REGISTERED COMPANY NUMBER: 02815692 (England and Wales) REGISTERED CHARITY NUMBER: 1039757 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR MUSIC THEATRE WALES MHA (trading name of Maclntyre Hudson LLP} Limiled liability partnership in England & Wales Registered number OC312313 Elfed House Oak Tree Court Cardiff Gale Business Pafk CARDIFF County of Cardiff CF23 8RS MUSIC THEATRE WALES CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of Ihe Trustees 1 to 5 Independent Examlnerfs R¢port Statement of Financial Activities Balance Sheel Notes to the Flnancial Statements 9 to 17 MUSIC THEATRE WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also directors of the charity for the purposes of Ihe Companies Act 2006, present their report wtlh the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Slatemenl 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 ACTivrriES Objects The company is a charily and the principal activities of the company continue to be the education of the public in greater knowtedge, interest and engagement in new opera and music theatre including perfom7ances, publlc lalks and demonstrations. educational workshops and creative projects with other arts organisations. Musi¢ Theatre Wales - Re-lmagining opera Music Theatre Wales {￿VI extsts to breathe new life into opera. presenting it as storylelling in music and seeking to revilalise opera as an expressive form for anyone. We nurture artists who will create the opera of the future and present opera in imaginative vRys that will help change the preconceptions of ￿81 opera is and can be. We are asking.. Whal is Opera? Who is making it? and Who is it for? Our work has two integraled strands: Artform Development - driven by diversity and exploring new ways of creating and presenting opera as live performance in theatres and communily spaces, as short form digital work. as street art opera, in Welsh and in collaboration with multiple different partner5. Community Cohesion - offering opera as storytellin9 in music as a means of expression and creative development for communities who have traditionally been ignored or excluded from opera. OBJECTIVES AND ACTMTIES Objects Measures of success In 2022123 In Autumn 2023 Arts Council Wales announced the outcome of their Investment Review with MTW receiving continued support as a regularly funded company at least until March 2027. Following further budget cuts by the Welsh Government, the outcome for MTW is an annual grant of £216.636. The companys work was praised for the degree of transfomiation we had already accomplished. This funding provides a stable foundation for a three-year plan from April 2024 and provides confidence to the Trusts and Foundations we are applying to for the additional resources we need to be able lo deliver on the programme we presented to ACW. During 2023124 MTW has been able to develop our fundraising work. creating a new Fundraising position wth Catrin Slater taking the role. During the year we have raised £42.500 from eight different sources lor current projects, and we are in dialogue with a number of larger funds for on%oing support for Core and particular projectslproductions. Acclaim for MTW productions has continued:Violet by Tom Coult and Alice Birch was shortlisted lor thè Classical IVORS Stage Work category.The Scorched Earth Trilogy by Brian Irvine which we showed in Summer 2023 was also shoruisled for the Classical IVORS.GRIEF one of the bNo digital shorts we released in March 2024 was awarded Best Original S¢ore at the Focus Wales Film Festival.interbeing our other digital short. was featured in Modron Magazine, a Welsh publication for poets and writers who have a particular focus on the environment.GRIEF, interbeing and Perthyn have been shown at Chapler Cinema as part of the Moviemakers series. interbeing and AMA20N will also be shown at Aberystwyth's MusicFest as part ol Sinfonia Cymru's Regenerate programm8 that explores the human impact on the environmenl.Perthyn the new digital opera created through our Future Directions programme - was selected for the Focus Wales Film Festival and will also bè shown as part of the Unity Film Festival run by Hijinx in November 2024.we are delighted that Wales Millennium Centre ¥MII be presenting our newly commissioned Street Art Operas by Welsh creatives in October 2024, laking this part of our work to a new level of exposure. Denis & Katya the opera we co-commissioned and co-produced with Opera Philadelphia in 2020 and which won Ihe Fedora Prize for Opera and for which Philip Venables won an Ivor Novello Award, has continued to receive new productions and during 2023 entered the Top 10 most performed operas by living composers worldwde. The trustees have referred lo the guidance contained in the Charity Commission's general guidance on public benefit and the trustees ¢onsider how planned activities will Contribute to the aims and objectives Ihey have sel. Page 1 MUSIC THEATRE WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Charitable a¢tlvltie$ During 2023124 we continued to develop Ihe artlstic programme according to the new Mission established over the previous years. We remain firmly in line and happy Mlh the changes made. Our creative work has an entirely new outlook and purpose, and the structure of the company reflects this and continues to evolve as the work develops. During 2023124 our new programmes have evolved. We started the year strands: New Dlrectlons (working wth Global Majority artisls) and Future Directlons (working wlh young people) Our New Directions programme has already achieved considerable suc¢ess, wtlh Ihe first three digital pieces created by Global Majority artists reaching a new audience in the UK and audiences in the USA through an exchange with Opera Philadelphia. 11 has opened a new dialogue with artists who previously had no relationship with opera and has already led to a number of creative outcomes. However. having started New Directions as a specific action progTamme to help us diversify the artists who have the opportunity to create opera as well as the ways in which it is produced, we have now reached a place where inclusion and equity sit at the heart of everything we do. As a result. we no longer need a specific programme to drive this work forward and New Directions Cease to exist as a separate enlity. In addition, we are also continuing to explore alternative ways of producing and performing new opera, and in 2023124 this included Street Art Operas as well as performing work of a short duration in unusual locations. All of this work is aimed at inviting new artists to help us move opera forvrard as an artform, reaching new audiences and engaging with artists and young people on Iheir own temis and in ways that will take us in new directions. now and in the future. Creative Work Throughout the year we have been working wilh Renell Shaw on the development of a new stage work for 2026 springing from Ihe story of Yasuke the first Black Samurai. A contract was issued in June 2023 which takes the process to December 2024 when Renell is due to deliver a full draft libretto and an indication of Ihe musical treatment with the intention of ¢ommisslonlng completion of the work in March 2025. Al the start of Ihe year we began our second Future DiTeclions programme in collaboration wlh Hijinx, with a Residency at Aberystwyth Arts Centre hosted by Aberystwth University. The second residency look place at Atrium, University of South Wales in Cardiff in August, and the resulting digttal opera Perthyn was released in December 2024. We launched the new work at a cinema screening in Chapter Arts Centre in Cardiff, wlh many of the participanls, their families and carers and our partners in attendance, with the film receiving an overwhelming and emotional response. May of the young people shared their experience and comments with the audience and we were also able to undertake our first Evaluation process following intense training and developmenl provided by Dr Nell Farrallay. In Summer 2023 we presented The Scorched Earth Trilogy - a Irilogy of street art operas created by Dumbwodd In Ireland. Michael Mccarthy had seen the first Street Art Opera created by Dumbworld and Irish National Opera at an international festival and immediately identified how they could help attract new artists to creating opera. MTW presented the trilogy in collaboration with Cardiff Singer of the World in Bangor. Haverfordwest and Cardiff. Following the presentation we ran a day of insight and training with Dumbworld for Welsh artists, with the intention of commissioning two new pieces. The open call for submissions attracted 26 exciting proposals and the commissioned works will be shown in autumn 2024. In January 2024 we began working in the Butetown area of Cardiff al the start of a planned 3-year residency. This ha5 come about in response to 8 commission by the Roy81 Opera House of a new opera based on the book The Fortune Men by Nadifa Mohamed which follows the true story of a Somali seaman living in Buletown who was wrongly corsvicled and hung for the murder of a Ioc81 shopkeeper in the 1950s. Although Nadifa Mohamed conducted extensive research and made many personal connections in Bulelown when wrtling the book. there has been no engagement with the community on the development of the opera. MTW had already identified Ihat we wanted to develop a relationship with the Butetown community and when ROH asked if we were able to co-produce the piece {which we are not in a position lo dol we proposed working on the ground to foster a relationship between community and the opera that is about them. We have started this by working in collaboration with the Cardiff City Council arts team Arts Active on a Reading Room project as a way of carefully building trust and establishing communications before we offer to extend our work in the area. In March 2024 we launched Iwo new digitsl shorts as part of our New Directions programme, creating opportunitie$ for Global Majority artists to create opera. GRIEF was created by Connor Allen and Francesca Amewudah-River5 and interbeing by Simmy Singh and ASHA. Both pieces are powerful, compelling and relevant and demonstrate how much potential there is for re-imagining the way opera is made. The films remain live on our website and we are continuing to find new outlets for them, wyth GRIEF also selected to open the Focus Wales Film Festival and going on to win Best Original Score. Page 2 MUSIC THEATRE WALES REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 In early 2023 we commissioned a new work from composer Conor Mitchell and direclorldramaturg Jac Ifan Moore lo mark the centenary of Edward Prosser Rhys winning the Crown for his poem Algof (Memory). Despite being awarded Wales's most P￿stIgiouS literary prize, the judges also condemned the poem and Prosser Rhys for the inclusion of direct reference to a homosexual affair, resulting in a scandal that carried on in the newspapers for some lime and ultimately ended Prosser Rhys's literary career. In modem terms this would be seen as the poet being 'cancelled" and we aim to demonslrale that not much has changed. The new production will combine an operatic monologue by Conor Mitchell using verbatim material from the time lin its original Welsh) and a dance piece by Eddie Ladd which presents a contemporary reflection of the original poem. This is a collaboration with Ihe National Eisteddfod and Aberyswth University and the production will also tour in Wales in October 2024. It is our first Welsh language commission since Y Twr in 2017 and we hope it will stimulate further interest in creating new operats¢ work in Welsh. During the year Michael Mccarthy has provided mentoring support to Gareth Churchill and Kaite O'Reilly on the development of a new opera based on Kaite's play about Frida Kahlo. and to a variety of artists who are keen to explore ways of creating opera. He is also providing support lo Buxton Festival as they develop their own new short works scheme, calling on his experience with MTW and as Dramaturg for Scottish Opera's 5=15 Operas Made in Scotland. MTW continues to develop new partnerships to not only provide additional support to help deliver the work we have devised, but crucially to reach new audiences and new artists and lo continually inform our WOFk and our understanding of different communities. We are working in partnership with Hijinx. Arts Active. the Royal Opera House. Sinfonia Cymru. Ty Cerdd. RCT Borough Council, National Eisteddfod and Abery51wyth Universtty. In July 2024 we announced a new long-term partnership between MTW and Sinfonia Cymftt. During 2023124 MTW became a member of Black Lives in Music and we continue to benefit from regular health {5,424) NET CURRENT ASSETS 341,146 9,500 350,646 273.659 TOTAL ASSETS LESS CURRENT LIABILrriES 341.786 9,500 351.286 273,659 NET ASSETS 341,786 9.500 351,286 273.659 FUNDS Unrestricted fvnds Restricted fvnds 18 341.786 9.500 273,659 TOTAL FUNDS 351,286 273,659 The Charitable company is entitled to exemplion from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company lo obtain an audit of its financial staternenls for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilitie5 for (a) ensuring that the charitable company keeps accounting records Ihat comply with Sections 386 and 387 of the Companies Act 2006 and preparing ffinancial statements which give a true and fair view of the state of affairs of the charitsble 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 othemse comply with the requirements of the Companies Act 2006 relating to financial stalemenls, $0 far as applicable to the charilable company. (b) Thèse financi81 statements have beèn prepared in accordance with the provisions applicabl8 to charitablg companies subject to the small companies regime. The financial tatemenls were approved by the Board of Trustees and aulhorised for Issue 29 October1024 and were signed on its behalf by: on K E Skidmore- Trustee The notes form part of these financial statements Page 8 MUSIC THEATRE WALES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION Music Theatre Wales is a registered charity and private company limited by guarantee and has no share capital incorporated in Wales in the United Kingdom. The registered office is Chapter Arts Centre, Market Road. Canton. Cardiff. CF5 1QE. The nature of the Charitable companls operations and princlpal activities is disclosed wilhin the Report of the Trustees. The financial stalements are presented in Sterling {£1, the charitable company's functional currency. and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statemenls are set out below. These policies have been consistently applied to all years presented unless othemise s181ed. 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 Reporbng 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 l 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. There have been no material departures from Financial Reporting Standard 102. Golng concern Following a provisional award as part of the Arts Council Wales Investment Review (on 27 September 2023), rw's revised funding amount was confirmed on 8 January 2024. This came following the 10.5•A cut in funding to ACW made by the Welsh Govemment and passed on to all successful organisations awarded funding as part of the investment review process. MTW'S amended award of £216.625 will continue on an annual basis through to March 2027. Although this will require some adjustments to budgets and art15tic plans over the next 3 years years, this (and the successfijl awards received from Trusts and Foundations within the last 6 months) nevertheless provides stability and sustainability for the company for the next three years. Income All income is recognised in the Statement of Financial Aclivtlies once the charity has enlillement to the funds, tt is probable that the income will be received and the amount can be measured reliably. This includes capital grants. Donations and legacies income includes donations. gifls and grants Ihat provide core funding or are of a general nature are recognised where there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when the donor specifies il must be used in future accounting periods or the donor has imposed condition5 which must be mel before the Charity has unconditional enlillement. Income from other trading activities includes income received under contract. This income is recognised as the related seNi¢es are provided and there is entitlement, probability of receipt and the amount Can be measured with sufficient reliability. Income is deferred when the amounts re¢eived are in advance of the performance of the service or event to which they relate. Investment income is recognlsed on a receivable basis. Other income is recognised on a receivable basis. Page 9 continued... MUSIC THEATRE WALES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- continued Expenditure Liabilities are recognised as expenditure as soon as there Is a legal or constru¢tlve obligatlon committing the charity to that expenditure, il 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 accnjals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly allributed to particular headings they have been allocated to aclivities on a basis consistenl with the use of resources. Expenditure on raising funds includes costs of fundralsing, advertising. marketing and direct mall materials. Expenditure on charilable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both cosls that can be allocaled directly to such activities and those costs of an indirect nature necessary to support them. Support costs are those costs that. whilst necessary to deliver an activity, do not themselves produce or constitute the output of the charitable activity. This includes governance cosls which are those costs associated with meeting the constitutional and statutory requirements of the charity and include the accountancy fees and costs linked to the strategic management of the Charity. Tangible fixed assets Fixed assets are initially recorded at cost. including the estimated ¢ost of any donated assets. Depreciation is provided at the following annual rates in order to write off each asset over its useful economic life. Instruments and accessories Fixtures and fittings Office equipmenl 20% on a straight line basis 20Yo on 8 straight line b8SiS 200k on a straight line basis Taxation The charity is exempt from corporation tax on its charitable activities. Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as a basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequenuy measured at their settlement value. Trade and olher debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid. Creditors and provisions are recognised where the charity has a presenl obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their settlement amount after allowing for any trade discounts due. 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 reslricled 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 fvnd is included in the notes to the financial statements. Pension costs and other post-relirement benefits The Gharitable Company operates a defined contribution pension scheme. Conlributions payable to the charitable company's pension scheme are charged lo the Statement of Financial Activities in the period to which they relate. Page 10 continued... MUSIC THEATRE WALES NOTES TO THE FINANCIAL STATEMENTS - ¢ontlnued FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES 2024 2023 Donations Grants 5.749 241,537 1,055 259,569 247,286 260,624 Grants recelved, included in the above, are as follows- 2024 2023 Arts Council ofwales Garfield Weston Foundation RVW Twst PRS Foundation Other Emst von Siemens Music Foundation Ty Cerdd Anthem Music Fund The Boltini Trust The Fidelio Charitable Trust Margaret Davies Charitable Trust The Hinrichsen Foundation Vaughan Williams Foundation 224,662 231,627 10.000 2,000 2,500 400 5.042 2,750 5.250 625 1.750 5.000 2,000 3,000 1,500 3,000 241,537 259,569 OTHER TRADING ACTIVITIES 2024 2023 Other eamed income 17,210 42,145 INVESTMENT INCOME 2024 2023 Deposit account interest 2.449 509 OTHER INCOME 2024 2023 Other income Theatre tax relief 3,570 59.475 63.045 Other income of £3,570 relates lo refund received relating to lease of copier. Page11 continued... MUSIC THEATRE WALES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 CHARITABLE ACTIVITIES COSTS Direct Costs (se6 note 8} Support costs {see note 9) Totals Advancing education of the public in the appreciation of new opera and music theatre 116,758 135,605 252,363 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Production and performance Sales and marketing Commission fees 91.975 8.283 16,500 202.864 14,577 5.874 116,758 223.315 SUPPORT COSTS Staff and associated costs Governance costs Other Depreciation Totals Advancing education of the public in the appreciation of new opera and music theatre 107.325 24.802 34 3.444 135,605 10. INCOMEI{EXPENDITURE) Net incomellexpendilure) is staled afier chargingl{crediting)'. 2024 2023 Depreciation - owned assets Independent examination fees 2,200 2,000 11. TRUSTEES, REMUNERATION AND BENEFITS There were no trustee5' remuneration or other benefits for the year ended 31 March 2024 or for the year ended 31 March 2023. Trustees. expense5 Expenses of £465 {2023- £294) were paid to four {2023 - four) trustees in the year in respect of travel costs. 12. STAFF COSTS 2024 2023 Wages and salaries Social security costs (Xher pension Costs 102.713 907 2.423 89,414 3,929 2.105 106,043 95.448 Page 12 continued... MUSIC THEATRE WALES NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 12. STAFF COSTS - contlnued The average monlhly number of employees during the year was as follows- 2024 2023 Average number of employees No employees received emoluments in excess of £60,000. Total key management personnel remuneralion paid in the year was £57,309 {2023: £52,913). 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled funds Restricted funds Total fvnds INCOME AND ENDOWMENTS FROM Donations and legacies 243,082 17,542 260,624 Other trading activities Investment income 42,145 509 42.145 509 Total 285,736 17,542 303,278 EXPENDITURE ON Charitsble octivlties Advancing education of the public in the appreciation of new opera and music theatre 259,176 79,393 338.569 INCOMEI(EXPENDrruRE) 26,560 (61.851) (35,291) RECONCILIATION OF FUNDS Total funds broughl forward 247,099 61,851 308.950 TOTAL FUNDS CARRIED FORWARD 273,659 273,659 14. TANGIBLE FIXED ASSETS Office equipment COST Additions 674 DEPRECIATION Charge for year NET BOOKVALUE At 31 March 2024 640 At 31 March 2023 Page 13 continued... MUSIC THEATRE WALES NOTES TO THE FINANCIAL STATEMENTS - Contlnued FOR THE YEAR ENDED 31 MARCH 2024 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 VAT 515 68,316 3.639 2,370 Prepayments and accrued income 68,831 6,009 16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors Accruals and deferred income 467 6,082 5.424 6,549 5.424 17. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows.. 2024 2023 Wilhin one year 525 1.658 Operating lease payments recognised as an expense in the year were £6,648 (2023= £6,948). 18. MOVEMENT IN FUNDS Net movement in funds Transfers between funds Al 3113124 At 114123 Unrestricted funds General fund Designated fvnd - contingency Desglnaled fund - Bwysffilod Allan - Atgof Designated fund - Street Art Opera Desginated fund - Yasuke- commission and creative fees Designated fund - Future Directions Buletown Designated fvnd - Butetown Community 83.659 60.000 25,000 75.000 123.551 (119.428) 87.782 60,000 {24.4281 {24.2201 (572) 50,780 30.000 (6,776) 50.000 73,224 30,000 40,000 30,000 40.000 273,659 68,127 341,786 Restricted funds RCT Community Bwysffilixl Aflan Future Direcbons - RCT 2,000 4,500 3,000 2,000 4,500 3,000 9,500 9.500 TOTAL FUNDS 273,659 77,627 351,286 Page 14 continued... MUSIC THEATRE WALES NOTES TO THE FINANCIAL STATEMENTS- ¢ontinued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above are as follows- Incoming resources Resources expended Movement in funds Unrestricted funds General fvnd Desginaled fund - Bwysffilod Aflan - Atgof Designated fund - Street Art Opera Desginaled fund - Yasuke - commission and creative fees 308,115 (184,564} (24.428) (24,2201 123.551 124,4281 124.2201 {6,7761 16,776) 308,115 (239.9881 68,127 Restricted funds Future Directions- 2023 RCT Community Bwysffilod Aflan Futu￿ Directions - RCT 2.375 2,000 14,500 3,000 (2,375) 2,000 4,500 3,000 110,000) 21,875 {12.375) 9,500 TOTAL FUNDS 329,990 {252,363} 77,627 Comparatlves for movement In funds Net movement in funds Transfers between funds At 3113123 At 114122 Unrestricted funds General fund Designated fund - contingency Designated fund - Violet by Tom Coult 97,099 60.000 90,000 94.660 21,900 213.659 60,000 (68,100} {21,900) 247,099 26,560 273,659 Restricted fund$ Violet by Tom Coult Future Directions - 2023 50,639 11.212 (50,639) (11.212) 61.851 (61.851) TOTAL FUNDS 308.950 (35.291) 273,659 Page 15 continued... MUSIC THEATRE WALES NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS- continued Comparative nel movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestricted funds General fund Designated fund - Violet by Tom Coult 285.736 (191,Q76) (68,100) 94,660 {68.100) 285.736 (259,176) 26.560 Restrlcted funds Violet by Tom Coult Future Directions - 2023 9,542 8.000 160.1811 {19.212) {50,639) (11.212) 17,542 (79,393) {61,851) TOTAL FUNDS 303.278 (338,569) {35.2911 Restricted Funds Future Directions - 2023 Funding has been received this year from the Foyle Foundation and Ty Cerdd to support the Future Directions project. The project is a young people's programme with a difference, Whe￿ yOLtng people will work in collaboration wth professional music-creators, learning from and inspiring each other to explore what opera and music theatre mean for themselves and their communities. RCT Community Our work in the RCT area doesn't slop at the Future Directions programme. We are also running a s¢heme for aspiring young composers. As part of MTW'S partnership with Sinfonia Cymru, we are working together lo offer an exciling Creative opportunity for young people aged 14 to 18. living or attending school in RCT, to create their own original music and hear Ft performed live by the Sinfonia Cymru ensemble 8t the Parc and Dare Theatre, Treorchy. We have received £2.000 from the Fidelio Charitable Trust to support this project. Bwysffilod Aflan This period saw the commission and initial creation process for Bwystfflod Aflan. a brand new National Eisteddfod commission by MTW and Music@Aber. performed with Sinfonia Cymtu. The performance. which premieres al the Eisteddfod Genedlaelhol in August 2024, before touring around Wales in October 2024, combines an operatic monologue performed by tenor Elgan Llyr Thomas. and a reflective piece by dancerlactor Eddie Ladd. We have received an individual donation of £5,01)O from Philip Came as well as an additional grant of £5,000 from The Bollini Trust to support this project Future Directions - RCT The Future Directions programme continues in 2024-25 w¢th our project in the Rhondda Cynon Taf area - Future Directions RCT. Funding has been received from The D'oyly Carte Charitable Trust to support this project. The project is a young people's programme wth a difference. where young people in the RCT area will work in collaboration with professional music-creators, learning from and inspiring each other to explore what opera and music theatre mean for themselves and their communities. Deslgnated Funds Future Dtrections Butetown A young people's programme which brin9S together neurolypical and neurodivergent, learning dlsabled and aulistic people age 16 - 25.11 is an invitation to c￿ate storytelling in music and to make a new digital opera. It is a Gontinuous programme that sits al the heart of the company's main activity. The digital operas the Young Company creates, in collaboration w71h the professional facilitators, are presented as one of our core productions on our website to be shared far and wide, seeking new audiences and finding new ways to surprise and excite the audiences who already love our work. As part of our wider prograrnm8 of activity in the Buletown area of Cardiff, we will be running a Future Directions prolect in the area over the period September 2024 to September 2025. Page 16 continued... MUSIC THEATRE WALES NOTES TO THE FINANCIAL STATEMENTS - conllnued FOR THE YEAR ENDED 31 MARCH 2024 18. MOVEMENT IN FUNDS- continued Yasuke We have embarked on an ambitious commission from the IVOR-winning composer and musician Renell Shaw to create a new work exploring the contemporary implications of the real life legend of Yasuke - a C17th African man who ended up becoming a Samauri.. A story of migration and cultural diversity. adaplalion, acceptance and strength. The score will be for an ensemble Cast. with a mix of African and Japanese musicians alongside musicians from Sinfonia Cymru (as part of our ongoing partnership), and the production will b8 designed lo be performed in a variety of spaces. Butetown Community Working in collaboration with Arts Active Trus*, Hijinx and the Royal Opera House, we have started a long-term project working with people in Butetown and South Cardiff to explore the creative and expressive potential of opera as storytelling in music across the cornmunity- Initiated by the commission of a new opera based on Nadifa Mohamed's novel The Fortune Men. which explores the horrifi¢ miscarriage of justice inflicted on Mahmood Hussein Mattan in Tiger Bay in the 1950s, we are running a series of projects and community conversations to build a creative link be￿een the opera and the community whose story it is. Work began in January 2024 with a Reading Room project led by a group of local young people. reading and responding to Nadifa Mohamed's award-winning book and opening up a wider discussion. The Reading Room project will lead to further creative work, lo be led and developed locally with our support. and will include developing a conversation with the creative team leading on the new opera. 19. EMPLOYEE BENEFIT OBLIGATIONS The charity operates a defined contribution pension scheme. The assets of the scheme afe held separately from those of the charity in independently administered funds. The pension cost charge represents contributions paid by the charity to the fund and amounted to £2,423 12023- £2.105}}. Contribution5 outstanding at the year end amounted to £467 (2023- £423) 20. RELATED PARTY DISCLOSURES There were no related paty transactions requiring disclosure in the year ended 31 March 2024. Page 17