Reglstered number: 03001101 Charlty number: 1043391 MI MIDWALESOPERA OPERA CANOLBARTH CYMRU MID WALES OPERA LTD UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 WR ners Protecting your future.
MID WALES OPERA LTD IA Company Llmlted by Guarantee) CONTENTS Page Reference and Adminlstratlve Detalls of the Charltable Company. Its TrustwJ and Advlsers Trusteas, Report Independent Examlner's Report Statement of Flnanclal Actlvltles 2-11 12-13 14 Balance Sheet 15-16 Notes to tho Flnanclal Statements 17-33
MID WALES OPERA LTD (A Company Llmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Gareth Williams, Chair Sara Clutton Sophie Hughes (appointed 1 January 20251 Alun Jones (resigned 1 January 2025) Njabulo Madlala (resigned 7 December 2024) Sara Midha (appointed 21 March 2025) Catherine Nunn (appointed 7 April 2025) Avriel Reader Prof. David Roberts FEA (resigned 1 January 2025) John Stephenson Suzanne Wardell Lynda Warren Paul Wingfield Company raglstered number 03001101 Charlty raglstsred number 1043391 Reglstsred office Bryn Wgan Trefeglwys Powys SY17 SQU Company secretary Alun Jones General Manager Bridget Wallbank Accountants WR Partners Chartered Accountsnts Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Page 1
MID WALES OPERA LTD (A Company Llmlted by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2026 The Trustees present their annual report together with the financial statements of the Charitable Company for the period from 1 April 2024 to 31 March 2025. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Charitable Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (strategic Report and Directors, Report) Regulations 2013 has been omitted. This report covers the twelve-month period to 31 March 2025 and includes a Smallstages tour in Autumn 2024 and associated outreach work. A bA.t @Matthew Williams-Ellis Page 2
MIDWALES OPERA LTD (A Company Llmited by Guarant88) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Objectlves and actlvitles a. Polici8s and objectlves The company aims to mount operatic productions of the highest Possible standards within budgetary restraints at affordable prices in areas where audiences do not othewise have the opportunity to attend fully professional performances of opera. It also wishes to develop new audiences for opera by creating accessible productions which are original, exciting and ambitious. In shaping the Company's objectives, the Trustees have given consideration to the Charily Commission's guidance on public benefit and in drawing up and revising our business plan have given a high priority to extending engagement with our audiences through outreach focussed on education and community-based activities alongside our core touring programme. b. Strategles for achlevlng objectives In order to adapt to the majority of the venues that it visits the company makes use of a reduced orchestra and a limited chorus. It also designs sets which are convincing while remaining adaptable to the extremely varied range of stages in the venues. Considerable extra activity has been generated in recent years around work with young and developing artists and this is integrated into both productions and the audience engagement work that goes alongside the touring activity. The company supports young artists and have committed to 500kn of our performers (in a two-year period) being 32 years of age or under andlor less than five years out of college. c. Actlvltles undertaken to achieve objectlves Mid Wales Opera is committed to making its productions available to all and in particular the Trustees make conscious efforts to ensure that we perform at a range of venues and that tickets are available at prices which will, as far as possible, enable everyone to receive the benefit of experiencing the charity's work. This season the Trustees once again placed extra emphasis on encouraging a younger audience to attend opera and worked with venue promoters to offer tickets for Under 21 s in full-time education for as little as £5. This yearfs programme of work has reflected the company's determination to continue our work, despite the huge setback created by the loss of our multi-year funding from Arts Council Wales, and continued to focus on developing audiences and working inclusively with partner venues, while reshaping the company's future business plan and model. d. Overview MISSION- Building a passion for opera across Wales and beyond. VISION To be a Company that inspires and excites audiences. connects and engages with communities, challenges perceptions of opera and reaches places where others do not perform. We deliver a vibrant and engaging portfolio of outstanding creative work and create a supportive and nurturing environment for company members and performers with a commitment to the development of young artists. VALUES- Innovation, Excellence, Engagement. Collaboration and Accessibility. Page 3
MID WALES OPERA LTD (A Company Llmited by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Achievements and perfomiance . Investment policy and performance The investment policy has been to balance liquidity and availability of funds whilst ensuring an appropriate level of return on the investment. In October £50K of the company reserves were invested In a one-year bond to maximise the return on the funds. as the rates on ordinary deposits were falling and the expected cash flow allowed for the money to be tied up for a short period. Flnancial revlew . Going concern After making appropriate enquiries the Trustees have carried out a review of the going concern basis and is pleased to report a strengthening of the Company's reseeS position during the year. The Trustees have a reasonable expectation that the company can continue to meet all liabilities for the near ture. Following the loss of the annual grant from Arts Council Wales (ACWI which finished at the end of March 2024, the Trustees successfully applied for funding via the UK Govemment Shared Prosperity Fund (SPF), managed by Powys County Council, and this enabled a longer view to be taken of the company's prospects which had looked bleak. A new revised Business Plan and Fundraising Strategy was adopted by the Trustees who are looking at funded activity for the next 3 years (till YE March 2028). b. Reserves policy The free reserves of the company are £149,156 (2024.. £46,931), being the total unrestricted funds of £310,121 less depreciated fixed assets of £29,825 and designated funds of £131,140. As part of the Business Plan review in 2024, the trustees reviewed the company's reserves policy and agreed that (in light of the significant variation in Monthly expenditure), 40°h of the previous year's expenditure should be held in reserves. The detailed result is set out on page 14 in the Statement of Financial Activities. c. Prlnclpal funding The majority of the charitys income this year is derived from the grants reiVed from UK Government's Shared Prosperity Fund (administered by Powys County Council), Welsh GovernmentlArts Council Wales Jobs and Resilience Fund, Trusts and Foundations, and individual donations through an appeal and regular Patrons and Friends, with a contribution from box office sales during the year. Details of the grants received are shown on page 21 and 22 of the accounts. Details ofthe donations received can be seen on page 21 of these accounts. Page 4
MID WALES OPERA LTD {A Company Llmlted by Guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 d. Review of activltles Total number audien for live performances 1824 (220 increase over comparable performances in 2024., 50./0 actual reduction due to no Mainstages tour) Total number of children and adults involved in workshopslperformances 499 Total number of live performances 13 Total number of professional performers, both singers and instrumentalists employed 15 Our work from April 2024 lo March 2025 included.. 1. 12 performances of Giacomo Puccini's Pagliacci in October and November 2024 reaching an audience of 1657. 2. 17 half-day participatory school workshops in Powys, delivered in Autumn 2024 working with 417 primary school age children, and a week-long residency at Llanidloes Primary School in May 2024 for 82 learners. 3. MWO'S Friends open-air Garden concert at Gregynog Hall in Powys in July 2024, featuring three singers and led by Charlotte FOest, with an audience of 167. 4. A major restructuring project entitled 'Saving Mid Wales Opera,. The year to March 2025 saw a relative increase in audience figures but reflected in the actual totals the reduction in activity caused by the loss of regular ACW funding. In May a team of 4 {MWO'5 creative team, a singer and a costume designerlfacilitator) returned to Llanidloes Primary School where 36 Year 4 learners spent a week creating their own opera, including developing narrative, writing song words and a libretto in rhyming couplets, creating costumes and rehearsing for a performance on the last day for their parents. The theme this year was Puss in Boots. In addition, 46 Year 3s had 'taster' sessions during the week and participated as 'mice' in the final showing. This work was paid for through a single generous donation which covered all costs. @Mid Wales Opera Page 5
MID WALES OPERA LTD (A Company Limlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 .IIFIFPI @Mid Wales Opera In July the annual Friends of MWO Gala at Gregynog was able to go ahead outside as planned and a chilly, but still, evening allowed for a memorable concert, arranged as usual by Charlotte Forrest at the piano. Intended to showcase Welsh singers, we were delighted to welcome James Cleverton (Schaunard MWO'S La boheme 2007) to join Elen Lloyd Roberts and Robyn Lyn Evans at the last minute, due to Covid preventing attendance by the booked singer. In October and November Puccini's P8gliacci was rehearsed and performed on tour in 12 individual venues covering the length and breadth of Wales and the Marches. With 5 singers and 4 players, a new ensemble arrangement by Jonathan Lyness and a new English version by Richard Studer, this production worked well in our usual Smallstages venues as well as some of our larger theatres such as Hafren, Newtown. Rehearsed entirely in Mid Wales studio rehearsals in association with Mid Border Arts in Presteigne, and production rehearsals in Trefeglwys Memorial Hall - the company ethos of producing high quality work whilst being embedded in our rural locality was clearly maintained. The trustees, creative and slaff teams were thrilled by the critical and audience response lo Pagliacci which received 4 stars in the Guardian and much positive press and social media comment both for the production and for the company itself. Page 6
,J MID WALÈS OPERA LTD (A Company Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 "Mid-wales Opera h8s been sweating blood and tears in recent months, striving to save its company . Staging L8oncavallo s Pagliacci for their Smallstages tour is in ilself a miracle of SiStance and resilience..., and the emotional turmoil behind the greasepainl, feels singularfy appropriate...Jonathan Lyness's arrangemenl for quintet violin, cello, clannet and h8lP Wlth Lyness himseff conducting from the keyboard - is clever, and the pacing of the drama tightly controlled...It was further pn?of - were it needed- that less can be more, and that MWO with its strong entItY and values, should bg helped to live on.. Rian Evans The Guardian A sample of the audience response.. Bravo to 811.. singers, orchestra, crew for a fantastic perfonnance in Fishguard this evening- absolutely bnllianti I've been to see them on their tours tWlGe - and what they produce is A-MAZ-INGI We are so lucky and I, for one, am so grateful these supert)ly talented individuals give their time and energy to travel to sn7all venues all over Walgs. HUGE thanks also to all those beavering away 'bohind the scenes,. 8v0 @Midwalesopera @Theatrcolwyn #pagli8CGi a tnie ensemble piece in the real sensel Well sung & so sensitively played @Enscymru Keep up the great work #smallstages COngtUlationS & huge thanks to yoursponsors-good luck with the rest of your tour #emotionmusicconnection Another amazing production from @midwa1esope is touring at the moment, ensuring no one in Wales is further than 30 miles from the opportunity to hear live opera. It was a bnlliant showl All of the singers, musicians, and everyon8 at MWO did an excellent jobl Long may MWO be able to put on productions of such a high Galibre. É)Matthew Williams-Ellis Alongside this tour the company visited 14 different schools in Powys with 'An Introduction to Opera, delivered by our experienced education team of pianisvcomposer and singer. These participatory workshops allow the learners to hear an opera singer, sing themselves and learn a little about how the artform is another way to tell stories, by writing their own sung dialogue (recilative). Two of these workshops were supported by Powys County Council through the Welsh Government National Plan for Music funding. Page 7
MID WALES OPERA LTD (A Company Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Whilst continuing the company commitment to supporting young artists, this season proved challenging, due to less activity, to reach our stated target of 50 % of our performers being under the age of 3211ess than five years out of training. The Trustees recognise this challenge and have varied the casting policy to aim for this rate over a two-year period. to reflect the expected halving in production capacity of the company. Overarching the whole season, was our project, funded by the Shared Prosperity Fund (SPF) and adminislered and supported by Powys County Council (PCCI 'Saving Mid Wales Opera,. Activities undertaken for this project included the development of a new Business Plan, with support from experienced arts consultant David Micklem, an evaluation of all our work undertaken by experienced evaluation consullant Einir Burrowes (Datebl and the development of a new fundraising strategy with a project officer, Carys Wehden, employed for 6 months to undertake the work. The Smallstages tour was part of the overall project with continued audience engagement a vital element. As well as financial support, the PCC SPF project involved a series of workshops and training opportunities for the successful organisations on fundraising, marketinglaudience engagement and sustainability, which proved insightful and useful in the development of the new Business Plan. We received the third part of a grant from Colwinston Charilable Trust for our Small Wonders project, supporting the creation of our Smallstages productions for the last three years, including the new musical arrangements. Al the latter end of the year we received unrestricted grants from Laidlaw Opera Trust and from Millichope Foundation, who have been loyal supporters for many years. Alongside this SPF funded work which allowed the Trustees to look at activity beyond the end of the Pagli8CCI tour, an appeal was launched in May to 'Help get Mid Wales Opera Back on the Road. The public response over the summer was astonishing with donations coming from across the UK and beyond and included support from current audience members, past audience members (from England tour days), general opera lovers, former company members inc a large number of performers. During the Smallstages tour the Appeal was relaunched as 'Keep Mid Wales Opera on the Road,, an on-going appeal which also received a heart-warming and subslantial response during the autumn. The Trustees recognise that this immediate out-pouring is unlikely to be repeated and momentum will be challenging to maintain and are investing in ways to develop this private donation income stream for the future. The slaff team had agreed to reduce their hours by one third at the end of December, to coincide with the end of the SPF project, and to enable the continuation of the company with the same staffing team. In autumn Welsh Government (WG) created an Arts Jobs and Resilience fund to be administered by ACW. Following the consultation which showed the huge need across the country, ACW and WG increased the fund pot and in December 2024 MWO were granted £44K to maintain the administration hours, increase hours for marketing and employ a fundraiser for years (Jan 2025 - Dec 2027). The Trustees recognise the huge impact this stabilisation of the staffing structure will have on the development and maintenance of the company for the future. Bridget Wallbank continued on 4 days a week as Acting General Manager alongside her role as Production and Finance Manager until March 2025. The MWO creative team remained the same with Richard Studer as Artistic Director and Jonathan Lyness as Music Director, 3 days a week till the end of December and then reducing lo 2 days a week from January 2025. Liz Morrison of Creative Solutions continued to undertake the marketing with a freelance contract to the end of December, which was renewed in January for two years at one day a week. Florence Browne joined the company in January 2025 as a fundraiser on 1 day a week. Page 8
MIDWALES OPERA LTD (A Company Limited by Guarantee TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Mid Wales Opera continued to employ a book-keeper on an hours-based freelance contract, and work with other freelancers regularly including a translator and website manager, alongside project-based freelancers including singers. instrumentalists, educationalists, costurne makers and set builders. Structure, governance and management a. Constitutlon Mid Wales Opera Ltd is registered as a charitable company limited by guarantee and was set up by a Memorandum ofAssociation. b. Methods of appolntment or election of Truste88 The management of the Charitable Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. The company invites new trustees who have an appreciation and understanding of the arts, and particularly of opera. Ideally, they will have regulady attended performances given by the company prior to their appointment. In the current year the Trustees advertised for new Trustees through various outlets like ACW Arts jobs and social media and received a number of applications from interested parties. They also worked closely with Arts and Business Cymru through their Board Bank scheme to identify suitable candidates for trusteeships. c. Pollcles adopted for the induction and tralnlng of Trustees Potential trustees will be identified, brought to the attention of the existing Board members and invited lo one of their meetings. The Chair and Chief Executive Offic@r will identify any particular skills that they would bring to the company and ensure that they understand the company's financial position and budget process. They are invited to rehearsals as well as performances of company productions, and wll be given detailed information regarding the overall preparation of the performances. d. Related party relationshlps The Friends of Mid Wales Opera is run by a small group of volunteers who assist with fundraising events during the year. The trustees want to particularly acknowledge the long-term contribution of Jackie Tilley for ctF ordinating this effort. Friends, activities are reflected in the Company's accounts. The Trustees also wish to acknowledge those volunteer individuals who host artists, provide transport, make props and generally offer support where they can. e. Financlal rlsk management The Trustees have assessed the major risks to which the company is exposed, in particular those related lo the operations and finances of the cornpany, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks a risk register is maintained and reviewed regularly as part of the business planning cycle. Page g
MID WALES OPERA LTD (A Company Llmlted by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Plans for future pertods Our plans for 2025126 will be funded from a grant received through WGIACW Jobs and Resilience Fund, grants from Trusts (already offered), individual donations and company reserves. We will run a weeklong residency in Presteigne Primary School to create an opera from scratch. This work is supported by a bucket donations during the Pagliacci tour. Our Friends of MWO summer garden concert at Gregynog Hall on 13 July 2025 wll once again be led by Charlotte Forrest with three young welsh singers and will have the theme of 'The Great American Dream,. In November and December 2025 our Smallstages tour of Leonard Bernstein's Trouble in Tahiti will visit 12 theatres community halls across Wales and the Marches, performed by five singers and seven instrumentalists in the chamber arrangement by Bemard Yannotta. Trouble in Tahiti wll make up the first part of Ihe evening followed, after the interval, by a cabaret-style eclectic concert of rnusic with the working title 'The American Dream,. We are delight8d that Trouble in Tahiti is once again supported by the Colwinston Charitable Trust, as the first part of a tw¢iyear project grant. We also plan to continue our primary schools outreach work with a further series of workshops in schools during the Autumn term, reaching a new Cohort of leamers. Development work is being undertaken with PCC Strategic Lead for Music and the Expressive Arts to extend the project to include tMo visits to each school to strengthen the impact and aims of the sessions, and map the work to the new curriculum. Page 10
MID WALES OPERA LTD (A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Statement of Trustees, responsibllltles The Trustees (who are also the directors of the Charitable Company for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial ststements for each financial . Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently.. observe the methods 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 disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charitable Company will continue in business. The Trustees are responsible for keepirsg adequate accounting records that are sufficient to show and explain the Charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by= Gareth Willlams {Chair of Trustees) Date.. 9 October 2025 Page11
MID WALES OPERA LTD (A Company Llmlted by Guarantse) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Indepandent Examlnerfs Report to the Trustees of Mid Wales Opera Ltd ('the Charltable Company.) I report to the charity Trustees on my examination of the accounts of the Charitable Company for the year ended 31 March 2025. Responslbllltle8 and Basls of Report As the Trustees of the Charitable Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirement8 of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Charitable Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charitable Company's accounts carried out under section 145 of the Charities Act 2011 1.the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(51(b) of the 2011 Act. Page 12
MID WALES OPERA LTD (A Company Llmfted by Guarantee) INDEPENDENT EXAMINER'S REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Independent Examlner's Statement Since the Charitable Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that 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 examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe.. accounling records were not kept in respect of the Charitable Company as required by section 386 of the 2006 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 requirement 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 charities lapplicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charitable Companys Trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charitable Company's Trustees those matters l am required to state to them in an Independent Examineffs 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.. bbe Dated.. Ip9 S J Tweedle Bsc FCA DChA WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury SY2 6LG Page 13
MID WALES OPERA LTD (A Company Llmlted by Guarantea) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2025 Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Charitable activities other trading activities Investments other income 65,535 131,862 3,457 5,398 60,627 65,535 151,362 3,4S7 6,398 60,627 31,677 261,518 4,169 4,044 52,329 19,500 Total Income 19,500 266,879 286,379 353, 737 Expendlture on: Raising funds Charitable activities 3,500 16,570 20,636 146,911 24,136 163,481 12,578 346,286 Total expenditure 20,070 167.547 187,617 358,864 Net movement In funds (570) 99,332 98,762 (5,127) Reconciliation of funds: Tolal funds brought forward Net movement in funds 186) (570 210,789 99,332 210,703 98,762 215,830 (5, 127) Total funds carrled forward (656 310,121 309,465 210,703 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 17 to 33 form part of these financial statements. Page 14
MID WALES OPERA LTD (A Company Llmtted by Guaranta•) REGISTERED NUMBER: 03001101 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Flxed assets Tangible assets 14 29.825 32, 718 29.825 32, 718 Current assets Debtors Investments Cash at bank and in hand 15 16 77,778 50,000 197.783 110,673 134, 722 325.561 245,395 Creditors: amounts falling due within one year 17 129,421) (67,410) Net current assets 296,140 177, 985 Total assets less current Ilabllltles 326,985 210,703 Creditors.. amounts falling due after more than one year 18 116.5001 Total net a88ets 309.466 210,703 Page 15
MID WALES OPERA LTD (A Company Limlted by Guarantee) REGISTERED NUMBER: 03001101 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 2025 2024 Note Charlty funds Restricted funds Unrestricled funds (656) 310,121 (86) 210, 789 Total funds 309,465 210. 703 The Charitable Company was entitled to exemption from audit under section 477 of the Companies Acl 2006. The members have not required the company to obtsin an audit for the year in question in accordance wilh section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respecl to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject lo the srnall companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: // Gareth Williams (Chair of Trustees) Date.. 9 October 2025 The notes on pages 17 to 33 forni part of these financial statements. Page 16
MID WALES OPERA LTD {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Gen8ral Infomiatlon Mid Wales Opera is a charitable company, limited by guarantee and incorporated in England and Wales. The members of the charity are the trustees named on page 1 of these accounts. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company. Accounting policies 2.1 Basis of preparatlon of flnanclal statements The financial statements have been prepared in accordance with the Charities SORP (FRS 1021 Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Mid Wales Opera Ltd meets the definition of a public benefit enlity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheNise stated in the relevant accounting policy. 2.2 Golng concern After making appropriate enquiries the Trustees have carried out a review of the going concern basis and is pleased to report maintenance of the Company's reserves position during the year. The Trustees have a reasonable expectation that the company can continue to meet all liabilities for the near future. However, in September 2023 the Arts Council for Wales (ACWI 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 Government Shared Prosperity Fund (SPFI, managed by Powys 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 a revised Business 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 17
MID WALES OPERA LTD (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies {continued) 2.3 Income All income is recognised once the Charitable Company has entitlement to the income. il is probable that the income will be reiVed and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amounl receivable. Evidence of entitlement to a legacy exists when the Charitable Company has sufficient evidence that a gift has been left to them Ilhrough knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amounl to be distributed to the Charitable Company, can be reliably measured. Grants are included in the Staternent of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred incom8. Where entitlement occurs before income is received, the income is accrued. Income tax recoverable in relation to inveslment income is recognised at the time the investment income is receivable. 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 settlernent 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 beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charitable Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non- charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitable Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Government grants Govemment grants are accounted for in the Statement of Financial Activities when the conditions of income recognition (entitlement, probability of receipt and measurement of amount receivable) are met. Page 18
MID WALES OPERA LTD (A Company Llmitsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting pollcies (contlnuedl 2.6 Tangible fixed assets and depreclatlon 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 langible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the following basis.. Freehold property Office equipment Sets, props and costumes 2QA straight line 150/0 Straighl line 800A in year of opera production and 200h 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 arnount 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 maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Liabilities 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 amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.10 Flnanclal Instruments The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Page19
MID WALES OPERA LTD (A Company Llmtted by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (continued) 2.11 Pensions The Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company to the fund in respect of the year. 2.12 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial ststements. 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 20
MID WALES OPERA LTD IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies R8Stricted Unrestrict8d funds funds 2025 2025 Total funds 2025 Total ftinds 2024 Donations Patrons Circle Friends donations Similar incoming resources 51,169 2,200 12,166 51,169 2,200 12,166 12, 700 1,945 16,832 2(X) 65,535 65,535 31,677 Total 2Q24 200 37,477 31,677 Income from charltable activities Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Ticket sales and fees Trust funds received Govemment grants received Outreach income 32,258 12,000 87,156 450 32,256 26,000 92,656 450 34. 580 22,000 204,938 14,000 5,500 19,500 131,862 151,362 261,518 Total 2024 109,550 151,968 261,518 Government grant income consists of £77,206 from the Shared Prosperity Fund and £15,450 grants allocated by the Arts Council for Wales (ACW). Of the ACW income figure, £9.950 relates to money given to the Arts Council to disperse on behalf of the National Lottery. Within 'Ticket sales and fees, is £7,255 that relates to Mcbeth income that was not accrued for in the 2024 year end accounts. Page 21
MID WALES OPERA LTD (A Company Llmtted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Grants and Trust funds recelvable 2025 Shared Prosperty Fund grant Colwinston Charitable Trust Laidlaw Opera Trust Arts Council Wales - National Lottery funding Arts Council Wale8 - Jobs and Resilience grant Margaret and Gwendoline Davies Charity Millichope Foundation 77,206 10.000 10,000 9,950 5,$00 4,000 2,000 Income from other tradlng a¢tlvitles Unrestrlcted funds 2026 Total funds 2025 Total funds 2024 Other earned income 3,457 3,457 4,169 Tot812024 4, 169 4,169 Invegtmont Income Unrestrlcted funds 2026 Total fund8 2025 Total funds 2024 Investment income 5,398 5,398 4,044 Total 2024 4,044 4,044 Page 22
MID WALE8 OPERA LTD (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Other Incomlng resources Unrestrlcted funds 2025 Total funds 2025 Total ftinds 2024 Theatre Tax Relief 60,627 60,627 52,329 Total 2024 52,329 52,329 Expenditure on ralslng funds Costs of ra181ng voluntary Income Restrlcted Unrestrlcted funds funds 2025 2025 Total funds 2025 Total funds 2024 Programmes and other fundraising communication Fundraising consultancy Wages and salaries Employers Nl Employers pension costs 3,843 12.966 3,554 3.843 12,966 7,054 66 4, 442 3,500 7, 730 155 207 207 251 3,500 20,636 24,136 12,578 Total 2024 1,830 10, 748 12,578 Page 23
MID WALES OPERA LTD (A Cornpany Llmltsd by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Analysis of expandltura on charltable actlvltles Summary by fund type Restrlcted Unrestrlcted funds funds 2025 2025 Total 2025 Total 2024 Charitsble activity 16,570 148,911 163,481 346,286 Total 2024 108,677 237, 609 346,286 10. Analysls of expendlture by activities Actlvltles undertaken dlrectly 2025 Support costs 2026 Totsl funds 2025 Total funds 2024 Charitsble activity 117,254 48,227 163,481 346, 286 Total 2024 291,249 55,037 346,286 Page 24
MID WALES OPERA LTD (A Company LIMIt by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Analysls of expendlture by actlvlties Icontlnued Analy8ls of dlrect costs Char5table actlvlty 2026 Total funds 2026 Total ftinds 2024 Staff costs Depreciation Orchestra Singers Production crew Tour transport Travel expenses and accommodation Other production costs Directorial team Costume, props and lighting 51,286 10,875 12,977 20,700 51,286 10.875 12.977 20,700 56,951 26,937 48,597 83,313 9, 783 18,363 11,444 30, 773 2,600 2,488 7,693 4,258 9,465 7,693 4,258 9.465 117,254 117,254 291,249 Tolal 2024 291,249 291,249 Page 25
MID WALES OPERA LTD IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Analysis of expenditure by actlvltles (continued) Analysls of support costs Charitable actlvity 2025 Total funds 2025 Total funds 2024 Staff Costs Depreciation Trustee meeting expenses Sundry expenses Postage and stationery Advertising and marketing Bank charges Telephone Insurance General travel expenses Light and heat Fees for admin services Maintenance Governance costs 14.653 500 930 14,653 500 930 3,157 145 13,580 492 1,222 2,043 1,882 308 2,232 200 4,883 16,272 500 413 3,157 145 13,580 492 1,222 2,043 1,882 308 2,232 200 4,883 2,973 391 20. 344 471 1,211 2,863 2,222 75 2,521 23 4, 758 46,227 46,227 55,037 Total 2024 55,037 55,037 Independent examiner's remuneratlon 2025 2024 Fees payable to the Charitable Company's independent examiner for the independent examination of the Charitable Company's annual accounts Fees payable to the Charitable Company's independent examiner in respect of.. All taxation advisory services not included above 2,225 2,100 2,500 2,500 Page 26
MIDWALES OPERA LTD (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Staff costs 2025 2024 Wages and salaries Social security costs Contribution to defined contribution pension schemes 70,541 655 2,070 77,296 1,554 2,509 73,266 87,359 The average number of persons employed by the Charitable Company during the year was as follows: 2025 2024 No. Employees The average headcount expressed as full-time equivalents was.. 2025 No. 2024 No. Employees No employee received remuneration amounting to more than £60,000 in either year. The total employee benefits relating to key management personnel amounted to £25,044 (2024.. £8.039 with KMP resigning in the yearl 13. Trustees, remuneratlon and exp8ns88 During the year, no Trustees received any remuneration or other benefits (2024- £NIL). During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL). Page 27
MID WALES OPERA LTD (A Company Limlted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Tangible fixed assets Freehold property Offlce Other fixed equipment assets Total Cost or valuation At 1 April 2024 Additions 25,000 46,125 490,482 8,482 561,607 8,482 At 31 March 2025 25,000 46,125 498,964 570,089 Depreciation At 1 April 2024 Charge for the year 12,625 500 46,125 470,139 10,875 528,889 11,375 At 31 March 2025 13,125 46,125 481,014 540,264 Net book value At 31 March 2025 11,875 17,950 29.825 At 31 Mah 2024 12,375 20, 343 32, 718 15. Debtors 202S 2024 Due wlthln one year Trade debtors Other debtors Prepayments and accrued income Tax recoverable 3,86S 60,627 9,502 3,784 52,328 52, 724 5,621 77,778 110,673 Page 28
MID WALES OPERA LTD (A Company Llmlted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Current asset Investments 2026 2024 Unlisted investments (liquid) 50,000 17. Credltors: Amounts falllng due wlthln one year 2025 2024 Other creditors Accruals and deferred income 780 28,641 1, 344 66,066 29,421 67,410 The deferred income relates to a grant that covers 24 months from January 2025 onwards. 18. Credltors: Amounts falllng duo after moro than one year 2026 2024 Accruals and deferred income 16,500 Page 29
MID WALES OPERA LTD (A Company Llmttsd ty Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Ststement of funds Statement of funds - current year Balanca at 31 March 2026 Balance at 1 Aprll 2024 Income Expendltura Unrestrlcted funds Deslgnated funds Redundancy li8bility Roof repair8 Artistic programme support 18,140 15,000 100,000 18,140 15,000 100,000 131,140 131,140 General fund8 General Funds 79,649 266,879 (167,547) 178,981 Total Unrestrlcted fund8 210,789 266,879 (167,547) 310,121 Restrictod lund8 Trouble in Tahiti Jobs & Resillience Grant Pagliacci (656) {6,500) (13,914) (666) 6,500 14,000 186) 186 19,500 (20,070) (656) Totsl of funds 210,703 286,379 1187,617) 309.465 Page 30
MID WALES OPERA LTD j(A Company Limited by Guarants8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Statement of funds (continued) Prior year funds 8alance al 31 March 2024 Balance a¢ l Apnl 2023 Transfers in/oul Income Expenditure Unrestrlcted funds Designated funds Redundancy liability Roof repairs Artistic programme support 17,737 15,000 (1,597) 16,140 15,000 100,000 100, 000 32,737 98,403 131,140 General funds General Funds 182,422 243,987 (248, 357) (98,403) 79, 649 Total Unrestricted funds 215,159 243, 987 (248,357) 210,789 Restrlcted funds Beatrice & Benedict Macbeth Opera Forum Cymru Pagliacci (303J (542J 1,516 42, 250 67,300 200 (41,947) (66, 758) (1, 716) (86) (86) 671 109, 750 (110,507) (86) Total of funds 215,830 353, 737 (358, 864) 210, 703 Page 31
MID WALES OPERA LTD (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. Analysis of net assets between funds Analysls of net assets between funds - current year Restrlcted Un restrlcted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 29,825 326,217 (29,4211 (16,5001 29.825 325,561 (29,4211 (16,5001 (656) Total (656) 310,121 309,465 Analysls of net assets between funds - prlor year Restricted Unrestncted funds funds 2024 2024 Total runds 2024 Tangible fixed assets Current assets Creditors due within one year 32,718 245,481 (67,410) 32,718 245, 395 (67,410) (86) Total (86) 210,789 210,703 21. Pension commitments The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £2,07012024'. £2,509). These were fully paid with no contributions outstanding at the balance sheet date. Page 32
MID WALES OPERA LTD (A Company Llmltsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. Related party transactlons There were two p8rsons during the year with related paty transactions (prior year three persons with transactions). Mid Wales Opera had income of £2,193 from working with the Theatre of which the Trustee S Clutton is Theatre Manager (2024: £8,223). B Wellbank hired equipment from Mid Wales Opera at a cost of £1,608 (2024: £25). There were no outstanding balances at the year end relating to these transactions. Page 33