The trustees present their report and accounts 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 and "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)" (effective 1 January 2019).
Vision
Extraordinary ballet at the heart of a creative nation.
Mission
We will deliver outstanding performances and life changing engagement in creative and imaginative ways. We will advocate for excellence, sustainability and inclusion in ballet.
Values
We are innovative in our thinking, inclusive in our vision and inspirational in our delivery.
Objects
To provide, maintain, improve and advance the education of the public in the arts and sciences. In particular the art and science of dance by the presentation of public performances and other similar activities.
About the Charity
Ballet Cymru is an international touring ballet Company for Wales, committed to inclusion and innovation in dance and classical ballet, and to the highest standard of collaboration. The charity produces original professional dance performances based in the ballet technique, and which tour nationally and internationally. Its extensive Access and Outreach programme is committed to breaking down barriers to accessing the arts.
Charity Resources
Staff
Ballet Cymru has an Artistic Director and an Artistic Director, Engagement and Training, who both lead the Charity, choreograph work, and drive the artistic vision for both the professional Company and various engagement strands.
They are supported by a full-time administrator.
Thanks to increased funding from The Arts Council of Wales the Company were able to expand and enhance its admin team in alignment with ongoing strategic objectives outlined in the Company’s Business Plan.
The expanded staffing structure established following increased Arts Council of Wales funding continued throughout the year to identify 4 x key full time Engagement Project Management roles: Duets and Participation, Associates and Engagement, Rehearsals and Pre Professional, and Access and Inclusion.
The Company retained its full-time Access and Outreach Officer.
The charity also employs a part-time Premises Manager and a part-time Finance Officer.
Again, thanks to increased funding from The Arts Council of Wales, Ballet Cymru employs nine professional dancers on full-time contracts and is now a major employer for dancers in Wales.
The Charity were able to add a new full-time role of Technical and Production Manager, leading a team consisting of a freelance Technical Stage Manager, Stage Manager and Driver on temporary contracts for up to 30 weeks every year, undertaking two touring periods.
In this report, the Board of Trustees want to acknowledge the incredible hard work, commitment and talent of the company's staff, through the passionate leadership of Darius James OBE and Amy Doughty. The programme and achievements speak for themselves, but it would be remiss of us as a Board not to thank our professional and creative team, not only for what they bring to Ballet Cymru, but for their contribution to dance and communities across Cymru.
Board & Patrons
The Artistic Directors and Administrator report to a Board of Directors led by the Charity’s Chair, Jên Angharad. Ballet Cymru also has a number of high profile patrons who offer support and help, including Cerys Matthews OBE and Catrin Finch. Skills audits and trustee recruitment campaigns are conducted on a regular basis to acquire a diverse board of suitably skilled and experienced trustees who govern the charity.
Charity Premises and Assets
The Charity moved into their first premises in Rogerstone, Newport in 2014 which houses two spacious dance studios, offices and storage space. The acquisition and major refurbishment programme was made possible through the support of funders including The Arts Council of Wales Lottery Division, The Garfield Weston Foundation, The Foyle Foundation, The Wolfson Foundation and The Linbury Trust.
Artistic Activity
Ballet Cymru produce one or two full-length productions per year, or one full length work and a double or triple bill of new work. Ballet Cymru continue to seek out and work with companies and artists of the highest calibre.
Public benefit
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.
Executive summary
Ballet Cymru continued to grow and develop during 2025/26, delivering ambitious artistic productions, expanding its engagement activities and strengthening its organisational capacity in line with its Business Plan.
The Plan aims to make Ballet Cymru into a more robust, resilient organisation that can deliver high quality dance productions, a national training programme, and better represent and engage with the wider dance community in Wales.
As part of this strategic plan, we continue to work with two other national companies, National Dance Company Wales and National Youth Dance Wales on the Strategic Dance Partnership that can help the organisations collaborate better to further the progression of young dancers in Wales.
Productions
Giselle
In 2025 Ballet Cymru toured a reworking of Giselle with original music by Adolphe Adam. The production toured extensively to venues across England and Wales during the summer, including Milford Haven, Basingstoke, Bracknell, Poole, Bangor, Newcastle Under Lyme, Durham, Tewkesbury, Brecon, Maesteg, Swansea, Mold and Hereford. In the autumn the production toured to Winchester, Blackwood, Malvern, Aberystwyth, Newtown and Newcastle.
Ballet Cymru had built on its successful and productive relationship with Dance City in Newcastle by returning with 3 x evening performances and 3 x Relaxed matinee performances of Giselle in December 2025. The Company also performed a relaxed performance at Pontio in Bangor.
The Company presented an outdoor version of Giselle in August 2025 at National Trust Tredegar House & Gardens in Newport and at National Trust Dyffryn Gardens in the Vale of Glamorgan.
Ballet Cymru offered bilingual Audio Description at all performances and undertook Relaxed Performances and Touch Tours at hosting venues.
Daughters of the Sea
Ballet Cymru co-produced a new work based on a Welsh Folk Tale, Daughters of the Sea, with Welsh based choreographer Krystal S Lowe. This toured to Festivals throughout the summer, including Wrexham Festival, The National Eisteddfod of Wales, Green Man Festival and Between the Trees festival in Merthyr Mawr. There was another outdoor performance in the autumn at Battersea Arts Festival, followed by performances on stage at Taliesin Arts Centre in Swansea, and Pontio in Bangor.
Triple Bill/Collaborative Project
An evening of new short works was presented at the Riverfront Theatre in Newport in October/November 2025. It featured new work, Momentum-undone choreographed by Phoenix Dance Company Artistic Director MJ Willis, and ‘Woven’ by Ballet Cymru set to music on a Celtic theme by Catrin Finch.
For the third part of the performance, Ballet Cymru offered National Youth Dance Wales a platform to perform their acclaimed work to celebrate their 25th Anniversary.
Momentum-Undone and Woven then toured to Northern Ballet’s base in Leeds and Pontio in Bangor.
Other Creative Collaborations
Our Voice Network: A partnership project with artist and Ballet Cymru Associate Krystal S Lowe. Our Voice offers a platform for development of creative work for artists of the global majority.
Digital Stage: During February and March 2025 Ballet Cymru allowed time and resources for some of the dancers to produce work for the Ballet Cymru’s Digital stage, however due to copyright restrictions on the music, we are unable to upload these to our platform; however we presented a showing of the work at Ballet Cymru Studios in May 2025.
Engagement Programmes
Wales Summer Dance
Ballet Cymru delivered 2 weeks of Wales Summer Dance and Wales International Ballet Summer School. These popular summer dance programmes offer a wide range of dance and ballet levels and are held annually at both Ballet Cymru studios and at the Riverfront Theatre, Newport, culminating in showcase performances.
Pre-Professional Programme
This full-time holistic and bespoke training programme for talented aspiring dancers continued from September 2025 – May 2026, as well as a Choreographic Showcase event in May 2025. The next cohort's performances took place at the Riverfront and Dance house in March 2026. Newport is becoming a real destination for young dancers to train.
Associates Programme
Increasing in popularity, the addition of the Junior associate level is working well. Combined with Mid and Senior levels we are accommodating approximately 136 young associate dancers from ages 10-19, all receiving tuition in ballet, contemporary, Pilates, yoga, drama, creative work, pointe and repertoire. Plus, a very successful and fun session in African dance.
DUETS www.duetsdancewales.co.uk
Duets, a national dance training programme for young people in Wales, continued from strength to strength, with several curtain raiser performances taking place before performances of Giselle in select venues across the country. Two additional primary schools have now joined the popular programme - Ysgol Nantgwyn and St Patricks Primary.
Ballet Cymru Boys Company
Ballet Cymru held more successful 2-day Boys Dance Events in May and October 2025 and again in February 2026. The workshops in October culminated in a curtain raiser performance by 22 young dancers on the Riverfront Stage prior to the triple bill performance hosted by Ballet Cymru and National Youth Dance Wales. An additional BC Boys event is planned for May half term 2026.
Ballet Cymru 3
Our weekly inclusive ballet programme for children and young people is held at Ballet Cymru’s studios, and we now have 16 dancers on the programme. There were performance opportunities for the participants at the Senedd in March and at the Pre-Professional choreographic sharing in May 2025.
Pas De deux Days
Ballet Cymru held another series of Pas de Deux days during half term weeks in October 2025 and February 2026 at the Company studios.
Adult Ballet Classes
The weekly adult ballet sessions are doing well, and in 2026 a performing group will be developed.
Engagement Projects
Dance City Residency: A two-week dance outreach project held in Newcastle which worked with primary and secondary schools, CAT and BA dance students in February 2026. This was in partnership with Dance City and was a legacy of our Giselle performances held there in December 2025.
Dance Residency with North Wales Dance Collective: An outreach project in partnership with North Wales Dance Collective continued in Spring 2026, with workshops in local schools in Bangor.
Youth Advisory Arts Panel (YAAP): A partnership initiative between Ballet Cymru, Operasonic and Tin Shed Theatre Company, with funding from Arts Council Wales and Newport City Council. Young people (aged 14 – 16) from the Newport region were recruited to help inform and evaluate the arts and cultural landscape in Newport. The YAAP programme has now concluded, but we are seeking additional funding to continue with this project.
Creative Futures
Ballet Cymru were invited by National Youth Dance Wales to help them to deliver their Creative Futures project – a project taking place weekly in 6 locations in Wales (funded by Welsh Gov) to offer dance and music lessons to young people (aged 11 +) in areas of need. This project represents the first time that WG’s Health Impact Assessment has been used in the arts.
Dance to Move
In February 2025 we were successful in receiving additional funding from the Arts Council of Wales and the National Lottery to further develop this work and incorporate more health conditions. The Roald Dahl’s Marvellous Children’s Charity are supporting our Dance to Move days, working with children with Epilepsy.
Season for Change is a series of accessible, free events held at Ballet Cymru in partnership with National Youth Dance Wales. The last event took place in September 2025 with disabled dancer, choreographer and educator Suzie Birchwood hosting the event, exploring the use of Universal Design of Instruction as an inclusive methodology for ballet training.
Business Operations
As the organisation continues to grow, Ballet Cymru has engaged HR consultants to support contract management, policy development and organisational governance.
In 2025 Ballet Cymru secured capital funding from the Linbury Trust, along with match funding received through Newport City Council's Net Zero Programme, to support energy efficiency improvements to the charity's premises. During the year, an automated insulated entrance door and upgraded LED lighting were installed. Additional energy-efficiency funding received from the Linbury Trust also enabled the installation of further solar panels on the roof of the Company's premises in September 2025.
The Company is developing plans for a purpose-built performance space at Ballet Cymru. The charity is seeking capital funding to support delivery of this project and its ambition to create a new cultural destination within the region. The new Technical and Production Manager provided specific technical expertise and stage management skills to help the charity to submit strong bids for this venture.
The Charity made an unrestricted deficit for the period of £9,319 (2025: £20,074 surplus) and a restricted surplus of £100,856 (2025: £7,009 surplus).
Reserves
Free reserves, which exclude restricted funds and fixed assets, was £168,517 at the year-end (2025: £227,521). The target for our reserves is currently estimated as six months of core operating costs. This is approximately £100k.
Restricted capital funds
The restricted capital funds detailed in the notes to the accounts of £469,817 (2025: £482,920) represent the capital purchase of the building in 2013 and the subsequent refurbishment of the building and purchase of other capital assets. The capital items are being depreciated over their useful economic lives.
Restricted revenue funds that were unspent at 31 March 2026 were £135,194 (2025: £21,235). These will be spent in the following financial year on specific projects.
Investment policy
Gwent Ballet Theatre Limited recognises that it will be holding funds throughout the year to finance its operations and its reserves policy. Therefore, it has reviewed its investment policy and for the present time will endeavour to maximise its income only through guaranteed capital and interest generating safe investments. This investment strategy also supports the current economic situation. This will be annually reviewed.
Plans for the future
Business
Ballet Cymru will continue to implement its ambitious Business Plan. This includes reviewing the charity's organisational structure and identifying opportunities to improve operational efficiency, capacity and resilience.
Ballet Cymru will continue to invest in the energy efficiency of its premises through its refurbishment programme, supported by capital funding from the Linbury Trust and other key funders. Planned improvements include the installation of new first-floor windows and remote access controls to support energy monitoring and management.
Collaborations
Building on its successful and productive relationship with Dance City in Newcastle, Ballet Cymru will perform Sleeping Beauty there in December 2026.
The Company will continue to develop its strategic alliance with National Dance Company Wales and National Youth Dance Wales. The alliance was created to provide a comprehensive approach to youth dance provision across Wales.
Ballet Cymru will continue to deliver its engagement programmes during the coming year, including initiatives developed in partnership with local Health Boards. This includes a new programme, Iechyd Da-wns, a falls prevention programme delivered in collaboration with Artis Community Dance, Aneurin Bevan University Health Board, NHS partners, freelance dance artists, Aesop Arts and Society, and arts and health consultants.
Artistic Plans
For 2026 Ballet Cymru will produce a new Welsh version of Sleeping Beauty with traditional music by Tchaikovsky, which will be the main touring production for the year. Pre-recorded bilingual Audio Description will be offered at all venues to widen access to live performances.
The Company will also be working with choreographer and Ballet Cymru Associate Artist Marcus Jarrell Willis to produce new work to perform for the triple bill in autumn 2026, along with a performance by strategic partners National Youth Dance Wales.
Governing document
Ballet Cymru is a Company limited by guarantee (company number 02535169) established under a Memorandum of Association which establishes the objects and powers of the charitable company and is governed under its Articles of Association (updated in June 2016). A Special resolution was endorsed in the AGM on 23 November 2020.
Founded in 1986, the ballet Company registered as a charity in 1990 under the name Gwent Ballet Theatre and started to receive project funding from 2003. The Company began trading under the name Ballet Cymru when it became a Revenue client of the Arts Council of Wales in 2011.
Structure and Management
The Charity had eight trustees for the period, including three trustees newly appointed in the period. They provided management, legal, educational and commercial business expertise. The trustees were instructed on their roles and responsibilities as a trustee.
Governance
As at 31 March 2026, the Board comprised eight trustees who met at least four times during the year under the leadership of the Chair, Jên Angharad. During the year, the charity undertook a trustee recruitment campaign to attract individuals with the skills, experience and diversity required to strengthen the Board and support the effective delivery of the charity's objectives.
Key Management Personnel
Darius James - Artistic Director
Amy Doughty - Artistic Director, Engagement and Training
Jenny Carter - Administrator
The terms and conditions of employment for key management personnel are determined by the Board, taking account of guidance from the Arts Council of Wales and benchmarking against comparable arts organisations. Remuneration is reviewed periodically to ensure it remains appropriate to the responsibilities and experience required for each role.
Related parties
Related party transactions occurred during the year and are disclosed in the notes to the financial statements. The trustees are satisfied that all such transactions were undertaken in the normal course of business and on terms equivalent to those that prevail in arm's length transactions.
Risk management
The Charity has reviewed the major risks to the organisation and have systems and procedures in place to manage these risks:
Risks and Steps taken
Changes in Resources
The Charity continues to review its organisational structure, invest in staff training and development, and identify opportunities to improve efficiency and effectiveness across its operations.
Reduction in Funding
Developing new income streams and strengthening relationships with existing funders and donors to support the sustainable delivery of the Charity’s activities.
Economic instability
Maintaining awareness of economic, legislative and regulatory developments, and responding appropriately to changes that may affect the Charity's operations and activities.
Reductions in level of income
Maximising income generation from touring and other activities, broadening audience reach, and expanding engagement and participation programmes to support the Charity's long-term sustainability and impact.
Reference and administrative details
Registered charity name | Gwent Ballet Theatre Limited |
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Also known as | Independent Ballet Wales |
| Ballet Cymru |
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Registered charity number | 1000855 |
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Registered company number | 02535169 |
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Registered office | Ballet Cymru Unit 1 |
| Wern Trading Estate |
| Rogerstone |
| Newport |
| South Wales |
| NP10 9FQ |
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Trustees/Directors | J Angharad (Chair) |
| H Beadsworth (Vice Chair) |
| E Jones |
| A Music |
| E James C Barnett - Appointed 2 June 2025 |
| J Drinkwater - Appointed 9 March 2026 |
| B Cooke - Appointed 9 March 2026 A Stark - Appointed 10 September 2026
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Company Secretary | D J Williams |
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Chief Executive Officer/Director | D J Williams |
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Bankers | NatWest Bank |
| 19 Cardiff Road |
| Caerphilly |
| CF83 9FQ |
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| Monmouthshire Building Society |
| Monmouthshire House |
| John Frost Square |
| Newport |
| NP20 1PX |
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Independent auditors | Azets Audit Services |
| Ty Derw |
| Lime Tree Court |
| Cardiff Gate Business Park |
| Cardiff CF23 8AB |
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.
The trustees report was approved by the Board of Trustees.
The trustees, who are also the directors of Gwent Ballet Theatre Limited for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Opinion
We have audited the financial statements of Gwent Ballet Theatre Limited (the ‘charity’) for the year ended 31 March 2026 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
the information given in the financial statements is inconsistent in any material respect with the trustees report; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Other matters
Under the Charities Act 2011, the charity was exempt from audit for the year ended 31 March 2024. As a consequence, the financial statements of the charity for the year ended 31 March 2024, which form the basis for the opening balances of the corresponding figures presented in the current period's financial statements, were unaudited. For the year ended 31 March 2025, the trustees were no longer able to take advantage of the exemption from audit available under the Charities Act 2011.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Gwent Ballet Theatre Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 1, Wern Trading Estate, Rogerstone, Newport, NP10 9FQ, United Kingdom.
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” (“FRS 102”) 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)" (effective 1 January 2019). 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.
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.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
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.
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.
Income from revenue grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Capital grants are released to the Statement of Financial Activities in the year of receipt. Fixed assets relating to capital grants are capitalised, and depreciation charged is offset against the grant income in a restricted fund where a restriction on the ongoing use of the asset exists. Where the restriction no longer exists a transfer into unrestricted funds equal to the purchase price of the asset is recorded.
Performance, education and programme income is recognised in the period to which it relates with any amounts received in advance being deferred.
Workshop and t-shirt sales are recognised at the date of sale.
Income from Theatre Tax Relief is recognised once the claim is submitted to HMRC as there is evidence of entitlement, receipt is probable and the amount can be measured reliably.
Investment income is recognised at the time the investment income is receivable. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
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.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Taxation
As a registered charity, Gwent Ballet Theatre Limited is entitled to the exemption from taxation in respect of income and capital gains received with sections 478-489 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects purposes only.
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. There is nothing additional to report in this regard.
Following HMRC enquiries into the 2023-2024 Theatre Tax Relief claim, the claim was not resolved until 2026.
The outcome of the enquiry resulted in a reduction in settlement of the claim of £10,615, however interest was received from HMRC totalling £4,460; this is included within investment income.
The charity will continue to apply for Theatre Tax relief retrospectively for the financial periods 2024-25 and 2025-26.
Grants received for specific activities e.g. education, are recognised as income in the relevant categories.
During the year the charity revised the allocation of costs between categories to more accurately reflect the underlying nature of the expenditure.
The remuneration of key management personnel was as follows:
The key management personnel of the charity comprise the trustees, the artistic director, the artistic director, engagement & training and the administrator.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The freehold property of the Charity is secured by a charge relating to grant funding provided by the Arts Council of Wales.
Deferred income totalling £65,365 (2025: £6,550) relates to amounts receivable at the balance sheet date in respect of education services to be provided in a subsequent year.
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.
During the year the charity received income of £1,659 (2025: £nil) from Aloud Charity in respect of studio hire. The charity also incurred expenditure of £436 (2025: £nil) with Artis Community in respect of Welsh language training provided to staff and £330 (2025: £nil) with Arts & Business Cymru in respect of membership fees. All entities above are related to the charity due to Trustees in common. All transactions were undertaken in the normal course of business and on an arm's length basis. There were no outstanding balances with related parties at the year end.
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.
Capital funds
The capital funds represent the capital purchase of the building in 2013 and the subsequent refurbishment of the building. The capital items are being depreciated over their useful economic lives.
The funding was provided by Arts Council of Wales, Garfield Weston, Foyle Foundation, Wolfson Foundation, Linbury Trust, Bernard Stanley Trust, Carbon Trusts, Newport City Council, as well as other trusts and foundations.
Other funds:
Arts Council of Wales - DUETS - provided funding for training.
London Ballet Circle provided a bursary to enable dancers attending the Wales International ballet Summer School 2024
Arts Council of Wales - Arts & Health (previously known as Dance to Move) - provided funding towards the Dance to Move project.
Linbury Trust (capital) - were funds to improve energy efficiencies at the Company premises.
Linbury Trust BC3 - were funds for BC3.
Arts Council of Wales - Collaborations WIP - provided funding towards the project.
Monmouthshire BS - were funds for BC3 T-shirts.
Colwinston Trust - Under Milk Wood - were funds to be used towards a new production 'Under Milk Wood' and commission the music by Cerys Matthews.
Ty Cerdd – DOTS - Daughters of the Sea (DOTS) was a collaborative project in partnership with artist Krystal Lowe.
Operasonic - were funds from YAAP Partner. The Youth Advisory Arts Panel was created to help inform and evaluate the arts and cultural landscape in Newport.
Arts Council England - funding for Newcastle residency.
Arts Council of Wales Lottery - YAAP - with funding from Arts Council Wales and Newport City Council, the Youth Advisory Arts Panel (YAAP) is a partnership initiative between Ballet Cymru, Operasonic and Tin Shed Theatre Company. For this project 10 young people (aged 16 – 14) from the region were selected to help inform and evaluate the arts and cultural landscape in Newport.
Arts Council of Wales - Iechyd Da-wns (Dance to Health) - provided funding towards the Iechyd Da-wns - Dance To Health Knowledge Transfer Plan project.
Simon Gibson - BC3 - funding for Ballet Cymru 3, a creative inclusive youth group programme offering weekly accessible creative dance sessions at Ballet Cymru.
Dance City - Newcastle Residency - outreach project held in Newcastle which worked with primary and secondary schools, CAT and BA dance students.
Newport City Council Shared Prosperity Fund
Newport CC: BC3 - funding for Ballet Cymru 3, a creative inclusive youth group programme offering weekly accessible creative dance sessions at Ballet Cymru.
Newport CC: Inclusion - funding for Inclusion activities.
Newport CC: Community Dance Days - funding for free engagement events at Ballet Cymru for local diverse community groups.
Newport CC: Adult Ballet - funding for weekly ballet classes for adult beginners, held at Ballet Cymru studios.
Newport CC: Boys Ballet - funding for the creation of a Ballet Boys Company, a creative initiative from the DUETS Programme.
Newport CC: Ambassadors - funding for Ambassadors to offer continued dance opportunities for young graduates of the DUETS Scholarship programme.
Newport CC: Access - funding for Audio Described (AD) equipment and services, and Touch Tours at venues.
Newport CC: Net Zero Grant (capital) - funding towards improving Energy Efficiencies at Ballet Cymru.
Transfers from restricted to unrestricted funds relate to capital funding that has been expended in the year on assets in accordance with the terms and conditions of the grant award.
Transfers from unrestricted to restricted funds represent contributions towards specific projects undertaken where expenditure incurred was greater than the restricted funding received.
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.
During the year the trustees agreed to designate a fixed asset fund representing the net book value of fixed assets held within unrestricted funds.
At the reporting date, the charity had capital commitments of £7,706 (2025: £Nil).
The charity had no material debt during the year.