RLGISTERLD COMI PANY NUhlBER: 01327289 (England and Ivales)
I￿GISTERED 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 St*tem¢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'r￿1 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 CI￿ls(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 c11￿cli1 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 Ga￿ick 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 pil￿OscS 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¢ 0￿1¢¢ 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 re￿IlarlY,
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 0￿1cc.
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<ilioi) ii)cltided iii Ilie Aiiiiiial
Reporl, ollier Ilixii Ilie fiiiaiicial slalei)ieiils aiid oiir Reiioi'l of Ilie Indepei)dent Aii(litors thereon.
Olif OPiliiDlI 011 Il)e finaiicial 51atei)i¢iils does iiol cover Ilie oihei. iiifori)ialioii c?Iid, except lo Ilic exleiil oiliLI'wise explicitly
slated in oiir rei)ort, Ive do iiol c.xpi'ess aiiy forii) of a5511raiice ¢oi)cliisioi) Ihereoii.
Iii coiiiieclioii iviili oiii. Rudil of ilie fii)aiicial 51aleii)enls, Olir respoiisibilily is lo read the ollier iiiforiiiil lioi) xii(I, iii doiiig> so,
consi(ler ivliellier Ille other iiiforiiialioii is nialerially iiicon5islei)I with 11)e fii)c11)Cliil slalciiiciils or Olir kiioivledge obiaiiiecl iii
Il)e alidil or oilierivise api)C¢irs to be lili¢ t¢l'14711y iiiisslaled. If we i(Icnlify sucli i)1(11erial iii¢oi)SisleiiciL's or 1¢ Ppiireiil Ill<ilei'ii¢ I
Ilieiiiselves. Ir, based oli Ilie ivork ive liavc i)ei'loi'iiied, i%'e coiicliide Il)l( I Ili¢re is ft i)ialeriiql i)iisslaleiiiei?l of Il)is OIIILI.
inforiii¢11ion, Ive are required lo report Ihal fact. Ive l)ave noil)ing lo report iii Ihis regard.
I 'lallei's on i%'liich we ni'e reqiiii'e(I to report bv e¥ceplioii
Ve li(Ivc noiliii)g lo report in I'espcct of Ilie folloivii)g n)cillers ivhere the Cliarilies (Accolints aiid Reports) Reg?tiliL li01IS 2008
reqiiii'es us lo report to YOLI if, in oiir opiiiioi)..
slaleiiieiils., or
Il)e ch3ril(Ible coiiis)aiiy Ii¢iS not kept ade(iiiale accoiiiiliiig records. or
tlie fiiiaii¢i¢il slaleiiieiils (ire iiol it) agreei)ieiit i¥'iili Ilie ac¢oiii)lii)g record5 aiid rclLirns' oi.
i'e l)Iivc iiol received all Ilie iiiforinatioii aiid explaiiiL tioi)s ive reqLllI'¢ foi. OLif ic Iidil.
Pllgell

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 I￿sIteS 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 t￿Ste¢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 c￿Sli 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 llnancl*l 5t*tements
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 pl1￿1)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 ma￿1} 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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0￿C*
Ci
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