REGISTERED COMPANY NUMBER: 02446965 (England and Wales)

REGISTERED CHARITY NUMBER: 1005327

Report of the Trustees and

Financial Statements

for the Year Ended 31st March 2025

for

Theatr Brycheiniog Cyf

Page

Report of the Trustees

1

to

9

Report of the Independent Auditors

10

to

13

Statement of Financial Activities

14

Balance Sheet

15

to

16

Cash Flow Statement

17

Notes to the Cash Flow Statement

18

Notes to the Financial Statements

19

to

27

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 31st 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

Objectives and aims

Theatr Brycheiniog (TB) is a community-based presentation and co-producing arts centre situated in the Brecon Beacons and serving South Powys, Mid and South Wales and beyond. Its charitable objects are "to promote, maintain, improve and advance education, particularly by the presentation and producing of plays and other material, and the encouragement of the arts, including the arts of drama, mime, dance and music".

Theatr Brycheiniog works collaboratively with its many partners and stakeholders to provide a warm and welcoming theatre which delivers a professional and high-quality programme, across a wide range of artistic genres, to inspire and engage its audiences.

We align our work with the priorities of our main funding partner the Arts Council of Wales. They are to:

1. Deliver creativity

2. Involve everyone

3. Celebrate Wales

4. Lead responsibly

5. Develop people

6. Challenge ourselves

During the financial year we have benefitted from additional funds from the Welsh Government supported Arts Council of Wales Jobs Protection and Resilience Fund. We thank Arts Council of Wales for the ongoing support in the challenging times faced by the whole of the arts sector.

Organisational review

Theatr Brycheiniog has continued to make headway despite the challenges facing both the charity and the wider arts sector. At the beginning of April 2025, we signed a new 28-year lease with Powys County Council on the completion of the £1.8 million UK Government supported Levelling up Fund refurbishment of the building. This has seen the replacement of external doors and windows, new and more environmentally friendly heating and air conditioning systems, new lifts and other elements of our building's infrastructure - much of it in place since Theatr Brycheiniog was opened in the late 1990s

Work was also completed during the summer of 2024 on a new and more energy efficient auditorium lighting system, complementing the new stage lighting introduced at the start of 2024. This and the improvements listed above have had an important impact on our overall energy costs which had risen from £38,871 to £119,105 an increase of over £80,000 in the previous financial year. This has now reduced to £74,553. We hope for a further reduction once we see the impact of these improvements across a full financial year. Again, we are grateful for the support offered by ACW for this work, which will help us do our part in moving towards carbon neutrality.

Staffing has evolved during the year in review and continues to do so at the time of writing. Director Eleri B Jones left us at the end of 2024 at the conclusion of a year during which she did much to attract the additional ACW support. This has helped us to retain jobs and finance projects which will improve our financial resilience in the longer term. Eleri left with the board's thanks and best wishes for her future career. Our Interim Director Nic Young, a very experienced arts and venues leader took over that work to build a more stable and resilient financial future. He has assisted in fine tuning our approach to programming, staffing, financial management and the full range of core theatre activities. He has also supported the board in stabilising other activities and planning to recruit a permanent leader of the organisation with that process taking place during the summer and autumn of 2025. The title of the role has been changed from Director to Chief Executive to better reflect the requirements and responsibilities of the position.

Work has also been ongoing to reprioritise the activities of the staff team, taking advantage of natural staff turnover as it occurs. This and a review of staffing, launched early in 2025 is helping the organisation to increase financial stability and better focus on opportunities and more financially resilient results. It has also helped us cap payroll costs for 2025/26 to a similar level as 2024/25 despite the rise in the National Minimum Wages and the change in National Insurance thresholds. The board would like to thank Eleri, Nic, the Senior Management Team and all our professional colleagues for maintaining effective operations though such a busy and challenging period.

Arts Council of Wales continue to be our largest financial supporter with additional and very welcome funding also coming from Brecon Town Council. Powys County Council have stopped making ongoing grant payments since the start of the financial year under review. This contrasts with annual grants of up to £130,000 in the past and is in line with a trend seen among many local authorities across the United Kingdom. However, the council and their staff have been invaluable in leading and overseeing the Levelling Up Fund work and they have been immensely helpful in addressing ongoing 'snagging' work since the completion of the main project.

We are also grateful for our growing team of volunteers who act as stewards - and our many Friends, Patrons and supporters in the wider community who visit the theatre to see shows, enjoy our café and bar, use our car park, help with fundraising and contribute to the ongoing viability of the charity. In fact, it would be impossible to operate without our army of volunteer stewards, gardeners to maintain planting around the Theatr site and trustees. Each of our main auditorium shows use between six and thirteen stewards - typically operating for two to four hours per show. It would be economically unfeasible to state an accurate cash value for that work but even using the National Minimum Wage, a rough guestimate might suggest a figure of 7,000 hours of voluntary work worth £80,000. In addition, senior trustees spend many hours each week supporting the leadership team and also taking on additional administrative responsibilities to release staff resources for more customer focussed activities. Again, it would be economically unfeasible to calculate an accurate figure for the number of hours or the cash value but a guestimate would suggest a total of around 450 hours and a cash value of over £5,000.

Public benefit

In preparing this report, the Trustees have had regard to Charity Commission guidance on public benefit.

Theatr Brycheiniog is a major employer in the town and significant contributor to the local economy.

We strive, in both the building and the performing arts programme we present, to be accessible to all sections of the community, and to encourage diversity of use and of users, and we publicise the Theatr's activities widely.

We continually update our policies and action plans covering diversity throughout the organisation and diversity of access, visitor and user safety and promotion of the Welsh language. Theatr Brycheiniog is committed to offering bilingual access to audiences and visitors wherever possible and to put in place the practical training and infrastructure to support users with diverse needs.

Theatr Brycheiniog offers a home or stage to numerous professional and community-rooted groups including the Brecon Baroque Festival, Brecon Festival Ballet, Brecon Jazz Festival, the Westenders, Mid Wales Dance Academy, Brecon Little Theatre, the Federation of Young Farmers' Clubs and Brecknock YFC, the Urdd, the University of the Third Age [u3a], Seren Stars, Theatr Wildcats, Taiko Drumming, the Uplift Community Choir, The Brecknock Society and Brecon Town Concert Band. We also encourage local schools to use our facilities and attend performances on a regular basis, and we provide an outlet for visual artists by exhibiting their works in our public spaces. We are especially honoured to support the work of the many groups, rooted in our community, who inspire and encourage a love and understanding of the benefits of culture across all ages. We pay tribute to the skill, energy and enthusiasm that they bring to Theatr Brycheiniog on a daily basis. We also thank them for their efforts and look forward to continuing to work together for the future success of all.

We are also proud to offer a stage to numerous professional touring organisations - many of them supported by the Arts Council of Wales and a wide variety of charitable trusts. We are delighted to ensure that audiences in Mid Wales can experience that work. They included the return of Theatr na nÓg with Operation Julie and also their show The Fight, Sherman Theatre's Iphigenia yn Sblot and Little Red Riding Hood. Black Rat Productions brought us The Three Musketeers, and Theatr Iolo, The Welsh Dragon. We enjoyed Taiko drumming from Mugenkyo. We also hosted Rockefeller Productions' A Very Hungry Caterpillar Show, Lighthouse Theatre's O Little Town of Aberystwyth and Boy on the Roof from Vamos Theatre. Other notable nights included the acclaimed Welsh singer Aled Jones, the entertainer John Barrowman, the comedian and broadcaster Miles Jupp, National Dance Company Wales, Ballet Cymru and the Orchestra of Welsh National Opera. We offered a wide range of National Theatre, Royal Ballet and Opera Live and Encore screenings. We also hosted a wide range of musical tribute groups who remain popular as we seek to offer a rich variety of arts to engage and entertain all of our audiences.

The financial year has seen us present a wide range of events across a diverse range of art forms, providing over 29,000 tickets with many other free-to-attend activities.

ACHIEVEMENTS AND PERFORMANCE

Fundraising activities

Theatr Brycheiniog has been delighted and encouraged that it has continued to receive its core funding from the Arts Council of Wales during the year under review. Brecon Town Council has also maintained its support in this most difficult of times. Details of this funding and other activities are shown in the financial statements later in this report.

Friends and Patrons continued their generous support throughout the year and our volunteer army of stewards continue to offer a dedicated service. Our restructured Friends & Patrons packages have been rebranded to celebrate the natural beauty of the Bannau Brycheiniog National Park where we are based. The different levels of giving have been re-named Cribyn, Corn Du and Pen y Fan - the three highest peaks in the park, which sit just to the sound of our canal side home. The top level of Seren (Star) is a reminder that the Bannau Brycheiniog is only the fifth destination in the world to be granted International Dark Sky Reserve status. As well as celebrating our outstanding natural environment, our restructured Friends & Patrons packages allow us to claim Gift Aid on the donations.

FINANCIAL REVIEW

Financial position

The Statement of Financial Activities for the year ending 31 March 2025, the Balance Sheet and related notes illustrate some of the progress made in addressing ongoing financial challenges which have faced the charity in recent years. Total income rose from £1,317,777 to £1,442,176, an improvement of £124,399 while total expenditure fell from £1,468,076 to £1,411,117, a reduction of £56,959. This resulted in a positive net income listed as £31,059 compared to -£150,299 in the previous financial year. Depreciation charges continue to be a significant figure at £151,043 (previously £154,444).

Prudent cost controls have been applied across all of our activities. A reduction of £44,552 in our energy costs has been noted earlier in our report. Events and project costs have been reduced by £10,689 (from £167,871 to £157,182); wage rises have been limited to just £12,461 despite a significant rise in the National Minimum Wage (from £652,378 to £664,839). The increase in bar, bistro and catering costs of £15,827 reflects a substantial increase in trading activity (from £150,741 to £166,568).

Income from the bar, bistro and event catering rose by £71,202 (from £370,049 to £441,251); box office income rose by £57,220 (from £180,439 to £237,659); hire of facilities brought in an additional income of £24,901 (from £128,905 to £153,806)

The Notes to the Financial Statement (Note 4) also record the substantial and very welcome support offered by the Welsh Government and Arts Council of Wales through the Jobs Protection Grant and the Resilience Grant. This allowed us to preserve roles within the year while also developing more resilience fundraising and income streams for the future. This resilience work in particular has already resulted in the offer of a substantial ACW Capital Grant to support the costs of our auditorium sound system, much of which dates to the opening of the venue, nearly thirty years ago. We are currently seeking match funding to allow that work to progress.

Reserves policy

It remains the long-term policy of the board that we seek to build up a permanent reserve of three months of unrestricted funds. Having secured significant financial support from the Arts Council of Wales we have begun to resolve the historic deficit during the 2024/25 financial year. This has seen us reducing the deficit significantly during the year with those improvements continuing into 2025/26 with us recording an in-year surplus at the time of writing.

Work is underway to identify additional income streams while maintaining strict expenditure control, to allow the reserves policy to be delivered.

FUTURE PLANS

During 2025/26 we will continue to carry out work around staffing, budgets, programming and other activities to return to a resilient financial base and to refresh our creative vision. The significant sums of the ACW Resilience Grant should start adding to that resilience. A new permanent Chief Executive is due to take over the leadership of the organisation from our Interim Director Nic Young with a recruitment exercise across the summer of 2025 attracting a number of skilled and experienced arts and venue leaders.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Theatr Brycheiniog Cyf is a company limited by guarantee governed by its Memorandum and Articles of Association dated 17 December 2019. It was incorporated under the name of Brecon Guildhall Theatre Limited on 27 November 1989 and changed its name to Theatr Brycheiniog Cyf on 26 November 2008. It is registered as a charity with the Charity Commission.

Theatr Brycheiniog Cyf took on the management of Theatr Brycheiniog on a 28-year lease when it opened in April 1997. The building is owned by Powys County Council who have agreed a new 25-year lease once the current Levelling Up Fund building works are complete.

Recruitment and appointment of new trustees

The Board of Trustees is in place to oversee the artistic and financial management of the charity, to ensure legal compliance and to ensure the theatre is used by as many sections of the community and as wide a constituency in Mid Wales as is possible.

Trustees are selected through a process of open recruitment according to skill and experience needs identified through self-audit and, also, through co-option when a particular gap in skills is identified. New trustees are appointed for a defined term of three years, may be re-elected for a second term and retire by rotation. Their appointments are confirmed at the AGM following their recruitment.

New trustees follow a process of induction to equip them for the role and are required to operate to a Board Code of Conduct.

During 2024/25 the board has continued its process of refreshing its membership and increasing the diversity, experience and skills base of the trustee team. This has led to the co-option of four additional members in April 2025. They are Ryan Coleman, Gemma Bardsley, Eilir Owen Griffiths and Gwyn Emberton. We thank them for the additional expertise and support that they are offering to the board and the wider charity.

Organisational structure

The Board meets quarterly to scrutinise management reports and accounts and day to day management is conducted by the Theatre Director and staff team.

There are three committees of the Board, being the Finance & Strategy, Building, Health & Safety and People & Policies. These meet separately from the main Board. Each has defined Terms of Reference and membership which comprises selected Board members and co-opted advisers.

Ad hoc working groups of Board members also occasionally meet to deal with specific issues on a task and finish basis.

Related parties

Theatr Brycheiniog's relationship with its stakeholders is fundamental to its success and sustainability and also to its position and perception within the community. Its principal financial stakeholder has been identified elsewhere in this report as the Arts Council of Wales (ACW). Powys County Council (PCC) continues to support the organisation as its landlord with an interest in delivering cultural activities across the county. Other organisational stakeholders include Brecon Town Council (BTC) who also offer much appreciated financial support, the Bannau Brycheiniog National Park Authority (BBNPA), Wales Council for Voluntary Action (WCVA) and many connected community groups and users - see Public Benefit. Also vital to the Theatr's operation are our army of local volunteers who steward performances and act as advocates in the wider community, our company members, our Friends and Patrons.

Risk management

The board scrutinises the financial performance of Theatr Brycheiniog Cyf. This is also done through regular dialogue with its key funding partners.

A risk register is in place and key risks are mitigated including insurance cover provision where this is relevant. Health and Safety within the organisation is overseen by the Building, Health & Safety committee which also has overall responsibility for risk assessment and management. Full building and fire risk assessments are in place and actions are completed on a priority basis.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02446965 (England and Wales)

Registered Charity number

1005327

Registered office

Theatr Brycheiniog

Canal Wharf

Brecon

Powys

LD3 7EW

Trustees

Ms G Bardsley (appointed 25.4.25)

Ms J R Bond (resigned 24.6.25)

Mr R E Coleman (appointed 25.4.25)

Mr A K R Collinson Chair of the Board

Ms B M Davies (appointed 29.10.24)

Ms H F Davis Vice Chair

Ms H W East (appointed 29.10.24)

Mr N B A Groombridge

Ms E A Owen Vice Chair

Ms A M Price (appointed 29.10.24)

Mx T Wheeler

Mr G J Emberton (appointed 1.4.25)

Mr E O Griffiths (appointed 1.4.25)

Ms L Gregory (appointed 24.6.25)

Mr R Powell (appointed 24.6.25)

Auditors

Ashmole & Co

Chartered Certified Accountants & Registered

Auditors

Castle House

High Street

Ammanford

Carmarthenshire

SA18 2NB

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Theatr Brycheiniog Cyf 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. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they 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

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charities SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Ashmole & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 25th November 2025 and signed on its behalf by:

Mr A K R Collinson - Trustee

Opinion

We have audited the financial statements of Theatr Brycheiniog Cyf (the 'charitable company') for the year ended 31st March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the 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:

-	give a true and fair view of the state of the charitable company's affairs as at 31st March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

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 we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty relating to going concern

We draw your attention to note 20 in the financial statements, which provided additional information regarding the going concern basis.

At the balance sheet date the company's liabilities exceed its asset by £53,816. The charity continues to be heavily reliant on the grant aid provided by its core funders. These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

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.

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

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.

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.

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:

- nature of the charity and the sector in which it operates.

- the legal and regulatory framework in which the charity operates, and in particular those laws and regulations that directly affect the financial statements or have a fundamental effect on operations eg Charities Act 2011, health and safety legislation.

- results of enquiries of management and those charged with governance

- any matters identified relating to the charity's policies and procedures for identifying, evaluating and complying with laws and regulations, and whether there were any known instances of non compliance.

- detecting and responding to the risks of fraud and whether there is any knowledge of actual, suspected or alleged fraud.

- the internal controls established to mitigate risks of fraud or non compliance with laws and regulations.

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.

In addition to the above, our procedures included:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations.

- enquires of management and those charged with governance concerning actual and potential litigation and claims.

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- review of minutes of committee meetings.

- written representations.

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.

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.

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.

Ashmole & Co

Chartered Certified Accountants & Registered

Auditors

Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006

Castle House

High Street

Ammanford

Carmarthenshire

SA18 2NB

3rd December 2025

31.3.25

31.3.24

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and grants

2

207,895

-

207,895

229,498

Charitable activities

4

Operation of theatre and arts centre

238,133

302,965

541,098

483,517

Other trading activities

3

693,183

-

693,183

604,762

Total

1,139,211

302,965

1,442,176

1,317,777

EXPENDITURE ON

Raising funds

Other trading activities

5

166,568

-

166,568

150,741

166,568

-

166,568

150,741

Charitable activities

6

Operation of theatre and arts centre

935,789

308,760

1,244,549

1,317,335

Total

1,102,357

308,760

1,411,117

1,468,076

NET INCOME/(EXPENDITURE)

36,854

(5,795

)

31,059

(150,299

)

Transfers between funds

17

24,178

(24,178

)

-

-

Net movement in funds

61,032

(29,973

)

31,059

(150,299

)

RECONCILIATION OF FUNDS

Total funds brought forward

(302,762

)

217,887

(84,875

)

65,424

TOTAL FUNDS CARRIED FORWARD

(241,730

)

187,914

(53,816

)

(84,875

)

31.3.25

31.3.24

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

12

21,002

103,889

124,891

257,344

CURRENT ASSETS

Stocks

13

11,326

-

11,326

12,675

Debtors

14

37,026

7,000

44,026

38,794

Cash at bank and in hand

833

77,025

77,858

69,958

49,185

84,025

133,210

121,427

CREDITORS

Amounts falling due within one year

15

(290,466

)

-

(290,466

)

(431,898

)

NET CURRENT ASSETS/(LIABILITIES)

(241,281

)

84,025

(157,256

)

(310,471

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(220,279

)

187,914

(32,365

)

(53,127

)

CREDITORS

Amounts falling due after more than one year

16

(21,451

)

-

(21,451

)

(31,748

)

NET ASSETS/(LIABILITIES)

(241,730

)

187,914

(53,816

)

(84,875

)

FUNDS

17

Unrestricted funds

(241,730

)

(302,762

)

Restricted funds

187,914

217,887

TOTAL FUNDS

(53,816

)

(84,875

)

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

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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.

The financial statements were approved by the Board of Trustees and authorised for issue on 25th November 2025 and were signed on its behalf by:

Mr A K R Collinson - Trustee

Cash flows from operating activities

Cash generated from operations

1

27,113

217,520

Interest paid

(627

)

-

Net cash provided by operating activities

26,486

217,520

Cash flows from investing activities

Purchase of tangible fixed assets

(18,586

)

(202,644

)

Net cash used in investing activities

(18,586

)

(202,644

)

Change in cash and cash equivalents in the reporting period

7,900

14,876

Cash and cash equivalents at the beginning of the reporting period

69,958

55,082

Cash and cash equivalents at the end of the reporting period

77,858

69,958

1.	RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

31.3.25

31.3.24

£

£

Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities)

31,059

(150,299

)

Adjustments for:

Depreciation charges

151,043

154,444

Interest paid

627

-

Decrease in stocks

1,349

216

Increase in debtors

(5,234

)

(23,392

)

(Decrease)/increase in creditors

(151,731

)

236,551

Net cash provided by operations

27,113

217,520

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

and in hand

69,958

(69,958

)

77,858

69,958

(69,958

)

77,858

Total

69,958

(69,958

)

77,858

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have 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 Financial 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.

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 of the 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements

-

Over the period of the lease

General equipment

-

25% on cost

Fixtures and fittings

-

at varying rates on cost

Technical equipment

-

25% on cost

Stocks

Stocks 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.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

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.

2.	DONATIONS AND GRANTS

31.3.25

31.3.24

£

£

Donations and sponsorship

15,330

13,454

Powys CC - core funding

-

9,444

ACW - core funding

192,565

206,600

207,895

229,498

3.	OTHER TRADING ACTIVITIES

31.3.25

31.3.24

£

£

Hire of facilities

153,806

128,905

Bar, bistro and event catering

441,251

370,049

Other catering income

35,535

36,547

Other income

57,591

64,261

Employment allowance

5,000

5,000

693,183

604,762

4.	INCOME FROM CHARITABLE ACTIVITIES

31.3.25

31.3.24

Activity

£

£

Box office income

Operation of theatre and arts centre

237,659

180,439

Merchandising and programmes

Operation of theatre and arts centre

474

328

Grants

Operation of theatre and arts centre

302,965

302,750

541,098

483,517

Grants received, included in the above, are as follows:

31.3.25

31.3.24

£

£

Brecon Town Council

15,000

15,000

Arts Council of Wales

-

278,550

Anthem Music Fund - Atsain

9,000

2,000

Brecon Beacons National Park Sustainable Development fund

(200

)

7,200

The National Lottery - Gallery Fund

10,000

-

Arts Council for Wales - Resilience Grant

100,000

-

Arts Council for Wales - Create Grant

(2,835

)

-

Arts Council for Wales - Jobs Protection Grant

172,000

-

302,965

302,750

5.	OTHER TRADING ACTIVITIES

31.3.25

31.3.24

£

£

Purchases

166,568

150,741

6.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 7)

Totals

£

£

£

Operation of theatre and arts centre

1,213,523

31,026

1,244,549

7.	SUPPORT COSTS

Governance

Finance

costs

Totals

£

£

£

Operation of theatre and arts centre

20,456

10,570

31,026

8.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.25

31.3.24

£

£

Auditors' remuneration

10,570

9,000

Depreciation - owned assets

151,039

154,444

Hire of plant and machinery

4,733

12,136

9.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st March 2025 nor for the year ended 31st March 2024.

Trustees' expenses

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

10.	STAFF COSTS

The average monthly head count was 44 staff (2024: 43)

The average monthly number of employees during the year was as follows:

31.3.25

31.3.24

Trading

34

34

Box office, sales and marketing

7

6

Concerts and stage performance

3

3

44

43

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