Compan)- registration number= 02815692
Charity. registration number= 1039757
Music Theatre Wales
{A compan!. limited b)" guarantee)
Annual Re￿rt 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 n￿V 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-com￿1]¢1￿'e a￿ard 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 digi￿1 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 r*ople 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 I￿a5 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)"nde￿Urne 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.
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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 0￿ra11C 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 Dire￿70nS 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 valle￿S. 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 progr￿MC has bccn highli" LrLatii"c and thc iiDrk-in-progrcs5 will bc shoWL￿cd
at Ihe National F.isteddfod in August 2025.
Page 3

Music Theatre Wales
Trustees, Report
We were delighted to collabo￿e ￿"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" le￿e[ 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
UnderS￿ndIng 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 pro￿idcd 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 fundalnen￿l
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￿￿. prodU￿10n 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 L￿dIaN1- Confcrcncc
Thc
Business of Opera.
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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
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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
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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)." cx￿InatI0n. 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 Ch￿lty. 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 tin￿LIa1 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 ch￿lty 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. 0￿er 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 es￿blished ￿"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 Colla￿ration 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