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 stat￿n•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 War￿n
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
Trefeg￿s
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 hye￿￿rnOnth 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 product￿OnS 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 ob￿CtIv•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 e￿ra 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 child￿n. 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 claustrop1￿￿15 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 organiSat￿n. 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 proclUd￿n and perfom79rs rn88nS thèt they always d￿1Ver& perfoFFrJanGe belies
the paucity ofth8irbtJdg61.
First class, inspirnt￿nal 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 $1gnificant role In this career development. Wo a150 aim to support Welsh and VVales-
based perfomiers and artisans across all our activity.
We were delighted to receive the fiT5t part of a fvvtryear grant from CohNinston Chantable Trust for our
Smallstsges tours. Yhe commitment to our futu￿ from an Independent funder Is hugely encouraging. We also
rec8ved a grant frorn Millichope Foundation, who have been loyal supporters for many years. and a ￿edge for
the 2026 season from Laidlaw Opera Trust, increasing their previoLJS 5UPPOrt.
In additlon we have received a grant from Art5 Council Wales Create Lottery fund for £45K for a prolect'Touring
and Outreach 2026. which runs from January to December 2026. Most of the activity will fa11 into the next
accounting yeaT- See ￿t￿re plans- but this albws us lo pilot the role ol an Outreach Officer.
Our ongoing Appeal 'Keep Mid Wales Opera on the Road., continues to receive a heart-warming and Substantial
response. We have received some significant donations from individual anonymous donors wh058 Support is
potentially making the drfterence bebween short-terrn survival and long-term sustainability. Alongside this our
Administrative team have actively rfrengaged with the Friends group and a￿ working on increasing the number
of regular donors.
The Welsh GovemmenVArts Council Wales Arts Jobs anil Resilience fund continues to allow u5 to employ
fundraiser and additional administrative 8UPPOrt till Decernber 2026. The Trustees reeognise the huge impact
this slabilisation ol the staffing structure is having on the development and maintenance of the company for the
future.
Since June 2025 Bridget Wallbank's role was formalised as Producbon and General Manager for 2.5 days a
week. She has been joined by Je$si¢a Stimp$on as Administrative Officer on 2 days a week. Since January
Jessica has also undertaken the iole of Outreach offi￿r.
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 y￿th a week-long residency in
Brecon and Hay, rehearsing and producing Purcell's D￿0 & 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 sCh￿chI 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¢h1￿h1 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$' rgspon¥ibilit18S
The Trustee5 (who are also the directors of the Charitable Company for the purposes of company lawl are
responsible lor p￿ParIng the Trustees, Report and the financial statements in accordance wrth applicable law
and United Kingdom Ac¢ounting Standards (United Kingdom Generally Accepted A¢counb'ng Practice).
Company law requires the Trustees to P￿pare financSal statements for each financial yéar. Und•r company law,
the Trustees mu51 not approve the financial statements unless they are sats"5fied that they give a true and fair
view of the state of affairs of the Charitable Company and of rts incomlng resources and application of resources,
Including Its income and expenditu￿, for that period. In yeparing these financial slalements, the Trustees are
quired lo..
select suitable accounting policies and then apply them Con￿StendY.,
ob5eNe the methods ancl principles ol the Charities SORP IFRS 1021.,
make iudgrnents and accounting estimates that are reasonable and prudent".
stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material
departures disdosed and explained in the financial statement5,
prepare the financial statements on the going concern basi5 unless It Is inappropriate to presume that the
Charitable Company will continue In business.
The Trustees are responsible for keeping adequate accounting ￿cOrdS that are sufticient to show and explain
the Charitable Company's Iransa¢lion$ 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 8a*l• 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 prepa￿d 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 reqUI￿d 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".
I7￿V
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 fo￿rd
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#r*nt••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 $¢¢fjon 477 ot Comp¥nl8s Act 2008.
The members have not required the company to cthin an audit for the year in question in ac￿r￿an¢* wth
s8ctlon 476 of Compan￿$ 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 Stat￿4n1$ 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, I￿rnited 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 wor￿n9 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 reqUI￿d 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$¢ounl rate that reflects the risks specific lo the liability. The
unwinding of the discourit is recognised in the Statement of Financial A￿1VitieS as a finance c05t.
110 Flnanclal instruments
The Charitable Company only has financial assets and financlal liabil￿eS ol a knnd that qualify as
basic financial instruments. Basic financial instruments a￿ initially recognised at transaction value
and subsequ¢ntly Measured at their settlement value.
2.11 Pen8ion$
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 Tr￿t fund$ r•eèlv•d
2026
CchwnBton Charitsbl¢ Tnjst
Arts Council Walgs- Jobs and Re$ilienu grant
Arts Council Wates- National Lottery funding
Margar•t and Gwendolln8 Dovi¢s Charity
Dar￿eY TNst
Community Foundation Wales
Mid Wales Music Trust
Millichop• Foundation
Fffioni¢
26.000
22.000
10,250
5,000
3,000
3,000
2,000
2.000
2,000
84,250
Incom• from othor tradlng a¢tIvIt￿8
Unr•strlctsd
funds
2026
Tot•1
fvnd$
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
In￿stm*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
U￿r￿triCt•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 •X￿ndItUr¥ by le￿wit1•¥
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 0X￿ndItur• 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 exornir*rf6 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>Xp￿sSed as fvlklime equwalenl# vrdS'.
2026
No.
2025
No.
EMF40￿e$
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
Ad￿￿on?
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
RedUnd1￿Y 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 (Con￿nued)
Prlor y•ar lund$
B818nce at
31 March
2025
5818n￿ ot
1 Aprll 2024
Income &¥p￿dit￿rn
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.
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