REGISTERED CHARITY NUMBER: 1155291 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR MEMORIAL HALL AND THEATRE Xeinadin Audit Limited (Statutory Auditor) Court House Court Road Bridgend CF311BE
MEMORIAL HALL AND THEATRE CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Roport of Ihe Trustees 1 to 10 Report of the Independent Audltors 11 to 13 Statement of Flnanclal Actlvltles 14 Statsment of Flnanclal Posttlon 15 Statement of Cash Flows 16 Notes to the Ststement of Cash Flow5 17 Notes to the Ftnanclal Slatements 18 to 29
MEMORIAL HALL AND THEATRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are pleased to presenl th8ir report with the financial statements of the charRy for the year ended 31 March 2025. The trustees have adopted the provisions of Accounts'ng and Reporting by Charities.. Statement of Recommended practi applicable to charities preparing Iheir accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and alms The Memorial Hall and Theatre's (trading name: Memo Arts Centre (MAC)) objectives for public benefft are lo present vibrant and exciting cultural arts, cinema and accessible cultural educational and participatory activities that help mak8 arts and culture an important and meaningful part of people's lives and contribute to their wellbeing. MAC'S programme connects with audiences through English, Welsh, and multi<ultural languages, lo promote the widest understanding of culture and diversity, and is designed lo increase opportunities for engagement with underserved communities to make Bary and the Vale of Glamorgan a better place to live. Our Misslon.. Promole innovative, creativ8 arts activiti88 in way5 which help to establish them as an important part of people's lives. Ourvlslon: A welcoming accessible soUrce that encourages people from all background to work or participate with us, and offer a supportive home for the community lo celebrate their voices Programmes that focus on work adopting inter<tsltural and inter4isciplinary approaches across a range of art foms. - At the he8rt of all our work are our partnership relationships with the wider Community, artists and collaborators. MAC'S values underpin all the decisions we lake, how we serve our audlences, rrUit our staff and engage with artists. MAC values: Activity that celebrates equality, diversity, inclusion. and support8 economic disadvantage to strengthen Sla1 cohesion through our audience engagement Increasing the accessibility of the arts by giving users and audiences more involvement In programmlng and introducing Ihem to new opportunities and innovations Helping artists to develop and showc888 their Creativity through productive partnerships with diverse collaborators and the public Inclusive opportunities for evoryone, recognising the uniqueness of artistic tal8nt. and lived experience Making the most of the social benefits of the arts and valuing Ihe pleasure people gain from their own indiwdual artistic expression Publlc beneflt MAC'S programming sligns and is commitment to the principles of the Welsh Government Wellbeing of Future Generations Act and our Cultural Contract with both cullural and social purpose. MAC'S public benefit is wid&reaching,' our activities and services are created to encourage the public to have a positbve and active relationship to the arts. MAC'S partnerships and collaborations support skill-based learning throughout our work. that further supports artists through shared mentoring, in-kind resources, training and paid employment opportunities that connect MAC works with people in our local community in a way that feels relevant to their everyday lives and enhances their shared experiences. MAC'S activities are designed to meet the inlerests of all, and embrace specific slrands for specific projects for children, young people, families and people with disabilities and disadvantaged people.
MEMORIAL HALL AND THEATRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS AND PERFORMANCE Charitable actlvltles MAC relies on grants and the incorne from fees and charges to cover its operating costs. MAC has considered th8 Charity Commission's guidance on public benefit and fee charging. In setting the level of fees, charges and concesslons, the Board gives very careful consideration to the equality of accessibility of the centre for those on low income and disadvantaged from taking part in Ihe arts. MAC'S successful investmenl grants from our creative fijnding partners ACW, Film Hub Wales and Ffilm Cymru and all our partners supports MAC to work with community organisations, local and national artists and creative sector companies to help make lives better for people living in th8 Vale of Glarnorgan and wider region. Capltal Developrnent Memo Shaplng Up project fundraising continued to b8 our priorlty during the year, underpinned by a successful VOGCC Slronger Communities Levelling Up Stage 1 and 2 funding grdnts we were granted the project match funding through the National Lottery People and Places grant scheme to secure the implementation of the memo Shaping Up venue future proof development plan. During the year, MAC promoted an increasingly wide range of arts, leaming and participation activities, and provides a base for oulreaGh activities through touring and community engagement, especially in our local communities with little access to arts participation. MAC'S programrne hlghlights included high-quality diverse small and mid-scale theatre and music perfofftiances perfomed by national and international louring professional companies. MAC promoted more popular w811 recognised family theatre adaptations with specrfic communications and marketing campaigns to attract new audiences from wider calchmenls to experience lesser4(nown new productions made in Wales. MAC'S artist-led partnerships widened our creative connections to open new project planning conversations for future community engagem•nt and helped shape our ongoing strategies to enhance inclusion. and spark forward-looking creative collaborations, that will result in the presentation of exciting performances, screenings and participatory projects in Barry. ACW create funding supported our Memo Creative Community projects which strengthened our audience reach and engagement further. These valuable investments helped MAC to create a vibrant live theatre, music and participatory project programme. MAC'8 engagement strategies took into consideration the impect of the ongoing costwof-living crisis felt by the whole Community through programming that could maximise our resilience, and adaptable business models to re-shape our ongoing planning when needed. Depending on our programming. MAC draws audiences and users from Cardiff, Bridgend, the valleys and from across Wales and UK wide postcodes. MAC'5 principal engagement demographic predominantly spans across the Vale of Glamorgan which is an affluent area which includes Barry, the largest town in Wales, Ihal has areas with high levels of income deprivation for young Children, with a third of Bary in the worst 200/0 low income and employment poverty indicators. MAC'S live and Ginema programme provided accessible prograrnming and free ticketing for all accompanying Carers, for people of all ages. MAC provides adapted presentation in relaxed settings and spaces, with BSL, subtitles and induction loop syslems to ènable inclusion for all. MAC'S evaluated box office data indicated a third of our overall audience are aged 65+, and we conlinued to develop strong engagement with younger schools and family audiences. MAC worked in partnership with diverse local support groups, agencies. voluntary organisations, and individua15 to ensur8 we achieved Ihe widest engagement with diverse audiences.
MEMORIAL HALL AND THEATRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 In 2024-2025 our Audience were.. -Ages: 2-97 57QA live within postcodes Bary CF62 and CF63 - 430/0 VOGICardiff, Penarth, Sully, Bridgend. Newport, RCT and beyond 61 ¢A live within O-35-minute drive area 230/0 disabledlliving with long tern illness 600/0 regular retumers to our young children and family screenings - Primary and secondary VOGICardifflBridgend Schools 110/0 Deaflhard of hearing audience - 290fi unemployed Welsh language - MAC continued to support the widest use and promotion of the Welsh language through all aspects of ourvenue and programme. MAC'S programme offed Welsh language speakers and18amers opportunities to engage in Welsh language activities by working with muttiple partners and promoters. Our Welsh language programme promoted performances for adults and families from Theatr lolo, Theatr Genadlaethol Cymru, Michael Harvey Y Llyn, and Sheman, along with our Welsh language film screenings and Welsh language participatory ¢realive workshops. MAC'S audience monitoring most common survey replies provided particularly positlve feedback around.. Experience of highqualty arts here in Barry - Valu8 for money Accessibility to mulligeneralional activty Out of school family activity - Welcoming staff Ivolunteers MAC'S valuelpride for Barry and the wider Vale community Flexibility of venu8 spaces Enjoyment of seeing shows outdoors onsitelopposite park Free parking onsite Cinema: our shared screen in the auditoriurn makes programming $cenIngS challenging as increased live activity combined with lower title availability continued lo redu cinema potentials across th8 year. MAC'S funding partners enabled us to support relaxed screenings for older, and young neurodiverse audience$, prioritise affordable screenings for local families (especially in school holidays) and curdle targeted regional school cinema trips through our screenings with free tickets to local primary school children from low-income families. MAC continued lo offer farnily holiday with cinema wrap around activities, along with our archive, Made in Wales, BFI and commemorative cinema èvents. Partnerships - Al the cora of MAC'S values is working collaboratively in partnershlp with others, from across all sectors, to provide an increasingly wide range of arts and participation adivities for the widest community engagement, especially in communities with little access to arts participation. MAC'S partnerships underpin our social impact and generate greater benefit for our audiences, users, collaboration partners, staff, and volunteers. MAC'S communty engagem8nl supported: - New ways to explore, experience. share and value cultural diversity Inclusion and affordable access to take part. enjoy and be inspired by our programme Relaxed events with free hospitality and s¢xial opportunities for older, neurodiverse, disabled, deaf people, and people with prolected chara¢teristi¢s to combat isolation - Free engagement tickets for disadvantaged people
MEMORIAL HALL AND THEATRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 - Affordable school holiday events with free pre-event craft activities - Free carer tickets through recognition of the CEA, HYNT and personal carer ID cards - Programming supported school trips. curriculum, and continued Classroom Work - Free school cinema tickels for low-lncome families Intergenerational participation workshops In-kind spaces and expertise for local artists. dev8lop skills and create new work - Vclunteer skills, training, experience and other 8arry projects Local employments, and cuttural sector career opportunities Fundraising resilience for communty groups, school PTAS and local charities - Shared resources, marketing, box-office, rnentoring, produdion expertise and support for our community gvent5 Communily Hire Programrne.. MAC provided facilities and resources for hire and prides itself as a home and Integral partner in supporting incom8 generation for many local community and communty focused charities, education, and voluntary groups, along with th8 local authorities, NHS, businesses and diverse social activities, as well as our diverse private events. Communications.. MAC continued to develop diverse communication and engagement strategies delivered across multipl8 social, digital, and traditional communication platforms, Gombined with distribution of physical rnarketing materials to promote our work, prcgramme, and venue. MAC reviewed ils KPI'S lo monitor the efficacy of our communications and audienc8 engagement strategie5. This data was used to develop ongoing programming and funding bids to support our on90ing work. Resilience.. MAC'S cornbined oxperience and ongoing resilience leaming contributed to the ongoing operational capacity lo implement adaptable business models lo strengthen resilience and build ongoing sustainability with the 8mphasi5 on good governance and gr0h developrnent rather than returning to business as usual. Climate Sustsinability.. MAC adion plan reviews contributed lo our ongoing commrtmenl lo making its operations more environmentally sust8inable and undertook work to develop rnore sustainable energy usage and waste and recycling throughout th8 venue facilities. MAC'S new Shaping Up inteNentions lo be installed in 2025 hav8 identified substantial operational energy savings through our new heating, production and cinema projection systems. Since the new Welsh Government regulations in April 2024, MAC ensured all disposable bar or café ware is recyclable or biodegradable products, and through segregated recycling now rewcles 920/u of its waste. Equality, Diversty, Inclusion.. MAC reviewed its organisations approaches to support EDI awareness, and engagem8nt, and identified ongoing training and CPD opportunities to support our organisation relationships with our community and beneffit how we work with freelan artists and encourage new partnerships. Our fijture planning incorporates flexible stralegies lo drive the developrnent of MAC'S work for positive social impact, from wellbeing and health ta inclusion. education, and regeneration. Climate Justice now features alongside equalities & diversity as an overarching principle in all that we do. MAC'S opeTalional systems and programming includes aclivilies that Showcase. educate and builds stronger public awareness about the impacts we have on climate sustainability. FUTURE PLANS - MAC'S Board and staff have continued to hold the business to review in developing its future planning in the light of operational experience, future public investment prospects, the outcomes of its fundraising slrategies, and the strategic context for its future activities. MAC is committed lo eliminating discrimination and promoting social Cohesion through its proactive approach to diversity, inclusion and equality, and understands that if MAC is lo play a relevant and importanl role in Bary. our staff and our programmes need to be reflective and representstive of the diversity wrthin the region that we serve. rèsponding lo the interests and culture5 of those who live and work here.
MEMORIAL HALL AND THEATRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 MAC'S Board. staffing and volunteer recruitment diversty will continue lo be a key objective, along with succession planning lo increase the level of lived experience, heritage and dynamic of MAC'5 people to strengthen. nurture and maMise our potential to operate within a welcoming and accessible environment. MAC will focus on delivering the objectives sel out in its business strategy wtth tsrgeted fundraising lo strengthen MAC'S cultural rol8 and enhance the scale and diversty of its communty creative engagernenl and income generation streams. MAC'S ongoing Memo Shaping Up IMSU) capital fundraising ha$ secured signtficant investments to support sustainability fram enhanced engagement, diverse income streams, generated from the repurposing of spaces in the building to offer significant strategi¢ social, economic and grh benefits by providing new.. 83 sealed second cinema daily screenings, with digital presentation fa¢ilrties to compliment hire and programming aclivilies. - Heating system to improve performance and reduce costs and supports MAC'S decarbonisalion larget Cost saving energy systems through heat retention, secondary foyer door lobbies, new fire doors, roof insulation, new and improved Secondary gl&ing to provide operational savings Dedicated Gafélbar area resources in refurt)ished social spaces to support community and commercial hire programmes, and will increase in.house foodlcalering capacity and increased revenue potentials Door sound proofing for th8 theatre auditorium to enable other activities to coincide when in usg Rear main hall corridor will improve intemal customer journey routes - Automated extemal doors to improve access for disabled users Stage area refurbi3hments inGluding backstage, dressing rooms, new production, and presentation equipment Stage lift8 to support disabled users and hydraulic lifts to support productions load-lnlout Ilft a¢ces¥ The Vale of Glamorgan Council and National Lottery funded MSU works will be completed by 31 March 2026 and will subsequently Contribute to MAC'S future economic sustainability. In September 2025, with successful Creative Wales funding MAC will install a new auditorium PA system to enhance and support live prcgramming in both the auditorium and Glam perfomance stages. MAC'S ongoing community consuStalion, mapping, and partnership working will build wider engagement, greater footfall will produce wider evaluated feedback lo help involve, inform and Shape the development of our future proofing redevelopment programme, along with initiatives that directly respond to our community led consultations. To fulty support our community benefit and value MAC aims to build on our cent community mapping and newly established partnerships lo ensure communty vol8 lead our creative programming, guide our building development projects to ensure MAC has the strongest opportunities to thrive in an ever-changing operating environrnenl. MAC will continue lo develop new projects within the Arts Council of Wales funding scheme and other funding partners, objectives that focus on enhancing our arts and participatory prcoramming. MAC'S programme development will focus on developing divers8 Opportunities to work in partnership with freelance artists and organisations to enable MAC to bring quality and diverse, community focused, meaningful activities for the cultural wellbeing and benefit of all. MAC has developed flexible busine$8 models to shape its bu5ine55 planning and programming, and fundraising slrategies aligned to new funding bids to increase capacity. participation, engagement, and growih. Alongside our arts and creative fundraising objectives, MAC will continue lo priorltise an operational framework to increase opportunities for new staff employment, volunteering, training and skill developmenl.
MEMORIAL HALL AND THEATRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Revlew of transactlons and financial position Total income for the year was £688,080 {2024 £504,096). Income from donations and grants amounted to £66,412 {2024 £55,782). Theat, hires, bar and investment income from rental of part of the propety lotalled £601,668 (2024 £448,314). The Memo wntinued to pursue its objects and the charity's financial position is stable. The charivs strategies going fomard are to secure capital investments to make improvements to the facilities that will build additional capacty to increase its arts and cinema activty levels, increase hiring potential of our facilities, and develop improvernents to increase the generation ol hospitality income to support our future sustainability. The trustees review their annual budgets to identify areas where change or greater investment to facilitate long-tem sustainability can be achieved and have established new fundraising Strategies to generate new funds and extend the diversity of its funding partnerships to support sustainability and business d8velopm8nt. The amount of total expenditure for the year was £740,351 12024 £685,837) including depreciation charge £43,041 {2024 £42,794) on fixed assets. Total net expenditure and net rnovement In funds amounts to £72,271 12024 £161,541). This includes £23,802 r8Stricted deficit balance overall and an unrestricted loss of £48,469. Efficiency savings have been identilled and implemented to create operatlonal effècliveness and sustainability across all departments. Summary of reseNes At tha year-end unrestricted reserves were £3,053,010 12024 £3,101,479) and restricted reserves amounted to £133,182 (2024 £156,984). The unrestricted reserve is represented by the building value. The level of free reserves available after removing the building value was a deficit of £75,592 (2024 £62,941). Reserves pollcy Trustees recognise the importance of maintaining reserves to enable ongoing investment in the charty and lo cover any downturn in market conditions or unplanned emergency costs in the event of adverse unforeseen circumstances. MAC has adopted a reserves policy to identify, plan and maintain five months trading expenditure, and reserves to support the maintenance of essential services, and costs reflected in the risks of unplanned closure, spending commitments and potenlial liabilities. The current free unrestricted reserves £3,053,010 (2024 £3,101,479) are held by the trust to administrate future operation liabilities.
MEMORIAL HALL AND THEATRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW Golng concern MAC Board reviews the forecasted 2025-26 cashflow activities and well Considered income generation forecasts and are mindful of the ongoing cost of living irnpacts, which inform and adapt its future planning decisions to determine ongoing sustainability. MAC reviews its risk reglster and monitors its KPI outcomes to evaluate performance and 5UPPOrt the development of a range of revenue and capital bids lo support its operation and fLrture business development objectives. In evaluating the going concern risks, MAC continues to review and closely monitor its operation against the external context and potential impads to ensure strong planning and mitigalion slralegies are in place to manage the financial rssk, by considering any ongoing unfavourable trading climates Throughout 2024-25, MAC reviewed its programming strategies to increase and regularise diverse activity to support our turnover amidst challenging times. This informed our fulure business planning lo develop programming partnerships to significantly increase liv8 performances and secondary spend activity lev818. MAC'S creative 2024-25 programming outcomes are set against successful funding partners, objectives to support ongoing funding bids. MAC'S successful capital fundraising in 2024-25 has secured nearly £1m in capital inveslments to deliver much needed venue redevelopment works. These investments will ¢ontrlbute to improved facilities and enhance our cornpelitiveness lo support exlsting and generate new income streams, to achieve greater cost savings, and substantially reduced operational overheads through maintenance expenditure and risks. MAC'S fundraising aims to develop multi-applicalion approaches with existing and new funding partners with objectives aligned to our business planning, to secure investment5 that will assist MAC to preserve current revenues, generate greater operational resiliencè, and secure growih to support long-tem sustainability. MAC'S wider fvndraising strategy priority focuses on attaining greater long-term revenue commitments to increase opportunities for people living in our community to experience and engage in high quality arts activities. In addition to the £896k secured capital grants for the MSU investments. by Working with our new wider fundraising work, MAC has recently s8cured a fijrther £45k for capital future proofing investments. Looklng forward, in March 2025, new administration team employment recmitments have secured enhanced new skills to support our ongolng development plans, and work needed to achieve greater relationships wllh new potential lunding partners elongside our existing partner funders. MAC will prioritise making multiple ongoing funding and business bids to ensure diverse project work is supported by funding partners with aligned objectives. The Board believe tts successful fundraising strategies and the MSU capital funding venue enhancernents will contribute lo the diversification of MAC'S audience, facilitate increased fooffall and subsequent income streams productivity. The increased programming capacty by splitting the live and cinema a¢twity into distinct spaces will produce increased programming and hire income opportunities. Combined, the improved venue and production standards will enable MAC to work with new promolors to present wider programming and generate greater foottall, propagate repeat and secondary sales, supplemented by new catering and larger social space interventions. The increased programming provides wider volunteer engagement opportunities. staff training and new enhanced employment sustainability. The MSU venue inveslmenls add value and places MAC in a much stronger position to promote the venue more widely, reduce its operalional overheads, create p¢x8ilive income generation impacts, produce meaningful outcomes for funding partners, and attract new business investments. that coll8CtiV8ly further MAC'S ongoing growth, resilience and suslainability-
MEMORIAL HALL AND THEATRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The Memo Arts Centre (Memorial Hall Theatre) was formed as a charitable trust in 1932, the Charity Commission authorised the charty trustees a modernised goveming schern8 in 2006, 2007 and 2012. In January 2014 the Charity Commission registered the Memorial Hall Theatre (Trading as Memo Art5 Centre) as a new Charitable Incorporated Organisation (Registered CIO.. 1155291). The trust commenced trading under the CIO in May 2015 having taken over the assets, liabilities, and activities of the predecessor charity. The charty operates from its head office in Gladstone Road, Barry and has no subsidiary charities, no aclive subsidiary fundraising and operational companies and no associate companies RecruEtment and appolntment of new trustees Board diversification recruitment remains essential to ensure that we have an effective, diverse. knowledgeable, and committed team of Trustees with lived experience that reflects our Community and supports MAC'S long-term development and sustainabilty. New truslees are provided with full inductions and infomiation packs that include a copy of the goveming scheme, a copy of the charity's latest annual report and statement of accounts and documents produced by the charity commission outlining the responsibilitles of being a trustee. The charity's board ordinary meetings are held each quarter with sub-committee and working group rneeting. The board of trustee5 are unpaid. Organlsatlonal structure Th8 Venue's General Manager Is the charity's Chief executive officer, who is employed by and report8 to the Board. The Board delegates the artistic, operational, and business decisions to the General Manager, who in turn dèlegates responsibility to Senior staff to administrate its affaits. provide services and g8ner8te income. Th8 General Manager and Finance Adminislrator provide regular financial and management reports to the board and its sub committees. The Trustees set. manage, and review annual budgets, carry out risk assessments and appraisals, against it¥ management reports. The staff management structure consists of four departments reporting to the General Manager these departments are responsible for dellvering the needs of the operation of the Venue and assist in the implementation of corporate policy, strategy, and marketing. Inductlon and training of new trustees New Irustees are provided with full inductions and infotrnation packs that include a copy of the governing scheme, a copy of the ¢hariVs latest annual report and statement of accounts and d¢xumenls produced by the charity commission outlining the responsibilities of being a trustee. The charity's board ordinary meetings are held each quarter with sub<ommittee meetings in the months. The board of tiustees are unpaid.
MEMORIAL HALL AND THEATRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Rlsk management The trustees monitor their risk register to consider the financial risks associated with the income and expenditure streams and the balance sheet items and sets appropriate budgets to the resources reasonably expected to be available. The budgets and longer-term business strategy allow lime and resources for the fundamental restructuring in the event of a major downturn or loss of any significant venue generation. The Trustees proactively manage the risks asso¢ialed with loss of incorne and constantly rgview and consider risks and where required implement a range of contingency plans that serve in the place of reserves. Prlnclpal Rlsks and Challenges We are committed to sustaining a confident and skilled organisatson and providing the best POS5ible creative environment in which to develop our work at MAC, in our community and, increasingly, online. Our planning a¢knowledges the importance of investing in high-quality artistic delivery. people, and infrastrudure to bring the best work to the widest audienc&. We regular5y rnonitor risks to enable the successful delivery of our artistic programme and use a range of self-assessment tools, external evaluation, and peer review to help us ensure our own high standards. supporting excellence whilst ensuring the widest possible participation and engagement. The Board has reviewed and assessed the risks to which we may be 8xp05ed. A risk register identifies those rlsks and assigns specific actions and responsibilities for miligaling them. The risk management process is ongoing and Ss regularly updated by the General Manager and Internal Finance Accountant and reviewed by the Board. The Board maintains a watchful eye on financial, reputational. and operational risks, efficiency, streamlining operations, processes, and practices, to achieve the best and fairest use of our financial and human resources. Tha busSness planning 8Ctivities are enabling the Senior Managemenl and Board to make infornied decisions while understanding the risks and opportunities for the organisation and how this might affect MAC'S future plans. The intemal systems are designed to meet the charity's particular needs and th8 risks to which we are exposed, to manage those risks and to provide reascnable assurance that mitigation plans ere realistic and lik8ly to be effective going foNard. The Board oversees budgetsry controls, recommends steps to ensure financial viability of the org8nlsation, monitoring the receipt of income for both revenue and capital expenditure. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charity number 1155291 Prlnclpal address 7 Gladstone Road Bany Vale of Glamorgan CF62 8NA Trustses Ms L Thomas (resigned 22.10.24) Dr J Salisbury (resigned 16.1.251 Mr R W Thomas Ms K Ghazi-Torbati DrA C Tweed (resigned 20.11.241 Mrs G Brown lappoinled 24.4.24)
MEMORIAL HALLAND THEATRE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATIVE DETAILS Audltors Xeinadin Audit Lirnited {Statutory Auditor} Court House Court Road Bridgend CF311BE Senlor Management CEO - General Manager - Ms K Long STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Charity law requires th8 twstees to prepare financial statements for ea¢h financial year. Under that law, the truste8s have elected to prepare the financial stalemenls in accordance wth United Kingdom G8nerally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the trustees must nol approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources, including the incorne and expenditure, of the charity for that period. In preparing thos& financial slaternenls, the trustees are required to select suitable accounting policles and then apply them consistently. observe the Methods and principle$ in the Charities SORP; make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial ststemenls., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial prx8ition of the charity and to en8ble thgm to ensure that the financial statements comply with the Charitie5 Act 2011 and The Charity {Accounls and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the char'ty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ed by order of the board of trustees on 8 December 2025 and signed on ils behalf by.. Mr R W Thomas - Trustee -10-
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MEMORIAL HALLAND THEATRE Oplnlon We have audited the financial statement¥ of Memorial Hall and Theatre (the 'charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Statement of Financial Postlion, the Staternent of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountirsg Practice). In our opinion the financial statem8nts'. give a tNe and fair view of the state of the Charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We ¢ondu¢ted our audil in accordance with Intemational Slandards on Auditing (UK) (ISAS (UK)) and applioable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the finan¢ial statements section of our report. We are independent of the charity in accordance with the ethical requiremenls that are relevant to our audit of the financial slalements in th8 UK, including the FRC'5 Ethical Standard, and w8 have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our oplnlon. Conclusions relating to golng eoneern In auditing Ihe financial statements. we have concluded that the trustees, use of the going concern basis of arxounting in the preparation of the financial slaternents is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, rnay cast significant doubt on the charity's ability to conlinue as a going concern for a period of at least e1ve months frorn when the financial statements are authorised for issue. Our responsibilities and th• responsibilities of the trustees with resp•ct to going concem are described in the relevant sections of this report. Other Informatlon The truslee5 are responsible for the Other infomation. The other InfoatIOn comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors ther80n. Our opinion on the financial statements does not cover the other infonnation and, except to the extent othe18e explicitly Stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audrt of the financial statements, our responsibility is to read the other infomiation and, in doing so, consider whelher the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or Othe15e appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether Ihis gives rise to a malerial misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infonnalion, we are required to report that fact. We have nothing to report in this regard. MatteT5 on which we are requlred to report by exceptlon We have nothing to pOrt 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 infomiation given in the Report of the Trustees is inconsistent in any material respect with the financial statement5-, or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records and relums- or we have not received all Ihe infomalion and explanations we require for our audit.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MEMORIAL HALL AND THEATRE Responsibilities of trustees As explained rn0 fully in the Statement of Trustees, Responsibilities, the tnjstees are responsible for the preparation of the financial statements which give a Irue and fair view, and for such intemal control as the Irustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the finanaal statements, the trustees are responsible for assessing the charity's ability to continue as a going ¢oncem, disclosing. as appli¢able, matters related lo going concern and using the going concem basis of accounting unles5 the Iruslees either intend to liquidate the charty or to cease operations, or have no realistic altemative but to do 50. Our responslbllltles for the audit of the financlal statements We have been appointed as auditors under Section 144 of the Charities Ad 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial slaternents as a whole are free from m8terial misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors thal include5 our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will 8y$ detect a material misstatement when it exists. Misstaternents can arise from fraud or error and are considered matarial if, individually or in the aggregate, they could reasonably be expected to influence Ihe economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The audit was planned on the basis that the testing undertaken and pr¢xedures carried out would have a reasonable expectation of detecting any instances of irregularity including fraud. The plan involved assessing the risk of the financial statements containing material misslalements taking into account various factors such as the control systems in place, the standard of record keeping and an assessment of the intluence and role of the slakeholders involved. The audit plan was followed and benefitted from the audit teams knowledge of the client. They considered how fraud may ¢x¢ur and where the financial slatements may be Susceptible to error. Suitable transaction sample testing was made on the high risk areas of the financial statements. Enquiries were made of the company directors for infotrnalion and explanations as required duTing the coutse of the audit and any contentious areas appropriately challenged to ensure that sufficient audit evidence was obtained. Th8 prccedures and testing undertaken as a result of our risk assessments were deerned sufficient to identify material errors for which adjustmenl was then made in the financial statemenls. There 15 however no guarantee that all errors, including those related lo fraud, would be identified as part of the audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditcrsrespon$ibilrti8s. This description forms part of our Report of the Auditors. A further description of our responsibilities for the audit of the financial statements Is located on th8 Financial Reporting Council's webslte at www.frc.org.uklauditorsresponsibililies. This description fomis part of our Report of the Independent Auditors. -12-
REPORT OF THE INDEPENDEr AUDITORS TO THE TRUSTEES OF MEMORIAL HALL AND THEATRE Use of our report This report is made solely to the charity's trustees, as a body. in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audtt work has been undertaken so that we might slate to the charity's trustees those matters we are required to siae to them in an auditors, report and for no olher purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's Iruslees as a body, for our audit work, for this report, or for the opinions we have fomied. .LLL L. Xeinadin Audit Limited (Statutory Auditor) Court House Court Road Bridgend CF3118E 8 December 2025 -13-
MEMORIAL HALL AND THEATRE STATEMENT OF FINANCIAL ACTMTIES FOR THE YEAR ENDED 31 MARCH 2025 2025 Total funds 2024 Total funds UnrestTiCted fund Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2,059 64,353 66,412 55,782 Charltsble activities Theatre and centre Operation of bar & cafe 483,230 116,488 483.230 116,488 365,299 81,006 Investment income 1,950 1,950 2,009 Total 603,727 64.353 668,080 504,096 EXPENDITURE ON Charitable activltles Theatre and centre Operation of bar & cafe 603,386 48,810 88,155 691,541 48,810 638,466 29,171 Totsl 652,196 88,155 740,351 665,637 NET INCOMEI(EXPENDITUREI (48,469) 123,802) 172,271) (161,541) RECONCIUATION OF FUNDS Total funds brought foard 3,101,479 156,984 3,258,463 3,420,004 TOTAL FUNDS CARRIED FORWARD 3,053,010 133,182 3,186,192 3,258,463 The notes fomi part of these financial statements -14-
MEMORIAL HALL AND THEATRE STATEMENT OF FINANCIAL POSITION 31 MARCH 2025 2025 Total funds 2024 Total funds Unrestricted fund Restricted funds Notes FIXED ASSETS Tangible assets 3,137,766 3,137,766 3,174,279 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 12 13 7,401 54.779 98,082 7,401 54,779 231,264 4,682 122,991 245,278 133,182 160,262 133,182 293,444 372,951 CREDITORS Amounts falling due within one year 14 (220.324) (220,324) (258.628) NET CURRENT ASSETS (60,062) 133,182 73,120 114,323 TOTAL ASSETS LESS CURRENT LIABIUTIES 3,077,704 133,182 3,210,886 3,288,602 CREDITORS Amounls falling due after more than one year 15 (24,694) (24,694) {30,139) NET ASSETS 3,053,010 133,182 3,186,192 3,258,463 FUNDS Unreslricted funds Restricted fund8 17 3,053,010 133,182 3,101,479 156,984 TOTAL FUNDS 3,186,192 3,258,463 The financial slalements were approved by the Board of Trustees and authorised for issue on 8 December 2025 and were gned on its behalf by.. Mr R WThomas- Trustee The notes fomi part ofthese financial statements -15-
MEMORIAL HALL AND ThEATRE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operatlng actlvities Cash generated from operations Interest paid Finance ¢osls paid 15,988 (1,547) (27,312) 154,441) 11.055) (9,607) Net cash used in operating adivities (12,871) 165,103) Cash flows from investing actlvltles Purchase of tangible fixed assets 16,528> Net cash {u$ed inyprovided by investing activities {6,528) Cash flows from financlng actlvltles Loan repayments in year 5,385 (5,249) Net cash provlded byl(used in) financing activities 5,385 (5,249) Change in cash and cash equlvalents in the reportlng period Cash and cash equivalents atlho beginning of the reportlng perlod (14.014) (70,352) 245,278 315,630 Cash and cash equlvalents at the end of the reportlng perfod 231,264 245,278 The notes fomi part of these financial stalements -16-
MEMORIAL HALLAND THEATRE NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 RECONCIUATION OF NET EXPÉNDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net expenditure for the reportlng period las per the Ststement of Flnanclal Actlvlties Adjustments for: DepreGiation charges Interest paid Finance costs (Increase)Idecrease In stocks Decreasellincrease) in debtors IDeGrease)lincrease in creditors (72,271) (161.541) 43,041 1,547 27,312 (2,719) 68,212 (49,1341 42,794 1,055 9,607 304 (31,793) 85,133 Net cash provided byl{used in) operations 15,988 154,441) ANALYSIS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At 31.3.25 Net cash Cash at bank and in hand 245,278 (14.014) 231,284 245,278 (14,014) 231,264 Debt Debts falling due within 1 year Debts falling due after 1 year {5,316) (30,139) (60) 5,445 (5,3761 (24,694> {35,455) 5,385 {30,070) Total 209,823 18,629) 201,194 The notes forn part of these financial statemenls -17-
MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basis of preparlng the flnanclal statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their acGounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial stalements have been prepared urKler the historical cost convention. The charity is a public benefit enlty and a regislefed charity in England and Wales and is unincorporated. The address of the principal office is 7 Gladstone Road, Barry, Vale of Glamorgan CF62 8NA. The financial slatemenl8 are prepared In sterling, which is the functional currency of the entity. Golng Concern The activity delivered in the year ended 31 March 2024, together with our plans for future periods, as outlined in the Trustees, report, gives the organisation confidencé for the future. In preparing the financial statements, the Trustees have considered whether the going concem basis of preparation remains appropriate. To make this assessment cash forecasts have been prepared through to January 2028, which is a peri of at least 12 monlhs from Ihe dat& of approval of these financial statements. The Trustees therefore consider it appropriate for the financial statements to be prepared on the going concern basis. Crltlcal accountlng Judgements and key sources of estlmation uncertalnty Thè preparation of the financial statement5 requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experienee and other factors. including expectations of future events that are believed to be reasonable under the Circumstan$. Slgnificantjudgements The judgements (apart from those involving estimations) that management has made in the process of applying Ihe entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows.. Support cost5 are allocaled based on the nature of the expendilure. In this and the prior year this only relates to governance costs regarding the audit of the financial statements. All other expenditu is judged to be direct charitable. Key sources of e5tlmatlon uncertainty Accounting estimates and assumptions are rnade conceming the future and, by their nature. will rarely equal the related adu81 outcome. The key assumptions and other sources of estimation un¢ertainty that have a significant risk of causing a material adjustment lo the cafrying amounts of assets and liabilities within the next financial year are as follows: Depreclation Is based on the estirnaled useful lives and residual value of the fixed assets. Income All income is included in the statement of financial activities when the charity is entitled to the income, any perfomiance related conditions attached have been met or are fully within the control of the chaity, the income is considered probable and the arnount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income. -1& continued...
MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES - continued Income Donations and legacy income 15 received by way of donations, legacies. grants and gifts and is included in full in the Ststement of Financial Activities when receivable. Where legacies have been notified to the charity but the cril8ria for recognition hav8 not been met, the legacy is treated as a contingent asset and discIos8d if material. Grants, where entitlement is not conditional on the delivery of a specifi¢ perfornian by the charity, are re¢ognised when the charity beGomes unconditionally entitled to the grant. Donated services and facilities are included at the value lo the charty, being the amount the charity would hava been willing to pay to obtain services or facilities of equivalent economic benefit on the op8n market. Investment income is included when r1vable. Income from charitable trading actlmty 18 accounted for when earned. Income from grants, where related lo perfomance and specific deliverab18s. are accounted for as the charty eams the right to consideration by ils performance. Expenditure Expènditure is re¢ognlsed on an accruals basis as 8 liability is incurred. Expendilure Includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates., Costs of raising fvnd$ compris8 the costs associated Wbth attracting donations, granls and legacles and the costs of trading for fundraisin9 purposes. Charitabl6 expenditure comprises those costs incurred by the charity in th8 delivery of it8 activities and services for its beneficiari8s. 11 includes both ccsts that can be allocated d1CtlY to such activities and those costs of an indirect nature neSSary to support them. Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of lis expenditure on charitable activities. - All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resourc8. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis, as set out in the notes to the accounts. Tanglble fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Freehold property Plant and machinery Fixtures and fittings 20/4 on cost 150/0 on cost 150/0 on cost Stocks stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Taxatlon The charity is exempt from tax on its chaiitable activilies. -19- continued...
MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS- continued FOR ThE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES- continued Fund accountlng Unrestricted funds are available for use at the dlscretion of the trustees in furtherance of the purposes of the charity. Unrestricted funds include a revaluation reserve r8presenting the restatement of investment assets at market values. Designated funds are unreslricted funds earmarked by the trustees for specific purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor. Penslon costs and other post-retlrement beneflts The charity operates a defined contribution pension scheme. Contribulions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Prepaid contributions are recognlsed as an assèt to tha extent that the prepayment will lead lo a reduction in future payments or a cash refund. Debtor5 and credltors receivablelpayable wlthln one yoar Debtors and creditors with no stated interest rale and receivable or payable within one year are recorded at transaction price. Any losses arising from impaimient are recognlsed in expenditure. DONATIONS AND LEGACIES 2025 2024 Donations Grants 2,059 64,353 3,089 52,693 66,412 55,782 Grants received, included in the above, are as follows.. 2025 2024 Ffilm Cymru Vale of Glamorgan Council- UK Levelling Up Arts Council ofwales Create Fund FilmHub Wales Welsh Govemment Future Proofing Fund 10,972 11,528 40,169 40,166 6,000 7.215 996 64,353 52,693 -20- continued...
MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 INVESTMENT INCOME 2025 2024 Investment income 1,950 2,009 INCOME FROM CHARITABLE ACTIVITIES 202S 2024 Activity Income from theatre & centre Theatre and centre Other income Theatre and centre Operation of bar & cafe Operalion of bar & cafe 476.801 6,429 116,488 357.688 7,611 81,006 599,718 446,305 CHARITABLE ACTIVITIES COSTS Support costs (see note 6) D1cl Costs Totals Theatre and centr8 Operation of bar & cafe 686,341 48,810 5,200 691,541 48,810 735,151 5,200 740,351 SUPPORT COSTS Govemance costs Theatre and cenlre 5,200 AUDITORS, REMUNERATION 2025 2024 Fees payable to Ihe charity's auditors for the audit of the charity's financial statements 5,200 7,920 -21- continued...
MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES, REMUNERATION AND BENEFITS There were no truste•s' remuneration or other benefrts for the year ended 31 March 2025 nor for 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. STAFF COSTS 2025 2024 Wages and salaries Social security costs Other pension costs 190,450 10,646 3,924 196.665 10,371 3,766 205,020 210,802 The average monthly number of employees during the year was as follows.. 2025 2024 Management & Administration Bar & other 10 No employees received ernoluments in excess of £60,000. The average head count of employees during the yèar was 11 (2024 - 10) . The average number of full-time equivalent employees during the year is analysed as follows.. 2025 No. 2024 No. Number of staff No employee received employee beneffts of more than £60,000 during the year (2024 - nil). Key Management Personnel Key management personnel Include all persons that have authority and responsibilty for planning. directing and controlling the activities of the charity. The tolal compensation paid lo key management personnel for services provided to the charity was £57,025 (2024.. £58,184). -22- continued...
MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES unrestried fund Restricted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 3,089 52,693 55,782 Charltable actlvltles Theatre and centre Operation of bar & cafe 365.299 81,006 365,299 81,006 Investmènt income 2,009 2,009 Total 451,403 52,693 504,096 EXPENDITURE ON Charitable actlvltles Theatre 8nd centre Operation of bar & cafe 620,537 29,171 15,929 636,466 29,171 Total 649,708 15,929 665,637 NET INCOMEIIEXPENDITURE) 1198,305) 36,764 (161,541 > RECONCILIATION OF FUNDS Total funds brought forward 3,299,784 120,220 3,420,004 TOTAL FUNDS CARRIED FORWARD 3,101,479 156,984 3,258,463 -23- continued...
MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2025 11. TANGIBLE FIXED ASSETS Fixtures and fittings Freehold property Plant and machinery Totals COST At 1 April 2024 Additions 3,428,420 207,383 6,528 14,927 3.650.730 6,528 At 31 March 2025 3,428,420 213,911 14,927 3,657,258 DEPRECIATION At 1 April 2024 Charge for year 264,000 38,818 202,765 2,651 9.686 1,572 476.451 43,041 At 31 March 2025 302,818 205,416 11,258 519,492 NET BOOK VALUE At 31 March 2025 3,125,602 8,495 3,669 3,137.766 At 31 March 2024 3,164,420 4,618 5,241 3,174,279 In¢luded in cosl or valuation of land and buildings is freehold land of £1,487,500 (2024 £1,487,500) which is nol depreclaled. 12. STOCKS 2025 2024 Stocks 7,401 4,682 13. DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2025 2024 Trade debtors Other debtors VAT Prepaymenls 36,152 9,007 48.495 47,367 2,179 24,950 9,620 54,779 122,991 -24- continued...
MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 14. CREDITORS: AMouTrTfs FALLING DUE WITHIN ONE YEAR 2025 2024 Bank loans and overdrafts (see nole 16) Trade creditors Taxation and soGial security other ¢reditors 5,376 73,539 28,466 112,943 5,316 111,396 15,559 126,357 220,324 258,628 15. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2025 2024 Bank loans (see note 16} 24,694 30,139 16. LOANS An analysis of the maturty of Icans is given below.. 2025 2024 Amounts falling duewithin one year on demand.. Bank loans 5,376 5,316 Amounls falling befyveen one and years.. Bank loans- 1-2 years 5,000 5,000 Amounts falling due beeen and five years: Bank loans - 2-5 years 15,000 15,000 Amounts falling due in more Ihan five years.. Repayable by instalments.. Bank loans more 5 yr by instal 4.694 10,139 -25- continued..
MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 17. MOVEMENT IN FUNDS Net movèment in funds At 31.3.25 Al 1.4.24 Unrestricted funds General fund 3,101,479 (48,469> 3,053,010 Restricted funds Vale of Glamorgan Council Bary Town Council Barry T¢win Council Ffilm Cyrnru Film Hub Wales Welsh Government Future Proofing Fund - EPOS fills 26.853 51,650 65,957 11.528 996 (26,853) (1,225) 11,387) (556) (996) 50.425 64,570 10,972 7,215 7,215 156,984 (23,802) 133,182 TOTAL FUNDS 3,258,463 {72,271) 3,186,192 Net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestrfcted funds General fund 603,727 {652.196} (48,489) Restricted funds Arts Council of Waleg Vale of Glamorgan Councll Barry Town Council Barry Town Council Ffilm Cymru Film Hub Wales Welsh Government Future Proofing Fund - EPOS Tills 40,166 {40,166) {26,853) (1,225) (1,387) (11,528) (6,996) 126,853) (1,225) {1,387) (556) (996) 10,972 6,000 7,215 7,215 64,353 (88,155) (23.802) TOTAL FUNDS 668,080 (740,351) 172,271) -26- continued...
MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2025 17. MOVEMENT IN FUNDS- contlnued Comparatives for movement in funds Net movement in funds At 31.3.24 At 1.4.23 Unrestrlcted funds General fund 3,299,784 (198,305) 3,101,479 Restrlcted funds Vale of Glamorgan Council Barry Town Council Barry Town Council Ffilm Cymru Film Hub Wales 26,853 (1,2251 (1,388} 11,528 996 26,853 51,650 65,957 11,528 996 52,875 67,345 120,220 36,764 156,984 TOTAL FUNDS 3,420.004 (161,5411 3,258,463 Comparative net movement in funds, included in th8 above are as follows., Incomlng resources Resources 8xpended Movement in fund5 Unrestricted funds General fund 451,403 (649,7081 <198,305) Restrlcted funds Vale of Glamorgan Council Barry Town Council Barry Town Council Ffilm Cymru Film Hub Wales 40,169 (13,316) (1,225) (1.388} 26,853 (1.225) (1.388) 11.528 996 11,528 998 52,693 (15,929) 36.764 TOTAL FUNDS 504,096 (665,637) (1S1,541) -27- continued...
MEMORIAL HALL AND THEATRE NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2025 17. MOVEMEKf IN FUNDS- continued A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 31.3.25 At 1.4.23 Unrestrfcted funds General fund 3,299,784 (246,774) 3,053,010 Restricted funds Barry Town Council Barry Town Council Ffilm Cymru Welsh Government Future Proofing Fund - EPOS Tills 52.875 67,345 12,450) 12,775) 10,972 50,425 64,570 10,972 7,215 7,215 120,220 12.962 133,182 TOTAL FUNDS 3,420,004 (233,812) 3,186,192 A current year 12 months and prior yaar 12 months combined net rnovement in funds, included in the above are as follows.. Incoming resources Resources expended Movement In funds Unrestrlcted funds General fund 1.056,130 {1,301,904) (246,774) Restrl¢tgd funds Arts Council of Wales Vale of Glamorgan Council Bary Town Council Bary Town Council Ffilm Cymru Film Hub Wales Welsh Government Future Prcofing Fund - EPOS Tills 40.166 40,169 (40,166) 140,169) {2,450) {2.775) 111,528} (6,996) {2,450) {2,775) 10,972 22,500 6,996 7,215 7,215 117,046 (104,084) 12,962 TOTAL FUNDS 1,172.176 {1,405,988) (233,812) ed fund d The Arts Council Wales grant was received towards the installation of the digital cinema equipment. The fund balance is reduced annually by the depreciation charge on the equipment. A capital grant was received from Barry Town Council towards roof repairs in 2016117, this balance will reduce annually by the depreciation charge. -28- Continued...
MEMORIAL HALLAND THEATRE NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2025 17. MOVEMENT IN FUNDS- cOnnUed They also provided £97,000 as part of 8 3 year capit81 grant project to refurbish the toilets in th8 centre which was was completed in the year and shall reduce annually by the depreciation charge. Ffilrn Cymru provided a grant to fund the implementation of a programme of work aimed at widening access to the cinema and reducing financial and inclusion barriers. This also includes new inclusive advertising Campalgns aimed at existing audiences as well as mor8 neutralizers, family, older and underrepresented people. The Film Hub Wales grant was provided to support a programme of activity that Includes 8 screening of The Lodger11927) accompanied by a Javanese Gamelan perfomance and a wrap-around activity with a specific focus on younger audience5. Welsh Govemment Future Proofing Fund represents a 750k grant towards the cost of the new EPOS tills Further Infomiation regardin9 these projects can be seen in the Trustees Report. 18. RELATED PARfi DISCLOSURES There were no related paty Iransadions for the yéar ended 31 March 2025. 19. GOING CONCERN The activity delivered in the year ended 31 March 2025, together with our plans for future periods, as outlined in the Trustees, report, gives the organisation confidence for the future. In preparing the financial 81alements, the Trustees have considered whether the going concern basis of preparation remains appropriale. To make this assessment cash forecasts have been prepared through to, December 2026 which is a period of at least 12 months from the date of approval of these financial statement5. The Trustees therefore corssider it appropriate for the financlal statements to be Prepared on the going concem basis. -29-