RLGISTERLD COMI PANY NUhlBER: 01327289 (England and Ivales) IGISTERED CHARII'Y h'UfvtBLR: 508985 Report of the'l'ru$tees And Flnaiiclal Statements roi. the Yeai. Ended 31 M4rch 2024 for 'I'oi'eh 'l'heatre Company Llmlt¢d(The} Ashmolc and Co. Cl)arlcrccl Ccrtified ALcuunlaiils an(1 Sialiilory Aiidilors Ivilliamsloii I lousc 7 Goal Sirccl Elavcrfordw¢st Pci)Ibrokesliirc SA61 IPX
Torch'fheatre Company Llmited(The) Contents of the filnanelal Sttem¢Dts for the Year Ended 31 March 2024 Pqge Report of ihe Trustees I to 10 Ileporl of the Independent Audltors StAt¢ment of Flnancial Actlvitles 14 IlalAn¢e She¢t 15 10 17 C8sh 14 loiv St4lement 18 Notcs to the C&$h Illow St8tcment P'ole$ to the Ilinancl41 StAtcments 20 to 32 Dct411cd Statemejit or rilnAiiclAI Acllvltles 33 10 35
Torch Theatre Company Lfimlted{Tlie) Report of the Trustees for the YeAr Ended 31 March 2024 Thc trustces who arc also dircclors of the charity for Ihc purposcs of the Companics A¢1 2006. prescnl thcir rcport with thc rinancial slatem¢nts of the charity for Ihc year cndcd 31 March 2024. Thc Iruslecs havc adopted Ihe provisions of Accounting and Reporting by Charities.. Statcrncnt of Rccommcndcd Practicc applic8blc lo charities prcparing thcir accounts in accordancc with Ihc Financial Rcporting Standard applicable in the UK and Rcpublic of Jrcland (FRS 102) (cff¢ctivc l January 2019). OBJECTIVES AN'D Ac'r1 i'lES The vision, mission and valucs of thc Torch Thcalrc Company Ltd (the Torch) are cmbeddcd in and articulatcd through our programmc and cngagcmcnl with our rommiinilics. This has lcd to a rc-cvalualcd and rcfocused vision and mission for thc Torch, to bcltcr rcprcsciil our position in thc currci)t artistic, political and 50¢ial lands¢apc. Alongsidc this wc havc invcsligated. cslablishcd and articulatcd thc valucs that undcrpin cvcryihing wc do. Vislon To bc Ihc ccnlrc for th¢ arts iii P¢Inbrokcshirc _ ¢oi)nccling artls15, audicnccs and communilics in our county of cr¢alivity and bcyond. Mlsslon Crcale Sustain Coi)nccl Ci'ealc - W¢ ¢Tcalc ai)d euralc higli qiiality prodiiclions, participalion cxpcrici)ccs and cvcnls lo inspirc, cnlcrlain, d¢liglit aiid hall¢iig¢ our audici)ccs and participants in Pci)Ibrokcshirc and beyond. Connect - Wc arc a crcalivc ¢¢nlrc for l)¢nibrokcshirc coi)nccling arts organisalions, Gon)Inunilics. cdiicatioi)al cslablishmcnls and b115incsscs for Ihc b¢iicfil uf all iii Ihc coui)ly and acl as a bridgc lo Ihc widcr arts ccology. S115taSn - I',v¢ryihing we do will be undcrpiniicd by oiir i)ursuil of financial and cnvironiiicnlal suslainabilily, safcguarding Ilic fiiliirc for Peiiibrokcshirc, les c21)d Ihc wider world. l)agc I
Torch Theatre Company Llmiled(Tlie) Report of the Trustees for the Year Ended 31 March 2024 Valucs Artistic Ix¢¢llencc - Crcating work by, with and for our comrnunilies lo the highest stsndard. Fair, Ethical and Acccs8ibl¢ praclic¢s - including anti-racist, anti-ableist and inclusivc practices across the organisalion. Diversity as a strength we rccognise thc uniquc pcrspeclivcs and skills each staff Incmber, volunlccr, artist, organisalion audicnce mcmbcr and participant brings with them and cclcbratc their contributions towards crcaling a vibrant and conncctcd Peinbrokeshirc. Collaboration and partnership working - working with a rangc of organi5alions across Ihc arts and business lo dcvclop bcsl practic¢, share r¢sources and reach furthcr. Celebration of our Wclsh language aiid hcrilagc - acros5 our produccd work and organisalional cihos wc honour our languagc and culiurc wcaving il into Ihc fabric of Ihc Torch. "rransparcncy - our dccisioi) rnakiIig will bc as transparcnl as possible, incliiding publishing our Biisincss Plan and Poli¢ics oiilinc. Stewardship - Ensuring Ihc futurc of Ihc Torch for th¢ bcncfil of future gcncralioi)s in Penibrokcshirc and a¢r05s Wal¢s. Social rcspoi)sibilily and civic duty as 8 publicly fundcd orBai)isalion wc striv¢ lo make our aclivitics and buildiiig acccssiblc lo all who wish lo parti¢ipatc and working lo Ihc bencfil ofour coini)iunily. Iiinovalion wc will conslaiiily rclic¢l on and improvc our work, our pracliccs and oiir policics to cnsurc wc dclivcr against our vision and Iiiission. 'I'hc charity ¢iiibraccs Ihc gyeiicral aiin of coiilribiiling lo Ihc qlialily of lifc for pcoplc livin&y iii Ihc coui)ly of I'cinbrokcsl)ir .Iiid for visitors lo Ihc coiiiily. It ain)s lo prcsci)I divcrsc artistic prograniine wliich is ¢hallcngFin&J, cnlcrlaii)ing, and acccssiblc. 'I'l)¢ ¢harily Inainlains a popiilar i)rograinmo wliich is dcsigned tu iiiidcrpin ils fiiiancial objcclivcs. Wc liavc rcfcrr¢d lo the guidance Contained in Ihc ChaTily Coinmissioi)'s gcncral giiidan¢c on public bci)cfit whci) rcvicwiiig oiir aiiiis and objcclivcs c211d iii planning oiir fulurc uclivilics. In particular, Ihc Iruslces ¢onsidcr liow Iilaijncd aclivilics will Lonlribiilc lo the aiiiis and objcclivcs Ihcy lillvc scl. Our priciiig policy reflccls our aim of enabling all wiil)in oiir coij]miinily lo allciid livc p¢rfom]aiices aiid filiiis al Ilic 1'orch, ai)d a widc rangc of eonccssioTrary priccs arc offercd. 'ro aLhicvc Ihc charity's objcclivcs Ihc following slratcgics arc cmploycd.. crcaliiig opporlunilics for local rcsidenls, particiilarly yoiing pcoplc, lo cngiigc in arts 8clivily orgai)iscd by the charity includiiig yoiiih Ihoalrc. siimmcr school, work cxpcriciicc placcii)ciils, education E?rojecls' provision of facilities aiid profcssioiial support for an)alcur and profcssional artists lo dcvclop. Amaleiir groups arc givcn prof¢ssioiiul advice oil prodiicii)8 51agc prodiiclions.. prograiiiiiiii)g pcrfoi'iiiai)ccs anil films wl)ieh appcal lo spccific Inarkcl se8nicnls, for cxainplc youn8 pcoplc, fainili¢s and oldcr pcoplc. ortcring a rai)¥c of tickcl pri¢c discoui)Is lo providc acc¢ss lo orgaiiiscd 8roiips, yoiing pcoplc, disabled pcoplc, fainilics, uncniploycd and oldcr p¢oplc.' Pagc 2
'I'oreh Theatre Company Llmitedcfhe) Report of the Trustees lor the Year Ended 31 March 2024 provision of allra¢tivc, accessiblc and infornialiv¢ promotional material by way of leaflcts, brochures, e-flyers and a bilingual websitc. providing facilities to iinprov¢ acccss (or disabled customcrs, including indu¢lion loop and infra-rcd hcaring systcms, subtitled scrccnings for films and BSL perfonnanc¢s,' and the use of c-lnarkcling for a range of scrvices through Ihc theatre website A¢tivllles The major arcas of aclivity managcd by Ihc charity arc th¢ production of plays and musical Ihcalre, lourii)g of theatr¢ productions to vci)Iios in Walcs and bcyui)d. 5crccning mainslrcam and indcpcndcnt filins, display of artworks in Ihc gallery, bar and calcring scrviccs, cducalion projccts, and buying in a raiJgc uf profcssional pcrfonnances lo provide a widc-ranging programmc. Key componcnls of the ¢harity's programme and as a plaifonn for ¢ommunily aGlivity arc as follows.. prudii¢lioi) of i)rofessional pluys. niusical Ihcalrc and a CIls(ma5 produclioi) by thc Torch Thcalrc Production Company lo play at thc Torch Thcalr¢. and tour to venucs in Walcs as appropriate and financially viablc., a boughi-in programnie of cvcnls including popular Inusic, musi¢. light cnlcrtainincnl, op¢ra, coiitcmporary dancc. ballcl, plays, niiisical Ihcalrc, non-Wesl¢n) art forms, and comcdy. prcsciilalion of filins throughout Il)¢ ycar, amatciir prodiiclions by groiips ii)cludiiig Milford I lavcn Ainalcur Opcralic Socicly and Arti$li¢ Liccncc: hirc of Ihc Ihcalrc for evci)Is, dancc ¢las5cs, conc¢rts aiid Gon(crcii¢¢s,' cdiie£11ioiial projccls ii)volviiig local prii)iary and secoiidary schools, collcgcs aiid uiiivcrsilics in Pcnibrokcsliirc. Carinariliciisliirc ai)d Cardiff. l)rojccls arc dcvigcd in coiijiinclioi) Iviili cdiiealion professioiia15 aiid (Icsigi)cd to support curriciiliiiii ciclivilics, as w¢ll as (Icvcloping? carcers dwttrciicss ai)d th¢ lifc ski115 of iiidividlial parlicipanls: participatory arts aclivity for yoiing p¢oplc incliidiiig oiic-off draina worksliops, wcckly youth Ihealrc and junior yoiith scssions aiid ai) aiiiiiial Siiniiiicr Scliool5', provision of a gallcry to display profcssional work by visual arts pra¢lilioncrs.' provisioi) of a coininunity choir ('I'oreh Voiccs),. aiid providing voliintccr opijothiiiilics for niorc Ilian 40 local pcople wlio wclcomc visitors to Ihc Il)calr¢, provide ii)foriiialioii, scll prugrainiiics and siipport Ihc markcliiig leani's activity. I'his sav¢s Ilic Ilicalrc a considcrablc aiiioiiiit of moncy cacli ycar csliiiialcd iii 2023124 al £40,OOOpa {2022123 80 voliii)lecrs al £70,OOOpii). JLISI as iiiiporlai)Ily it allows volLintc¢rs lo ciigagc in Il)c lifc of Ihc Ilicalrc ai)d lo gain a bcllcr iiiidcrslaiJdiiig of ils aclivilics. Duc lo tho inhcrciil iinccrtaiiily ofc5tiIi)alcs, Ihcsc figurcs liave not becii incorporalcd into Ihc financial Sialcii)ciils. Pagc 3
Toi'ch Theatre Company Limlled{The) Report of the I'ru5tees ror the Yeai. Ended 31 March 2024 ACIIIEVEMEN'f AND PERFORMANCE Thc ycar cnding March 2024 was only thc second full y¢ar of operating posl COVID-19 pandemic. A full programme of shows (films, bought in productions and Torch Theatre own PToduclion5) took placc Ihroughout thc ycar, with th¢ cafc, bar and kiosk fully rc-opcning and aligncd to allcndancc Icvcls, Wlth prc-suppcr Iiical offcrings bciIig rc- introduccd prior to all Iivc shows and broadcasts. Whilst altcndance levels for livc programming was gcnerally good, altelldanccs for othcr arcas of programming conlinucd to bc relatively low, in particular filins and live broad¢asls, with a noliccablc change of reducing allcndanccs taking place at Ihc Torch and across thc cincm& industry as a whole. making it a strugglc to rcturn lo pr¢-pandcmic attcndance l¢vcls. During Ihc ycar, Ihc Tor¢h 'fhcalrc pcrform¢d thrcc in hous¢ productions. an Autumn production, Privatc Livcs, Beauty and Ihc Beast as the Christmas panlomimc and Rf.PLICA, as our first Youth Thcalrc show in Ihc Studio. The pcriod was dominated with conccm over budgclary and cashflow prcssures with thc Board, for Ihc s¢cond timc, having lo approvc a dcficit Budget (2023124 forccasl¢d ycar-cnd defi¢il. including dcprecialion of £115,270). Ai th¢ cnd of Ihc pcriod, dcspilc a mcaningful incrcasc in income from doi)alions, trading and charitable activilics, with Ihc cxceplion of camcd tick¢t in¢otnc from Ciiicn)a (down circa £35k), expciidilurc cxic¢dcd incomc by £327,655 mcaning, that unrcslrictcd frcc rcscrvcs not cominillcd lo fixcd asscls wcr¢ dcplclcd. rurthcr inforn]alion on thc 2023124 finaiicials is coiilaincd in tl)c Rcport of Ihc Truslccs and finaiicial Slalcmcnls for Ihc Ycar I:Iidcd 31 Marcli 2024. 1.lowcvcr. il slioiild bc nolcd IhÈil Ihcsc conliiiiic lo bc cxlrcnicly ¢halleiiging fiiiaiicial limcs and that Ilic I3oard will Ihrouglioiit 2024125 lakc a vcry proaclivc approach lo working with Ihc Senior Managcmcnl Tcain (SMT) to rind a way lo addrcss Ih¢sc challcngcs and sccurc a morc suslainablc futur¢ finai)cial fooling. As ncgalivc Ircnds in cincina allcndancc conlii)Iicd al Ihc end of 2023124 and into 2024125, urgcnt r¢vicw of bLidgcl and cashflow has lakcn place willi a cost rcdLi¢lion i)lan aclioi)¢d by SM'I. iii Aligiisl 2024, aimed at securing Ihc 'l'orch's cash pusilioii. achicvin&J a niodcst ycar ci)d SU]lL$ iii 2024/25. ai)d bcginnii)g, Ilic proccss of rcbuildinb? rcscrvcs as a priority. Coniii)g oiil of Ihis proLCSS a rcviscd bLidgcl has bccn dcvcloped iii consulialioii wilh11)c 13o&rd and will bc monilorcd Inoiiilily lo i(Icnlify an(1 addrcss any slippagc. "fhc Torcli Sm'f i)a5 bcen in rcgular contact with oiir principal Iiiiidcrs, Arts GoiinLiI Walcs (ACW), who l)1( vc bccii iiclivcly cii&Jagcd iii rcvicw of an(1 rcincdial action lo addrcss Ihc challci)8ing cash position. aii(l iii SLlI)i)orl of Ihc dcvelopiiiciil of a loi)8-tcrni 51ralcgic plai) lo addrcss th¢ 5uslaincd incrcascs lo ¢xpcndilurc and th cliullci)ginb fiinding oiiilook. 'I'o improve Ihc ¢ffcclivci)css oftlic13oard, coiisidcriilioii 15 bcing givcn lu nioviiig from qiiarlcrly lo moiiilily 13oard i))ecliiigs rroii) Scplcnibcr 2024 and a Sii'alcgic Plaiining l)ay l)as bccn agrccd lo allow Ihc ljoard and SMI- lo dcvclop a stral¢giL plaii to addrcss Ihcsc 01)-goiiig financial challcngcs whilc rclaii)ing ils corc purposc of being a Ilicalrc bascd prodiicing ¢oinpai)y dl th¢ hcarl ofils coiniiiiinity and Mblc lo efiici¢nily and cffcclivcly dclivcr ACW largcls and aspir<11ioiis. Polcnlial 8i8nificanl slralc8ic changcs Inay ticed lo bc inailc lo Ihc slni¢turc of the organisalioii lo deliv¢r 511slaiiiable iinijrovcinciils lo achicvc (Iclivcry of ili¢ coiifirtllcd slralcgic li il)IS nd iii tiirn approi)rialely addrcss Il)c c11cli1 financial el)allciigcs. 2023124 saiv Il)c first fiill ycar iii i)osl ()rci)clsLy Gillard, Artistic r)ircclor, Ihc first Wclsli woiiiai) to lakc Il)c rcins al a niajor Welsli pro(liicin¥ Iioiisc. Chclscy broiight fr¢sh ii)Ipcliis aiid a Llarily of vision lo Ihc rolc and has b¢¢n ii)slruiiiciital iii Il)c articulation of our rciicwcd Vision, Mission and ValLlCS that wc cslablislicd iii March 2023. Iii Octobcr 2023, Cliclsey produccd her first 'l'orch Thcatrc Prodiiclion, Privalc Livcs which ivas vcry wcll rcceivcd by aiidicnccs and critics alik¢. All reviews ivcrc ii)crcdibly posilivc. Whilc aiidiciicc iJiii)Ibcrs w¢r¢ iiol as high as we ivoiild li¢lVC lik¢(l al 35 /0, il was rccogi)iscd as an anibilioLlS production. A holi51i¢ ivrap-aroui)d was a¢liicvcd, with visits froin local collcgcs coinbii)ing ivalcl)ii)g Ilie show with workshops and lalks. 'fhc new Inodcl ii)Iroduc¢d by Chclscy lor thc posl-yhow Idlk ivas also vcry wcll rcc¢ivc(l. Pagc 4
Torch I'heatre Company Llmlt¢d(The) Report of the Trustees for the Ye41. Trdnded 31 Ivlarch 2024 Beauty and the Beast was Chclscy's first pantomimc and rea¢h¢d 95 /o attcndance for public shows (against a largcl of 960/0 and 60 % for schools shows. Thc usc of Ihc Gallcry for thc'Dcsign a Dress, COmPCtilion was vcry wcll reccivcd. It was plcasing lo sce that four local schools ulilised the ACW Go and Sce fund to altcnd Ihc show atLd also an Assistsnl Dircctor. David Mcsparron, workitlg on thi5 show thanks to funding from Ihc Gaick Trust. This placemcnt was vcry su¢¢cssful with David bcing an invaluable membcr of the team. Lcarning from both shows was caplurcd covering what went well and arcas for irnprovcmcnt across producing, produGtion, markcling and budgeting. This learning is being takcn forward in Ihc plamiing for Ihc upcorning ycar. One Inajor change is to employ a frcclance Production Managcr to work on shows in Ihc futurc as this was a major arca of conccrn across both shows, givcn the alrcady slrctched in-housc staffing rcsource. In the Spring of 2024, the Torch will bc co-producing a piccc of ncw writing by a Wclsh fcmalc wrilcr with 'fhcatr Clwyd (with Chclscy to dirccl). 1'he play is a dark coincdylihriller sct in a Pembrokcshire towll that only has ¢wo pemiancnl residcnls Icft - as all thc other houses havc bccomc holiday homcs. It cxplor¢s what it rncans lo bc Wclsh and includcs th¢ usc of Wclsh languagc. "rhe appointmcnl ofTini Ilowc to Ihc rol¢ of Scnior Manager - Youth & Community lcd lo Ihc growth of our Youth Theatrc provision5 during the period, aloiigside an incrcas¢d ¢ngagcm¢nt from families. The Youth offer conlinues to dcvclop and works flexibly with th¢ young peoplc cnsuring that thcy gcl the b¢st from Ihcir cxperienGc. Tlic July 2023 lcrin finished wilh a wholc youth th¢alrc sharing in our main housc spacc beginning lo cnsurc that Ilic youth tlicalrc's work is prcscnt wiihin our programmc. Thc Youth 'l'h¢alrc was ac¢cplcd ii)lo Ihc Natioi)al Thealrc Conncclions prograniinc and partn¢r¢d with Abcryslwyth Arts Lcnlrc for a fesliv81 cvcnl. RF.I)LILA was sceii by aln)osl 200 pcople and bcal Ihc 50010 capacily Ilox orricc largcl. 'I'his was an cxccllciil slarl 011 Ihc jouriicy of fiill Yoiiih 'l'licalrc prodii¢lions willi Ilic youiig peoplc involvcd iii this projcct ch005ing th¢ p051cr ii))agc aiid Inaking oilier produclion-bascd (IcLisions. In addition lo Ihc cslablislin)ciil of r¢giilai' cnd of Icm) slic2rii)gi wiiliiii Il)c yoiiih tlicalrc slniclur¢. plaiining is in p13cc for a lar¥cr i)rodiiLlioii, Wii)d In Ilic Willows, as Il)c culinii)alioIi of Ihc Suinmcr tcm) of 2024. Oiir ciiliaiiccd Yoiiil) 'I"healrc £21)d cdLIL<iliuii work lcd lo Ilic SafcuLiardii)&F Poliey b¢ing successfiilly rcwritlcn. A chccklisl Is i)oiv providcd for ii)Lomiiig coiiii)aiiicb and policics are proaclivcly cnforccd, Staff aiid voluiile¢r Iraiiiiiig was dclivcrcd li) lalc Jiily ai)d Aiigu512023 rcspc¢tivcly, Iviili a 'QLiick Sl)c¢l' bciiig Iiiadc availabl¢ lo cvcryoiic. 'I'hc tC(iiii l)avc coiilii)Licd to sec dcvclopniciil it) this arca and arc uff¢ring Slipport lo scvcral local noi)-profcssional groiips in updaliiig Ihcir policies - somc of wlioiii hirc Ilic 'l'orcli aiid soiiic of wliom arc &war¢ of our inslilulional ki)owlcdgc and wish lo adopt bcllcr practices. An anniial salcgiiardiiJg rcvicw will now lakc placc cacli Scplcinbcr. As a Board, wc coi)IIiiLied lo hol(l all Board aiid SLib.¢Olllinillcc Incctings as hybrid mcclii)&ys. "I wo Board Mcmbcrs stood (loivn just beforc Ihc period aiid Iwo just dfter, tlicrcfore thcrc arc eiirrcnily up lo four Iloard Mciiibcr vacaiicics. Tlic 'forch cxprcsses thanks lo Cllr Dr Siinon Ilaiicock, Saral) McKay, Jo I Ici)dy ai)d Nigcl Sii)ncll for Ihcir ycars olscrvi¢c arid dcdicalcd siipport of ilic 'forch. Diiring 2024125 wc will rcvicw ihc skill scls nccded by Ihc Iloard and currcnily plan lo riin a Iloard Mcinbcr opcn rccruilmcnt cx¢r¢isc in early 2025. 'I'he Board thaiiks all staff, volunlccrs, patrons, Board Mcinbcrs ai)d our kcy lundcrs for all their support aiid iindcrslan(lit)g diirii)g Il)esc conliiiiiiiig liincs of ¢li(Illci)gc. li) i)articular. Ihaiiks lo Ilic SMT who work so lirclcssly iviih Ihcir Icaii)s lo cnsure Ihc 'forLh dcliv¢rs Ilie bcsl possiblc Cxpcriciicc for our valucd palroiis. Page 5
'I'or¢h Theatre Company Llmited(The) Report of the Trustees for the Ycar Trjnded 31 March 2024 FINANCIAL RLVJEW Total incoinc for the year at £1.651,087 whi¢h was 12.70/0 up on 2022123.This increase 15 duc to the increase of tradin8 aclivitics from £191,801 to £241.965 and charilablc aclivAli¢s increase of £696.232 10 £753.349. Total income from grants and donation5 was £585,940, 9.40/0 up on 2022123 duc primarily lo thc incrcasc of Ihc Arts Coun¢il of Wales Total Grants (2023124 - £512,410. 2022123 £473.549), comprisinB the decrease in thc Main Grant of £5,052. an additional Explorc Graiil of £1.200 and Crcale Grant of £45.000 (which ex¢¢cds thc rcduction in Ihc Cost of Living award which was rcduccd by £2.287). Plus Iherc is thc additional grant incomc inGluding Warni Spaccs Grant of £1 0,000 from thc National Lollery. Cxpendilur¢ ovcrall for the period incrcascd by 8.5 /0 10 £1,978,742, with incrcascs in Oth¢r Trading A¢liviti¢s up by 33.30/0, prcdoiniiiatcly drivcn by Stock & Purcl)ases up £20,901 and Staff Costs up £17,592. Charilablc Aclivilics incrcascd by 3.60/0 10 £1,471,663 (2022123 £1,420,903). During Ihc period, Ihc Torch continucd a successful rclalionship with ACW rnccling, where possiblc, agreed largcts and ommilling lo the Cultural Contract for Ihc funded Arts which builds on Il)c Wclsh Cjovcrnmcnt's CX151ing cconomic contract of fair work and pay and sustainability and addrcss¢s arcas such as: Increased divcrsity and rcprescnlalion (in¢luding divcrsily of Ihc SMT) Greatcr involveniciil iii and support for widcr commiinity inilialivcs (including so¢ial prcscribing) Priorilising hcalih aiid wcllbcing in arts iniliativcs Li)vironmcnlal, cultural ¢ind cconoiiii¢ sustainabilily ACW rcinaii)s Ihc charity's principal funding partncr with an annual rcvcnuc grant of £454,258 a l. l•/0 dccrcasc on th¢ 2022123 grant. A posilivc rclalionship also conlii)Iicd with I'cnibrokcshir¢ Counly Council although as part of thc 2023124 Scrvicc Lcvcl Agrccmenl the aniiual graiil reii)aincd rcduccd as in 2022123 10 £1 0,000 a rediiLlioii of 50% on 2021122. Milford 14Rven Town Couiicil also providcd a grai)l of£7,500 iii 2023124. 'ri)c orgai)isalion lias, sincc Oclobcr 2014, lakei) advaiilage of Ihc opi)ortunily provided by Ihc Thcalrc 'fax Rclicf Sclicrn¢. As a rcsiili of Ilircc'l'orcl)"fiiciilrc Produclioiis taking placc during11)c pcriod. Privglc Livcs. Ileauly & Ihc Bcasl and REPLICA Ihcrc will bc a claim inadc this ycar of £68,382. 'I'hc 'fnislccs aiin lo kcep gei)crc?I rLs¢rvLs al a lcvcl (hal mcets Ihc opcralioiial iiccds of Ihc organisalioi). 'l-h¢ conscqucnccs of Ihc puii(leiiiic, coiii)Icd iviih an unprcdiclablc c¢oi)oiniL cliinal¢, l)avc posed sigiiificai)I fiiiaiicial (liffieiiliics, Icading lo a rcdiiction in gciicral r¢scrvcs lo £98,525 45 at 31 March 2024. 'fhc Triislccs arc dcdicalcd lo a rccovcry slralcgy lo r¢build ai) adcqiialc Icvcl of gcncral r¢scrvcs, providing Ihc Torcl) with surrieiei)I s8fcguariling agaiiisl potcnlial advcrsc occiirrcnccs in Ihc fulurc. Wc rLiiiain coiiiiiiillcd to oiir relationship with boih Artg Coiincil Wales and Pcmbrokeshirc Couiily Coiincil and Ihc partncrship approach wc lakc itl C11511ring Ihcir conlinucd siipport. In Scplcii)bcr 2023, Ihc oulcoinc of th¢ ACW Itivcslmcnl Rcview was 8nnoLlI)¢cd with a conditional offcr lo tl)e Torch of a £650,000 pcr aiiniim 8rai11 ai)plieablc froiii April 2024 and for Ihc tolloiving thrcc years a 430/0 annual iiicrcasc {wiih a Iiiril)cr Ilircc yC<lrs ofgrai)I siipport coiidilioi)al on r¢vieiv). Ui)fortuiialely, Wclsli CJovernn)cnl in)poscil fiii)diiig cuts, 11% part of thcir filial scltlcn)cnl lo ACIV, ii)caiiiiig Ilial Ilie filial graiil aivard lu Ilic'l'orcli Ivas £633,750 pcr annuin. l)¢si)ilc this disapi)oinling rcdiiclioii, il should bc recogniscd Ihal Ilic -forch had don¢ cxceplionally ivcll Iwiili ciils a¢ross Ilic other r¢giilarly siipportcd Il)calrcs iii Wales) Iviih a sigiiificai)t uplift froiii Ilic curreiit ani)(iul grill)t of £454,258 to £633,750 (an incr¢a5c of £179.492 pcr annum) alilioiigh Icss (han Ihc rcqlieslcd £945,564 conlaiiicd in Ihc Toicl)'s Inveslincnl Rcvicw applicalioii and uiiforliiiiat¢ly i)ol SLltricicnt to avoid Ihc ciirrenl fun(lii)g prcssurcs Ihal thc organisalioii is cxi)criciicii)g. Pagc 6
'rorch Theatrc Company Llmited(The} Report of the Trustees for the Year Ended 31 Mar¢h 2024 Dcspilc the vcry positivc news of the Investment Revicw out¢ome, as thc award was Icss than Ihc graiit amount requcstcd il did nican that work bas had to bc undcrlakcn to revis¢ our aspirations aiid rc-evalualc th¢ 2023127 Busincss Plan and associalcd budgets. This work has bccn shaped by convcrsallons with ACW and has continued into 2024125 as we rcview all aspects of Ihc business and work towards the rcvised strategic plan refcrenccd above. Safcguarding ow artistic productioii rcsources and capacity is vital we r¢main onc of only three v¢nue-bascd producing theatrcs in Wales and this can only b¢ achieved if wc continue lo rcccivc significant grant funding support. The 'forch's rescrvcs policy acknowledgcs Ihc guidanec issucd by the Charity Commission. and thc policy will bc r¢view¢d on an annual basis following publication of thc auditcd annual accounts. The policy is foundcd on Ihc following gcncral principlcs.. as a prceaiition against advcrs¢ cconomi¢ condili01is llnd any subscquent dccline in carncd incomc lo providc assurancc lo funding parn]crs and crcditors rcgarding Ihc cconoinic viability and th¢ stability of Ihc coi?Ipany lo providc assuran¢¢ for nicmbcrs of Ihc 14oard who Inakc d¢cisions on thc opcralion ofthe Ihcatrc lo proyidc assurancc for m¢mbcrs of Staff and lo thosc individuals and compai)ics with whom wc mak¢ coinmitmcnls for artistic projccls, dcmonstraling Ihc Torch Thcatrc Coinpany's rcliabilily as an cmploycr Al thc year-cnd there was an cxc¢ss of cxpcndilurc ovcr iiicomc of £224,020 charg¢d lo gencr41 rcscrve (2023.. cxcc55 of cxpcndilurc ovcr ii)comc of £254.150). Grant5 rcccivcd for capital pilOscS arc incliided as inconling rcsoiirccs ofrcslTiclcd fiinds wlicn rcccivcd. Thc balaiicc of Ihc reslriclcd fLlI)d Crfirricd furward cach ycar is rediiccd by Ihc dcprccialion on Ilic granl-fuiidcil clcmci)l ofihc asscls coiiccmcd. I'l)i5 dcprccialion charge was £103.634 in 2023124 and £103,634 iii 2022123. Going forward oiir focLlS rcinains on Thc Torch's rccovery and re-biiildiiig of allciidancc Icvcls p051 1)ai)dcn)ic, Ilirough cnhai)Lcd 11)ark¢ling and fuiidinbF iiiilialiv¢s. It is Iioi)cd Ihc silualioii al ilic 'l'urch and across Ihc broader ii)duslry will &Jrcuily iinprovc. S wc arc on¢c a¥aiii abl¢ to offcr our audicnccs ali acc¢s5iblc. in pcrsoi), artistic cxperi¢ncc and Inccl Olir obligations as ali organisatioi) ii) rcccipt of r¢gular funding from ACW, Ihoiigh inyriad challci)g¢s rcmain in Ihc ind1151ry. "I'lic E4oard, in collaboration with Ihc Senior Mai)ageiiicnl 'l'cain, will addrcss Ihc ongoing fii)ancial challcngcs in the coiiiing InLiiiihs will) Ihc aim of SCCLirii)g fiiiancial stability for (lic 'l'orcli. 'ri)c locu5 will rcinain oli lii£iiiaging cash flow anil iinprovin8 biidgclary control lo rc8lorc Ihc Liciicral rcscrvc ai)d Inainlain busilicss 501vciicy. A coinprchci)sivc long-leriii .4lr¢11cgie plan is lo bc dcvcloped, alongsidc a rcviscd Incihod for Lloard ov¢rsiglil. Tlic Eloard is dcdicalcd lo n)aiiilaining Ilie Inisl alid backing of Ihc 'foreh's main fiiiidcr, Arts Council Walcs, who arc constantly updalcd on Ihc fiiiancial challeiigcs facing Ihc 'l'orch. Pagc 7
'forch Theatre Company Llmitcd{The) Report of thc Trustees for the Year Ended 31 March 2024 STRUCTUIIE, GOVLRNANCL AND MANAGEMENT Governing Document The Torch Thealre Company Limilcd is a company limited by guarantec govcmed by its Mcmorandum and Articles of Asso¢ialion dated 26 August 1977 and am¢nded to allow for current govemance arrangemcnls by a spccial rcsolution passed on 18 August 2011. It is registcrcd as a cl)arity with thc Charity Commission. Anyonc ovcr Ihc ago of 16 Inay bccoinc a mcmbcr of the trust and Ih¢re arc currcnily 12 mcmbcrs, cach of whom agrces lo contributc up to £1 0.00 in the evcnt of thc charity winding up. Appolntment of Trustees As s¢t out in Ihc Articlcs of Association. thc Chair of thc truslces is nominated by th¢ Torch Theatr¢ Company trnsle¢s for a period of thrcc years. Pcinbrokcshirc County Council nominates up to 3 truslces, Milford llaven fown Council noniinal¢s I Iruslcc and Ihc charity known as Milford Youth Mallcrs (fonncrly known as Milford14avcn Social Seryicc Ccnlrc) nominat¢s I Iruslee. Noininccs appointed by Pcmbrokesliirc County Council and Milford Elaven Town Council arc 5ubjcct to Ihc appointincnl proccs5cs of Ihosc bodics and Ihc guidclincs laid down for appoinlmciil lo publi¢ 01¢¢ as Ihey apply lo local govcrnnicnl nominc¢s. 'I'i'iiste¢ Inductlon And 'l"r4lnlng Ncw Iruglccs iindcrlakc an ori¢nlalion day lo brief them oli Ihcir Icgal obligations under charily law. Ihc conlcnt of th¢ Mcrnorandum alid Articles of Association, th¢ coinmitlec and dccision making proccss¢s, busincss plans. dcvclopmcnt pldns and dclails of financial i)erforniaiicc of Ihc charily. Trusl¢¢s arc cncouragcd lo allend approprialc cxl¢rnal Iraining cvciils as wcll as in-l)ousc Iraiiiing ¢v¢nls orgai)is¢d by Ilic charity. OrEanlsailonal Striictui'¢ "rhc board of Iriislccs adi)iii)islcrs Ilic charity. Following a rcvicw of byovcrnancc in 2006, this l)as bcci) rciluccd froin ihc oribFinil In41xiiniiiii of 24 11)cii)bcrs lo a largcl of aroiind 15 nicmbcrs, willi 12 currciilly in placc. 'I'hc board mccls reIlarlY, approximalcly cvcry qiiarlcr. 'I'l)c l?xcciilivc Dircelor is appoinlcd by Ihc Iruslws to illaiiage Ihe day-lo-day operalioi)8 of Ihc charily. 'fo facilildlc ¢ffcclivc ()peralion.%, Ihc l."xe¢iilivc l)ircclor ha5 dclcgaled auiliorily wiil)in Icrii)s approved by Ihc trustccs for day-to-day opcralioiial iiiallcrs ii)¢ludiiig finai)ce, ciiiploytnciil aiid artistic Inallcrs. lelnled PArlle$ 'I'hc Arts CuLincil of Ivalcs (ACW). Pcn)brokesliirc County Coiincil and Milford Elaveii l own Coiii)cil provid¢ corc fiinding for Ihc chariiy, iii siippurl of ils ariislic i?ro&TfdllllllC, as an ai))cnity for lucal rcsidciils ancl a$ a visitor allraolioi) lo WalLS Illsk IMRn4%eiiieiit 'l-hc Iruslccs havc idci)lificd the Iiccil for a rcfreshcd risk mi1nagcniciil slralcgy whicli covcrs opci'alional aiid financial risks. Traii)ing for Ihc SMT has alrca(ly lakcn placc, willi Board Iraining lo follow. Thc 1Th51ccs and SM'I. aiid Iiavc comn)illcd lo Ihc following for th¢ 2024125 pcriod and bcyoi)d'. an annual rcvicw of Ihc risks th¢ eharily Inay fac¢.. cslablisliinciil uf syslcins and procediircs lo niiligate Ihosc risk$ idcnlificd in Ihc plan. aiid iinplciiiciilatioii of procedurcs Ilcsigi)cd to niiniiiiigc aiiy polcntial inipacl on thc charity should Ih05c risk5 nialerialisc, iiicliiding cslablisliiiig a rc5crvc5 policy Pagc 8
Torch Theatre Company Limited(1'he) Report of the Trustees for the Year Ended 31 March 2024 REliEREN'CE AND ADMlINIS'I'IIA"I'JVL DETAILS Charity Numbcr.. 508985 Company Numbcr: 1327289 Principal 01cc. St Pelcr's Road, Milford Havcn, Pcmbrokcshirc SA73 2BU Ashmolc & Co, Chartor¢d Ccrtified Accountan15 and Rcgistcred Auditors, Williamslon Ilousc. 7 Goal Strect, Havcrfordwcsl SA61 I PX Auditors: National Wcslminslcr Bank Plc, Pcmbrokeshirc Business Ccntrc. 18 High Sirccl, Haverfordw¢st SA612DA Bankcrs.. Solicitors.. Pricc & Kclway, 17 Flamilton Terracc. Milford Havcn SA73 2JA l)Ireclors & 'l'riistecs 'rhc dircclors of tlic charilabl¢ company {Ihc charity) arc its truslccs for Ihc purposc of charity law and throughout this rcport arc collcclivcly rcfcrrcd lo as Ihc Iruslccs. 'I'hc Iriislccs scrviiig dLirin¥ Ihc ycar and sincc the y¢3r cnd wcrc as follows: Chair.. Katrina Marsh Vi¢¢-Chair'. Nigcl Sinncll (10 24th April 2024) Carol Mackintosli {froiii 2411] April 2024) Pcinbrokcsl)irc County LoLiii¢iI nominc¢s.' Coiincillor Rhys Sinnclt Coiii)cillor l)avid Bryan Coiiiicillur Alan Dci)nison Milford Ilavci) Town Council noniiii¢c'. CoLiiicillor Yvonnc Souil)wcll Milford l.laveii Yoiiih Matlcrs (rorincrly kiiown s Milforil Ilavci) Social Scrviec Cei)Irc) noniincc.. Vacai)I l-, l¢¢lcd Irusl¢cs.' Cari)l Mackinto$h Pliillipa t)avics Kalriiia Marsh Nigcl Sini)¢lt (rcsigiicd 24th April 2024) Aiiii Oivston Joani)c Fl¢iidy (rcsigJiic(12411i April 2024) Sara McKay (r¢sigiicd 25111 May 2023) AdriÉ1n Williains Mil x Mackiiitosh Gci)Ima Ilicks Oihcr officials.. Company Sccrclary Mr Giiy Woodliam Page 9
'I'or¢h Theatre Company Llmited(The) Report of the Trustees for the Year nded 31 March 2024 Ixeculive Director.. Artistic Dirc¢tor'. Senior Manager - Busincss.. Senior Manag¢r - FinaNcc- Mr Bcnjamin Lloyd (until Septcrnbcr 2024) Ms Chclsey Gillard Mr Guy Woodbam Miss Rhian 14ayes (until July 2023) Mr Gary Wilson (from July 2023 to April 2024) Mr Garclh Williams (from March 2024 10 July 2024) Ms Maurccn Rapley (from July 2024) Mr Henry R¢cs Arts CounGil of Wales Obscrvcr: STA'I'LMETr4'1' ofi I'IIUS'I'LI ES, RkSPON'SIBII.ITILS 'I'he tNStecs (who are also the dirc¢lors of Torch 'l'hcatrc Compaiiy l.imiled(Thc) for Ihc purposcs of coinpany law) ar rcsponsiblc for prcparing thL Rcport ofihc Triislccs and Ihe finaiicial slalcIncnls in accordancc with applicablc law and Unitcd Kingdom Accoiiiiliiig Standards (Unilcd Kingdom GcIicrally Acccptcd Ac¢oynling Praclicc). Company law rcquircs Ihc Iruslccs lo prcparc financial stalcincnls for each financial ycar ivhich give a tn]c and fair view of Il)c 51alc of affairs ofihc charilablc coinpany and of Ihc incoming rcsour¢os and application ofrcsour¢¢s, ii)cliiding Ihc incoinc ai)d cxpcndilurc. of thc cl)arilablc coinpany lor Ilidl pcriod. Jn prcparing Ihosc financial slalcnicnls, the trusl¢c5 arc rcquir¢d lo sclccl siiilablc accounting policies and Ihcn apply Ihcm con5iStcnily,' obscrvc Ihc meil)ods ai)d prii)ciplcs iii Ihc Charily SORI). n)akc jii(Igeinciils ai)d csliinalcs Il)at arc reasoiiablc an(1 prudcnl,. i)rcparc Ihc fiiiaiiL'iKI1 s12£ l¢iii¢iils on Il)e goiiig con¢en) basis iinlcss il 15 inapproprialc to prcsun)e that Ihc charitablc cuii)pdny will cuiilinLlQ iii busincss. 'I'he iriistccs arc rcsponsiblc for kccpiiig proi)cr accoiiiiliiigi rccords which disclosc wilh reasoiJablc accuracy al aiiy linic Ilic liiiaiicic21 position of Ilic ¢liarilablc coiiipany anil lo ci)ablc Ihein lo ci)surc that Ihc fii)¢iiicial slalcincnls coiiiply with the (.'oii)panics ALI 2006. 1.hcy arc c21so rcspoiisiblc for safcgLiardin&F Ihc Asscls of Ihc charilablc Lonipany and l)ciicc for takii)g reasoi)ablc steps for Ilic i)rLvciilion and Ilelcelion of IraLid aiid oll)cr irrc&Tularitics, 111 so far as Ihc Iruslccs arc awar¢'. Il)cre is no rclcvai)l audit ii)fornialion ofwliicli the ch&rilablc eoinpaiiy's auditors arc unawar¢.' and Ilic tnislcc5 liavc lak¢ii all slei)s that Il)cy ouglil lo liavc lakci) lo Inakc Ilicnisclvcs awar¢ of ai)y rclev&iit aiidil inlorii)aliun ai)d lo cslablibh Ihal Il)c aiidilors arc awarc of that inlonnalioii. AUI)I'I'UIIS A resuliilion will bc proi)oscd 91 Ihc Ani)ual Gciicral Mecling lo propos¢ 11)al auditor5, Ashniole aiid Co., bc rc-appoinlcil as auditors lo Ihe cli£2rily for Il)L ensiiiiig ycar. Tliis r¢pori lia5 bcen prcparcd in accordancc with Ihc spccial provisions of Pan 15 of Ili¢ Conipaiiics Act 2006 rclaling to sinall coinpai)ics. Approvcdiby ordcr of ihc board of I ¢es on...... I'..rfxy-aiid si8ncd on its bcl)aif by.. Kttiri ia Marsh Chair- 'forcli Tlicalrc Conipany 14oard of Manag¢mcnt c,((¢i Pagc 10
Report of tlie Indepeiident Auditors to the Trustees of
'1 orch TheAtre CornpAny Llmited(The)
Opinion
We have aiidiled the finaiicial statements of Torch Theatre Conipany Liiniled(Tl)e) (Ilie 'parent charitable company,) for the
year ended 31 March 2024 which coinprise the Consolidated Sialemenl of Financial Activities. the consolidaled Balaiice
Sheet, the consolidated Cash Floiy Stalei)ient and nol¢s to the financial slalemenls, includiiig a suinmary of sigi)ificant
accounting policies. The financial reporting framework that has been applied iii their preparation is applicable law aiid Uiiiled
Kingdoni Accounting Standards (United Kingdom Generally A¢¢¢pted Accounting Practice).
In our opinioii the financial statements:
give a true and fair view of the state of the parent charitable company's affairs a5 at 31 Marcli 2024 and of Ilie group's
incoi)iiiig resoiirces aiid applicalion of resoiirces, incliidii)g ils income and expei)dilure, for the year 11)cn ci)dcd'
liave been propcrly prepared iii a¢¢ordaiice iviih United KingdoiTI Generally ,4ccepted Accountiiig Pi'actice. aiid
have b¢¢n prepared in accordance with the reqiiireinci)Is of the Coi))paiiies Act 2006.
Bnsis foi. 01)inioii
KV¢ coiiducted our aiidil in accordaiice willi Inlernalioiial Siai)dards on Auditing (UK) (ISAS (UK)) and applic1[ ble law. Oiir
respoi)5ibililies under Ihose slaiidards are furthcr d¢sGribed iii th¢ ALidilors' responsibilities for Ihe aiidil of Il)e financial
slaleineiits s¢¢lioii of oiir repoil. We are indcpendcnt of Ihc ¢l)arilable ¢oi)Ipaiiy it) accordance with Ilie eiliical I'cquireii)ciils
that arc relcvant lo our audit of Ilie fiiiancial sl(Ilci)i¢iits iii Ihc UK, iiiclii(liii8 11)¢ FRC'S Eiliical Si4111d¢l1'd, anil Ilie provisioi)s
available foi. siiiall entities, 111 11)e circ1111151aiiLcs sel oiit iii iiole 24 10 the fiiiaiicial slaleiiiciits, and ive liave fLiifilled oiii. otl)er
elliical respoi)sibilities iii ftccordaiice will) these reqiiireinei)Is. Ive believe that Il)e aiidil evidence we l)ave obiaiiied is
siifficieiit ai)d appropriate lo provide a basis for oiir opiiiion.
Coiicliisi011s I'elating lo goliig concei'n
li aii(liliiiui Ilie fii)aiicial sli( tciiieiils, Ive l)avc coii¢liided Ilial the IrLislees' use of Ilie goiiig coiiceri) basis of accoiii)liiig iii Ilie
i)reparHlion of Ilic fiiiancial slat¢in¢iils is approprialc.
BRsed oli 11)e ivoi'k we liave perfoi'iiicd, we liave iiol idci)lified ai)y i))al¢rial Lll)cerlaii)lies relalii)g lo evciils or ¢on(lilioiis Ilial,
iiidividii.glly or collcclivcly, iii(Iy C(1sI si&yi)ificaiil (lolibi oli Il)e cliai'ilable coiiii)l( IIy'5 ability lo conliiiiie lls a g>oiiig coiicci'ii foi.
i)ei'iod of ill least livelve iiioi)Il)s froiii ivliei) Il)¥ fin1ll)cial slRleinei)Is are aiiiliorised for issiie.
Oiir responsibilities 4111d Ilie respoi)sibililies of the Iriislees will) I'espect to goiiig coi)cern are des¢i'ibed iii Ilie relevaiil seclioi)s
of Iliis report,
Otlier iijfoi'ninlion
I'he triislecs al'c I'espoiisible for Ilie oilicr iiifori)l¢ilioii. Tlie oihei. iiiforiiialioii coiiiprises Il)e iiifoi'iii
Report of the Alldependent Auditors to the Trustecs of Torch 'fheAtre Company Llmitedrrhe) IlespoDsibilitle8 of trustees As cxplained more fully in Ihc Statemcnt of TNstees' Rcsponsibililies, th¢ truslecs (who arc also the dir¢ctors of the charitablc company for thc purposcs of company law) are rcsponsiblc for the preparation of th¢ financial ststoments and for bcing satisficd that thcy give a true and fair vicw, and for such internal control as the IsIteS detem)inc 18 nccessary lo cnable thc preparation of financial statements that aro frce from matcrial misstalemenl. whcthcr due lo fraud or error. In prcparing the financial statements, thc Iruslccs arc responsible for asscssing Ihc charilablc ¢ompany's ability to continuc as a going conccrn, disclosing, as applicable, maltcrs rclatcd lo going concem and using Ihc going concern basis of aecounling Iinlcss Ihc tSte¢S eiihcr intend to liquidate the charilablc company or lo ceasc opcralions. or have no rcalislic altcrnativc but lo do so. Our responslbllltle$ for the audit of the flnanclal statements We have b¢cn appoii)Icd as auditors under Scclion 144 of thc Charilics Act 2011 and wport in accordance with thc Act and rclcvanl rcgulalions Iiiadc or having cffccl thcrcunder. Our objeclivcs arc lo obtain rcasonablc assuraiicc about whclhcr th¢ fii)ancial slalcmenls as a wholc ar¢ frcc from matcrial Ini5slalei?Iciil, wheih¢r duc lo fraud or crror. and lo igsiic a Report of the Ii)dcpcndcnl Auditors that includcs our opinion. Ilcasonablc a5suran¢c is a liigh l¢vcl of assurancc, but is not a guaranlce thal an audit conduclcd in accordance with ISAS (UK) will always dctccl a malcrial misslaleincnl wheii it cxisls. Mis$lalcnicnts can arisc from fraud or error and arc ¢onsidcrcd Inalcrial if, individually or in Ihc aggrcgalc, they could rcasonably be expcclcd lo influcncc the c¢onoinic dcLisions ol users lakcn on Ihc basis of Ihesc financial slalcmcnls. Thc exl¢iil lo which our procedurc5 arc capablc oldclccling irreBularilics, including fraud is dclailcd b¢low'. Iii idcnlifying and ass¢ssing risks of material misslaleiiicnl in respccl of irregularilics. including fraud and non.¢oinpliancc willi laws and rcgulalioi)s, wc considcrcd Il)c following.. naliirc of thc rity and the sector in wl)ich il opLral¢s. Ihc l¢gal ai)d rcgiilalory frdiiicwork ii) wl)ich Il)¢ cl)arily opcr81cs, ai)d ii) particular tho.%c laws and rcgiilalions. Il)al dir¢clly affc¢t th¢ financial slalcnici)Is or havc a fiinclaiiicnlal eff¢cl 01) operalioiis cg Cliic rilics Act 2011, hcalil) and safcly Icgislalion. resiilis of ci)quirics of Inaiiagcii)cnl and those char8cd with govcrnan¢c. aiiy ii)allcrs idci)lificd rclatiiig lo.. Ihc charity's policics ai)d proccdiircs for idcnlifying. evaliialiiig and coniplying with laws and rcgulalions. and Ivl)cil)cr Ihcrc were dliy known i1151anccs of noii coi))pliancc. dclccling and rcspondii)g lo Ihc risks of fraud ai)d whcihcr Ihcrc is aiiy knowlcclg¢ of aclual, suspcclcd or allcgcd fraud. Ihc intcri)al conlrols cslablislicd lo Iniligale risks of fraud or noi) coimpliance with laws and r¢giilalions. As a rcsuli of pcrlormii)g Ihc abovc, wc did i)ol idci)lify any koy audit tnall¢rs rclaled lo polcnlial risk of fraud or Iioii oinpliaiiec willi laws aiid rcgulalioi)s. In 8ddilion to Ihc above, oiir proecdurcs incliidcd.. rcvicwiiiL' Ihc finaiicial slalciiiciil <lisc105urcs and lesling lo siipporting documcnlation to asscss coinpliancc with rclcvanl laws and r¢gulalions. ciiquir¢s ofmc2nag¢niei)l ai)d Iliose charg¢d will) govcn)ancc concerning actual and pol¢nlial liligatioii ai)d claims. pcrforiiiing aiialylical procedurcs lo idci)lify any unusual or uiicxpcclcd rclali011ships Ihal tllay indicalc risks of material Iiiisslaleiiici)I duc lo fraud. rcviciv of Inii)Iilcs of ¢onimillcc nic¢lii)gs. Ivrillcn rcprcseiilalions. A (urihcr dc5¢riplion of oiir rcsponsibililics lor Ihc audit of Ihc fiiiancial slalcinenls is localcd on the P inai)cial R¢porting C.oiincil's wcbsilc al www.frL.org.uklauililorsresponsibilili¢s. This dcscriplion fonns part of our Rcport of Ihc Ind¢pcndci)I Aiidilors. Page 12
Repoi't ol the Independent Auditors to the Trustees or Torch Theatre CompaIiy Limitedifhe) Usc of our report This rcport is madc 501cly to thc charitablc company's truslc¢s, as a body, in accordance with Part 4 of Ihc Charilics (Accoiiiils and Reports) Rcgulalions 2008. Our audit work has bceii undcrtaken so that wcmight slate lo Ihc charitablc company's trustccs those matlcrs we arc rcquircd to State to them in an auditors, r¢port and for no olhcr purpose. 'fo tlic fullcsl cxlenl pcmiitlcd by law. we do not acccpl or assume rcsponsibilily lo anyonc other than th¢ charitablc company and Ihc charilablc company's trustees as a body, for our audit work, for this rcporl. or for Ihc opinions w¢ hav¢ fomied. Ashmole and Lo. Chartcrcd Ccriificd Accoiiiilai)Is and Sialulory Auditors r.ligible to act as an auditor in Icrnis uf Scclioi) 1212 of Ihe Companies Act 2006 Williamston l.lousc 7 Goal Siroct Ilaverfordwcst l)cmbrokcsliirc SA61 IPX Dal¢'. Pagc 13
Torch 'fheatre Comp#ny Limltedl'l'he) Statement of FlnAneiRI Actfirftles Con5011dated (lllcoi'poratfing Ji)come #nd Lxpenditure Account} ror the Year Ended 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrcstrictcd fund Restrictcd funds Notes INCOME Ah'D bNDOIVMEN"rs FIIOM Donations and Icgacics 585.940 585.940 535.409 Charitable Aetlvities 'I'hcalre 753,349 753,349 696.232 Oihcr trading a¢livilics Lnvcslincnl in¢oii)c Oihcr incomc 241,965 1,451 241,965 1,451 191.801 775 Total 1651087 1651087 1465 217 II XPTr.NIIITURI,: ON IA151ng funds Ilaising donalions and l¢gacics Oihcr trading activilics 1,500 158 169 ,500 158 169 1,500 118 632 159,669 159,669 120,132 Ch&rllnbl¢ acllvltles 'hculrc 1715 438 103635 1819073 1702 869 'I'olal 1875 107 103 635 l (J78 742 1823 001 N'ET IIN'COfvI F.l(II XPliJiN'I)I'I'UIII,: {224,020) (103,635) (327,655) (357,784) Illl CONCII,IA'I'IOIN' 014 14 UNI)S olal fiinds brought forward 322.545 3.376,874 3,699,419 4.057,203 I'O'J'AL II UNI)S CAIIIIILI l) II OIIIVAIII) 3 273,2J9 3 371764 3699419 I'l)c Iiotes fomi part of th¢sc fiiiaii¢ial slalcmcnls PcTrgc 14
Torch Theati'e Company lJimlted(The) Balance Sheet- Con501idated 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unreslricl¢d fund R¢strictcd funds Nol¢s IJXED ASSE"rs Tangible a5s¢Is 16 259,873 3.273,239 3,533.112 3.638,550 CUIIIILNT ASSETS Stocks Dcbiors Cash al bank and in hand 17 18 7.472 104,526 7,472 104,526 7.351 112,853 237 898 159,566 4,988 164.554 358.102 CRFI)ITORS Amoiinls falliiig diie within onc ycar 19 (308.959) (4,988) (313,947) {297.233) 'L"I' CUIIRLI h'T ASSTr I'S 149 393) 149 3931 'I'()'I'AI. ASSI,:'I'S I,l*.SS Cullllll N'l. LIABILI'I'ILS 110,480 3,273,239 3,383,719 3,699.419 CIILI l)I'I'OIIS Ainolinls falli2)g Iliie aftcr Inorc Iliaii oiic year 20 (11,955) {11,955) N'L'I. ASSb:'I"S 3 273 239 3 371764 3 699 419 b"UIN'I)S Uiircslriclcd fiinds Reslrict¢d fiiiids 22 98,525 3 273 239 322,545 3 376 874 'I'OTAI. li UIN'I)S 3 371764 3 699 419 'l-l)c nolcs lonn part of thcsc financial slalcmcnls Pagc 15
'rorch Theatre Company Limlted(The) BAlan¢e Sheet - Consolidated 31 March 2024 Thc charitable company is entitled to excmplion from audit under Scction 477 of the Companies Act 2006 for Ihc ycar ¢ndcd 31 March 2024. The Iiicinbers have not dcposilcd notice. pursiiant lo S¢clion 476 of the CoJDpanic8 Acl 2006 requiring an audit of thcsc financial slalcmcnls. The trusl¢¢s acknowledgc thcir responsibilitics for la) ¢nsuring that thc charitablc compaiiy kccps accounting rccords that comply with Scclions 386 and 387 of Ihc Compaiiics Act 2006 and prcparing financial slalcmcnls which giv¢ a truc and fair view of Ihc slal¢ of affairs of thc charitable coinpany as al Ihc ciid of cach fii)ancial ycar and of ils surplus or dcficil for cacli financial ycar in accordancc with Ihc rcquir¢mcnls of Scclions 394 aiid .395 and which oiherwisc coinply with the rcquircmciils of Ihc Companics Act 2006 rclaling to rinancial slalcmcnls, so far Bs applicablc to the charilablc coinpany. (b) 'rhcsc financial slalcincnls l)avc bccn aiidilcd linder Ihc rcquiremcnls of Scclion 145 of Ihc Charilies Act 2011. I'hcs¢ financial slat¢incnls hav¢ bccn preparcd in aceordancc with Ihc provisions applicablc lo chdrilabl¢ coi))pai)ic.% siibjccl to Ihc nall conipanics rebjiinc. Thc finaiicial slalLmciils wcrc approved by Ihc Board of 'l'ruslccs dnd auihorised for issuc on . .2.2,.q ......... and wcrc signed 01) ils bchalf by.. .1.. Katrina Marsli, Chair--"forch Thcalrc C'ompany Ilollrd ofManagcii)cnl "I'hc i)ot¢s forin part of Ihesc financial stat¢iiicnls Page 16
Torch TheAtre Company Limitedfl'he) Ilalance Sheet- Parent Company 31 M#rch 2024 31.3.24 Tolal funds 31.3.23 Total funds Unreslriclcd fund Restricted funds Notes FIXED ASSLI'S 'rangiblc asscls Invcslmcnts 16 26 259,873 10 3.273.239 3.533.112 10 3,638.550 10 259,883 3,273.239 3,533,122 3,638,560 CURIILN'T ASSETS Stocks Dcbtors Cash al bank aiid in liai)d 17 18 7,472 291,678 7.472 291.678 7,351 292.395 237 898 346,71 s 4,988 351,706 537,644 cIIKI)I'I'oIIs Ai))ouiils falling diic within Olic ycar 19 (496.124) (4,988) (501,109) (476,785) 'P'I' Cullllll Nl. ASSLTS 149 403) 149 403 'roTAI, ASSII T.S 1,14 SS CUIIIII,; 110,480 3,273,239 3,383,719 3,699,419 Cllli l)I'l'OIIS Ai)iouiils fdlling (liic after iiiorc Iliaii one ycar (11,955) (11.955) 'II'l' AS5.1,s 3 273,239 3 371764 3699419 Ji'UIYI)S Unrcslricled funds Rcslriclcd funds 22 98,525 3 273 239 322,545 3 376 874 'I'O'I'AL l(UNI)S Thc nolcs forii) parl of tl)cs¢ fii)anL'ial statemeiils Pagc 17
Toreh TlieAtre Company Limited(fiie) Cash f4 low Statement - Con501idMled for tlle I'eai. Li nded 31 Iwlarcli 2024 31.3.24 31.3.23 Notes CAsh floivs froni opei'Atlng Hctivities Cash generated froi)) operations 175 895) 186214) Net cash Lised in operaliiig activities 175 895) 186.214) Casli floivs from ij)vesllng Activities Piircliase of laiigible fixed assets Iiilerest received (27.977) (28,923) 775 Net casl) Iised iii investing activities 26 526) 28 148) Casl) floii's fi'om fin4nciiig activlllo5 AI)IOLiiiI di1¢ linder liii'e i)ureliasc agi'eeineiJl Nel casl) provid¢d by fiiiancing a¢livilie5 Cliiiiige in cSli lind cllsli eq ulvAleiits in the (185,342) C.'asli llii(l eAsli eq Iili'nleiils Ilie bcgiIiiiiiig of ilie i'epoi'liiig i)ei'ioil (214,362) 237 898 452 260 C.'nsli nii(I cnsli eqiilval¢iils Al tli¢ ¢nd of tlie 237 898 I"he iioles foi'iii P2£ It of Iliesc fiiiaii¢ial slaleii)ciits Pagc 18
'orch TheAtre CompAJiy Limited(I'he) Notes to the CAsh f41oii' Statoinenl for tlie l'ear Li nded 31 MAI'ch 2024 RF.CONCILIAI'ION ofi NE'f EIPEI ,D[TURc TO NET CASFI FLOW f4ROTrI 01)CRATING ACTIVITILI S 31.3.24 31.3.23 Net expenditiii'e for the I'epoi'tiiig pei'lod (RS pei. the Statem¢iit of riin8ncial Aclivilie5) Adjustments foi.: Deprecialioii charges Jnlcresl received Increase in stocks Decrease/(increase) in debtors Increase in Creditors (327,655) (357,784) 133,418 (1.451) 127,822 (775) {4,669) (6,479) 55.671 8,327 Nel eAsh iiscd in opei'alioiis 175 895) 186214) ANAI.I'sis or CllANClI S IN, NL'I" fi UINI)S Ai1,4.23 Cash flow Ai 31,3,24 Net casli Casli al baiik aiid iii liaiid 237 898 185 342 237 898 185 342 52,556 l)ebt 17079} 'otRI 237 898 202 421 Tlie iioles foriii pai'l of Iliese fiiiaiicial slateiiiei)Is Page 19
Torch 'l'heatre Company Llmited(The) Notes to the Finan¢lal Statement$ loi. the Year Ended 31 Mareh 2024 ACCoU,T1NG POLICIES Bas18 of preparlnE the llnancll 5ttements The fiiiancial stalcmcnls of thc charilable company, which is a public bcncfil ¢ntity under FRS 102, havc becn prcparcd iii accordatlce with the Charilics SORP (FRS 102) 'Accouiiling and Rcporting by Charilics.. Sialcmcnl of Recomnicnd¢d Pracliec applicablc to charities preparing thcir accounts in accordanc¢ with the liinancial Reporting Standard applicable in the UK and Republic of Ir¢land (IIRS 102) (¢ffeGlivc l January 2019),, Financial Rcporting Siand3rd 102 '1'hc Financial Rcporling Standard applicable in Ihc UK and Rcpublic of Ircland, and the Companics Act 2006. Thc fii)ancial slalemcnls havc bccn prcpared under Ihc hi51orical cost convcnlion. Income All iiicoinc is rccogniscd in the Siat¢mcnt of Financial Aclivilics oncc Ihc charily has cnliilcn)enl lo Ihc funcls. it is probable that Ihc incoiy]c will be rc¢¢ivcd and Ilic amount can be measiircd rcliably. Thc following spccific policics ar¢ applied to particular cAl¢gorics of incomc.. Voluntary incomc rcccivcd by way of grants, donations and gifts is in¢ludcd in full in Ihc Statement of Finan¢ial AcliviliL8 whcn rcceivabl¢. Grants, whcrc cnlillcmcnt is not coi)dilional on Ihc dclivcry of a spccific pcrfomiancc by Ihe charity, arc recogniscd wlicn Ihc charity bccoi)Ics uncoi)dilionally cnliilcd to Ihc grant. Grants for Gapilal purposcs arc included as ii)coming rcsources of rcslriclcd funds whciJ rcccivcd. Thc balancc of Ihc rcslriclc(I flind arricd fornard cach year is rcdiiccd by Ihc deprccialion 01) Ilic granl-fuiidcd clcmci)l ufihc Ilic asscls conccrncd. Incoillc froiii charilablc aclivilics is dcfcrrcd whcn admission fccs ar¢ Tcccivcd in advancc of the p¢rfonnan¢cs or cvciil lu ivhich they r¢lalc. Incon)c is shown Iicl of VA"r wher¢ rclcvanl. Donalcd scrvicc5, facilities ai)d asscls arc iiicluded at Ihc value lo Ihc cliarily wlicrc Ihis cali bc qiianlificd. Tl)c value of scrviLcs pruvidcd by voliiiil¢crs has iiot bccn in¢ludcd ii) Ih¢sc acLoiinls. 'I'ax crc(lils Ilribiilllblc lo th¢ siibsi(IiMry ¢Oll)Pcllly 111)Ilcr Ihc 'llicalre 'l'dx Lrcdil arc rccorded as Oihcr Incoiniiig Ilesoiirccs in Ilic Coiisolidalcd Siatciiicnl of F'ii)aiicial Aclivilics. Invcsliiici)l ii)comc is iii¢liid¢d whcn reccivablc. I xpendltiii'e Liabililics are r¢¢ogniscd as cxpciidilurc us soon a5 Ihcrc is a Icgal or conslruclivc obligalion con)milliiig Ihc Lhmrily lu that cxi)cncliliirc, it is probc2blc Ilial transfer ufc¢onoinic bcncfils will b¢ rLquircd iii scltl¢inci)l and Ihc anioiiiil of the obligalioii cali bc Iiieasiir¢d rcliably. E,'xpciiditurc is acLoiiiiled for oli an accruals bilSIS £1nd Ilas bceii classified uiidcr licadiiigs that aggrcgiE le all cost relalcd lo (he ¢al¢gory. Wh¢rc costs caniiol bc directly allribiile(I Io p3rliLular licadiiigs Il)cy l)avc bcci) allocalcd lo activilics on a basi5 consistcnl will) the Usc of resourLCS. Allocatlon aiid APPOI'llonmenl of costs C051s h8vc becii £2lloculcd as far as possible belwccn Ihc cxpcndiliirc calcgorics of Ihc SOI",A on a basis d¢signc(I lo rcflccl Ilic usc of tlic rcsoiircc. Cosls rclaling lo a particiilar aclivily arL allocal¢(I dirceily.. oihcrs havc bccii apporlioncd basLd oIi Ilic c51ii)ialcd usagc of Ihc r¢soiircc. Costs Mllocalcd lo geiicratiii&F voliii)IAry iiicoiiic, bciiig an ¢Icilleiil of adi1)ii)islr£11ion salarics, poslagc and stalioiicry, ai)(I Ilic1£ Irc rcnewaly havc b¢cii csliiiic2l¢d iisiiig bcst jiidg¢inciil. '[nE1b]e fixed assets l)ciircciatioii is providcd at Ihc folloiving aiii)Iial ralcs in ord¢r lo iyrilc off cach assct over ils csliii)alcd useful lifc or, if hcld iiiidcr a fiiiancc Icas¢, over the Icasc lerni, Ivhichcvcr is (hc shortcr. Fr¢chold propcty Tlicalrc rcfiirbishiiicnl (1996 - 2000) 'hcatr¢ rc(Icvcloi?iiieiil F ixlures and fillings 20/0 on cost IO/D on cost 20/0 on Lost 250/0 on cost aiid l 0% un c05t Pag¢ 20 onlinucd...
Torch 'l'he#tre Company Lin]ited(The) Note5 to th¢ Financial Statements - continued for the YeAr Ended 31 March 2024 ACCOUN'I'ING POLICILS - contlnued Stocks Stocks conslst of cafc, bar and shop stocks and arc valued at thc lowcr of cost and net realisablc valuc, aftcr making duc allowan¢¢ for obsolctc and slow moving ilcins. Taxalioii Thc charity is cxcmpl from corporation lax on its charitable activitics. Ileserycs The financial slalcincnls dislii)gLiislI bclwooi) rcslriclcd and unrcslrictcd funds. Thc formcr arc rcccived froin donors aiid arc subjcct lo rcstrictions on thc purposc for which Ihcy ijiay bc uscd. Unrcslriclcd funds are Ihosc wherc Ihcrc arc no exlcrnally imposcd rcslriclions. Th¢sc iiicliidc Ihosc frccly availablc lo the charily for cxpcndilurc or appropriation lo rcscrvcs for inlemally dcsignalcd purposcs. Penslon costs and other post-retli'ement bencflts 1.hc cliarilablc compai)y operalcs a dcfincd contribution pension schcmc. Contributions payablc lo Ihc ¢harilable company's pcnsion schcmc arc chargcd lo Ihc Stalcmcnt of Financial Aclivilics in thc pcriod to whiGh they rclatc. I Ilrc pui'chas¢ #nd l¢A$lnE commllmentS Rcnlals i)aid iii)dcr opcraling Icasc5 are ¢har8¢d to tlic Siatcmcnl of liiiiancial Aclivilics as incurrcd. I)ONA'I'IONS AND I.P GAClb S 31.3.24 31.3,23 Arl8 Coiincil of Walcs 17cii)brukLshirc Coiinly Coui)cil Miiforcl I laven 'l'owi) Council 454,258 i 0,000 7,500 21,530 20,000 2,000 11,952 i 0,000 2,500 1,200 459,310 10.000 7,OOa 16,577 21,483 6,8UO 14,239 spoii8orsliip Cliaplcr Cardiff ALW - Cosl of l.iving Award 'I'NIL Wariii Spacc5 Cjarrick Charildblc (iraiil ACIV l-.xplorc Grai)I ACIV Crcalc Ciraiit 585 940 535 409 PagFC 21 conliiiued...
Toi'ch 'lheatre Company Limited{The) Notes lo the Financlal Statements - coDtinued for the Year Ended 31 MArch 2024 OTIIER TIlAD1'G ACTIVII'ILS 31.3.24 31.3.23 Cafe salcs Bar sales Kiosk sales Mcrchandise salcs 'relepl)onc mast rcntal 56,664 68,108 103,850 1.865 31.474 47,282 91.439 3.399 241965 191,801 INVES'I'Mlih'"I" INCOMTr. 31.3.24 31.3.23 D¢p051t account iiilcrcsl 775 Tlic charity's ii)vcslmci)l incomc ariscs wholly from inlcrest bcaring cash dcposils. IIN'COME Illlom CEIAIIITAIILL ACTIVII'IFS 31.3.24 31.3.23 A¢liYily "I'hcatrc 'hcalr 'l-licalrc 'I'healrc "I'hcalrc rilins Youth Ihealrc and education I lirc of Ih¢alrc Sales of prograiiiines clc. Tcclii)ICdl l)irc Scl coiislrLiclion Siiii(lry Ihcalrc incoliie 462,793 185,674 412,030 220.470 12,571 15,790 2,400 7,445 13,273 39,059 7,967 10,468 22,790 "rhcalrc I'hcalre 753 349 696 232 O'I'IILR IINCOIMI, Ei)liilcn)cnl lo "fhcalrc 'fax Crcdits £68,382 (2023 £40,997). IIAl&yliYG I)OINA'J"iofi'S A,1) Lll (;ACII,: 31.3.24 31.3.23 Adiniiiistralion cxpci)ses Pagc 22 conlinucd...
Toi'ch Theatre Company Limlted{Thc) Note5 to the Financial StAtement5 - eontlnued ror the Y¢ar Trdnded 31 Morch 2024 OTIIER'I'RADifi'G AC'I'lVi"fiES 31.3.24 31.3.23 Purchases Stalf costs Equipm¢nl repairs and rcnowals Oihcr dirc¢l costs Dcprc¢iation 99,101 50,080 1,955 5,266 78,200 32,488 ,606 4,807 158,169 118632 CIIAllI'fAIII.L AC'I'IVI'I'ILI S cos'rs Siipport costs (scc nolc l O) Dirccl Losls Tolals Thcalre 1471663 347410 1819 073 io. suppoii'i. cos'i's Gov¢r1181lCC costs Mlliiagcincnt 'rolals 'I'hcalrc 336968 -347.410 N Il'l, ['com II l(b Xl)Ii'N'I)I'I'UIII,: Ncl i2)coI)IcI(cxpciiililLirc) is slalcd aftcr Ll)arging/(creilitin&')'. 31.3.24 31.3.23 Auditors, rcii)iii)cralioi) Aiidilors, rciiiiiiieralioii for non aiidil work Dcprcknialion - ownc(1 £lSSCtS l)cprccialion - asscls 011 liirc piirchasc Loiilracls and finan¢c Icascs 2,900 3,969 128,166 2,700 3,123 127,821 Pagc 23 Lonliiiucd...
'rorch Theatre Company Llmltcd(The) Notes to the FinanclAI Statements - contlnued ror the Year Ended 31 March 2024 12. TRUSTELS, REMUNEIiA TION AND BEIN'EFITS Truslccs arc not rcmuneralcd. No trustccs rccciv¢d any rcmuncralion during thc ycar (2023 - nil). Trustees, expen$e5 There wer¢ no trustees, cxpenscs paid for Ihc ycar cnded 31 March 2024 nor for the ycar cndcd 31 March 2023. 13. srAfif COSTS 31.3.24 31.3.23 Wagcs aiid salarics Social 5cciirity costs Oihcr pcnsion costs 864,520 53,392 11,549 819,866 49.090 929461 879 403 Thc avcragc monthly niimbcr of eniployccs during Ihc ycar was as follows.. 31.3.24 29 31.3.23 26 Tlicalrc and facililics Publicity Adiiiinislralion 37 33 No cinployccs rcccivcd ci)ioluiiicii15 in cxccss of £60,000. Siaffeosls abovc incliidc perforiiicrs aii(I Ilicalrc i)crsoiiiiel ciigJagcd 011 a coiilracl basis <lS IVCII 1( s pcfiiidllclIt slaff. LinployLe iiiiii)bcrs rcflccl Ihc Iivcragje i))oiiil)ly licad LOLiiiI uf casual aii(I pcrtnancnl slaft- Ivliicl) cqualcs to an csliiiiulcd 25 full-tiiiic Lquivalciil staff. 14. COI¥qPAIIA TIVII S li 011 'l'l l L S'I'AI"I,:MLI iN"J' 014 li Ih'Ah'CIAL AC'I'IVI'I'III S UnroslriLlcd rund R¢slrictc(I liiiids 'rolal runds INCOMI,: AIN'I) EP*'l)OIVIM Li IN'I'S II Il0] Doi)aliuiis aiid Icga¢ics 535,409 535,409 ClixritRble acllvliles "I'healre 696,232 696,232 Olhcr trading aclivilics Iiivcsli)Iciil incoinc Oilicr incoiii 191,801 775 41,000 191,801 775 'I'otal 1.465 217 1,465,217 .IPliJiN'I)I"I'UIIF OI) Rai5iTig fiiii(Is Raisiiig doiialioiis and leEacics 1,500 1.500 Pagc 24 conlinucd...
I'orch Tlicatre Company Limlt¢dlThe) Notes to the Trinanclal Statements - continued for th¢ Year TrJnded 31 Mareh 2024 14. COMPAIiATIVES D OII'I'IIL STA"fEMbh'T OF FINANCIAL ACTIVITIES - contlnued Unrcstrictcd Reslrictcd fund funds Total funds Oihcr trading aclivitics 118 632 118632 120,132 120,132 Charitable A¢tlvlties Thcatrc 1599 234 103 634 1,702 869 Total 1719366 103 634 1823 001 NEI. INCOMLIl{EXPF.NDI'I'UIII4) (254,150) (103,634) {357,784) IILI LUNCII.IA'I'IOP4 OF II UNDS "I'olal funds brougl)I fonvard 576,695 3.480,508 4,057,203 'i'o'rAL b UNDS CAllllllI l) f<OIIIVAIID 322 545 3 376,874 3 699 419 15. 'I'AXAI'ION As a rcgislcrcd cl)arily, l orch 'l'hcalr¢ Conipany Ltd is cxcinpt from lax oli iii¢oii)C <iiid gai11s. No lax cl)ar&ics hHvc aris¢ii oil Ihc L'l)Iirily. 'I'l)c 'l'radii)gF Siibsidiary is ciiliilcd lo 'l'licalr¢ 'l'ax Crcdils whicl) is rcflcclcd as Oilicr Inooniii) IIcsoLirccs ii) Ilic Coi)501i(lalcd Sialciiicnl of fiiianeial aclivilics in Il)c sum 01£68,382 12023 £40.977). 'I'Ah'GIIJLI,: li IXI4 1) ASSI,:. 16. Thcatrc rcfiirbisl)i))cnl Frccliold pr()perly (1996 2000) Tlicalre rcdcvclopincnl CO.ST Al l April 2023 Additions 407.808 28,270 4.638,069 Ai 31 March 2024 407 808 28,270 4 638 069 l)II'l)IIL4"CIA'I'IOS1 ' Ai l April 2023 Cliargc fur ycar 64,207 8,156 28.270 1,366,736 At 31 March 2024 172 363 28,270 1,459 498 I, IIOOK VAI.UL Ai 31 Mar¢li 2024 235 445 3 178 571 Ai 31 March 2023 243,601 3 271,333 Pagc 25 continiicd...
Torch 'fheati'e CompAny Llmited(Tlie) IYote8 to the TrinanclAI Statements - continued for the Year Ended 31 M#i-ch 2024 16. TAIN'GIBLL filXLI D ASSLI'fs. contlnued Fixturcs and rittings Motor vchiclcs Totals cos"i' At l April 2023 Additions 1,460.049 6.534,196 Ai 31 March 2024 1,467.031 20,995 6562 173 I)EPIIECtA"J'IOIY Ai l April 2023 Cl)argc for year 1,336,433 2,895.646 133415 Ai 31 Marcli 2024 1363 681 3 029.061 'II I. IIOOK VALUE Ai 31 Mdrcli 2024 103 350 3 533 112 Ai 31 Mawh 2023 123616 3 638 550 All fixed asscls arc 11scd iii dirccl furil)crance of Ihc cl)arilics objccls. l)clails of ilic rcslriclcd fun(1 rclaling lo Ihc Il)¢<llrc building and rc-devclopiiieiil drc given iii iiolo 20. l.cgal chargcs havc bccii rcgistcrcd ovcr Ihc Ihcalrc building by Ihc Art5 Loui)¢il of Walcs. All Groiip Fixed Asscls bclongi lo Ihc parcnl LOlliI)aiiy. Thc siibsidiary coini)any lias no Tr ixc(l Asscls. Fix¢d asscls, incliidcd iii Ihc abovc, which are licld undcr l)irc pl11)aSe conlracls Iirc as follows.. Miitor vchiclcs co.s'i' A(Idilions 20.995 Dll l3IIE,:CIA'fi ()N Cliarg¢ for ycar I'll'l. IIOOK VALU Ai 31 ma1} 2024 Ai 31 March 2023 Pagc 26 coiilinucd...
'roreh Theatre Company Limited(The) Notes to the r(Inanclal Statements - contlllued for the Yeai. Endcd 31 Mai'ch 2024 17. STOCKS 31.3.24 31.3.23 Stocks 7.351 All stocks b¢loiig to the parcnt company. 18. DLI B'I'ORS: AMOUNTS FALL1Tr4G I)UE WI"J'IIIN OI)'E YLAII 31.3.24 31.3.23 31.3.24 31.3.23 GTOUP 76,305 Other debtors Prepaymcnls and accnied iii¢oi)IcVAT Group 81,999 Charity 263,457 Charity 261,541 104 526 112853 291678 292 395 19. CIILI DI'I'OIIS: AMOUIY'I'S IIALLING Dub Il'll'lllh, ONI:, 31.3.24 31.3.23 31.3.24 31.3,23 CJroup 20,911 95,659 10,861 5.124 181392 VA'I. Groiip 17,725 116,678 3,377 Charily 20,911 95,659 10,861 5,124 368 554 charity 17,725 116,678 3,377 Advdii¢¢ rcceipls l)cferrc(l iiicoine I lir¥ l)Lirchasc Siindry creditors and a¢¢riials 159453 339 005 313 947 297 233 501 109 476 785 Iiicliiilc(l iii 5111i(Iry crcdilors aiid accruals arc amoiinls owing for social 5¢curily and oilicr laxcs of £15,779 12023 £15,222). Pagc 27 conliiiii¢d...
Torch Theatre Comp4ny Limited{The) Notes to the Fthancial Statements - continued for the Year Lnded 31 March 2024 20. CREDITORS: AMOUN"rs FALLING DUE AFTLR MORE TIIAN Oh'E YLI All 31.3.24 31.3.23 Hirc purchas¢ {scc nolc 21) 11.955 21. LEAs1,G AGRFEMLIYTS Minitnum Ica5c payincnls undcr hire purchasc fall diic as follows.. 31.3.24 31.3.23 Gross obligations rcpayable.. Wiihiii onc ycar inance chargcs rcpayablc.. Bctwcen onc and fivc ycars Ncl obligation5 rcpayablc.. Wiihin onc ycar 13clwccn on¢ and fivc ycars 5,124 22. Ncl Inovciiicnl in fiiiid5 At 31.3.24 Ai 1.4.23 Uni'e5ti'icled lunds (iciicral ILind 322,545 (224,020) 98,525 Restrleled fiinds Rcslrictcd fiinds 3,376.874 (103,635) 3,273,239 'I'O'I'AL li UIJ'DS 3699419 327 655) 3 371764 Page 28 coi)liiiiied.
Torch Theatre Company Limited(The) 'otes lo the Financial StAtement5 continued for the Year Ended 31 March 2024 22. MOVEMENT Ifi, liUNDS- contlnued Ncl niovcment in funds. includcd in Ihc abov¢ arc as follows.. Incoming rcsourccs Rcsoiirccs cxpcndcd Movemcnl in funds Unrestrleted funds Gcncral fiii)d 1,651.087 (1,875.107) (224,020) Ilesti'i¢tcd fuiid5 Rcslriclcd funds (103,635) (103,635) TOTAL FU,Ds 1651087 1978 742) 327.655) CompAr&tlve$ for mov¢mcJit lil funds Ncl Inovcincnl iii funds Al 31.3.23 At 1.4.22 Unresti'lcted fuiids (Jcncral flind 576,695 (254,150) 322,545 Iles11'icted fiinds Ilcslriclcd flinds 3,480,508 (103,634) 3,376.874 'I'O'I'AL li UlS'llS 4 057 203 357 7841 3699419 Cuiiiparalivc IiLI i)iovLiiieiil ii) fiinds, iiicludcd in Ihc abovc are as follows.. Incoinii)g T¢5()urccs IlesoLirces cxpcii(Icd Moveinciil in fiinds Uiii'osti'lcled fuii(Is Cicncral fuiid 1,465,217 (1,719,367) (254,150) Ilesli'leted fiin(Is Ilcslrictcd fiincls (103,634) 1103,634) I'O'I'AI, 14 UIN'I)S 1,465,217 Pagc 29 conlinucd..
Torch Tliealre Company Llmited(The) Notes to the Flnancial Statements - conllnued for the Year Ended 31 March 2024 22. MOVEMEN'T IN b UNDS- ¢ontlnued A Current year 12 months and prior ycar 12 months combined position is as follows.. Nct movcment in funds At 31.3.24 At 1.4.22 Unrestrlcted fund5 Gen¢ral flind 576.695 (478.170) 98,525 Ilestrlcted funds Rcslricle(I fuiids 3.480,508 (207,269) 3,273,239 'I'OTAL b UNDS 4 057 203 685 439) 3 371764 A ciirrciil year 12 Inoiiihs ai)d prior ycar 12 iiionlhs combiiicd ncl Inovcmciit in funds. incliidcd in the abovc arc as follows.. Incoming rcsoLifc¢5 Rcsourc¢s cxpcnded Movcinciil in funds Unrestrlclc(I fuiids Gcncral fuiid 3,116,304 (3,594,474) (478,170} Ilcsli'lcted fuiids Rcslriclc(I fiii)ds (207,269) (207,2691 'I'O'I'AI, IIUNI)S 3,11(1 304 Fiill dclails of rcslri¢lcd fiinds arc providcd at note 25. 23. Illl LA'I'EI I) I'AlI'rY i)IscL.osuiii,. 'I'orcli 'l'heatre Prodiicllon Conipniiy Llniilcd Diiring Ilic ycar, the Charity Ina<lc salcs of £187,156 (2023 £179,545) aii(l i)Iirc111£ scs of £255,5.18 (2023 £220.542) loifroni ils l OOO/o wl)olly oiviicd subsidiary. Ai Ihc year-ci)d dalc, Ihc Irading subsidiary owc(I the Charity Ihc bLilii of £68,382 (2023 £40,997). Pag¢ 30 continucd...
Toi'ch Theatre Company Limlted(The) Not¢s to the Financial Statements - contlnued for the Yeai. Ended 31 March 2024 24. RC ETIIICAL STAP4DARD - PROVISIOIY S AVAILABLE fi OR SMALL EIS'TITIES In common with many oihcr busincsscs of our size at]d naturc we usc our auditors to prcparc and submit rcturns to the tax &uthoritics and assist with Ihc prcparalion of Ihc financial statemcnts. 25. RESTRICI'ED VUNDS Balancc asal Movement in Ycar Balancc as al 31.03.24 01.04.23 Capital Rescrvc (Main Thealrc) Capital Ilc-dcvclopmcnl liund Capital Reserv¢ (Studio Thcalw) 89,832 3,234,667 52,375 (3,757) (98,378) (1,500) 86,075 3,136,289 50,875 3 376 874 103,635 3,273,239 ital Ilcscrvc Main 'l'hcatrc 'I'lic frecliol(l of the .1 orch 'fiiealrc was coI)vcy¢d lo Il)c coinpai)y by Prcscli l)ciiibrukcshirc District Council 011 23rd Janiiary 1991 for Ihe coiisidcralion of £ l. 'Ilic propcrty was valiicd by Mcssrs (ilyii Davics & Co. al £180,000 in Jai)Liary 1991 ai)(I lias bccn iiicoi-pordlcil iiilo Ilie finaiiLial sldlcmenls al that figurc, 11)c siirpliis bcing credilc(I lo a capital rcs¢rvc. I,'ollowiiiB th¢ inlrodiiclioii of I,'IIS15 Ihc IrL151ccs IleLid¢d lo dcprcciaic ih¢ fr¢chold ovcr a pcriod of 50 ycars on a 51raiglil liiie bclsis. "I'liis rcsulis in a dci)r¢cialion cliarge of £3,757 pcr aiiniiiii. £86,075 {2023 £119,832). ital Rc-dcvclo Inciil E'und l)uring Il)c Il)ree ycars lo Marcl) 2009, Ilic 11)calrc was cuinplclcly rc-dcvelop¢d. burthcr capilal ii))provetnoii15 liavc bcciJ Inadc iii siibse4UCI)t ycars. 'I'l)i8 Ciipilal cxpcii(liliirc is bciiig d¢pr¢ciulc(l ovcr a i)crio(l of i O years {fixlLires aiid cqiiipii)¢iil) i)r 50 ycars (buildii)&, ). 'I'hc &Jrai)Is aii(l (loiiali()ns rcccivcd for Ihc rcslriclcd piii'i)os¢ of Ilic Ilicalrc'5 re- d¢vclui)ii)¢iil liavc bccn Ircalcd as a rcslricled fLllI(l iii ccor(lai)Lc with Ilic Sialcincnl of Rccoiiiii)ciid¢d Praclicc and arc rcdiiccd by Ilic dcprcciation cliar&yc li) rcspccl of Il)c rc-dcvclopmcnl cos15. "ri)c balanec rcmainiiig on Iliis fiii)d is £3,136.21g9 (2U23 - £3,234,667). )ilal Il¢scrvc Stiidio 'l'hcalr¢ As i)art of11)c rc-(Icvcloi)iiicnl, Ihc charity aeqiiircd Ihc fr¥cholil ofaii cl(ljoiiiiiig proi?crly wliicl) hoiiscs Ilic ncw stiidio Ilicalrc. Parl of Il)c value of Il)c property (valiied al £75,000) was doiicltcd by Pcinbrokcsl)irc Coiinly council Lrcaling lurihcr capital rcscrve. 'Ilic pruperly is beiiig (lcprccialcd ovcr 50 ycars 01) a slrcliglil liiic basis resulting ii) a dcprecialion cl)argc rclalii)g to th¢ gift of £1,500 pcr aniiiim. 'ri)c balancc rcillaiiiii)g 011 this fiiiid is £50,875 (2023 £52,375). Pagc31 conliiiiicd...
Toi'ch 'l'heatre Company Limited(The) Notes to the l*inanclAI StatemeD¢s - Colltinued ror the Yeai. Ended 31 Marcli 2024 26. SUBSIDIARY UNDLIII'AKINGS Thc Charity holds Ihc cnlire issucd sharc capital of 10 Ordinary shares of £1 cach in Torch Thcatr¢ Prodiiction Company Limilcd, a company incorporatcd in England and Wale5, compai)y nunibcr 09287683. Thc Charity acquired thc Trading subsidiary on 30th Oclobcr 2014. The Torch lknealrc Production Company undcrtakcs thc commcrcial produ¢tion of theatrical pcrforniances. A summary of thc trading results &rc shown bclow. SummAry proflt ajid loss A¢count: Ycar Ended 31.3.24 Year Endcd 31.3.23 Incomc Cost of sales 187,156 255 538) 179,545 220 542) Profil or (Loss) on ordinary aGlivilics b¢forc taxation 'I'ax cr¢dil {68,382) (40.997) Profil for thc finaiicial period 'I'lie 855ets And li4bllllles of the subsldlAiy were: Cuirci)l as5cIs Crcdilors 255,548 255 538) 220.552 220 542) Agb?rcgalc share capilal ai)d rcscrvc5 10 10 Pagc 32
'roreh 'l'heatr¢ Company LimfitedlThe) Detalled Statemcnt of Financlal Aclivltics foi. the Year Li ndcd 31 March 2024 31.3.24 31.3.23 INCOME Afi'D ENDOWML< N'rs Donation5 and legacies Arts Council of Wales Pembrokcshirc County Council Milford Ilavcn Town Council Gifts and donalioiis Sponsorship Chaptcr Cardiff ACW- Cosl ofLiving Award INL Wariii Spaccs Ciarrick Charilablc Grant ACW r.xplorc Grant ALW Crcalc (irant 454.258 10,000 7,500 21.530 20,000 2,000 11,952 i 0,000 2,500 1,200 459,310 i 0,000 7.000 16.577 21.483 6,800 14,239 585,940 535.409 Other tl'8diJig Actlvlties Cafc sal¢s 13ar S4il¢s Kiosk salcs Mcrcliaiidisc salcs 'rclcphoi)c Iiiasl rcnlal 56,664 68,108 103.850 1,865 31,474 47.282 91.439 241,965 191,801 Ini'cslnicnl IllLunic 1,451 775 ClIRrll8ble 4ctlvltles 'riiealr 462,793 185,674 412.Q30 220,470 12,571 15,790 2,400 7,445 13.273 Yoiith Iheaire and ediiGalioii 14irc of Ihoalr Salcs of prograniiiics ctc. eLI)IliC¢il hirc Scl c'oiislniclioii Sundry Ihc81r¢ incomc 39,059 7,967 10.468 22,790 753,349 696,232 Oilier Iiiconie 'riicalrc-fax Crcdil 'I"olal iiieoinlng i'esoui'ccs 1,651,087 1,4C)5,217 This pagc docs noi fonn part of ihc slaliilory fiilancial slalcmcnls Pag¢ 33
Toreh TheAtr¢ Comp4ny Limited(The) Detailed StAtemcnt of li in8nciAI Aclii'iti¢$ ror the I'eai. Elided 31 IWlarch 2024 31.3.24 31.3.23 EXPEI NDITURE IIAising donatioiis and legAcie$ Administration expeiises .500 1,500 Other trading activities Cafe purchase5 Bar purchases Shop purchas¢s Ivages Social seeurily Eqiiipi)ieiil repairs ai)d reneiva15 011)er dirccl costs Depreciation - fixtures aiid fitliii85 18,816 28.991 51,294 45,594 4,486 1,955 5,266 12,010 25,755 40,435 29,363 3.125 1,606 4,807 158,169 118,632 Cliai'itable actlvities Tlicalre salaries arid fees 548,688 31,415 11,549 9,383 62,632 52,083 25,439 8,331 207,990 574.742 28,435 10,447 5,602 47,688 4.5,6.30 22.()47 Liiiployer peiisioii coiilribiilioi)s Rales and ivaler l.iglil ftiid l)eal I'liealre rei)eivals Yoiiili IIIL'411re aiid ediicalioi) 160,591 DirLLI i)rodiiLlioii costs Iloyaliics and coiiiii)issioi)s 'I'r<lvelling Siiii(Iry expeiises 76,459 72,383 12,185 20,912 4,838 100.087 14,678 23,082 11,700 7,546 28,609 l 0,0?.6 8,156 92,762 25,481 5,249 I OG,790 12,227 23,944 -13.781 3,564 104,984 15.415 26,640 12,425 12,740 26,212 10,848 8,157 92,762 25,372 L1( 1111(Iiy and cle(11)iiig Mei?Iber51iip5 aii(I l i¢eiices Vorks1)op exi)ciises Molor exi)eiises Ilox ofiicL lickels ai)d chai-ls Crcdil card cliai'ges Depi'eeii¢ lioii - freel)old pi'opei'ly Dei)I'ecialioii - redevelopiiieiil Depre¢ialioii Inotor vel)icles 1,471,663 1,420,906 Tliis page does i)ot forin pail of Ilie Slaliiloi'y fiiiaiicial staleii)eiits Page 34
Torch Theatre Company Limited("fhe) Detfille(I StAtement of f4 jiiancial Aclivities for tho l'ear Lnded 31 Illarcli 2024 31.3.24 31.3.23 Support costs ManAg¢ment Adminislralion and piiblicity salaries Social security Teleplioi)e Postage Office slalionery and IT costs Recriiiliiiei)l and Irainiiig Professioi)al fees Ei)lerlaii)meiit Bank cl)arges Hire purchas¢ inleresl 266,665 17,491 9,687 372 8,546 15,251 14,054 819 3,174 909 212,281 17,530 9,217 467 6.824 8,166 13,322 2.490 2.363 336,968 272,660 Goi'ei'n8iic¢ Costs 3,573 2,900 3,480 2,700 Aiiditors, reiiiLiiiei'alioii ALiditors' reiniineralioii for lion aiidit work 'rot<il I'eSOLirces exi?eiicled 1978 742 1823 001 'el exi)ciidiliii'e 'I'liis page does iiol foriii parl of Ilie slatiitoi'}' fiiiaiiciil sl<ileiiiei)ts Page 35
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