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← The Torch Theatre Company Limited

2025-03-31-accounts

REGISTERED COMPANY NUMBER: 01327289 (England and Wales) REGISTERED CHARITY NUMBER: 508985

Report of the Trustees and

Financial Statements

for the Year Ended 31 March 2025

for

Torch Theatre Company Limited(the)

Ashmole and Co. Chartered Certified Accountants and Statutory Auditors Williamston Ifouse 7 Goat Street Haverfordwest Pembrokeshire SAG61 IPX

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Torch Theatre Company Limited(t'he)

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Contents of the Financial Statements for the Year Ended 31 March 2025

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Torch Theatre Company Limited(The)

Report of the Trustees for the Year Ended 31 March 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) "(effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

The vision, mission and values of the Torch Theatre Company Ltd (the Torch) are embedded in and articulated through our Strategic Plan, Business Plan and delivered through our programme and engagement activities with our communities. This has led to a re-evaluated and refocused vision and mission for the Torch, to better represent our . position in the current artistic, political and social landscape. Alongside this we have investigated, established and articulated the values that underpin everything we do.

Vision

To be a beacon of creativity for the performing arts in West Wales, inspiring artists, entertaining audiences and connecting communities.

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CREATE
SUSTAIN CONNECT
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To create high quality experiences connecting across communities in a sustainable manner

Create - We create and curate high quality theatre productions, participation experiences and events to inspire, entertain, delight and challenge.

Connect - We connect arts organisations, communities, educational establishments and businesses for the benefit of[all.]

Sustain - Everything we do will be underpinned by our pursuit of financial and environmental sustainability, safeguarding for the future of Pembrokeshire, Wales and the wider world.

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Torch Theatre Company Limited(The)

Report of the Trustees for the Year Ended 31 March 2025

Values

West is Best - Our home in Milford Haven is the start of the line, we are proud of where we are based, and we honour the languages, cultures and people of West Wales.

Croeso/Welcome - we strive to make our activities and buildings accessible and welcoming to all who wish to participate. We celebrate the unique perspectives and skills each person brings with them.

Chwarae Teg/Fair play - We aim to be fair in all we do including anti-racist, anti-ableist and inclusive practices alongside fair pay and working conditions, with transparent decision making.

The charity embraces the general aim of contributing to the quality of life for people living in the county of Pembrokeshire and for visitors to the county. It aims to present a diverse artistic programme which is challenging, entertaining, and accessible. The charity maintains a popular programme which is designed to underpin its financial _ objectives.

We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and:in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set. Our pricing policy reflects our aim of enabling all within our community to attend live performances and films at the Torch with a range of concessionary prices offered.

To achieve the charity's objectives the following strategies are employed:

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Torch Theatre Company Limited(The)

Report of the Trustees , for the Year Ended 31 March 2025

Activities

The major areas of activity managed by the charity are the production of plays and musical theatre, touring of theatre productions to venues in Wales and beyond, screening mainstream and independent films, display of artworks in the . gallery, café, -bar and kiosk, youth theatre, education and community projects, and buying in a range of professional performances to provide a wide-ranging programme.

Key components of the charity's programme and as a platform for community activity are as follows:

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Torch Theatre Company Limited(The)

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Report of the Trustees for the Year Ended 31 March 2025

ACHIEVEMENTS AND PERFORMANCE

withA fulltheprogrammecafé, bar andof showskiosk (films,alignedboughtto the inprogrammeproductionswithandtheTorchcaféownofferingproductions)pre-showtooksupperplacemeals throughoutprior totheallyear,live shows and broadcasts. The year commenced with Lucie Lovatt's new work Kill Thy Neighbour, which was directed by Torch Artistic Director, Chelsey Gillard and was also a successful co-production between the Torch and Theatr Clwyd. The show had widespread media coverage with fantastic audience responses with many feeling the show reflected ‘real Pembrokeshire’ and asking for similar shows in the future. This was followed in late spring with J. M. Barrie's production, The Admirable Crichton, performed by University Wales Trinity St David third year Acting and Set Design & Production students, again directed by Chelsey Gillard and performed at Yr Egin in Carmarthen and the Torch. ‘

In the summer, the Senior Manager - Youth & Community directed our first full mainstage Youth Theatre production, Wind in the Willows, which was a resounding success.

Summer Schools also took place with Creative Writing workshops being held in the autumn.

During the period, Sunset Cinema focused on a reduced number of events, allowingus to maximise resources and avoid an overwhelming offer for audiences. Six public screenings took place alongside private hires.

Due to on-going financial pressures throughout the period, the decision was taken to change the autumn programme of produced work and not produce our usual mainstage autumn production in an effort to mitigate financial risk and cashflow pressures. Instead, we produced a limited run of Owen Thomas' Grav, including a special gala night for the 200th performance. The run wasa real success with audiences enjoying performances.

Three fundraising events were also held - an evening with Charles Dale and two nights of Alan Bennett's Talking Heads by Artistic License.

The autumn programme was then completed with a selection of guaranteed seat filling bought in productions.

Alongside this we also supported a company of emerging Welsh creatives to debut a new play, Tachwedd, that then went on to have arun at Theatre503 in London.

The Christmas Show this year was the pantomime, Jack and the Beanstalk and proved to be another great success with families over the festive season.

After an incredibly successful production of Titus Halder's REPLICA in 2024, the Torch's older youth theatre group staged their second year of National Theatre Connections in March 2025 with Ricky Beadle Blair's new show RAVERS, which also transferred to the Aberystwyth Arts Centre and was another great success with a highly positive response from audiences and participants alike.

Ticket sales remained a challenge throughout the year, especially for cinema, with much work being undertaken to understand the micro and macro reasons for this ongoing trend with work undertaken on the ongoing impact of[the][cost] of living crisis, improved data analysis and consideration given to new pricing strategies.

Introduction in the autumn of the One More Time marketing campaign had a positive impact on those who would usually only attend once in a 12-month period with an increased number of repeat bookings made to attend additional further events. Data research has also identified an opportunity to attract more first-time attendees. Further focus will be given to both these areas in 2025/26.

Unfortunately, average attendance levels at shows and screenings continued to be relatively low, in particular for cinema, with a noticeable change of reducing attendances taking place at the Torch and across the cinema industry as a whole, making it a struggle to return to pre-pandemic attendance levels.

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Torch Theatre Company Limited(The)

Report of the Trustees

for the Year Ended 31 March 2025

Throughout the period the Torch has been fully engaged with Craidd, a collaboration between five Welsh organisations; Theatr Clwyd, Sherman Theatre, Pontio Arts, Royal Welsh College of Music & Drama and Torch. Its mission is to improve mainstream representation for and with Deaf, disabled and neurodivergent artists across Wales. It also aims to drive positive change in the partner organisations involved as well as within the wider theatre sector. ~ ne

A permanent part-time Craidd Agent for Change is based at the Torch supporting delivery of accessibility action plans, reviewing policies and procedures (including supporting the delivery of these), training, community engagement and is involved in the delivery of the Torch's own produced work.

As part of continuous Board improvement, a trial period commenced in September 2024 of monthly, rather than quarterly, Board meetings. Discussion at Board and Senior Management Team (SMT) meetings during the 6-month trial period of monthly Board meetings were positive with support for continuation of the approach.

At the March 2025 Board meeting, it was agreed that monthly Board meetings were a positive improvement but that the process should be refined with consideration to be given to streamlining the Board meeting agendas. Support was also given to the inclusion of a forward work programme in order to outline key items in different months. It was also recognised as important to ensure full finance reports were presented to the Board after each quarter had concluded with a short finance update (including cashflow) provided each month. It was also recognised as important to make sure that the presentation of reports by SMT did not clash with business-critical activity as this had been experienced on occasion during the initial 6-month trial period. This approach was agreed by the Board at their April 2025 meeting with the Board approving:

i. Continuation of the current monthly Board meeting arrangements with agreed changes and to review this amended approach in 6-months time (Board report in November 2025); .

ii. The revised monthly Board meetings to continue at 6pm on the third Thursday of[the][month;]

iii. The monthly Board meeting main area of business be as outlined in the Board agreed timetable along with the provision of monthly short finance reports with it noted that in addition to the timetable, any urgent matter can be brought to any Board meeting regardless of business area focus;

iv. The Personnel Standing Committee to be renamed the Finance & Personnel Standing Committee (terms of reference to be agreed) that will meet as and when required to do so during the period;

v. The Board to continue with Warking Groups and/or advisory panels for nrallers of urgency or complexity; and

vi. Consideration to be given at a later date to establishing an Audit Standing Committee.

Five elected Board Members and one nominated Board Member (Pembrokeshire County Council) stood down during the period. The Torch expresses thanks to Nigel Sinnett, Jo Hendy, Gemma Hicks, Phillippa Davies, Adrian Williams and Cllr David Bryan for their years of service and dedication to the Torch. A Board Member recruitment campaign was undertaken in early 2025 with two new elected Board Members appointed in June. Further Board Member recruitment will be considered later in 2025S.

At the end of September 2024, Benjamin Lloyd stepped down as Executive Director. While consideration is given to the senior structure of the Torch, Chelsey Gillard has agreed to assume the role of Interim Chief Executive, alongside her permanent role of[Artistic][Director][until][31][March][2026,][for][ which][the][Board][are][extremely][grateful.]

In January 2025, stability was brought to the role of Senior Manager - Finance with the appointment of Victoria Goddard. Until this point, there had during the period been two permanent and one interim Senior Manager - Finance appointments which had all proved, unfortunately, to be short-term. Victoria brings with her extensive financial experience and knowledge of the cultural sector which has already proved invaluable in moving the organisation forward with an improved and enhanced approach to financial management.

The Board thanks all staff, volunteers, patrons and our key funders for all their support and understanding during the period of this report. In particular, thanks must once again go to the SMT who continue to work so tirelessly with their teams to ensure the Torch delivers the best possible experience for our valued patrons.

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Torch Theatre Company Limited(The)

Report of the Trustees for the Year Ended 31 March 2025

FINANCIAL REVIEW

Total income for the year was £1,889,682 which was circa 14% up on 2023/24 (£1,651,088) and was principally due to the additional grant funding received from Arts Council Wales (ACW) in April 2024, following the Torch's successful application for continued funding as part of the[ACW][2023][Investment][Review.]

Total income from grants and donations was £827,124 circa 41% up on 2023/24 (£585,940) mainly due to the increase in ACW annual grant funding, increased Film Hub Wales grant funding, ACW Job Protection & Resilience grant, an ACW Capital grant, Pembrokeshire County Council (PCC) Enhancing Pembrokeshire grant, Theatres Trust grant, Ingles Trust grant and donations from South Hook LNG and Dragon LNG although off-set in part by the loss of 2023/24 ACW Cost of Living grant, Port of Milford Haven sponsorship, National Lottery Warm Spaces grant, Garrick Charitable grant, significantly reduced ACW Create grant and overall reduction in 2024/25 gifts and donations (£12,730 down 41% on 2023/24).

Expenditure for the period decreased by circa 1% to £1,962,289, (2023/24 £1,978,743) with increases in charitable activities and other trading activities off-set by savings in administration and publicity salaries, recruitment and training and office stationery and IT costs.

Overall, while the Detailed Statement of Financial Activities indicates a deficit for the year ending 31 March 2025 this is a 77% improvement on the 2023/24 deficit (£327,655) and once depreciation (2024/25 - £131,813) is removed this shows a 2024/25 year-end position of a £59,206 surplus (a 130% increase when compared with the 2023/24 net loss less depreciation (£133,415) of £194,240.

During the period, the Torch continued a successful relationship with ACW meeting, where possible, agreed targets and benefitting from the first year of ACW enhanced annual grant funding following the 2023 ACW Investment Review. Support was also provided during the period by ACW commissioning Anna Dinnen from People Make it Work to conduct a rapid report on the Torch's finances.

The Torch welcomed this report and collaborated with Anna, with meetings taking place with SMT and the Board. The report confirmed much already known by the Torch and collated these findings together in a useful and actionable way which the Board accepted in February 2025 along with approving an action plan arising from the report to be delivered during 2025/26.

This report, along with work undertaken during the period on producing the Torch's first Strategic Plan, increased financial scrutiny by the Board (following the move to monthly meetings) and an improved and enhanced approach by SMT to financial management led to a significantly improved year-end financial position, both in terms of the 2024/25 Q4 forecasted/re-forecasted and actual year-end budget and cashflow. This also positively addressed concérn that had begun in 2023/24 and been on-going during the period over the Torch remaining a 'going-concern'. While funding pressures and cashflow will continue, at least in the short-term to require careful management, going forward, a more stable financial footing has already been established and will now be maintained and built upon during 2025/26 and onwards. :

ACW remains the charity's principal funding partner with an annual revenue grant in 2024/25 of £633,750 a 40% increase on the 2023/24 grant (£454,258) and we remain committed to our relationship with both ACW and the partnership approach we take in ensuring their continued support.

A positive relationship also continued with PCC although as part of the 2024/25 Service Level Agreement the annual grant remained reduced as in 2023/24 at £10,000 a reduction of 50% on 2021/22. ‘

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Milford Haven Town Council also provided a grant of £5,000 in 2024/25, a reduction of 33% compared with 2023/24.

The organisation has, since October 2014, taken advantage of the opportunity provided by the Theatre Tax Relief. Scheme. As a result of four Torch Theatre Productions taking place during the period: Grav; Jack and the Beanstalk; Wind in the Willows; and RAVERS, there will be a claim made this year of £63,249.

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Torch Theatre Company Limited(The)

Report of the Trustees for the Year Ended 31 March 2025

The trustees aim to keep general reserves at a level that meets the operational needs of the organisation. The financial challenges over the last few years, which continued in this period, do however, mean that unrestricted free reserves have as at 31 March 2025, been completely depleted. While the Board was able in March 2025 to approve a 2025/26 :oo. _ year-end surplus Budget, the forecasted surplus was only £1,458 and action ‘is therefore fequired to be taken during 2025/26 to maximise income and reduce expenditure to allow for a more positive year-end surplus to support the rebuilding of reserves. The trustees are committed to this course of action in order to provide the Torch with sufficient safeguarding against potential future adverse financial occurrences. ;

The Torch's reserves policy remains in line with guidance issued by the Charity Commission, and the policy will be reviewed on an annual basis following publication of the audited annual accounts. The policy is founded on the following general principles:

Focus for the coming years therefore remains to build our reserves, widen earned income, maximising the use of the venue and the diversity of what we can offer, as well as applying for additional funding through trusts and foundations.

Safeguarding our artistic production resources and capacity is vital - we remain one of three venue-based producing theatres in Wales and this can only be achieved if we continue to receive significant grant funding support.

Grants received for capital purposes are included as incoming resources of restricted funds when received. The balance of the restricted fund carried forward each year is reduced by the depreciation on the grant-funded element of the assets concerned. This depreciation charge was £102,011 in 2024/25 and £103,634 in 2023/24. In addition, depreciation of tangible fixed assets during the period of unrestricted funds was £29,802 giving a total 2024/25 depreciation figure of £131,813.

Going forward our focus will be growing attendance levels through enhanced marketing and funding initiatives. It is hoped the situation at the Torch and across the broader industry will improve, as we continue to offer our audiences an accessible, in person, artistic experience and meet our obligations as an ACW funded organisation, though myriad challenges remain in the industry.

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Torch Theatre Company Limited(The)

Report of the Trustees for the Year Ended 31 March 2025

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STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Torch Theatre Company Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 26 August 1977 and amended to allow for current governance arrangements by a special resolution passed on 18 August 2011. It is registered as a charity with the Charity Commission. Anyone over the age of 16 may become a member of the trust and there are currently 9 members, each of whom agrees to contribute up to £10.00 in the event of the charity winding up.

Appointment of Trustees

As set out in the Articles of Association, the Chair ofthe[trustees][is][nominated][by][the][ Torch][Theatre][ Company][trustees] for a period of three years. Pembrokeshire County Council nominates up to 3 trustees, Milford Haven Town Council nominates | trustee and the charity known as Milford Youth Matters (formerly known as Milford Haven Social Service Centre) nominates | trustee but has chosen not to exercise this entitlement.

Nominees appointed by Pembrokeshire County Council and Milford Haven Town Council are subject to the appointment processes of those bodies and the guidelines laid down for appointment to public office as they apply to local government nominees.

Trustee Induction and Training

New trustees undertake an orientation day to brief them on their legal obligations under charity law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, business plans, development plans and details of financial performance ofthe charity. Trustees are encouraged to attend appropriate external training events as well as in-house training events organised by the charity.

Organisational Structure

The Board of trustees administers the charity. Following a review of governance in 2006, this has been reduced from - the original maximum of 24 members to a target of around 15 members, with 9 currently in place. Consideration will be given to Board Member recruitment later in 2025. The Board previously met on a quarterly basis but now meets more regularly, currently on the third Thursday of each month except in May and December when no Board meeting takes place. The Chief Executive Officer is appointed by the Board to manage the day-to-day operations of the charity. To facilitate effective operations, the Chief Executive Officer has delegated authority within terms approved by the trustees (contained in the Governance Manual) for day-to-day operational matters including finance, employment and artistic matters.

Related Parties

The Arts Council of Wales (ACW), Pembrokeshire County Council and.Milford Haven Town Council provide core funding for the charity, in support of its artistic programme, as an amenity for local residents and as a visitor attraction to Wales.

Risk Management

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The trustees have a risk management strategy which covers operational and financial risks:

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Torch Theatre Company Limited(The)

Report of the Trustees for the Year Ended 31 March 2025

REFERENCE AND ADMINISTRATIVE DETAILS Charity Number: 508985

Company . ¢ és . ~ : “Number: 01327289 Principal Office: St Peter's Road, Milford Haven, Pembrokeshire SA73 SA73 2BU

Company . ¢ és . ~ : = 01327289 Principal Office: St Peter's Road, Milford Haven, Pembrokeshire SA73 SA73 2BU Ashmole & & Co, Chartered Certified Accountants and Registered Auditors: 7 Goat Street, Haverfordwest SA61 1PX National Westminster Bank Plc, Pembrokeshire Business Centre, 18 Bankers: Haverfordwest SA6] 2DA Solicitors: Price & Kelway, 17 Hamilton Terrace, Milford Haven SA73 2JA :

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Ashmole & & Co, Chartered Certified Accountants and Registered Auditors, Williamston House, Auditors: 7 Goat Street, Haverfordwest SA61 1PX National Westminster Bank Plc, Pembrokeshire Business Centre, 18 High Street, Bankers: Haverfordwest SA6] 2DA

Directors & Trustees

The directors of the charitable company (the charity) are its trustees for the purpose of charity law and throughout this report.are collectively referred to as the trustees.

The trustees serving during the year and since the year end were as follows:

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Chair: :

Chair: : Katrina Marsh Vice-Chair: Carol Mackintosh (formerly Dr Carol Garrett) : Pembrokeshire County Council Councillor Rhys Sinnett nominees: Councillor David Bryan (resigned 10th March 2025) Councillor Alan Dennison Milford Haven Town Council Councillor Yvonne Southwell nominee:

Milford Haven Youth Matters (formerly known as Milford Haven Social Service Centre) nominee: Vacant

Elected trustees: Carol Mackintosh (formerly Dr Carol Garrett) Phillipa Davies (resigned 19th December 2024) Katrina Marsh Nigel Sinnett (resigned 24th April 2024) Ann Owston Joanne Hendy (resigned 24th April 2024) Adrian Williams (resigned 27th February 2025) Max Mackintosh Gemma Hicks (resigned 18th October 2024) Sian-Elin Davies (appointed 18th June 2025) Megan Childs (appointed 18th June 2025)

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Torch Theatre Company Limited(The)

Report of the Trustees for the Year Ended 31 March 2025

Other officials: - a Company Secretary Mr Guy Woodham ‘ Executive Director: Mr Benjamin Lloyd (resigned 30th September 2024) Artistic Director: Miss Chelsey Gillard (interim Chief Executive officer from Ist October 2024) Senior Manager - Business: Mr Guy Woodham Senior Manager - Finance: Mr Gary Wilson (resigned 30th April 2024) Mr Gareth Williams (appointed 7th March 2024, resigned 17th July 2024) Mrs Maureen Rapley (interim appointment from 12th July 2024 to 20th December 2024) Mrs Victoria Goddard (appointed 6th January 2025) Arts Council of Wales Observer: Mr Henry Rees EVENTS SINCE THE END OF THE YEAR Information relating to events since the end of the year is given in the notes to the financial statements. STATEMENT OF TRUSTEES' RESPONSIBILITIES The trustees (who are also the directors of Torch Theatre Company Limited(The) for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). :

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to .

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

_ A resolution will be proposed at the Annual General Meeting on Thursday 18th September 2025 to propose that auditors, Ashmole and Co., be re-appointed as auditors to the charity for the ensuing year. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. A Approved by order of the board oftrustees ona and signed on its behalf by:

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ChairKatina — TorchMarsh Theatre Company Board of Management , ;
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Report of the Independent Auditors to the Trustees of Torch Theatre Company Limited(The)

Opinion

We have audited the financial statements of Torch Theatre Company Limited(The) (the 'parent charitable company’) for the year ended 31 March 2025 which comprise the consolidated Statement of Financial Activities, the consolidated Balance Sheet, the consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 25 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belicve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Other information The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of[the][Independent][Auditors][thereon.] Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of[assurance][conclusion][thereon.]

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: : - the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or - the charitable company has not kept adequate accounting records; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit.

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Report of the Independent Auditors to the Trustees of Torch Theatre Company Limited(The)

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of[the][financial][statements][and] for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of[these][financial][statements.]

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

As a result of performing the above, we did not identify any key audit matters related to potential risk of fraud or non compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of[the] Independent Auditors.

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Report of the Independent Auditors to the Trustces of Torch Theatre Company Limited(The)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors’ report and for no other purpose. To the _ ______ fullest extent permitted by law, we do. not accept or.assume responsibility to anyone other than the charitable company ~~ and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Asuna @ C

Ashmole and Co. Chartered Certified Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Williamston House 7 Goat Street Haverfordwest . Pembrokeshire SA61 1PX

Date: .....09 2102.25 sss

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Torch Theatre Company Limited(The)

Statement of Financial Activities - Consolidated (incorporating an Income and Expenditure Account) for the Year Ended 31 March 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |31.3.25|31.3.24| |Unrestricted|Restricted|Total|.|Total.|:| |fund|funds|funds|funds| |Notes|£|£|£|£| |INCOME|AND|ENDOWMENTS|FROM| |Donations|and|legacies|2|755,498|.|71,626|827,124|585,940| |Charitable|activities|5|.| |Theatre|749,455|-|749,455|753,350| |Other|trading|activities|3|249,675|-|249,675|241,965| |Investment|income|:|4|179|-|179|1,451| |Other|income|6|63,249|-|63,249|68,382| |Total|1,818,056|71,626|1,889,682|1,651,088| |EXPENDITURE|ON| |Raising|funds| |Raising|donations|and|legacies|7|1,500|-|1,500|1,500| |Other trading|activities|8|162,491|750|163,241|158,169| |163,991|750|164,741|159,669| |Charitable|activities|9| |Theatre|1,651,166|146,382|1,797,548|1,819,074| |Total|1,815,157|147,132|1,962,289|1,978,743| |NET INCOME/EXPENDITURE)|2,899|(75,506)|(72,607)|(327,655)| |RECONCILIATION|OF|FUNDS| |Total|funds|brought|forward|98,525|3,273,239|3,371,764|3,699,419| |TOTAL|FUNDS CARRIED|FORWARD|101,424|3,197,733|3,299,157|3,371,764|z|

----- End of picture text -----

The notes form part of[these][financial][statements] -

Page 14

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:

Torch Theatre Company Limited(The)

; Balance Sheet— ParentCompany Balance Sheet— ParentCompany Balance Sheet— ParentCompany
31 March 2025 fo er
nee		 on BSE
a		 :
31.3.25 31.3.24
. Unrestricted Restricted Total Total
fund funds funds funds
Notes 5 £ £ £
FIXED ASSETS
Tangible assets 16 235,127 3,182,130 3,417,257 3,533,112
Investments 26 10 : 10 -
10
235,137 3,182,130 3,417,267 3,533,122
CURRENT ASSETS F
Stocks 17 6,530 - 6,530 7,472
Debtors 18 170,240 - 170,240 291,678
Cash at bank and in hand 11,916 15,603 27,519 $2,556
188,686 15,603 204,289 351,706
CREDITORS
Amounts falling due within one year 19 (315,567) - (315,567) (501,109)
NETCURRENTASSETS (126,881) 15,603 (111,278) (149,403)
TOTAL ASSETS LESS CURRENT :
LIABILITIES 108,256 3,197,733 3,305,989 3,383,719
CREDITORS
Amounts falling due after more than one year (6,832) - (6,832) (11,955)
NETASSETS 101,424 3,197,733 3,299,157
FUNDS 22
Unrestricted funds 101,424 98,525
Restricted funds ‘ 3,197,733 3,273,239
TOTALFUNDS 3,299,157 3,371,764

The notes form part of these financial statements Page F hs)

|

z

,

Torch Theatre Company Limited(The)

;

Balance Sheet - Consolidated Balance Sheet - Consolidated Balance Sheet - Consolidated Balance Sheet - Consolidated
31 March 2025
31.3.25 31.3.24
Unrestricted Restricted Total Total
fund funds funds funds
Notes £ £ £ £
FIXED ASSETS
Tangible assets 16 235,127 3,182,130 3,417,257 3,533,112
CURRENT ASSETS
Stocks 17 6,530 - 6,530 7,472
Debtors : 18 104,348 - 104,348 104,526
Cash at bank and in hand 11,916 15,603 27,519 52,556
122,794 15,603 138,397 164,554
CREDITORS
Amounts falling due within one year 19 (249,665) - (249,665) (313,947)
NETCURRENTASSETS (126,871) 15,603 (111,268) (149,393)
TOTAL ASSETS LESS CURRENT
LIABILITIES 108,256 3,197,733 3,305,989 3,383,719
CREDITORS :
Amounts falling due after more than one year 20 (6,832) - (6,832) ° (11,955)
NETASSETS 101,424 3,197,733 3,299,157 3,371,764
FUNDS 23
Unrestricted funds 101,424 98,525
Restricted funds 3.197.733 3,273,239
TOTALFUNDS 3,299,157 3,371,764

TOTAL FUNDS

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of[these] financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

_

7

The financial, statements were approved by the Board of Trustees and authorised for issue on Wd Mawel were signed on its behalf by: dé Marsh, Chair — Torch Théatre Company Board of Management

The notes form part of[these][financial][statements]

Page 16 -

a

Torch Theatre Company Limited(The)

‘ Cash Cash Flow Statement Flow Statement
: for the Year Ended 31 March 2025
i 31.3.25 31.3.24
Notes £ £
__. Cash flows from operating activities - - -- © -- - : = 2 Se pus ——_— i
Cash generated from operations 1 (17,301) (175,895)
Netcash used in operating activities (17,301) (175,895)
Cash flows from investing activitics
Purchaseoftangible fixed assets (15,958) (27,977)
Interest received 179 1,451
Netcash used in investing activities (15,779) (26,526)
Cash flows from financing activities .
Capital repayments in year (5,123) 17,079
Net cash (used in)/provided by financing activities (5,123) 17,079
Change in cash and cash equivalents in
the reporting period (38,203) (185,342)
Cash and cash equivalents at the
beginning of the reporting period 2 52,556 237,898
Cash and cash equivalents at the end of
' thereportingperiod 2 14,353 52,556

The notes form part of[these][financial][statements]

Page 17

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Torch Theatre Company Limited(The)

Notes to the Cash Flow Statement

for the Year Ended 31 March 2025

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
31.3.25 31.3.24
£ £
Net expenditure for the reporting period (as per theStatement of
Financial Activities) (72,607) (327,655)
Adjustments for:
Depreciation charges : 131,815 133,418
Interest received (179) (1,451)
Decrease/(increase) in stocks 942 ‘ (121)
Decrease in debtors 178 8,327
(Decrease)/increase in creditors (77,450) 11,587
Net cash used in operations (17,301) (175,895)
2. ANALYSIS OF CASH AND CASH EQUIVALENTS
31.3.25 31.3.24
£ £
Cash in hand 11,820 20,447
Notice deposits (less than 3 months) 15,699 32,109
Overdrafis included in bank loans and overdrafts falling due within oneyear (13,166) -
Totalcashandcashequivalents 14,353 52,556
At 1.4.24 Cash ‘flow At 31.3.25
£ = £
Net cash
Cash at bank and in hand 52,556 (25,037) 27,519
Bank overdraft - (13,166) (13,166)
52,556 (38,203) 14,353
Debt
Finance leases (17,079) §.123 . (11,956)
(17,079) 5,123 (11,956)
Total 35,477 (33,080) 2,397

The notes form part of[these][financial][statements]

Page 18

  1. ACCOUNTING POLICIES

:

Torch Theatre Company Limited(The)

Notes to the Financial Statements for the Year Ended 31 March 2025

Basis of preparing the financial statements

; The financial statements of the charitable company, which is a public benefit entity under FRS 102, havé been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), Financial Reporting Standard 102 'The Financia! Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. The following specific policies are applied to particular categories of income:

Voluntary income received by way of grants, donations and gifts is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Grants for capital purposes are included as incoming resources of restricted funds when received. The balance of the restricted fund carried forward each year is reduced by the depreciation on the grant-funded element of the assets concerned.

.

Income from charitable activities is deferred when admission fees are received in advance of the performances or event to which they relate.

Donated services, facilities and assets are included at the value to the charity where this can be quantified. The value of[services][provided][by][volunteers][has][not][been][included][in][these][accounts.]

Tax credits attributable to the subsidiary company under the Theatre Tax Credit are recorded as Other Incoming Resources in the Consolidated Statement of Financial Activities.

Investment income is included when receivable.

;

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount ofthe obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs Costs have been allocated as far as possible between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others have been apportioned based on the estimated usage of the resource. Costs allocated to generating voluntary income, being an element of administration salaries, postage and stationery, and theatre renewals have been estimated using best judgement.

Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property - 2% on cost Theatre refurbishment (1996 - 2000) - 10%oncost Theatre redevelopment - 2%on cost Fixtures and fittings - 25% on cost and 10% on cost

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Notes to the Financial Statements - continued for the Year Ended 31 March 2025

: -

I. ACCOUNTING POLICIES - continued

i

.

Torch Theatre Company Limited(The)

Stocks

Stocks consist of cafe, bar and shop stocks and are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

,

The charity is exempt from corporation tax on its charitable activities.

Reserves

The financial statements distinguish between restricted and unrestricted funds. The former are received from donors and are subject to restrictions on the purpose for which they may be used. Unrestricted funds are those where there are no externally imposed restrictions. These include those freely available to the charity for expenditure or appropriation to reserves for internally designated purposes.

Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. :

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities as incurred.

DONATIONS AND LEGACIES

31.3.25 31.3.24
£ £
Arts Council ofWales 633,750 454,258
Pembrokeshire County Council 10,000 10,000
Milford HavenTown Council 5,000 7,500
Gifts and donations
Sponsorship		 12,730
4,167		 21,530
20,000
ACW Resilience Grant 65,000 -
Film Hub Wales
ACW- Cost ofLivingAward		 9,354
-		 2,000
11,952
Theatres Trust 4,988 oy
oS
TNL Warm Spaces - 10,000
Garrick Charitable Grant - 2,500
ACW Explore Grant - 1,200
ACW Create Grant 4,499 45,000
Dragon LNG 5,000 -
InglesTrust
ACW- Studio repairs		 ; 6,000
40,000		 -
-
PCC - Enhancing Pembrokeshire : 12,636 -
South Hook LNG
~		 9,000 -
Theatre Clwyd 5,000 -
827,124 585,940

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Torch Theatre Company Limited(The)

;

Notes to the Financial Statements - continued for the Year Ended 31 March 2.025

3. OTHER TRADING ACTIVITIES OTHER TRADING ACTIVITIES ;
31.3.25 31.3.24
£ 5
. Cafesales
2
2...)		 yh ee ~~ = 64,266°° ~ 56,6647 ~ .
Bar sales 68,862 — 68,108
Kiosk sales
;		 : 104,142 103,850
Merchandise sales : 1,054 1,865
Telephone mast rental 11,351 11,478
4, INVESTMENT INCOME
31.3.25 31.3.24
£ £
Deposit account interest , 179 1,451
The charity's investment income arises wholly from interest bearing cash deposits.
5. INCOME FROM CHARITABLE ACTIVITIES
31.3.25 31.3.24
‘
Theatre
Films		 Activity
Theatre
Theatre		 =
453,901
167,368		 £
438,616
185,674
Youth theatre and education Theatre 31,782 23,466
Hireoftheatre Theatre ‘ 35,336 39,059
Sales ofprogrammes etc. Theatre. 6,752 7,967
Technical hire Theatre 11,841 10,468
Set construction Theatre 2,335 10,507
Sundry theatre income Theatre 17,260 13,416
Booking fee Theatre 22,880 24,177
‘ 749,455 753,350
6. OTHER INCOME
Entitlement to Theatre Tax Credits £63,248 (2024- £68,382).
HE RAISING DONATIONS AND LEGACIES
31.3.25 31.3.24
£ £
Administrationexpenses 1,500 1,500

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Torch Theatre Company Limited(The)

Notes to the Financial Statements - continued . for the Year Ended 31 March 2025

8. OTHERTRADING ACTIVITIES
31.3.25 31.3.24
Biss £
Opening stock 22,756 18,816
Purchases 76,367 80,285
Staff costs . $5,059 50,080
Equipment repairsand renewals : 1,237 1,955
Otherdirect costs
Depreciation		 6,291
1,531		 5,266
1,767
163,241 158,169
9. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 10) Totals
£ £ -
Theatre 1,488,557 308,991 1,797,548
10. SUPPORT COSTS ;
Governance
Theatre Management
£
298,530		 costs
57
10,461		 Totals
£
308,991
11. NET INCOMEKEXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
31.3.25 31.3.24
£ £
Auditors' remuneration 2,950 2,900
Auditors' remuneration fornon audit work 3,831 3,969
Depreciation -owned assets 126,565 128,166
Depreciation - assets on hire purchase contracts and finance leases 5,248 5,249
12. TRUSTEES'REMUNERATIONANDBENEFITS

Trustees are not remunerated. No trustees received any remuneration during the year (2024 - nil).

Trustees' expenses

There were no trustees’ expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

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  1. STAFF COSTS

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Torch Theatre Company Limited(The)

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

==> picture [400 x 165] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |31.3.25|31.3.24| |£|£| |Wages.and|salaries.|:|:|:|866,121|“864,520| |Social|security|costs|53,958|53,392| |Other|pension|costs|12,069|11,549| |932,148|929,461| |The|average|monthly|number of employees|during|the|year was|as|follows:| |31.3.25|31.3.24| |Theatre|and|facilities|36|29| |Publicity|4|3| |Administration|mint:|)|5| |45|37|

----- End of picture text -----

No employees received emoluments in excess of £60,000.

Staff costs above include performers and theatre personnel engaged on a contract basis as well as permanent staff. Employee numbers reflect the average monthly head count of casual and permanent staff which equates to an estimated 25.7 full-time equivalent staff.

==> picture [429 x 322] intentionally omitted <==

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|||||||| |---|---|---|---|---|---|---| |14,|COMPARATIVES|FOR THE|STATEMENT|OF|FINANCIAL|ACTIVITIES| |Unrestricted|Restricted|Total| |fund|funds|funds| |.|£|£|£| |INCOME AND|ENDOWMENTS|FROM| |Donations|and|legacies|585,940|-|585,940| |Charitable|activities| |Theatre|753,350|-|753,350| |Other|trading|activities|241,965|-|241,965| |Investment|income|1,451|-|1,451| |Other|income|68,382|-|68,382| |Total|1,651,088|-|1,651,088| |EXPENDITURE ON| |Raising|funds| |Raising|donations|and|legacies|1,500|-|1,500| |Other|trading|activities|158,169|-|158,169| |159,669|-|159,669| |Charitable|activities| |Theatre|1,715,439|103,635|1,819,074| |Total|1,875,108|103,635|1,978,743| |NET INCOME/(EXPENDITURE)|(224,020)|(103,635)|(327,655)|

----- End of picture text -----

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||||||||| |---|---|---|---|---|---|---|---| |Torch|Theatre|Company|Limited(The)|;| |Notes|to|the|Financial|Statements|-|continued| |for|the|Year|Ended|31|March|2025| |14.|COMPARATIVES|FOR THE|STATEMENT OF|FINANCIAL|ACTIVITIES|-|continued| |Unrestricted|Restricted|Total| |fund|funds|funds| |£|pe|£| |RECONCILIATION|OF|FUNDS| |Total|funds|brought|forward|322,545|3,376,874|3,699,419| |TOTAL FUNDS CARRIED FORWARD|98,525|3,273,239|3,371,764|

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  1. TAXATION . As a registered charity, Torch Theatre Company Ltd is exempt from tax.on income and gains. No tax charges have arisen on the charity. The Trading Subsidiary is entitled to Theatre Tax Credits which is reflected as Other Incoming Resources in the Consolidated Statement of Financial Activities in the sum of £63,249 (2024 - £68,382).

:

TANGIBLE FIXED ASSETS

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||||||||| |---|---|---|---|---|---|---|---| |i|Theatre| |refurbishment| |Freehold|(1996|-|Theatre| |property|2000)|redevelopment| |£|£|£| |COST| |At|||April|2024|‘|407,808|28,270|4,638,069| |Additions|:|-|-| |At31|March|2025|407,808|28,270|4,638,069| |DEPRECIATION| |At|1|April|2024|172,363|28,270|1,459,498| |Charge|for year|8,157|-|92,761| |At 31|March|2025|180,520|28,270|1,552,259| |NET|BOOK|VALUE| |At31|March|2025|227,288|-|3,085,810| |At|31|March|2024|235,445|-|3,178,571|

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Torch Theatre Company Limited(The)

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

16. TANGIBLE FIXED ASSETS- continued

16.
TANGIBLE FIXED ASSETS-		 ASSETS-- continued
Fixtures
and Motor
eee
aoe		 eee teeta a's - fittings
£		 © ‘vehicles
if		 ~ “Totals
£		 9°
COST
At April 2024 1,467,031 20,995 6,562,173
Additions 15,958 - 15,958
At 31 March 2025 1,482,989 20,995 6,578,131
DEPRECIATION
At 1 April 2024 1,363,681 5,249 3,029,061
Charge foryear 25,647 5,248 131,813
At 31 March 2025 1,389,328 10,497 3,160,874
NET BOOK VALUE
At 31 March 2025 93,661 10,498 3,417,257
At31March2024 103,350 15,746 3,533,112

All fixed assets are used in direct furtherance of[the][charities][objects.]

Details of the restricted fund relating to the theatre building and re-development are given in note 26.

Legal charges have been registered over the theatre building by the Arts Council of Wales.

All Group Fixed Assets belong to the parent company. The subsidiary company has no Fixed Assets.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

:

‘ Motor
vehicles
£
COST
At April 2024 and 31 March 2025
DEPRECIATION
At April 2024
Charge foryear 5,248
At 31 March 2025 10,497
NET BOOK VALUE
At 31 March 2025 10,498
At 31March2024 15,746

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Torch Theatre Company Limited(The)

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  1. STOCKS

Stocks

Notes to the Financial Statements - continued . : for the Year Ended 31 March 2025 31.3.25 31.3.24 £ £ : 6,530 7,472

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----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |,| |All|stocks|belong|to|the|parent company.| |DEBTORS:|AMOUNTS|FALLING|DUE|WITHIN|ONE|YEAR| |31.3.25|31.3.24|31,3.25|31.3.24| |.|£|:|£|£|£| |Other|debtors|Group78,345|Group76,305|Charity144,237|Charity263,457| |Prepayments|and|accrued|income|19,850|28,221|19,850|28,221| |VAT|6,153|:|6,153|-| |104,348|104,526|170,240|291,678| |CREDITORS:|AMOUNTS|FALLING|DUE|WITHIN|ONE|YEAR| |31.3.25|31.3.24|31.3.25|31.3.24| |£|£|£|£| |VAT|_Group|-|Group20,911|Charity|-|Charity20,911| |Bank|loans|and|overdrafts|13,166|-|13,166|-| |Advance|receipts|46,949|95,659|46,949|95,659|.| |Deferred|income|-|10,861|-|10,861| |Hire|purchase|5,124|5,124|5,124.|5,124| |Sundry|creditors|and|accruals|184,426|181,392|250,328|368,554| |249,665|313,947|315,567|501,109|

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  1. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

19, CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Included in sundry creditors and accruals are amounts owing for social security and other taxes of £11,692 (2024 - £15,779). ,

  1. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

==> picture [413 x 130] intentionally omitted <==

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |31.3.25|31.3.24| |:| |Hire|purchase|(see|note|22)|‘|:|:|6,832£|11,955£| |21.|LOANS| |An|analysis|of|the|maturity|of|loans|is|given|below:|:| |‘|31,.3:25|31.3.24| |£|£| |Amounts|falling|due|within|one|year|on|demand:| |Bank|loans and|overdrafts|13,166|-|

----- End of picture text -----

Amounts shown as bank loans and overdrafts (see note 19) in 2024/25 represented a timing difference between when the restricted expenditure had been incurred and the receipt of the restricted funding in the Charity’s bank account. This was not an actual bank loan, merely a timing difference.

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Torch Theatre Company Limited(The)

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

22. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:
cage ett tl
31.3.25 31.3.24
£ £
Gross obligations repayable:
Within one year 5,124 5,124
; Finance charges repayable:
Between one and five years (6,832) (11,955)
Net obligations repayable:
Within one year 5,124 5,124
Between one and five years 6,832 11,955
11,956 17,079
23. MOVEMENT IN FUNDS
Net
movement At
; At 1.4.24 in funds 31.3.25
£ £ £
Unrestricted funds
General fund 98,525 2,899 101,424
Restricted funds ;
Restricted funds 3,273,239 (75,506) 3,197,733
TOTAL FUNDS 3,371,764 (72,607) 3,299,157
Net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 1,818,056 (1,815,157) 2,899
Restricted funds
Restricted funds 71,626 (147,132) (75,506)
TOTALFUNDS 1,889,682 (1,962,289) (72,607)

continued...

Page 27

.

.

Notes to the Financial Statements - continued for the Year Ended 31 March 2025.

  1. MOVEMENT IN FUNDS- continued

:

Torch Theatre Company Limited(The)

Comparatives for movement in funds

Net
movement At
At 1.4.23 in funds 31.3.24
Fe £ £
Unrestricted funds
General fund 322,545 (224,020) 98,525
Restricted funds
Restricted funds 3,376,874 (103,635) 3,273,239
TOTAL FUNDS : 3,699,419 (327,655) 3,371,764
Comparative net movement in funds, included in the above are as follows:
Incoming Resources Movement
resources expended in funds
& £ £
* Unrestricted funds
General fund 1,651,088 (1,875,108) (224,020)
Restricted funds : ‘
: Restricted funds - (103,635) (103,635)
TOTAL FUNDS 1,651,088 (1,978,743) (327,655)
A current year 12 months and prioryear 12 months combined position is as follows:
; Net
‘ movement At
At 1.4.23 in funds 31,3.25
£ £ £
Unrestricted funds - =” ,
General fund 322,545 (221,121) 101,424
Restricted funds
Restricted funds 3,376,874 (179,141) 3,197,733
TOTALFUNDS 3,699,419 (400,262) 3,299,157

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Torch Theatre Company Limited(The)

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ei

;

Notes to the Financial Statements - continued for the Year Ended 31 March 2025 :

23. MOVEMENT IN FUNDS- continued . _’ A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as‘follows; 7

;

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||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |os|oe|eos|Incoming|Resources|Movement| |:|eee|resources|“expended|in|funds| |’|Unrestricted|funds|fine| |General|fund|e|3,469,144|=|(3,690,265)|(221,121)| |Restricted funds|aa| |Restricted|funds|71,626|(250,767)|(179,141)| |TOTALFUNDS|3,540,770| (3,941,032)|(400,262)| |Full|details of restricted|funds|are, provided|at note 26.|:| |.| |24.|RELATED|PARTY|DISCLOSURES| |Torch Theatre Production Company|Limited| |During|the|year,|the|Charity|made|sales|of £65,892|(2024|-|£187,156)|and|purchases|of £129,140|(2024|-| |£255,538)|to/from|its|100%.wholly.owned|subsidiary.|At|the|year-end|date,|the|trading|subsidiary|owed|the|—| ||Charity|the sum|of £63,248|(2024|-|£68,382).|:|

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25. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

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|||||||||| |---|---|---|---|---|---|---|---|---| |Balance| |.|as|at|Movement|Balance|as| |01.04.24|in|Year|at|31.03.25| |Capital|Reserve|(Main|Theatre)|~|86,075|(3,757)|82,318| |Capital|Re-development|Fund|3,136,290|(77,767)|3,058,523| |Capital|Reserve|(Studio|Theatre)|50,875|(1,500)|49,375| |’|ACW|Studio|Repairs|Grant|(revenue)|-|7,517|7,517| |;|3,273,240|(75,507)|3,197,733|

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  2. Torch Theatre Company Limited(The) ; Notes to the Financial Statements - continued : : ; - for the Year Ended 31 March 2025 . 7 ; Capital Reserve (Main Theatre) The freehold of the Torch Theatre was conveyed to the company by Preseli Pembrokeshire District Council on 23rd January 1991 for the consideration of £1. The property was valued by Messrs Glyn Davies & Co. at £180,000 in January 1991 and has been incorporated into the financial statements at that figure, the surplus being credited to a capital reserve. ; Following the introduction of FRSIS the trustees decided to depreciate the freehold over a period of 50 years on a straight line basis. This results in a depreciation charge of £3,757 per annum. The balance remaining-on this fund is £82,318 (2024 - £86,075). ;

Capital Re-development Fund

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During the three years to March 2009, the theatre was completely re-developed. Further capital improvements have been made in subsequent years. This capital expenditure is being depreciated over a period of 10 years (fixtures and equipment) or 50 years (buildings). The grants and donations received for the restricted purpose of the theatre's re-development have been treated as a restricted fund in accordance with the Statement of Recommended Practice and are reduced by the depreciation charge in respect of the re-development costs. The balance remaining on this fund is £3,058,523 (2024 - £3,136,290). This’ includes restricted capital grants 3 recognised as income in the year but not spent in full by year end. The balances on these particular grants are £2,228 Theatre Trust grant, £2,989 LNG grant and £5,000 Theatre Clwyd grant, all of which are to be spent on capital items. ; : ; Capital Reserve (Studio Theatre) : etic Asstudiopart ofthe re-development, the charity acquired the freehold of an adjoining property which houses the new __ counciltheatre. Part of the value of the property (valued at £75,000) was donated by Pembrokeshire County basis creating a further capital reserve. The property is being depreciated over 50 years on astraight line fund isresulting£49,375in(2024a depreciation- £50,875).charge relating to the gift ;of £1,500 per annum. The balance remaining on this . ACW Studio Repairs Grant During the year a grant of £40,000 was received from ACW for studio repairs. As at year end expenses of £32,483 had been incurred leaving a balance of £7,517 to be spent-on the repairs. ; SUBSIDIARY UNDERTAKINGS . a : CompanyThe Charitylimited,holds thea companyentire issuedincorporatedshare capitalin Englandof 10 Ordinaryand Wales,sharesCompany of£1 eachnumberin Torch09287683. Theatre productionThe Charity acquired the Trading subsidiary on 30th October 2014. The Torch Theatre Production Company undertakes the commercial production oftheatrical performances. A summaryofthe trading results are shown below. Summary profit and loss account: ‘YearEnded’ YearEnded: - : . : 31.3.25 * 313.24 : Income 65,892 187,156 | Cost ofsales “ (129,140) (255,538) Profit or (Loss)-on ordinary activities before taxation (63,248) (68,382) -. Tax credit 63,248. - 68,382 ; Profit for the financial period Pa: . :. e The assets and liabilities of the subsidiary were: , Current assets 158,129 255,548 Creditors (158,119) ~ (255,538) Aggregate share capital and reserves 10 10 “— . ‘ Page 30 :