Registered number: 03001101 Charity number: 1043391 MIDWALESOPERA OPERA CANOLBARTH CYMRU MID WALES OPERA LTD UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 WR Partners Protecling your fulure.
MID WALES OPERA LTD (A Company Limited by Guarantse) CONTENTS Page Reference and Administrative Details of the Charitable Company, its Trustees and Advisers Trustses. Report Independent Examlner's Report ststement of Financial Activities 2-10 13 Balance Sheet 14-15 Not88 to the Financial Statements 16-33
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 2024 Trustees Gareth Williams, Chair Sara Clutton Alun Jones Njabub Madlala Avriel Reader Prof. David Roberts FEA John Stephenson Suzanne Wardell Prof. Lynda Warren Paul Wingfield Company registered numbèr 03001101 Charity registered number 1043391 Reglstsred offke Bryn Wgan Trefeglwys Povrys SY17 SQU Company secretary Alun Jones Chlef executlve officer Lydia Bassett (resigned June 2023) Accountants WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Page 1
MID WALES OPERA LTD (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial statements of the Charitable Company for the period from 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trust88s' report and a directors, report under company law. The Trustees confirm that the Annual Report and financial ststements 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 chsrities 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 Charttable 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 Orned. This report covers the e1Ve-mOnth period to 31 March 2024 and includes a Smallstages tour in Autumn 2023 and a Mainstages tour in March 2024. OtoNant Page 2
MID WALES OPERA LTD (A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectlves and actlvtties a. Policies and objectlves The company aims to mount operatic productions of the highest possible standards wiihin budgetary restraints at affordable pri5 in areas where audiences do not otherwise have the opportunty to attend fulty professional perfomiances of opera. It also wishes to develop new audÉences for opera by creating acSIble produdions which are original, exciting and ambitious. In shaping the Company's objectrves, the Trustees have given consideration to the Charity Commission's guidance on public benefrt 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 communty-based activities alongside our core touring programme. b. Strategles for achlevlng objectlves In order to adapt to the majority of the venues that it visits the company makes use of 8 redUd 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 activty has been generated in recent years around work with young and d&4eloping artists and this is integrated into both productions and the audien engagement Vrk that goes alongside the touring activity. 2016 saw the introduction of our new Young Artists. Policy - whereby at least 50 /0 of singers employed by the company will be under 30 andlor within 4 years of leaving education, temporarily revised in view of the time lost to the pandemic to under 32 andlor within 5 years of leaving education. Actlvltles undertaken to achleve objectlves Mid Wales Opera 18 committed to making its productions available to all and in particular the Trustees make conscious efforts to ensure that we perfomi 8t a range of venues and that tickets are available at prices which will, as far as possible, enable everyone to receive the benefrt of experiencing the charity's work. This season the Trustees plad extra emphasis on encouraging a younger audien to attend opera and worked with venue promoters to offer tickets for Under 21s in full-time education for as little as £5. It wa5 noticeable in towns with a universty population eg Aberystvryth and Bangor that more young people chose to attend Macbeth in March than on previous Mainstages tours. This yearfs programme of vnrk has refiected the CoMpanS ambition with a focus on developing audiences and working inclusively with partner venues. early career artists and loc41 ClMUnty singer5. Page 3
MID WALES OPERA LTD (A Company Limited by Guarantée) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectlves and actfvitles (continued) d. Overvlew MISSION - a passion for opera across Wales and beyond. VISION - To be a company that inspires and excitss audIere8, connects aThS engages with communities, challenges perceptions of opera and re&hes places Whe others do not perfom. We deliver a vibrant and engaging portfolio of OLrtstanding creative vmrk and create a supportive and nurturing environment for company members and performers with a commitmentlo the development of young artists. VALUES - Innovation. Excellence, Engagement, Collaboration and Accessibility. Achlevements and performance a. Investment polky and perforniance The investment policy has been to balan liquidity and availability of funds whiFst ensuring an appropriate level of return on the investment. Interest rates and a reasonable funds reserve has meant that income generated has been higher than for many years. Financial review a Going concern After making appropriate enquiries the Twstees have carried out a review of the going concern basis and is pleased to report maintenance of the Company's r8S8rves position during the year. The Twstees have a reasonab expectation that the company can continue to meet all liabilities for the near future. However. in Septemker 2023 the Arts Council for Wales (ACW) notified th8 company of a decisron to cease core funding from 1 April 2024. An appeal was made but not upheld and from April 2024 ACW multi-year nding ceased. Th8 Tru8t888 decided that the reserves allowed for activity until end of December 2024. However since the year end the Trustees have successfully 8pplied for funding via the UK Govemment Shared Prosperity Fund (SPF), managed by POlS County Council, and this has enabled a longer view to be taken of the company's prospects, looking now at funded activity until year end March 2027, with 8 revised Business Plan and FundraisirtrJ Strategy funded through the SPF grant. b. Reserves pollcy The free reseNes of the company are £46,931 (2023: £151,367), being the total unrestricted funds of £211,287 less depreciated fixed assets of £33,216 and designated funds of £131,140. The trustees, reseNes policy was reviewed in January 2011 and it was agreed to aspire to have 20°h of the annual income in free reserve. The detailed result is set out on page 11 in the Statement of Financial Activities. Pag8 4
MIDWALES OPERA LTD (A Company Limitsd by Guaranta•) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Principal funding The majority of the charity's income has been derived from the grants reiVed from Arts Council Wales (prior to 31 March 2024), Trusts and other awarding bodies with a contribution from tx)x office sales for perfomances of the production5 during the year. Details of the grdrrts received are shown on page 18 of the accounts. In addition the charity is also grateful for the donations reiVed from individual supporters during the year. Details of the donations received can be seen on page 17 of these accounts. d. Review of activites Total number audience for live Performan 3602 {12.5'kn overall increase over 2023) Total number of children and adults involved in workshopslperfonnances 831 Total number of Itve perfomiances 23 Total number of professional performers. both singers and instrumentalists employed 46 Our Vrk from April 2023 to March 2024. under the season title of Shakespeare 'AII the World's a Stag8, Season. included: 1. 13 performances of Hector Berlioz's Be8tiice and Benedict October and November 2023 reaching an audience of 1317. 2. 9 perfomances of Verdi's Macbeth in partnership with Ensemble Cymru reaching an audience of 2107, and including a community chows of up to 16 in each venue with a totsl of 43 participants. 3. 17 half-day part1patQry school workshops in Powys, delivered in Spring 2024 workirKJ with 475 primary school age children. a school assembly visit for 250 year 7 and 8 learners in Ntown High School, and a week-long residency at Llanidloes Prlmary School in May 2023. 4. MWO'S Friends Garden concert at Gregynog Hall in Powys in July 2023. performed in the Music Room as it rained, featuring three talented Welsh singers with an audience of 180. 5. A collaborative workshop with Shakespeare Link 8t their Willow Globe theatre site, exploring Much Ado about NotlHng and music in Shakespeare. The year to March 2024 a noticeable increase in audience attendance and the greatest success Sin the pandemic in fulfilling our mission to engage a wide range of people with opera. In May a team of 4 delivered a residency in Llanidloes Primary School where 45 leamers. betsveen the ages of 8 and 10, spent a week creating their own opera, including developing stories, writing songs, creating costumes and rehearsing for a Performan on the last day for their parents. This work was paid for through donations collected at perfomiances and other donations through the year. In July our annual Friends of MWO Gala at Gregync4J YRS planned as an outdoor event but once again the summer weather let us down, but a full-house of 180 audien members still enjoyed a highly entertaining evening in Gregynog's Music Room. Page 5
MIDWALES OPERA LTD (A Company Llmltsd by Guarantee> TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Shakespeare season was designed to eThJage audiences with familiar dramas while allowing us to explore new repertoire for Mid Wal8s Opera. In Septemb8r leading up to the Beatrice and B8n8dict tour we worked with Shakespeare Link, who specialise in demystifying and promoting the work of Shakespeare with a words and music workshop entitled 'Much Ado About Something,. Our Smallstages production of Berlioz's Beatilce and Benedict based on Much Ado About Nothing then visited 13 small theatres and communty halls across Wa18S and the Marches in October and November. In March our Mainstages tour of Verdi's Macbeth visited our nine long-term partner venues, though Theatr Cwd's performance was in Wrexham rather than Mold due to building work in their home venue. Alongside this tour we visited 15 different schojls in Powys with 'An Introduction to Opera, delivered by a young we15h baritone and a welsh composer and pianist. as well as treating 250 learners at Newiown High School to a visit from three of the witches from Macbeth. Both our Shakespeare season tours were very well received by aUdIenS and critics alike. Rian Evans of The Guardian saw Beatri and Benedict and wrote °Music director Jonathan Lyness has filleted the score to a quartet of instiuingnts - violin, clarinet. cello, piano, aanged stage left, Lyn8ss hims8M at the keYboa- while capturing the essence of the Bertioz from the natu1 fizz of the opening bars of th8 overtuTr to the lovety lyricism that matGhgS the vocal lines." (XraigFullerPhotO3raphy In writing aboLrt Verdi's MaGbeth Richard Bratby in th8 Spectator comment8d °There's absolutely no artistic compromise about this touring version. which has been sc81ed down only in the most lit8ral sense. This was romantic opera 8t maximum voltage, and opera novices who expe17enced it on tour in Wrexham, Newtown or any of the other under-served communities Whe MWO regularfy perfomis must surdy have been knocked backwards." Page 6
MID WALES OPERA LTD (A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Audience members also praised the sh8 publicly across social media and in direct contact with company, often expressing dlsmay at the withdrawal of ACW support- A sparkling, witty. fabulous MUsal arrangement. A production of the highest qualty with excellent singers and with excellent acting skills. A fabulous evenlng - we love MWO We were lucky to go to this wonderful opening night.Everytt)ing flowed, costumes are excellent, set minimal but very effective.Singers snd musicians gave a wonderful perfomianc8.I heard lots of comments too about the clear diction. If you can, you should! This production is wonderful, and comes to you in your villagel Over 100 people were enthralled with this production when these fantastic young musicians came to Ab8rdyfi. Diolch I love the energy. enthusiasm and professionalism of these productions - particularly seeing the young singers on an upward trajectory, and I really hope they will be able to continue producing these inspiring shows, as well as inspiring schoolchildren across Wales. Mesmerising show, what a brilliant cast and the Fx>wer of all voices together was incredible. Good luck for the future. Perfomiance was stunning, the quality of every single singer was immediately apparent so too the members of Ensemble Cymru. So glad that we came. Very well done all A fabulous show and great to see Theatr Brycheiniog with so many people. I hope that the powers that be see sense and provide proper funding for such a brilliant company. The Macbeth tour involved a different community chorus in each venue. The thorus was r8Ctuited by advertisement and was not auditioned. We had 50 people sign up initially, 35 of whom attended a Come and Sing in Newtown before the tour began. After that each chorus vras rehearsed on the show day and in total 43 singers took part, with no more than 16 at any one venue. Some people came once to their local venue; some people came to all the shows. In every venue they sang with our professional chorus and provided a wonderful additional element to Act 4 and the Chorus of Refugees. .1 c8nY 8xplain how much b8ing a part of th8 community chonis meant to m8. It gave me the ch8nce to rebuild my confidence 8nd to feel my worth. It also gave me something to focus on, when Irf8 was crazyl Diolch o galonlll The tt)er8py I didn't realise I neededll To all the Gast and Grew - a HUGE thank you, it was an hon¢wr w01ng with you alll. °It was an absolute p17vilege to have l)8en part of ttpis, as a Communty Chonis member. ltre known and loved this piece for so many years and to be on stage with such awesome professionals, such bnlliant Communty Chonis colleagues, and in such a bnlliant production is sonpething that I w1 never fOet. And it Was so much fun. Diolch o g8lonl° We are committed to supporting young artists {500A of our performers are under the age of 3211ess than five years out of training.) This year two-thirds of the Beatrice and Benedict cast and almost all the dozen smaller and chorus roles in Macbeth were sung by early career artists. Welsh baritone John leuan Jones told us.. °As 8 Welsh Young Artist trying to bk through and make 8 C8reer as a freelanc8 singer in the UK, the T?nI experience of touring Beatrice & Benedict with Mid Wales Oper8 h88 been Inv8lu8ble. As with anylhing, you leam the most by doing in this industy. and 'stage-time' is imp8tIVe. Dng this in a supportive and encouraging envin)nmenl is extrenty important in orfer to gn)w and improve as an artist. Mid Wales ope'S support has been endles4 maknng the reheaal mom a safe space to experiment, make mist8kes and leam from each other. I w8S the youngest in this c8St, and having the opportunity to WO with and leam from some of the more experienced cast members was extremely valuable to me and m8king fvrther Gonnections 8nd 811i8s in the perfonning wortd.. Page 7
MID WALES OPERA LTD (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Lydia Bassett. Executive Director. left Mid Wales Oper8 in June 2023 after 7 years and has gone to work at Gregynog Hall. Her administrativelproject management roles were covered by Bridget Wallbank, Production and Finance Manager, with an extr8 day added to her contract. whilst the ACW Investment Review decisions were pending. Following the successful application to the Shared Prospenty Fund the Trustees have extended this arrangement, employed a fundraiser on a day week for 6 months, an external evaluator and added time to the Marketing Officerfs contract to facilitate the Business Planning and revision of the company's fundraising strategy. The MWO creative team remains the same with Richard Studer as Artistic Director and Jonathan Lyness as Music Director. Liz Morrison of Creative Solutions joined Mid Wales Opera to undertake the marketing from July to March on a freelance contract. and continue8 in this role for th8 current year. Mid Wales Opera continues to employ a part-time book-keeper on a freelance contracL Structure, governance and management a. Constitution Mid Wales Opera Ltd is registered as a charitable company limited by guarantee and was set up by Memorandum of Association. b. Methods of appolntment or electlon of Trustees The management of the Charitsble Company is the responsibility of the Trustees who are elected and co-opted under the tenns 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. . Polictes adopted forthe induction and training of Trustees Potential trustees will be identified, brought to the attenti¢)n of the existing Board members and invited to one of their meetings. The Chair and Chief Executive Officer Vlill 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 infomiation regarding the overall preparation of the performances. d. Related party relatlonshlps The Friends of Mid Wales Opera and Patron's Circle financially support the company through regular donations and assistsnce with the organisation of fundraising events. The trustees want to particularly acknowledge the long-tetm contribution of Jackie fitley. Friends, activities are reflected in the Company's accounts. The company also benefrts greatly from voluntary help from its 8UPPOrters, including hosting members of the company during rehearsals and tours and providing practical help with set bullding and other logistics. Page 8
MIDWALES OPERA LTD (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structuro, governance and management (contlnued) Financial risk manag8rnent The Trustees have a&8essed the major risks to which the company is exposed. in particular those related to the operations and finances of the company, and are satisfEd that systems and procedures are in place to mitigate exposure lo the major risks - a risk register is maintained and reviewed regularly as part of the business planning cycle. Plans for future periods Our plans for 2024r25 will be funded from a grant receiv&J through the UK Government Shared Prosperty Fund, grants from Trusts (already offered), individual donations and company reseNes. We will run a weeklong residerw in LIanlOeS Primary School to create an opera from scratch. This is supported by a generous donation from an anonymous donor. Our Friends of MWO summer garden concert at Gregynog Hall on 21 July 2024 will On again be led by Charlotte Forrest with three singers and will have 8 Commedia dell'arte theme. In October and November 2024 our Smallstages tour of Leoncavallo's Pagliacci will visit 12 theatres, communty halls and churches across Wales and the Marches, perfomed by five singers and five instrumentalists with a new Ghamber arrangement by Jonathan Lyness and a new English version by Richard Studer. P8gli8cci will make up the first part of the evening followed, after the intepoal. by a cabaret-style eclectic concert of music selected from across the operatic, classic818nd stage musical genres. We are delighted that Pagliacci is supported by the COlnstOn Charitable Trust, in the final year of a three- year-long series of grants supporting the creation of new chamber arrangements for our Smallstages tours. We also plan to continue our primary schcols outreach work with a further series of workshops in schools during the Autumn term, reaching a new cohort of learners. Page 9
MID WALES OPERA LTD (A Company Limited by Guardnto01 TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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 accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢pted Accounting Practice). Company law requires the Trust888 to prepare financial statements for each financial . 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 stste of affairs of the Ch8ritable Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial ststements. the Trustees are required to: select suitable accounting policies and then apply them consistently; obseNe the methc¥Js and principles of the Charities SORP (FRS 102),. make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disdosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it is inappropriate to psume 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 CompanWs 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 26. They are also responsible for safeguarding the assets of the Charitable Company and hen* 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.. Illlams (Chair of Trustees) ILI,,[ Page 10
MIDWALES OPERA LTD (A Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent Examiner's Report to the Trustees of Mld Wales Opera Ltd {'tho Charitable Company,) I report to the charity Trustees on my examination of the accounts of the Charitable Company for the year ended 31 March 2024. Responsibilitios and Basis of Report As the Trustees of the Charitable Company (and its directors for the purposes of company 18w) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (Ihe 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 indeperKJent 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 Acv). In carying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Page11
MID WALES OPERA LTD (A Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Independent Examlnerfs 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 l am qualified to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. I have completed my examinatron. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe" accounting records were not kept in respect of the Charitable Company as required by section 386 of the 2(MJ6 Act,. or the accounts do not accord with those records: or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirnent that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination,. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by chariiies [applicable to charities pr8paring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)]. I have no conorns and have come xross 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 Companrfs Trustees, as a body, in accordan 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 l am required to state to them in an Independent Examinerfs 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: S J Tweedle BSG FCA DChA WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury SY2 6LG Page 12
MID WALES OPERA LTD (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Restrtcted Unrestrkted funds funds 2024 2024 Total funds 2024 Tot fvnds 2023 Note Income from: Donations and legacies Charitable activities Other tradirffJ activtties Investments Oth8r incom8 31,477 151,968 4,169 31,677 261,618 4.189 14,069 264, 161 4,958 1,246 44,226 109,550 52,329 52.329 Total income 109,750 243,987 353,737 328, 660 Expendlture on: Raising funds Ch8rit8ble activities 1.830 108,677 10,748 237,609 12.578 346,286 26,131 314.214 Total gxp•ndituro 110,507 248,357 358.864 340,345 Net movement in funds (757) 14,370) (S.127) (Iq, 685) Reconclllatlon of funds: Total funds brought fOard Net movement in funds 671 (757) 216.169 14,370 215,830 (5,127) 227.515 (11,685) Total funds carrled fOard {86) 210,789 210,703 215,830 The Statement of Financial Activiti88 includes all gains and108888 recognis8d in the year. The notes on pages 16 to 32 form part of these financial statements. Pag8 13
MID WALES OPERA LTD (A Company Limited by Guarantee) REGISTERED NUMBER: 03001101 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixod assets Tangible assets 14 32.718 31.055 32,718 31,055 Current assets Debtors Cash at bank and in hand 15 110,673 134.722 108,570 158,356 245,395 266,926 Creditors: amounts falling due within one year 16 (67,410) (82. 151) Net current assets 177,986 184, 775 Total assets less current Ilabllltles 210,703 215,830 Totsl net assets 210,703 215,830 Page 14
MID WALES OPERA LTD (A Company Limited by Guarantee) REGISTERED NUMBER: 03001101 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 2024 2023 Note Charlty funds Restricted funds Unrestricted funds 17 17 {861 210,789 671 215, 159 Total funds 210.703 215,830 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 accz)rdance with section 476 of Companies Act 2CrfJ6. The Twstees 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 pPared in accordance with the provisions applicable to entities subject to the small companres regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: William8 (Chalr of TNstees) The notes on pages 16 to 32 fom part of these financial statements. Page15
MID WALES OPERA LTD (A Company Limitsd by Guarantse NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General inforniation Mid Wales Opera is a charitable company, limited by guarantee and incorporated in England and Wales. The members of the chariiy 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. Accounting policies 2.1 Basis of preparatlon of flnanclal statements The financial statements h¥rfe 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 accordanc8 With the Financial R8POrting Standard applicable in the UK and Republlc of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Stsndard 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. As88ts and liabilities are initially recognised at historical cost or transaction value unless othepNise stated in the relevant accounting policy. 2.2 Going concern After making appropriate enquirtes the Trustees have carried out a review of the going conrn 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 can continue to meet all liabilities for the near future. However, in September 2023 the Arts Council for Wales (ACW) notified the company of a decision to cease core funding from 1 April 2024. An appeal was made but not upheld and from April 2024 ACW multi-year funding ceased. The Trustees decided that the reserves allowed for activity until end of December 2024. However since the year end the Trustees have successfully applied for funding via the UK Govemment Shared Prosperity Fund (SPF). managed by Powys County Council, and this has enabled a longer view to be taken of the company's prospects, looking now 8t funded activity until year end March 2027, with a revised Busines5 Plan and Fundraising Strategy funded through the SPF grant. The Charitable Company therefore continues to adopt the going concern basis in preparing its financial statements. Page 16
MID WALES OPERA LTD (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (continued) 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 reliabty. The recognition of income from legacies is dependent on establishing entitlement, the probabilty of reipt 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 re1Vable, which will generally be the expected cash amount to be distributed to the Charitable Company, can be reliably measured. Grants are included in the Ststement of Financial Activities on a rec8ivab18 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 advan of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement trxurs before income is received, the income is accrued. Income tax recoverable in relation to investment income is recognised at the time the inv8Stment income 18 r8c8ivabl8. Other income is recognised in the period in which it is receivable. 2.4 Expendlture 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 settlem8nt 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 wrth the use of resources. Central staff costs are allocated on the basis oftime spent, and depreciation charges allocated on the portion of the asset's use. Expendtture 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 rnn- charitable trading. Expenditure on charitable activities is incurred on dIrlY 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 Govornm8nt grants Govemment grants are accounted for in the Statement of Financial Activities when the conditions of income recognition {entitlement, probabiltiy of receipt and measur8ment of amount receivable) are met. Page17
MID WALES OPERA LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {continued) 2.6 Tanglble flxed 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 v[kirJ condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed asset5 less their residual value over their estimated useful lives. Depreciation is provided on the following basis- Freehold propety Office equipment Sets, props and costumes 20/0 Straight line 15°A straight line 800A in year of opera production and 200A reducing balance 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. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi highly liquid investments with a short rnaturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Llabllltles and provlslons 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 anUnt that the Charitable Company anticipate5 It will pay to settle the debt or the amount it has received as advanced payments for the gdS or ServIS it must provide. Provisi)ns are measured at the best estimate of the amounts qUired 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 ar financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrum8nts are initially recognised at transaction value and subsequently measured at their settlement value. Page 18
MID WALES OPERA LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.11 Pensions The Charitable Company operates a defined contribution pension scheme and the pensr)n 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 designat8d 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 statement5. 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. Page 19
MID WALES OPERA LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Restrfcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations Patrons Circle Friends donations Similar incoming resources 12.700 1.945 16.832 12,700 1,945 16,832 200 7, 736 1,975 200 1,800 200 31,477 31,677 14,069 Tot812023 1,800 12,269 14.069 The 'other similar income, consists of a grant reiVed to operate the Opera Forum Cymru, shown within the restricted funds note. Income from charitable activities Restrlcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Ticket sales and fees Trust funds received Government grants received 34,580 2,000 115,388 34,580 22,000 204,938 33,048 21, 21. 613 20,000 89,550 109,550 151,968 261,518 264, 161 Total 2023 119,238 144,923 264, 161 Government grant income consists of grants allocated by the Arts Council for Wales. Of this £97,882 relates to money given to the Arts Council to disperse on behalf of the National Lottery. Page 20
MID WALES OPERA LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Grants and Trust funds receivable 2024 Arts Council Wales Arts Council Wales - National Lottery funding Colwinston Charitable Trust Davies M Charity John Lewis Partnership Chairman's Fund Fidelio Charitable Trust Millichope Foundation 107,056 97,882 10,000 6.000 2,000 2,000 2.000 226,938 Income from other trading activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Programme and other similar income 4,169 4,169 4,958 Total 2023 4,958 4,958 Investment Income Unrestrlcted funds 2024 Total funds 2024 Tot81 funds 2023 Investment Income 1.246 Total 2023 1,246 1,246 Page 21
MID WALES OPERA LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Oth•r incoming resources Unrestrlcted funds 2024 Total funds 2024 Tot81 funds 2023 Theatre Tax Relief 52,329 52,329 44,226 Total 2023 44,226 44,226 Expenditure on raising funds Costs of raising voluntary incomg Restrlcted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Programmes and other fundraising communication Wages arKJ salaries Employers Nl Employers pension costs 1,830 2,612 7,730 155 251 4,442 7,730 155 251 3.983 20, 750 705 1,830 10,748 12,578 26. 131 Tot812023 362 25, 769 26, 131 Page 22
MID WALES OPERA LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestrictsd funds funds 2024 2024 Totsl 2024 Total 2023 Charitable activity 108,677 237,609 346.286 314,214 Total 2023 128,983 185,231 314,214 10. Analysis of expenditure by activities Actfvltles undertaken dlrectly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitable activity 296,007 50,279 346,286 314,214 Total 2023 253,983 60.231 314,214 Page 23
MIDWALES OPERA LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analysis of expenditure by activities (contlnued) Analysis of direct costs Charltable activity 2024 Total funds 2024 Total funds 2023 Staff costs Depreciation Orchestra Singers Production crew Tour transport Trdvel expenses and accommodation Other production costs Directorial team Costume, props and lighting Governan costs 56,951 26,937 48,597 83.313 9,783 18,363 11,444 30,773 2,600 2,488 4,758 56,951 26,937 48,597 83,313 9,783 18,363 11h44 30,773 2,600 2,488 4.758 55372 26,021 57,324 S), 875 9,298 17,582 10,607 19,396 2,500 2, 750 2.258 296,007 296.007 253.983 Tot812023 253.983 253, 983 Page 24
MIDWALES OPERA LTD IA Company Limlted by Guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analysis of expenditure by actlvltles (contlnued) Analysis of support costs Charltable activlty 2024 Total funds 2024 Tot81 funds 2023 Stsff costs Depreciation Trustee meeting expenses Sundry expenses Postage and stationery Advertising and marketing Bank charges Telephone Insurance 16.272 500 413 2.973 391 20.344 471 1,211 2,863 2,222 75 2.521 23 16,272 33.226 413 261 5,520 2.973 391 10,044 194 1, 655 2,712 2,656 126 2.237 820 471 1,211 2.863 2.222 75 2.521 23 General travel expenses Light and heat Fees for admin services Maintenance 50,279 50,279 60.231 Total 2023 60,231 60,231 11. Independent examinerfs remuneration 2024 2023 Fees payable to the Charitable Company's independent examiner for the independent examination of the Charitable Companys annual accounts Fees pay8ble to the Charitable Company's independent examiner in respect of: All taxation advisory services not included above 2,100 2,500 Page 25
MID WALES OPERA LTD IA Company Limitsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Slaff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution penSn schemes 77,296 1,554 2,509 103, 753 3,526 3,467 81,359 110, 746 The average number of persons employed by the Charitable Company during the year was as follows: 2024 No. 2023 No. Employees The average headcount expressed a5 full-time equivalents was: 2024 No. 2023 No. Employees No employee received remuneration amounting to more than £60,000 in either year. Total employee benefts relating to key management personnel amounted to £8.039 during the year (2023.. £34,593). 13. Trustees, remuneration and expenses During the year, no Trustees receNed any remuneration or other ben8frts (2023- £NIL). During the year ended 31 March 2024, no Trustee expenses have been inCUrd (2023- £NIL). Page 26
MIDWALES OPERA LTD {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Tangible fixed assets Freehold Offlce Other fixed property •quipm•nt assets Total Cost or valuatlon At 1 April 2023 Additions 26,000 46,125 461,382 29,100 532.507 29,100 At 31 March 2024 25,000 46,125 490,482 561.607 Depreclatlon At 1 April 2023 Charge for the year 12,125 600 46.125 443.202 26,937 501,452 27,437 At 31 March 2024 12,625 46,125 470,139 528.889 Net book value At 31 March 2024 12,375 20,343 32.718 At 31 Mah 2023 12.875 18,180 31,055 15. Debtors 2024 2023 Due wlthln one year Trade debtors Other debtors Prepayments and accrued income Tax recoverable 350 44,225 58, 846 5, 149 52.328 52.724 5.621 110,673 108.570 Page 27
MID WALES OPERA LTD (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Credltors: Amounts falling due within one year 2024 2023 Other taxation and social securty Other creditors Accruals and deferred income 3, 888 3, 126 75. 137 1,344 66.066 67,410 82, 151 Page 28
MID WALES OPERA LTD (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at I Aprll 2023 Trdnsfers inlout Income Expendlture Unrestrlcted funds Deslgnated funds Redundancy liabilty Roof repairs Artistic programme support 17,737 15,000 (1,597) 16.140 15.000 100,000 100.000 32,737 98A03 131,140 General funds General Funds 182.422 243,987 (248,357) (98,403) 79,649 Total Unrestrlcted funds 215,159 243,987 (248,367) 210,789 Restricted funds Beatrice & Benedict Macbeth Opera Forum Cymru Pagliacci {303) (542) 1,616 42,260 67,300 200 {41,947) (66,758) {1,716) {86> (86) 671 109,760 {110,5071 Total of funds 215.830 353,737 1358,864) 210,703 Page 29
MID WALES OPERA LTD IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds (contlnued) Designated funds at year end related to: Redundancy liability - funds set aside to COV8r the redundancy cost that Mid Wales Opera could be liable for. Roof repairs funds set aside to repair the roof of the building currently used for storage by Mid Wales Opera. - Artlstlc programme support - Held to support the artistic programme in 202516, 2026ri and beyond. Restricted funds at year end related to: Beatrice & Benedict - income and expenditure relating to the Bealice & Benedict perfomianc8s for the 2023 season. Macbeth - income and expenditure relating to the Macbeth performanc8s for the 2023 season. - Opera Forum Cymru - funds received for networking and sharing within a group of opera colleagues and companies. - Pagliacci - income and expenditure relating to the Pagliacci perfomiances for the 2024 season. Page 30
MID WALES OPERA LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds (continued) Prior year funds As restated Balance 8t 31 Matvh 2022 Balance at l Apnl 2022 Income Eypenditu Unrestrkted funds Designated funds Redundancy liability Roof repairs 17,737 15,000 17,737 15,000 32.737 32.737 General fund8 General Funds 184800 207, 622 (211, 000) 182,422 Total Unrestricted funds 218,537 207. 622 (211,000) 21& 159 Restrlcted funds La Bohème Hansel & Gretel Puss in Boots Beatrice & Benedict Macbeth Opera Forum Cymru 5.478 3,5C 9, 688 53,178 56,372 (15. 166) (56,678) (56.372) (303) {542) (284) (303) (542) 1,516 8.978 121,038 (129,345) 671 Total of funds 227.515 328, 660 (340,345) 215,830 Page 31
MIDWALES OPERA LTD (A Company Limited by Guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Analysis of net assets between fvnds Analysis of net assets between funds - current perlod Restrlcted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current 8888ts Creditors due within one year 32,718 245,481 (67.410) 32,718 246,395 (67,410 (86) Total (86) 210,789 210,703 Analysis of nèt ass•ts between funds - prlor perlod RestriGted Unrestricted funds funds 2023 2023 Total fijnds 2023 Tangible fixed assets Current assets Creditors due within one year 31,055 266,255 (82. 151) 31,055 266.926 (82. 151) 67t Total 671 215. 159 215,830 Penslon commltments The group operate5 8 defined contribution pension 8ch8me. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contribLrtions payable by the group to the fund and amounted to £2,509 (2023 £3,467). These were fully paid wilh no contributions outstanding at the balance sheet date. Page 32
MIDWALES OPERA LTD (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Related party transactions There yre thr88 persons during the year with related paty transactions (prior year three persons with transactions). Mid Wales Opera had income of £6.223 from working with the Theatre of which the Trustee S Clutton is Theatre Manager (2023: £7,995). The Trustee G Williams is involved with a venue that hosted a Mid Wales Opera performance, resulting in £3,143 income to Mid Wales Opera {2023.. £2,278). B Wallbank hired equipment from Mid Wales Opera at a cost of £25 (2023: £132). A family member of B Wallbank has earned £4,052 during the year (2023: £3,567). There were no outstanding balances at the year relating to these transactions. Page 33