2022-03-31-accounts

OBJECTIVES AND ACTIVITIES
Objects
Measures ofsuccess In 2021/22
ln April 2021 ~ we received a grant off20,000 from the Foyle Foundation to support Future Directions - working
with young people to explore their ideas about what opera could be for them. The first programme Included two residential workshops In April and August 2022 and will culminate with the release oftheir own digital opera.
ln Autumn 2021, MTW released 3 digital opera commissions by Global Majority artists, as part of our new
programme, New Directions: The House ofJollof Opera, Somehow and Pride (A Lion's Roar). To date, the digital operas have reached an online audience of35,000 (via social media and YouTube), and a live audience of300at
cinema and festival screenings,
The House ofJollof Opera was selected to be shown at the Focus Wales Film Festival and subsequenfiy won the
Celtic Film Award.
In September 2022, Somehow by Krystal SLowe end Jasmin Kent Rodgman was selected for the Cardif Mini Film
Fes5val, gMng this piece and New Direc5ons increased and on~oing public engagement and recognitlon.
Following a posifive response from our colleagues at Opera Philadelphia, our digital operas were presented on
their digital platform (to a further audience of500 viewers) in an exchange with us sharing links to some oftheir
work, bringing an unexpected international profile to this work.
Inspired by our New Directions pieces, BBCStudios have invited us to explore creating an actual TVsoap opera.
We have been approached by a major arts venue to explore creating a larger scale hip+op opera. We are
interested, but only when we and the artists are reedy - one step ata time.
Denis & Katya - the opera we axxxnmissioned and co~roduoed with Opera Philadelphia and which won the
Fedora prize for Opera and for which philip Venables won an Ivor Novello Award, has received new producfions
in Montpelier, Hannover, Amsterdam and Cambridge end our production will be seen in Pittsburgh in May 2023,
Alex Ho was awarded the Young Talent Composer Award by The Crifics Girds Awards with special reference to
AMAZON, commissioned by Music Theatre Wales.
April 2021 - We received poove Press reacfion to the streaming ofthe opera we had cowmmissioned in Welsh in collaboration with Theatr Genedhmthol Cymru: YTwr by Guto Puw and Gwyneth Glyn. 'A real tour de force of
performance and utfimately rather moving Planet Hugill the direcfion by Michael McCarthy isexceptional. „ those
musical motifs by Guto Puw, the rhythm, the lullaby, those lyrical moments - there are so many. And the emotions by the characters are very eifective, we see Caryl in tears, the 51ght on Gwlon's face, all very credible. ' BBCRadio
Wales: The opera is sobering, and it is apposite. (The pkty] may have been written in the 70s, and premiered pre-
Covid, but watching now when, for the past year, our lives have shrunk and we have been forced to think about
priorities, makes ital the more moving. Wales Arts Review. It received 507views.
The work we Arst identified for commission in 2017from Tom Coult and Alice Birch was premiered in June 2022 in
partnership wfih Britten Pears Arts after atwofer delay due IoCovld. We are especially defighted that the opera
has already been programmed by companies in Germany and France, an all too rare event fora new opera and in such a short time. It is also worth noting that early 2022 was spent ~sfing and re-contracfing touring venues,
artists and crew for Violet as post-Covid diaries meant that most ofthe original teem was unavailable. We were
delighted with the final Violet Company and the performance received an excep5onal metton from audience and press with several 5' reviews: Violet is the best new British Opera in years' (The Telegraph).
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit and the trustees consider how planned activities wifi contribute tothe alms and objectives they have set.

							2022	2021
					Unrestricted		Total	Total
					funds		funds	funds
				Notes
INCOME AND ENDOWMENTS			FROM
Donations and legacies					225,612	21,500	247,112	285,908
Other trading activities					24		24	7,109
Investment income					25		25	52
Other income								~57 55
Total					225 661	21 500	247 161	350324
EXPENDITURE ON
Charitable acthrltles
Advancing education		ofthe public in the			138,519	39,127	177,648	287,647
appreciation ofnew	opera and music theatre
Total					135519	39127		287 647
					87,142	(17,627)	89,515	62,677
RECONCIUAllON	OF FUNDS
Total funds brought		forward			159,957	79,478	239,435	178,758
TOTAL FUNDS CARRIED FORWARD					247 099	61861	308 950	239435

3.	DONATIONS AND LEGACIES	DONATIONS AND LEGACIES	DONATIONS AND LEGACIES
					2022		2021
	Donations				4,270		1,270
	Gift aid						2
	Grants				242	842	I 264636
					247	112	285908
	Grants received, induded	in	the above, are as follows:
					2022		2021
					F		F
	Arts Council ofWales				221,342		222+14
	The Foyle Foundation				20,000
	The Boltini Trust						5,000
	Rdelfo Charitable Trust						2,000
	Emst von Siemens Music	Foundafion					21,119
	The Marchus Trust						5,000
	CardifF County Council - business			rate relief			10,000
	Job Retenfion Scheme						19,303
	Ty Cerdd				'I	500
					242,842		284.5$
4.	OTHER lltADING ACllVlllES
					2022		2021
							F
	Venue fees and programme Coyroduction/commission		sales fees				2,100 4,934
	Other earned income					24	75
							~7109
5.	INVESTMENT INCOME
					2022		2021
					R
	Deposit account interest					25	52
IL	OTHER INCOME
					2022		2021
					F
	Gain on sale oftangible fixed assets						661
	Theabe tax relief						~56394
							~57 255

7.	CHARITABLE ACTMTIES COSTS	CHARITABLE ACTMTIES COSTS	CHARITABLE ACTMTIES COSTS	CHARITABLE ACTMTIES COSTS
							Direct	Support
							Costs (see	costs (see
							note 8) f	note 9) f	Totals f
	Advancing	education ofthe public		in	the
	appreciation	ofnew opera and music
	theatre						70,911	106735	177,818
8.	DIRECT COSTSOF CHARITABLE				ACTMTIES
								2022f	2021f
	Producbon	and performance						47,676	37,88'I
	Sales and marketing							18,479	6,504
	Commission	fees						4,756	12000
								~70 911	I 56385
								Governance
9.	SUPPORT	COSTS
				Staff and
				associated
					costs f	Other f	Depreciation	costs f	Totals f
	Advancing	educatton ofthe
	public in the appreciafion new opera and music theatre		of		I860	19799	3782	2294	106735
10.	NET INCOMEf(EXPENDITURE)
	Net incomef(expenditure)		isstated	alter charging/(crediting):
								2022f	2021f
	Depreciation - owned assets							845	2,628
	Defidt on dhposal offixed assets							2,937	2,280
	Independent	examination	fees					~2000	~2000

STAFFCOSTS
						2022	2021
Wages and salaries Social security costs Other pension costs						74,806 2,'992 1 554	154,065 8,900 3122
						79352	166087
The average monthly number of	employees		during the year was as follows:
						2022	2021
						3	4
No employees received emohments		in excess		ofF60,000.
Total key management personnel	ramuneration			paid in the year was	R50,126(2021:F78.340).
Termination payments ofanil (2021:f20,820)were paid in the year.
COMPARATIVES FOR THE STATEMENT			OF FINANCIAL ACTMTIES-YEAR			ENDED 31 MARCH	2021
					Unrestricted	Restricted	Total
					funds	funds	funds
					F
INCOME AND ENDOWMENTS	FROM
Donations and legacies					256,917	28,991	285,908
Other trading activities					2,759	4,350	7,109
Investment Income					52		52
Other income					57255		~57 55
Total					316983	33,341	350,324
EXPENDITURE ON
Charitable actlvNes
Advancing education ofthe public In		the
apINaciation ofnew opera and music		theatre			247,574	40,073	287,647
NET INCOME/(EXPENDITURE)					69,409	(6,732)	62,677
Tranalisra between funds					~316)	7316
Net movement in funda					62,093		62,677
RECONCIUATION OF FUNDS
Total funda brought forward					97,864	78,894	176,758
TOTAL FUNDS CARRIED FORWARD					159.957	79478	239435

14.	TANGIBLE FIXEDASSETS	TANGIBLE FIXEDASSETS
				Fixtures
				and	OIIIce
				Ilttings	equipment
	COST
	At 1 April 2021 Dispossls			674 ~674)	3,552 ~3552	4,226 ~46)
	At 31 March 2022
	DEPRECIATION
	At 1 Apni 2021			11	433	444
	Charge for year			135	710	845
	Eliminated on disposal			~146)	~1,143	~1289
	At31 March 2022
	NET BOOKVALUE
	At 31 March 2022
	At 31March 2021			663	3,119	3,782
15.	DEBTORS:AMOUNTS FALLING DUE WITHIN		ONE	YEAR
					2022	2021
					K
	Other debtors					3,230
	VAT				6,888	7,985
	Prepayments and accrued	inoome			9,891	~62609
					~16 779	~73 824
16.	CREDITORS: AMOUNTS	FALLING DUE WITHIN ONE YEAR
					2022 f	2021
	Accruals and deferred income				4,097	~8142
17.	LEASING AGREEMENTS
	Minimum lease payments	under non~ncellable	operating leases fall due as foNows:
					2022	2021
	WNlM one year				1,948	1,948
	Between one and five years				~1085	~2533
					3,033	4,481
	Operating lease payments	recognised as an expense		in the year were R6,948(2021:813,448).

MO'I/EMENT	IN FUNDS
			Net	Transfers
			movement	between	At
		At 1/4/21	in funds f	funds	31/3/22 E
Unrestricted	funds
General fund		99,957	87,142	(90,000)	97,09S
Designated fund - contingency		60,000			60,000
Designated fund —VK)let by Tom		Coult		90000	90000
		159,957	87,142		247,099
Restricted funds
Violet by Tom	Coult	79,478	(28,839)		50,63S
Future Directions			11,212		11,212
		79478	17627		61,851
TOTAL FUNDS		239435	69515		308950
Nel inovement	in funds, induded	in the above are asfollows:
			Incoming	Resources	Movement
			fesoUIces	expended f	in funds
Unrestricted	funds
General fund			225,661	(138,519)	87,142
Restricted funda
Violet by Tom	Codt			(28,839)	(28,839)
Future Directions			21,500	~10,288)	11212
			21 600	39127	~17.627
TOTAL FUNDS			247 181	~177646)	69,515

Cornparatives	for move	nrent In funds
				Net	Transfers
				movement	between	At
			At 1/4/20	in funds	funds	31/3/21
			K	K	R	F.
Unrestricted	funda
General fund			37,864	69,409	(7,316)	99,S57
Designated contingency		fund	80000			80000
			97,864	89,409	(7,316)	159,957
Restricted funds
V)oiet by Tom	Couii		77,359			79,478
Denis &Kaiya	Outreach		1,535		7,316
			78,894	8,732	7,316	79,478
TOTAL FUNDS			176768	62677		239435

Comparative	net movement in funds, induded	in the above are as follows:
		Incoming	Resources	Movement
		resources	expended	in funds
		F.		F
Unrestricted	funda
General fund		318,983	(247,574)	69,409
Restricted funds
Violet by Tom Denis &Katya	Coult Outreach	32,489 872	(30,350) ~8723
		33341	~40,073	6,732
TOTAL FUNDS		350324	~287.847	62677

		2022	2021
INCOME AND ENDOWMENTS
DonaSoris and legacies
Donations		4,270	1,270
Gift aid			2
Grants		242 842	284828
		247,112	285,908
Other trading acNvlSss
Venue fees and programme	sake		2,100
~uction/commission	fees		4,934
Other earned income		24	75
		24	7,109
Investment Income
Depose account interest		25	52
			861
			56,394
			57255
		247,161	350,324
Charitable actlvlSes
Production and performance		47,676	37,881
Sahs and marketing		18,479	6,504
Commission fees		4,756	12,000
		70,911	56,385
Stipport costa
Staffand aseoctatsd coals
Wages		74,806	154,065
Social security		2,992	8,900
Pensions		1,554	3.122
Staff training		960	1,200
Recruitment expenses		548	450
			167,737
Other
Rent, ndes and stotage		6,000	19,112
Instsance		1,866	4,813
Light and hest		11	806
Telephone		1,548	3,853
Postage and stationery		3,546	3,295
Premises repairs arid maintenance		3,044	4,871
Research and development		1~131	95
Carried forward		17,146	38,845

				2021
Other
Brought forward Subscrlpthns			17,146 '935	36,845 2,840
Accountancy	fees		1,604	10,089
Consultancy	and legal fees			5,641
Bank interest	and charges		114	111
			19,799	55,526
Depreciation
Depreciation Loss on sale	oftangible Ixed assets		845 2637	2,828 3 141
			3,782	5,769
Governance	costa
Independent	examination	fees	2,000	2,000
Board expenses			294	230
			2264	~230
Total resources expended			177646	287847
Net Income			65,515	62677