# ## ||`Page`| |---|---| |`Directors' Report`|`2-4`| |`Accountants' Report`|`5`| |`Statement of Financial Activities`|`6`| |`Balance Sheet`|`7`| |`Notes to the Financial Statements`|`8-11`| DIRECTORS, REPORT TO THE MELVIBERS OF SWANSEA CITY OPERA & THE OPERA SCHOOL WALES Thc Dir¢ctvr5 submit their Report and Ehe FinanciaI Siaiements for the year cndcd 31 Octobei STA TEMENT OF DIRECTORS. RESPONSIBILITY CoTnpany La￿, requires the DireLtors to prepare Financial Statements for ¢aeh financial period Ivhi¢h gil'e a Irue and fair i'iew. of ihe state of atlairs of the Coinpany and of the profit 01 loss of that Cotnpany for thai periud. In preparinti ihose Financial Sthtenients ihe Direitors are required to=_ SclcLt suitablc accounting poliLi¢s and then apply ihcm consisienily Make jud(yements and esiimaies ihai are reasonable and prudent Prepare ihe Financial Statements on the (yoing concern basis unless it is inappropriate to presiime that the Company ivill conlinue in business. ThL DireLiors are responsible for keeping propcr accounting rccords ivhich dis¢loL' Iviih rLabonablL a¢¢uraLy at any iimL Ihe finanLial posiiion of ihe Company and to Cnablc them to Lnsurc ihal thc FinanLial StatemLnts comply wilh the Companies Aci ?006. Thcy arc also rLsponsiblL for safL¥uaidino ihL aSSL'ls of ihe Company and henLL for laking rLasonablc SILPS for ihe prei"Lriiion and ditiction of fraud and oiher irr¢gularili¢s. ThL DirLciors also confirni that ihL FinanLial SiatLmLllis haie IK"Lll prLparid in accoTdaniL Ii'iih ihe Statement of Rccotntnended PraLtiLe ISORP} ?Oli. Accountinu and Rcportinu by Charitics. The Direciors hai'e complied ii'iih Ihe duty in S.4 ot ihe ?006 Charities Act to hai'e due re￿ard to guidttnce published by the Chariry Commission. Details of actii'ities. aitns and tuture p12ns bho1￿.1no hoii, th¢ Charitt. turthers ils chariiable purpo>es for rhe public benefil is gii'en on paues 3 and 4 ot the report. LEGAL AND ADMINisfRA TIVE INFORMA TION The Directors. th'ho are al80 Tnjsiees. ser4.ed throu(Fhoui ihe year or as indicated. ii'ere also the m¥mb¢rs iihose inJii'idual liability is limilcd to £1. J. Williams G. Clcmcnt G. Kilby DIRECTORS, REPORT TO THE fvIEINIBERS OF SWANSEA CITY OPERA & THE OPERA SCHOOL WALES contd. Thc Comp¥iny is adminisi¢r¢d under lis goveming d￿￿men￿ the Nlemornndum and Articlcs of Association. and is constituted as a limiled company ii'ith dctails proi'ided as follows= Company Regi>iration Ni umber Charity Re?islralion Number 03?60797 10676il. Truslees are appointed by cxisling mcmlKrs ai Trustcc mc¢tings. The prinLipJI offiLe and rLgisiered offiLC of the Company is Rhydyberi Cotiaues. Merthyr Cynots, BreLon, Pomys. Organisations or persons relevant io the Company are uiven &$ follows.. Bankers HSBC London- Peckham Branch Solicitors Gabb & Co, Aberqavenny. Wales Accountants Anthon}. W Doii Chanered Certifi¢d A¢countani 9. ShLrt)OrnL Ai'enue Cyncoed Cardiff CF?) 6SJ PRINCIPAL ACTIVITY The Charity s principal iciii.ily IS to tour affordable fullv_staoed qualitj. opera to under resouic¢d ar¢ ihe Lompilets of Ihe annual aLLoullis is not an audit ol- Ehc accounls in accoidancc ii.iih auditing slandaids and ￿'e do not e.xpress an audii opinion. Anthony Doivn Chaiiei-ecl Cei-li]EeÉl -4L'L'OlllltaiR15 9. Slierboriie.41'eiiiie Ci'iicoeil CF?3 6 30 Jiily ?0?6 SWANSEA CITY OPERA & THE OPERA SCHOOL WALES STATEIVIENT OF FINANCIAL ACTII'ITIES YEAR ELNDED 31 OCTOBER 2025 [Inrestricred I iireslriLted otes 2024 ncoming resources InLomini? resourLes from oenerated ￿ndS.. Voluntary incomc Ini'estment income- inreresr receii-ed Incomin(y r¥4ourLLS frown chatilabl¢ a¢lii"ilies hcalrc Td¥ Relief 60,081 j56 ?,454 3.55¥ ?511 14. 3.5)8 otal Éncoming resource5 4S.566 66.649 Resources expended osts of (yenerating tunds.. Cost ot oeneraiinu i'oluntary income Charitable activities Goi"LrnanLL' Losts 73,438 -iOO i8.874 6.560 otthl resource$ expended 80.790 1.676 et increasel(redu¢tion> in funds otal tiinds broiioht tor¥i'ard (J? ??41 44.7?7 115,0?71 59.714 otal funds carried forii'ard £1? 503 All inLominu resoLifLes and rcsourccs cxpcndcd arc dcrii.cd frotn CQTLtinuin¥ aLlivilies There arc no othir uains and losscs othcr than thtssc notcd thoi"e and ihere(ore no separate Statcment ol-toial iecoiynised (yiins and losses has been prepared. Thc aicompansyino ai¢ountinTr policies and noies fonn an inteural part of these tinancial iaiemenis. The.staiement ol- finanLial acti￿111¢5 incorporatcs an in¢ome aT]d e.xpendiiure accouni. The liinds rctain¢d al th¢ !¢ai end and moi"emenis during ihe }'ear relaied io unresiricted funds. SWANSEA CITY OPERA & THE OPERASCHOOL WALES BALANCE SHEET AS AT 31 OCTOBER 2025 202) 2024 ANCIIBLE FIXED ASSETS "OMPANY FORMATION EXPENSES 81 1.598 1.598 URRENT ASSETS ¢btors ash ai Bank 15,18? 34.426 49.608 560 13.40) REDITORS.. Amounts fallin¢F due ￿'1th1￿ one year 2.500 6.560 ET CURRENT ASSETS 10.905 1 43.048 ET ASSETS É résented b ,: ESERVES ncomL and Ex endiiure acLount For the J'ear endinu 31 OLtober ?O?i the companv ivas eniiiled 10 exemption Irom audit under section 477 ot-the Companies Aci ?006 relaiino ro small conipanies. The Members have noi required ihe company lo obtain an audit in acLordance iviih section 476 ol- the Companies Aci 2006 The dircctors acknoivled¥e their responsibiliry for complyino ii'ith rhe requircmcnts of the Act w'ith rLSPCLt to aLcouniino records and for ihc prcparation of accvunts. These accounts haN"e been prepared in accordance ii'irh the provisions applicable to compallies subject to lh¢ small companies reoime. Signed on behalf of the Board of DirettOTS 30 J. Williams Directors G. Clement G. Kilby Approved b), the Board ol'Dircctors on 30 July ?11?6. SWANSEA CITY OPERA & THE OPERA SCHOOL WALES NOTES TO THE FINANCIAL STATEMENTS YEAR EliDED 31 OCTOBER 202) 1. PRINCIPAL ACCOUNTING POLICIES (a) Basis of preparation Thc tinancial statCTncnls hai"e beetk prcpttted under the hisiOriLal cost Lonvcntion and in accordat]cc ivith thc Financial Reporting St￿ndard for Smaller Eniiilcs leffcLiiVC I January ?0 l il the Cotnpanies Acl ?006 and folloii. the iecommendaiions in the Reviscd Statcmenl of Re¢ommended PTaCiice '"Accouniino and Reportinu by Charities" Ithc SORP ?015). (b) Cost of productions Th¢ mai¢rials, Lost ot neil, productions and associated creative team fees are carried foni'ard ii,here appropriale. (¢) Incoming resources loluntary Incomi comprises all inroming resources from _£rdnts and donations recO￿nISed on a receii.ablc basis. IVhirL donor imw)scd conditions iequirc that the rLsoufLL is exwndLd in a future accountin period incomc is ¢reditLd to dcfctrixl inLomL and aLcountLd for as a liability. InLomin2 ResourLes from Charitablc Actii"itics rcprcscnts incoETrC from thcatrc and tourinu activities. (d) Resources expended The costs of (Feneratino voluntary income represent the costs of securing grants and donalions. Goi'ernance costs represeni the non41ireci produciion costs includinq accountancy, adniinisiration and offiLe expenses. All iXP-ndituri is accountcd for on an accruals basis and is reLo£nisLd u'hcn therL is a Icgal or conslructii'c obligJtion io pay. (e) Fund accounting The charit! had only one iN'pe of fund durinti Ihe lear ivhich ￿'aS unrestricted. This fund is expendable at the di>Lreiion of ihe Board in lurtherance ol- Ihe objecis of the chariiv as opposed to restricled t.unds ii.here ihe donation and income (lerii'eii ih¢refrom will be used in accordance ii'ith specitic purposes. (Q VAT Incume and expendiiure is staled nei Of IIAT. SWANSEA CITY OPERA & THE OPERA SCHOOL WALES NOTES TO THE FINANCI.4L STATEfvIENTS YEAR ENDED 31 OCTOBER 20?) ICONTD.) 2. VOLUNTARY INCOME 2024 Unre5tricled Llnreslricted Grants Donations TotJl inLoming rL￿0UrLLs from i'oluntary income 30.840 1.610 3?.450 i8.711 . TOTAL INCOMING RESOURCES FROM CHARITABLE ACTIVITIES PLrformancci.' Tourinu Unitid Kingdom COSTS OF CHARITABLE ACTIVITY Pertomianits.. Artists and musician ProdLILtion and Lduiational programmL costs Depreciation Total cobls of ¢han￿b]C a¢iii'iiy 3),937 41 £58 874 £73.438 Goi"CTnaD¢e -iOO £6 5()0 5. STAFF COSTS AND NUMBERS ThcFe il'tre nu employees durints the year. All sIn￿erS and musicians ii'ere remuneratcd bv indii'idual perfornianLe LoniraLlS li.iih teLhnical and other production sen"ic¢s bought in lo meet PLrforniancc riquircmcnls. 6. DIRECTORS, EMOLUMENTS Thc Jir¢Ltur5 li'ho ii'cre 1150 ihc irLlSfCCS did noi rcccivc any rcmuncration or cxpcnscs during the i'ear. SWANSEA CITY OPERA & THE OPERA SCHOOL WALES NOTES TO THE FINA￿CIAL STATENIENTS YEAR EI%DED 31 OCTOBER 2025 CON'TD. 7. TANGIBLE FIXED ASSETS Production ui Total COST As at l NovcmbLr ?0?4 Additions As at 31 OLiober 20? li.0?7 i 13,0)7 13.027 13.027 DEPRECI.4TION As at l November 20?4 Chai¥¢ for J'ear As at 31 OLtober ?0? j 12.987 11.987 40 NET BOOK VALUE As ai 31 October ?O?- As ai 31 OLtober 20?4 40 8. DEBTORS AND PREPAYMENTS 21125 2024 PrcpaJ'tncn15 and ouisiandino incomL Thcatrc Tax Rclicf 10.991 ?.914 £li.90i I L15.187 9. CREDITORS: Amounts falling due within one year 20?5 2024 TTad¢ Lrediiors ALcruals ?,jOO 6.560 ValLie Added Ta.x DLfcrrcd orant incotnc ilx) £6.)60 10 SWANSEA CITY OPERA & THE OPERA SCHOOL WALES LSOTES TO THE FIYANCIAL ST.4TEMENTS 'EAR ELIDED 31 OCTOBER 2025 CONTD. 10. MEMBERS, LIABILITY LIMITED BY GUARANTEE lejnbers. Liabiliti. limited to T.M. Watson £1 £1 J. Nvilliams G. Clement G. Kilby T. SiokLS £1 £1 £1 £1 £1 £1 £1 11. CONTINGENT LIABIUTY There ii'ere no contingent liabililies in existence at 31 October 202) {20?4 Nill. 12. COMMITMENTS Thcic iicrc nv idpiial Lommitmcnts at 31 Oitobcr ?O?i i?0?4 Nil). 13. POST BALANCE SHEET EVENTS There ii'ere no si(vnilicant po.%1 balanLe sheei ei'ents. 14. THEATRE TAX RELIEF of £3.558 bhoiim und¢r Incomino Resourc¢s paiy-e 6. r¢piesenLs a Llaim pendinu under thc gF{?i"¢mmeni's relief for Iheatre produLtion LXPLnditurL introducLd in ihc Fiwhance ALI ?014. SWANSEA CITY OPERA & THE OPERA SCHOOL WALES ACCOUNTANTS, REPORT TO THE DIRECTORS W¢ r¢wJrt on the accounts foT the year ended 31 (ktober 2025 oul on ￿g¢S 5 to I l. As d¢5cTibtyJ on page 7. the Comkwny's di￿or8 ar¢ n¥Fwsible for the prq)ar4tion of the aod thry considerthit th¢ Compaoy is exempt from #udiL In Ord￿ to a8$1￿ YOU ￿ fi￿ri1 your s¢a¢uW ffspnsibilities we havc compil¢d th¢ annual accounts bAsryJ on th¢ a¢¢ountin8 reconls Main￿1￿l*j by th¢ COmp￿Y and infomwion ¢xplanations supplied to We have a profcs5ional duty ￿ compile accowits which conform with 8cn¢TElly aceeptrd a¢¢ounting principle5. We pl8nn¢d our work on the basis that no is required by statute or r¢gul4iton for the year. Although rewnable care has been ¢•ken to ¢heek ihe accurncy of Infom￿l10n used in the prtP8rntion of these acc4)uni$ our work as the compileT5 of th¢ 8nnual ounts is not an audit of th¢ ¥¢counts in pKconlance with &udiiill8 stsndarth and w¢ do rK)t expr¢s5 an audit opinion. Antho wn Chortered Certified Accounlanls 9, SherbOrneA￿￿Me Cyncoed Cardiff CF23 1 30 July 2026 TRIISTEES, REPORT TO THE MEMBERS or SWANSEA CITY OPERA & THE OPERA SCHOOL WALES contd. RESUL TS AND STA TE OF THE COMPANYS AFFAIRS The results for thc period and state ot. lh¢ Company's affairs are shown in the attached accounts. AIMS AND FUTURE PLANS Swansea L ily OFera has been in existence for 20 years and is well known throughoui Ihe UK for the high qualiiy of ils perfonnances. It is SCO'S 10 rcinvi8orate as a N)pular activity for communilies across Wales boih as audience and wticiponts and to further develop and cxFMnd ¢ducaiion and outreach programmcs. Due to cuibacks in funding from the Arts Councils. SCO'S focus has moved during this year onio more community outreach proLErammes. SCO becn fortunaie lo r￿e1ve a Btant trom Arts Council Wales towards 8 pilot for a new work creaied in conjunction wilh Ihe organisaiion Men's Sheds Cymru. (Men's Sheds Cymru l The Ot7icial Home of Men's Sheds in Wales}. an organisation Ihal provides help, support and a place to med for socially disadvantaged and lonely men (and some women) At the Sheds they make or grow things and scll the itcms and produce to support the Shed or give thcm away to wple in ￿ed in the community. The strengih of Ihe or¥anisation is thal il proviintment for Ihe ensuin8 year. This Re￿rt. which has been prepAred takins advania8e of the Financial RepK)ning Siandard for Smaller Entities (effective l January 2015) and SORP 201 S, was approved by the Board on 30 July 2026 and Sibncd on its behalf, R E Gill. .Se¢rrtary