Company registration number 01195345 (England and Wales)
Charity registration number 269068 (England and Wales)
WELSH DANCE THEATRE TRUST LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
WELSH DANCE THEATRE TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Avijit Bhagwant
John Cavanagh
Charlie Ellaway
Jamie Falarczyk
(Appointed 1 September 2025)
Micaela Owen
Paul Whittaker
Matthew Williams
Senior management
Simon Morris
CEO
Country of incorporation
United Kingdom
01195345
(England and Wales)
Charity registration
England and Wales
269068
Registered office
Rubicon Dance
Nora Street
Adamsdown
Cardiff
CF2 1ND
Independent examiner
UHY Hacker Young
Bradbury House
Mission Court
Newport
Gwent
United Kingdom
NP20 2DW
WELSH DANCE THEATRE TRUST LIMITED
CONTENTS
Page
Statement from the Chair of Trustees
1
Trustees report
2 - 12
Independent examiner's report
13
Statement of financial activities
14
Balance sheet
15
Statement of cash flows
16
Notes to the financial statements
17 - 28
WELSH DANCE THEATRE TRUST LIMITED
STATEMENT FROM THE CHAIR OF TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

Foreword to the Trustees Report

 

Annwyl Cyfaill, Dear Reader,

 

Here we present our annual report for the financial year 2025/26.

 

During this financial year Rubicon consolidated the team and organisational capability with a strong focus on longer term sustainability and growth.

 

Finances continue to be challenging, as is the case with most of the sector and indeed most charities, both in terms of securing funds and managing cost pressures. Nevertheless, we have navigated the issues well and continue to be a good employer, including retaining our commitment to the Real Living Wage and investing in the building which is looking immeasurably better, the latter supplemented by some terrific efforts from our supporters.

 

Rubicon was delighted to have won a number of awards in 2025, including recognition of our excellent partnership with Rubicon Facilities at the Arts & Business Awards.

 

We have also refreshed our strategy for the future and established a simpler set of values which describe who we are.

 

Our strategy is based on a set of aims for the next five years. By 2031 we will be:

 

In terms of Values, we are:

D – Diverse: We respect, welcome and celebrate different cultures, identities and abilities

A – Artistic: We pursue creativity, excellence and innovation

N – Nurturing: We care about people and support them to optimise their potential

C – Collaborative: We work with others to achieve a shared purpose

E – Enterprising: We actively seek opportunities and income to secure Rubicon’s future and grow our impact

 

For the next year we have set ourselves some ambitious targets:

1. Income growth: Grow income by 10% over 2025

2. Fit organisation & data: Team ‘Pulse’ results demonstrate fit for purpose organisation and processes

3. Reputation & sector links: Stakeholders and partners demonstrate positivity about Rubicon, including successful 50th anniversary events

4. Access & pathways: At least 3 new programmes introduced, attracting new participants

5. Education & skills reputation: Increased GCSE/BTEC participation and greater integration of community, education, and sector journeys 

 

With this report, we outline what we have achieved and our plans for the future. We are proud of the progress made, and are excited about the future.

 

Yr eiddoch yn wir,

..............................
John Cavanagh
Chair
Date: .........................
WELSH DANCE THEATRE TRUST LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -

The trustees present their annual report and financial statements for the year ended 31 March 2026.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

WELSH DANCE THEATRE TRUST LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -
Who we are

The charitable objects of Welsh Dance Theatre Trust trading as Rubicon Dance are:

 

For the benefit of the public, to foster, promote, and increase the interest of the public in the knowledge, understanding and practice of dancing (including but not restricted to contemporary dance, community dance, and other modern dance forms) and to promote, assist and provide facilities for presentations of such dancing and training of dancers and choreographers.

 

Our vision is an inclusive, vibrant, and diverse Wales in which anyone, anywhere can experience the joys and benefits of dancing, to their full potential and aspiration. In this world, we are a key collaborator with other organisations, uplifting and celebrating the successes of others as much as our own.

 

Our community work brings engaging, safe, inclusive, and inspiring opportunities for dancing and movement to people in Cardiff and South Wales, especially those who may face barriers to dance. Through our education and career work, we provide excellent dance education, career progression routes and skill development for aspiring and existing professionals.

 

Our values and behaviours are inspired by the Professional code of conduct of community dance established by People Dancing and reflected throughout our work:

 

 

Our charitable activities

To fulfil our purpose we undertake activities in three main programmes:

 

Health and Community Engagement Programmes

In these programmes, we engage with our local and regional communities – in general, and also in specific settings such as schools, hospitals and elsewhere – to enable them to dance. We nurture participation and interest in dance, self-expression of our participants and provide opportunities to move with joy where they may be scarce. We challenge traditional views of what it means to dance, be that where we dance, who we dance with, or what artistic expression looks like. It goes beyond performance in traditional theatrical settings and encompasses an ever-growing list of alternative ways of artistic expression. You will see in our information below the variety of settings in which we work, and each of these settings requires a distinctly different approach. Instead of expecting people to come to us to dance, we come to where they are.

 

Professional Development Programmes

Our Wales Wide Training Programme (WWTP) seeks to inspire and sustain community dance across Wales by providing training to any sector participant in a strategic way, responsive to sector need. It addresses the development and support needs of freelance community dance practitioners within the broader context of the community dance landscape across Wales. Through this programme, we contribute to the dance sector’s workforce development and enhanced community dance provision through the provision of relevant, regular and varied opportunities for dance practitioners at all stages of their career journeys.

 

Education Programmes

This work includes our Young Dance Programme, in which we provide GCSE dance training and our unique pre-vocational full-time dance course (BTEC Level 3 Extended Diploma), both of which prepare talented young people from Wales at different stages of their development for entry to higher education and the major conservatoires. The GCSE programme is also designed to detect talent by working with secondary schools and providing high intensity dance training to encourage more people from diverse backgrounds to consider careers in the sector. The full-time course has run since 1986 and provides students with the technical skills as well as the necessary UCAS points to progress to the degrees offered by the conservatoires. Since its inception, we have trained hundreds of people and take immense pride in following the progress of their careers and it is an important part of the dance ecosystem in Wales. We also support Arts Awards qualifications and in 2025/2026 we added the widely recognised Rambert Grades to the accreditation available to participants in our contemporary dance classes for young people.

WELSH DANCE THEATRE TRUST LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 4 -
Achievements and performance
Significant activities and achievements against objectives

 

In the following, we want to share some qualitative and quantitative information to provide you with a sense of what we achieved in 2025-2026.

 

Our charitable activities – quantity

 

Health and Community Engagement Programmes

During the year we held 2,385 sessions which were attended by 21,384 participants of highly varied ages and abilities who physically attended the sessions and 414 who attended virtually. The scope of the community work we undertook included working with young people in schools and at the dance studio in Nora Street.

 

We also began to increase our local community engagement offer, following the creation of a dedicated Outreach & Community Engagement Coordinator post at the start of the year. This resulted in new project activities including a summer school programme, picnic events in partnership with the local housing association CCHA, new traditional Welsh dance Twmpath events, workshops supporting a local lantern parade in October and the Big Splash project. In total we offered 26 new community workshops that generated 292 attendances.

 

In addition to working in the community settings above, including some with disabilities, we have excellent and greatly appreciated programmes in care homes, online sessions for stroke survivors, and our regular ballet, tap, jazz, creative dance and contemporary dance classes at Rubicon have enabled adults to participate in dance in a relaxed, sociable environment. We also delivered adult sessions at Eastern Leisure Centre, Whitchurch Community Centre, St Pauls Church Penarth and The Riverfront in Newport. Rubicon also runs an extremely popular Bharata Natyam dance session online that serves participants from all over Wales. 

 

The work we undertake in hospital-based sessions included neuropsychiatry, brain injury, stroke rehabilitation, mental health services for older people and integrated medicine for patients with dementia and confusion, children's hospitals, and falls prevention. We also continued to offer online sessions for participants recovering from a stroke. The number of sessions increased and we spread further into the Vale of Glamorgan due to demand through a key dementia charity.

 

We continued to work with disabled participants of ages 7+ by offering sessions which are designed to suit the highly varied needs and abilities of individual participants. 

 

Education Programmes

We provided 148 curriculum-based sessions to 5 schools which were attended by 313 pupils with a total attendance figure of 3,293. In addition to schools-based sessions, we developed a partnership with Northern School of Contemporary Dance (NSCD) and one of our participants receives bursary funding from the institution to access classes with us as well as external enrichment opportunities. 17 pupils successfully took part in our GCSE Dance course and 7 completed the qualification in June 2025. We continued to strengthen our relationship with Cardiff and Vale College and were proud to get 5 students through their BTEC L3 Foundation Diploma qualification, enabling progression into year two. 8 students successfully completed their BTEC L3 Extended Diploma Qualification enabling progression onto HE dance training institutions including University Centre Weston, Shockout Arts, Bristol Institute of Performing Arts and Trinity Laban. The end-of-year show Impact’25 at the Dance House, WMC was a superb display of the skills and creativity of these remarkable young people and was well received by all those who attended. 

 

Professional Development Programmes

Since its inception in 2013 Wales Wide Training Programme (WWTP) has sought to include a wide range of activity and training approaches in order to address the diverse and strategic needs of a sector facing ongoing change. In 2025/26 there were 88 distinct events including the following 13 strands of activity:

• CPD training programmes – face to face in three geographical areas of Wales with follow on

online sessions to share learning x 6

• Shared Practice Forums led by WWTP partners x 2

• Graduate information sessions x 2

WELSH DANCE THEATRE TRUST LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 5 -

• Network Meetings x 9

• Partner Meetings x 9

• Guest Talk Series x 6

• Creative Practice & Wellbeing One to One Support Sessions x 9

• Welsh Language Support One to One sessions for beginners and improvers x 15

• Sharing of Practice Sessions x 21 1

• Evaluation Support One to One Sessions x 6

• Impact report (annual) x1

• Case study on an element of WWTP (annual) x1

• Film to highlight the success of an element of WWTP (annual) x1

 

The work of WWTP is therefore equally relevant to individual practitioners as well as the dance organisations, other arts organisations, venues and cross sector employers who employ them to support their programmes.

During 2025/26 WWTP continued to increase the number of disabled practitioners (8) participating in the programme both as event leaders and participants, the numbers of people who were Welsh speakers (13) and those identifying as global majority (12) - There have been 49 new participants accessing WWTP who've not done so before. Together these numbers indicate the further expansion of the programme artistically and in terms of reach.

 

These included School’s Curriculum for Wales, young people dancing, the importance of movement for early years in a range of settings, diversity in dance, inclusive practice, keeping current with practice and sector developments, agent for change roles in Wales, Dance for People living with Parkinson’s including an early onset diagnosis, arts & mental health, looking after dance practitioner’s own mental health, Welsh language forums “What is it like to be a first language Welsh dance practitioner working in Wales?”

 

Our charitable activities – quality

 

Some of the feedback we received in 2025-2026:

                                                                                                                                                         

From the Dance for Health Programme

 

“Your sessions are so popular….we are so pleased with the service you give and the rapport you personally develop with our visitors.  Can’t praise you highly enough…..well done.” Contact at Barry Rotary Cafe  

 

“I always look forward to Rubicon’s dance class and miss it enormously when we have no session, Why do I love it? Because we have fun from start to finish as we learn new routines specifically tailored to the group each time. It keeps us physically active, mentally alert and staves off loneliness”. A quote from a participant who has taken part in the dance for older adults sessions 

 

“I thoroughly enjoy the movement to music with a bunch of like minded crazy old ladies. I have recently received cancer treatment. Evidence shows exercise prevents the spread of cancer so Rubicon may have saved my life!”  A quote from a participant who has taken part in the dance for older adults session

 

Comments from over 60s dance participant


“Our NuWave class is very important to me.  I look forward to it very much each week.  Not only does it play a significant part in helping us older ladies keep and improve our muscle and bone strength, our class exercises our brains and raises our spirits.  We have made good friends. We dance, we learn, we laugh!  What a gem!”

 

“Nothing else gives me the feeling that I get when I am dancing. It is so much more than just exercise- it brings me happiness!”

 

WELSH DANCE THEATRE TRUST LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 6 -

From Wales Wide Training Programme partners 

 

“Common/Wealth believe that collaborative practice is key to a stronger arts culture in Wales. Joining the partnership felt like a natural next step after our Community Producer, Chantal Williams, delivered a session on the site-specific and community-embedded work we do, alongside a brilliant group of creatives and practitioners. This work matters, and we’re excited to keep building connections and exchanging ideas.”

 

“Thank you so much for working with Arts Care Gofal Celf to organise and deliver the recent CPD day at y Ffwrnes, Llanelli.  It was a fantastic day, and all the practitioners I spoke to said they had enjoyed the day and the opportunity to share expertise and explore different approaches to working with adults with learning disabilities. On top of that, the participants clearly had a fantastic time and the energy and joy in the room throughout the event was great to witness.  Thanks again for your support and the invaluable work of the WWTP.”

 

“Paallam Arts is a performing arts organisation with dance and movement art as its core medium of expression. It is headed by Krishnapriya Ramamoorthy, a dancer and producer working on bridging high quality dance and community. She strongly believes art/dance is for everyone and is keen on building an inclusive space centred around dance and movement art with the community they thrive. Paallam Arts are pleased to be joining WWT.”

 

From Wales Wide Training Programme freelancers

 

“WWTP is inspiring, and we are proud to be a part of it.”

 

“Having the opportunity to lead a Welsh language movement session was an absolute joy. It was wonderful to share the creative space with other professionals, a reminder of the talent and expertise we have here in north Wales and so grounding for me personally, bringing me back to my own creative practice and roots. Thank you! Diolch yn fawr!”

 

“Living and dancing in North Wales, I recognised the importance of being able to train and enjoy dance through the medium of Welsh and by attending the "delivering a class through the medium of Welsh" session, I was provided with ideas as to how to accomplish this.” 

  

“WWTP is such a person centred and nurturing programme which has given me such a breadth of training and learning opportunities through blended delivery both online and in person. The use of repeat workshop leaders and facilitators are a strength of the programme in terms of having a deeper understanding of individuals work and vice versa and so that they shout about WWTP to others!”

  

“It has been an absolute pleasure to deliver a CPD day in North Wales as part of the Wales Wide Training programme. It was excellently organised with clear, thoughtful and solution focused communication throughout the lead-up and on the day. It was heartening to see PMLD placed at the centre of the Wales Wide Training Programme’s focus—this kind of specialist CPD is vital for deepening inclusive practice across the sector. The diversity of dance practitioners attending from across Wales brought a rich exchange of perspectives, making the day inspiring for us to deliver.”

 

 

Our charitable activities – place

 

Rubicon’s activities continue to span the major population centres of Cardiff and Newport as well as the Vale of Glamorgan, with various initiatives impacting dance communities further afield.

The extensive reach of the Wales Wide Training Programme has enabled us to connect with dance practitioners across Wales including Abergavenny, Bangor, Caernarfon, Caerphilly, Cardiff, Cardigan, Carmarthen, Ceredigion, Llandudno, Llanelli, Narberth, Neath, Newport, Pembrokeshire, Port Talbot, Powys, Rhondda Cynon Taf, Rogerstone, Swansea, Wrexham, Vale of Glamorgan.

WELSH DANCE THEATRE TRUST LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -

Our charitable activities – partners

 

Along with Arts Council Wales, we have enjoyed supportive partnerships with many organisations, here are some of them. Thanks to you all!

 

Afon Dance

Ardour Academy

Artis Community Arts Care

Arts Care Gofal Celf

Ballet Cymru

Barry Rotary Club Memory Cafe

BBC National Orchestra of Wales

Caerphilly Arts Development

Cardiff & Vale College

Cardiff and Vales University Health Board

Cardiff Metropolitan University

Coleg Sir Gar

Commonwealth Theatre Company

Community Brain Injury Team

Cwmpas OT

Dance Blast

Dance Collective

Dancerama

Dawns i Bawb

Eleni Cymru

Escape Pain

Forget Me Not Hub Cowbridge

Headway

Hedyn Dance Company

Hijinx

Impelo

Integrated Medicine

Jones the Dance

Marie Curie

Mental Health Matters

Mental Health Services for Older People

Motion Control Dance

National Dance Company Wales

National Youth Arts Wales

National Youth Dance Wales

Neuropsychiatry

No Fit State

Paallam Arts

People Dancing

Props - West 10

Railway Gardens (lantern event)

Roose Memory Cafe

Square Mile Partnership

Stroke Rehabilitation Services

Tanio

The Riverfront Theatre & Arts

The Royal Ballet

Theatr Clwyd

Theatr Felinfach

Vale Plus Day Service

Wales Millennium Centre

Youth Action Network

 

WELSH DANCE THEATRE TRUST LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -

Funders 2024-2025

 

Admiral

Arts Council of Wales

Cardiff City Council

Cardiff Community Housing Association

D'Oyly Carte

Darkley Trust

First Choice Housing Association

First Choice Housing Association

Glamorgan Voluntary Services

Hodge Bank

Hodge Bank - Building Improvements

Hodge Foundation

Monmouthshire Building Society

Monmouthsire Building Society

Moondance

No Fit State

Oakdale Trust

Postcode Lottery

Rubicon Facilities Management Ltd

Simon Gibson - inclusive sessions for young people

St Peters Players

The Atlantic Foundation

Tiny Rebel

Top Banana

Vale Of Glamorgan Council

Wickes

 

We would also like to express our additional thanks to the countless individuals who supported Rubicon with their generous donations.

 

Resources in 2025-2026

 

Staffing

During the year under review, Rubicon employed an average of 17 staff, 11 of whom were part time, equating to 10 full-time roles. Ten freelance dance practitioners also delivered sessions on behalf of Rubicon.

 

Board

During the financial year, nine trustees served the charity. At the end of 2025-2026 Rubicon had six trustees, following the resignation of two and recruitment of two, comprising three females and three males, aged between 31 and 62 years. The expertise provided by the board during this financial year covers strategy, governance, operations, HR, training, facilitation and co-production, mental health, policy, finance, commercial & transformation, general business and data. They have experience drawn from a wide range of sectors including arts, charity, health, finance, insurance, legal, sports, manufacturing and technology.

WELSH DANCE THEATRE TRUST LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
Reserves policy

Reserves are needed to bridge the gap between the spending and receiving of income, and to cover unplanned emergency repairs and other expenditure and future plans. We aim to maintain sufficient unrestricted funds in reserves to:​

​

 

The trustees consider that three months operational costs would be required to cover the above. At the year-end 2025-2026, the charity had restricted reserves of £4,760. We are aiming to increase our reserve levels in the coming years sustainably and transparently.​

 

Investment policy

 

The trustees consider it prudent to hold most of the reserves on deposit to meet short term financial commitments.

Financial review

 

We owe significant gratitude to our funders and partners, first and foremost the Arts Council of Wales, who remained a consistent source of support, advice and critical friendship during the year. Indeed, all of our amazing funders and partners have been (and are continuing to be) incredibly supportive, including but not limited to all those parties mentioned above. A huge THANK YOU also to all the individuals and institutions who donated to the charity during the year, some of which are continuing to give regularly.

 

The charity has reserves of £267,360 (2025: £297,108), this is a reduction of £29,748. Our financial performance is comprehensively disclosed in the attached financial statements.

 

The Board of Trustees is also very aware of a longer-term risk to our income due to the end of Arts Council of Wales multi-year funding at the completion of the 2024-2025 financial year which we are now seeking to mitigate through a forward looking and realistic strategy, building new funding relationships, and diversifying and strengthening our income generation pipeline.

 

Risk management

 

The Board holds regular meetings, approximately every 6 weeks or as required, which include Rubicon’s CEO, to monitor performance, activities, risks and identify areas where Board assistance, decisions or support is required.

 

Specific risks are recorded on a risk register, rated for severity and likelihood, with mitigations identified, and any incidents or emerging risks raised as they occur. The risk register is reviewed regularly. Polices are in place for health and safety, equal opportunities, vulnerable adults and child protection which are reviewed annually.

 

The need for consistent core funding has been identified as a major risk to the charity. The charity continues to seek to expand its sources of income to mitigate this.

 

Attention has also been focused on the non-financial risks arising from fire, health and safety of staff and participants. The risk of fire is managed by ensuring adequate firefighting equipment is available throughout the premises; insurance cover is maintained and reviewed annually.

 

A full health and safety audit is carried out annually by the Operations Manager and / or an external contractor, which is reported to, and monitored by the Board. Accident and incident books are kept in reception and the building is monitored by closed circuit television.

 

Simple but comprehensive internal procedures are followed for all financial transactions, and all expenditure must be approved for payment with an approval process to minimise the risk of financial loss to the charity.

WELSH DANCE THEATRE TRUST LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 10 -
Structure, governance and management

The charity is a company limited by guarantee.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were;

Avijit Bhagwant
John Cavanagh
Charlie Ellaway
Jamie Falarczyk
(Appointed 1 September 2025)
Micaela Owen
Paul Whittaker
Matthew Williams

With an established CEO and good relationships with key funders and partners, we have sought to consolidate, strengthen and ensure appropriately focus the Rubicon team, along with identifying new opportunities for growth and maintaining relevant policies and procedures.

The Board of Trustees has remained in close contact with the CEO, through meetings and reviewing a comprehensive report on all activities, along with regular communications in between.

 

Governing Document

The organisation is a registered charity and company limited by guarantee, incorporated on January 2, 1975. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed by its Articles of Association; the Articles of Association were amended in July 2014. In the event of the company being wound up, members are each required to contribute an amount not exceeding £10.

 

Remuneration

All trustees give their time freely and no trustee received remuneration during the year.

Staff salaries are reviewed at least annually by the Board and benchmarked against similar sized charities, along with ensuring that legal minimums are applied and Rubicon decided to continue to adopt the principles of the National Living Wage.

 

Trustees’ Role

All Trustees are clear about their role, which overall is:

 

WELSH DANCE THEATRE TRUST LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 11 -

Commitment: Required and Expected contribution of Trustees

 

Induction and Training

A wide mix of business, creative, and social skills and experience are represented by the board of trustees. When a vacancy becomes available or is identified, individuals are identified, interviewed and invited to join the board to ensure this balance of skills is maintained.

 

All new trustees are given an introduction and briefing on the charity itself and what would be expected of them, along with the relevant information requirement of the Charity Commission to ensure that their role and responsibilities are fully understood. These resources include (but are not limited to):

 

 

Our future plans

 

Our vision for the future is for there to be a thriving community arts sector where anyone can access and enjoy the benefits of dancing, to their full potential and aspiration.

 

In this world we will fulfil our mission to provide engaging, safe, inclusive and inspiring opportunities for dancing and movement, especially those who face barriers to taking part, and provide excellent learning pathways for people who want to develop professional dance skills.

 

We will also be a key collaborator with other organisations, uplifting and celebrating the success of others as much as its own. We will undertake work in the community which brings safe, inclusive, and inspiring opportunities for dancing and movement to people in Cardiff and the surrounding area. Through our education and career work, we will provide dance education, career progression, routes and skill development for aspiring and existing professionals.

 

To deliver this vision we will implement at fit-for-the-future structure and sound internal functioning of the organisation while strengthening our reputation in our environment leading to sustainable resource generation relationships.

 

By 2031 we aim to be:

WELSH DANCE THEATRE TRUST LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 12 -

To achieve these things, we will:

 

Build on foundations

Collaborate and create

Create more opportunities

 

We have developed specific initiatives and targets to deliver these ambitions over the next few years, cascaded objectives and routinely review progress.

The trustees report was approved by the Board of Trustees.

John Cavanagh
Chair
6 October 2026
WELSH DANCE THEATRE TRUST LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF WELSH DANCE THEATRE TRUST LIMITED
- 13 -

I report to the trustees on my examination of the financial statements of Welsh Dance Theatre Trust Limited (the charity) for the year ended 31 March 2026.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law), you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006.

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

UHY Hacker Young
Bradbury House
Mission Court
Newport
Gwent
NP20 2DW
United Kingdom
6 October 2026
WELSH DANCE THEATRE TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2026
- 14 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2026
2026
2026
2025
2025
2025
Notes
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
3
4,857
-
4,857
16,454
-
16,454
Charitable activities
4
310,205
102,070
412,275
449,516
51,146
500,662
Other trading activities
5
8,022
-
8,022
1,076
-
1,076
Investments
6
1,973
-
1,973
2,086
-
2,086
Other income
7
11,052
-
11,052
77,783
-
77,783
Total income
336,109
102,070
438,179
546,915
51,146
598,061
Expenditure on:
Charitable activities
8
319,471
148,456
467,927
569,678
37,711
607,389
Total expenditure
319,471
148,456
467,927
569,678
37,711
607,389
Net income/(expenditure) and movement in funds
16,638
(46,386)
(29,748)
(22,763)
13,435
(9,328)
Reconciliation of funds:
Fund balances at 1 April 2025
245,962
51,146
297,108
268,725
37,711
306,436
Fund balances at 31 March 2026
262,600
4,760
267,360
245,962
51,146
297,108

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

WELSH DANCE THEATRE TRUST LIMITED
BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 15 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
15
127,841
131,258
Current assets
Debtors
16
24,214
16,417
Cash at bank and in hand
137,695
164,250
161,909
180,667
Creditors: amounts falling due within one year
17
(22,390)
(14,817)
Net current assets
139,519
165,850
Total assets less current liabilities
267,360
297,108
The funds of the charity
Restricted income funds
20
4,760
51,146
Unrestricted funds
21
262,600
245,962
267,360
297,108

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2026.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 6 October 2026
John Cavanagh
Chair
WELSH DANCE THEATRE TRUST LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
- 16 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
24
(23,030)
66,625
Investing activities
Purchase of tangible fixed assets
(5,499)
(2,520)
Investment income received
1,974
2,086
Net cash used in investing activities
(3,525)
(434)
Net cash generated from financing activities
-
-
Net (decrease)/increase in cash and cash equivalents
(26,555)
66,191
Cash and cash equivalents at beginning of year
164,250
98,059
Cash and cash equivalents at end of year
137,695
164,250
WELSH DANCE THEATRE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 17 -
1
Accounting policies
Charity information

Welsh Dance Theatre Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Rubicon Dance, Nora Street, Adamsdown, Cardiff, CF2 1ND.

1.1
Basis of preparation

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Website
10% straight line
WELSH DANCE THEATRE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 18 -
1.6
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
straight line over the life of the lease
Plant and equipment
10-33% straight line
Fixtures and fittings
25% straight line
1.7
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2026
2025
£
£
Donations and gifts
4,857
16,454
WELSH DANCE THEATRE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 19 -
4
Income from charitable activities
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2026
2026
2026
2025
2025
2025
£
£
£
£
£
£
Theatre income
Consultancy, training & other
2,236
-
2,236
4,814
-
4,814
Outreach income
3,621
-
3,621
21,378
-
21,378
Box office & studio rentals
3,167
-
3,167
7,455
-
7,455
Grants
179,525
102,070
281,595
300,233
51,146
351,379
Full time course fees
121,656
-
121,656
115,636
-
115,636
310,205
102,070
412,275
449,516
51,146
500,662
5
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
2026
2025
£
£
Community Fundraising
8,022
1,076
6
Income from investments
Unrestricted
Unrestricted
funds
funds
2026
2025
£
£
Interest receivable
1,973
2,086
7
Other income
Unrestricted
Unrestricted
funds
funds
2026
2025
£
£
Theatre tax relief
3,283
2,925
Other income
7,769
74,858
11,052
77,783
WELSH DANCE THEATRE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 20 -
8
Expenditure on charitable activities
Theatre expenditure
Theatre expenditure
2026
2025
£
£
Direct costs
Staff costs
217,093
130,248
Depreciation and impairment
8,915
10,940
Advertising, marketing & publicity
3
5,450
Bank charges
3,075
2,780
General expenses
230
65,999
Insurance
4,441
4,261
Light & heat
8,159
7,812
Printing, postage & stationery
133
2,008
Rates & water
2,918
2,945
Repairs & maintenance
11,459
28,065
Specific project expenses
19,322
27,434
Staff training
360
2,709
Telephone & internet
2,162
2,183
Travel & subsistence
909
2,941
Irrecoverable VAT
(538)
7,082
Bad debt
246
-
278,887
302,857
Share of support and governance costs (see note 9)
Support
159,735
278,661
Governance
29,305
25,871
467,927
607,389
Analysis by fund
Unrestricted funds
319,471
569,678
Restricted funds
148,456
37,711
467,927
607,389
WELSH DANCE THEATRE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 21 -
9
Support costs allocated to activities
2026
2025
£
£
Staff costs
110,985
254,774
Advertising & publicity
264
70
General expenses
14,173
1,069
Printing, postage & stationery
694
386
Travel & subsistence
3,428
780
Specific project expenses
24,767
21,402
Staff training
5,424
180
Governance costs
29,305
25,871
189,040
304,532
Analysed between:
Theatre expenditure
189,040
304,532
10
Net movement in funds
2026
2025
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
22,875
9,500
Depreciation of owned tangible fixed assets
8,915
10,170
Amortisation of intangible assets
-
770
11
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
12
Employees

The average monthly number of employees during the year was:

2026
2025
Number
Number
Full time
5
5
Temporary/term time
16
14
Total
21
19
WELSH DANCE THEATRE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
12
Employees
(Continued)
- 22 -
Employment costs
2026
2025
£
£
Wages and salaries
299,592
360,933
Social security costs
23,408
18,670
Other pension costs
5,078
5,419
328,078
385,022
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2026
2025
£
£
Aggregate compensation
156,540
116,949
13
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14
Intangible fixed assets
Website
£
Cost
At 1 April 2025 and 31 March 2026
5,280
Amortisation and impairment
At 1 April 2025 and 31 March 2026
5,280
Carrying amount
At 31 March 2026
-
At 31 March 2025
-
WELSH DANCE THEATRE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 23 -
15
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2025
324,765
91,728
1,060
417,553
Additions
2,500
1,645
1,354
5,499
At 31 March 2026
327,265
93,373
2,414
423,052
Depreciation and impairment
At 1 April 2025
197,047
89,139
110
286,296
Depreciation charged in the year
6,520
1,876
519
8,915
At 31 March 2026
203,567
91,015
629
295,211
Carrying amount
At 31 March 2026
123,698
2,358
1,785
127,841
At 31 March 2025
127,718
2,590
950
131,258
16
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
13,903
8,319
Other debtors
3,672
2,925
Prepayments and accrued income
6,639
5,173
24,214
16,417
17
Creditors: amounts falling due within one year
2026
2025
Notes
£
£
Other taxation and social security
6,231
4,258
Deferred income
18
6,896
250
Trade creditors
1,175
5,714
Other creditors
1,106
945
Accruals
6,982
3,650
22,390
14,817
WELSH DANCE THEATRE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 24 -
18
Deferred income
2026
2025
£
£
Other deferred income
6,896
250

Deferred income is included in the financial statements as follows:

2026
2025
£
£
Deferred income is included within:
Current liabilities
6,896
250
Movements in the year:
Deferred income at 1 April 2025
250
49,904
Resources deferred in the year
6,646
(49,654)
Deferred income at 31 March 2026
6,896
250

Deferred income relates to amounts received for grants, class fees and studio hire which are taking place in 2025/26 financial year.

19
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
5,078
5,419

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

WELSH DANCE THEATRE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 25 -
20
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April 2025
Incoming resources
Resources expended
At 31 March 2026
£
£
£
£
Arts Council of Wales
-
51,662
(51,662)
-
First Choice Housing Association
-
2,560
(2,560)
-
Cardiff and Vale Health
-
2,063
(1,313)
750
Glamorgan Voluntary
-
9,457
(9,457)
-
Vale of Glamorgan - Stronger Communities
-
1,668
(1,668)
-
Moondance Foundation
40,000
-
(40,000)
-
Leverhulme Foundation
-
22,722
(22,722)
-
No Fit State
-
1,500
(1,500)
-
Cardiff Council
-
2,958
(2,958)
-
JD Foundation
-
1,000
-
1,000
Morrisons furniture grant
2,550
-
(2,550)
-
The Waterloo Foundation
8,596
-
(8,596)
-
Arts and Business Cymru
-
1,417
-
1,417
Simon Gibson Charitable Trust
-
2,613
(2,613)
-
Oakdale Trust
-
2,000
(857)
1,143
Cardiff Community Housing Association
-
450
-
450
51,146
102,070
(148,456)
4,760
Previous year:
At 1 April 2024
Incoming resources
Resources expended
At 31 March 2025
£
£
£
£
Moondance Foundation
12,894
40,000
(12,894)
40,000
Leverhulme Foundation
13,435
-
(13,435)
-
Arts Council of Wales Arts & Health Fund
11,382
-
(11,382)
-
Morrisons furniture grant
-
2,550
-
2,550
The Waterloo Foundation
-
8,596
-
8,596
37,711
51,146
(37,711)
51,146
WELSH DANCE THEATRE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
20
Restricted funds
(Continued)
- 26 -

Arts Council of Wales - this revenue grant is received as part of the core funding provided to members of its Arts Portfolio.

 

The Gwendoline and Margaret Davies Charity • this grant contributed towards the costs of the Wales Wide Training Programme Dementia workshops.

 

The Oakdale Trust - this grant contributed towards the costs of the Wales Wide Training Programme dementia workshops.

 

Edgar Lawley Foundation - this was a contribution towards the Library project.

 

Gibbs Charitable Trust - this was a contribution towards the Library project.

 

Moondance Foundation - This grant was to subsidy various participation programme delivery.

 

Leverhulme Foundation - This grant funds an Arts Scholarship Scheme.

 

Monmouthshire Building Society - This grant is funding to purchase a Stereo Amplifier.

 

Community Fundraising - This funding was to support the Library project.

 

Arts Council of Wales - Arts & Health Fund - This grant was to subsidy the health programme delivery.

 

Morrisons furniture grant - This grant was for the purchase of office chairs, office desks, canteen chairs, dinning table, lockers and studio chairs.

 

The Waterloo Foundation - This funding was for general support for 'The Wales Wide Training Programme' and community/health projects in Wales.

21
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2025
Incoming resources
Resources expended
At 31 March 2026
£
£
£
£
Operating reserve fund
65,185
-
-
65,185
Fixed asset fund
131,258
-
-
131,258
General funds
49,519
336,109
(319,471)
66,157
245,962
336,109
(319,471)
262,600
WELSH DANCE THEATRE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
21
Unrestricted funds
(Continued)
- 27 -
Previous year:
At 1 April 2024
Incoming resources
Resources expended
At 31 March 2025
£
£
£
£
Operating reserve fund
65,185
-
-
65,185
Fixed asset fund
139,678
2,520
(10,940)
131,258
General funds
63,862
544,395
(558,738)
49,519
268,725
546,915
(569,678)
245,962
22
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2026
2026
2026
£
£
£
At 31 March 2026:
Tangible assets
127,841
-
127,841
Current assets/(liabilities)
134,759
4,760
139,519
262,600
4,760
267,360
Unrestricted
Restricted
Total
funds
funds
2025
2025
2025
£
£
£
At 31 March 2025:
Tangible assets
131,258
-
131,258
Current assets/(liabilities)
114,704
51,146
165,850
245,962
51,146
297,108
23
Related party transactions

There were no disclosable related party transactions during the year (2025 - none).

WELSH DANCE THEATRE TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 28 -
24
Cash (absorbed by)/generated from operations
2026
2025
£
£
Deficit for the year
(29,748)
(9,328)
Adjustments for:
Investment income recognised in statement of financial activities
(1,973)
(2,086)
Depreciation and impairment of tangible fixed assets
8,915
10,940
Movements in working capital:
(Increase)/decrease in debtors
(7,797)
113,390
Increase in creditors
927
3,363
Increase/(decrease) in deferred income
6,646
(49,654)
Cash (absorbed by)/generated from operations
(23,030)
66,625
25
Analysis of changes in net funds

The charity had no material debt during the year.

2026-03-312025-04-01falsefalsefalseCCH SoftwareiXBRL Review & Tag 2025.2011953452025-04-012026-03-3101195345bus:Director22025-04-012026-03-31011953452026-03-31011953452025-03-31011953452024-04-012025-03-3101195345bus:FRS1022025-04-012026-03-3101195345char:IndependentExaminationCharity2025-04-012026-03-3101195345bus:FullAccounts2025-04-012026-03-31xbrli:purexbrli:sharesiso4217:GBP