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 rese￿eS 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 re￿iVed 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 FO￿est, 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,.
8￿v0 @Midwalesopera @Theatrcolwyn #pagli8CGi a tnie ensemble piece in the real sensel Well sung &
so sensitively played @Enscymru Keep up the great work #smallstages COng￿tUlationS & 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 re￿iVed 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 be￿een 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 Ma￿h 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