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
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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 Orn￿ed.
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 pri￿5 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 ac￿SIble 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 redU￿d 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 V￿rk
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 pla￿d 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 CoMpan￿S ambition with a focus on developing audiences and
working inclusively with partner venues. early career artists and loc41 C￿lMUnty 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 audIer￿e8, 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 POl￿S 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 re￿iVed 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 re￿iVed 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 V￿rk 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 part￿1patQry 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 N￿town 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 aUdIen￿S 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, a￿anged stage left, Lyn8ss hims8M at the keYboa￿- while
capturing the essence of the Bertioz from the natu￿1 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 sh￿8 publicly across social media and in direct contact with company,
often expressing dlsmay at the withdrawal of ACW support-
A sparkling, witty. fabulous MUs￿al 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
w0￿1ng 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 w￿1 never fO￿et. 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 b￿￿k 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 imp8￿tIVe. D￿ng this in a supportive and
encouraging envin)nmenl is extren￿ty important in orfer to gn)w and improve as an artist. Mid Wales ope￿'S
support has been endles4 maknng the rehea￿al 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 LIan￿lOeS 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 CO￿lnstOn 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 p￿sume 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 2￿6. 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 requi￿rnent 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 fO￿ard
Net movement in funds
671
(757)
216.169
14,370
215,830
(5,127)
227.515
(11,685)
Total funds carrled fO￿ard
{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 p￿Pared 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 con￿rn
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
re￿ipt 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 re￿1Vable, 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 dIr￿lY 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￿[kir￿J
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 an￿Unt that the Charitable Company anticipate5 It will pay to settle
the debt or the amount it has received as advanced payments for the g￿dS or ServI￿S 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 re￿iVed 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 penS￿n 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 inCUr￿d (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 Ma￿h 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 y￿re 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