2023-03-31-accounts - The Torch Theatre Company Limited

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			Page
Report ofthe Trustees		1	to	9
Report ofthe Independent Auditors		10	to	12
Statement ofFinancial Activities			13
Balance Sheet		14	to	15
Cash Flow Statement			16
Notes to the Cash Flow Statement			17
Notes to the Financial Statements		18	to	28
Detailed Statement ofFinancial	Activities	29	to	31

	for	the Year	Ended 31March	2023
					31.3.23	31.3.22
			Unrcstrictcd	Restricted	Total	Total
			fund	funds	funds	funds
		Notes	f			f
INCOME AND ENDOWMENTS FROM
Donations and legacies		2	535,409		535,409	915,508
Charitable activities		5
Theatre			696,232		696,232	297,984
Other trading activities		3	191,801		191,801	58,481
Invcstmcnt income Other income		4 6	775 41,000		775 ~41 000	39 17,977
Total			1,465,217		1,465,217	1,289,989
EXPENDITURE ON
Raising funds
Raising donations and	legacies	7	1,500		1,500	1,500
Other trading activities		8	118,632		118,632	59,084
			120,132		120,132	60,584
Charitable activities
Thcatrc			1,599,234	103,634	1,702,869	1,329,821
Total			~1,719366	103,634	1,823,001	1,390,405
NET INCOME/(EXPENDITURE)			(254,150)	(103,634)	(357,784)	(100,416)
RECONCILIATION	OF FUNDS
Total funds brought forrvard			576,695	3,480,508	4,057,203	4,157,619
TOTAL FUNDS CARRIED IiORWARD			322,545	3,376,874	3,699,419	4,057,203

				31.3.23	31.3.22
		Unrestricted	Restricted	Total	Total
	Notes	fund	funds 8	funds f.	fundsf
FIXEDASSETS
Tangible assets	16	261,676	3,376,874	3,638,550	3,737,448
Investments	26	10	-	10	10
		261,686	3,376,874	3,638,560	3,737,458
CURRENT ASSETS
Stocks	17	7,351		7,351	2,682
Debtors	18	292,395		292,395	276,059
Cash at bank and in hand		237,898		237,898	452,260
		537,644		537,644	731,001
CREDITORS
Amounts falling duc within one year	19	(476,785)		(476,785)	(411,256)
NKT CURRENT ASSETS		60,859		60,859	319,745
TOTAL ASSETSLESSCURRENT
LIABILITIES		322,545	3,376,874	3,699,419	4,057,203
NKT ASSETS		322,545	3,376,874	3,699,419	4 057 203
FUNDS	21
Unrestricted funds				322,545	576,695
Restricted funds				3,376,874	3,480,508
TOTAL FUNDS				3,699,419	4,057,203

	31	March 2023
				31.3.23	31.3.22
		Unrestricted	Restricted	Total	Total
		fund	funds	funds	funds
	Notes
IrIXED ASSETS
Tangible assets	16	261,676	3,376,874	3,638,550	3,737,448
CURRENT ASSETS
Stocks	17	7,351		7,351	2,682
Debtors	18	112,853		112,853	106,374
Cash at bank and in hand		237,898		~237898	452,260
		358,102		358,102	561,316
CREDITORS
Amounts falling due within onc year	19	(297,233)		(297,233)	(241,561)
NET CURRENT ASSETS		60,869		~60 869	319,755
TOTAL ASSETS LESSCURRENT
LIABILITIES		322,545	3,376,874	3,699,419	4,057,203
NET ASSETS		322,545	3,376,874	3,699,419	4,057,203
EUNDS	21
Unrestricted funds				322,545	576,695
Restricted funds				3,376,874	3,480,508
TOTAL KUNDS				3,699,419	4,057,203

			To	rch The	atre Company Limited	(The)
					Cash Plow Statement
				for the	Year Ended 31March	2023
						31.3.23	31.3.22
				Notes		f	f,
Cash flows from operating		activities
Cash generated from operations						(186,214)	90,615
Nct cash (used in)/provided		by operating		activities		(186,214)	90,615
Cash flows from investing		activities
Purchase oftangible fixed	assets					(28,923)	(16,198)
Interest received						775	39
Net cash used in investing	activities					~28,148)	~16,159)
Change in cash and cash	equivalents		in
the reporting period						(214,362)	74,456
Cash and cash equivalents		at the
beginning ofthe reporting		period				452,260	377,804
Cash and cash equivalents		at the end	of
the reporting period						237,898	452,260

ACTIVITIES
					31.3.23	31.3.22
					g	g
Nct expenditure for the reporting		period (as pcr the Statement	of
Financial Activities)					(357,784)	(100,416)
Adjustments for:
Depreciation charges					127,822	137,727
Interest received					(775)	(39)
Increase in stocks					(4,669)
Increase in debtors					(6,479)	(6,957)
Increase in creditors					55,671	60,300
Net cash (used in)/provided	by operations				(186,214)	90,615
ANALYSIS OF CIIANGES	IN NKT FUNDS
			At	1.4.22	Cash flow	At 31.3.23
				6		6
Net cash
Cash at bank and in hand			452,260		214,362	237,898
			452,260		214,362	237,898
Total			452,260		214,362	237,898

	DONATIONS AND LEGACIES
		31.3.23	31.3.22
		I	f.
	Arts Council ofWales	459,310	452,522
	Pembrokcshire County Council	10,000	20,000
	Milford Haven Town Council	7,000	7,000
	Gifts and donations	16,577	15,503
	Sponsorship	21,483
	Covid 19JRS grant		25,615
	PCC rates relief grant		1,500
	ACW cultural recovery fund		393,368
	Chapter Cardiff	6,800
	ACW - cost ofliving award	~14239
		535,409	915,508
3.	OTIIER TRADING ACTIVITIES
		31.3.23	31.3.22
			f
	Cafe sales	31,474
	Bar sales	47,282
	Kiosk sales	91,439	43,016
	Merchandise sales	3,399
	Telephone mast rental	18,207	15,465
		191,801	58,481

							31.3.23	31.3.22
							f	E
Deposit account interest							775	39
Thc charity's	investmcnt		income arises wholly		from interest bearing	cash deposits.
INCOME FROM CHARITABLE ACTIVITIES
							31.3.23	31.3.22
				Activity
Theatre				Theatre			412,030	171,041
Films				Theatre			220,470	91,487
Youth theatre Hire oftheatre	and education			Thcatrc Thcatrc			12,571 15,790	9,557 3,202
Sales ofprogrammes		etc.		Theatre			2,400	779
Tcchnical hire				Theatre			7,445	4,881
Setconstruction				Thcatrc			13,273	7,117
Sundry theatre	income			Theatre			12,253	9,920
							696,232	297,984

7.	RAISING	DO	NATIONS AND LEGACIES
				31.3.23	31.3.22
				I,	I
	Administration		expenses	1,500	1,500
g.	OTIIER TRADING ACTIVITIES
				31.3.23	31.3.22
				f
	Purchases			78,200	26,929
	Staff costs			32,488	11,644
	Equipment	repairs and rcncwals		1,606	15,352
	Other direct	costs		4,807	3,847
	Depreciation			1,531	1,312
				118,632	59,084

9.	CHARI	TA	BLE ACTI	VITIES COSTS
						Support
					Direct	costs (see
					Costs f.	note 10) f	Totals f
	Theatre				1,420,906	281,963	~1,702 869
10.	SUPPORT		COSTS
						Governance
					Managcmcnt f	costs f	Totals
	Thcetre				272,660	9,303	281,963
11.	NKT INCOME/(EXPENDITURE)
	Nct income/(expcnditurc)			is stated after charging/(crediting):
						31.3.23	31.3.22
						f	f
	Auditors'	rcmuncration				2,700	2,600
	Auditors'	remuneration		for non audit work		3,123	2,924
	Depreciation		—owned assets			127,821	137,726

STAFF COSTS
				31.3.23	31.3.22
				f
Wages and salaries				819,866	632,334
Social security costs				49,090	37,593
Other pension costs				10,447	8,593
				879,403	678,520
The average monthly	number ofemployees		during thc year was as follows:
				31.3.23	31.3.22
Theatre and facilitics				26	19
Publicity				2	2
Administration				5	6
				33	27
No cmployecs received emoluments		in cxccss off60,000.

	Employee numbers rcfiect the avcragc monthly head count of casual and permane estimated 26 full-time equivalent staff.	Employee numbers rcfiect the avcragc monthly head count of casual and permane estimated 26 full-time equivalent staff.	Employee numbers rcfiect the avcragc monthly head count of casual and permane estimated 26 full-time equivalent staff.	nt staff which	cquatcs to an
14,	COMPARATIVES FORTIIESTATEMENT Olr F'INANCIAL ACTIVITIES
			Unrestricted	Restricted	Total
			fund	funds	funds
					6
	INCOME AND ENDOWMENTS FROM
	Donations and legacies		915,508		915,508
	Charitable activities
	Theatre		297,984		297,984
	Other trading activities		58,481		58,481
	Investment income		39		39
	Other income		17,977		17,977
	Total		1,289,989		1,289,989
	EXPENDITURE ON
	Raising funds
	Raising donations and	legacies	1,500		1,500
	Other trading activities		59,084		59,084
			60,584		60,584
	Charitable activities
	Theatre		1,217,395	112,426	1,329,821
	Total		~1277,979	112,426	~1,390405
	NET INCOME/(EXPENDITURE)		12,010	(112,426)	(100,416)
	RECONCILIATION	OF FUNDS
	Total funds brought forward		564,685	3,592,934	4,157,619
	TOTAL FUNDS CARRIED FORWARD		576,695	3,480,508	4,057,203

		Theatre
		refurbishment		Fixtures
	Freehold	(1996-	Theatre	and
	property I	2000)	redcvclopment	fittings I	Totals
COST
At 1 April 2022	407,808	28,270	4,638,069	1,431,126	6,505,273
Additions				28,923	28,923
At 31 March 2023	407,808	28,270	4,638,069	1,460,049	6,534,196
DEPRECIATION
At 1 April 2022	156,050	28,270	1,273,975	1,309,530	2,767,825
Charge for year	8,157		92,761	26,903	127,821
At 31 March 2023	164,207	28,270	1,366,736	1,336,433	2,895,646
NET BOOK VALUE
At 31March 2023	243,601		3,271,333	123,616	3,638,550
At 31 March 2022	251,758		3,364,094	121,596	3,737,448

			31.3.23	31.3.22	31.3.23	31.3.22
				E
			Group	Group	Charity	Charity
	Other debtors		81,999	65,562	261,541	235,247
	Prcpaymcnts	and accrued income	30,854	24,139	30,854	24,139
	VAT			16,673		16,673
			112,853	106,374	292,395	276,059
19.	CREDITORS: AMOUNTS FALLING DUK WI'flIIN ONE			YEAR
			31.3.23	31.3.22	31.3.23	31.3.22
			E		f
			Group	Group	Charity	Charity
	VAT		17,725		17,725
	Advance receipts		116,678	72,352	116,678	72,352
	Deferred income		3377	1,673	3 377	1,673
	Sundry creditors and accruals		159,453	167,536	339,005	337,231
			297,233	241,561	476,785	411,256

				31.3.23	31.3.22
				f,	f
	Within onc year				5,271
21.	MOVEMKNT	IN FUNDS
				Net
				movement	At
			At 1.4.22	in funds	31.3.23
			E		E
	Unrestricted funds
	Gcncral fund		576,695	(254,150)	322,545
	Restricted funds
	Restricted funds		3,480,508	(103,634)	3,376,874
	TOTALFUNDS		4,057,203	~357,784)	3,699,419

Net movement in funds, included	Net movement in funds, included	Net movement in funds, included	in the above	arc as follows:
				Incoming	Rcsowccs	Movcmcnt
				resources	expended	in funds
					E	E
Unrestricted funds
General fund				1,465,217	(1,719,366)	(254,149)
Restricted funds
Rcstrictcd funds					(103,635)	(103,635)
TOTALFUNDS				1,465,217	1,823,001	357,784
Comparativcs for movement		in	funds
					Net
					movement	At
				At 1.4.21	in funds	31.3.22
				f.	E	E
Unrestricted funds
Gcncral fund				564,685	12,010	576,695
Restricted funds
Restricted funds				3,592,934	(112,426)	3,480,508
TOTAL FUNDS				4,157,619	~100,416)	4,057,203
Comparative net movement	in	funds, included		in thc above arc as follows:
				Incoming	Resources	Movcmcnt
				resources	expended	in funds
				E	E
Unrestricted funds
General fund				1,289,989	(1,277,979)	12,010
Restricted funds
Restricted funds					(112,426)	(112,426)
TOTALFUNDS				1,289,989	~1390405)	~100416

			Nct
			movement	At
		At 1.4.21	in funds	31.3.23
				6
Unrestricted	funds
General fund		564,685	(242,140)	322,545
Rcstrictcd funds
Restricted funds		3,592,934	(216,060)	3,376,874
TOTAL FUNDS		4,157,619	~458,200	3,699,419

	Incoming	Rcsourccs	Movcmcnt
	resources	expended	in funds
		6	8
Unrestricted funds
General fund	2,755,206	(2,997,345)	(242,139)
Restricted funds
Restricted funds		(216,061)	(216,061)
TOTALFUNDS	2,755,206	~3,213,406)	458,200

			Balance
			as at	Movcmcnt	Balance as
			01.04.22	in Year	at 31.03.23
			6
Capital	Reserve (Main	Theatre)	93,589	(3,757)	89,832
Capital	Rc-dcvelopmcnt	Fund	3,333,044	(98,377)	3,234,667
Capital	Reserve (Studio	Thcatrc)	53,875	(1,500)	52,375
			3,480,508	~363.634	3,376,474

SUBSIDIARY UNDERTAKINGS
Thc Charity holds the entire issued	share capital of 10			Ordinary	shares offl each in	Torch Thcatrc	Production
Company limited, a company incorporated		in England		and Wales, Company number		09287683.	The Charity
acquired the Trading subsidiary on	30th October 2014.			Thc Torch Theatre Production		Company undertakes		the
commercial production oftheatrical	performances.		A summary		ofthc trading results arc shown below.
Summary profit and loss account:					Year Ended	Year Ended
					31.3.23	31.3.22
					6	f
Income					179,545	169,685
Cost ofsales					~220,542)	~187,661)
Profit or (Loss) on ordinary activities bcforc		taxation			(40,997)	(17,976)
Tax credit					40,997	17,976
Profit for thc financial period
The assets and liabilities ofthe subsidiary		werc:
Current assets					220,552	187,671
Creditors					~220,542 )	~187,661)
Aggregate share capital and reserves					10	10

	for the Year Ended	31March 2023
		31.3.23	31.3.22
INCOME AND ENDOWMENTS
Donations and legacies
Arts Council ofWales		459,310	452,522
Pembrokcshirc County Council		10,000	20,000
Milford Haven Town	Council	7,000	7,000
Gifts snd donations		16,577	15,503
Sponsorship		21,483
Covid 19JRS grant			25,615
PCC rates relief grant			1,500
ACW cultural rccovcry fund			393,368
Chapter Cardiff		6,800
ACW - cost ofliving	award	14,239
		535,409	915,508
Other trading activities
Cafe sales		31,474
Bar sales		47,282
Kiosk sales		91,439	43,016
Merchandise sales		3,399
Telephone mast rental		18,207	15,465
		191,801	58,481
Investment income
Deposit account intcrcst		775	39
Charitable activities
Theatre		412,030	171,041
Films		220,470	91,487
Youth theatre and education		12,571	9,557
Hire oftheatre		15,790	3,202
Sales ofprogrammcs	ctc.	2,400	779
Technical hire		7,445	4,881
Sctconstruction		13,273	7,117
Sundry theatre income		12,253	9,920
		696,232	297,984
Other income
Theatre Tsx Credit		41,000	17,977
Total incoming resources		1,465,217	1,289,989
EXPENDITURE
Raising donations and legacies
Administration expenses		1,500	1,500

				for the Year Ended 31M	arch 2023
					31.3.23	31.3.22
Raising donations	and	legacies
Other trading activities
Cafe purchases					12,010
Bar purchases					25,755
Shop purchases					40,435	26,929
Wages					29,363	10,896
Social security					3,125	748
Equipment repairs	and	renewals			1,606	15,352
Other direct costs					4,807	3,847
Fixtures and fittings					1,531	1,312
					118,632	59,084
Charitable activities
Theatre salaries and fccs					574,742	421,049
Employers national insurance					28,435	21,640
Employer pension	contributions				10,447	8,593
Rates and water					5,602	6,150
Insurance					47,688	27,718
Light and heat					45,630	44,358
Theatre renewals					22,947	45,082
Youth theatre and	education				8,963	8,097
Bought in productions		and artists fees			160,591	59,763
Printing and promotion		ofprogrammes		and
publicity					106,790	94,302
Direct production	costs				12,227	30,593
Royalties and commissions					23,944	13,458
Travelling					33,781	26,909
Sundry expenses					3,564	3,077
Film hire and carriage					104,984	54,730
Laundry and cleaning					15,415	10,525
Memberships and	liccnces				26,640	23,723
Workshop cxpcnscs					12,425	7,686
Motor expenses					12,740	10,464
Boxoffice tickets	and charts				26,212	1,252
Credit card charges					10,848	6,877
Depreciation - I'toehold					8,157	8,157
Depreciation - redevelopment					92,762	92,762
Depreciation - fixtures		and fittings			25,372	35,496
					1,420,906	1,062,461
Support costs
Management
Administration and publicity			salaries		212,281	196,987
Social security					17,530	15,205
Telephone					9,217	8,641
Postage					467	1,364
Office stationery	and	ITcosts			6,824	10,065
Recruitmcnt and	training				8,166	17,721
Professional fees					13,322	7,231
Carried forward					267,807	257,214

		Torch Theatre Company Limited(The)
		Detailed Statement ofFinancial Activities
		for the Year Ended 31March 2023
			31.3.23	31.3.22
				f
Management
Brought forward			267,807	257,214
Entertainment			2,490
Bank charges			2,363	1,220
			272,660	258,434
Governance	costs
Admin salaries			3,480	3,402
Auditors' remuneration			2,700	2,600
Auditors' rcmuncration		for non audit work	3,123	2,924
			9,303	8,926
Total resources	expended		1,823,001	~1390,405
Net expenditure			~357,784)	~100,416)

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