Registered number.. 03001101 Charity number: 1043391 MIDWALESOPERA OPERA CANOLBARTH CYMRU MID WALES OPERA LTD (A Company Limited by Guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
MID WALES OPERA LTD {A ¢ompany Llmltsd by Gu•rnnts•l CONTENTS R•f•renc• and AdminhtraUv• D•tslls of th• Charltablo Compary. Its Trust•88 and Advl•ers Trust•. R•port Ind•p•nd•nt Examln•rf• R•port Stat•m•nt of Flnan¢lal A¢livltle¥ 2-10 13 Balanc• Shgot 14- 15 Nots• to tho Flnanelal statn•nts 16-31
ID WALE8 OPERA LTO IA Qimpfyny Llmli•d by Gu•rnnt••l REFEREN¢E AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 IAARCH 202$ Tru•tO0• Gar*th Wlllam8, Chalr Sara CILthon soph Hugha8 Sara Midha Catherine Nunn {re¥igned 16 April 20261 Avriel R•ad¢r John St•ph•nson Suzann8 Wardell Lynda Warn Paul Wingfiekl Iresigned 1 August 20251 Company rngl$t•y•d nurnbgr 03001101 ChaTIty r•glstsrnd number 1043391 R•glst•r•d offle• Bryn Wgan Trefegs SY17 SQU Company s•er•tsry Alun Jones G•n•ral Monagor Brid9et Wallbank Ac¢ountsnts WR Partners Chartered Aeeountants Belmont House Shrewsbury Buyin• Park Shrewsbury Shrop5hire SY2 6LG Page 1
MID WALES OPERA LTD IA Cornpany Llmlted by Guarant••l TRusfEES' REPORT FOR THE YEAR ENDED 31 MARCH 2026 The Tw3tees present their annu81 report together th the financial statements ol the Charitabte Company for the year from l April 2025 to 31 March 2026. The Annual Report serves the purposes ol both a Tru3lee3' report and a directors. report under company law. The Trustees confim that the Annual Report and financial statements of the charitable cornpany comply the eurrent statutory requirements. the requirements ol the haritable company's governing document and the provisions of the Staternent of Recomrnended Pra¢ti¢e ISORPI applicable to charities preparing their a¢counls in accordance with the Financial Reporting Standard applicable in the UK and Republ1¢ ol Ireland IFRS1021 leffective 1 January 20191. Since the Charitable Company qualthes as small under section 382 01 the Companies Acl 2006, the Strategic Reptsrt required of medium and large companies under the Companie¥ Act 2006 Istrategic Report and Directors, Reportl Regulations 2013 has been omitted. This pOrt covers the hyernOnth period lo 31 March 2026 and indudes a Smallstages lour in Autumn 2025 and a850tiated outrtrach work. Matthew Williams•EIIis Page 2
MID WALES OPERA LTD IA Company Llmlt•d by Guarant} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2026 Oblectivos and activitl8S Pollclos and oblectlv•s The cornpany aim$ to mount operatic productOnS of the highest POS5ible 5tand8rds within budgetary restraint5 at affordable prices in area5 where audiences do not otherwse have the opportunrty to attend fully professional performances ol opera. It also wishes to devdop new audiences for opera by creating awessible productions which are 0ri9inal, excitin9 and ambits'ous. In shaping the Company's objective5, the Trustees have given consideration to the Charity Commission's guidance on public benefit and in drawing up and revising our business plan have given a high priority to extending engagement wth our audiences through outreach focused on education and comrnunity-based activibes alongside our core touring programrne. b. Stratsgla$ for a¢hlovlng obCtIv•S In ordof tts adapt to the majority of the venues that it visils 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 stage5 in the venues. Considerable extra actNity has been generated In recent year5 aiound work with young and developing artists and th15 Is Integrated into both productions and the audience engagement work that goes algngside the touring acts-vity. c. Activiti85 undertaken to achieve oblectlvos Mid Wales Opera 15 cofflmitted to rnaking ils productions available to all and in particular the Trustees make consriou5 efforts io ensure that we perfom) at a range of venue5 and that tickets are available at prices which 11, a5 far a5 POS5ible, enable everyone to e1ve the benefit ol experiencing the charity's work. This season the Trustees once again placed era emphasis on encouraging a younger audience lo attend opera and worked wth venue promoters lo offer tickets lor Under 21s in fulklime education for as little a¥ £5. The companys aims indude offering 50% of porfonllance roles to earty career artists. supporting their career developmernl through paid opportunities, while working alongside more expenenced professional5. d. Overvlew MISSION- Building a passion for opera across Wales and beyond. VISION To be a Company that inspires and excites audiences, connects and engages wth communities, challenges perceptions of opera and raach$s places where others do not perfomi. We deliver a vibrant engaging portfolio of outstanding ¢ative work and create a supportive and nurturing environment for company members and performers b%*th a comrnitment to Ihe development of young artists. VALUES- Innovation. Excellence. Engagement. Collaboration and Aceèssibility. Page 3
MIO WALES OPERA LTD IA Company Llmlt8d by Guarants•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2026 Achievoments and p8rforrnane• a. Investrnent poliey and perforniance The investment policy has been lo balance 'quidIty and availabilty of funds whilst ensurin9 an appropriate level of return on the investment. In March 2026 £50K of the company reserves were re4nvesled In a one-year bond lo maximise the retum on the lunds. Financial review . Going con¢om After making appropriate enquiries the Trustees have carried out a review ol the going concern basis. It was necessary to draw on reserves in this year by £4,752 however the Trustees have a reasonable expectation that the company can continue to meet all liabilities to at least the end of the Current bu51ness plan Imarch 20281. b. Re88rv•s pollcy The free reserves of the cornpany a £113,77812025' £149, 1561, being the total unrestricted funds of £272,166 less depreciated fixed asset5 of £27,248 and designated funds of £131.140. As part of the Business Plan review In 2024, the Iru5tee5 reviewed the company'5 reserves policy and *Jreed that lin light of the significant variation in mornthly expendlturel, 40% of the previous year's expendituie should be held In reseryes. The d8tailed analysis is set out on page 13 in the Statement of Finanaal ActNities. Principal funding The Majority of the charity's Income this year is derived from the grants from Welsh GovernmenUArts Council Wale5 Job5 and Resilience Fund, Trusts and Foundations, and individual donations through an ongoing appeal and regular Patrons and Friends. with a contribution from box office sales during the year. Details of the grants reeeived are shown in note 4 of th¢ accounts. Details of the dtsnations received can be seen in note 3 of these accounts. d. Review of activities Total number audience for live performances 1493 Total number of children and adutt5 involved In workshopslperforrnances 388 Total number of live performances 14 Total number of professional performers. both singérs and instrumentsli51s amployed 24 Our work from April 2025 to Mareh 2026 included.. 1. 12 performances of Leonard Bemslein's Tffjuble in Tahiti in Novembèr and December 2025 r8aching an audience of 1246. 2. 22 half-day participatory school workshops irTr 12 Powys schools in Auturnn 2025 workn'ng wrth 333 wimary school age childn. and a week-lon9 re51dency at Presteigne Primary SchcM)I In May 2025 for 35 learners. 3. MWO'S Friends open.air Garden ¢oncert at Gregynog Hall in Powys in July 2025, featuring three we15h singers and led by Charfotte Forresl, with an audience of 97. Pa9e 4
AIID WALES OPERA LTD IA Company Llmltsd by Guarants•l TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2026 4. An outdoor concert at Powis Casde in August. in collaboration with the National Trust. In May a team of 4 IMWO'S crealve team, a singer and a costume designerlfacilitatorl vtsited Presleigne Primary School where 35 Year S and 6 leamers Spent a week creating their own opera, including developing narrative, wrth"NJ song words, devgloping and leaming a libretto in rhyming couplets, creth'ng costumes and rehearsing for a performance on the last day lor their parents. The theme this year was Puss in Boots. This work was paid lov with exit donations collected during our P8gli8c¢i tour in Aulurnn 2024. In July the annual fundraising Frielids ol MWO Garden Concert at Gregynog, arranged as usual by pianist Chartotte Forrest. this ye8r took the fomi gf a ¥cratch musical aboLrt 3 people Migrating from Europe to America n search of their Amencan Dream. A trio of young Welsh singers, Erin Rossington, Angharad Lyddon and John leuan Jones. entertained an enthusiastic audience on an extremety hol day. Ticket sale5 werè down on usual attendance factors for thi5 dedine in ticket sales are likely tts have included the earller date, the ongoing heaiwave, diary clashes vAth national sporting events (Wimbledon Men's final and Wales Women'5 football team in the Worfd Cupl and a local open gardens event. In August Mid Wales Opera presented an outdoor concert in the courtyard at Pows Castle. in Collaboration wth the National Trust who booked the event. 4 singers and 2 players Iharp and piano) entèrtained a sold*)Ut audience Vrfilh a Gala concert of opera¢ favourites. The audience was varied and included many people vkno had not heard the company before. Qmatthew Williams.81is In Novernber and December Leonard Bernstein's Troublg in T8hili wa¥ rehearsèd and performed on lour in 12 individual venues Covering the length and breadth of Vvales and the Marches. With 5 singers and 7 players. play1ng the ensemble arrangernent by Bernard Yanotta. this production was too large for some ol our smaller SmallSta9es community venue5 but offered u5 the opportunity lo return to goffle of the Mainstages venue5 like Ponlio, Bangoi and Aberystwyth Arts Centre, not visited since March 2024. Rehearsed entirely in Mid Wales studio rehearsals in association with Mid Border Arts in Presteigne. and production rehearsa15 In our home venue Hafren, Newtown- the Company eth05 of producing high quality work whi15t boing etnbedded in our ruial locality was cleady maintained. Pa9e S
MID WALES OPEIIA LTD IA Company LlmStod by Guaranto01 TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDEO 31 MARCH 2026 The tru51ees, creative and staff teams were thrilled by the cril'cal and audiEnce response to Trouble in Tahiti which received 4 stars in the Guardian and much pogitive pr8S5 and social media cornment both for the production and for the cornpany itself. 'nAWO's continued sutviv&l againsl the odds is ample l&slimony to their gutsy approach and, whilg this Smallstages louring produGtioii js ngcess8nly dong on a minimal budget. it manages to alls8 an atsthentic 50s vibe as w811 as the claustrop115 of Sam and Dinah s maiital treadmill.. Rian Evans The Guardian "MWO ar8 nQthing rf not 8dvènlumus and 98me In th&ir Cho of challenging wort( with pfrDblems to solve in sloging SnTall-scèl&, whfflst still grrfinEt the full experience to audien¢8s across WBI6s" Jenny March Theatre in Wales A sarnple of the audience leedback." it is a tynamic organiSatn. with excellent rnusKians 8ndp8rfomiots, good sets and edvcabonBI outreach. arg $0 lucky to have a locèl operatic company. O always punch way abovg their woighl. The passion and d8dicatNon oltl)è company, togeth8rwith the quality of the proclUdn and perfom79rs rn88nS thèt they always d1Ver& perfoFFrJanGe belies the paucity ofth8irbtJdg61. First class, inspirntnal entertainmenl al a local venu8. Ther8 s nothing better. You transform minimum lunds into p8rform3nc85 that ats a very high st8nd8rd, unusual, acled with wt andpolish and stjng beautifully from scat, to Y viva espan8 10 ¢18ssie op&ra. We am so lucky thallhis is local. ¥Y Page 6
MID WALES OPERA LTD IA Cofflpany Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2026 Alongside this tour the cornpany visited 12 schools in Powys th 'An Introducts"on to Opera, delivered by our experienced education team of pianisvcomposer and singer. These participatory workshop5 allow the learners to hear an opera singer. sing themselves and learn a litue about how opera 15 another way to tell stories, by writing their own sung dialogue Irecilativel and working on an aria and chorus. These workshops were 5UPPOrted by Powys County Council through the We15h Government National Plan for Music funding this year allowng us to develop the programme with visits to each school, to maxirnise the irnpact. 'As a teachér who is passionat8 8b(iut MUS I'fft aAways inter8st8d to S88 how other pmfessionals teech. particularly composing, and liked the way Ihoy got the children to have a go using melody on the lines Iljeyd writt8n. I will b8 incorporaling lechnwues I saw Ihem use in my teaching." Class teacher Autumn 2025 The company continues its commitment to supporting young artists, and aims to offer opportunrties lo early career artists. In Troubl8 Tahili for exarnple three of the five singers were earty careèr artists. Mid Wales Opera continues to play a $1gnificant role In this career development. Wo a150 aim to support Welsh and VVales- based perfomiers and artisans across all our activity. We were delighted to receive the fiT5t part of a fvvtryear grant from CohNinston Chantable Trust for our Smallstsges tours. Yhe commitment to our futu from an Independent funder Is hugely encouraging. We also rec8ved a grant frorn Millichope Foundation, who have been loyal supporters for many years. and a edge for the 2026 season from Laidlaw Opera Trust, increasing their previoLJS 5UPPOrt. In additlon we have received a grant from Art5 Council Wales Create Lottery fund for £45K for a prolect'Touring and Outreach 2026. which runs from January to December 2026. Most of the activity will fa11 into the next accounting yeaT- See tre plans- but this albws us lo pilot the role ol an Outreach Officer. Our ongoing Appeal 'Keep Mid Wales Opera on the Road., continues to receive a heart-warming and Substantial response. We have received some significant donations from individual anonymous donors wh058 Support is potentially making the drfterence bebween short-terrn survival and long-term sustainability. Alongside this our Administrative team have actively rfrengaged with the Friends group and a working on increasing the number of regular donors. The Welsh GovemmenVArts Council Wales Arts Jobs anil Resilience fund continues to allow u5 to employ fundraiser and additional administrative 8UPPOrt till Decernber 2026. The Trustees reeognise the huge impact this slabilisation ol the staffing structure is having on the development and maintenance of the company for the future. Since June 2025 Bridget Wallbank's role was formalised as Producbon and General Manager for 2.5 days a week. She has been joined by Je$si¢a Stimp$on as Administrative Officer on 2 days a week. Since January Jessica has also undertaken the iole of Outreach offir. The MWO ¢reatNe team rernained the same wrth Richard Studer as Artisti¢ Director and Jonathan Lyness as Music Director on 2 days a week each, delivering a SrnallStage5 tour and associated work. z Morrison of Creative Solub'ong Continued to undertake the rnarkeling wilh a freelance contract runriing till Jnuary 2027. Florence Browne joined the cornpany in January 2025 as a fundraiser on 1 day a ek. In November she went on malemity leave and her work is bè covered by freelance support in the interim. Mid Wales Opera continued to employ a book-keeper on an hours-based freelan¢e contract, and work with other freelancers regularty Induding a translator and websrte rnanager, alongside project-based freelancers inclucsing sin9ers. instrumentalists. educationalists. costume makers and set builders. Page 7
MIO WALES OPERA LTD IA Company Llmited by GLFarants•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2026 Structure. governaneo and managomgnt . Constitutlon Mid Wales Opera Ltd is registered as a ¢haritable company limited by guarantee and was set up by Memorandum of Association. b. Methods of appointment or election of Trustees rhe management ol the Charitable Company is the responsibility of the Trustees who are elected and co-opted und*r the terms of the Trust deed. The cornpany invites new trustees who have an apprecial'on and understanding ol the arts, and particulafly of opera. Ideally, they will have regulady attended perfornances given by the company prior to their appointment. c. Pollcles adopted for the induction and training ol Trustses Potential trustees will be identified, brought to the attention of the existing Board members and invited to one of their meetin9s. The Chair and Chief Executive Officer wll 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 lo rehearsals as well as performances ol cornpany productK)ns, and 711 be given detailed information regarding the overall preparation of the performances. d. Relatsd party r8lationJhip5 The Friernds ol Mid Wales Opera is run by a small group of volunteers who assist wrth fundraising events during the year. The trustees want to particulady acknowltrdge the long.term contribution of Jackie Tilley. Friends, acts'vilies are reflected In the Company's accounts. The Trustees also wish to acknowled9e those volunteer Individuals who h051 artists, provide transport. rnake props and 9enerally offer Support where they can. o. Flnanclal rlsk managemènt The Tru$lees have assessed the major risks lo which the company is exposed, in particular those related to the operatlOll5 and finances of the company, and are satisfied that systems and procedures are iri place lo mitigate exposure to the major risks a risk regi¥ter is maintsined and reviewed regularly a5 part of the business planning cycle. Plans for future periods Our plans for 2026127 vnll be funded from a grant received through WGIACW Jobs and Resilience Fund, a grant through ACW Lottery Create fund. grants from TfUSls (already offered). individual donatsons and company serves. In eady April WE wl undertake our first major Openslages producbon since 2019 yth a week-long residency in Brecon and Hay, rehearsing and producing Purcell's D0 & Agneas wilh student and arnateur singers and string players working with a Mid Wales Opera professional creative and music team. Working wlh partner5 at Theatr Brycheinlog, Hay Castle and 8recon Cathedral the week includes a concert at Hay Castle and two performances al Brecon Cathedral. This participatory project 15 SUPPOrted by Gwendoline and Margaret Dawes Charity, Darkley Trust arnd Powy3 Church Acts Fund (Community Foundation Wales). Page 8
MID WALES OPERA LTD IA Company Llmlted by Guarantoel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2026 Plans for future poriod$ l¢ontinu8dl We b%ill run 8 weeklong residency in Glyro Prirn8ry Sthool later in April to create arn opera from scratch. This work is supported through a grant from Mid Wales Music Trust and by bucket donations during the Trouble ffrj Tohiti lour. Our Friends of MWO summer garden concert which this year be hekl at Cwrn Weeg Gardens near Dolfor, Nwtown on 5 July 202$ will on¢e again be led by Charfotte Forrest thrge yourvj wsl$h singers and wll have a Myths and Morals theme. On 5 August 2026 MWO wrfl perform at the Church Stretton Arts FeS'val for the first time wth a speaally created concert involving 6 performers and a specially ¢ated concert, under the music direction of Jonathan Lyness. In October and November 2026 our Smallstages tour of Puccini's Gianni SchiGchi wll visrt 12 theatres and ornmunrty venues across Wales and the Marches. performed by ten singers and five instrumelllalists in the chamber arrangernent by Jonathan Lynes5 and a new English translation by Richard Studer, under licence from Ricordi. Gianni sChchI will make up the first part ol the evening followed, after the interval. by a con¢ert ol Italian rnu51C. We are delighted that Gianni S¢h1h1 is 5UPPOrted by the Colvmnston Charitable Tnjst, as the Second part of a V(year project grant. Alongside the Smallstages tOLJr we will work wlh six partner organi58tions in six places on our tour to offer workshops and engagement activities, designed to fulfil local netsd and develop audiences for opera. We will pilot the role of Outreach Officer to consutt with the partners and create bespoke sessions for each group, delivered by 3 variety of art5 practitioners. including singers. We will also offer 12 talks lo U3A groups about making opera. We plan to continue our pnrnary schoo15 outreach work with a further series of workshops In schools during the Autumn term, achIng a new cohort of leamers. We hope to work wth with PCC Strategic Lead for Music and the Expressive Arts and the National Plan for Music to continue the work begun In 2025 and offer Iwo visits per school to strengtt)en the impact and aims of the sessions, and map the work to the rnew curriculum. Page 9
MID WALES OPERA LTD IA Company Limited by GuarantO91 TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2026 ststement of Trustse$' rgspon¥ibilit18S The Trustee5 (who are also the directors of the Charitable Company for the purposes of company lawl are responsible lor pParIng the Trustees, Report and the financial statements in accordance wrth applicable law and United Kingdom Ac¢ounting Standards (United Kingdom Generally Accepted A¢counb'ng Practice). Company law requires the Trustees to Ppare financSal statements for each financial yéar. Und•r company law, the Trustees mu51 not approve the financial statements unless they are sats"5fied that they give a true and fair view of the state of affairs of the Charitable Company and of rts incomlng resources and application of resources, Including Its income and expenditu, for that period. In yeparing these financial slalements, the Trustees are quired lo.. select suitable accounting policies and then apply them ConStendY., ob5eNe the methods ancl principles ol the Charities SORP IFRS 1021., make iudgrnents and accounting estimates that are reasonable and prudent". stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disdosed and explained in the financial statement5, prepare the financial statements on the going concern basi5 unless It Is inappropriate to presume that the Charitable Company will continue In business. The Trustees are responsible for keeping adequate accounting cOrdS that are sufticient to show and explain the Charitable Company's Iransa¢lion$ and di$¢lose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the frnancial statement5 cornply with the Companies Act 2006. They are also Sponsible for safeguarding the assets of the Charitable Company and hence for taking reasonable $lep$ for the prevention and detection of fraud and other irregularities. Approved by order of the fflember5 Of the board ol Trustees and signed on their behalf by." Gareth Willlams (Chair of Trustees) Date.. 7 August 2026 Page 10
MID WALE8 OPERA LTD {A Company Llmlt•d by Ouar•nts•l INDEPENDENT EXAMINER'3 REPORT FOR ThE YEAR ENDED 31 MARCH 2020 Indop•nd•nt Examln•rfs R•port to thè Trust•8• ol Mld Wale¥ Opora Ltd {'tho ¢harltable Cvmpany'l I report to th• ¢harity Tru¥tee8 on my examination of the accounts ofthe Charitabk Company for the year ended 31 March 2026. R••ponglbllltl•• and 8al• of Roport As th• Trust••$ of the Charitable Company larKI it5 directors for the purposes of company lawl you are responsible for the preparatlon of th8 a¢count$ In a¢¢ord•nre vthh the fequirements ol the Compani$ Act 2006 I'the 2006 A¢VI. Hawng satisfi•d myself th81 the a¢wunts of the Charitable Company are not required to be audited under Part 16 of the 2006 Act and ar• •ligSbl• for ind•p•nd•nt •xamin'tsn. I report In r¢$po¢t ol my axaminalon of th• Charitable Company's accounts carried out under sedon 145 of tho Charth•s Act 2011 1'th8 2011 ACVI. In carrylng out my examinatyon I hav followed th& Direction¥ given by the Charity Cornmis*on under M¢tion 1451Sllbl ol the 2011 Act. Page 11
MIDWALES OPERA LTD IA Company Llmltsd by Guarante81 INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2026 Ind8pend•nt Examlner's Statement I have completed my examination. I confirrn that no matenal matters have come to my attention in connection wrth the examination giving causè Its believe." accovnting rÉetsrds wère not kèpt in respect of the Charitable Company as required by Section 386 01 the 2006 Act," or the accounts do not accord vmth those records,. or the accounts do not comply with the accounting requirements of seelion 396 01 the 2006 Act other than any requirement that the accounts give a 'true and fairf view which Is not a matter considered as part of an independent examination.. or the accounts have not been prepad in accordance with the methods and principles of the Ststement of Rècommended Practice for accounting and reporting by charities lappli¢3ble to charities preparing their accoun13 in ac¢ordance 71 tre Financial Reporting Stsndard appllcable in the UK and Republic of Ireland IFRS 10211. I have no concem5 and have come across no other matters in connection wrilh Ihe exarnination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report 13 made solely to the Charitable Company's Trustees. 8# 8 body. in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. My work has been undertaken so that I might stste to the Charitable Companls Trustees those matters l am reqUId lo state to them In an Independent Examinerfs Report and for no othar purpose. To the fulle51 extent perrnilled by law, I do not accept or a55urne responsibility to anyone other than the Charitabje Company and the Cttaritable Companys Trusteès as a body. for my work or for this reporL Signed.. Dated". I7V S J Twèodle BSC FCA OChA WR Partners Chartered Accountants Belrnont Houye Shrewsbury Business Park ShrewsL*ury SY2 8LG Page12
MIDWALES OPERA LTD IA Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES IINCORPOFiATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2026 Unregtri¢ted funds 2026 Res¢ricted lunds 2026 Total funds 2026 Total funds 2025 Note Incom• from.. Donations and legacies Charitable actiMt18S other trading activities Inveslmenl$ Other income 53,031 20.687 2,942 5,307 19,117 53.031 102.937 2,942 5,307 19.117 65.535 151,362 3,457 5.398 60,627 82.250 Total Incom• 101,084 82,250 183,334 286,379 Expenditure on.. Raising funds Charitable a¢bwtie3 4.639 80,314 7,692 9S.441 12,331 175,755 24, 136 163,481 Total expgndlturo 84,953 103,133 188,086 787.617 Net fincomellèxp8ndbturo1 Tran5feis between funds 16.131 154,0861 120.8831 54,086 14,7621 98, T62 19 Net movemgnt In funds 137.9551 33,203 14.7521 98,762 Reconci1Satlon of funds: Total funds brought ford Net movetnent in funds 310.121 137,9551 18561 33.203 309,465 14,7521 210. 703 98, 762 Total fund¥ ¢arrigd forward 272.166 32.$47 304,713 309,465 The Staternent of Financial Activities includes all gains and losses recognised in the year. The notes on page5 16 to 31 form part of these financial 5tatèrnent5. Page 13
MID WALES OPERA LTD (A Comp•ny Umltsd by Guarant••l REGISTERED NUhl8ER: 03001101 BALANCE SHEET AS AT 31 MARCH 2026 2026 2025 Not• Flx•d ass•ts Tangible a8¥el$ 14 29,825 29.825 Currnnt asB•ts Debtors Inv•stments Cash at bank and in hand 15 16 34,524 52,942 213,129 77,778 50.000 197,783 300,595 32S,561 Curr•nt Ilabllltl•s Creditor$." ¥m¢unts lalllng du8 %thin one year 17 123,1301 129.4211 Not curront assets 277,466 296. 14Q Totsl asoets curr•nt Ilabllltl•s 304713 325,965 Crndltors.. amounts falllng due after rnore than one year 18 116.500) Totsl not *¥uts 304,713 309,465 Pag? 14
MID WALES OPERA LTD IA Company Llmlt•d by Gu#rnt••l REGISTERED NUMBER: 03001101 8ALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2026 2021 2025 Not• Charlty fundg Restricted funds Unrestricted funils 19 19 32,647 272,166 (656) 310. 121 Total funds 304.713 309.465 Tho Charitable Company wa8 ¢nlithd b •Mption from aud und•r $¢¢fjon 477 ot Comp¥nl8s Act 2008. The members have not required the company to cthin an audit for the year in question in acran¢ wth s8ctlon 476 of Compan$ Act 2006. The Tru$w$ ¥thowlodge their re8ponsibilities for cornplyin9 the requirements of the A¢t with r•spact to accounting records and preparndon ol flnandal statements. The financial $tol¢m•nt$ have tyetn prepared in ?ccordance with the provi¥ion¥ appli¢abl* to •nth'es subject to the small companies regime. Th• financlal Stat4n1$ wer¢ approved and 8uthori$$d for i$$u& by th? Tru$te&s ond $i9ned on th•lr behalf by.. Gareth Wllllams (Chair c>f Tfu$leeg1 7 August 2026 Th• not88 on pagos 16 to 31 fomi part ol th•s• finan¢lal str1em¢s. Page 1S
MID WALES OPERA LTD IA Company Llmlted by Guaran¢g91 NOTES TO THE FINANGIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2028 G8n•ral Infomiation Mid VVale5 Opera is a charitable company, Irnited by guarantee and in¢orporated In England and Wales. The members of the charrty are Ihe trustees named on page 1 01 these accounts. In the event of the charrtable company being wound up, the liability in respect of Ihe guarantee is limited to £1 per rnember of the charitable company. Aeeountlng pollcles 2.1 8a$is of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Chanties. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Sland8rd applicable in the UK and Republi¢ of Ireland IFRS 1021 (effective 1 January 20191, th£ Financial Reporbng Standard applicable in the UK and Rèpublic of Ireland IFRS 1021 and the Companie$ Act 2006. Mid Wales Opera Ltd meets the definition of a public benefrt entrly under FRS 102. Assets and liabilibes are Initially recognised at historical co51 or transactron value unless OthenNise slated in the relevant accounting policy. 2.2 Golng concern After making appropriate enquiries the Trustees have a reasonable expectation that the Charrtable Company ha$ adequate resources to eonts.nue in operational ex15tence for Ihe foreseeable future. The Charitable Company therefore continues to adopt the 90ing concern basis ln preparing financial statements. 2.3 Income All income is recognised once the Chantable Company has entiuement to the Income. it 15 probable that the income wll be ceIVed and the amount of inGorne ieceivable can be measured reliably. Income tax recoverable in rebtion lo investment income is recogni$gd at the time the investment incorne 15 receivable. Other income is recognised in the period in vthich it is receivable. 2.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefrt to a third paty. it is probable that a transfer of economic benefit$ wll be required in settlem¢nt and the amount of the obligation can be measured reliably. Expenditu is classified by activity. The costs of each activity are made up ol the total of direct costs and shared costs. induding support C05t5 involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared cost5 which contribute to more than one adivity and support costs which are not attnbutable to a single activity are apportioned bètweèn those activities on ¥ basis consistent wlh the use of resources. Central staff costs are allocated on the basis of b.me spent, and depreciats.on charges allocated on the portion of the asset's use. Page 16
MID WALES OPE LTD IA Company Limited by Guarante81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Accounting poli¢ig9 Icontinuedl 2.4 Expendilure Icontinuedl Expenditure on raisin9 fvnds inclydes all expenditure incurth by the Charitable Cornpany to raise funds for its charitable purposes and indudgs Costs of all fundraising activities events and non charitaNe trading. Expenditure on ehantable activities Is Incurred on directty undertaking the activits.es vthich further the Chariiable Companls objectives, as well as any associated support costs. All expenditu is indusive of irrecoverable VAT. 2.5 Government grants Govemrnent grants are arLounted lor in the Statement ol Financial A¢tsvitie5 when the conditions of income recognition lents"llement. probabilrty of receipt and rneasurernent of amount receivablel are met. 2.6 Tanglble flxed assets and d8pr•elatlon Tangible fixèd assets arè initially recogni$ed at co$t. After reeognition, under the eost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losjes. All costs incurred to bring a tangible fixed asset into its intended worn9 condition should be in¢lud8d in the measurement of cost. D8pr8ciation is charyed so as tri allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciatiorn is provided on tre followng basis. Freehold property Office oquipment Sets. props and costumes 2% straight line 15% straight line 80% in year of opera production and 20% reducing balance thereafter 2.7 Debtors Trade and othar debtors ar8 recognised al the settlement amount after any tradè dlscount offered. Prepayments are valued at the amount prepaid net of any trade dis¢ounts due. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid inveslrnenls with a Short matunty of three months or less from the date of acquisitson or opening of the deposit or similar account. Page 17
MID WALES OPERA LTD IA Company Llmltgd by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Accounting policies l¢ontinued 2.9 Liabilities and provisions Liabilities ale recognised when there is an obligation at the Balance Sheet date a5 a result ol a past event, il is probable that a transfer of economic benefit 711 be required in settlement. and the amount of Ihe setttement can be estimated reliably. Liabilities are recognised at the amount that the Charitable Company anticipate5 it will pay to settle the debt or the amount it has received as advanced paymenis for the goods or seNices it must provide. Provisions are measured at the best estimate of the amounts reqUId to settle the obligats"on. Where the effect of the time value of money is matenal. the provi310n 15 based on the present value of those amounts, discounted at the pr&lax di$¢ounl rate that reflects the risks specific lo the liability. The unwinding of the discourit is recognised in the Statement of Financial A1VitieS as a finance c05t. 110 Flnanclal instruments The Charitable Company only has financial assets and financlal liabileS ol a knnd that qualify as basic financial instruments. Basic financial instruments a initially recognised at transaction value and subsequ¢ntly Measured at their settlement value. 2.11 Pen8ion$ The Charitable Company operates a defined contribution pension scheme and the pension charyè reprasants thè amounts payable by the Charitable Company to the fund in respect of the year. 2.12 Fund accounting General funds are unrestricted fvnds which arè available lor use at the discretion of the Trustees in furtherance of the general objective5 of the Charitable Company and which have not beÈn designated for other purposès. Designated funds comprise unrestri¢ted funds that have been set aside by the Trustees for particular purposes. The atm and use ol each designated fund 1$ sel out in the notes lo the financial statements. Restricted funds are funds which are lo be used in accordan with specific reslriclions imposed by donors or which have been raised by the Charitsble Company for particular purposes. The costs of r8ising and adrnini5tering such funds are charged against the speeific fund. The aim and use ol each reslricled fund is set out in the notes to the fin8ncial slatemenls. Inve$trnent incom8, gains and losses are allocated to the appropriate fund. Pa9e 18
MID WALES OPERA LTD {A Company Llmltsd by Guaranto01 NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2026 Incom• Irom donatsons and lagael•* Unr••trl¢t•d fundg 2026 Totsl fund8 2026 Total funds 202 Donadons 53,031 53,031 65.535 Total 2025 65,535 65,535 Incom• from charltabl• aettvltlés Unr•strlct•d R•8trlet•d fundB funds 2026 2026 Total fund• 2026 Total funds 2025 Tl¢kot saltss and fees TN5t funds received Govemrnent grants received l)Jtreach Incom• 13,662 2,000 13,682 42.000 42.2SO S.028 32,256 26.000 92.656 40,000 42,2SO 5,025 20,687 82.250 102.937 151.362 Tfjtal 2025 131,862 19,500 151.362 Govemment grant incom• ¢on¥l$t$ of £42.250 gr#nl$ allo¢$t•d by the Art$ Coun¢ll lor Wales IACWI. Of the ACW incorne figure. £20,2SO relates to mon•y giv8n to the Arts Council to disperse on behalf of the N¥tional Lottery. Page 19
MID VIALES OPERA LTO (A Company Llmlt•d by Guarant•o1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2028 Grant$ and Trt fund$ r•eèlv•d 2026 CchwnBton Charitsbl¢ Tnjst Arts Council Walgs- Jobs and Re$ilienu grant Arts Council Wates- National Lottery funding Margar•t and Gwendolln8 Dovi¢s Charity DareY TNst Community Foundation Wales Mid Wales Music Trust Millichop• Foundation Fffioni¢ 26.000 22.000 10,250 5,000 3,000 3,000 2,000 2.000 2,000 84,250 Incom• from othor tradlng a¢tIvIt8 Unr•strlctsd funds 2026 Tot•1 fvnd$ 2026 Total funds 2025 Other eamed incorne Mi$c•ll8n•ou$ Ineom• 2.606 338 3,457 336 2,942 2,942 3.457 Total 2025 3,457 3.457 Page 20
MID WALE8 OPERA LTD (A Company Llrnlt•d by Guarant••l NOTE8 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2026 Investment Income Unr•strlc¢•d fund$ 2026 Tot•1 funds 2026 Total funds 2025 Instm*nt tncom• 5,307 8,307 5.398 Total 2025 5,398 5,398 Oth•r Ineomlng r••oure•• Unr••trlctod fund• 2026 Total fund• 2026 Total funds 2025 Theatre Tax Relief 19,117 19.117 60,627 Total 2025 60,627 60,627 Page 21
MIO WALES OPEPA LTD IA Ct)mpany Llmltsd by Guar•nt•o1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Expenditure on rai¥ing lund• Co$ts of ral•lng voluntary Incoffl• Unr8•trkt•d R•strlct•d funds fvnd• 2026 2026 Total nd$ 2026 Tol funds 2025 Progr8mm&s and other lundraising eommunicatson Furtdraising eonsuttan¢y Wage¥ and ¥alarig$ 4,639 420 4059 3.843 12,966 7,327 7,272 7,272 4.639 7.692 12,331 24. 136 Total 2025 20,636 3,500 24, 156 Analy•l$ of •xpondtturo on ¢harltabl• aetlvltl Summary by fund type UrtriCt•d R•strlcted funds fundB 2026 2026 Toial 2028 2025 Charitable a¢tiwty 80.314 95,441 174755 163,481 Total a125 146,91q 16,570 163.481 Page 22
MID WALES OPERA LTD IA Comp•ny Llmltgd by Guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 10. Analysls of •XndItUr¥ by lewit1•¥ A¢tlvill nd•rtak•n dlrgctfy 2026 Support Total Jnds 2028 To181 funds 2025 2026 Charitable a¢tiwty 127,680 48,095 175,75¢5 163.481 Total 2025 177,254 46,227 163,481 Analy919 of dlrect cogts Charftabl• a¢tivlty 2028 T¢)tal funds 2028 Tot81 funds 2025 Stslf ¢o¥t¥ D•pr•¢i•tion Orchestra Singers Production crew Trav and transport Accommodatlon Other production costs 50,900 9,746 22,938 17,400 300 10,705 5.725 9.948 SO,900 9.746 22.936 17,400 300 10,705 6.726 51,286 10.875 12,977 20, 700 8,983 4,258 8,175 127.860 127.660 7 17.254 Total 2025 117,254 117,254 Page 23
MID WALES OPERA LTD IA Cornpany Llmltsd by Guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2028 10. Analy818 of 0XndItur• by act1v51$ Icontinuedl AnalyBls of •upport ¢Mts Charltabl• etivlty 2026 Total funds 2026 Total fvnds 2025 Staff costs 14,543 500 173 3,760 243 14.843 500 173 3,760 243 14,653 500 930 3. 157 145 Depr•ciation Tru$l¢e meeting expenses Sundry oxp¢n$o$ Postage and stationary r iii Adverts'sing and rnarketing Bank charges Talephone Insurance G¥naral travel expenses Light and heal Fetts f¢r admin Se¢&S Maintenance Governance costs 16,767 471 16.767 471 13,580 492 1,222 2.043 1.882 807 1.655 1.501 156 2.349 53 5.117 1.501 156 2.349 53 5.117 2,232 200 4,883 48.095 48,095 46.227 Tot812025 46,227 46,227 11. Indepondent exornirrf6 ramunèratlon 2026 2025 Fees pay8ble to the charitab Companws Independent examiner for thè indèpèndant •xaminatlon of the Charitable Company's annual accounts F•s payable to the Charitable Compan¥8 independ•nt •xamln•r in respect of.. I taxation advisory seivices not included above 2,225 2.500 Page 24
MID WALES OPERA LTD (A Company UmSt•d by Guarnrf••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCfrI 2026 12. 8taff co•t¥ 2028 2025 Wages and salaries Social security costs Contribution to defined contrtbution pension schemes 70,531 70,541 655 2,070 2.184 72,715 73.266 The average number of persons employ*J by the Charitable Ccmpany during the year w•$ as folk)ws'. 2026 No. 2025 No. Employees Th& avérage head¢ount 0>XpsSed as fvlklime equwalenl# vrdS'. 2026 No. 2025 No. EMF40e$ No 8mplwÉ ree•ivad r¢munar•tion amourtfjng ¢0 morè than £60,000 In 8lth8r yèar. The total employee benefrt8 relatin9 to key management personnel omounted to £21.957 12025.. £28.0441. 13. Trust•a8' ramun•ratton and •xp8ns•s Durin9 the year, no Tru$lees re¢eive<¢ any remuneration or ¢)ther beMfits12Q25- £NILJ. During the year ended 31 March 2028, no Trustee expenses have been incurred12025- £NILJ. Page 25
MIO WALE8 OPERA LTD IA Company Llmlt•d by Guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 3026 14 Tanglble fixed Frgghold proparty Offlce Olher Ilx •qulpmont assots Total Cost or valuallon At 1 April 202S Adon? 25,000 46.125 498,914 7.889 570.089 7.669 At 31 Mar¢h 202fj 25,000 46,128 506.833 577.758 D•pr•ciation At 1 April 2025 Charg8 for th8 year 13,125 soo 46,125 481,014 9.746 540.284 10,246 At 31 Mar(* 2026 13,625 46,135 490.760 SSO,510 N•t book val At 31 March 2028 11.375 15.873 27,248 At 31 March 2025 11,875 17,950 29.825 D•btors 2026 2025 Duo wlthln on• y•ar Trad• debtors O¢h•r debtors Prepayments 8nd a¢¢rv8d IA¢orn• Tax recoverable 2,768 21,675 1.582 8.499 3.865 60.627 9,2 3, 784 34,S24 77, 778 Page 26
MID WALES OPERA LTD IA Company Umlt•d by Quar•nts•l NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2028 18. Curr•nta8S•t In¥¢m•n 2026 2025 Unli$l•d Inv•8lm&nts Ilffjuidl 52,942 17. Cr•dltors'. Amounts falllng du• wbthln on• y•Mr 2026 2025 Oth•r ¢r•ditor8 A¢wa18 and d•ferred income 23,130 28,641 23.130 29.421 2028 2025 Defwred incorne at l Aprl 2025 Resouices deferred durin9 the year Amounts r8leas•d fr¢m pr•viou$ p•rfod8 38,1500 38,500 122,01)01 16.SOO 38,$00 Th• d•t•rrnd Income relole8 to • grant prowded for the 2026-27 year. 10. Cr•dltor8: Amounts falllny aft•r mor• than on• y•4r 2026 202S Aecruo1$ and d•ferr•d in¢ome 16,500 Page 27
MID WALE8 OPERA LTD {A Company Llmltod by Guarant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202 19. ststsmont oflunds 8tst•ment of fundg- cumnt y•ar Balanc• at 31 Mar¢h 2028 8alanG• at 1 AprS12025 TrJn•f• Inlout In¢om• Expgndlturo Unr•strlctod funds 0•8lgnat•d fvnds RedUnd1Y liabilty Roof repairs Arb"stie programme support 16.140 16.000 100,000 16,140 15,000 100.000 131,140 131.140 G•ngrn1 lundj Gereral Fund$ 178,981 101,084 184,9531 154.0881 141,026 Total UnrnJtrt¢tsd fund• 310,121 101,084 184,9531 154.0881 272,166 Restrlct•d fuT¥J8 Tmubl¢ in Tahiti Job$ & Rgsillafiee Grant ACW- Touring & Oulreoch 2026 Dido & Aeneas Sthools Gianni S¢hi¢¢hi 165fj} 25,000 22,000 (78,4301 122,0001 ¥086 20,250 11,000 4,000 20.250 8,877 4000 16801 12,1231 16801 16561 82.250 1103,1331 54,086 32,fA7 Total of funds 309,46S 183,334 1188,0881 304713 Page 28
MIO WALES OPERA LTD IA Company Llmltsd by Quarnnt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 19. 8tat•m•nt of funds Icontlnu•dl R•sth"cted fvnds rnLqta to.. Troubl¢ in T8hiti- Autumn 2025 Small Stsg¢$ production. Job & Resilience Grant . fvnding given to support ernploymenl costs to supporting the future security of Iha eharity. Art5 Counol Wales- Fund5 to support touring and outreach activitieg in 2026. Otsdo & Aeneas- Easter 2026 perfomTrnee. Schools- to $upport xhool¥ rk by the ¢harity. GiaDni Sthixhi- Auturnn 2026 Small Stages Production. P?9e 29
hllo WALE8 OPERA LTD {A Company Lhnltod by Guarant••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 19. Statsffl•nt ol fvnds (Connued) Prlor y•ar lund$ B818nce at 31 March 2025 5818n ot 1 Aprll 2024 Income &¥pditrn Unr•strlcted fvnd Deslgnatod fund• Redundancy Ilablity Roof r*IrS Arb'5trc programme #upport 16. 140 15,OOQ 100,000 16. 140 t5.0(Kl tLX).000 131. 140 131, 140 G•ngral fund• GènèrAI Funds 79,S49 266,879 (167.547) 178.981 Totsl unr•It¢t&d funds 210.789 266,879 (16Z.$47J 310,121 Re•th¢tsd funds Trouble In Tahiti Jobs & R•$lll•n¢¢ Grant Pag11 (656) fS,S001 (13.914) (656) 4500 14,000 (86) (86) 19,500 {20,Q70) {656) Total of fund• 210, 7Q3 286,379 {187.617) 309,465 Pag• 30
MID WALES OPEK4 LTD IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 20. Analysis ol net assets betweèn funds Analysis of net assets between funds- current year Unrestricied Restricted funds funds 2026 2028 Total funds 2028 rangible fixed assets Current assets Creditors due witt)In one year 27,248 268,048 123,1301 27.248 300,595 123,1301 32.547 Total 272,166 32,547 304,713 Analysis of net assets between funds- prior year Unreslricted funds 2025 Restrict8d funds 2025 rotal funds 2025 Tangible fixed assets Current assets Creditors due wrthin one year Creditors due in more than one year 29.825 326,217 129,4211 116,5001 29.825 325.561 129.421) 116.$00) 1656) Total 310. 121 (656) 309,465 21. P¢n¥ion commitments The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the 9roup in an independ¢nlly administered fund. The pension Cost charge represents contributions payable by the group to the funtj and amounted to £2,18412025". £2,070). These were lully paid wth no contributions outstanding at the balance sheet date. 22. R$latèd party transa¢tlon$ There was one person during the year related paty transactions (prior year one person with Iransactionsl. Mid Wales Opera had income of £2,693 from working wth the Theatre of which the Trustee S Clutton 15 Theatre Manager12025.. £2,193). this figure 18 held within debtors at the financial yeaT end. Page 31