CompanN' Registration Number Charitj. Regiistration Number OJ?60797 10676) I SWANSEA CITY OPERA & THE OPERA SCHOOL WALES PRIVATE COMPANY LIMITED BY GUARANTEE REGISTERED AS A CHARITY REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 OCTOBER 2024
SWANSEA CITY OPERA & THE OPERA SCHOOL WALES CONTENTS Page Directors, Report Accountants, Report Stateinent 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 Tlie Directors siibmit their Report and ihe Financial St1c tenients for the year ended ) l Octobei. ?0?4. STA TEMENT OF DIRECTORS, RESPONSIBILITY Cornpany Lcqii. reqLiires the Directors to prepare Financial Stcltements tor L1c ch tiiiancial period 'hich g¥ive a true and t-air vieiv of the state ot. alt'airs of the Comp<in}' and ot" the profit or loss of that Company t.or that period. In preparingy those Financial Statements the Directoi's are reqLiired to:_ Select siiitable accounting pol icies and then appl}, Ilieni coiisisteiiily MakL judgjeiiients and estimates that are reasonable and priiLl¢nt Prepare the Financicil Statenients on ihe bFoing) concLrn basis unless it is inappropriate to presiime that the Company .111 continue iii business. The Directors c1re responsible t.or keeping proper 1cccoiintin&¥ records ii'hich disclose '1th rec2soll<2ble 2L Lcurac), ai ¢lll}' time thL tinanLiiLI positioii of tliL Coinpan), and to enable tlieni to enslire that ilie I111£2nLi{7] Stateiiients coiiiply ii'itli the Comp£iiiies Act ?006. Tliey are also respoiisible t.or sat"egJiiarLlin&y the 1c ssets Ot. Ihe Compclllv and henLe lor li2kiiig) reasoncible steps for the preventioll (lnd detectioii ot" t-raiid aiid other irregjiilarities. The Directors also confirm that tlie Fin4inLial Stc2teinents liave been prepared in accordance iN'iih the Statemeiit ot. Recumniended Practice (SORP) ?015, Accoiintingi aiid Reporting b}, Chc1rities. The Directors hi1N'e complied ii'ith the dutj, in S.4 ot'the ?006 Charities Act to hcive dlie reiiard to g7uid£lnLe publ islie(I b! the Chcirity Conimission. Details of 1c Ltiw ities4 ciillis cind tiitiire pl£lllS slioii'ingi lioki, Ihe Cli1¢ ritN' t"urthers its cliaritable piirposes tor the piiblic bLiietit is Liiven on Pc2&ies 3 and 4 of tlie report. LEGAL AND ADMINISTRA TIVE INFORMA TION The Directors. iiho 1¢ re also Triistees. seriied throug7houl the J'ear or as iiidiL<lted: w'erL also Ihe members 'hOSe indiN'idu<211 i¢2bi l it), is liniited io £ l . T.M. Wiltson J. Williams G. Clenieiit G. Kilbj, T. Stokes The present name ot" the CharitN- il'as cliclllg7ed fi'om The Opera SLhool Wlc l¢s 011 l JLIIN. ?004.
DIRECTORS, REPORT TO THE MEIWIBERS OF
SWANSEA CITY OPERA &
THE OPERA SCHOOL WALES
contd.
The Conipany is adniinislered uiider its gyovei'ningy document, the MLmorandiini and Articles
of Association. Ic nd is constituted as a limited companj, with details provided as t"ollows:
Company Regjistration Number
Charity Registration NumbLr
03260797
1067651.
Trustees are appointed by existingy members at Triistee meelings.
Tlie principal ot'tice and regyistered oftlLe of'the Companv is Rhydyberi Cottagyes. Merthvr
CN'nog. Brecon. Poiivs.
Org¥anisations or persons relevant to the Coinpany are gyiven as t.ollo1.s:
Bankers
HSBC London - Peckham Branch
Solicitors
Gabb & Co, Abergyavenny, Wclles
AccoLintants
Anthony W Dow'n
Chariered Certitied Accoiint
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 state ot.the Company s at"tairs are slioivn in tlie att1c clied accounts. AIMS AND FUTURE PLANS Sw'aiisea LitN" Opera has been in existence t.or ?0 years and is w'ell known throii&ihout ihe UIQ for the hi&Yh qiiality of its pert-omiances. It is SCO'S airn to reini'ig7orate opera as a popular activity t.or coinmiinities across Wales both as audience and P2( rticipants and to further develop and exp1c nd Lducation and outreach prog7rarnmes. Diie to ciitbacks in t"undingy from the Arts Coiincils, SCO"s fociis has moved duringF this year onto niore Loniiiiiiiiity Olltreacli progTrrammes. SCO has been t"ortLin<lte to receive a gyranl trom Arts Coiincil Wales towards a pilot for a new 'or crealed in conjunction w'ith the orgyanisation Men s Sheds Cy'mrii. (Men s Sheds Cymru | The Ot'ticial Home of Men s Sheds iii Wales), an or&¥Lqnisation thGlt pro&'ides help: siipport and a place to meet for socially disadvcint<lgJed and loiiely men (and some 'OMen). At the Sheds ihey make or &yroii' thing7s and sell the items and prodiice to siipport the Shed or g7jw'e ihein away io people in need in ihe cominLinity. The stren&ith of.tlie org7lc nisation is th1< t il provides a PLirpose and focLlS t.or lonely people s lives, In¢2ny ot"Ni'honi have been throLILyh desperale times ii'ith depression: bereavemenl. illnLss, accidents and rediindancy. aiid all ot. 'hoin still w'c1nt lo plaj. an 1¢ clive role in society and seek triendship and comradeship. WlierL ver po.ssible it is the intention ot- the Triistees lo operale ic t 1¢ smLiI l siirpliis adequate to Lover contii]iieiiLies. -Fhe retained siirpl LIS clt 31 OLlober ?0?4 Ccirried foriN'ard for t'ullire Lise '£iS £44.7? 7. The Ti'iistees ii'oiild l ike to seL SLirpl lis ILI'L Is Iiiaiiili2iiied in the reiiion ot" £1 i.000 to £35.000 for tlie Lolliiiiiied sniooth riinnins7 of the Charit),. Tlie polic). oli retained surpluses ill reinain LindLf cinnLial reN'ieiN' Iiiiless cirLunistances reqiiire earlier Ic Ltion. The ChciritN'. in ihe opinioii ot.the Trustees: is not exposed to any major risks other th<in the commerLic11 iiecessit! to iyenerate adeqiiLlte t"Iinds froni 'ollinlarV income Ic nd ch2L ritc1ble actii'ities to sustaiii its educational aiid commiini ty role. Diirini? Ilie J'ear bFrants ot" £60.081 ,Ind donations of" £1.370 w'ere reLeii,'ed. ACCOUNTANTS Mr Anihon}' 111 Doii'n. prc2clisini7 as Lcin(?slone Accoiintancy & Adi'isory, have iiidiLlc ted tlieir w'illiiigness lo acLLpt <lppointineiit toi- the eiisuiiig year. This Report. ii'liich lias been prepclred takinli adN'antagFe ot. the Financial RLPOrtinii Staiidard t.or SmlL Iler Entities (et"t"eclii'e l Janiiari, ?015) and SORP ?015, was approwed b! tlie Board on JO Julj. ?095 and signed o
SWANSEA CITY OPERA & THE OPERA SCHOOL WALES ACCOUNTANTS, REPORT TO THE DIRECTORS I'e report on the Ic ccounts t'or the year ended 31 October ?0?4 set out on pagyes 5 to I l. As described on pagye 7: the Compaiiy's directors are responsible t.or ilie prepc1ration ot.the accounts and they consider th1c t the Company is exempt t.roni an audit. In order to assist >'OLI to t'LiltIl yOLir slatiitory rLsponsibilities we Iiave compiled the annual accounts based on the accoiintiiigJ records maintained b), the Company and information and eiplanalions supplied to us. We have a professioiial dLlty to conipile 1c CCOLints ii,Iiich contoriii ii'ith oenerally accepted aLcoLintinL principles. We plcinned oiir Ni'ork" on tliL basis that no report is reqiiired by statute or re¥TLilation t.or the year. AlthoLiiyh reasoiiable care lias beeii taken to check iliL acciircQCy of int.ornialioii used in the preparalioii ol" these acLoiints oiir ii'ork <1S thL conipi lers ot" the anniial accoLints is not an clLiclit ot" the acLoiiiits iii accordaiiLe ii'ith audiliiig¥ 8iandards cond w'e do not eiprLSS 4111 <iudit opinion. Anthony Down ('17(II'ILJp'c<l ( LJi'li/ic Ll .IL'c'c)iii7lcinl.I 9, .%17L)i'b()I'iiLJ Ai'L'IiiiL' Cjnc'c)LJLI C'(Ir(lift' c'r23 6,S.J JO JLily ?0?)
SWANSEA CITY OPERA & THE OPERA SCHOOL WALES STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 OCTOBER 2024 Uiirestricted fiiiids 2023 Uiire,Slriclgcl fiiiids 2022 Notes Incoming resources InLominLV resoLirLes t.rom g7enLrated funds: Voliiiitary iiicome Investmeiit incoine - intei'Lst rLLeived Ii)comi ngi rLsoiirLes t'roin cliaritable activities rheatre Tax Relief 60.081 556 2,454 3.558 99,09) 459 1.750 i.558 14. otal incoming resources 66,649 104.86? Resources e¥pcnded Cosis o I" gyeiieraling l iiiids: Cosl ot" Lieiieratingy N'ol untary iiiLoine C h£lrilc2ble actii'ities Governance costs 16.?4? 58,874 6.560 11.615 i.011 Total resources expended 81,676 98.7)8 Net increase/(reduction) in funds 'roial tunds broiight torH'1¢ rd Totdil funds carricd fonTr'ard (15.0?7) i9.7)4 6.104 )i.650 £44.7?7 £i9.7i4 All incomingF resolirces aiid resoiirces eNpendLd are derii'ed trom continiiingi aLtii'ilies There c2re no other gFains (Iiid losses other ihan tliose noted aboi'e and theretore no seplc fc1te stalenieiit ot-totc21 recoLFnised iyaiiis and losses has been prepared. The clLLompan!'in(7 accoiintinLF policies and notes t.orni an inleLiral part ot-thes¢ tiiiancial statements. The staleiiient of financiLiI actii,'ities incorporat¢s an incoiiie aiid LxpLnditiii-L accoiiiit. The I"Linds retained at ihe fv'ear eiid and Inok'ements diiriiiLY tlie lear rL11c ted to Linrestricted t"unds.
SWANSEA CITY OPERA & THE OPERA SCHOOL WALES BALANCE SHEET AS AT 31 OCTOBER 2024 Notes 2024 2023 ANGIBLI FIXED ASSE'rs COMPANY FORMATION EXPENSES 81 12? 1.598 1.598 CURRENT ASSETS Debtors Cash at Bank 15.18? 34.4?6 49.608 l j.8?6 48.768 64.594 REDITORS: Aniounts falling diie ithin one year 6.560 6.560 ET CURRENT ASSETS 43.048 i8.034 ET ASSETS reseiitecl b RESERVES Income <1nd Ex enditurL <lCCOlllIt ror the N'e2c r endingi 31 OLtober ?0?4 the conipc1ny 'aS entitled to exemptioii trom aiidit uiider sectioii 477 ot" thL Conipanies Act ?006 rLl£1tiiiii io smi411 conipLlnies. The iiiembers haN'e not reqliired the conipaiiy to obiaiii 1c 11 alidit in acLordclnce th'iih seclion 476 of ilie Companieb Alt ?006 The directors acknoii'ledgie their responsibility for coniplviniy iv'itli the reLiuireinents of tlie Act ii'itli rLspeLt to accouiitinb7 recoi'ds and t'or the preparcltion ot. 4lCLoiiiIIs. ThesL ¢2CCOUllts h£1ve been prepared iii cicLordaiiLe ii'ith thL provisions <lppIiciL ble to Lompanies SLibject to the sm(111 companies reLyjine. Signed on behalf of the Board of Directors "r.M. Watson J. Willicims Directors G. C.lement G. Kilbj, T. Stokes Approi'ed b!. th¢ Board ot Directors on JO Jill!, ?0? j.
SWANSEA CITY OPERA & THE OPERA SCHOOL WALES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2024 1. PRINCIPAL ACCOUNTING POLICIES (a) Basis of preparation The tinancial stateiiients have been prepared under the historical cost conventioii and in accordance iiiih the Fiiiancial Reportino Standard t'or Smc111er Entitles (eft"ective I January 2015) thL Companies Act ?006 aiid to110 the recommendations in the Revised Statement ot" Recommended Pr1c Ctice "ALcoLinlingy and Reporting by Charities (the SORP ?Oli). (b) Cost of productions l-he n11c ierials. cost of iiew, produLtions cond assoLialed Lre2¢ live teain t"ee% are carried fori%'ard where appropricqte. (c) Incoming resources Voliiiitary Inconie comprises all inLOllli ng7 res()IirLe.8 t.rom gyr1£ Ilts and donations I'eLogJiiised 011 a reLeii'clble bi¢ sis. Where donor inip()sed Ll)ndilions reciLllI'e thc1t tlie resoiirce is expended in a t'llture accouiiting, pci'iod inLonie is Lrediied io deferred inconie and aLcoiinted t'or as ¢11 iabi lity. Incoming7 ResoLifLes t.roni Ch4iritable ActiN'ities represents illLonie t.roni iheatre <iiid tOLirin&i activities. (d) Resources expended The costs 0£. gieiierc1linLY voliiiitaiTr' iiiLoiiie represent the costs ol- seciii'ing gFI £iiils and donatioiis. Goi'erii<qiice costs rLpi'eseiit the non-direct prodLiclion costs inclLidi IILY c1ccoiintiincy. adniinistrcltion aiid o t"tlLe expense5. Al l expenditiirL is aLcoLlllted t"oi- oli an aLcruals b1< Sis 1( lid is rLCOI)nised iwhLii there is a legy1c l or coiistruLtiN'e obligTration io pa),. (e) Fund accounting The Lharitv had onlN' one tN'pe ot" t.und durinLI tlie N'ear Th:hiLh il'as iiiir¢slricled. This t.iind is elpendable at ihe discrelioii ot" the Boclrd in t'iiriheraiice ot" tlie objects of the Lharit! as opposed io restricl¢d t'unds li'here the donation and income der1.ed iheret.rom i¥'ill bL iiscd in <icLordance with specitic purposes. (Q VAT Income cind expeiiditiire is stated Iiet ol: VAT.
SWANSEA CITY OPERA & THE OPERA SCHOOL WALES NOTES TO THE FINANCIAL sTATEIENTs YEAR ENDED 31 OCTOBER ?024 (CONTD.) 2. VOLUNTARY INCOME 2024 Unrestricted Unrestrictcd Grants Donc1lions Total inconiingy resoiirces trom voluntarv income 58,711 98.?1 j 880 99.095 60.081 3. TOTAL INCOMING RESOURCES FROM CHARITABLE ACTIVITIES Pert"omiaiices'. Toiiriiigi Uiiited Kiiigidom 2.454 1.750 COSTS OF CHARITABLE ACTIVITY Pertoriiiaiices: Arti%ts aiid niusicians Prodiiction aiid LduccltiOllL21 prog?r4iniiiie costs DepreLicltioii Total Losls ot. cliLirilablL activity 3).937 ??.896 41 £i8.874 37.4?9 44.66? 41 £8? 13? Governaiice £6.)60 £i.011 5. STAFF COSTS AND NUMBERS ThLr¢ i¥'erL' no eiiiplo)'ees diiriniy the N ec1r. Al I singTers aiid niiisici42liS li ere remiinerated by indii'idLlcil pert-oriiiaiice conir1L cls ii'itli techiiiLIL I collL4 oiher prodiiLtioii seri'iLes boiig7ht in to meei pert-omi2c lice reqiiiremenls. 6. DIRECTORS, EMOLUMENTS The directors ii'ho 'ere c11so the truslees did ii(Il receiiie l< Iiy reinLineration or eNpeiises diiriiiLI the N'ear.
SWANSEA CITY OPERA & THE OPERA SCHOOL WALES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2024 CONTD. 7. TANGIBLE FIXED ASSETS Production Total men COST As at l November ?0?3 Additions As at 31 October ?0?4 13,0?7 13.0?7 13.0?7 DEPRECIAJ'ION As at l November ?0?3 Cliarg7e t'or year As at 31 October ?0?4 NET BOOK VALUE As at 31 October ?0?4 As at 31 Octob¢r ?0?3 1?,905 1 ?.905 41 1?.946 1?.946 81 1?2 122 8. DEBTORS AND PREPAYMENTS 2024 2023 Prep£l) nient.S cind oiitstciiidi IILI jiiconie TIIL,Itre Tax RL'liel" 2.914 £lj.18? Ll i.8?6 9. CREDITORS: Amounts falling due within one year 2024 2023 rade credilors ccriials ValLie Addecl Tax Det"erred Lyrant inLonie 6,560 6.)60 £6.)60 £6.)60 10
SWANSEA CITY OPERA & THE OPERA SCHOOL WALES NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 OCTOBER 2024 CONTD. 10. MEMBERS, LIABILITY LIMITED BY GUARANTEE Members, Liabili limited to "I'.M. Watson £1 £1 J. Willianis G. Clemeiit G. Kilby T. Stokes 11. CONTINGENT LIABILITY £1 £1 £1 £1 £1 £1 £1 £1 There ii'ere iio contiiigyent l ilc bilities in existence ai 31 October ?0?4 (?0? 3 Nil). 12. COMMITMENTS "Fliere ii'ere no capilal Lommitments ai 31 October ?0?4 (9{)?3 Nil). 13. POST BALANCE SHEET EVENTS I'liere ii'ere no sigTnitricaiit post balance sheet ¢'ents. 14. THEATRE TAX RELIEF of £3,558 shoii li Lindei. Inconiiiibi ResoiirLes pagle 6. repi'eseiils (1 Ll<lilll PLI)dini) Liiider the g10'erllmeI]I' s reliet. t'or iliecltre produclion expeiiditiire i nlrodiiced iii the FinanLe Act ?014.