REGISTERED COMPANY NUMBER: 01327289 (England andwales)
REGISTERED CHARITY NUMBER: 508985
Report of the Trustees and
FiD4nci•l Stat¢m¢ttts
for the Year EThd¢d 31 M•rch 2021
T0￿h Thutre Company Limited(fhe)
Ashmole and Co.
Chartered Certified Accounthnts and Statutory
Auditors
Williamston House
7 Goat Strtti
Haverf0rdw￿f
Pembroke5hire
SA61 IPX
*AAJ4Z9L4*
11112r2021
CQYAPANIES HOUSE
A13
#122
. Aslmiole.
'&.ICo¥£.:

Toreh Tbeatre Company Limited(The)
Contents of the Financial Statements
for tht Yt*r Ended 31 March 2021
P*ge
Report of the Trustees
Report ofthe Ind¢pettd¢nt A￿ditOrS
10 10 12
stst¢men¢ of Flmgthelal Activities
13
B•lance Sheets
14 to 16
C*sh now Statement
17
Notes to the Cash Flow Statement
IYote5 to the Financial Ststements
19 to 30

Torch Theatr¢ Company LimitedlThe)
Report orth¢ Trustees
for the Year Ended 31 Marck 2021
The trustees who are also direciors of the chariry for the pUT￿SeS of the Companies Ad 21Th. present iheir report with the
financial 51atements of the charity for the year ended 31 March 2021. The trustee5 have adopted the provisions of Accounting
and R¢portillg by Charities.. Statement of Recomtnended Practice applicable to charitie5 preparing their accounts in
ac¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)(effective l January
2019).
OWECTIVES AND ACTIVITIES
The Torch Theatre exists 10:
Create.... Engage Inspire Entertain
The Torch Theatre Company engages, inspires entertains and challenges our audiences wilh a vibrant programme of work
which celebrate5 th¢ ¢ss¢ntial power of live performance io promot¢ S￿la1 and personal change.
Through our education work, community engagemerti and volunteerprogramme we actively participate in prornoting arts and
culture a¢r05s P¢mbrok¢shir¢, Wal¢s and beyond.
Aim One- Cr¢at¢
We b¢li¢ve that creating a working ¢nvironment that encourage5 collaboraiion and creativity enables artists and Staff to b¢
fully self-expressive. Creativity and innovation are valued in all aspects of our organisaiion.
We will Continue to strengthen our leadership Tole in the arts community of Pembrokeshire and enhance our reputation as a
county of creativity by fomjing partnerships and ¢ollaboration5 with other venues and arts disciplines.
We will uphold our covenant as a no¢-for-profil institution by king reliable stewards ofthe public trust and resources provided
to us by our fijnding bodies. We will always act in a financially responsible manner whilst Striving to increase self- gen¢rat¢d
income through Creative and innovative ways.
Aim 2 - Engage
We seek to insiill all peopl¢ a respeci and appreciation of the perfonning arts by ¢omrnunicating at th¢ highest level of
ex¢ellence and drawing on the strength of (he diyersiry and trJditions of our wmmunity.
We seek to broaden our audiences through the programming choices we make, by keeping ticket pric¢5 as keen as TM)ssible
and by making manifest our ambition to be bold. challenging and accessibl¢.
W¢ develop policies which will support the mosi vulnerable and disadvantaged sectors of sociery wilh their engagement, and
b¢nefit from. the Arts.
Aim 3- Inspire
We beli¢ve in offering arts educational programmes that are inclusive and that promole lifelong learning to a diverse
community, ¢n¢ornpassing all ag¢5 and backgrounds. We are committed to the training and support of fiJDJre arts professionals
with an emphasis on enhancing our partn¢r5hhp5 with training inslitytion5.
We provide encourag¢meni for all leve15 of volunteer involvement and recognise these contributions as crn¢ial to the success
of the Torch Th¢atre. W¢ a150 aim to provide a supwrtive environment for amateur ¢ompanie5. wh¢r¢ ¢veryone is welcome
regardles5 of skill, ability or background and to receiv¢ the appreciation their ¢ffoTts deserve.
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Toreh Theatre Company Liwiifd(The)
Report of the Tru$te¢s
for the Year Ended 31 March 2021
Aim 4- Entertsin
We will programme to the highe$t sthndards by attracting the best produ¢tion$, film5 and artists available io us.
The chariry embraces the general aim of contributing io the quality of life for people living in the county of Pembrokeshire
and for visitors io the county- It aim5to preseni adiverse anislic progrdmrn¢ which 15 challenging, ¢nt¢rtaining. artd acce55ibl¢.
The charity tnaintains a popular programme which is designed to underpin its financial obje¢liv¢5.
We hav¢ r¢ferr¢d to the guidance contsined in the Charity Commission's genernl guidance on public b¢nefi¢ when reviewing
our aim5 and obj¢¢tive5 and in planning our futt]re activities. In panicular. the mjstees consider how planned activicies will
¢ontribut¢ to the aims and objectives they have set. Our pricing policy reflects our aim of enabling all wiihin our ¢ommuniry
to attend live performances and films ai the Theatre. and a wide range of conce5sionary price5 are offered.
To achieve the charitys objective5 the following strategie5 are employ
creating OPPOTtyniti¢s for local residents, particularly young people. to engage in arts activity organi5ed by theoharity
in¢luding youth th¢atre. summer school, work experience placements. education projects in schools andcolleg¢s'
provision of facilit1¢5 and professional 5UPPOrt for amateur and professional artiss io develop. Amateur groupsare
given profe55i0nal advi¢e on producing stage pr(xluctions;
programming perfornianc¢s and films which appeal io s￿lf1¢ market segments. for example young people.famili¢s
and older people,.
offering a range of ticket pri¢¢ discounts to provide io organised groups. young people. disabledpeople,
familie& unemployed a￿1 older people;
provision of attractive. accessibl¢ and inforniative pr(qnotional mat¢rial by way of leafl¢ts. brochures. e-flyers and a
bilingual website-
providing facilitie5 to imFWV¢ a¢¢¢ss for disabled cuMom¢r& including induction loop and infra-red hearin8Sysiems,
subtitled screenings for films and BSL p¢rfornan¢¢s: and
the use of e-rnaTketing for a Tange of 5¢Tvices through the theatre website
Activities
The major areas of activity managed by lh¢ ¢harity are the prtsjuction of plays and musical Iheatre. touring of rheatre
produrtions to venues in Wales and beyond, s¢re¢ning mainstrearn and independcni filrns. display of artworks in the8allery.
bar services, education projects, and buying in a range of professional perfom)ance5 to provide a wide rangingprogramme.
Key components of the charity's programme and as a pl*fomi for community activity are as follows:
produciion of professional plays, musical theatre and a Christma5 production by the Torch Theatre Cornpany to playal
the Torch Theatre, and tour to venu¢5 in Wales as appropriate and flnancially viable:
a bought-in programme of events including popular music. music, light entertainment, Ope￿ contemporary dance.
ball¢t, plays, musical theatre. non-western art forn)s, and cornedy.
presentslion of films througI￿llt the year.
amateur productions by group5 in¢luding Haverfordwe5t Amal¢ur Op¢rati¢ Society and Milford HavenAmateur
Operatic Society. Xenon Liberal Arts. Touch and Go and Arti81i¢ Li¢en¢e'
hire of the theatre events. dance classes. ¢on¢eTts and ¢onf¢r¢nces"
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Torch The#tre Comp•ny LImIted￿be)
Report of the Trustees
for the Year Ended 31 Marcb 2021
educational projects involving I￿] primary and s¢¢ondary schoDl$, colleges and universities in P¢mbrokeshire.
Camarthen5hire and Cardiff. Projects are devised in conjunction with education prof¢s5ion&ls and d¢sign¢d to support
curriculum activiiie4 as well J5 d¢v¢loping careers awar¢nes5 and th¢ life skills of individualparticipants-
participatory arts activity for young people including one-off drama workshops, weekly youth theatre and junior youth
sessions and an annual Summer School:
provision of a gallery to display professional work by visual arts practirioners.
provision of a cornrnunity choir (Torch Voices).. and
proyiding volunÉ¢¢r oppDrlunities for more than 80 local people who welcome visitors to the theatre, provide infomiption
5¢11 prograTnmes and support the marketing team's activity- This saves the theatre a considerable amount of money each
year ￿li[nated in 2019120 at £70,0￿pa (2018119 £70.OOOpa). Just as importantly it allows volunteers to engage in the
life of the theatre and to gain a better understanding of 115 activilies. Due ro the inherent uncenainty of estimates. these
figur¢s havc not b¢en incorpordted into the Financial Staiernents.
All the above activities were significantly impacied in 2020121 by the enforced closure of the theatre due io the on-going
covit%19 pandemic.
ACHIEVEMEPIT AND PERFORMANCE
During 2020121 the charitys achievements were very diff¢r¢nt to previous y¢us, where the f¢xus had been on ticketed
anendances and the diverse programme of aciiyiry. In thi5 unprecedented year, achievement and p¢rforynanc¢ included..
successfully applying forCOVID-19 related grant funded income{£603.247) to off-set the almost complete loss of earned
in¢ome durin8 lh¢ y¢ar.
successfully completing essential repair and mainienance WO￿ including repair of the fly tower. whith in¢lud¢d an
extensiort io the west-side of the tower of ihe 2017 art light installation.
During the early period of lockdown. our skeleton 5tsff made admtrable (and very successful) attempts to continue to
engage with our audiences with a number of makeshift iniliaiives given that our venue was c105ed and all nomial routes
of engagement were not possible. For example. our Community Choir (Torch Voic¢5) transitione41 into a weekly virbjal
Onlhne Choir. with a spin off 'singalong' reaching over 40.(K)O people on Fa¢¢book.
Our Youih Theatre (over 150 members under th¢ ag¢ of 19). traft$fe￿td online, ¢reatin8 a filTn about their experiences
of lockth)wn. Each week. they rele&sed the Lock Down Diaries. the perwnal experiences of living through those first
unprecedenled times a5 a young rnember of society. Our Summer khool also went online in 2020 before a number of
face-ttrface sessions in the Autumn tem prior to lockdown being re-introdue¢d. These positive engagements provided
invaluable outlets for all participants acknowledging howev¢r, Ihat we were unable io fully replicate the communal
experience thal is essential to our objectives.
Anoiher significant and wide•reaching achievement has ￿ert our own production= The Pembrokeshire Siory. Early in the
first lockdown, an idea had been forn]ed around a poieniial project with the initial concept being'if our audien¢e can't
come to us, we will go to them-, and 'if we canl create as we'd like to. we'll get them 10 create something themselves..
W¢ planned to ask people to simply tell their stories. however, wirh grant support we expanded the project. We employed
Iw¢lve local freelance artists. along wilh groups of Pembrokeshire people. some with proiected ¢haraaeri5tlC5. to interpret
over 70 stories in a variety of ways. The siories were filmed and have been projected onlo iconic landmarks around ihe
County and will conclude with the content created in lockdown being held online in a living archive and showcased in
an exhibition in the theatre itself, both launching in o￿ober 2021. During the project we also engaged with the refugee5
housed in Penally Camp although th¢ camp c105¢d before we could really work in any d¢tail with the refuge¢5. W¢ will
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Torcb Theatre CoJDp4ny Limited(fb¢)
Report of the Tru5tee5
for tbe Year Ended 31 March 2021
however. be mounting an exhibition of their art Work ¢re*ed in ]￿kdOWnal0ngsjde The Pembrokeshire Siories
exhibition. The projecL from very simple beginnings h&5 been extremely successfijl. engaging communities across
the County in Welsh. English and BSL and supporting th¢ l(vl Arts ecology.
Throughout lockdown. we also showcased the work of freelancer5 and We15h ¢re#tives through ottr social Media channels
to support them and to encourage our audi¢nce to connecr wilh the high level of work that was being prodLtced. Artists
and Projects supported includ¢d.. Christian Patterson's Isolalit)n Nalion. Owen Thomas, Isolwiopuhip- Theatr Na Nog's
Nye L7nd Jennie. Chippy Lane Productions; Natiorjal Theatre Wales" and Flying Bridge Theatre; Theatr Clwyd's ¢o-
production The Piaure ofDorian Gray and the Theatr Genedlaethol Cymru production Prydmoe'r W¢ also worked
with National Th¢atye Wales, presenting elements of The Pembrok¢shire Siory along5id¢ their film production of Go Tell
The Bees, and providing ie¢hni¢al support for the ouidoor showings in ManorbierCastl¢.
We responded to ihe loss of our paniomime wilh the creaiion of a Grotto * the theatr¢ ond fr¢¢ Zoom ¢alls with Santa
for 100 families who had Ik￿ked tickets for our 2020 pantomime.
During lockdown. online streaming proved to be v¢ry popular with many iheatre companies. We decided we would film
the Torch Theatre Produclion of The Wood and in the process. train our technical Staff. to 115¢ camern5, to edit the filtn.
knowing chai they would all b¢n¢fit in the long term from these addiiional skills. Filming took place in F¢bruary 2021 in
an isolated production bubble, with the film being streamed for ten days from 22 June 2W21 with tickets availablc from
eight differeni W¢15h venu¢s engaging with audiences across Wales.
W]Jile we would not Usually b¢ in 4 p05ilion to cornmi55ion significant new works. lockdown proYid¢d an opportunity
for us io do so, commissioning a local emerging writer and undertaking ihe development of a new play N¢st. about the
lif¢ of Princess Nesr. An R&D took place in May 2021 featuring an all-ftmale ensemble working in We15h and English.
The ¢on¢¢pt had beer] to stage ihe play COVIE￿I9 safe ouidoors ai local Astles during the 2021 Summer. but venues
w¢r¢ unable to confinn given the on-80ing uncertainty around COV1[￿19 restrictions. It is therefore iniended lo tour
Nest irt Summer 2022.
We also urtdertook an R&D of a play called Angel by Henry Naylor. Due to the success of the development period. we
will now be producing Angel as our first in-hous¢ pr(Kluttion (October 2021) following the re0￿nIng of the iheatre in
September 2021.
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&Co.

Toreh Theatre Company LimIted￿he)
Report of the Trustees
for th¢ Ye4r Ended 31 M*reh 2021
FINANCIAL REVIEW
Total income for the year at £1,207,335 was 21Y/• down on 2019r20, principally due ¢0 ihe alm05t ¢ompl¢t¢ 105s of tradin-
and chariiable activities during the period due to the enforced closure of the theatre arising from the COVID-19 pandemic.
Thi5 d¢fLfht would have beeT] far more significant had it not been for successful COVI[￿19 related grani application5 securing
addilional inGorne during th¢ period of £603,247 whiGh included £175.087 claimed under the COronavi￿S Job Retention
Scheme.
Total income from grants and donations was £1.181.089, a 98 /* increase compared with 2019120. Income from trading and
haritable activities wa5 £26,180 down 97Y• compared with 2019120.
In 2019r20, we reported that sales and associated expendiwre from the café, bar and kiosk were Comparable with 2018119 )nd
that the reputation the café had developed added io the offering of the Torch but remained a focu5 financially to ensuTe it can
operydte on a cost neutrdl basi%. Following support being provided by a café consultsnt (funded by the ACW Resilience
Programme) a new café mod¢l had been planned for implementation in 2020r21. Enforced closure during ihe period of the
building meartt thai while the opportunity has been tsken to remodel the layout of ihe café and kitchen area and implement
the re¢omm¢nd¢d physical alt¢rntions contsined in th¢ café consuliani's repor[ it will not be until the ufé is fully operational,
possibly noi until early 2022. that the recommended ¢afé m(yJel may be fullyimplemented.
During the period. the Torch continued a successful relationship with ACW meering. where possible. agreed tsrget5 and
ornmitting to the new Culttlfdl Coniraci for the funded Atts which builds on the Welsh Governmenfs existing economic
ontra¢t (Jf fair WO￿ and pay and *￿u$talrtabIlity and addrus a[c￿- Juch a5".
Increased diversity and representsiion (including divefsiry of the Board)
Greater involvement in and support for wider community initia¢iv¢s (including s￿14[ prescribing)
Priorit15ing health and wellbeing in arts initiatives
Environmental. Guliurdl and economic sustainability
ACW remains the charity's principal funding partner with an annual revenue8rant of£452.522. an increase of Ioh on 2019120.
A positive relationship also continued with PCC although &5 part of the 2020r21 Service Level Agreement th¢ annual grant
was reduced to £50.000 a reduction of 3T/• on 2019r20 and due to decrease again in 202 Ir22 and 2022r23.
Both ACW and PCC also provided rApitsl funding following domoge to the fly tower in F¢bnJary 2020. WILile a successful
invurance claim ultimutcly col'crcd mo
of thc COJI of the repoir ivorL.. thio wos not confirrn¢d unlil aftcr the closing djtc for
application5 to the ACW Capitsl Projects grant and the PCC Enhan¢ing Pembroke5hir¢ Grant Scheme, which wer¢ submitted
io support the capital project costs of this essential repair. Applications were submitted and supported with an initial grant
award from ACW of £77,731 and PCC of £80,760. Once confiTmation of a successfvl insurance claim wa5 r¢c¢ived, the ACW
grant award reduced 10 £14.524 and the PCC grant award reduced to £13.340. In addition, ACW agreed to fuDd th¢ extension
to the west-side of the fly tower of the 2017 art lighting installation with a grant award of £9.446.
Milford Haven Town Council also provid¢d a grant 01£7.0(Kl. a decre￿ of30% on their2019f20 grani.
The organisation has, since October 2014, tak¢n advantage of th¢ oprrfjrtunity provided by the Theatre Tax Relief Scheme.
As a result of no Torch Theatre Productions tsking place during th¢ period, there will b¢ no claim mad¢ thi5 year.
The aspiration of ihe trusttts has been to matntain Reserv¢5 at the highest l¢v¢l possible. The current obj¢ctive rernains, as
recommended by the Charitie5 Commi55ion. to build up Reserves to meei thr¢¢ months, operating ¢05ts, circa £400,000.
Although in the present uncertain economic environment retaining Reserve5 will continue to be challenging, through careful
budget managemenL as at 3 1st March 2021, the chariW5 free Reserves (unreslricted. undesignat¢d reserves not committ¢d to
fixed assets) stood at a surplus of £295.443 {2￿20 defLClt of £7.699).
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Torcb Theatre Cornpany Limited￿h¢)
Report of the Tru5tee5
ror Ihe Year Ended 31 March 2021
At the start of 202 Ir22. applications opened for a second CulNral Recovery Fund grant with a su¢¢¢ssfvl award made of
£226,802 10 rover the period April io SepteTnber 2021 which was esseniial to SUPFLJrt the organisation giytn th¢ continued
enforced closure and Staggered re-opening thai ¢ommen¢ed of the theatre in Sepiember 2021.
Fo¢us for the coming years remain5 to build our Reserves. widen ¢arned income. maximising the use of the venue and the
diversity of what we can offer, as well as applying for additional funding through trusts and foundations.
We rernain committed to our relationship with both Arts Coun¢il Wales and Pembrokeshire County Council and the
partnership appn)ach we take in ensuring their continued supp)rt.
SafeguaTding our artisti¢ production resources and capacity 15 Vital- we remain one of thtte venue-based producing theaires
in Wale5 and this Can only be achieved if we continue io receive significanl grdnt fwiding support.
The Torch'5 r¢s¢rves policy r¢mains in line with guidance issued by the Charity Commission. and the poli¢y will be reviewed
on an annual basis following publication of the audited annual accounts. The policy 15 found¢d on th¢ following general
principle5'.
as a precaution against adv¢rse economic conditions and any subsequent decline in eamed income
to provid¢ assuran¢¢ to funding partners and creditors regarding ihe economic viability and the stability of the
company
to provide assurance for member5 of the Committee of Management who make decisions on the operation ofth¢
theatre
to provide assurance for member5 of staff #nd ¢0 those individuals and companies with whom we makecomrnitmentS
for artistic projects. demonslrating the Torch Theatr¢ Compan￿$ reliability as an employer
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Torch Thea(re Comp8ny Limited(The)
RepDrt of the Trustees
Cor tbe Year Ended 31 March 2021
STRUCTURE. GOVERNANCE AND MANAGEMENT
Governing Document
The Torch Theatre Company Limited is a company lirnit¢d by gu4r4nt¢¢ gov¢rned by its Mernorandum and Articles of
AssoCi￿10n dated 26 August 1977 and amended to allow for current goveman¢e arrdng¢ments by a spKial re501ution pass¢d
on 18 Au8usI 2011. It is registered as a charity with the Charity Commission. Anyon¢ over the age of 16 may become a
mefflber of th¢ trusi and there are currently 10 members. each of whom agrees to contribute £1.00 in the event of the charity
windin8 UP.
Appointment ofTrustees
As Set out in rhe Articles of A550ciation. th¢ Chair of the trustees is norninated by the Torch Theatre Company trustees for a
period of three years. Pernbrokeshire County Coun¢il nominate5 UP to 3 trustees, Milford Hav¢n Town Council nominate$ I
trustee and the charity known a5 Milford Youth Malters (fomierly known as Milford Haven SLKial Servi¢¢ Centre) nominates
I trustee.
Nominees appoinred by Pembrokeshire County CouD¢il and Milford Haven Town Council are svbj¢¢t to the appointment
processes of ihose bodies and the Buidelines laid down for 8ppoinTheni to public office as they apply to local government
nominees.
Trustee Induction and Traini￿2
New trustees undertake an orieniarion day to brief them on their legal obligations under charity law, the ¢onient of the
Memordndum and Anicles of Aswciaiion. the committe¢ and decision making pr0¢¢55es, business plan5. development plans
and details of financial perforniance of the charity. Trust¢¢s are encouraged to attend appropriate ¢xl¢m#l training events as
well as in-house training events organised by ihe charity.
Qrganisational S¢ru¢ture
Th¢ board of trustees administers the charity. Following a review of governance in 2006, thR5 has been reduced from thE
original maximum of 24 members to a target of around 15 member5, with 10 CUTren(ly in place. The board meets regularly,
approximately every quaner. The Executive Director i5 appointed by the tnEStees to manage the day to day operations of the
charity. To facilitate effedive op¢rations. the Ex¢¢utive Director has delegated authority Wlthin ternis approved by the trustees
for day-to-day operational matter5 including fmance, employment and artistic matters.
Related Parties
The Art5 Coun¢il of Wal¢s (ACW), P¢mbrokeshire County Council and Milford Haven Town Council provide core funding
for (he charity, in support of its artisti¢ programme. as an amenity for local residents and as a visitor attraction to Wales.
Risk Managernent
The trusiees have a risk management 5tr0tegy which covers op¢ratiortal and fmancial risks:
an annual review of th¢ risks the charity may face
e5tsblishment of system5 and procedure5 to mitigat¢ ihose risks id¢ntifi¢d in the plan
implementation of pr￿￿ureS designed to minLrn15e any pot¢ntial impact on the charity should ihose risksmaterialise,
in¢luding establishing # res¢rves policy
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Torth Theatre Company Limiieil(Th¢)
Report of the Trusttts
for the Year Ended 31 March 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Charity Number..
508985
Company
Number.
1327289
Principal oifice..
St Peter's Road. Milford Haven. Pembroke5hire SA73 2BU
Ashmole & Co. Chartered Certified A￿o￿nI)nts and liegistered Auditors, Williamston House,
7 Goat Street, Haverftsrdwest SA61 1 PX
Audiiors..
National Westtninster Bank Plc. Pembrokeshire Busine55 Centr¢. 18 High Street. Haverfordwest
SA612DA
Bankers:
Soliciiors:
Price & Kelway. 17 Hamilton Terrdce. Milford Haven SA73 2JA
Dir¢ctors & Trustees
The dir¢¢tors of the ¢hariiable company (the charity) are its trustees for the pur￿$¢ of charity law and thtrjughout this
report are coll¢¢tiv¢ly referred to 18 ihe trusttts.
The trustees serving during the year and since the year end were as follows..
Chair..
Carol Mackint05h (until 9th tk¢¢mb¢r 2020) (fom)erly Dr Carol Garrett)
Cllr Rhys Sinnett (from 9th December 2020)
Vice-chair.
Cllr Rhys Sinnett (until 9th December 2020)
KatrinJ Matsh (from 9th December 2020)
Pembrokeshire County Council
nominees..
Cllr Rhy5 Sinn¢tt
Cllr Dr Simon Hancock
Cllr David Bryan
Milford Haven Town Council
nominee..
Cllr Yvonne Southwell
Milford Haven Youth Matters
(fomierly known as Milford
Haven Social S¢TVi¢¢ Centr¢)
IMninee-.
Vacant
Elected trustees:
Carol Mackint05h (fonnerly Dr Carol Garrett)
Phillipa Dayies
Dr Geoff Elliott (until 9th December 2020)
Amanda Cunningham (urttil 21st (kiober 2￿20)
Katrina Marsh
Sarah Hoss
Nigel Sinnett
Ann Ow5ton (from 16th June 2020)
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Toreh The*¢re Comp¥Jny Limited(fhe)
Report ol the Trusle¢s
for tbe Y¢ar Ended 31 March 21121
Other offi¢ial5'.
Company Secretary:
Executive DiTe¢tor-
S¢nior Manager- Busines$-
Finance Officer..
Arts Council of wal￿ Observ¢r-
Mr Guy Woodham
Mr Benjamin Lloyd
Mr Guy Wotsdham
Vacani
Mr Henry R¢e5
EVENTS SINCETHE END OFTHE YEAR
Infomiation relating to evenis since the end of th¢ year 15 given in the notes to the finan¢ial ststrments.
STATEMENf OF TRUSTEES. RESPONSIBILJTIES
The tn]st¢¢5 (who are also th¢ dirertors of Torch Theatre Company Limiied(The) for the purposes of company law) are
responsible for pr¢paring the Report of the TTUStees and the fJnan¢ial statements in accordance with applicable law and United
Kingdom Accounting Standards {Uni¢¢d Kingdom GeneTJlly Accepted A¢￿unting Praciice).
Company law requires th¢ irustees to prepare financial 5ts1ements for each financial y¢ar which give a tru¢ and fair view of
the sthte of affairs of the charitable company and of the incoming resource5 and application of resour¢¢s, including the income
and expenditure. of the ¢haritable company for that period. In preparing those finaR¢ial statcments, th¢ tru5tee5 are requtr¢d
to
select suitable accouniing policies and ihen apply Ihem consislenily-
observe the meihods and principles in the Charily SORP-
make jlldgtmenis and eslitnaies that are reasonable and prudenl
prepare the firtancial siaternenis on the going concern basis unless it 15 inappropriate to presume that the charitable
ornpany will continue in business.
The tTUSte¢s are responsible for keeping proper acwunting records which disclose with reasonable accuracy ￿ any time the
-finan¢ial position of the charitable company and to enable them (o ensure thai ihe financial 5ts1ements comply with the
'.Companies Aci 2006. They are also responsible for safeguarding the assers of the charitabl¢ company and hence for taking
reasonable steps for the preveniion and detection of ftaud and other irregularities.
In so far as the tDJstees are aware:
there is no relevant audit information of whi¢h the charitable company'5 auditors are unaware. and
the tru5t¢es have taken all stEPS that they oughi to have iaken io make ihemselves aware of any relevant audil
information and to establish ihal (he auditors are aware of that infomaiion.
AUDITORS
A resoluiion will be pro[￿ at the Annual Gerteral Meeting on Wednesday 29th September 2021 to propose ihat audiiors,
Ashmole and Co., be re-appointed a5 auditots to the charity for ihe ensuing year.
This report has be¢n prepar¢d in o¢¢tydartce with th¢ special provisions of Part 15 of ihe Comparties Aci 2006 relating to
small companies.
Approved by order of ihe tx)ard of twst¢es on 2P Sewember 2021 and signed on its behalf by:
Cllr R Sinne
- Tnjstee
Page 9
Ashmole
&Co

Report of the Independent Auditors lo the Trustee5 of
Torch Theatre Company Limited(The)
Opinion
W¢ have audited the financial Statements of Torch Theatre Company Limited{The) (the 'charitable company,) for the year
end¢d 31 March 2021 which comprise the Statemeni of Financial Activities. the Balance Sh¢¢L the Cash Flow Ststement and
notes to ihe financial ststements. including a summary of significant accounting policie5. The financial reponing framework
that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom
Generally Accepted Accounting Practice).
In our opinion the financial statements=
giv¢ a true and fair view of the stale of the charitsble companys affairs 18 at 31 March 2021 and of its incoming
resources and applicaiion of resources, including its income and ¢xp¢nditure, for the year then ended.
have been properly prepared in accordance with UDlt¢d Kingdom Generally Accepted Accounting Practice. and
have been prepared in accordance with lh¢ requirements of the Companies Act 2(X)6.
Basis for opinion
We conducted OUT audii in accordance with Int￿atIonal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our
responsibilities under those stsndards are further described in the Auditors. respon5ibilitie5 for the audit of the financial
statements section of our report. We are independent of ihe charitsble company in xcordance with the ¢thi¢al requirements
that are relevant to our audii of the financial 5talements in the UK, in¢luding the FRC'S Ethical Stsndard, and the provision5
available for small eniiries. in the circumstances set out in nore 23 10 the financial statements, and we have fulfilled our other
ethical responsibillties in arrordance with ihese requirements. We believe rhai ihe audit evidence we have obtained 15
sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going eoncerTr
In auditing the financial ststements. we have concluded that the trustee￿ use of the going con¢¢rn basis of accounting in the
preparation of ihe financial statemenis is appropri￿e.
Based on the work we have ￿rforn1ed. we have not identified any material uncertainties relating to events or conditions that,
individually or colleciively, may wi significant doubt on the charitable company'5 ability lo Goniinue a5 a going ¢oncern for
a period of at ttyeli'e month.v from %¥hcn the financial Aatcrncn15 urc authoriAd fOr1￿￿U¢.
Our r¢sponsibilities And the r¢5ponsibiliiies of the trumees with respect to going concern are des¢ribed in th¢ r¢l¢v¥nt seciions
of this report.
Other Information
The trustees are responsible forthe other infomiation. The other information cotnpri5es the infomalion included in rhe Annual
Report, other than the financial statements and our Report of the Independent Auditi)rs thereon.
Our opinion on the financial statements does not cover the other infomhation and. ¢x¢¢pt to the ¢xtent otherwise explicitly
stsred in our report. we do noi express any forn? of assurance conclusion thereon.
In connecrion with our audii of the financial statements. our r¢spons?bility is to r¢ad the ￿her inforniation and. in doing so.
consider whether the other inforniation 15 materially incon5islent with the financial Statements or our knowledge obiained in
the audit or otherwise appears to be materially misstated. If we kdenrify such tnaterial inconsistencies or apparent material
mi5Statements, we ar¢ required to d¢terrnine whether this giv¢s rise io a material misstatement in the financial sthtements
themselves. If, ba5¢d on the work w¢ have perfornied, we conclude that there is a material misswement of this other
inforn]ation. we are required to rewTrrt that fa¢t. We hav¢ nothing io report in this regard.
Matters on which we are required to report by exception
W¢ liave iiviliijig tv i¥puil iti le5F￿£t ofdie follLiviiiL¥ i11￿(S wli¢r¢ Ui¢ Chariti¢s (Awunls and Repurts) Rexul¥iivns 2008
require5 US to report io you if, in our opinion..
the inforniation given in the Report of the Trustees is inconsistent in any material respect with the financial 5tatements-
or
Ihe ¢hariiable company has nor kept adequate accounting records- or
the financial 5tatemenls are not in agreement with the accounling record5 and retttms. or
we have noi received all the infonnation and explana(ions we requir¢ for our audit.
Page 10

Report of the Independent Auditors lo the Trustee5 of
Tor¢h Theatre Company Limited(The)
Responsityilities of trustees
As explained more fvlly in the Statement of Trusiees, Responsibilities, the trusiees (who are a150 the direciors of the charitable
company for the purposes of company law) are responsible for the preparation of rhe f￿ancial slarements and for being
satisfied that they giv¢ a tNc and fair view. and for such internal control a5 the trustees determine is necessary to enable th¢
preparation of finaD¢i#I statements that are free from material misstatem¢nt. whether du¢ to frau¢J or error.
In preparing the financial statements. the trustees are responsible for 0sse55ing ihe charitable company's ability to continue as
a going concern, disclosing. as applicable. matters relared to going concern and using the going concern basis of accounting
unless the trnstees either intend to liquidate ihe chariiable company or to cew operations. or have no realistic alternative but
to do so.
Our resPOn5ibilities for the wlldit of the finanei•l statements
We hav¢ bEen appointed a5 auditors under Section 144 of the Charities Aci 2011 and report in accordan¢¢ with the Act and
r¢l¢vant regulations made OT having effect thereunder.
Our objectives are to obtsiA reasonable assurance about whether the financial sthtements as a whole are free from material
mi5Statem¢nt, whether du¢ to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion.
Reasonabl¢ 455uranc¢ is a high l¢v¢l of a$5uranc¢, but is not a guarantee that an audit conducted ift accordance with ISAS
(UK) will always detrft a mat¢rial misstaternent when 1¢ exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the a
gre8ate, they could relsonably be expected to influence the econijmic decisions of users
taken on the basis of these financial statements.
In identifying and assessing risks of material mismaiement in respect of intgulariiies. including fraud and non-compliance
with laws and regulations. we ¢onsidered the following:
nature of the charity and the sector in which il operates.
the legal and regulaiory framework in which the charity operates, and in particular those laws and r¢gulations thai directly
.affect the financial staiemenis or have a fvndamental effect on operations eg Charities Act 2011, health and
safety legislation.
results of enquirie5 of management and those chaTg¢d with govcrnance
any matt¢r5 identifi¢d r¢lating to
the charity'5 poli¢i¢s and proccdures for identifyin8, evaluaiing and complying with laws arhd regulations. and
whether there were any known instances of non complian¢¢.
detecting and responding io ihe risks of fraud and whether there is any knowledge of acDJal, suspectedor
alleged fraud.
o the internal contro15 established ¢0 mitigate risks of frdud or non ¢omplionce with laws and regulations.
As a result of performing the above. we did noi identify any key audii matters related to potential risk of fraud or non
compliance with law5 and regulations.
In addition to the above. our procedures in¢luded=
reviewing the financial statement di￿105Ure5 and iesting to supporting docum¢ntation to assess cornpliancewith
relevant laws and regulations
enquir¢s of management and thos¢ charged with governance concerning ac￿al and wtential litigation and claims
perfoming analytical pro¢edur¢s to ideniify any unusual or unexpecied relationships that may indicate risks of
material misstatement due to fraud
review of minutes of committee meeiings
written repres¢ntslions
A further description of our responsibili(ies for the audii of ihe financial staiemenrs is located on the Financial Reporting
Council's website at www.frc.org.uklaudiiorsresponsibilities. This descripiion fornis wt of our Report of the Independent
Auditors.
Pagell
Aslimole

Report of the Independent Audltors to the Trnstees of
Torch Theatre Company Limited(The)
Use ol our report
This report is made solely to the charitable company's trustees. as a b￿ly. in attordance with Part 4 of the Charities (Accounfs
and Reports) Regulations 2008. Ouraudit work ha5 been undertaken so that we might state io the charitable company's tTUStees
those matters we are required to state io them in an auditors, rep)rt and for no other purpose. To the fullest exteni permitted
by law, wt do Tjoi accept or assume responsibility to anyone other than the ¢haritable company and ihe charitable company's
trusl¢e5 as a body, for our audit work. for thi% reporL or for the opinions w¢ have fornied.
L4
Ashmole and Co.
Chartered Cenified Accountants Statutory
Auditors
Eligible io act as an auditor in t¢rnis of Se¢tion 1212 of ihe Companies Act 2(K16
Williamston House
7 Goat Streei
Hav¢rfordw¢st
Pembrokeshire
SA61 IPX
Page 12
A4lirnole

Torch Th¢#tre Company LimIted￿he}
Stalement of Financial Activities
(Incorporating Income and Expenditwre Acco￿￿¢>
for the Year End￿ 31 March 2021
31.3.21
Total
funds
31.3.20
Tot41
funds
Unrestricted
fund
Re5tric*d
funds
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
.136.335
44.755
1.181.090
596,705
Charitable activitie5
Theatre
10.203
10.203
684.690
Other trading activitie5
Investment income
Other income
15.9T7
66
15,977
66
227,945
296
Total
1.162,581
44.755
1,207,336
1,517.024
EXPENDITURE ON
Raising funds
Raising donarions and legacies
Other trading activities
1.500
1.500
11,(A6
71,686
71.686
238,541
Charitable *ctivitics
Theatre
138,219
934,082
.455,113
Other
Toi¥l
874.070
138,219
,012,289
1,693,654
NET INCOME/(EXPENDITURE)
288.511
{93.464)
195.047
(176,630)
RECONCILIATIOIY OF FUNDS
Total funds browght forward
276.174
3.686,398
3.962.572
4,139,202
TOTAL FUNDS CARRIED FORWARD
. The noie5 forni part of these financial slatements
Page 13
l)mole

Torch Theatre Company Limitedffhe) Cc-<-) ￿.. *31728?
Balante Sheet- Parent Company
31 March 2021
31.3.21
Total
funds
Jl.3.20
Total
fijnds
Unrestricted
fund
Restrided
funds
Notes
FIXED ASSETS
Tangible assets
Investments
16
26
269242
3.589.734
3.858,976
10
3.970,271
10
269252
3,589.734
3,858,986
3,970,281
CURRENT ASSETS
Stocks
Debtors
Cash at bank and in
17
18
2,682
.417
2.682
99,417
377
6,090
156.552
117687
J74
476.703
3.200
479.903
280,329
CREDITORS
Amounts falling due within one year
19
(181270)
(181.270)
(288.038)
NET CURRENT ASSETS
295 433
298
TOTAL ASSETS LESS CURRENT
LIABILITIES
564.685
3.592.934
4.157.619
3,962,572
NET ASSETS
FUNDS
Unrestricted fvnds
Restricied funds
21
564,685
276.174
TOTAL FUNDS
The notes forni part of these financial s¢at¢m¢nts
Page 14
contin
slimole

Tor¢h Theatre Company LimitedlThe) .
17173g4
B#l*n¢e Sh¢el- Consolid*¢ed
31 March 2021
31.3.21
Total
funds
31.3.20
Total
Unr¢stric*d
fvnd
R¢stricted
funds
Noie5
FIXED ASSETS
Tangible assets
16
269242
3.589,734
3,858,976
3,970,271
CVRRENT ASSETS
Stocks
Debtors
Cash ai bank and in hand
2.682
93,417
2.682
9),417
6,090
54,365
476.703
3200
479.903
178,142
CREDITORS
Amounts falling due within one year
19
(181260)
(181,260)
(185,841)
NET CURREiwf ASSETS
44
TOTAL ASSETS LESS CURRENT
LIABILITIES
564.685
3.592.934
4.157.619
3.962.572
NET A&SETS
FUNDS
21
Unrestricied funds
Resiricied funds
504,685
276,174
TOTAL FUNDS
The charilable company is entitled to exemption from audit under Se¢tiort 477 of the Companies Aci 2006 for the year
ended 31 March 2021.
The member5 have noi deposiied noiice. pursuani ￿ Section 476 of the Companie5 Act 2Crf)6 requiring an audit of these
financial 51atements.
Th¢ irustees arknowledge th¢ir responsibililies for
(a)
ensuring that the rharitable company keeps accouniing records that comply with Sedion5 386 and 387 of the
Companies Act 2006 and
preparing financial stat¢rnents which give a tru¢ and fair view of the stale of affair5 of the charitable company as at
the end of earh financial year and of its surplus or dcficit for each financial year in accordance with the
requirements of Sections 394 and 395 and which otherwise comply with the requirem¢nts of the Companie5 A¢t
2006 relating to firtancial sthtements. so far as applicable to the charitable company.
(b)
These financial ststements have been audited under the requirements of Section 145 of the Chariiies Act 2011.
The noies fim part of these finan¢ial statements
Page 15
niinued...
AslunL¥Ic

Toreh The*tre Company LiThited(Tb¢)
Balance Sheet- coDtiTrwed
31 March 2021
These financial s¢atements have been prepared in a¢cordance with the provisions applicable io charitable compani¢5 subie¢t
to the small ¢ompanies regime.
The financial sthtemenis were approved by the Board of Trustees and authorised for issue on 291b September 2021 and w¢re
signed on its behalf by:
Cllr R Sinnert- Trustee
The notes foTm parf of finar]cial statements
Page 16
AslimnlL

T0￿h Theatre COM￿nY Limited(The)
Cash Flow Statement
for the Yt*r Ended 31 M¥r¢h 2021
31.3.21
31.3.20
Notes
Cash flows frorn operating aetiviti
Cash generated from operations
N¢t cash provided byl(used in) operating xtivities
Cash flows frnm investing activities
Purchase of tangible fixed assets
Interest ree¢ived
(33.49))
(31.481)
Net cash used ift investing activities
Change in cash and tosh equiyglents in the
reporting period
Cash and cash equivalents at the begiDJhing
of the reporting period
260,117
(45.894)
Cash and cash equival¢nts at the end of tbe
reporting period
The notes fwn part of these financial slaiem¢nts
Page 17

Toreh Theatre Compathy LimitedlThe)
Notes to ihe Cash Flow Statement
for the Year EThdtd 31 Mareh 2021
RECONCILJATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING
ACTIVITIES
31.3.21
31.3.20
Net in¢om¢l(expenditure) for the reporting period (as per th¢Si•ttmeTrt
of Financial Aetivities)
Adjustments for:
Depreciation charges
Loss on disposal of fixed assets
Interest received
Decrease in stocks
{Increa5eydecrease in debtors
Decrease in creditors
195,047
(176,630)
138273
6,521
(66)
140.982
(296)
750
27.381
{45,052)
Net cash provided byl{used ITr) op¢ratioTrs
ANALYSIS OF CHANGES IN NET FUP4DS
At 1.4.20
Cash flow
At31.3.21
Net cash
Cash at bank and in hand
377 804
Tol#]
The notes fonn parf of these finan¢ial ststements
Page 18

Torch Theatre CompgTry Lirnited(The)
Notts to the Financial Statements
for the Year Ended JA Mareh 2021
ACCOUNTING POLICIES
Basis of preparing the finaneial stAtements
The financial statements ofthe charitsble company, whi¢h is a public benefit entity under FRS 102, have been prepared
in accordance with the Charities SORP (FRS 102) 'Accouniin8 and Reporting by Charrties.. Statement of
Recommend¢d Praciice applicable to charities preparing iheir accounts in accordance with the Financial Reporting
Standard appli¢able in ihe UK and Republic of Irelatsd (FRS 102) (effeciive l January 2019)., Financial Reporting
Standard 102 'Th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies
A￿ 2006. Th¢ fmancial stai¢ments have b¢¢n prepared under the historical cost Convention.
ID¢Orn¢
All incorne is recognised in the Staiemenl of Financial A¢tiYilies once the charity has entirlement to the funds, it is
probable thai the income will be received and the amounr can be measured reliably. The following 5p¢cific poli¢i¢s
are applied to particular categories of income:
Voluntary income received by way of grants. dona¢ions and gifts is includ¢d in full in the Statement of Financial
Activities when receivable. Gran￿ where eniitlement is not conditional on the delivery of a specific perforniance by
the charity, are recognised when the charity becomes unconditionally entitled to the grant. Grants for capital purposes
are includ¢d as incoming resource5 of reswicted fvnds when r¢ceived. Th¢ balance of the restricted fvnd carried
fotward year is reduced by the depreciation on the grant-fund¢d elemenl of the the ￿setsConC¢ffl¢d.
Incom¢ from charitable activities is deferred when admission fees ar¢ received in advance of the performances or
¢v¢nt to which they r¢late.
Donated 5¢rvices, f￿lIttle5 and assets are included at th¢ value io the charity where this can be quantified. The
value of services provid¢d by volunt¢ers has not been included in these accounts.
Tax credits attTibutabl¢ to the subsidiary company under the Thearre Tax Credit are recorded a5 Other Incoming
R¢59urces in the Consolidated Stsiement of Financial Acrivities.
Invesffiient income is included when receivable.
Expenditure
Liabilities are recognised as expenditure as soon there is a kgal or tollstrucrive obligarion committing the charity
to that expenditure. it is probable that a transfeT of economic benefits will be required in settlement and the amount of
the obligation can be measured reliably. Expenditure 15 accounted for on an accruals basis and has been classified
under headings that aggregate all cost related to the category. Where costs cannot be direcily attributed to particular
heading5 they have be¢n allocated to activities on a b&5is consi￿tnt with the use of resources.
Allocation and apportionment of tosts
Costs have been allocated as far as possibl¢ between the expenditure categories of the SOFA on a basi5 designed to
reflKt the use ofth¢ rcsour¢e. Costs relating to a particular activity are allocaied directly. oiher5 have been apportioned
based on the estimated usage of the resource. Costs allocated to generating voluntary incorne. being an element of
administration salaries. postage and Stsiionery. and iheatre renewals have been ¢stimated using best judgern¢nt.
Tartgible fixed assets
Depreciation is provided ai the following annual rat¢5 in order to write off each &5set over ils estimated useful life.
Freehold property
Theatre refurbishment (1996- 2000)
Theatre r¢developm¢nt
Fixtures and fittings
2Q/• on cosi
IIPh on cosl
2Qh on cosi
250/• on ¢os¢ and Iirh ort ¢ost
Page 19
continued...

Torcth Theatre Company Limited￿￿¢)
Notes to the Financial Statements- continued
for the Year Ended 31 Mareh 2021
ACCQUNTINC POLICIES- ¢ontinued
st￿ks
Stocks consist of cafe. bar artd shop stocks and are valued at the lower of cost and net realisable value. after making
due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitsble activities.
Reserves
The ftnancial stat¢ments distinguish between restricted and unrestrtcted funds. The fomier are received from donors
and are subjecl to restrictions on the purpose for which they may be u5¢d. Unre5trirted funds ar¢ those where there
are rto externally imposed resrrictions. These include those freely availabl¢ to the ¢h#rity for expendilure or
appropriation to reserves for internally designated purposes.
Pertsion costs 2nd other Post-￿tIreMent benefits
The charitable cornpany operates a defined contrtbuiion Ftnsion scheme. Contribution5 payable to the charitable
ornparty's ￿nSiOn scheme are charged to the Staiemeni of Financial Aclivities in the period to which they relate.
Hire purehase and le25ing commitments
Rentals paid und¢r operating leases are charged io the Stslemeni of Financial Activities a5 incurred.
DONATIONS AND LEGACIES
31.3.21
31.3.20
Ans Council of Wales
Pembrokeshire County Council
Milford Haven Town Council
Film Agency Wal¢s l Ffilm Cymru Grants
Gifts and donation$
Sponsorship
LED Instsllation Support (ACW)
ACW Resilience Grani
Covid 19 JRS Grant
'Welsh Govemmeni Covid NDR GTrnts
ACW Stabilisation Grant
ACW Cultural Recovery Fund
ACW Fly Tower projKt
Donated assets
Film Hub Wal￿BFl Covid Grant
Film Hub Young Film Ambassador Grant
451
63,340
7,000
447,598
79,895
10,ffKJ
4.975
I3.￿[
1,400
16.543
18.572
4.631
11.766
4245
175.087
35,(X)O
35,Cl)O
344.910
15.C(KJ
10,050
Page 20
continued...

Toreh Thtatre Cowpany Limiied(Th¢)
Notes to the Finanei81 Statements- continued
for tb¢ Year Ended 31 Mar¢h 2021
OTHER TRADING AcfiviTIES
31.3.21
31.3.20
Cafe sale5
Bar sales
Shop sales
Telephone mast rental
110.528
42.&59
58.651
INVESTMENT INCOME
31.3.21
31.3.20
Deposit account interest
Th¢ ¢harity'S iAvesiment in¢orn¢ arises wholly from interest bearing deposits.
INCOME FROM CHARITABLE A￿1V￿rIEs
31.321
31.3.20
Activity
Theatre
Theatre
Theatre
Theatre
Theatre
Theatre
Theatre
Theatre
Theatre
Films
Youth iheaire and education
Hire of theatre
Sales of programmes elc.
Technical hire
Sei ¢onstruclion
Sundry theatre in¢ome
3.755
314,978
281,075
20,667
26242
5.664
11.193
13,7(AS
4.999
280
50
OTHER INCOME
Eniitlement to Theatre Tax Credits £nil (2020- £7388).
RAISING DONATIONS AND LEGACIES
31.3.21
31.3.20
Administration expenses
Support costs
1,500
1.500
P4ge21
¢onlinu

Tor¢h Theatrt COM￿nY Limited(The)
Notes to the Financial Statemettts- eontithu¢d
for the Year Ended 31 Mar¢h 2021
OTHER TRADING AcfiviTIES
31.3.21
31.3.20
Purchases
Staff costs
Equipment repairs and renewals
Other direct costs
Depreciaiion
3,598
108.567
103.7(hl
4,153
8,993
7,219
3.997
CHARIT ABLE ACTIVITIES COSTS
Support Costs
(see noie 10)
Totsls
Theatre
io.
SUPPORT COSTS
Manag¢m¢ni
Gov¢rnan¢e
05ts
Totals
Raising donations and lega¢ie$
Theatre
15.362
15,362
NET INCOMEI(EXPENDITURE)
Nel inCom￿leXpendl¢ur¢) is ststed 4ft¢r ¢hargingl(crediting)-.
31.3.21
31.3.2
Audiiors. remuneration
Audiiors. remuneration for non audit work
Depr¢ciaiion - owned assets
Deficit on disposal of fixed LWLS
2.500
2.860
138273
2.400
2.543
140.981
Page 22
¢oniinued...

Torch Thutre Company Limited(fhe)
Nottt to the Fin#nei#l Stat¢meTrts- continued
for the Year Ended 31 Mareh 2021
12.
TRUSTEES. REMUNERATION AND BENEFITS
Trustees are not remunerated. No tn￿S received any remuneration during the y¢ar (2020- nil).
Trustees. ¢xpenses
There were no trustees. expmses paid for the year ended 31 March 2021 nor for the year ended 31 Mtrch 2020.
J3.
STAFF COSTS
31.321
31.320
Wages and salaries
Social security costs
Other pension costs
558.518
30.233
691.662
34.741
The average monthly number of employees during the year was as follow5:
31.3.21
31.3.20
34
Theatre and facilities
Publicity
Administration
No ¢mploye¢s'rettived emoluments in excess of £60.000.
Staff costs above include perforniers and theatre personnel engaged on a contract basis as well as pernianeTht Staff.
Employee numbers reflect the average monthly head count of casual and perm2nenc staff which equates to an
estimated 21 full-iime equivalent staff.
14.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestrictrd
fund
Restricted
nds
Total
funds
INCOME AND ENDOWMENTS FROM
Donations and l¢gacies
561.591
35.114
596,705
Ch8ritable activities
Theatre
684,69)
Other trading activities
Investment income
Other income
227.945
296
227.945
296
Total
EXPENDITURE ON
R4i5ing funds
Raising donations and legacies
11.646
11.646
Page 23
Continu
451￿ni)lL

Torch The*tre Comp4Ay LimIted￿h¢)
Notes to the Financial St*tements- continued
for the Year Ended 31 March 2021
14.
COMPARATIVLS FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued
Un￿ded Restricted
fijnd
funds
Total
nds
Other trading activities
226
238,541
238.541
Charitable aetivities
Theatr¢
l J27.120
127.993
1,455.113
Total
.565.661
127,993
1,693,654
NET INCOMEI(EXPENDITURE)
(83.751)
(92,879)
(176,630)
RECONCILIATION OF FUNDS
Total brought (orwgrd
359.925
3.779.277
4,139,202
TOTAL FUNDS CARRIED FORWARD
15.
TAXATION
A5 a registered chprity, Torch Theatre Company Ltd is exempt from tax on income and gains. No tax charges have
arisen on ihe charity. The Trading Subsidiary is entitled to Thearre Tax Cr￿lts which is r¢fl¢cted as Oiher Incoming
Resources in the Consolidated Stsiement of financial activitie5 in the Sum of £nil (2020- £7.388).
Page 24
¢oniinued...

Torch Theatr¢ Company Limited(fhe)
Notes to the Financial Statements- conlinued
for the Ye*r Ended 31 March 2021
16.
TANGIBLE FIXED ASSETS
Theatr¢
refiJrbishm¢nt
FixDores
and
rittings
Freehold
Property
(1996
2000)
Thearre
redevelopment
Tota15
COST
At l April 2020
Additions
Diswjsals
28270
4,63&(
.474.680
33,499
6,548,827
33.499
At 31 March 2021
1414928
489 075
DEPRECIA TION
At l April 2020
Charge for year
EliminJted ort disposal
139.737
8.156
1,088,452
91762
1.322,097
37.355
2,578,556
138,273
Ai 31 March 2021
14
1272 722
263009
NET BOOK VALUE
At 31 March 2021
At 31 Ma￿h 2020
All fixed ￿setS are used in di￿cl furtherance of the charities objects.
Detarls of the restricted fund relating to the theatre building and re-development )r¢ given in not¢ 25.
Legal charges have been registered over the theatre E￿Ilding by the Arfs Council of Wales.
All Group Fixed Assets belong io the parent company. The subsidiary company h85 no Fixed.Assets.
17.
STOCKS
31.3.21
31.3.20
Stocks
All siocks belong io ihe parent company.
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Torch Theatre Company Limitedffhe)
Notes to the Financial Ststements- eoAtinued
for th¢ Y¢ar Ended 31 Mareh 2021
18.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.321
31.3.20
31.3.21
31.3.20
Group
41,476
16T2
Group
35.826
1&539
Charity
41,476
Z2.6T2
Charity
138,013
18.539
Other debtors
Prepayments and a¢¢Tued income
VAT
19.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.21
31.3.20
Jl.3.20
Group
Group
Ch•rity
Charity
VAT
Advance Teceipts
Deferied in¢ome
Sundry crediiois and accTuals
45.788
10,559
124 923
78,903
8,028
45,788
10.559
78,903
8,028
Included in sundry creditors and accruals are amounts owing for social security and other taxes of £10.731
(2020- £10.959).
20.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operaiing leases fall due as follows:
31.321
31.3.20
With1￿ one year
Betsvttn one and five years
5,271
5,271
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conlinued...
.IslimolL

Torch Theatre Comp¥4ny Limi¢ed(Th¢)
Notes to the Financial Statements- continued
for the Yegr Ended 31 March 2021
21.
MOVEMENT IN FUNDS
Net
rntsvernent
in funds
At
31.3.21
At 1.4.20
Unrtstrieted funds
General fund
276,174
288.511
564,685
Restrxcted funds
Resiricied funds
3.686,398
{93,464)
3.592,934
TOTAL FUNDS
Net movemeni in funds. in¢luded in the above are as follows".
Incoming
T¢sour
Resources
expended
in fund5
Unrestricted funds
General fvnd
1.161581
(874.070)
288,511
Restricted fund5
Restricted funds
44.755
(138,219)
193,464)
TOTAL FUNDS
Comparntives for movement in funds
Net
movemeftt
in funds
At
31.3.20
Atl.4.19
Vnrestricted funds
G¢n¢rdl fi]nd
359,915
(83,751)
276.174
Restrlcted funds
Restricted fijnds
3.779.277
(92.879)
3.686.398
TOTAL FUNDS
Page 27
Continued...

Torch Theatre Company Limited￿kne)
Notes to the Financial St¥4tements- conlinued
ror the Year Ended 31 M*rch 2021
21.
MOVEMENT IN FUTrIDS- eontinued
Comparative net movement in fimd%, included in the above are as follows..
Incoming
resources
Resources
expended
Movem¢nt
in fvnds
Unrestricted I￿ndS
General fund
.481,910
(1.565.661}
(83,751)
Rtstricted funds
Restricted fund5
35.114
(127.993)
(92,879)
TiyfAL FUNDS
A current year 12 monihs and prior year 12 month5 combined posilion is ￿ follows..
Nei
movement
in funds
Ai
31.3.21
At 1.4.19
Unrestricted funds
General fvnd
359.925
204,760
564.685
Restricted fu￿￿5
R¢$tri¢t¢d funds
3.779,277
(186.343)
3,592,934
TOTAL FUNDS
A current year 12 months and prior year 12 rnonths combined net movemenl in fvnds, included in the above are as
follows..
Incoming
resources
Resources
expended
in funds
Unrestricted funds
General fund
IfA4.491
(2.439.731)
204.760
Restricted funds
Restricted funds
(266.212)
(186.343)
TOTAL FUNDS
Full details of restricted funds are provided at note 25.
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¢ontinued_
As1]molc

Torch Theatr¢ Cowp*ny Limit¢d(The)
Notes to the Financial Ststements- continued
for the Year Ended 31 Mareb 2021
22.
RELATED PARTY DISCLOSURLS
Torch Theatre Produetion Company Llmlted
During the year. the Charity made sales of £nil (2020- £109.575) and purCh￿eS of £nil {2020- £102.187) tolfrom its
IOIP/fj wholly owned subsidiary. Ai the year-end dat< ihe trading subsidiary owed the Charity the sum of £nil (2020
£7J88}.
FRC ETHICAL STANDARD- PROVISIONS AVAILABLE FOR SMALL ENTITIES
In wmmon with many other businesxs of our size and nature we use our auditors io prepare and submit reDJms to
the tax authorities and &55iSt with the preparation of th¢ f]nancial ststements.
24.
POST BALANCE SHEET EVENTS
As a result of the Covid-19 pandemi¢. the closure of th¢ Torth Theatre continued into ihe 2021r22 financial year in
line with government requirements, with a sta￿0¢1ed re-opening of the ih¢atre in September 2021. During this time
grdnt income has contiT]ued at the an¢tGipaied level and in addition the Torch Theatre has received further financial
support frotn the Welsh Governm¢DL Arts Council of Wales, Film Hub Wal&BFI and also utilised the Coronavirus
Job R¢tention Scheme.
These financi21 statemenis are prepared on a going concem basis. Despite Covid-19 the trustees have a reasonable
expectation ihat the entiry will continue in opeNional existence for the foreseeable futyre.
25.
RESTRICTED FUNDS
BalatKe
as al
1.04.20
Movemenl
in Year
Balance a5
at31.03.21
Capital Reserv¢ (Main Theatre)
Capi¢al Re-development Fund
Capital Reserve (Studio Theatr¢)
Film Hub Wales Young Film Ambassador Grartl
101.103
3J28.4JJ
56.875
-(3,757)
(91.407)
(1.5(X))
97J46
3,437,013
55.375
IRe
in Theatre
The fr¢¢hold of the T0￿h Theatre was conveyed io the company by Preseli Pembrokeshire Disrrict Council on 23rd
January 1991 for ihe consideration of £1. The property was valued by Messrs Glyn Davie5 & Co. at £180,000 in
January 1991 and ha5 been incorpornled into the flnancial statements at that figure. the 5UTplus being credited to a
capital reserve.
Following the introduclion of FRS15 th¢ trus¢¢es de¢ided to depreciate the freehold over a period of 50 years on a
straight line basis. This results in a depreciation ¢harge of £3.757 per annum. The balance remairting on this fund is
£97.346 (2020- £101.103).
Page 29
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A511mi>le
&Co.

Toreh The4tr¢ Comp*oy Limitedcfhe)
Nott5 to the Financial Ststem¢nts- Continued
lorthe Year EThd￿ 31 March 2021
25.
RESTRICTED FUNDS- continued
ital Re-devel
ent Fund
During the three years to March 2009. Ihe theatre was completely r¢-developed. Further capital improvem¢nts have
been made in subsequent years. This eapithl expendilure is being depreciated over a period of10 years (fixtures and
equipment) or 50 y¢ar5 (buildings). The grants and donations received for the restricted purpose of the iheatre's re-
developm¢nt h¥ve been treated as a restricted fund in accordance with the Ststement of Recommended Practice and
are reduced by the depreciation charge in rEspect of the re41evelopment costs. The balance remaining on this fund is
£3,437,013 (2020- £3.528,420).
ital Reserve
Studio Theatre
As part of the re.develtspmeni. the charity acquired the freehold of an adjoining prop¢Tty which house5 the new studio
Iheatre. Part of ihe value of the property (valued at £75.000) was donaled by Pembrok¢5hire County council creating
a further capital reserve. The property is being d￿recIa[ed over 50 year5 on a Strdight line basi5 resulting in a
depreciation charge relating io the gift of £1.500 per annum. The balance remaining on this fund is £55,375 (2020 -
£56,875).
Film Hub Wale
un
Film Am
assador
rant
During the year rhe charity received a Film Hub Wales Young Filrn Ambassador Grant of £3.200. Due to Covid
restrictions ihis project could not be undertaken and these funds are carried forward to the next accounting period to
be utilised for this purpose.The balance remaining on this fund is £3.200 (2020- nil).
26.
su￿IDIARy UNDERTAKINGS
The Charity holds the enlire issued shar¢ ¢apital of 10 Ordinary shares of £1 each in Torch Theatre production
Company limited. a company incorporated in England and Wal¢s. Company number 09287683. The Charity acquired
the Trdding subsidiary on 30th Cktober 2014. The Torch Th¢atre Produttion Company undertakes the commercial
production of theatrical performances_ A summary of the trading rcsults are shown below.
Summary profit and loss acrount:
Year Ended
31.3.21
Year Ended
31.3.20
Incom¢
Cost of sales
102.187
Profil or (Loss) on ordinary activili¢s befoTe iaxaiion
Tax credit
17.388)
Profit for the financial period
The a55ets and liabilities of the subsidi*ry were:
Cu￿ent assets
Creditors
10
109,585
Aggregate share capital and reserves
Page 30
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