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2021-03-31-accounts

Registered Company Number: 03508706 Charity Registration Number: 1070013

Mahogany Opera Group

(Company Limited by Guarantee) Trustees Report and Financial Statements For the year ended 31 March 2021

MAHOGANY OPERA GROUP

CONTENTS

YEAR ENDED 31 MARCH 2021

Reference and Administration Details 1
Trustees’ Report 2
Independent Examiner’s Report 9
Statement of Financial Activities 10
Balance Sheet 12
Notes to the Financial Statements 13

MAHOGANY OPERA GROUP REFERENCE AND ADMINISTRATION DETAILS FOR THE YEAR ENDED 31 MARCH 2021

Constitution

The Company is incorporated under the Companies Act, Company number 03508706 and its governing document is its Memorandum and Articles of Association. The Company is a registered charity, number 1070013.

Directors and trustees

The directors of the Company are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.

As set out in the Articles of Association, the trustees are appointed by the trustees or by the Company’s members at a general meeting.

Policies and procedures adopted for the induction and training of trustees are ongoing and incorporated indirectly into the regular trustee meetings.

The trustees during the year and since the year end, were: Katie Bradford (appointed 10 June 2021) David Bernstein Amy Challen (appointed 4 March 2021) Ian Hamilton Penny Jonas (Chair) Professor Ludmilla Jordanova (resigned 3 November 2021) Dwight Pile-Gray (appointed 4 March 2021) Ava Podgorski (appointed 10 June 2021)

Company Secretary

Bridget Rennie (appointed 8 November 2021)

Artistic Director

Frederic Wake-Walker

Executive Director

Bridget Rennie (appointed 2 November 2021)

Independent Examiner

Michael Kyriakides

Bankers

Lloyds Bank Plc, Villiers House, 48-49 Strand, London WC2N 5LL.

Solicitors

Weil, Gotshal & Manges (London) LLP, 110 Fetter Lane, London, EC4A 1AY.

Operation address

Institute of Contemporary Arts, 12 Carlton House Terrace, London SW1Y 5AH.

Registered office

Rosehill Theatre, Whitehaven, CA28 6SE.

1

MAHOGANY OPERA GROUP TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The trustees present their report and financial statements for the year ended 31 March 2021.

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 Company’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, including the adoption of the amendments issued in December 2017 (FRS 102).

The trustees confirm that they complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity’s Commission general guidance on public benefit “Charities and Public Benefit”. The Trustees’ Report clearly sets out the charitable objectives, current activities and how they benefit the public.

PRINCIPAL ACTIVITY

The charitable objects of Mahogany Opera Group are:

to promote, maintain, improve and advance education, by the encouragement of the arts, but particularly the arts of drama, music, signing, mime, dance and to formulate, prepare and establish schemes thereof provided that all objects of the company shall be of a charitable nature.

Mahogany Opera Group is a leading commissioner and producer of new opera and music theatre. Since 2014, Mahogany Opera has created 19 new commissions and toured them extensively across the UK and internationally, receiving many accolades and awards for its boundary-pushing and inclusive work. The Company’s vision and artistic programme is defined by Artistic Director Frederic Wake-Walker in collaboration with a broad range of artists, collaborators and creative partners from international festivals, regional venues, music education hubs, universities and orchestral ensembles.

Mahogany Opera’s ten-minute Snappy Operas have been developed with and performed by primary school children alongside professional artists. The Snappy Opera programme delivers in-school activity, teacher training and public performances in communities across the UK. Various Stages is Mahogany Opera’s Research & Development programme of open calls, workshops, public showcases, discussions, feedback sessions and mentoring support. It has been a platform for the creative development of over one hundred artists in the last six years. In 2021 Mahogany Opera launched Meet Me @ Mahogany , its virtual open house, an online forum for transformational thinking - sharing insights, experiences and opening up discussion around the Company’s creative practice.

Beyond the work itself, Mahogany Opera is a creative space for the development of new ideas and the sparking of new connections – a place where people can encounter music and theatre for the first time, where artists can forge new creative relationships and where time is given for research, reflection and discussion. The organisation’s approach is deeply collaborative and defined by people – by a belief that everyone involved has a creative role to play and that includes, crucially, the audience.

There are seven trustees on the board. Frederic Wake-Walker is based in Berlin and works internationally as a freelance director alongside his work with Mahogany Opera. The current Mahogany Opera team consists of a full-time Executive Director; with a freelance Associate

2

MAHOGANY OPERA GROUP TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Producer, Fundraising Manager and Finance Manager each working part-time. The individual team members are currently based in London, Huddersfield, Glasgow and Cumbria, offering a unique perspective when building partnerships and creating work. Mahogany Opera’s trustees and staff reflect and embrace the communities and artists with whom they work, right across the UK, with increasing presence in the North of England, while also embracing an international perspective.

Mahogany Opera Group is a registered charity (No.1070013) and a company limited by guarantee (No. 03508706).

As a registered charity, Mahogany Opera is immensely grateful for the generous contributions of trusts & foundations and individuals, without whose support its work would not be possible.

ACHIEVEMENTS AND PERFORMANCE

Mahogany Opera’s activity in 2020-21 was delivered in light of the Covid-19 crisis and in accordance with Government restrictions and public health guidelines.

Snappy Operas

Mahogany Opera’s Snappy Opera Festival was planned to be delivered in financial year 202021 but due to the pandemic was delayed into financial years 2021-22 and 2022-23 to be delivered as the ‘Year of Snappy Operas’. The ‘Year of Snappy Operas’ will see Mahogany Opera work with schools in Sussex, Hull, Leicester, North Tyneside and Edinburgh in partnership with the Villages Music Festival (Sussex), Music Education Hubs in Hull, Leicester and North Tyneside and Edinburgh International Festival from June 21 – July 22. A minimum of 21 groups (across 21 schools) will be engaged, with the aim of working with 25 groups totalling around 750 children. Training will also be provided for artists and teachers involved in the project.

Two new Snappy Operas were commissioned during the 2020-21 financial year by composers Pippa Murphy and Raymond Yiu and writers Karine Polwart and Russell Plows in partnership with North Tyneside Music Education Hub and Hull Music Service. These two new operas will premiere during the ‘Year of Snappy Operas’. The commissioning process was adapted to deal with the impacts of Covid-19 with development and workshop activity taking place remotely and online with children in schools.

Despite having to pause most in-person activity, Mahogany Opera continued to develop its training for artists delivering the Snappy Opera programme and for participating teachers. Online introductory sessions were built into the recruitment process for delivery artists for the Year of Snappy Operas and a supplementary written guide to accompany the Snappy Opera teacher training was developed.

Commissions

During the year 2020-21 Mahogany Opera was a co-commissioner of Dido’s Ghost, a new opera by composer Errollyn Wallen and writer Wesley Stace. Co-commissioned with the Barbican, Buxton International Festival, Philharmonia Baroque Orchestra & Chorale and lead commissioner, Dunedin Consort, Dido’s Ghost reframes, illuminates and expands Purcell’s Dido and Aeneas, which is performed in its entirety as a flashback within the opera. Performed on period instruments, by Dunedin Consort, Dido’s Ghost bridges the gap between worlds, as past blurs into present and memory becomes emotion in this ambitious new commission.

3

MAHOGANY OPERA GROUP TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Mahogany Opera supported the development of the piece through workshops held in October 2020. Dido’s Ghost opened at the Barbican in June 2021 directed by Mahogany Opera Artistic Director Frederic Wake-Walker. Further performances took place at Buxton International Festival and Edinburgh International in Summer 2021.

Various Stages

Mahogany Opera supported the development of two new projects through seed commissions - Rumi Passion (Sky in a Small Cage) supported by the Nicholas Berwin Charitable Trust and Hildegard: Visions supported by the Marchus Trust and RVW Trust.

Rumi Passion (Sky in a Small Cage) is conceived as a contemporary staged oratorio – telling the story of the life of the Sufi poet, Rumi – and focussing on his relationship with master, music and love, Shames who was (it is suspected) murdered at the hands of Rumi’s brothers. The story will be told with music by Rolf Hind and words written specifically by poet, Dante Micheaux, together with translations of Rumi’s own poetry. A multi-disciplinary cast and mixed ensemble will bring each tableaux to life using song, musical interludes and dance. Workshops are planned for the Spring of 2022.

Hildegard Visions is an immersive piece created by multi-disciplinary artist Nwando Ebizie. Mapping the structure of the rites of passage experienced by Hildegard von Bingen and connecting Hildegard’s visions with Nwando’s own condition Visual Snow, the piece will be a multi-sensory event that incorporates sounds, scent, taste, colour in three different spaces; a herb garden, a hammam and concert space. The project featured as part of Mahogany Opera’s Various Stages festival in 2019-20 and this second phase of research helped to develop an installation (Extreme Unction Vol.2) which was exhibited at East Street Arts, Leeds in June 2021. Mahogany Opera plans to fully commission the work in 2022 with opening performances taking place in the Summer of 2023.

Website

Mahogany Opera commissioned designers Silk Pearce to develop a new website for the organisation. The previous website had been in use for six years and developed during the Company’s rebrand in 2014 when The Opera Group merged with Mahogany Opera. The new website reflects the organisation as it is now and integrates the previous rebrand undertaken by Silk Pearce. The site is optimised for use on mobile phones and tablets and has introduced an easier-to-use content management system. The site has more life and movement and has created a new online home for Mahogany Opera’s work. The new website was launched at the end of August 2021.

COVID-19

The Covid-19 crisis had a significant impact on the delivery of Mahogany Opera’s programme during the 2020-21 financial year: the majority of the Company’s work takes place either in schools or in collaboration with artists, which has been difficult or impossible since the crisis began. While fundraising activities continued, they were inevitably impacted by the crisis and the restrictions on operations.

The Company remains financially resilient, maintaining a healthy reserves position. Successful fundraising for Dido’s Ghost and the Snappy Opera programme, including ongoing support from the Foyle Foundation, helped the Company to plan for the future.

4

MAHOGANY OPERA GROUP TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

FINANCIAL REVIEW

The Statement of Financial Activities (including Income and Expenditure Account), Balance Sheet, together with the notes thereon are set out on pages 10 to 20.

The Statement covers the 12 months from 1 April 2020 to 31 March 2021.

Total income for the year amounted to £124,398 (2019/20 £230,827) of which £46,619 (2019/20 £116,053) was restricted. Total expenditure for the year was £163,641 (2019/20 £239,386), of which £46,619 (2019/20 £142,553) was restricted.

The Company’s income for the 2020-21 financial year was adversely impacted by a reduction in funding as a result of delays to the delivery of activity and in performance income due to Covid-19. This was partially offset by reduced project spending. This resulted in a deficit of £39,243 for the financial year (2019/20 £8,559 deficit). The Company, however, maintains a strong reserves position, with unrestricted funds of £365,842 at 31 March 2021 (2019/20 £405,085).

Over the year appropriate changes were made to keep the Company financially secure. Activity was delayed due to the pandemic, but the Company looked to the future by raising income for the development and commissioning of four new pieces of work. This also connected Mahogany Opera with new funders, such as The Marchus Trust. The Company utilised the Government’s Job Retention Scheme for part of the year: the Executive Manager was placed on flexible furlough for February and March 2021 which continued into April 2021.

Strong support was received from a number of trusts and foundations, with welcome continued support from the Ellerman Foundation and new support from the Garfield Weston Charitable Trust for Core. The Foyle Foundation and Arts Council England will continue to support the Snappy Opera programme in 2021-22, and the PRS for Music Foundation continued to support the organisation’s work with composers. The Dido’s Ghost commission attracted some significant gifts from individual donors and precipitated an update to the Company’s individual giving strategy which will be launched in 2021-22. Mahogany Opera continues to focus on increasing its philanthropic fundraising, cultivating individual donors and regional trusts in the UK areas where it tours. The Company was able to take advantage of the Theatre Tax Relief scheme.

Over the 2018-19 and 2019-20 financial years core costs were reduced substantially as a result of refocussing the Company’s programme. While the trustees and the executive team continue to seek to identify possible cost savings, further substantial cost reductions could pose a significant threat to continued operations and the delivery of the Company’s charitable goals. However, and despite the ongoing uncertainty around when activities will fully resume, given the Company’s strong balance sheet and with the support of the Ellerman Foundation and others the trustees are confident in the Company’s future ability to continue to meet its artistic goals.

Reserves

The unrestricted reserves of the Company comprise a General Fund and two Designated Funds. The trustees consider it prudent to maintain sufficient unrestricted reserves in the General Fund to meet a minimum of six months’ core operating costs. This reflects the challenge of funding within the present economic climate, together with the need to deliver on future commitments.

5

MAHOGANY OPERA GROUP TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

In response to the variable pattern of expenditure, the Company maintains two designated funds. One is for funds that have been received and allocated by the trustees to existing projects which are underway, but the costs of which are to be borne in subsequent accounting periods. The level of this reserve fluctuates according to the pattern of funding and the Company’s production schedules. This flexibility allows the Company to respond to performance opportunities, the scheduling of which may be beyond the Company’s control.

The second is the John Hughes Innovation Fund, which is the combination of the legacy received in 2017-18 and the previous Future Commissions Fund. This is used for future commissions, the funding of which may be required two to three years before production, for the development of new ideas across the Company's artistic programme, and to support Various Stages.

Investments

The Company maintains a savings account for managing cash reserves and any grants awarded for future projects. These funds are kept on instant access or short notice as appropriate. The remaining funds are kept in a 32-day Notice Account with Lloyds Bank.

RISK MANAGEMENT

All significant activities undertaken are subject to a risk review as part of the initial project assessment and implementation. Major risks are identified and ranked in terms of their potential impact and likelihood. Major risks, for this purpose, are those that may have a significant effect on:

The trustees review these risks on an ongoing basis and satisfy themselves that adequate systems and procedures are in place to manage the risks identified. Where appropriate, risks are covered by insurance. The following framework is central to ensuring adequate risk management:

In assessing risk, the trustees recognise that some areas of work require the acceptance and management of risk if key objectives are to be achieved. The trustees have reviewed the major risks to which the Company is exposed and identified control and mitigation procedures, under the headings of:

STRUCTURE, GOVERNANCE AND MANAGEMENT

The trustees (directors), who numbered six at the end of the period, seven currently, have

6

MAHOGANY OPERA GROUP TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

overall fiduciary responsibility for the supervision of the activities of the Company. The Artistic Director and Executive Director are currently responsible for day-to-day management of the Company.

Artistic initiation, planning and development is led by the Artistic Director. The Artistic Director is engaged in that role, on a part-time freelance basis, as he is when directing the Company’s productions.

The new role of Executive Director has increased responsibility; reporting directly to the board alongside the Artistic Director and leading the organisation on all strategic, financial and administrative duties. The new Executive Director has strong fundraising and communication skills and will develop Mahogany Opera’s three strands (Commissioning, Snappy Operas and Various Stages) on a more sustainable and on-going footing.

The Company’s activity is supported by a freelance Associate Producer (Snappy Operas), freelance Fundraising Manager and a freelance Finance Manager. In addition, the Company works with a range of specialist freelance staff to deliver on producing, fundraising, project management, education, PR when appropriate.

The trustees meet at least four times a year and are available for consultation and advice on an ad hoc basis. The Finance Committee meets in advance of each quarterly Board meeting to monitor the Company’s financial position and management.

Statement of trustees' responsibilities

The trustees (who are directors of Mahogany Opera Group for the purposes 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the independent examiner

7

MAHOGANY OPERA GROUP TRUSTEES’ ANNUAL REPORT INCLUDING DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that;

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the Board of Trustees on 2 December 2021 and signed on its behalf by

Penny Jonas Chairman of the Board

8

MAHOGANY OPERA GROUP INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF MAHOGANY OPERA GROUP

I report on the accounts of the charity for the year ended 31 March 2021, which are set out on pages 10-20.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the Company for the purposes of Company law) are responsible for the preparation of the accounts. The trustees consider than an audit is not required for the year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity is required to prepare accrual accounts and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

Having satisfied myself that the charity is not subject to audit under Company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosure in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view’ and the report is limited to those matters set out in the next statement.

Independent examiner’s statement

In connection with my examination of the charity, no matter has come to my attention:

Michael Kyriakides FCA

2 December 2021

Michael K 7 Forest Road Sutton Surrey SM3 9NT

9

MAHOGANY OPERA GROUP STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Note
Income from:
Donations and legacies
2
Charitable activities
3
Investment
4
Other
5
Total Income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2021
Unrestricted
funds
Restricted
funds
Total funds
£
£
£
53,101
46,619
99,720
10,000
-
10,000
296
-
296
14,382
-
14,382
77,779
46,619
124,398
16,041
-
16,041
100,981
46,619
147,600
117,022
46,619
163,641
(39,243)
-
(39,243)
-
-
-
(39,243)
-
(39,243)
405,085
-
405,085
365,842
-
365,842

All gains and losses arising in the year have been included in the Statement of Financial Activities and arise from continuing operations.

The notes on pages 13 to 20 form part of these financial statements

10

MAHOGANY OPERA GROUP STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2020

Note
Income from:
Donations and legacies
2
Charitable activities
3
Investment
4
Other
5
Total Income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2020
Unrestricted
funds
Restricted
funds
Total funds
£
£
£
56,545
116,053
172,598
23,188
-
23,188
2,574
-
2,574
32,467
-
32,467
114,774
116,053
230,827
14,775
-
14,775
82,058
142,553
224,611
96,833
142,553
239,386
17,941
(26,500)
(8,559)
-
-
-
17,941
(26,500)
(8,559)
387,144
26,500
413,644
405,085
-
405,085

All gains and losses arising in the year have been included in the Statement of Financial Activities and arise from continuing operations.

The notes on pages 13 to 20 form part of these financial statements.

11

MAHOGANY OPERA GROUP BALANCE SHEET AS AT 31 MARCH 2021

COMPANY REGISTRATION NUMBER 03508706

Note
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS:amounts due within one year 16
NET ASSETS
Funds
18
Restricted funds
Unrestricted funds:
General funds
Designated funds
John Hughes Innovation Fund
Future Projects		 2021
2020
£
£
39,881
32,509
411,280
410,290
451,161
442,799
(85,319)
(37,714)
365,842
405,085
-
-
242,463
281,706
120,000
120,000
3,379
3,379
365,842
405,085

The Trustees consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Act.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the Company as at 31 March 2021 and of its net expenditure for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the Company . The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2016.

The financial statements were approved by the trustees on 2 December 2021 and signed on their behalf, by:

Penny Jonas Chair

The notes on pages 13 to 20 form part of these financial statements

12

MAHOGANY OPERA GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 ACCOUNTING POLICIES

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.

(a) Accounting convention

The financial statements have been prepared in accordance with 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 United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), and the Charotoes Act 2011. The charity constitutes a public benefit entity as defined by FRS 102.

(b) Statutory Information

The Mahogany Opera Group is a charitable company limited by shares, and is incorporated in England & Wales. The registered office address is Rosehill Theatre, Whitehaven, CA28 6SE..

(c) Going concern

The Trustees have considered the appropriateness of the going concern assumption and believe it is appropriate to prepare the financial statements on this basis due to the Trust’s level of reserves and agreed funding.

(d) Income

All income is recognised in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income and the amount can be quantified with reasonable certainty. Income is not shown net of expenditure. The following specific policies are applied to categories of income.

13

MAHOGANY OPERA GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 ACCOUNTING POLICIES (Continued)

(e) Expenditure

All expenditure is accounted for on an accruals basis and is stated net of VAT. Costs of generating funds are those costs incurred in attracting voluntary income.

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs which can be directly allocated to activities and those costs of an indirect nature necessary to support them.

Governance costs are those incurred in connection with compliance with constitutional and statutory requirements.

Costs are allocated between the expenditure categories of the SOFA based on usage of the resource.

Where costs cannot be directly allocated they are apportioned on an appropriate basis and recognised in SOFA.

(f) Leased assets

Rentals payable under operating leases are charged to the SOFA on a straight line basis over the period of the lease.

(g) Fund accounting

The charity has three distinct types of fund in its balance sheet:-

Unrestricted, or general, funds arising from the accumulated surplus from its various activities. Restricted funds representing balances to be spent on particular activities as specified by the donor. Designated Funds are funds set aside by the Board of Trustees for a specific purpose. The income and expenditure are shown in the SOFA.

The assets and liabilities representing each fund are shown in the notes to the accounts.

(h) Pensions

The charity participates in the NEST pension scheme, a defined contribution pension scheme. Payments of £1,562 were made to the scheme during the year.

(i) Taxation

No provision is made in these accounts for corporation tax as the charity is exempt from such taxes as a result of having registered with the Charity Commission.

14

MAHOGANY OPERA GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

1 ACCOUNTING POLICIES (Continued)

(j) Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar amount.

(k) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement value.

(l) Deferred Income

Grants that are received during the year but relate to a future period are classified as deferred income. Where income relates to a period of time, the time apportioned amount relating to the following year is also classified as deferred income.

2 Income from Donations and legacies

Year to 31 March 2021
Grants
John Ellerman Foundation
Garfield Weston Foundation
Nicholas Berwin Charitable Trust
Marchus Trust
The Vaulkhard Douglas-Home Music Trust
PRS Foundation
Finn Family Fund
RVW Trust
Dunedin Consort
HMRC - Job Retention Scheme
Donations
Individual Giving
Friends & Directors' Circle		 Unrestricted
Restricted
Total
2021
2021
2021
£
£
£
30,000
-
30,000
15,000
-
15,000
-
5,000
5,000
-
3,500
3,500
-
5,000
5,000
-
10,490
10,490
-
2,500
2,500
-
500
500
-
3,585
3,585
2,093
2,093
45,000
32,668
77,668
2,853
13,951
16,804
5,248
-
5,248
53,101
46,619
99,720

15

MAHOGANY OPERA GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

2 Income from Donations and legacies (Continued)
Unrestricted
Restricted
Total
2020
2020
2020
Year to 31 March 2020
£
£
£
Grants
Arts Council England
14,850
76,262
91,112
The Catherine Cookson Charitable Trust
-
500
500
John Ellerman Foundation
30,000
-
30,000
Kobler Trust
-
5,000
5,000
The Thistle Trust
-
3,000
3,000
Britten-Pears Foundation
-
5,000
5,000
The Vaulkhard Douglas-Home Music Trust
-
4,000
4,000
PRS TDP
-
5,000
5,000
The P & C Hickinbotham Charitable Trust
-
1,000
1,000
William Webster Charitable Trust
-
1,000
1,000
The D'Oyly Carte Charitable Trust
-
3,000
3,000
The Garrick Charitable Trust
-
4,000
4,000
The Leche Trust
-
2,000
2,000
RVW Trust
-
2,000
2,000
44,850
111,762
156,612
Donations
Individual Giving
5,188
4,291
9,479
Friends & Directors' Circle
6,507
-
6,507
56,545
116,053
172,598
3 Income from charitable activities
Unrestricted
Unrestricted
2021
2020
£
£
Theatre income
Snappy Opera
10,000
23,188
10,000
23,188
4 Investment income
Unrestricted
Unrestricted
2021
2020
£
£
Bank Interest
296
2,574
296
2,574
5 Other income
Unrestricted
Unrestricted
2021
2020
£
£
Theatre tax relief
14,382
29,394
Other income
-
3,073
14,382
32,467
Theatre Tax relief Scheme is available on qualifying pre-production expenditure.		 Unrestricted
Restricted
Total
2020
2020
2020
£
£
£
14,850
76,262
91,112
-
500
500
30,000
-
30,000
-
5,000
5,000
-
3,000
3,000
-
5,000
5,000
-
4,000
4,000
-
5,000
5,000
-
1,000
1,000
-
1,000
1,000
-
3,000
3,000
-
4,000
4,000
-
2,000
2,000
-
2,000
2,000		 Unrestricted
Restricted
Total
2020
2020
2020
£
£
£
14,850
76,262
91,112
-
500
500
30,000
-
30,000
-
5,000
5,000
-
3,000
3,000
-
5,000
5,000
-
4,000
4,000
-
5,000
5,000
-
1,000
1,000
-
1,000
1,000
-
3,000
3,000
-
4,000
4,000
-
2,000
2,000
-
2,000
2,000
44,850
5,188
6,507		 111,762
156,612
4,291
9,479
-
6,507
56,545 116,053
172,598
Unrestricted
Unrestricted
2021
2020
£
£
10,000
23,188
10,000
23,188
Unrestricted
Unrestricted
2021
2020
£
£
296
2,574
296
2,574
Unrestricted
Unrestricted
2021
2020
£
£
14,382
29,394
-
3,073
14,382
32,467

6 Donated goods, facilities and services

No goods or services were received with a recognisable value.

16

MAHOGANY OPERA GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

7 Fundraising costs

Year to 31 March 2021
Unrestricted
Restricted
Total
2021
2021
2021
£
£
£
Staff and related costs
14,400
-
14,400
Allocated support costs
1,641
-
1,641
Total 2021
16,041
-
16,041
Total 2020
14,775
-
14,775
8 Analysis of Charitable Expenditure by type
Staff
Direct
Support
Total
Year to 31 March 2021
Costs
Costs
Costs
2021
2021
2021
2021
Theatre production / project costs
£
£
£
£
Artists/ production/ touring/ preparation
64,717
53,285
13,452
131,454
Marketing
-
14,494
1,652
16,146
Total
64,717
67,779
15,104
147,600
Staff
Direct
Support
Total
Year to 31 March 2020
Costs
Costs
Costs
2020
2020
2020
2020
Theatre production / project costs
£
£
£
£
Artists/ production/ touring/ preparation
56,537
128,482
22,070
207,089
Marketing
-
15,655
1,867
17,522
Total
56,537
144,137
23,937
224,611
Analysis of Charitable Expenditure by fund
Unrestricted
Restricted
Total
2021
2021
2021
Theatre production / project costs
£
£
£
Artists/ production/ touring/ preparation
84,835
46,619
131,454
Marketing
16,146
-
16,146
Total
100,981
46,619
147,600
Unrestricted
Restricted
Total
2020
2020
2020
Theatre production / project costs
£
£
£
Artists/ production/ touring/ preparation
64,536
142,553
207,089
Marketing
17,522
-
17,522
Total
82,058
142,553
224,611
9 Support costs
2021
2020
£
£
Office costs
11,81919,690
Bookkeeping
4,0505,057
Bank charges
5090
Governance
826675
16,74525,512		 Year to 31 March 2021
Unrestricted
Restricted
Total
2021
2021
2021
£
£
£
Staff and related costs
14,400
-
14,400
Allocated support costs
1,641
-
1,641
Total 2021
16,041
-
16,041
Total 2020
14,775
-
14,775
8 Analysis of Charitable Expenditure by type
Staff
Direct
Support
Total
Year to 31 March 2021
Costs
Costs
Costs
2021
2021
2021
2021
Theatre production / project costs
£
£
£
£
Artists/ production/ touring/ preparation
64,717
53,285
13,452
131,454
Marketing
-
14,494
1,652
16,146
Total
64,717
67,779
15,104
147,600
Staff
Direct
Support
Total
Year to 31 March 2020
Costs
Costs
Costs
2020
2020
2020
2020
Theatre production / project costs
£
£
£
£
Artists/ production/ touring/ preparation
56,537
128,482
22,070
207,089
Marketing
-
15,655
1,867
17,522
Total
56,537
144,137
23,937
224,611
Analysis of Charitable Expenditure by fund
Unrestricted
Restricted
Total
2021
2021
2021
Theatre production / project costs
£
£
£
Artists/ production/ touring/ preparation
84,835
46,619
131,454
Marketing
16,146
-
16,146
Total
100,981
46,619
147,600
Unrestricted
Restricted
Total
2020
2020
2020
Theatre production / project costs
£
£
£
Artists/ production/ touring/ preparation
64,536
142,553
207,089
Marketing
17,522
-
17,522
Total
82,058
142,553
224,611
9 Support costs
2021
2020
£
£
Office costs
11,81919,690
Bookkeeping
4,0505,057
Bank charges
5090
Governance
826675
16,74525,512		 Unrestricted
Restricted
Total
2021
2021
2021
£
£
£
14,400
-
14,400
1,641
-
1,641		 Unrestricted
Restricted
Total
2021
2021
2021
£
£
£
14,400
-
14,400
1,641
-
1,641
16,041
-
16,041
14,775
-
14,775
64,717
67,779
15,104
147,600
Staff
Direct
Support
Total
Costs
Costs
Costs
2020
2020
2020
2020
£
£
£
£
56,537
128,482
22,070
207,089
-
15,655
1,867
17,522
56,537 144,137
23,937
224,611
Unrestricted
Restricted
Total
2021
2021
2021
£
£
£
84,835
46,619
131,454
16,146
-
16,146
100,981
46,619
147,600
Unrestricted
Restricted
Total
2020
2020
2020
£
£
£
64,536
142,553
207,089
17,522
-
17,522
82,058 142,553
224,611
2021
2020
£
£
11,81919,690
4,0505,057
5090
826675
16,74525,512

The accounting policy adopted for the apportionment of costs between activities is based on the total cost of each activity

17

MAHOGANY OPERA GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

Independent examinator's fees
11 Staff Costs
Wages and salaries
National insurance
Pension costs
Temporary contractor costs		 2021
2020
£
£
825
800
825
800
2021
2020
£
£
33,435
37,485
-
985
1,562
1,567
44,120
29,700
79,117
69,737

There were no employees (2020: £Nil) who received emoluments (excluding employer pension costs) of more than £60,000

The key management personnel of the company, comprise the trustees, Executive Manager and Artistic Director (freelance). The total employee benefits of the key management personnel of the company were £64,717 (2020: £59,524).

The Charity trustees were not paid or received any other benefits from employment with the company in the year (2020: £nil) neither were they reimbursed expenses during the year (2020: £nil). No charity trustee received payment for professional or other services supplied to the company (2020: £nil).

The average monthly number of employees during the year was 1.5 (2020: 1.5)

Average head count in the year
The parts of the charity in which the
employees work
Production
12 Defined contribution pension scheme
Amount of contributions recognised in the SOFA as an expense		 2021
2020
Number
Number
2
2
2021
2020
£
£
1,562
1,567

The company operates a defined contribution pension scheme in respect of its employees. The scheme and its assets are held by independent managers. Pension costs are allocated to restricted funds as part of gross salary costs where funds cover salaried posts.

13 Related party transactions

There were no related party transactions requiring disclosure during the year

14 Corporation tax

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

18

MAHOGANY OPERA GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

15 Debtors

Debtors falling due < 1 year

2021 2020
£ £
Prepayments and accrued income 36,600 27,034
VAT recoverable 3,281 5,475
39,881 32,509
**16 ** Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 14,940 31,855
Social security and other taxes 193 193
Accruals 12,787 5,666
Deferred income 57,399 -
85,319 37,714
**17 ** Deferred income 2021 2020
£ £
Balance as at 1 April 2020 - 5,000
Amount released to income - (5,000)
Amount deferred in the year 57,399 -
Balance as at 31 March 2021 57,399 -
Deferred income relates to theatrical income and grant income received in advance
**18 ** Analysis of charitable funds
Analysis of movements in funds
Year ended 31 March 2021 At 1 April At 31 March
2020 Income Expenditure 2021
£ £ £ £
Unrestricted funds
General funds 281,706 77,779 117,022 242,463
Designated funds:
- John Hughes Innovation Fund 120,000 - - 120,000
- Future projects 3,379 - - 3,379
- Future commissions
 - -
 -
 -
Total unrestricted funds 405,085 77,779 117,022 365,842
Restricted funds
ACE Catalyst -
 - -
Snappy Opera - 10,490 10,490 -
New Commission - 20,036 20,036 -
Various Stages - 14,000 14,000 -
HMRC JRS - 2,093 2,093 -
Total restricted funds 0 46,619 46,619 -
Total funds 405,085 124,398 163,641 365,842

19

MAHOGANY OPERA GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021

18 Analysis of movement in funds (Continued)

Year ended 31 March 2020
Unrestricted funds
General funds
Designated funds:
- John Hughes Innovation Fund
- Future projects
- Future commissions
Total unrestricted funds
Restricted funds
Snappy Opera
ACE managed funds
Various Stages
Foyle & Finn Family
Total restricted funds
Total funds		 At 1 April
At 31 March
2019
Income
Expenditure
2020
£
£
£
£
263,765
114,774
96,833
281,706
120,000
-
-
120,000
3,379
-
-
3,379
-
-
-
-
387,144
114,774
96,833
405,085
-
18,341
18,341
-
-
76,262
76,262
-
-
21,450
21,450
-
26,500
-
26,500
-
26,500
116,053
142,553
-
413,644
230,827
239,386
405,085

Description of purpose of designated funds

John Hughes Innovation Fund: The trustees have brought together the legacy received in 2017/2018 with the Future commissions fund to create the John Hughes Innovation Fund. This will be used for future commissions, the funding of which may be required two to three years before its production; development of new ideas across the Company's artistic programme; and to support Various Stages.

Future projects: Income relating to Snappy Opera was brought into the year and spent during the year on a project in Leicestershire.

Description of purpose of restricted funds

ACE managed funds are towards a review of the future organisational strategy.

Funding for The Mother for capitalisation and performance costs for the premiere performance in April 2019 Foyle & Finn Family funds were received towards the Snappy Operas in 2019-20 The other restricted funding has been received to support individual productions

19 Analysis of net assets by fund

Year ended 31 March 2021
Fund balances are represented by
Net Current assets
Year ended 31 March 2020
Fund balances are represented by
Net Current assets		 Unrestricted
funds
Restricted
funds
Total funds
at 31 March
2021
£
£
£
365,842
-
365,842
365,842
-
365,842
Unrestricted
funds
Restricted
funds
Total funds
at 31 March
2020
£
£
£
405,085
-
405,085
405,085
-
405,085

20