CoMp￿V Rcgi51ra(ion Number Charity Registration Numbcr 03260797 1067651 SWANSEA CITY OPERA & THE OPERA SCHOOL WALES PRIVATE COMPANY LIMITED BY GUARANTEE REGISTERED AS A CHARITY REPORT AYL D ACCOUNTS FOR THE YEAR EYI DED 31 OCTOBER 2023 TERENCE J. DOWN & CO. Cliarler£,d Accoiinionl.F Brook HoiLse Pai'A- Avenue l eiiliior l.sle of Wighi P03X ILE SWANSEA CITY OPERA & THE OPERA SCHOOL WALES CONTENTS Page DirectOTS' Report Accountants, Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 8-11 DIRECTORS, REPORT TO THE MEMBERS OF SWANSEA CITY OPERA & THE OPERA SCHOOL WALES The Directors subinii their Report and the Financial Statements for ihe year ended 31 October 2023. srA TEMENT OF DIRECTORS. RESPONSIBILITY Company Law requtres the Directors lo prepare Financial Statements for each financial period which give a tn3c and fair vicw of ihc statc of affairs of ihe Company Jnd of the profil or1055 of that Coinpany for that perii)d. In preparing those Financial Statements the Directors are required to=_ Sclcct suildblc accountin policics and thcn apply thcm consistcnily Makc judgcmcnts and cstimatcs that arc rcasonablc and prudent Prepare the Finllncial Siatemen¥s on the going concern basis unless it is inappropriaie lo presuine that the Company will continue in business. The Directors arc responsible for keepino proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the Financial Statements comply M'ith Ehe Companies ACT 2006. They are also responsible for safeguarding The asseis of the Company and hence for taking reasonable steps for thc prevention 41nd delectiou of fraud and other irregularities. The Directors also confimi that the Financial Sialements ha￿¢ been prepared in accordance with the Statemenl of Rccummcndcd Prdclicc (SORP) 2015. Accounling and Rcporting by Chaiilics. The Directors have complied with the duly in S.4 of the 2006 Charities Act to have due regard lo guidancc publishcd by the Charity Commi55iLin. Dctail.4 of aclivilic5, Jim% and fulurc plans showing how the Charity furthers its charitable purposes for the public benefit is given on pagTes 3 and 4 of Ihe repurt. LEGAL AND ADMINISTRA TIVE INFORMA TION The Direeiors, who are also Trustees. served ihroughoul the year or a5 indicated. were also the ¥nembers whose individual liability is limited to £1. T.M. Watson J. Mlilliams G. Clemenl P. Lea (Resigned 14 November 2022) G. Kilby T. Stokes The pr¢seni name of ihe Charity was changed from The Opera sch{￿1 Wales on l July 2004. DtRECTORS' REPORT TO THE MEMBERS OF SWANSEA CITY OPERA & THE OPERA SCHOOL WALES contd. The Company is administered under its governing d￿umen1, Ihe MemordnduTn and Articles of Association. and is conslituted as a limited COTnpany with detai15 pro%'id¢d as follows.. Company Rcgistrdtion Number c.harity Registrniion Number 03?60797 1067651. Trustees are appointed by existing members at T￿SIce Meetin￿8. The principal office and registered o￿lCe of the Company is Rhydyberi Cotlages. Merthyr Cynog. Brecon. Pomys. Organisations or persons rele￿.an1 to the Company are given as follows.. Bankers HSBC London- Peckham Branch Solicitor Gabb & Co. Abcrgavcnny. Wales AccountanL8 Terencc J. Down & Co Chartered Accountants Brook House Park Avenuc Ventnor Islc of Wight P038 ILE PRINCIPAL ACTIVITY The Charity's priT]cipal activity is to tour affordable fully-stsged quality opera lo under resourced &reas of Wales where oper4 is not regularly promoted. Frequently young singers cominby through ihe Charity's own Irdining courscs and master classes have LFone on to be regular members of Swansea City Opera, a touring company that has come into existenee encouraged by funding from the City & Counry of Swansea. F￿ndIng from ihc Ans Council of Walcs has gonc iowards Swansca and Cardiff- oricnimicd pcrtormance education and ovireach programmes. The various programmes are run in conjunction with both Swansea City Opera and the Opera Sch(K)I Wales which is the educational facility of Swansea City Opera. Outrcach work w&8 undcnakcn by the company in all Ihc towns and citics which it toured. This took the form of w,0￿5hOps With schools and community groups giving a generdl iniroduction io opera and enhancing Ihe experience of the opera they were about io see. Free pre-perfomance talks wer¢ also gi&en ai ei.'ery Iheatre. Communil), choirs are given ihe opportunity io pcrforni in ihc Opera. TRUSTEES, REPORT TO THE MEMBERS OF SWANSEA CITY OPERA & THE OPERA SCHOOL WALES contd. RESUL TS AND STA TE OF THE COMPANY'S AFFAIRS The results for the period and stale of the Company's affairs are shown in the attached accounts. AIMS AND FUTURE PLANS Swansca City Opcra has bccn in existcncc for 19 yeats and is wcll knom'n throughout the UK for the high quality of ils perforniances. It is SCO'S aim to reinvigordte operd aq a popular activity for communitie% across Wales both as audience and participanis and to further dekelop and expand education and outreach prograinine5. Due lo cutbacks in funding from the Arts Councils, SCO'S focus has moi'ed during this year onto Inore community outreach progrdmmes. SCO has been fortunate lo receive a grani froin Arts Council Wale5 towards a pilot for a new work created in conjunction with the organisalion Men's Sheds CymnL (Men's Shed5 Cymru | The Official Home of Men's Sheds in Wales). an organisaiion ihal provides help. support and a plale io Tneel for socially disadvantaged and lonely men {and some women). At the Shed5 they make or gro￿ things and sell the items and produce to support the Shed or give them away lo people in need in the communiiy. The sirength of the organisalion is that Ai provides a purpose and focus for lunely people's lives. many uf whom have been ihrough desperdte times with deprcssion, bcrcdvcm¢nt, illncss. accidents and rcdundancy. and all of u'hom siill wani zo play an activc rolc in s￿iety and seck fricndship <￿d comrddcship. Ivherever possible it is the intention of the Trnstees to operate at a small surplus adequate to cover contingencies. The retained surplus ai 31 October 2023 carried forward for future use was £59.754. Thc TNstcc8 would likc io surplus Icvcls maintaincd in thc region of £15.000 to £35.0011 for the continued smooth running of the Charity. The policy on retained surpluses will remain under annual reviem, unless circumstances require earlier action. Thc Charity, in ihe opinion of thc Tru5tccs. is noi cxposed to any major risks othcr than thc commcrcial nccessiry to gcnerdte adequatc fiJnd8 from i'olunthry incomc and charilablc aciiviiies to sustain ils educational and community role. During the year grants of £98.215 ai?d donations of £880 were received. ACCOUNTANTS MessTS. Terence J. Down & Co. have indicated their willingness lo accept appointment for the ensuing year. This Report, M,hich has been prepared tsking advantage of the Financial Reporting Standard for Sinaller Entities (effeetive l January 2015) and SORP 2015. was approved by the Board on 8 July 2024 and signed on its b4ialf. ill. Secrd4rJ' SWANSEA CITY OPERA & THE OPERA SCHOOL WALES ACCOUNTANTS, REPORT TO THE DIRECTORS We report on the account5 for the year ended 31 October 2023 set out on pages 5 to I l. As described on page 7. the Company's directors are responsible for the preparation of the accounts ￿]d they considLr thdf the Company is cxcmpi from dudit. In order lo assisl yOLb io fulfil your ststutory responsibilities Nve have compiled the annual accounts bascd on the ac¢ounltng rccords. mainiaincd by thc Company and infomiation and explanaiions supplied to us. Wc havc a profc5sional duty to compilc account8 which conforn] with gcncrdlly accepicd accolinting principles. We planned our work on the basis that no reTKtrrt is reqtsired by statute or rcgulation for thc ycar. Although rcasonablc carc has bccn taken to chcck thc accuracy of inforniation used in the prepardtion ofthese accounis our work as the compilers of the annual aLLountS 15 nul Mn audit Df ihe aLcounts in accordance with audilin&y standards and we do not express an audii opinion. TERENCE J. DOWN & CO. charle1ed.4cc￿unI0rtl$ Brook Hos¢se Pai-K-.4veiiue Veiiliioi. lJle {)[ Wighi P038 ILE 8 July 2024 SWANSEA CITY OPERA & THE OPERA SCHOOL WALES sTATEl￿E.NT OF FIIILNCIAL ACTIVITIES YEAR ENDED 31 OCTOBER 2023 nresrricled fund.s 2023 Unreslric*ed fiiiid.s 2022 ole5 Incoming resources Incoming resources from genernted funds.. Volun12ry income Invcstmcnt incomc- intcrcst rcccivcd Incoining Tesource5 from charitable actiwlies heatre Tax Relief 99.095 459 1.750 3.558 78.504 31 2,700 14. otal incoming resources 104.86? 86,479 Resources expended osts of gycncratinby funds= Cost of generating voluntary income Charitable activities Governance costs otal resources expended 11.615 3.475 90.484 5.011 98,758 99.073 et increa5el{rcduction) in funds otal funds brought foNard otal funds carried fonvard 6.104 (1? 594) £59 754 £53 650 All incoming resources and resources expended are derived frotn Continuing activiiies There dre no orher glains and losscs othcr than those noted above an(f therefore nu scparale slalemenl of lolal recogni5ed gains and losses has been prepared. The accompanying accounting policies and noies fom) an integral part of these financial slalemenls. Thc slalcmenl ot f￿1￿cial aclivitics incoTporatcs an income cxpcndilurc accounl. Thc funds rclaincd at Ihc ycar cnd and movcmcnts during the ycar rclatcd io unrcstriclcd funds. SWANSEA CITY OPERA & THE OPERA SCHOOL WALES BALANCE SHEET AS AT 31 OCTOBER 2023 2023 2022 ANCJIBLE FIXED ASSETS OMPANY FORMATION EXPENSES URRENT ASSETS ebtors ash at Bank 122 163 15.8?6 11.918 64.594 REDITORS= Amounts falling due within one year ET CURRENT ASSETS ET ASSETS reseiJled b ESERVES ncomc and Ex cnditur¢ account For the year ending 31 October ?0?3 the company M-as entitled lo exemption from audit uiider section 477 of the Companies Act 2006 relating tQ Small companies. The Inembers have not required the company to obtain an audit in accordance with Section 476 of the Companies Act 2006 Thc dircclorb 4icknowlcdgc ihcir re.sponsibility for complying with ihc rcquircmcnls of thc Act with respect to accounting records and for the preparation ofaccounts. Thcsc accounl.s havc bcen prcparcd in accordancc wilh ihc proi'isions applicabl¢ io ¢ompanic.s %ubjcct to thc small companics rcgimc. Slgned on behalf of the Board of Directors T.M. Watson P. Lea .(resigned 14 November 2022)...... J. Williams Directors G. Clcmcnt G. Kilby T. Stokes Approved by the Board of Directors on 8 July 2024. SWANSEA CITY OPERA & THE OPERA SCHOOL WALES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2023 1. PRINCIPAL ACCOUNTING POLICIES (a) Basis of preparation The financial statcmcnts have been prepared undcr the historical cost con￿ention and in accordance with Ihe Financial Reponing Standard for Smaller Entitles (effective I January 2015) Ihc Companics Act 2006 and follo%¥. thc recomnicndation8 in thc Revised Sialctncni of Rccommendcd Practicc "Accounting and ReFrf)rtingi by Chari(ics' (the SORP 2015). (b) Cost of productions The materia15. ¢osI of new productions and associated creative team fees are Carried forward where appropriate. (c) Incoming resources Voluntary Income comprises all incoming rcsources from granls and donations recognised on a receivable basis. Where donor imposed conditioi?s require that the resource is expended in a future accouniing period income is credited to deferred income and accounted for as a liabiliry. Incoming RcsouTces from Charitdble Activities represents income from iheairc and touring activitics. (d) Resources expended The cosis of generaiing voluntsry income represeni ihe costs of securing grants and dundlions. Governan¢e costs represent the non-direct production cosis including accountancy, adininislrdtion and office expenses. All expendilure is accounted for on an acLNals basis and is recogni5ed when there 15 a Icgal or constructive obligalion lo pay. (ej Fund accountlng The Charity liad only one type of fund during the year which ivas unrestricted. This fund is expendable at the diSc￿tion of the Board in furtherance of the objecrs of the charity as opposed lo resiricied funds where ihe donaiion and income derived therefrom will bc u.$cd in accordance with.%pecific purposes. (fj VAT Income and expenditure is staled net of VAT. SWANSEA CITY OPERA & THE OPERA SCHOOL WALES OTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2023 (CONTD.) 2. VOLUNTARY INCOME 2023 Unrestricted 2022 Unrestricted Grants Donations Total incoming resources from voluntary income 98,?15 8so 75.78? . TOTAL INCOMING RESOURCES FROM CHARITABLE ACTIVITIES Pcrforynan¢c8'. Touring United Kingdom COSTS OF CHARITABLE ACTIVITY Perfonnances.. Arti.sts and musicians Production and educational programme costs Depreciation Total costs of ¢harilable activity 37.4?9 44.662 41 £8? 132 26,217 54 £99 073 Governance 5. STAFF COSTS AND NUMBERS There were no employees during ihe year. All singers and musicians were remunerated by individual performance conlracts with technical and oiher production services bought in io tncct pcrforniancc rcquircmcnts. 6. DIRECTORS, EMOLUMENTS The directors who were also the tNstees did not receive any remuneraiion or expense5 during the ycar. SWANSEA CITY OPERA & THE OPERA SCHOOL WALES OTES TO THE FINANCIAL STATEME,NTS YEAR ENDED 31 OCTOBER 2023 CONTD. 7. TANGIBLE FIXED ASSETS Productio men Total COST As ai l November 2022 Addiiions As at 31 Ociobcr 2023 13.027 13,027 DEPRECIATION As at l NoN'ember ?0?? Charge for year As ai 31 Oeiober 2023 12.864 41 41 NET BOOK VALUE A5 at 31 October 2023 As at 31 Ociober ?0?? 122 163 122 163 8. DEBTORS AND PREPAYMENTS 2023 2022 Prepaytncn15 dnd oulstanding inLome Theaire Tax Relief 12,268 4.337 7.581 £15 826 £11918 9. CREDITORS: Amounts falllng due within one year 2023 2022 rdde creditors cctudls 6.560 5.950 alue Added Tax efcrrcd grdnt income 10 SWANSEA CITY OPERA & THE OPERA SCHOOL WALES IYOTES TO THE FINANCIAL STATEMEYTS YEAR ENDED 31 OCTOBER 2023 COINTD. 10. MEMBERS, LIABILITY LIMrrED BY GUARANTEE Members. Lixbilitv limited to T.M. Watson £1 P. Lea (resigned 14 November 2022) £1 J. Williams £1 G. Clement £1 G. Kilby £1 T. Stokes £1 11. CONTINGENT LIABILITY Thcrc wcrc no contingcnt liabiliiic8 in cxislcncc at 31 Ociobcr 2023 (2022 Nil}. £1 £1 £1 £1 £1 £1 12. COMMITMENTS Thcrc werc no capital commilments ai 31 Octobcr 2023 (2022 Nil). 13. POST BALANCE SHEET EVENTS There were no significant post balance sheel evenls. 14. THEATRE TAX RELIEF of £3,558 shown under InLoming? Resources pave 6. rcprcscni% a claim pending uiider th¢ govcrnmcnt's rclicf for thcatrc produclioll c.Ypcnditurc introduccd in ihc Financc Aci ?014.