Compan)- registration number= 02815692 Charity. registration number= 1039757 Music Theatre Wales {A compan!. limited b)" guarantee) Annual Rert and Financial Statements for the Year F.nded 31 March 2025 ISJ Accountants Ltd Sei'ern House laLell Driwe NeNvport South W'ales NPIO 8FY
Music Theatre Wales Contents Trustees, Report I to7 Independent Examine¢s Rewrt Statement of Financial Aciii'ities 9tolO Balancc Shcct Notes to the Financial Statements 12to22
Music Theatre Wales Trustees, Report The Irusiees, who are direciors for ihe purposes of compan! laii": preseni ihe annual report logether with ihe Iinancial statements ot the charitable compan!- tor the l'ear ended 31 March 2025. OBJECTIVES AND ACTIVITIES Objeets -l-he compan). is a charil!. and ihe principal aciii'ilies of ihe companl" conlinue ts) be the educalion of the public in greater knO.]edge: interest and en?a?ement in nV opera and music theatre includino pertonnances, public Iks and demonstrations: educational M"orkshops and creaiii"e projects 7th other arts organisations. Musie. Theatre. Wales. Re•imagining opera Music Theatre Wales {MTW} exists to breathe neil- life into opera. presentino it as story-tellino in music and seeking to rei'italise opera as an eipressii'e fomi for an! one. We nurture artisis i4.ho will creale the opera ofihe luture and present opera in imaginative I4"avs that ii.ill help chanoe the preconceptions ot iihat opera is and can Wc arc asking: What is Opcra? W'ho is making it? and "hO is it for. Our work has tw'o intcgrdtcd strands: Artlorm Development - driiwen b!. diiJersI- and eiplorine neil. ii?N's of creaiino and presentino opera - as liTre perfomianle in theaires and communiti spaces. as short fom) digiial ilork, as streel art opera, in Welsh and in collab(Iraiion '1th multiple difterent partners. Community Cohesion oftering opera as ston'tellino in music a means of expression and creative dci'clopmcnt for communitics ii."hu hai"c traditionall!" bccn i2norcd or cxcludcd from opcra. illeasures of success in 2024ll5 In Autumn 202) Arts Council Wales announced the outcome of their Inl'estment Rei'ieiN' Th'ith MTW rcccii'ing continucd suptKTrrt as a rcgularl!" fundcd compani. at Ica5t until March 20?7 Ni"ith an annual grant of £216,636. "1"he compan!, s iTrDrk i%"as praised for the degree of iransformalion ive had alreadN' accomplishcd. ACW increased ihis aiN'ard b). ).50/0 to take effect from April 202). bringing the annual grant to £224,281. During 2024125 MTW has continued to de.elOp our fundraising.. attracting an additional £129,600 to support ihe w.ork alreadl planned. Our Futurc Dircctions programmc planncd to takc placc in Butctoiim. i*as 5hortlistcd for thc Fcdora Pri£e for Lducalion - a presiigious Lurope-iiide pri£e across opera and dance companies. Although ive did not iiin the Prize. ive are delighted ii.ith the recognition and achieN"ement of getting to the final three companies. MTW'S Dircctor, Michacl Mccarth!: ii"a5 aii7rdcd thc John Edii"ard5 Mcmorial Am'ard for 2025 by thc Welsh Music Guild - the most presiigious non-com1]¢1'e aard gii'en in Wales for serniices to the nation s music. Acclaim t-or MTW productions has continued: Our neil. touring produLtion Bii!"sifilod Allan li.as a co-commission and co-produLlion 14.ith Ihe Naiional F.isteddfod Aber¥ sni)'Ih Llnii"ersiti' Music and presented in partnership ulith Sinfonia Cy'mru. Barn Magazinc proclaimcd -"A littlc gcm of a shoii" Page I
Music Theatre Wales Trustees, Report GRIL.I.' one of ihe imo digi1 shorts ii"e released in March 2024 - .S a..arded Besi Original Score at the Focus Wales Film Feslii"al. interbeing Government. %'as included as an online creaiiN'e assei for the Wales Climaie Week by Welsh The Jollof House Part). Opera and interbeing ii'ere tx)ih presenied b), T), Cerdd as part of their Music and Race Shoii"c&se in association ii'ith Black Lii"es in Music. This led directl). to BLIM inN'"iting MTW to present the liN'e perfomance of The Jollof House Part). Opera at their annual shoi4'case in l.ondon- Classicalli" Black. The Things That Go Unnoticed, Ihe first l'oung rople s Digital Opera created through our programme Future Directions. selected and presented as part of the ITnitv Film Festii'al in Carditf. shoii'casing the i¥ork of learning disabled. neurodii'ergent and autistic creatii'es. Thc truslccs havc rcfcrrcd to thc guidancc containcd in thc Charits" Commi55ion's gcncral guidancc on public benefit and ihe trusiees consider hoii" planned aCti.1t]eS i4.ill coniribute lo the aims and objcctivcs thc!. hai'c sct. ACHIEVEMENT AND PERFORMANCE Charitable activities During 2024125 lye conlinued to dei'elop the artistic progrJmme according 10 the ne, Mission established over thc prci'ious thrl I'cars. Wc rcmain lirml!" in linc and happN" ii'ith thc changcs madc. Our crcatiN'"c wurk has an entirely new ouilook and purpose. and the siructure of the compan!. flects this and continues to eN'olN'e as the 'ork dcN'clops. At the start of the s'ear ive realised that li'e no loneer needed to cale20rise our ivork under tlvo strands.. Neiv Directions (Morking "7th Global Majorili. artists) and l-ulure Direciions Iii"orking i4.ith Voung people). "l-hese programmes had opened up new 'al"S of making ivork that place inclusion and equitt. at the centre of our creatiNe practice. All of our ii'ork is aimed al ini'ilin? neil" artisis io help us mowe opera fon%'ard as an artfomi, reaching ne. audiences and enoaoino ii.ith artists and 1.ouno people on their ternis and in ..a)IS that ,11] ke us in new directions. noi and in (he fulure. Creative Work Throughout thc vcar M'c havc continued M"orking ii.ith Rcncll Shaii" on thc dci"clopmcnt of a ncTh" stagc work for 2027 springing Irom ihe sion" ol Tr-asuke (he firsi Black Samurai. A coniraci Ia5 issued in June 902J ivhich took the process to December 2024 11,hen Renell delii.ered the first draft libretto. We will be issuing a completion contraLI in earl). 2025126 and ihe iTrDrk has alread!. aiiracied funding of £7J.000 and become a significant part ot the dei'elopment of a wtential partnership with GI)"ndeUrne and Britten Pews Arts/Aldeburgh l-esiii'al io support ihe dei"elopmeni ofneii" opera in the UK. In August and October 20?4 I1"e r[oMed our commissioned ii.ork Bi&!"sltfilod Aflanlunclean Beasts from composer Conor Mitihell and director/dramaiurg Jac Ifan Moore to mark Ihe centenary. of F.dii'ard Prosser Rhys i'inning thc CroiiT] for his pocm Atgot- {Mcmor%-). Dcspitc bcing aiiardcd Walcs's m05t prcstigious litcrary pri7.e. the judges also condemned the poem and Prosser Rhl's for Ihe inclusion of direct reference to a homosexual atTair. resulting in a scandal that carried on in the neii"spapers tor some time and ultimatel }'" ended Prosser Rhvs's liieraTh' career. -l-he nei%" produciion Lombined an operaiic monologue b). Conor Milchell using "crbatim matcrial from thc timc lin its original Th-c15h) and a dancc piccc b! Eddic Ladd Ni"hich prcscntcd a contemporary. retleuiion of Ihe original poem. This il'as a collaLK)raiion ii'ith the National F.isteddt-od {iil)ere the production opened) and Aber)'shiTh"th Unii"ersits' ii.here it pertonned as part of a tour iwenue tour around Wales. -l-his w'as our first W'elsh language commission since Y -1 in 2017 and we hope il 11] slimulate further interest in creating neil operaiic "or in Welsh. Page 2
Music Theatre Wales Trustees, Report It received praise from critics: -l-he aesiheiics, values and purwse of Music -l-heaire Wales are disiincL. Biij'sifilod Aflanl Unclean Beasts is loyal to those qualities- reinN'igoration-ii'ithin-conslanc!' is in full flourishing . . Thealre in Wales. The staging li'as beautifvll!, crafted...the 0ra11C part ivas exceptionall) striking. setting the reactionary critics M'ords to Conor Mitchcll"s angular. slippcn" music. .A littlc gcm of a 5hoii- Barn Magazinc And from audiences.. 'CJripping production and the two elements l ttvo halN'es blend skilfullj. VeTr' nice to hear original cuntLmp0r£. OPLra in Wclsh-'" "Wondcrful - thc production's look at thc Muni Mas grcaL 5implc clcmcnts but cxtrcmcl). cffcct1'c. Thc conccpt of singing the reactive criticism on the p)em il'as brilliant! Congratulaiions. In Sepiember 2024 we began our third l-ulure Dire70nS programme in collaboralion ivith I lijin.x. running a series of Recruitment Workshops across the rOu2h ot Rhondda Cl'non Taft in the South Wales valleS. The programme w.ill Lonclude in Seplember 202) Ivhen ive ii.ill shoii" the resulLing Digitsl Opera as part of a public preseniation at the Parc and Dare Theatre in Treorch!.. alongside iiork creaied through our Young Composers Programmc (supwrtcd b!. Oxt-ord Unii'crsit!") and hyo ncii. iiorks b!" IN'clsh composcr Lukc Lcwis: including a music. N'ideo and sound piece built on historic recordings made in the Rhondda and neivly commissioned work from Owcn Shcars. In January 2024 we beoan iN"orking in the Butetoiin area of Cardity at the start ot a planned 3-N"'ear residency, starting b). Ivorking in collalx)ration iyith the Cardiff c.ouncil arts ieam .4rts ActiN'e on a Radical Reading Room project as a 14'a}' ot carefull). building tn]5t and estsblishing communications betore Th'e ofter to extend our M'ork in the area. We have nom" expanded the projeci io include ihe neighbouring area ofGrangetown and in May 202) 'e began recruiiing for a local Communits- Producer to help deiTelop communitJ-. connections and cngagcmLnt. Our digital works hai'c Lontinucd to makc an impact= GRIEF b!" Connor Allcn and Franccsca Amcii'udah-Rii'crs 'as selected to open the Focus Wales Film Fesiii'al and ii'eni on ¢0 ii'in Besi Original Score; interbeing bN' Simm). Singh and ASHA m.as prc5cntcd part of Ti" Ccrdd-5 Music and Racc in alcs Shoiicasc and M'as alsu presented as part of the Welsh Goi'emment's Wales Climate Week. The Jollof House Partv Opera was also prcscntcd at Nlusic and Racc Shoii"casc and at English National Opcra s public 51"mEX)sium Inclusii'itw in Opcra ,here the musiu creator"l-umi Williams and M"I-IA" Direcior Michael Mccarth) spoke. Our firsl l'oung pe()ple's opera created through Future Directions iyas selected for the Units- Film Festival in Cardiff, shoi4'casing the 'ork of learning disabled. neurodivergenl and aulisiic creaiii"es. In Octobcr 2024 wc launchcd our ncii'l!" commis5ioncd Strcct Art Opcras.. Out of Timc by Clairc Victoria Roberts, l.auren Ome and Giselle T!. taking a unique look at the climaie crisis: Rahmal-Mercy-Trugaredd bN' Ladwih. Sam I lussain. Amelia Unil). and Jamie "I-C Panion ii,hich explored creaiii'ili" and the confliLls this Can bring as a Muslim il'oman. These il'orks iiere shoil'n as part of l.lais at the Wales Millenium Centre. Ivith Rahmat-Mcrcv-Trugarcdd also shoisn at thc Music and Racc Shoii"ca5c and at Grangc Pai-ilion Community. Centre folloTh'ed by a communitN' coni"ersation. The impact of these pieces has led to additional funding from Arts Council W'ales to support a tour ot them around [aleS in Summer 202). 5pecificall)"' targeting non-art5 audiences al music festivals and communiti" cenires. l.ollowing a proposal Irom M-l-w, lie haie been Murking in partnership "1th l-j Cerdd to deljiller the first ever opera dei'elopment programme tor Welsh language COM)serS and lters. ONer a series of intensive 'orkshops. six iomposers and six iiTiters hai"e collaboraied on ihe dei elopmeni of short ii".orks or e.xlracls lo explore ,hat it is to create neil. opera: h014" opera can become a more tlexible fonn and M,hat the implications arc ot- ii'orking in Wc15h. Thc progrMC has bccn highli" LrLatii"c and thc iiDrk-in-progrcs5 will bc shoWLcd at Ihe National F.isteddfod in August 2025. Page 3
Music Theatre Wales Trustees, Report We were delighted to collaboe "1th Sinfonia C)"mru on an exiension of their PoTh)'s Schools Siorn'telling in Music project b}" commissionino an operatic moment to add to the performances and introducino an (Trpera singer io the crealii e process. iiorking iliih ihe children help them perfom ihe song ihev liad created. "l-his collalmiration ii'ill continue oi'er the comino )"ears and ii.ill help us reach a huge number of j'oung children ivith a real operatic experience that ihei. can relaie to. We are currentl). leading on the creaiion of the UK'S firsi Digithl Opera l--eslival a partnership project il'ith Wales Millenium Centre. Dumbii'orld (Belfastl. Guildhall School of Music and Drama (l.ondon}, BBC Cardiff Singcr of thc 'or1d- with a plan to prcscnt it in Carditf in Octokr 2026. MTW has continucd to Icad and 5UPEK)rt thc dci'clopmcnt of Opcra Forum -.a]CS- a ncts4"ork- to dcvclop strong cohesion and sharing across opera makers in Wales. "l-his has reached a neiN" lee[ of participation follo1]ng ihe appointment ot neil" Cieneral Directors at 11 elsh National Opera ii.ho are actii'el!. participating and ii'ith whom 'e are sharing adminisiralion. MTW continucs to dcs'clop nc. partncrship5 to not onl!- proi.idc additional support to hclp dclivcr thc work ivc have dei'ised, but crucialli. to reach neI4' audiences and neil, artists and to continuallN' inform our Mork and our UnderSndIng of dilTereni communilies. We are iiorking in partnership iliih Ilijin.x. .4rts Acliille. Sinfonia Cymru. Ty Cerdd. Fio. RCT Borough Council. Grange Pai'ilion and Cardiff Community Housing Association. Wc arc also dci'cloping a tKTrtcntial partncrship ii.ith Gl!"ndcbournc and Brittcn Pcars Arts to support thc deN'elopment of neiv opera across the IIK. During 2023124 M"I'W became a member of Black Lii"es in Music and we continue to benefii from regular health-check meetings M-ith them. In October 202) BLIM is shoii&qsing the iNiirk ot Music Theatre Wales bv preseniing the lii'e perfomance of "l-he Jollofi louse PartN" Opern. Wc arc continuing to Usc thc Evaluation procc5s dcvclopcd during intcnsc training proidcd b). Dr Ncll Farrallay. Kathn'n Jo)'ce continues as our (ieneral Manager and Dl'lan Jenkins as our firsl natiiie Welsh speaker as Marketing and Communications Manager. Elal'ce Ismail continues to ii'ork il'ith us as Artistic Associate. providing ini'aluable artistic support on all our creatii'e projects. She i¥ill be continuing to iN'ork ii.'ith MTW through to at Ica5t thc cnd of 2027 11.hcn shc ii.ill bc dirccting Yasuk-c b!- Rcncll Shaiv. Wc arc continuing to subscribe to an Lmplo! ee AssisianLe Programme from I lealih Assured io proiiide exlernal support for anyone '"orking '1th the compans. in case ot ii.ork related stress and hedlth issues. Board development and rene14'al.. Kerr¥- Skidmore took- oi'er as Chair in December 2023 and is caretull), oi'cr5ccing a shift in Board culturc proccs5cs. A5 of FcburaTh" 202) ii"c haN"c thrcc ncii". Trustccs undci. thc age of )0 and a Trainee Trustee. and ii"e hai'e Board l.eads for Dii'ersits,. Safeguarding, Finance, Welsh and Environmcnt. Page 4
Music Theatre Wales Trustees, Report This 'ork has contributed io the aims and objeclii es in the lo110.]ng a!s. Successfullv presented two neiv Street Art Operds from all-femaie and dii'erse creatiiwe teams. Our programme for an inclusii'e group of )'oung people conlinues to increase the participation, undcr5tanding and cngagcmcnt in opcrd. We ¢produCed a radical. neil. Welsh language ii'ork ii.hich challenged the stereoti'pes of opera. We continue io dei'elop ihe participation in opera ofGlobal MajorilN artis. leading lo ihe fundalnenl repositioning ot the compan!. bTr' placing inclusion and equits. at the heart of ei'erythino ..e do. We continue io dra. on the knoii"ledge and experience of Lla!"Le Ismail. as M"l-W's .4rtistlL Associa, lo intom all of our work M'ith her expertise as a theatre director. dramaturg and commissioner and her liwed e.xperience. We are continuing to explore hom. ive can dei.elop the diN'ersit)- of the Board With Future Direclions li'e are exploring hoii. opera can become more relei'ant to }'oung creatii'es and hoiN' thcir M"ork might inform thc H"ork iyc crcatc in thc futurc. Changing perceptions about what opera is and who ran make it through all our ivork Deweloping opera as Stor%'frlling in Music i1.ith community" participanls, using il as an expressive for lo gI.e more people a N"oice and an OPFK)rtunitv to eNplore and tell their oiNI] storv. We continue to dei'elop and seek neil. partners '1th 'hoM li'e can create neiv work. Wc arc ini'c5ting in our fundraising to cnsurc Ivc haN"c thc rc50urccs to dclivcr our plan FUTURE PLANS Music Theatre Wales is re-imagining opera by eNploring new of making and presenting opera- collaboraiing ll artists M"ho are neil io oper& especiall! ihose iiho hai e been e.xcluded; e.xpanding the range of music. ne- ideas and stories opera can embrdce= creating ii.'ork in collatrx)ration ivith voung people and communitics and cxploring hoNv opcra can function a5 an L.Kpreision of idcntity.. Artistic plans fur 202i126 includc thc prcscntation of our commissioncd Strcct Art Opcras and thc commission of toil. further Streei An Operas. We will conclude our communil!, residenc! in Rhondda C) non "l-aff and io dei elop our work across iluleloiNn and CJranget014'n, preseniino our Street Art Operds: a n. prodU10n of the liN'e i-.ersion of The Jollof House Part). Opera iN'hich is also touring in Wales and i'isiiing l.ondon. and li'e ii'ill begin ii'ork on a co-creation project to make a community. opera. Alongside this perforniance i¥ork" we rIll continue to support the deNelopment ofour next iouring production- Yasuke bi" Renell Sha. We are also continuing io parliLipaie in li ider discussions around ihe fulure of opera in the UK, ii".orking il'ith Gl>'ndebourne and Britten Pears Ans to eiplore hoi¥. li'e can supwbrt the dei'elopment of ne, opera across the UK, Icading thc Opcra Forum M.'alcs and as gucst spcakcrs at ci.cnts such a5 thc LdIaN1- Confcrcncc Thc Business of Opera. Page i
Music Theatre Wales Trustees, Report Referenee and Administrative Details Charity Registration Number= 1039757 Company Registration Number: 0281i692 -l-he charili" is incoryx)ra*d in W'ales. Registered Office.. Chapter Arts Centre Market Road Canton Cardiff CF) IQF. Independent F.xaminer- HSJ Accountsnls l.td sci.crn Hou5C Ha7ell Drii'e Neiw)rt Souih .,aleS NPIO 8FY Trustees and officers The trustees and officers seTh'ing during the year and since the l'ear end ii'ere as follom's: Trustccs= E W E Joncs (apFK>intcd 17 Fcbruarv 20251 MrDPRees Mr C M I lei {aptx)inted 17 I-ebruarn. 202)} Ms P S&qmmell Ms K M P Macaula) (aptK)inted 17 February. 2025) Mr K J Jones Ms K E Sk-idmorc Mrl.JCGrav M Razi Secretarv: Ms K Jo)'ce Page 6
Music Theatre Wales Trustees, Report Statement of Trustees, Responsibilities Thc trustccs (Th"ho arc also thc dircctors of Music Thcatrc Walcs for thc purposcs of companv law) arc restx)nsible for preparing the trustees, retM)rt and the financial SL3iements in accordance Thith the United Kingdom .4ccounting Standards (United Kingdom Generdll}' Accepted Accounting Practice) and applicable laiv and regulalions. Companj. law. rcquirc5 thc trustCC5 to prcparc financial 5tatcmcnts for cach finattcial )'car. Undcr companv law Ihe trustees musi not apprO.e ihe financial staiements unless ihei. are satisfied Ihat the giN'e a true and fair vieii.. of thc statc of aftairs of thc charitablc compan!. and of its incoming rcsourccs and application of rcsourccs. including its income and expenditure. for thai period. In preparing these financial sialemenis. the iruslees are required to= select suitable accounting FKblicies and appl!. them consistentli.: obscTh'c thc mcthods and principlc5 in thc Charitics SORP= make jud2ements and estimates that are reasonable and prudent: state ivhether applicable UK Accounting Siandards hai'e been folloiNed. subje¢¢ to anN material departures discloscd cxplaincd in thc financial statcmcnts= and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitablc compan!. ii'ill continuc in bu5incss. The trustees are reswnsible tor keeping adequate accountino records that are sutricient to shoTh' and explain the charitable compan) s transaciions and disclose ii.ith reasonable accuracN' ai an! lime ihe financial posilion of Ihe charitable compan). and enable them to en.sure that the tinanLial statements compl)T Ii'"ith the Companies Act 2006. Thc). arc also rcspon5iblc for 5afcguarding thc asscts of thc charitablc company and hcncc for taking reasonable steps for the prevention and detection of fraud and other irregularities. The annual reEX)rt ii7s approN'ed b!, the INstees of the charits. on 29 Jul!. 2025 and signed on its behalf bN': Ms K E SLidmorc "I ruslee Page 7
Music Theatre Wales Independent Examiner's Report to the trustees of Music Theatre Wales {"the Company") I report to the chariti. trustees on m}. examinalion of the accounts of the Compan), for the Near ended 31 March 2025. Responsibilities and basis of report s ihe Lharit) S Irusiees ol the Compan!" (and also its directors for the purposes of compan>. lai4') vou are re8rx)n£ible tor the preparation ot. the accounts in accordance ii.ith the requirements of the Companies Act 2006 I'thc 2006 Act'l. HaN'ing 5ati5ficd mi'5clf that thc account5 of Music Thrdtrc Walcs arc not rcquircd to bc auditcd undcr Part 16 of the 2006 Aci and are eligible for independeni e.iaminaiion. I rewrt in respecl of m) examination of >our charitv's acLounts a5 carricd out undcr scction 14) of thc Charitics Act 2011 {"thc 2011 Act'l. In carry"'ing out m). examination I haN'e tolloii'ed the Directions given b). the ChariTh' Commission under section 14i(5)(b) of the 2011 Act. Independent examiner'5 Statement Since the Compan) s gross income exceeded £2iO.000 l'our examiner musi be a member of a body lisled in seclion 145 of the 201 l Act. I confirn) thai l am qualified to undertake the eiamination because l am a member of FCCA ACA DChA BFP, "hICh is onc ot-thc li5tcd i]C5. I hav"c complctcd m)." cxInatI0n. I confirm that no mattcrs hai'c comc to attcntion in conncction M'ith thc examination gii'ing me cause io beliei'e: accounting records were not kept in respe of Music Theatre Wales as required b> section J86 ofihe 2006 Act- or 2. the accounts do not accord ii'ith those records: or 3. thc accounts do not complN' ii'ith thc accounting rcquircmcnls of scction 396 of thc 2006 Act othcr than an). requirement thai the accounts gii'e a "true and fair i'ieiv, 'hICh is not a matter considered as part of an independent eAaminaiion- or 4. the accounts have not been prepared in accordance ii'ith the methods and principles of the Statement ot Rccummcndcd Practicc for accounting and rcwrting bi" charitics [applicablc to charitics prcparing thcir accounts in accordance M'ith the Financial RerK)ning Stsndard applicable in the UK and Republic of Ireland11.-RS 102)]. I havc no conccrns and hai'c comc across no othcr mattcrs in conncction iNith thc cxamination to hICh attcntion should be draiNn in this report in order io enable a proper understanding of the accounts to be reached. Mi- ,.InJi¢ii I lill FCCA ACA DChA BFP Sei'ern House Hazell Drii'e Neivport South [aleS NPIO 8F'Y 15 August 2025 Page 8
Music Theatre Wales Statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2025 Note Income and Elldowments from: Donations and Ic2acics Charitable acliN"ilies Other trading actii ities Ini'cstmcnt incomc Other income 237.387 44.600 281.987 43.92) 14.466 43,92) 14.466 3.667 30,272 30.272 Total income J29.717 44.600 374.)17 Expenditure on: Charitable actiN'ities 126i:766) 124.2J2) (289.998} Total cxpcnditurc 126i.766) {24.2J2) 1289.998} Net income 63.9) I 20.368 84,319 Net moi'ement in funds 63.9) I 84.319 Reconeiliation of funds .1-0[ funds broughi fomard J41.786 9.500 3)1.286 Totsl funds carried fonvard 16 40i.737 29.868 435,60) The notes on pages 12 10 22 fonn an integral part of these financial statements. Page 9
Music Theatre Wales Statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Note Income and Elldowments from: Donations and Ic2acics Other trading actii'ities Investment income Othcr incomc 22i.412 21.875 247.287 17.210 2.449 63.045 17,210 2.449 63.04) Total income 308.116 21,875 329,991 Expenditure on: Charitable actiN"ities 1239.988) {12,37i) (252,363) Total expenditure 12J9.988) 112.J7i) 1252.J63} Net income 68.128 9.500 77,628 Net moi'ement in funds 68.128 9.500 77.628 Reconciliation of funds Total funds broughi foni'ard 273.6)9 27).659 Total funds carricd fonward 16 341.787 9.500 3il.287 All of the charitv's actiN"ities derii-e from continuing operations during the akniTe tti"o periods. 'l-he funds breakdoi%m lor 2024 is shomn in note 16. The notes on pages 12 10 22 fonn an integral part of these financial statements. Page 10
Music Theatre Wales (Registration number: 02815692) Balance Sheet as at 31 March 2025 2025 2024 Note Fixed assets Tangible assets 13 913 640 Current assets Debtors Cash at bank and in hand 14 4i7.494 288.364 510.995 3)7.195 Creditors: Amounts falling due within one year 15 {76:303) {6:i48) Ne¢ ¢urren¢ assets 434.692 3iO.647 Lyet assets 4Ji.605 3)1.287 Funds of the eharity: Restricted income funds Restricted lunds 29.868 9.500 Unrestricted income funds Unrestricted funds 40i.737 341,787 Total fund5 16 4Ji.60i 3il.287 For thc financial vcar cnding 31 March 202) thc charity Mas cntitlcd to cxcmption from audit undcr scction 477 of the Companies Act 2006 relaling to small companies. Directors, responsibilities-. The memt)ers hai-e not required the charitt. to obtain an audit of its accounts for the )'ear in question in accordancc ii'ith scclion 476= The directors acknoii'ledge their re5tK)n5ibilities for compl}'ing ii.ith the requirements of the Act with respect to accounting records and the preparaiion ofaccoun. Thc finanLial statcmcnts on pagcs 9 to 22 11.crc approi.cd b!" thc trustCC5. and authori5cd for issuc on 29 July 202) and signed on their behalt bv= Ms K E Skidmorc Trustee The notes on pages 12 10 22 fonn an integral part of these financial statements. Pagell
Music Theatre Wales Notes to the Financial Statements for the Year Ended 31 March 2025 I Charity status Thc Chlty. is limitcd guarantcc. incorporatcd in Ih-alck and con5cqucntli" doc5 not havc sharc capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charitv in the event of liquidation. The address of its registered oftice is= Chapter Arts Cenire Market Road Canton Carditi. CF) IQE These financial statements were authorised for issue b)" the trustees on 29 Jul!" 2025. 2 Accounting policie5 Summary of significant accounting policies and kev accounting estimates The principal accounting policies applied in Ihe preparaiion of these financial statements are set out beloiv. Thcsc policics havc bccn con5i5tcntl)' applicd to all thc !"car5 prc5cntcd. unlcs5 OthcTh*isc 5tatcd. Statement of compliance The financial statements hai'e been prepared in accordance ii.'ith .4ccounting and Reporting bN, Charities.. Statement of Recommended Practice (applicable to charities preparing their accounts in accoi'dance M.'ith the Financial RetK)rting Standard applicable in the IIK and Republic of Ireland IFRS 102)) (issued in October 2019} Ic'haritics SORP {FRS 10?)}. thc Financial Rcwrting Standard applicablc in thc IIK and Rcpublic of Ircland (I.'RS 1021 and the Companies ALI 2006. 'I"here hai'e been no material departures from l."inancial Rewrting Sthndard 102. Basis of preparation Music Theatre Wales meets the definilion of a public benefit entiti. under FRS 102. Assets and liabilities are iniliall). recognised al historical cost or iransaciion i.alue unless oiherKi"ise s(aied in the releiwanl accounting )lic>' notes. -l-he linancial statements are presented in Sierling 1£). the charithble compan'S functional currencv. and rounded to the nearest pound. Page 12
Music Theatre Wales Notes to the Financial Statements for the Year Ended 31 March 2025 Going coneern Thc tinLIa1 statcmcnts hai'c bccn prcparcd on a going conccrn basis. Follow'ing a provisional aiyard as part of the Arts Council -aleS Ini'estment Rel'ie.. (on 27 September 2023). M'l'w's rewised funding amount i%"as Lonfim)ed on 8 Januar% 2024. "I-his came folloii'ing ihe 10.5 % cul in funding to ACW made b). the Welsh CJOS'ernment and passed on to all successful organisations am'arded fi]nding as part ofthe investment rel'ie. process. M-I'W'S amended award 01£216.62i will continue on an annual basis through March 2027. Although this 11] require some adjusimenLs to budeets and anistic plans oi'er the neit 3 s-ears. this (and the continued succe8Stul awards rccciTr'cd from Trusts and Foundations) ncvcrthclcs5 proN"idcs stability" and sustsinabilih. for thc compan for the next tsi'o years. Exemption from preparing a eash flow statement Thc charitN' optcd to carl). adopt Bullctin I publishcd on 2 FcbruaTh" 2016 haiTC thcrcforc not includcd a cash floTh' statement in these financial statements. Income and endoiymellts All income is recoonised in the Statement of Financial Actii"ities once the chariti. has entitlement to the funds, it is probable that the income iyill be reLeii ed and the amouni can be measured reliabli.. 'l-his includes capital grants. Donulions und legacies Donations and legacies income includes donalion5. gifts and grdnts that proi.ide core funding or are of a general nature are recognised ii'here there is eniitlemenL probabiliti" of receipt and the amount can be measured ii'ith sufticicnt rcliabilitN." Such incomc is onl!. dct-crrcd ii.hcn thc donor spccifics it must bc uscd in futurc accounting periods or the donor has imp)sed condilions i%"hich musi be md before the Lharil), has unconditional entitlement. Grants receivable Grants are recognised ii".hen ihe charity. has an entitlement to the funds and an}, condilions linked to the grants havc bccn mct. hcrc pcrfurmancc condition5 arc attachcd to thc _£rant and arc N"ct to bc MCL thc incomc is recognised as a liabilits. and included on the balance sheei as deferred income to be released. Deferred inconie Deferred income represenis amounts receii.ed for fulure periods and is released incoming resources in ihe period tor Nvhich, it has been receii'ed. Such income is onl)- det.erred ii-hen= - The donor specifies ihai ihe grant or donation must onlv be used in future accounting periods; or -I"he donor has imwsed conditions iTr"hich must be before ihe chariiN' has uncondilional entitlemenl. Oiher Irading aLYivities Income from other trading actii'ities includes income received under contract. This income is recognised as the related sen.'ices are proi'ided and there is entitlemeni. probability. of receipt and the amount can be Ineasured 'ith sutficient reliabiliti.. Income is deferred i¥hen the amounts receii.ed are in adi'ance of the performance ot the service or ei'ent io ivhich ihei. relale. Page 13
Music Theatre Wales Notes to the Financial Statements for the Year Ended 31 March 2025 Investmenl income Investsnent income is recognised on a receii.able basis. Other income Othcr incomc 15 rccogni5cd on a rcccivablc basis. Expenditure l.iabiliiies are recognised as expenditure as soon as there is a legal or construclii'e obligation committing the charit!. to that expenditure. it is probable that a transfer of economic benefits ..111 be required in settlement and the amount ofihe obligaiion can be measured reliabl!. Lxpendilure is accounied for on an accruals basis and has bccn classiticd undcr hcadings that aggrcgatc all cost rclatcd to thc catcgor¥'. IN'-hcrc costs cannot bc dircctl). altribuied to particular headings theTr" have been allocatrd kn aciivilies on a basis consisleni with the use or resources. Rai5ingfunits F.xpenditure on raising funds includes costs of fvndraising. adi'ertisin& marketing and direct mail materials. Chllrilable activiti& Extxnditurc on charilablc actii'itiC5 comprisc5 th05C Costs incurrcd bi. thc charits, in thc dclii'cry of its actii'itiC5 and seTh'ices tor its beneficiaries. It includes th costs that can be allocated directlv to such aCtI.1t]eS and those costs ofkm indireci naiure necessar). 10 SUPPOrt them. Support eosts Support cosis are those costs thaL 'h11st necessarn. to delii'er an act1.1tv. do nol themseli'es produce or constitutc thc output ot thc charitablc actii'it)". This includcs goi-crnancc costs ii-hich arc thosc costs associatcd 'ith meeting the constitutional and Sthiuior%" requirements of the charilN' and include the accounlancy fees and custs linkcd to thc stratcgic managcmcnt ot-thc charits.. Governanee costs "I'hese include the costs attribuLqble to the charit)" s compliance '1th consLilulional and Sthiulory. requirements. including audit, strategic management and trustees's meetin?s and reimbursed expenses. Taxation Thc chlty is cxcmpt from corporation t&i on its charitablc actii-itlC5. Tangible fixed assets Fixed asseis are initialli. recorded at cost. includino the estimated c47St of anN' donated assets. Depreciation and amortisatio Dcprcciatiun is proi'idcd on tan2iblc fiicd asscts so as to IlTltc off thc cost or i'aluation, Icss any cstimatcd residual value. 0er iheir expected usetul economic life as follows: Asset elass Fixiures and fittings Instruments and aaccessories Ofticc cquipmcnt Depreei2tion method and rate 20 /0 Straighi line 200/0 SiraighL line 2/0 Straight linc Page 14
Music Theatre Wales Notes to the Financial Statements for the Year Ended 31 March 2025 Trade debtors Tradc dLbtuts arc amounts duc from cu5totncrs for mcrchandisc sold or scrviccs pcrfornicd in thc ordinary course of business. 'l-rade debtors are recognised initiallfv ai the iransaclion price. "l-hth. are subsequenili, measured at amortised cosl using the ellective interest meihod. less proi'ision tor impairment. A proN'ision tor the impairment of trade debtors is esblished "hen there is objeciii"e ei'idence ihai the chariLI' ii.ill noi be able to collect all amounls due according to the original terms of the receiNables. Cash and cash equivalents Cash Lash Lquil'alcnts Lomprisc cash on hand and 11 dcw5its. and othcr 5hort-tcrm highly liquid investments that are readil!. coni'ertible to a knoiin amount of cash and are subject to an insignificant risk of changc in valuc. Trade creditors Trade creditors are obligalions to pa). for goods or services that ha'e been acquired in the ordinary. course of busincss from 5upplicrs. Accounts pavablc arc clas5ificd as currcnt liabilitics if thc charitv docs not havc an uncondilional right. al ihe end of the rewning period. to defer setilemenl of Ihe creditor for at least ts4'eli'e months after the reporting date. It there is an unconditional right to deter settlement for at least ttN'eli'e months after the reporting date. lhe. are presented as non-curreni liabililies. 'l-rade creditors are recognised iniliall!, ai ihe iransaction price and subsequenil!. measured at amortised cosl usino the eftectiN'e interest method. Fund strueture Unrcstrictcd funds can bc u5cd in accordancc 7th thc charitablc objcctivcs at thc di5crction of thc trustccs. Designated funds are unrestricted funds set &side for specific purposes at the discretion of the trustees. Restricted t-unds can onl). be used t-or particular resiricied purwses ii'ithin the Objec of the charity. Restrictions arise when specitied by the donor or ii-hen funds are rnised for particular restricted purwses. Pensions and other post retirement obligations "I'he Lharilable compani operates a defined Loniribulion pension scheme. Conlribulions pa)'able to the charilable company's pension scheme are charged to the Statement of Financial Actii'ities in the period to Ni,hich the). relate. 3 lllcome from dollations and legacie5 Unreslri¢¢ed fund5 General Restricted funds Total 2025 Total 2024 Donations and Icoacics- Donations Irom indiN'iduals Granis, including capital grants: Gt7nts. from institutions i.7) I 5,751 5,749 231.636 44.600 276.236 241.538 237.J87 44.600 281.987 247.287 Page li
Music Theatre Wales Notes to the Financial Statements for the Year Ended 31 March 2025 4 Income from charitable activities Unrestricted funds Gelleral Total 2025 43.9?5 43.92) Total 2024 S Grant-making Analysis of grants Grants from institutions 2025 2024 Analysis Arts Council ot"Wales Ti, Cerdd Anthem Music l.und Thc Boltini Trust The Fidelio Charitable Truat 22i,636 224,663 62) 1.750 5.000 2.000 3,000 1.500 MArgaret Davies Charithble Trust 'l-he I linchrichsen l.oundalion Vaughan William5 Foundation Givendoline & Margaret Davies Charity. The Radcliffe Trust Samuel Gardner Memorial Trust Hodgc Foundation Colii'inston Charitable Trust Neiv College. Oxford (iarlield Wesion l-oundalion 3,000 3,000 3.000 .000 5.000 20.000 3.600 15.000 276.236 241.538 6 Income from other trading activities UDre5tricted funds General Total funds Total 2024 .1 rading income; Othcr trading incomc 14.466 14.466 17.210 14.466 14.466 17.210 Page 16
Music Theatre Wales Notes to the Financial Statements for the Year Ended 31 March 2025 7 Investment income Unrestricted funds General Total 2025 Total 2024 Interest receii'able and similar income. Interest receivable on bank dewsits 3.667 3.667 2.449 8 Other income UDre5tricted runds General Total Total 2024 'I'heatre "l-ax Relief and Other Income 63.045 9 Expenditure on charitable activities Aetivity ulldertaken directl). Activity support Costs 2025 2024 Production and pcrformancc Sales and marketing Commission fees Staff and associated costs Othcr 129.663 129.663 15226 7,100 111.050 91,97) 8.283 16.500 107..12i li.226 7.100 111.OiO 23.868 23.868 24,802 34 3.444 Depreciation Goi'emance costs 216 2.875 216 2.875 lil.989 138.009 289.998 2i2.363 l O Net ineomingloutgoing resourees Nel incoming resources for the )'ear include= 2025 2024 Depreciation or ri.xed assets Independent examiners tees 216 2.875 34 2.200 Page 17
Music Theatre Wales Notes to the Financial Statements for the Year Ended 31 March 2025 1 I Staff costs Thc aggrcgatc payroll costs wcrc a5 follows= 2025 2024 Staff costs during the year were: Wages and salaries Social seLurity COS15 Pcnsion costs 103.325 5.296 2.429 101,911 907 111.050 105.241 'I"he monihlv afv'erage number of persons (including senior management / leadership leam) emploved bi, the charitp. during thc !-'car c.xprcsscd as tull timc cquii"alcnts li.as as tolloii"s.' 2025 No 2024 No Number of F.mplo!ees No emplovee received emoluments ofmore ihan £60:000 during the vear. Page 18
Music Theatre Wales Notes to the Financial Statements for the Year Ended 31 March 2025 12 Taxation Thc charity is a rcgi5tcrcd charity. and 15 thcrcforc cxcmpt from t&Nation. 13 Tallgible fixed assets Furniture equipment Total Cost At l April 2024 Additions 674 489 674 489 At 31 March 2025 ,163 Depreciation At l April 2024 Charge for the }'ear 34 216 34 216 Ai 31 March 202) 250 250 Net book value Ai 31 March 2025 913 At 31 March 2024 640 640 14 Debtors 2025 2024 Prepa!'ment8 Accrued income V A"I' recowerable 2,586 2,622 65.694 ili 571 68,831 15 Creditors: amounts falling due within one year 2025 2024 Other creditors Accruals Deferred income 471 466 6.082 73.000 6.548 Page 19
Music Theatre Wales Notes to the Financial Statements for the Year Ended 31 March 2025 16 Funds Balance at I April 2024 Incoming resources Resources expended Balance at 31 March 2025 Unrestricted funds General GLncral fund 87.782 J29.717 (265.766) 151.7JJ Designated Contingency Sireei Art Opera YasuLc - commission and creative fees Futurc Dircction5 BUtctO Butetowi Communi. 60.000 50.780 60.000 50.780 73.224 30.000 40,000 40.000 254.004 254.004 Total unrestricted funds 341.786 J29.717 (265.766} 405.737 Restricted funds RC-I" Communily BwTr'stfilod Atlan Future Direciions - RCT 2.000 4.iOO (3,728) (4.500) (7.004) (9,000) 21.872 3.000 12.000 9.000 7,996 Street Art Opera- Wales Tour Total restricted funds 9.iOO 44.600 {24.?J2) 29.868 Total funds 351.286 374.317 (289.998) 435,60) Page 20
Music Theatre Wales Notes to the Financial Statements for the Year Ended 31 March 2025 Balance at 31 March 2024 Balanee at I April 2023 Incoming resources Resourees expended Transfers Unrestricted funds General General fund 308.115 (184.5) (119,428) 87,782 Designated Contingenc), Bii?'stfilod Aflan - Atgof Street Art Opera Yasuke- commission and creative tees 60.000 60,000 2).000 75.000 {24.4281 {24.220) (i72) 50.780 30,000 (6,776) 50.000 30.000 40.000 73,224 30.000 40.000 I. uture Direciions Buietoi*n Butct0W Communih. 190.000 (55.4241 119.428 2)4.004 Total unrestricted funds 273.659 308.115 (2J9:988) 341,786 Restricted I. ulure Direciions - 2023 RCT Communit)." BwTr'stfilod Atlan Future Directions - RCT (2:)75) 2.000 14.iOO 3.000 2.000 4,500 3,000 {10.000) Total restricted fullds 21.875 {12.)75) 9.500 Total funds 273.6)9 329.990 (2i2.363 3il.286 Page21
Music Theatre Wales Notes to the Financial Statements for the Year Ended 31 March 2025 The specific purposes for 'hICh the funds are to be applied are as follo's: l-uture Directions - 2023 Funding has been receii.ed this j'ear from the Fol-le Foundation and Tw Cerdd to SUPFN)rt the Future Directions projeLI. "l-he projecl is a )'oung people's programme ii.ith a dilTerence. Illiere i.oung people will work in collalmiration w'ith protessional music-creators. learning from and inspiring each other to eiplore M'hat opera and music theatre mean for ihemseli'es and iheir communilies. RCT Community Our Th'ork in the RCT area doesn't slop at the Future Directions programme. We are also running a scheme for aspiring )'oung composcrs. As part of MTM-'s partncrship isith Sinfonia CN"mru. M'c arc ii-orking togcthcr to otTer an exciting creatii'e opportunit). for young people aged 14 to 18. lii'ing or attending sch(x)l in RCT. to crcatc thcir 01ST) original music and hcar it pcrfornicd lii"c b!" thc Sinfonia Cl-mru cnscmblc at thc Parc and Darc Theatre. Treorchy. We hai'e receii'ed £2.000 from the Fidelio Charitable Trust to suprA)rt this project. B ).sir7[0d Aflan This period saiN' the commlsslon and initial creation process for BuTr'sitilod Atlan: a brand nem. National Lisieddfod commission b)" M'l"W and Music'ci Aber. perfomled iviih Sinfonia C) mru. 'l-he perfomance. Ivhich premieres at the Eisteddtod CJenedlaethol in Au?ust 2024. before tourin? around Wales in October 2024, combines an operatic monologue perfom)ed bl. ienor Llgan Lll'r -l-homas. and a reflectiiwe piece b). dancer/actor Eddie Ladd. We haN"e receii'ed an indii'idual donaiion of £5.(M)O trom Philip Came as Mrell as an additional grant of £i.000 from Thc Boltini Trust to 5UPPOrt thi5 projcct. l-ulure Directions - RC"I- The Future Directions programme continues in ?024-25 ivith our project in the Rhondda Cynon Taf area Futurc Dircctions RCT. Funding has bccn rcccii'cd from Thc D'th.l! Cartc Charitablc Trust to support this projeci. The project is a >'oung people's progrdmme ii'ith a difference. ii'here )'oung people in the RCT area will 'ork in Collaration with professional musiC-cfvdtor5. learnino from and inspiring each other to explore ivhat opera and music theatre mean for themseli'es and Iheir communities. 17 ADaly515 of Det assets between fullds Tolal funds at 31 l¥larch 2025 Unrestricted funds GelleTg1 Designated Restricted funds Tangiblc tixcd a5scts Current assets 913 913 154.123 lJ.JO)I 254.004 102,868 17."7.000) 510,99) {76.303} Current liabilities Total nct asscts lil.7J3 254.004 29.868 4J5.60i Total funds at 31 larch 2024 Unrestricted funds General Designated Restricted funds Tangible fixed assets Current assets Current liabilities 640 640 93.691 (6.i481 254.004 9.500 3)7,195 {6.548} Total nct asscts 87.783 2)4.004 9.500 3il,287 Page 22