Registered number: 03001101 Charity number: 1043391
MID WALES OPERA LTD
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
MID WALES OPERA LTD (A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charitable Company, its Trustees and | 1 |
| advisers | |
| Trustees' report | 2 - 7 |
| Independent examiner's report | 8 - 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 - 12 |
| Notes to the financial statements | 13 - 28 |
MID WALES OPERA LTD (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
| Trustees | Gareth Williams, Chair |
|---|---|
| Sara Clutton | |
| Sheila Drury CBE (resigned 15 November 2021) | |
| Alun Jones | |
| Njabulo Madlala | |
| Avriel Reader | |
| Prof. David Roberts FEA | |
| John Stephenson | |
| Suzanne Wardell | |
| Paul Wingfield (appointed 15 November 2021) | |
| Company registered number 03001101 Charity registered number 1043391 Registered office Bryn Wgan Trefeglwys Caersws Powys SY17 5QU Accountants WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Company Secretary Alun Jones Chief Executive Officer Lydia Bassett |
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MID WALES OPERA LTD (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the financial statements of the Charitable Company for the year 1 April 2021 to 31 March 2022. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charitable Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
This report covers the twelve month period to 31 March 2022 and includes an open-air concert tour in May/June 2021, a SmallStages tour in October 2021 and MainStages tour in March 2022.
Objectives and activities
a. Policies and objectives
The company aims to mount operatic productions of the highest possible standards within budgetary restraints at affordable prices in areas where audiences do not otherwise have the opportunity to attend fully professional performances of opera. It also wishes to develop new audiences for opera by creating accessible productions which are original, exciting and ambitious.
In shaping the Company’s objectives, the Trustees have given consideration to the Charity Commission's guidance on public benefit and in drawing up and revising our business plan have given a high priority to extending engagement with our audiences through outreach focussed on education and community-based activities alongside our core touring programme.
b. Strategies for achieving objectives
In order to adapt to the majority of the venues that it visits the company makes use of a reduced orchestra and a limited chorus. It also designs sets which are convincing while remaining adaptable to the extremely varied range of stages in the venues. Considerable extra activity has been generated in recent years around work with young and developing artists and this is integrated into both productions and the audience engagement work that goes alongside the touring activity.
2016 saw the introduction of our new Young Artists’ Policy – whereby at least 50% of singers employed by the company will be under 30 and/or within 4 years of leaving education, temporarily revised in view of the months lost to the pandemic to under 32 and/or within 6 years of leaving education.
c. Activities undertaken to achieve objectives
Mid Wales Opera is committed to making its productions available to all and in particular the Trustees make conscious efforts to ensure that we perform at a range of venues and that tickets are available at prices which will, as far as possible, enable everyone to receive the benefit of experiencing the charity's work.
This year’s revised programme of work has reflected that ambition with affordably priced (£5) outdoor concerts in May and June 2021, and a return to live working and touring as soon as venues were legally able to open in Wales in Autumn 2021. Our focus has been on reconnecting with audiences and partner venues, and ensuring we were able to deliver our delayed Puccini in Paris season safely and within government guidelines.
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MID WALES OPERA LTD (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Objectives and activities (continued)
d. Overview
MISSION - a passion for opera across Wales and beyond.
VISION - To be a company that inspires and excites audiences, connects and engages with communities, challenges perceptions of opera and reaches places where others do not perform. We deliver a vibrant and engaging portfolio of outstanding creative work and create a supportive and nurturing environment for company members and performers with a commitment to the development of young artists.
VALUES - Innovation, Excellence, Engagement, Collaboration and Accessibility.
Achievements and performance
a. Investment policy and performance
The investment policy has been to balance liquidity and availability of funds whilst ensuring an appropriate level of return on the investment; though no short term investments with reasonable rates of return have been available in the market in recent years.
Financial review
a. Going concern
After making appropriate enquiries the Trustees have carried out a review of the going concern basis and is pleased to report maintenance of the Company’s reserves position during the year.
The Trustees have a reasonable expectation that the company has adequate resources to continue to operate for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
The free reserves of the company are £194,549 (2021: £171,268), being the total unrestricted funds of £256,262 less depreciated fixed assets of £28,976 and designated funds of £32,737.
The trustees’ reserves policy was reviewed in January 2011 and it was agreed to aspire to have 20% of the annual income in free reserve.
The detailed result is set out on page 10 in the Statement of Financial Activities.
c. Principal funding
The majority of the charity's income is derived from the grants received from Arts Council Wales, Trusts and other awarding bodies with a contribution from box office sales for the performances of the production during the year. Details of the grants received are shown on page 17 of the accounts. In addition the charity is also grateful for the donations received from individual supporters during the year. Details of the donations received can be seen on page 16 of these accounts.
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MID WALES OPERA LTD (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
d. Review of activities
Total number audience for live performances 3,527 Total number of children involved in workshops 501 Total number of live performances 44 Total number of singers and musicians employed 58
The year to March 2022 saw the delayed delivery of MWO’s Puccini in Paris season. Following a 12 month funding extension, our work from March 2021 to March 2022 included:
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21 live outdoor performances through our ‘Sounds of Summer’ programme reaching an audience of 633.
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13 performance of Puccini’s Il tabarro in October and November 2021 reaching an audience of 1161.
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9 performances of Puccini’s La bohème in partnership with Ensemble Cymru reaching an audience of
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1599, and with the opening night being the first live performance at our home theatre Hafren, Newtown since March 2020.
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10 school workshops in Powys and Pembrokeshire, delivered during the La bohème tour and working with 501 primary school age children.
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MWO’s Friends Gala concert at Gregynog Hall in Powys in July 2021, performed as a garden concert featuring three talented young Welsh singers and with an audience of 134.
The year to March 2022 exemplified MWO’s commitment to live performance. In the summer of 2021 most of our audience for the ‘Sounds of Summer’ concerts had not heard live music since March 2020 and many of the performers had not been able to work for 12 months. We delivered three outdoor, 40 minute concerts in each of seven locations from Narberth to Holyhead. With audiences limited by Covid restrictions on outdoor gatherings to 30 for most performances these concerts were a bold step back to live performance and allowed us to test Covid safe working practices which proved vital for our future plans. Our Friends of MWO Gala at Gregynog was planned as an outdoor event, with an earlier start and picnic interval. This proved extremely popular with audiences and will be repeated in July 2022 although we do now have an indoor wet weather option.
In August and September 2021 we were able to rebook (for the third time) our postponed Il tabarro tour. The venues had been changed to reflect social distancing rules in theatres and the fact that many of our usual SmallStages venues remained closed, with no plans to reopen soon. The tour opened in Theatr Brycheiniog, Brecon and was their first indoor performance since March 2020 with heavily restricted audience movement, interval drinks served at seat and Covid passes required. In many cases we were audience members’ first live show since the pandemic and in some cases their first time out of their own home. An astonishing 44% of our audience travelled less than five miles to see the show with a further 23% travelling 5-10 miles. These were hyperlocal audiences returning to trusted venues within their own communities and although audiences were lower than expected (1161 against a target of 1300) it did show some audiences were starting to return to live performances. We were exceptionally lucky to avoid Covid cases within our cast but did have to replan several performances and test daily after singers were in close contact with positive cases in other contexts.
In January 2022, after an open recruitment process, we appointed Jodi Voyle as MWO’s new Marketing Officer. Jodi joined us from BBC National Orchestra of Wales and hit the ground running as we began the marketing campaign for our La bohème tour. She is employed with us two days per week on a fixed term contract.
By March 2022, restrictions had been almost entirely dropped although mask wearing was still in place and we were able to plan for our first major tour since the pandemic, Puccini’s La bohème in partnership with Ensemble Cymru. We had originally planned to work with postgraduate students from the Wales International Academy of Voice (now Wales Academy of Voice and Dramatic Arts) and to have community choruses join us in each of our venues. The prevalence of the Omicron variant of Covid 19 in Spring 2022 made this impossible and money from these budgets was repurposed to allow us to employ covers for each of our singers, some within the cast as chorus members and some on an on-call basis. This proved indispensable as while Covid did not spread through the cast we did have several individual cases in the cast (including our Marcello in rehearsals and on opening night) as well as cases in the orchestra and technical staff. The entire cast and crew were
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MID WALES OPERA LTD (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
required to test daily in order to ensure cases were detected early and we were able to bring in deputies with as much notice as possible. We also toured through the uncertain early days of the war in Ukraine, which affected one Eastern European cast member severely and also impacted on some orchestra members.
During March 2022 we also worked with composer Ian Morgan-Williams and tenor Huw Ynyr, bassoonist Julia Plaut and soprano Charlotte Hardy to deliver workshops in schools in Powys and Pembrokeshire. Many schools were not able to allow external visitors because of high levels of Covid, and one day-long session had to be replanned with a day’s notice, but we did manage to work in 10 schools with more than 500 children who greatly appreciated the lively and engaging introduction to the world of opera.
Structure, governance and management
a. Constitution
Mid Wales Opera Ltd is a company limited by guarantee (No. 03001101) and a registered charity (No. 1043391). It is constituted under a Memorandum and Articles of Association which were reviewed by the Trustees in 2015/16 and found to remain fit for purpose. There have been no changes in the objectives since the last annual report.
b. Methods of appointment or election of Trustees
The management of the Charitable Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
The company invites new trustees who have an appreciation and understanding of the arts, and particularly of opera. Ideally, they will have regularly attended performances given by the company prior to their appointment. Sheila Drury left the Board this year after many years’ service as a Trustee and Board Director. Paul Wingfield, conductor and Head of Vocal and Operatic Studies at Birmingham Conservatoire, joined the Board.
c. Policies adopted for the induction and training of Trustees
Potential trustees will be identified, brought to the attention of the existing Board members and invited to one of their meetings. The Chair and Chief Executive Officer will identify any particular skills that they would bring to the company and ensure that they understand the company’s financial position and budget process. They are invited to rehearsals as well as performances of company productions, and will be given detailed information regarding the overall preparation of the performances.
d. Related party relationships
The Friends of Mid Wales Opera is run by a small group of volunteers who manage a number of fundraising events during the year. The trustees want to particularly acknowledge the contribution of Jackie Titley the Chair of the Friends’ Committee for co-ordinating this effort. Friends' activities are reflected in the Company's accounts.
e. Financial risk management
The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks – a risk register is maintained and reviewed regularly as part of the business planning cycle which is part of the funding agreement with Arts Council Wales.
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MID WALES OPERA LTD (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Plans for future periods
Our plans for 2022/23 see a return to more normal touring patterns as we learn to live with Covid 19 and hope for a more confident return of audiences for live events.
In May 2022 we will host a fundraising Gala jointly with Ludlow Assembly Rooms to mark both the return of live music and our Chair’s long delayed birthday celebrations.
We will run a rescheduled week’s residency in Ysgol Penygloddfa, Newtown working with 44 year 5 pupils to create an opera from scratch. This work is supported by a private donor.
Our Friends of MWO concert on 24 July 2022 will once again be led by Charlotte Forrest and will serve as a season launch for MWO’s Fairy Tales season, designed as a family-friendly season shedding a new operatic light on some of the best loved stories of children’s literature.
In October and November 2022 our Fairy Tales season begins with our SmallStages tour of Montsalvatge’s Puss in Boots (El Gato con botas) which will visit 13 small theatres and community halls across Wales and the borders, performed by five singers and five musicians in a new chamber arrangement by Jonathan Lyness. This tour will be our first opportunity to return to some of our regular SmallStages venues such as the Dragon Theatre in Barmouth, as well as an opportunity to bring SmallStages performances to the Borough in Abergavenny and Taliesin in Swansea.
In March 2023 we will be visiting our nine core MainStages venues, with a welcome return to the Courtyard in Hereford, with Humperdinck’s Hansel and Gretel, once again in partnership with Ensemble Cymru and with children’s choruses joining us on stage in all our venues.
We are delighted to have been awarded £10,000 per year by the Colwinston Charitable Trust to support the creation of new chamber arrangements for the next three SmallStages productions, starting with Puss in Boots in October 2022 and followed in October 2023 by Berlioz’s Beatrice and Benedict and in October 2024 by Dvorak’s The Stubborn Lovers. We are beginning to plan repertoire for MainStages touring for our Shakespeare Season and Czech Season. We will submit a lottery application in August 2022 to support our 2023/24 touring programmes.
Autumn 2022 will also see the beginning of the long-delayed Investment Review by Arts Council Wales which will offer us the opportunity to try to consolidate our annual lottery application of just under £100,000 into our revenue funding. This would drastically improve MWO’s prospects for sustainability and we believe we have a strong case to make in terms of our ability to tour high quality, accessible and affordable operatic productions to the heart of communities across Wales and the borders.
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MID WALES OPERA LTD (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charitable Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ Gareth Williams (Chair of Trustees) Date:
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MID WALES OPERA LTD
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022
Independent Examiner's Report to the Trustees of Mid Wales Opera Ltd ('the Charitable Company')
I report to the charity Trustees on my examination of the accounts of the Charitable Company for the year ended 31 March 2022.
Responsibilities and Basis of Report
As the Trustees of the Charitable Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charitable Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charitable Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
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MID WALES OPERA LTD (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Independent Examiner's Statement
Since the Charitable Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Charitable Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charitable Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charitable Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company's Trustees as a body, for my work or for this report.
Signed: Dated: 24 November 2022 S J Tweedie BSc FCA DChA
WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury SY2 6LG
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MID WALES OPERA LTD (A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022
| Note Income from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investments 6 Other income 7 Total income Expenditure on: Raising funds 8 Charitable activities 9 Other expenditure 10 Total expenditure Net (expenditure)/income Transfers between funds 18 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2022 £ - 138,445 2,820 - - 141,265 1,485 166,217 - 167,702 (26,437) 425 (26,012) 34,990 (26,012) 8,978 |
Unrestricted funds 2022 £ 21,209 114,327 781 33 15 136,365 20,983 75,394 15,682 112,059 24,306 (425) 23,881 232,381 23,881 256,262 |
Total funds 2022 £ 21,209 252,772 3,601 33 15 277,630 22,468 241,611 15,682 279,761 (2,131) - (2,131) 267,371 (2,131) 265,240 |
Total funds 2021 £ 50,972 152,432 15 69 19,902 223,390 |
|---|---|---|---|---|
| 17,949 157,312 13,332 188,593 |
||||
| 34,797 - 34,797 |
||||
| 232,574 34,797 267,371 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 13 to 28 form part of these financial statements.
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MID WALES OPERA LTD (A company limited by guarantee) REGISTERED NUMBER: 03001101
BALANCE SHEET AS AT 31 MARCH 2022
| Note Fixed assets Tangible assets 15 Current assets Debtors 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Total net assets |
78,913 189,406 268,319 (32,055) |
2022 £ 28,976 28,976 236,264 265,240 265,240 |
26,855 219,028 245,883 (6,665) |
2021 £ 28,153 |
|---|---|---|---|---|
| 28,153 239,218 |
||||
| 267,371 | ||||
| 267,371 |
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MID WALES OPERA LTD
(A company limited by guarantee) REGISTERED NUMBER: 03001101
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2022
| Note Charity funds Restricted funds 18 Unrestricted funds 18 Total funds |
2022 £ 8,978 256,262 265,240 |
2021 £ 34,990 232,381 |
|---|---|---|
| 267,371 |
The Charitable Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ Gareth Williams (Chair of Trustees) Date:
The notes on pages 13 to 28 form part of these financial statements.
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MID WALES OPERA LTD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. General information
Mid Wales Opera is a charitable company, limited by guarantee and incorporated in England and Wales. The members of the charity are the trustees named on page 1 of these accounts. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Mid Wales Opera Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
After making enquiries, the trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
2.3 Income
All income is recognised once the Charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charitable Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charitable Company, can be reliably measured.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
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MID WALES OPERA LTD (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charitable Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and noncharitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitable Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Government grants
Government grants are accounted for in the Statement of Financial Activities on receipt and entitlement to the income.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
Freehold property - 2% straight line Office equipment - 15% straight line Sets, props and costumes - 80% in year of production and 20% RB thereafter
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
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MID WALES OPERA LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.10 Financial instruments
The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Pensions
The Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company to the fund in respect of the year.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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MID WALES OPERA LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
3. Income from donations and legacies
| Unrestricted funds 2022 £ Donations 5,881 Patrons Circle 3,000 Friends of Mid Wales Opera 3,336 Government grants 8,992 21,209 Total 2021 50,972 |
Total funds 2022 £ 5,881 3,000 3,336 8,992 21,209 50,972 |
Total funds 2021 £ 4,761 2,565 2,601 41,045 50,972 |
|---|---|---|
Government grants in the current year relate to the Government Jobs Retention Scheme during the Coronovirus pandemic.
4. Income from charitable activities
| Ticket sales and fees Grants receivable Trust funds received Total 2021 |
Restricted funds 2022 Unrestricted funds 2022 £ £ 33,749 7,353 87,196 105,474 17,500 1,500 138,445 114,327 9,103 143,329 |
Total funds 2022 £ 41,102 192,670 19,000 252,772 152,432 |
Total funds 2021 £ - 145,432 7,000 152,432 |
|---|---|---|---|
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MID WALES OPERA LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
Grants and Trust funds receivable
| The Arts Council of Wales G&M Davies Charitable Trust Fenton Arts D'Oyly Carte Trust Gibbs Trust John Lewis Partnership Millichope Foundation Powys County Council Covid Business Grant Arts and Business Cymru Community Foundation |
Restricted funds 2022 Unrestricted funds 2022 £ £ 87,196 105,474 5,000 - 4,000 - 3,500 - 3,000 - 2,000 - - 1,500 - - - - 104,696 106,974 |
Total funds 2022 £ 192,670 5,000 4,000 3,500 3,000 2,000 1,500 - - 211,670 |
Total funds 2021 £ 135,432 5,000 - - - - 1,500 10,000 500 152,432 |
|---|---|---|---|
- Income from other trading activities
Income from fundraising events
| Other sales Total 2021 |
Restricted funds 2022 Unrestricted funds 2022 £ £ 2,820 781 - 15 |
Total funds 2022 £ 3,601 15 |
Total funds 2021 £ 15 |
|---|---|---|---|
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MID WALES OPERA LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
6. Investment income
| Investment income Total 2021 7. Other incoming resources Theatre Tax Relief Total 2021 8. Expenditure on raising funds Costs of raising voluntary income |
Unrestricted funds 2022 £ 33 69 Unrestricted funds 2022 £ 15 19,902 |
Total funds 2022 £ 33 69 Total funds 2022 £ 15 19,902 |
Total funds 2021 £ 69 |
|---|---|---|---|
| Total funds 2021 £ 19,902 |
|||
| Programmes and other fundraising communication Wages and salaries Total 2021 |
Restricted funds 2022 Unrestricted funds 2022 £ £ 1,485 2,768 - 18,215 1,485 20,983 - 17,949 |
Total funds 2022 £ 4,253 18,215 22,468 17,949 |
Total funds 2021 £ 681 17,268 17,949 |
|---|---|---|---|
Page 18
MID WALES OPERA LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
8. Expenditure on raising funds (continued)
9. Analysis of expenditure on charitable activities
Summary by fund type
| Charitable activity Total 2021 |
Restricted funds 2022 Unrestricted funds 2022 £ £ 166,217 75,394 23,142 134,170 |
Total funds 2022 £ 241,611 157,312 |
Total funds 2021 £ 157,312 |
|---|---|---|---|
- Other expenditure
| Unrestricted funds 2022 £ Professional fees 12 Strategic development 500 Wages and salaries 9,108 NI 2,951 Pension costs 3,111 15,682 Total 2021 13,332 |
Total funds 2022 £ 12 500 9,108 2,951 3,111 15,682 13,332 |
Total funds 2021 £ 677 1,411 8,260 - 2,984 13,332 |
|---|---|---|
Page 19
(A company limited by guarantee)
MID WALES OPERA LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
11. Analysis of expenditure by activities
| Charitable activities Total 2021 |
Activities undertaken directly 2022 £ 207,700 76,519 |
Support costs 2022 £ 33,911 80,793 |
Total funds 2022 £ 241,611 157,312 |
Total funds 2021 £ 157,312 |
|---|---|---|---|---|
Analysis of direct costs
| Staff costs Depreciation Orchestra Singers Production crew Tour transport Travel expenses and accommodation Other production costs Directorial team Costume, props and lighting Governance costs Total 2021 |
Activities 2022 £ 45,537 19,677 13,332 72,824 8,923 20,951 7,461 9,351 2,638 4,659 2,347 207,700 76,519 |
Total funds 2022 £ 45,537 19,677 13,332 72,824 8,923 20,951 7,461 9,351 2,638 4,659 2,347 207,700 76,519 |
Total funds 2021 £ 42,584 5,096 4,492 2,257 2,600 4,192 1,107 4,880 - 4,811 4,500 76,519 |
|---|---|---|---|
Page 20
MID WALES OPERA LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
11. Analysis of expenditure by activities (continued)
Analysis of support costs
| Activities 2022 £ Staff costs 18,215 Depreciation 500 Sundry expenses 3,471 Postage and stationery 372 Advertising and marketing 3,251 Bank charges 592 Telephone 1,246 Insurance 2,669 General travel expenses 1,507 Light and heat 144 Fees for admin services 1,626 Maintenance 318 Write off for bad debt and accrued income not received - 33,911 Total 2021 80,793 12. Independent examiner's remuneration Fees payable to the Charitable Company's independent examiner for the independent examination of the Charitable Company's annual accounts Fees payable to the Charitable Company's independent examiner in respect of: All taxation advisory services not included above |
Total funds 2022 £ 18,215 500 3,471 372 3,251 592 1,246 2,669 1,507 144 1,626 318 - 33,911 80,793 2022 £ 1,750 750 |
Total funds 2021 £ 16,518 500 3,884 552 27,175 240 968 2,660 730 102 1,449 - 26,015 80,793 |
|---|---|---|
| 2021 £ 1,575 - |
Page 21
MID WALES OPERA LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
13. Staff costs
| Wages and salaries Social security costs Operating costs of defined benefit pension schemes |
2022 £ 91,075 2,951 3,111 97,137 |
2021 £ 83,342 1,288 2,984 |
|---|---|---|
| 87,614 |
The average number of persons employed by the Charitable Company during the year was as follows:
| Employees The average headcount expressed as full-time equivalents was: Employees |
2022 No. 4 2022 No. 3 |
2021 No. 4 |
|---|---|---|
| 2021 No. 3 |
No employee received remuneration amounting to more than £60,000 in either year.
Total employee benefits relating to key management personnel amounted to £30,688 during the year.
14. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL).
Page 22
(A company limited by guarantee)
MID WALES OPERA LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
15. Tangible fixed assets
| Cost or valuation At 1 April 2021 Additions At 31 March 2022 Depreciation At 1 April 2021 Charge for the year At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 |
Freehold property £ 25,000 - 25,000 11,125 500 11,625 13,375 13,875 |
Office equipment £ 46,125 - 46,125 46,125 - 46,125 - - |
Other fixed assets £ 411,782 21,000 432,782 397,504 19,677 417,181 15,601 14,278 |
Total £ 482,907 21,000 503,907 |
|---|---|---|---|---|
| 454,754 20,177 474,931 |
||||
| 28,976 | ||||
| 28,153 |
Page 23
MID WALES OPERA LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
16. Debtors
| Due within one year Trade debtors Theatre Tax credits Prepayments and accrued income Tax recoverable Creditors: Amounts falling due within one year Trade creditors Other taxation and social security Accruals |
2022 £ 8,080 - 67,386 3,447 78,913 2022 £ - 2,244 29,811 32,055 |
2021 £ 100 19,901 5,767 1,087 |
|---|---|---|
| 26,855 | ||
| 2021 £ 3,687 1,328 1,650 |
||
| 6,665 |
17. Creditors: Amounts falling due within one year
Page 24
MID WALES OPERA LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
18. Statement of funds
Statement of funds - current year
| Statement of funds - current year | |||
|---|---|---|---|
| Balance at 1 April 2021 £ Unrestricted funds Designated funds Redundancy liability 17,737 Roof repairs 15,000 32,737 General funds General Funds - all funds 199,644 Total Unrestricted funds 232,381 Restricted funds The Marriage of Figaro - Il Tabarro 24,990 La Bohème 10,000 Hansel & Gretel - 34,990 Total of funds 267,371 |
Income £ Expenditure £ - - - - - - 136,365 (112,059) 136,365 (112,059) - (425) 29,671 (54,661) 108,094 (112,616) 3,500 - 141,265 (167,702) 277,630 (279,761) |
Transfers in/out £ - - - (425) (425) 425 - - - 425 - |
Balance at 31 March 2022 £ 17,737 15,000 32,737 |
| 223,525 | |||
| 256,262 | |||
| - - 5,478 3,500 8,978 |
|||
| 265,240 |
Page 25
MID WALES OPERA LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
18. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Figaro Redundancy liability Roof repairs General funds General Funds - all funds Total Unrestricted funds Restricted funds Dido and Aeneas Mrs Peachum's Guide to Love and Marriage The Marriage of Figaro Venus & Adonis Il Tabarro La Bohème Total of funds |
Balance at 1 April 2020 £ 5,977 17,737 - 23,714 163,848 187,562 - - 9,525 447 25,040 10,000 45,012 232,574 |
Income £ - - - - 214,287 214,287 - - 9,103 - - - 9,103 223,390 |
Expenditure £ (7) - - (7) (165,444) (165,451) (602) (2,155) (20,335) - (50) - (23,142) (188,593) |
Transfers in/out £ (5,970) - 15,000 9,030 (13,047) (4,017) 602 2,155 1,707 (447) - - 4,017 - |
Balance at 31 March 2021 £ - 17,737 15,000 32,737 |
|---|---|---|---|---|---|
| 199,644 | |||||
| 232,381 | |||||
| - - - - 24,990 10,000 34,990 |
|||||
| 267,371 |
Page 26
MID WALES OPERA LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
19. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Net Current assets Creditors due within one year Total |
Restricted funds 2022 Unrestricted funds 2022 £ £ - 28,976 35,138 233,181 (26,160) (5,895) 8,978 256,262 |
Total funds 2022 £ 28,976 268,319 (32,055) 265,240 |
|---|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2021 £ - 34,990 - 34,990 |
Unrestricted funds 2021 £ 28,153 210,893 (6,665) 232,381 |
Total funds 2021 £ 28,153 245,883 (6,665) 267,371 |
|---|---|---|---|
20. Pension commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £3,111 (2021 - £2,984. These were fully paid with no contributions outstanding at the balance sheet date.
Page 27
MID WALES OPERA LTD
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
21. Related party transactions
There were three trustees during the year with related party transactions (prior year nil related party transactions).
Mid Wales Opera had income of £5,714 from working with the Theatre of which S Clutton is Theatre Manager. West Green House Opera's Festival 2021, for whom B Wellbank was production manager, hired equipment from Mid Wales Opera at a cost of £370 (exc vat). A family member of B Wellbank has earned £2,104 during the year for production and other casual work. G Williams is involved with a venue that hosted a Mid Wales Opera performance, resulting in £1,393 income to Mid Wales Opera.
There were no outstanding balances at the year end relating to these transactions.
Page 28