related to fraud, would be Identified as part of the audit. A further descrlption of our re8ponsiblllii8s for the audit of thg flnanclal 31atements Is located on the Financlal Reporting CouncH's website at vfft.frc.org.ukJauditor3responsibilitles. This descrlptlon fonns part of our Report of the Auditors. A further descrfptson of our rosponsibilitles for the audit of th8 financial ststements 18 I￿ated on the Financaal Reporting Council's website at www.frc.org.ukJaudilorsresponslbilities. Thls de6cfipiion forrns part of our Report of th8 Independent Auditors. .12- REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MEMORIAL HALL AND THEATRE Use of our r8port Thls rerth ￿ made solely to the tharitys trustees, as a body, in acGordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has b8en undertaken so that we might stale to the charitys tnjstees I￿se matters w8 are required to state to them in an auditors, report and for no othèr purpos8. To the fullest extent perm1tt8d by law, w8 dc not accept or assume responsibility to anyone other Ihan the charity and the charity's Irustses as a body, for our audit work. for this report, or for the opinlons we have formed. k-gb. XLk L.¥J . Xelnadin Audlt Llmit&d (Statutory Auditor) Court House Court Road Bridgend CF3118E -13- MEMORIAL HALL AND THEATRE STATEMEKf OF FINANCIAL ACTNMES FOR THE YEAR ENDED 31 MARCH 2024 2024 Total nds 2023 Totsl funds Unrestricted fund Restricted funds Note8 INCOME AND ENDOWMENTS FROM Donatlons and legacies 3.089 52,693 55,782 107,489 Charltable actlvltl•s Income from theatre and centre Op8ratlon of bar & cafe 365,299 81,006 365,299 81,006 368,882 85.580 Investrn8nt income 2,009 2.009 512 Total 451,403 52,693 504,096 562,463 EXPENDITURE ON Charftable actlvllles Income ftom theatre and centre Operallon of bar & cafe 620,537 29,171 15,929 636,468 29,171 566,841 42,766 Other 5.000 Total 649,708 15,929 665,637 614,407 NEf INCOMEI{EXPENDITURE) (198,305) 36,764 (181,541) 151,944) RECONCILIATION OF FUNDS Tolal funds brought forward 3.299,784 120,220 3,420,004 3,471,948 TOTAL FUNDS CARRIED FORWARD 3,101.479 156,984 3,258,483 3,420,004 The notes fomi part of these financlal statements -14- MEMORIAL HALL AND THEATRE STATEMENT OF FINANCIAL POSITION 31 MARCH 2024 2024 Total furK15 2023 Total funds Unrestricted fu Restricted funds Notes FIXED ASSETS Tangible assets 11 3,174.279 3,174,279 3,217,074 CURRENT ASSETS Stocks Debtors Cash at bank and In hand 12 13 4,682 122,991 88,294 4,682 122,991 245,278 4,986 91.198 315,630 156,984 215,967 158,984 372,951 411,814 CREDITORS Amounts falling due wrthin one yoar 14 (258,628) (258,628) (173,301) NET CURRENT A88ET8 (42,661) 156.984 114,323 238,S13 TOTAL ASSEfs LE88 CURRENT LIABILITIES 3,131,618 156,984 3,288,602 3,455,587 CREDtroRS Amounts falllng duo after more than one year 15 {30,139) {30,139J {35,583) NEf ASSETS 3,101,479 156,984 3.258,463 3,420,004 FUNDS Unrestricted funds Restrlcted funds 18 3,101,479 158,984 3,299.784 120,220 TOTAL FUNDS 3,258,483 3,420.004 atements wer8 approved by tha Board of Trusteès 8nd authorised for Issue on . and were signed on its behalf by. Mr R W Thomas- Trust08 Th8 notes form part of these financlal slatements MEMORIAL HALL AND THEATRE STATEMENT OF CASH FLOWS FOR THE YEAR ENOED 31 MARCH 2024 2024 2023 Notes Cash flows from opgrallng actlvlttes Cash generated from operations Interest paid Finance costs paid 154,4411 (1,0551 (9,6071 89,132 (1,088) (11,087) Nat cash (uBed inyprovided by operating actlvitias 165,103) 76,957 Cash ljows from Invesllng actMtI•s Purchase of langlble fixed assets {1.731) Net cash provlded tyl(us8d In) invesling actlvitles {1,731) Cash flows fram Ilnanclng aetlvltles Loan repayments in year (5,249) Net cash (used Inyprovided by flnanclng aclivities {5,249) Change In cash and caBh equlvalenls In the reportlng ￿rfod Cash and cash equiva￿ntS 8¢ thg beglnnlng gf the rnportlng parlod (70,352) 75.226 315,630 240,404 Cash and cash •qulvahnts at the end of the rèportlng perlod 245,278 315,630 The notes form part of those financial statements -1 MEMORIAL HALL AND THEATRE NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTNMES 2024 2023 Net •xpendlture for tho reportlng porlod las per the Statement of Flnan¢ial Actlvltles Adjustments for: Depreciation charges Int8T8St pald Flnanc8 costs DeC￿a$8 In slocks (Increaseydecrease in debtors Increase in credltors (161.541) (51,944} 42.794 1,055 9,607 304 (31,7931 85,133 45,157 1,088 11,087 34,486 49,258 Not cash (umd Inyprovlded by operallons (54,441) 89,132 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Net cash Cash at bank and In hand 315,630 (70,352) 245,278 315,630 (70,352) 245,278 Debt Debts falling due wlthin 1 year Debts falllng due after 1 year 15,122) (35,583) 1194) (5,316) (30,139) (40.705) 5,250 (35,455) Totsl 274,925 {65.102) 209,823 The notes fonn part of these flnancial slatements -17- MEMORIAL HALL AND THEATRE NOTES TO The FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLtCIES Ba81$ of pr8paring the financlal slatom•nts The financlal statsmonts of the charity, whEch Is a public benefil 8ntty under FRS 102, have been prepared In accJJrdance wlth the Chariti8s SORP (FRS 102) 'Accounting and Reporting by Charities., Stat8m8nt of Recommended Practice applicable to charities preparing their accounts In accordance wlth the Financi81 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019}', Financial Reporting Standard 102 'Th8 Financial Reportlng Stsndard applicable In the UK and Republlc of Ireland, and the Charities Act 2011. The financlal stalements hav8 been prepared under the historlcal cost conv8nllon. The charfty is a publlc benefit entity and a reglstered tharlty In England and Wales and Is unincorporated. The address of the principal offitte IS 7 Gladstone Road, Bary, Vale of G18morgan CF62 8N The financlal Staiements ar8 prepared in sterwng, whlch is the functional currency of the enllty. Golng Concern The activlty delivered In the year ended 31 March 2024, together wllh our plans for future periods. as outlined in the Trust88s' report, glve5 the organisalian confidence for the future. In praparfng the nancial ststements. the Truste8s h8V8 considered whether the golng concem basls of preparation remains appropriate. To make th1$ assessment cash forecasts have been pr8P8red Ihrough to January 2026, whlch is a pedod of at least 12 months from the date of approval of thes8 financial slatamerrts. The Trustees thereforv consider it appropriat8 for the financial statements to be prepared on the going concem basls. Crltl¢81 accountlng Judg•ments and key sources of astimatlon un¢artalnty The preparation of the financial slalemenls requlres management to make judgement8, 08tlmates and assumptlons that affect the amounts reported. These estimates and judgements are contlnually reviewed and are based on experiencè and other factors, Including expectatlons of future events that 8ra belleved to be reasonable under Ihe circumstances. Slgnificant judgemonts The judg8ments (apart Irom th038 Involving estimations) Ihat management has mad8 in the process of appSylng the entlty's accountin9 pollcles and that have the most 51gnlflcanl effect on the amounts recognlsed in the financial statements are as follows.. Support costs are allocated based on the nature of the expenditur8. In thig arKI the prlor year this only relates to govemance costs regardlng the audit of th8 flnanclal statements. All other expenditure Is judged to ba dlrect charitabb. Koy sources of estlmatlon uncfrrtalnty Accounting estlmates and assumptions are mad8 conceming the future and. by thèir nature, will rarety equal th8 related actual outcome. The koy assumption5 and other source5 of estimatton uncertainty that have a signifiGqnt rlsk of causing a materlal adjustment to the carrylng amounts of a&88ts and Ilabllltles wlthin Iho naxl financlal year are as follows: - D•preciatlon is based on Ihe estimaled usefvl lives and r8sidu81 value of the fixed assets. Income All Income is Included in the statement of flnancial activities wh8n the charity Is entllled to the incom8, any performance related conditrons attached have been met or are fully within the control of the charity, the income is consider8d probable and the amount can be quanltfied with reasonable ar￿UracY. The following speofic policies are appli8d to particu18r categories of inGQrne. -1 continued,., MEMORIAL HALL AND THEATRE NOTES TO THE FINA14CIAL STATEMENTS- eontinued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNnNG POLICIES - contlnued Incomé DOne￿OnS and legacy Sn¢om8 Is received by way of donatlons. t8gacies, grants and glts and is Included in full in the Slalement of Financial Activities when receivable. Where legacies have been notified to the charity but the criteria for recognltlon have not been rnet. th& legacy is treated as a contingenl asset and disclosed If material, Grants, there ent￿leMent Is not conditional on the delivery of a specitlc perfomance by th8 charity, are recognised when thé charity becomes unconditionally entitled to the grant. Donated services and facilities are included at the value to the charity, being Ihe arnount the charity would have been willlng to pay lo obtain services or facilllles of equlval8nf economic benefit on the open market. - Invostment Income18 Included when receivable. - Incom8 from charrtable trading actlvlty Is accounled for when eamed. - Income from grants, vthere rolated to P8rfomiance and specrfi¢ deliverablas, are accounted for as the charity eams the dghl to consideration by its p&rformance. Exp•ndlture Expendilure Is recognlsed on an accrua15 bagls as a Ilability 18 incurred. Expenditure Includes any VAT which cannot be fvlty recovered, arKI is reported as pert of the expendrture lo which it relates,, Costs of raising funds ¢omwi$a the costs assoclated with attracting donations. grants and legaci09 and th& costs of trading for fundraising purpc>ses. Ch8rttable expendlture eomprlses those costs Incurred ty tha charlty In the delivery of its actlvitieg and services lor its beneflclarles. It includes both cost5 that can be allocated dlrectly to such actNili8s and those costs cf an indlrecl naturé necessary to support Ihem. Other expanditure includes all expendlture that Is neither related to raising fvnd8 for th• charfty nor part of its expendlture on charitablo acdvltle5. All costs are allocated belween Ihe expenditure cat8gorEes of the SOFA on a basls designed ¢0 reflect the use of the resource, Costs relatlng to a particular actfvity are allo¢ated directly, others are apportloned on an appropriate basis, as set out in the notes to the accounts. Tanglble flx•d assets Depreciation Is provlded at the lollowlng annual rates In order lo wr5te off each asset over its estimated Useful Ilfe. Freehold property Plant and machinery FkAtures and fittings 2% on (y)8t 15Yo on cost 15% on cost Stocks Str)cks are valued at the lower of cost and net realisable vahje, after making due allowance for obsolete 8nd slow moving items. Taxatlon The charfty Is 8xempt from t8x on Its charitable activiles, -19- continued... MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS - conllnuad FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES - contlnued Fund accountlng Unrestricted fvnds ar8 avallable ft)r use at the dlscretlon of tha trustee8 in furtherance of the purposes of the charity. Unrestricted fvnds include 8 revaluation resetve representing the restatsment of investment assets at market values. Dasignated funds are unrestricted funds eamiarked by the tru8t888 for spectfic purposes. Restslcted funds are subjeded to r6strlcUons on their expendlture imposed by the donor. Penslon costs and other poslwrntlrement boneflts The charity operates a defined contribution penslon scheme. Contributions payable to the chariW$ panslon scheme are charged to the Ststement of Financlal Acllvities in tha ￿rIOd to which they relale. Prepald contributions are recognlsed as an asset to tho extent that Ihe prepayment w511 lead to a reduction In future payments or a cash rafund. Debtorn and credllorn r•eelvablelpayable wlthln one y•ar Deblors and creditors with no slated Interest rate and receivablè or payable vlthln on8 yèar ar& recorded al transaction prtce. Any losses arising from Impalrment ar8 recognised in exp6nditure. DONATIONS AND LEGACIES 2024 2023 Donatlon8 Grants 3,089 52.693 1,378 106.111 55,782 107,489 Grants received, included in the above, are a8 follows: 2024 2023 Ffllm Cymru Vale of Glamorgan - Stronger Communlties Vale of Glamorgan - Summer of Fun FblrnHub Wales Town Spare Spac88 Grant ACW Memo Connect 11.528 40,169 9,764 18,763 16,884 7.000 5.000 48,700 996 52,693 106,111 -2Q- continued.,. MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS - eontlnuod FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME 2024 2023 Investment Income 2.009 512 INCOME FROM CHARITABLE ACTivmES 2024 2023 Activity Income from theatre & ¢entre Olher income Operation of bar & Cafe Income from Ihealre and centre Incom8 from thpalre and centre Operdtion of bar & cafe 357,688 7.611 81.006 359,621 9.261 85,580 446.305 454.462 CHARrrABLE ACTMTIES COSTS Support costs (see note 6) Dlrècl Costs Totals Income frorn theatre and centre Oper811on of bar & cafe 628,546 29.171 7,920 636,466 29,171 657,717 7,920 865,637 SUPPORT COSTS Govemance cL)sts Income from theatro and centre 7,920 AUDifoRS' REMUNERATION 2024 2023 Fees payable to the charity's audllors for Ihe audit cf the charity's finaneAal ststements 7,920 5,000 TRUSTEES, REMUNERATION AND BENEFITS There w8re no tru6tees' remuneration or other benefits for the year ended 31 March 2024 n(Y for the year 8nded 31 March 2023. Trust•e8' Oxpenses Thare were no truslees, expenses pald for the year ended 31 March 2024 nor for the year ended 31 March 2023. -21- continued.. MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 196,665 10,371 3,766 160,165 8.235 2.963 210,802 171,363 The av8rage monthly number of employees during the year was as follows.. 2024 2023 Management & Administration Bar & other 10 10 No employees received emoluments in excess of £60,000. The average head count of employees during the year was 10 (2023 - 10) The average number of full-time equiva18nt employees during the year is analysed as ft)Ilows: 2024 No. 2023 No. Number of staff No employee rec8ived employ88 benefits of more than £60,000 during the year (2023 - nil). K•y Management Personnel Key management personnel include all persons that have authority and ￿SpOnsIbl11ty for planning, dlrecting and controlling the activities of the charity. The totsl compensalion paid to key m8nagement P8rsonnel for s8tvices provided to the tharity was £56,997 (2023 £52,560). 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestncted fund Restricted funds Tolal funds INCOME AND ENDOWMENTS FROM Donations and legacies 64,842 42,647 107,489 Charftable activltles Income from theatre and centre Operation of bar & cafe 368,882 85,580 368,882 85,580 Investment income 512 512 Total 519,816 42,647 562.463 EXPENDITURE ON Charitable activitles Income from theatre and centre 501,584 65,057 566,641 -22- continued... MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted R&stricted fund funds Totsl funds Operatlon of bar & cafe 42,766 42.766 Other 5,000 5,000 Total 549,350 65,057 614,407 NET INCOMEI(EXPENDITURE) (29.534) (22,410) (51.944> RECONCILIATION OF FUNDS Totel funds brought forward 3,329,318 142,630 3,471,948 TOTAL FUNDS CARRIED FORWARD 3,299,784 120,220 3,420,004 11. TANGIBLE FIXED ASSETS Fixlures and fittlngs Freehold propety Plant and machin&ry Total$ COST At 1 Aprll 2023 and 31 March 2024 3,428,420 207,383 14,927 3.650,730 DEPRECIATION At 1 Aprfl 2023 Charge for year 225,181 38.819 200,381 2,404 ,114 1,572 433,658 42,795 At 31 March 2024 264.000 202.765 9,686 476.451 NET BOOK VALUE At 31 Merch 2024 3,164.420 4,618 5,241 3.174.279 At 31 March 2023 3,203.239 7,022 6,813 3,217,074 Included In cost or valuation of land and buildings is freehold land of £1,487.500 (2023 - £1,487,500) whlch Is not depreriated. -23- continued... MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 12. STOCKS 2024 2023 Stocks 4.682 4,986 13. DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors VAT Prepayment$ 48.495 47.367 2,179 24.950 49,815 35,858 5,525 122.991 91,198 14. CREDITOR8: AMOUNTS FALLING DUE wifHIN ONE YEAR 2024 2023 Bank loans and overdraft8 (se8 nola 16) Trad8 credllors Taxatlon and sodal security Other creditors 5.316 111.396 15,569 126,357 5,122 71,774 10.626 85,779 258.628 173,301 15. CREOITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 2023 Bank loans (seo note 16) 30,139 35,583 16. LOANS An analysls of tr8 maturfty of loans is gbven belovr. 2024 2023 Amounts falllng due wlthin one year on d8m8nd.' Bank loan$ 6,316 5,122 Arnounls falllng between one and two years: Bank loans - 1-2 years 5.000 5,000 Amounts falling dua betsyeen and five years: Bank loans - 2-5 years 15,000 15,000 Amounts falllng due In more th8n five years: Repayab18 by instalments: Bank loans rnor8 5 yr by Snstal 10.139 15,583 -24- continued... MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATeMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 17. LEASING AGREEMENTS Minlmum lease payments under non•C8ncellable oPera￿nglea$aS fall due as follows.. 2024 2023 Within one year 266 Lease payments recognlsed as an axpense in the pertod was £266. 18. MOVEMEKf IN FUNDS Nel movement In funds At 31.3.24 At 1.423 Unr•8trlctsd fund$ General fvnd 3,299,784 (198,305) 3,101,479 R•strfcted funds Vale of Glamorgan Councll Barry Town Council Barry Town Councll Ffilrn Cymru Fllm Hub Wales 26,853 {1.225) {1.388) 11,528 996 2e,853 51,650 65,957 11,528 52,875 67,345 120,220 36.764 156,984 TOTAL FUNDS 3,420.004 (161,5411 3.258,463 Net movement in funds, induded In the above are as follows: Inwming resource8 R8source8 expended Movement In funds Unrostrktod fund$ General fund 451,403 (649,708) (198,305) Re$trlcted funds Vale of Glamorgan Councll Barry Town Council Bary Town Council Ffllm Cymru Film Hub Wales 40,169 (13,316} (1,225) (1,388) 26,853 (1,225) (1.388) 11.528 996 11,S28 996 52,693 {15,929) 36.764 TOTAL FUNDS 504,096 (665,637) (161,541 } .25- continued... MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS - Contlnued FOR THE YEAR ENDED 31 MARCH 2024 MOvEmE￿r IN FUNDS - continuèd CornpaYatlv08 for mov8ment in funds Net movement in furKIs At 31.3.23 Al 1.4.22 Unrestr5ctèd funds General fund 3,329,318 (29,5341 3,299.784 Restrlct•d funds Arts Council of Wales Bary Town Council Bary Town Councll Arts Councll of Walas- Stepplng Stones to Brighter Days 2.211 54,100 68,733 (2,2111 (1,2251 {1,388} 52,875 67.345 17,586 (17,586) 142,630 <22,410) 120,220 TOTAL FUNDS 3,471.948 (51,944) 3,420,004 Comparallve net movemenl In funds, Included in the abov8 are as follows: Incoming resources Rosourc8S expended Mov8ment In fvnds Unrestrlct•d fund8 General fund 519.816 {549,3SO} (29,534) Ro8lrl¢ted funds Arts Councll of Wales Barry Town Council Barry Town Coundl Vale of Glamorgan - Stronger Communities Arts Council of Wales - step￿ng Stones to Brighter Days Vale of Glamorgan- Summer of Fun Film Hub Wales (2,211) (1.225) (1,388) (2,211 } (1,225) (1,388) 18,763 (18,763) (17.586) (16,884) 17.000) (17,586) 16,884 7,000 42,647 {65.057) (22,410) TOTAL FUNDS 562,463 (614.4071 (51,944) -26- continued... MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months comblned posltlon Is a5 follows: N8t rnovernent in fund8 At 31.3.24 At 1.4.22 Unrastrlctod fund$ General fund 3,329.318 {227,839) 3.101.479 Restrlcl•d fund8 Arts Council of Wales Vale of Glarnorgan Councll Barry Town Ccuncll Barry Town Council Ffilm Cymru Arts Coundl ofWales- Stepping Stones lo Brfghter Days Film Hub Wales 2.211 {2,211) 26,853 {2,450} {2,776) 11,528 26,853 51,650 65,957 11,528 54,100 68,733 17,586 (17,586) 996 142,630 14,354 1S6,984 TOTAL FUNDS 3.471,948 {213,485) 3.258,463 A Gurront year 12 months and prlor year 12 monlhs combined not movement In fijnds, Induded in the above ara as follows: Incomlng resources Resource5 &xperMled Movement in funds Unrastrtctod funds General fund 971,219 11,199,058) (227,8391 Restrfcted lunds Arts Coundl of Wa18S Vale of Glarnorgan Councll Barry Town Council 8aryTown Councll Ffilm Cymru Vale of Glamorg8n - Stronger Communitles Arts Councll of Wales- Stepplng Ston8S to Brighter D8yS Vale of Glamorgan - Summer of Fun Fllm Hub Wales (2,211) (13,316) 12,450) (2,776) (2,2111 26,853 (2.450) {2,776) 11,528 40,169 11.528 18,763 (18,763) (17,586) (16,884) (7,000) 117,586) 16,884 7,996 996 95.340 (80.986) 14.354 TOTAL FUNDS 1,066,559 11,280,044) (213,485 > estricted fun The Arts Council Wales grant was received towards the installation of th8 digital cinem8 equlpment. The funil balance is reduced annLtally by the d8preci81ion charge on the equipment. -27- ontinued... MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS - contlnuad FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS - contlnued A capital grant v￿S received from Barry Tovm Council towards roof rep8lrs in 2016117, Ihi5 balan will reduc8 annually by the depreciatEon Charge. They also provlded £97,000 as part of a 3 year capitsl grant project to refvrbish Ihe toilets in the centr8 which was was completed in the year and shall reduce annually by the depreciatlon charge. Ffilm Cymru provlded a grdnt lo fund the Implementation of a prograrnme of work aimed al widening access to the clnema and reduclng financlal and Inclusion barriers. Thls also Includes new Inclusfve advertising campaigns almed at existing audiences as well as mre neutraliZe￿, family, older and underrepr85ented people. The Film Hub Wales grant was PTovlded to support a programme of actlvlty that includas a screening of The Lodger (1927) accompanled by a Javanese Gamelan porfomance and a wrap-around activlty wllh a speclfic focu8 on younger audlen¢a$. Furthor Inforniat￿n ￿gardIng these prolecls can be Seen In the Twstees Report. 19. RELATED PARTY DISCLOSURES There were no relatad paty tr8ns8Ctions for the year ended 31 March 2024. 20. GOING CONCERN The activty delivered In lh8 year andod 31 March 2024, togett*r wlth our plans for luture perlods, as outllned In the Truslee8' report, g5ves the organisatlon confidenc8 for th8 future. In preparing tho flnancial statements. the Truste88 have consldered whether the going concem basls of preparatlon r8malns approprlats. To make thls a55eS5ment cash foreca51s have been prepared through to. December 2025 whlch is a period of at least 12 months from the date of approval of these financial statements, The Trustees therefore conslder it 8ppropriale for the financial statements lo be prepared on the going concern basls. .28-