Registered Company Number: 03508706 Charity Registration Number: 1070013 Mahogany Opora Group (Company Llmlted by Guarantee) Truste88' Report and Flnanclal Statements For thè ar ondod 31 March 2022
MAHOGANY OPERA GROUP CONTENTS YEAR ENDED 31 MARCH 2022 Referenc8 and Administration Details Trustees, Report Independent Examinefs Report 12 Statement of Financial Adivities 13 Balance Sheet 15 Notes to the Financial Statements 16
MAHOGANY OPERA GROUP REFERENCE AND ADMINISTRATION DETAILS FOR THE YEAR ENDED 31 MARCH 2022 Constitution The Company is incorporated under the Companies Act, Company number 03508706 and its governing document is its Memorandum and Articles of AssoGiation. The Company is a charity registered in England & Wales, number 1070013. Directors and trustees The directors of the Company are ils trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. As set out in the Arlicles of Association, the trustees are appointed by the trustees or by the Companls 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. Th8 trustees during the year were: Katie Bradford lappoint8d 10 June 2021} David Bernstein Amy Challen lan Hamilton Penny Jonas (Chairl Professor Ludmilla Jordanova {resigned 3 November 2021) Dwighl Pile-Gray Ava Podgorski (appointed 10 June 2021) Company Sècretary Bndget Rennie {appointed 8 November 2021) Artistic Director Frederic Wake-walker Executlve Dlrector Bridget Rennie (appointed 2 November 2021) Indepèndent Examlner Micha81 Kyriakides Bankers Lloyds Bank Plc, Williers House. 4849 Strand, London WC2N 5LL. Solicitors Weil, Gotshal & Manges (London) LLP. 110 Fetter Lane, London. EC4A 1AY. Registered office Rosehill Theatre, Moresby, Whitehaven. CA28 6SE.
MAHOGANY OPERA GROUP TRUSTEES, ANNUAL REPORT INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The trustees present their report and financial statements for the year ended 31 March 2022. The financial statements have been prepared in accordance with the accLiunting policies set out in note 1 to the financial staternents and comply with the Companls goveming document, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice. applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland, including the adoption of the amendments issued in 08c8mber 2017 (FRS 102}. The trustges confirm that they complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit'charities and Public Benefit" The Trustees, Report cleady sets out the charitable objectives. Gurrenl activit18S and how they benefit the public. PRINCIPAL ACTIVITY The charitable objects of Mahogany Opera Group are.. to promote. maintain. improve and advance 8ducation, by the encouragement of the arts, but particularly Ihe arts of drama, music, singing, mime. and dance and to fomiulale, prepare and establish schemes thereof provided that all objects of the company shall be of a charitable nature. Mahogany Opera Group is a leading commission8r and producer of new opera and music theatre. Our vision of opera as an inclusive, collaborative and dynamic art form infoms our aim to stretch the boundaries of what opera can be and who it is for. We believe Ihal music and theatre create a space bvhere everyone is equal. where everyone is free to express themselves and to dream. The communal experienc8 of performance is at the heart of what we do,. bringirKJ people tCw3ether to spark a sharèd imagination. Through our work. we aim to: Share the power and joy of live music and theatre widely, demonstrating that opera can be relevant to and reflective of people's lives Show that everyone is an artist with the polenlial to play a creakn've role in making and perfomiing new opera Give children and adulls the opportunity to experience opera in inclusive environments Support div8rs8 artisls to develop their practice. sparfi new connections and create work on their own tems Present new work which reflects and amplifies diverse perspectives and a multiplicity of voices We achieve our aims through three programmes of work which intersect.. Snappy Operas, our award-winning participatory primary schools programme, through which we deliver in-school proiecls with children. teacher training and perfOrmanS, and commission new work by professional artisls working with young people Various Stages, our pioneering Research & Development programme involving open calls, workshops, public show(%ses. discussions and mentoring support, through which we support artists. explore new ideas and challenge conventions
MAHOGANY OPERA GROUP TRUSTEES, ANNUAL REPORT INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2022 Commissioning innovative work for the stage, involving professional and non- professional artisls in partnership with a wide range of organisations As a registered charily. Mahogany Opera is immensely grateful for the generous contributions of trusts & foundations and indiwduals, without whose supporl its work would nol be possible. ACHIEVEMENTS AND PERFORMANCE Mahogany Opera's activtty in 2021-22 was delivered in light of the ongoing Covid-19 pandemic and in accordance with Government restrictions and public h8allh guidelines. Daspite these challenges, the company deliv8red a rich and substantial programme of work across its three strands.. Year of Sna A Snappy Opera is a ten-minute opera for children which introduces all th8 essential elements of opera- singing. acting and making - in a fun. colourful and bite-sized chunk. Mahogany Opera has commissioned twelve Snappy Operas, written by some of the UK'S top composers and writers who worked with groups of young people lo develop stories and characters that connect directly to the young people who will perform them. Since we began the programme in 2016. we have engaged 2,500 primary school children from across the UK with exciting musical opportunities, and they have given 177 performances of the new operas to their peers. teachers, families and the general public. Mahogany Opera's second Snappy Opera Festival was planned to be deliv8red in summer 2021. but due to the pandemic it was delayed and spread out into a 15-monlh 'Year of Snappy Operas, from May 2021 to July 2022. Responding to feedback from project partners, Ihis structure allowed each partner involved to engage in the project at a lime that felt most appropriate to the situation in their region, as well as prowding space for activity lo be moved should restrictions or infection rates change. This change in project structure also allowed Mahogany Opera and the project partners to offer a more bespoke approach lo delivery - testing new ways of working and altemalive structures with different partners lo help meet specifi¢ aims. Our year began in May 2021, working on a bespoke project in East Sussex to present a Snappy Operas performance as part of the Villages Music Festival in Laughton. The project culminated in June wilh a performance of The Maglcal Muslc Tree, a magical moment which brought together the s¢1 community for the first time in over 15 months. In September 2021 we began working in Hull. VrkIng with Hull Music Servlce to engage 212 children from five schools across Ihe city. Although most Covid restrictions had been lifted by this stage. infection rates were still high in Ihe area, so activity was tailored to ensure everyone remained safe whilst guaranteeing the children w8re able to benefit from (and enioyl) the project to the full - remote sessions were added. smaller rehearsals incorporated and individual performances presented at each school rather than a massed perfomiance. This included the first ever sharing of Teacups & Tentacles- a new Snappy Opera cornmission created by Raymond Yiu and Russell Plows with children from one of the participating schools. The children still got lo enjoy each otherfs performances, wth a live online sharing of videosof the six Snappy Operas they performed. In January 2022 we turned our sights to the East Midlands. working with Leicestershire Music to engage the largest number of children from a single regbon in the project's history - 300
MAHOGANY OPERA GROUP TRUSTEES, ANNUAL REPORT INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2022 children from four schools in areas of high deprivation in Leicesler Ihat had also faced the most challenges as a result of the Covid pandemic. Again. actimty was lailored in response to ongoing Covid risks, though we were able to presenl three public perf0mlanS across days in April, allowing all of the schools to share their hard work with their family and friends. The second performanc8 included the public premiere of our new Snappy Opera Teacups & Tentacles. In March 2022 we began delivery of our first Snappy Operas project in Scotland, in partnership with Edinburgh International Festival. The bespoke activity in Edinburgh allowed us to work with our largest single region delivery team - 16 artists in total - allowing us to make diverse conn8Ctions in the region for future activity. The team worked with four schools, engaging 155 children in the creation of six Snappy Opera performances. Restrictions on public gatherings in Edinburgh were lifted just weeks before the end of the activity. but in time lo allow us lo present our first gala perfomance of the year, bringing together all of the schools for a special performanc8 at The Queen's Hall in May, after the year-end. The final phase in the Year of Snappy Operas took place in North Tynesid8. where we collaboraled with our partner North Tynesidé Music Education Hub to engage 174 children from five schools. Activity in the region had been long in the making, beginning after the Snappy Opera Festival in 2019, so an extended preparation period began in February 2022 - teachers worked with their children (after a remote introduction from the delivery team) over 3 months to introduce them lo the arts. Opera and Snappy Operas. using specially created resources and links to Ihe wider curriculum, before our teams began in-school actiwty after Ihe y8ar-end in April, including working towards the English premiere of Smlles Better- a new Snappy Opera Created by Pippa Murphy and Karine Polwart with children from one of the parts'cipating schools. The Year of Snappy Operas in numbers.. 62 Artists . Engaged 3695 Audience Members v.'.iJ -'.Vkn.
MAHOGANY OPERA GROUP TRUSTEES, ANNUAL REPORT INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2022 Project evalualion showed that.. For 86 /0 of 221 surveyed children it was their first experience of opera, and for 98 % It was their first experience of performing opera Children scored their enjoyment of the project an average of 4.4 out of 5 19 of 20 surveyed teachers said that Snappy Operas supported their teaching of the curriculum All surveyed teachers said the project had increased their pupils. music andlor drama skills 12 of 13 survey8d artists said that our training Vuld feed into their wider participation practice Feedback.. .1 felt very proud of myself.. it felt like the best thing in the worl¢J. Young person feedback "l enjoyed getting over my fear of singing and acting as I have felt shy dancing and singing because my brolh8r laughs at me when I sing and dance." Young person feedback "I felt a bit nervous but I knew I had to plud( up the courage and do it. It was actually really fun." Young person feedback .1 now have more confidence when teaching drama and singing. I can appreciate the ben8fits that these tssks provide the children.. Teacher feedback 'I'd like to thank you and your team for providing us with such an amazing opporlunity to showcase opera, our pupils, talents and the Arts to our parenls and pupils. What a fanlaslic pair of performances which were enjoyed by the whole school and the pupils, parenls. To have live music again in school was an addilional treal and w8 are very grateful to you and your team for supporting us through the who18 creative processl" Teacher feedback .1 leamed so much from the Training Day- rt will certainly feed into oth8r work I do in the future." Delivery artist feedback 'The collaborative approach has alvrdys been my prèfèrred way of directing, and Ihis is never more true than when working with young people. Very often. a child's mind has the capacity to generate better and more exciting possibilities than an adulvs - leaning into this is so important in Snappy.. Delivery artist feedback "It has definitely highlighted just how valuable an experience these projects are for our young people. particularly as it's something so many have missed out on during the pandemic. Se8ing first-hand how exciled and happy the kids wer& to be sharing their work was really fulfilling and I think the work Snappy Operas do will stay with the children for the rest of their lives. It makes me really grateful to be involved in a project that gives the children an opportunity to create and grow. You could feel that the children who perfomied at the final sharing really took ownership of what they had done, and they yre proud that their ideas were being listened to.. Delivery artist feedback Commissions Summer 2021 saw the prembere of our cw)mmission of Dido's Ghost, a new opera by composer Errollyn Wallen and writer Wesley Stace. Co-commissioned with the Barbican, Buxton Intemats'onal Festival. Philhamionia Baroque Orchestra & Chorale and lead
MAHOGANY OPERA GROUP TRUSTEES, ANNUAL REPORT INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2022 commissioner, Dunedin Consort, Dido s Ghost reframes. illuminales and expands Purcell's Dido and Aeneas, which is perfomied in its entirely as a flashback within the opera. Perfonned on period instruments by Dunedin Consort, and brought lo lrfe by renowned singers including Golda Schulz and Malthew Brook. Dido's Ghost bridges the gap belween worlds, as past blurs into present and memory becomes emots.on in this ambitious new commission. Dido's Ghost opened at the Barbican in June 2021 directed by Mahogany Opera Artistic Director Frederic Wake-walker. A further six PerforManS took pla at Buxton International Festival and Edinburgh Inlernational in July and August 2021, reaching a total audience of 3,094 and receiving four and five-star reviews.. °Il's a stimulating Ple of creation and adaptation. done to a very high standard indeed. and may even be remembered as one of the most striking and original artistic products of thè Covid era.. Robert Beale. The Arts Desk "Bold & mowng, a piercing reminder of how the past haunts Ihe present.. The Observer "A beguiling tapestry of fragmentsry quolalions and knowing gestures to an eadier music language. overlaid wilh a contemporary sonic palette." The Guardian During 2021-22 we continued to develop projects given seed commissions in 2020-21-. Sky in a Small Cage.. A Rumi Passion by Rolf Hind and Dante Micheaux, and Hildegard." Visions by Nwando Ebizie. Hildegard.. Vlsions is a two-part immersive opera by Nwando Ebizie. inspired by the works and life of Hildegard von Bingen. A multisensory experience of sound, movement, scent, and taste, il will combine song. electronic soundscapes. and ritualistic traditions that transcend time and space. The project was developed as part of Mahogany Opera's Various Stages festival in 2019-20 and this R&D phase helped to develop an inslallalion (Extreme Unction Vol.2) which was exhibited at East Street Arts. Leeds in June 2021 over a ten-day period. We will fully commission the work in 2022-23 with opening perfonnances taking place in the Autumn of 2023. Sky in a Small Cage is conceived as a contemporary slaged oratorio - telling the story of the extraordinary life of Sufi poet, Rumi - and focussing on his relationship with his master, muse and lover, Shams who was lit is suspected) murdered at the hands of Rumi's brothers. The story will be told with words written specrfically by award-winning poet, Dante Micheaux logelher with translalions of Rumi's own poelry. An excepb'onal multi-disciplinary cast and mixed ensemble will bring each dramatic tableau to lrfe using song, musical interludes and dance.W8 plan to fully commission the work in 2022-23 and premiere it in 2024. In 2021-22, we also developed ideas for three further commissions: a ¢o-produclion wilh Dunedin Consorl and Hera to stage three of Élisabeth Jacquet de la Guerre's Cantates Bibliques in new English translations. entitled Out of Her Mouth. We will create artist development opportunities through the project, recruiting three artists by open call in 2022-23, with a premiere and tour of the production in summer 2023. A participatory. Gollaboratively composed choral work entrtled The Great Learning, inspired by the Comelius Cardew work of the same name, which enables participants to feflect on their experiences of ihe pandemic. In 2022-23 we will de5iver R&D workshops to develop the idea and form partnerships to creale the piece with adult singers in West Cumbria, Edinburgh and Tyneside.
MAHOGANY OPERA GROUP TRUSTEES, ANNUAL REPORT INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2022 A new Snappy Opera commission to be developed in residency at Sandgate School. a specialist SEND setting in Kendal, Cumbria. In 2022-23 we will recruit the creative team by open call and embed them in the school to create the Ple with the young people during the course of the academic year. with a premiere in July 2023. Various Sta es Various Stages is Mahogany Opera's pioneering Research & Development prcoramme involving open Calls. workshops. public showcases. discussions. and menloring support, Ihrough which we support artists, explore new ideas and challenge conventions. In aulumn 2021, Mahogany Opera successfully secured funding from the British Council to develop a participatory project with UkrainianlBritish collective Hoollgan Art Community following on from their involvement in Ihe Various Stages Festival in March 2020, as part of the planned UK-Ukraine Season 2022. This was planned lo take plac8 in Dnipro, Ukraine in the Spring of 2022, but the invasion of Ukraine by Russia in February 2022 of course made this impossible. The company worked quickly with their colleagues to support th8 relocation of the proied to Germany. where eight female artists from the wmpany were able lo gather alongside male artists working remotely from a bunker in Kyv for a residency, rehearsals and perfomiances in Halle in Apnl-may 2022 after the year end. In February 2022. we delivered a Various Stsges project in collaboralion with the University of Edinburgh, where our Artistic Director Frederic Wake-walkor worked wth composer Gareth Williams and poet Jane McKie to mentor pairs of students (composers and writers) to create mini-operas in three days, which were then slaged on the fourth day. This typ8 of collaboration delivers our aim to support the development of new work and types of creative practice. During the year Mahogany Opera continued lo develop its online series of discussion evenls 'Meet Mo @ Mahogany,, a fomat developed dunng the pandemic which is now evolving as an accessible opportunity for artists. producers. supwrters and audiences to explore diverse themes, conn8Ct people to our creative practice and open up the process of op8rawmaking. In 2021-22 we delivered three 'Meel Me @ Mahogany. events: In Apnl 2021, a discussion between our Artistic Director Frederic Wak8-Walker and artist Nwando Ebizie about her evolwng immersive operatic experience, inspired by the life and work of Hildegard von Bingen and the ongoing prOsS of creative collaboration. In October 2021. a discussion around our Snappy Opera pr()3ramme exploring the process of collaborative composition as creative development for professionals and participants, with artists Stephen Deazley, Gyryneth Herb8rt. Omar Shahryar, Freya Wynn-Jones & Rhian HutGhings. In March 2022. a discussion facilitated by singer and wriler Jessica Walker with Frederic Wake-walker, Gareth Williams, Jane McKie and the Edinburgh University students about the process of creating opera in very short timeframes. EQUALITY, DIVERSITY AND INCLUSION We believe that opera is a fomi of culture that can challenge rather than uphold syslemic injustices. We are committed to eliminating discrimination and aim to diversify who makes. performs and sees opera. sin 2017 we have encouraged diversity across all areas of our work through inclusive open calls for artists, staff and board recruitment., training., and improving accessibility to our activities and opportunities (BSL & captioning is now standard al our events and we offer tailored support for disabled artists). Our partnerships in areas not typically well- served by opera companies enable us to reach people from a broad range of socio*¢onomic backgrounds. We aim for at least 50% of our commissioned artists to be women, which we have
MAHOGANY OPERA GROUP TRUSTEES, ANNUAL REPORT INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2022 achieved through our Snappy Op8ra programme and our current commissioning activity, and we are developing our experknse in supporting disabled creatives through two of our current commissions. We acknowledge that there is more we can do. starting with more detailed div8rsity monitoring of the artists we engage, something we commit to from 2022-23. FINANCIAL REVIEW The Statement of Financial A¢tiwties (including Income and Expenditur8 Account), Balance Sheet, togèlh6r with the notes thereon are set out on pages 13 to 23. The Statement covers the 12 months from 1 April 2021 to 31 March 2022. Total income for Ihe y8ar amounted to £216.217 (2020121 £124,398) ofwhi¢h £138.636 {2020121 £46,619) was restricted. Total expenditure for the year was £197,828 (2020121 £163,641), of which £114.65212020121 £46,619) was restricted. The charity's income for the 2021122 financial year was significantly high6r Ihan the previous year, which was adversely impacled by a reductson in funding due lo the implications of the Coronavirus (Covid-19) pandemic. This resulted in an overall surplus in 2021122 of £18,389, comprised of a surplus of restricted funds of £23,984 and a small deficit on unrestncled funds of £5,595. The charity maintains a strong res8rves position, with unreslricl8d funds of £360,247 at 31 March 2022 {2020121 £365,842). As the Cowd-19 pandemic continued, essential support VRS received from the Arts Council England's Cultural Recovery Fund, alongside ils support with a project grant for our Year of Snappy Operas. The charity also continued lo enjoy strong support from a number of trusts and foundations, most notably a welcome continued grant from the John Elleman Foundation for Core cosls and significant support from Ihe Foe Foundation for the Year of Snappy Operas. This was complemented by smaller grants towards the Year of Snappy Operas from a range of trusts and foundations. The Company secured a signrficant grant from the British Council's UK- Ukraine Season for ils collaboration wth Hooligan Art Community. Mahogany Opera continues to focus on increasing its philanthropic fundraising, Cultivating individual donors and regional trusts in the UK areas Whe it works. The chanty YS also able to take advantage of Ihe Theatre Tax Relief scheme. The charity also continued to use the Govemment's Job Retention Scheme at the start of Ihe year.. the Executive Manager in post at the time bvas placed on flexible furlough in February 2021 which conlinued Into April 2021. Hawng streamlined CO costs substantially in 2018-19 and 2019-20, the charily maintains a lean operating model, and overheads were further reduced in 2021-22 by giving up the chanty's lease on its office premises at the Institute of Contemporary Arts. the team now all work remotely. Despite this, core costs remain a challenge lo fundraise for. and the company was unsuccessful in applying to become an Arts Council England National Porffolio Organisation in 2022. Coupled with the broader economic outlook. there are few certainties in planning for the coming years, but given the charity's strong balan sheet and with the strong support of a range of organisations and individuals, the trustees are confident in the charivs fLJture ability lo continue to meet its artistic goals.
MAHOGANY OPERA GROUP TRUSTEES, ANNUAL REPORT INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2022 Reserves The unrestricted reserves of the Charity comprise a General Fund and Iwo Designated Funds. The trustees consider li prudent to maintain sufficient unrestncted reserves in the General Fund to meet a minimum of six months. core operaling costs. This reflects the challenge of funding within the present economic dimate, togelher with the need to deltver on future commitments. In r8sponse to the variable pattem of expenditure, the Charity maintains tsvo designated funds. One is for funds that have been received and have been allocated by Ihe truslees lo existing projects which are underway. The level of this reserve fluctuates according to the pattern of funding and the Charity's production schedules. This flexibility allows the Charity to respond to performance opportunilies, the scheduling of which may be beyond the Charitys conlrol. The second is the John Hughes Innovation Fund. which is the combination of the legacy rec8ived in 2017118 and the pr8wous Future Commissions Fund. This is used for future commissions, the funding of which may be required Iwo to three y8ars before production.. for the development of new ideas across the ChantS arbstsc programme., and lo support Various stages. Investments The Charity maintains three savings accounts for managing cash reserves and any grants awarded for futur6 proj8cls. These funds are split beeen 324ay and 95-day notice accounts and a 12-month fixed temi deposlt account. The remaining funds are kept in a current account with Lloyds Bank. RISK MANAGEMENT All significant activities undertaken are subject to a risk rewew as part of the initial project assessment and implementation. Major risks are id8ntrfied and ranked in terms of their potential impact and likelihood. Major risks, for this purpose. are those Ihal may have a significant effect on.. Operational perfonnance, induding risks to staff. volunteers and visitors., Achievement of aims and objectiv&s: or Meeting the expectations of benefiaries or supporters. The trustees review these risks on an ongoing basis and satisfy themselves that adequate systems and prOdureS are in place to manage the risks identrfied. Where appropriate, risks are covered by insuranc8. The following framework is central to ensuring adequate risk management.. Regular monitoring of major risks-, Embedding risk identification and assessment within operating procedures., A clear stnjcture of delegated authority and control,. and Maintaining reserves in line with sei policies. In assessing risk. the trustees recognise that some areas of work require the acceptance and management of risk rf key objectives are to be achieved. The trustees have reviewed the major risks to which the Charity is exposed and idents'fied control and mitigabon procedures. under the headings of.. Govemance" Operalional: Financial.
MAHOGANY OPERA GROUP TRUSTEES, ANNUAL REPORT INCLUDING DIRECTORS. REPORT FOR THE YEAR ENDED 31 MARCH 2022 Extemal., and Complian. STRUCTURE, GOVERNANCE AND MANAGEMENT At year end, there were seven trustees (directors) on the board, who have overall fiduciary responsibility for the supervision of the actiwties of the Charity. Day-to-day management of the charity is delegat to the Executive Director, Bridget Rennie, and Artistic Director, Frederic Wake-walker. who works internationally as a freelance director alongside his work with Mahogany Opera. They are supported by a freelance core team comprising an Associale Produtsr, Fundraising Manager and Finance Manager each working part-time. In addition, the Charity works with a range of specialisl freelance slaff to deliver on additional functions when appropriate Mahogany Opera's trustees and staff reflect and champion the communities and artists with whom they work Registered in West Cumbria, we deliver work across the country. with strong relationships and partnerships in key areas across th8 North of England and Scolland. The trustees meet at least four times a year and are available for Consultation and advi on an ad ho¢ basis. The Finance Committee meels in advance of each quarterly Board meeting to monitor the Charity's financial position and management. Statement of trustees, re8pon8lbllitiOS The trustees (who arè directors of Mahogany Opera Group for Ihe 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 Acc8Pted AGcounting Practice). Company law requires Ihe 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 in¢ome and expendilure, of the charitable company for the year. In preparing these financial statements, the trustees are r8quir8d to.. select suitable accounting policies and then apply them consistently; observe the methods and pnnciples in the Chanties SORP,. make judgements and estimales that are reasonable and prudenl: state whether applicable UK AG¢ounts'ng Stsndards have been followed, subj8Ct to any material departures disclosed and explained in the financial statements- prepare Ihe financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will Conb'nue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any b.me the financial position of the charitable company and enable them to ensure that the financial stalemenls comply 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. 10
MAHOGANY OPERA GROUP TRUSTEES, ANNUAL REPORT INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2022 Disclosure of inforniation to the independent examiner Each of the persons who are trustees at the time when this trustees, report is approved has confirmed that. so far as that Irustee is aware, there is no relevant infomiation of vthich the charitable companls independent examiner is unaware, and that trustee has tsken all the steps Ihal OLbght to have been taken as a trustee in order to be aware of any information needed by the charitsble companvs independent examiner in connection with preparing their report and to establish that the charitable company's independent examiner is aware of that infoation. In preparing this report, the trustees hav8 taken adrdntage of the small compani8S 8xemptions provided by section 415A of the Companies Ad 2006. This report was approved by the Board of truslees on 8 December 2022 and signed on its behalf by Penny Jonas Chairman of the Board 11
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 2022. which are set out on pages 13-23. Respective responsibilities of trustees and examiner The trustees {who are also the directors of the Company for Ihe 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 seGlion 14q2) of the Charities Act 2011 (the 2011 Act) and that an ind6pendent 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 eligibl8 for independent examinalion. it is my responsibility to: examine the accounts under section 145 of the 2011 Act, follow procedures laid d¢)wn in the general directions given by the Charity Commission under section 145(5Kb) of Ihe 2011 Act, and stste whether particular matters have come to my attention. Basls of Indepondent examlnerfs report My examination was carried out in accordan with the general directions given by lh8 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.11 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 fairf wew. and the report is limited to those matters set out in the next statement. Independent examiner's statomont In connection with my examination of Ihe charity, no matter has come to my attention which gives me reasonable cause lo believe that in any material resped the requirements.. (1) to k88p accounting records in accordan with section 386 of the Companies Act 2006 and lo prepare accounts which accord with the acc£*unting records. comply with Ihe accounting requirements of the CoMpanS Act 2006. and which are consistent with the methods and principles of Ihe Statement of Recomménded Practice.. Accounting and Reporting by Chanties have not been met or {2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the acuntS to be reached. Michael Kyriakides FCA 8 December 2022 Michael Kyriakides 7 Forest Road Sutton Surrey SM3 9NT 12
MAHOGANY OPERA GROUP STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING AN INCOME & EXPENDITURE ACCOUNT> FOR THE YEAR ENDED 31 MARCH 2022 2022 Unrestricted Restricted funds funds Total funds Note Income from: Donations and legacies Charitable activities Investment Other Total Income 39,855 27,241 62 10,423 77,581 138,636 178,491 27,241 62 10.423 216,217 138,636 Expenditure on: Raising funds Charitable activities Total expenditure 16,645 66,531 83,176 16,645 181,183 197,828 114.652 114,652 Net incomel(expenditure) Transfers belween funds Net movement in funds (5,595) 23,984 18,389 23.984 18,389 Reconclllation of funds: Total funds brought forward Total funds carried forward 365.842 360 247 365,842 384,231 23,984 All gains and losses arising in Ihe year have been included in the Statement of Financial Activities and arisè from continuing operations. The noles on pages 16 to 23 fom part of these financial statements 13
MAHOGANY OPERA GROUP STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING AN INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021 2021 Restricted funds Unrestricted funds Total funds Note Income from: Donations and legacies Charitable activities Investment Other Total Income 53,101 10,000 296 14,382 77,779 46,619 99.720 10,000 296 14,382 124,398 46,619 Expenditure on: Raising funds Charitable activities Total expenditure 16,041 100,981 117,022 16,041 147.600 163,641 46,619 46,619 Net Incomel(expendlture) Transfers between funds Net movement in funds (39,243) (39,243) 39,243 39,243 Reconciliation of funds: Total funds brought forward Totsl funds carried forward 405,085 365,842 405,085 365,842 All gains and losses arising in the year have been induded in the Statement of Finanual Activities and arise from continuing operations. The notes on pages 16 to 23 form part of these financial ststements. 14
MAHOGANY OPERA GROUP BALANCE SHEET AS AT 31 MARCH 2022 COMPANY REGISTRATION NUMBER 03508706 2022 2021 Note CURRENT ASSETS Debtors Cash at bank and in hand 15 20,527 394,339 414,866 39,881 411,280 451,161 CREDITORS: amounts due wthin one r 16 (30.635) (85.319) NET ASSETS 384,231 365,842 Funds Restricted funds Unrestricted funds: General funds John Hughes Innovation Fund Designat1 funds 18 23,984 60,527 249,767 49,953 384,231 242,463 120,000 3,379 365,842 The Trustees consider that the Company is enlit18d to exemption from the requirement to have an audit undèr the provisions of section 477 of the Companies Acl 2006 ("the Act") and members have not required the Company to obtain an audit for the year in question in accordan Mth section 476 of the Act. The Trustees acknowledge their responsibilities for complying with the requlrements of Ihe Acl 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 2022 and of its net income for the year in accordance with Ihe requirements of sections 394 and 395 of Ihe Act and which othewse Comply wlh 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 wmpanies subject to the small companies regime within Part 15 of Ihe Companies Act 2016. The financial statements were approved by the trustees on 8th December 2022 and signed on their behalf, by.. Penny Jonas Chair The notes on pages 16 to 23 fomi part of these financial statements 15
MAHOGANY OPERA GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 I ACCOUNTING POUCIES The principal accounting wAicies are summ$&1 belcvl. The counting Fxlicies appli& consistently througlKXrt the year. (a) Accountin convention The financial statements been prepar1 In 0T[lanCe with Accounting RertIng by Charities: Statement of Recommend&Y PtICe 4)plicable lo chanb'es preparing thw"r accwnts in cOrdanCe wth the Financi81 Reporting Stsnd8rd applicab in the Unit&Y Kingth Republic of Irela (FRS 1021 {Charili8s SORP FRS 1021. Charotces Ad 2011. The charity ¢SlteS a publbc 1t entity as defin&J by FRS 102. Ibl Ststuto tlon The MalKoany Owa Grcp is a chilable company limitgj ty guarantee, and is irKTrpxated in England & Wales. Th8 resgistered crffts &ldress is R¢ehI11 Theatre, wh11tha, CA28 6SE. Icl Goln Th8 Twste8s cu)sKJw&J the aprKopTiateness d the geng COrn assumptlon and bdieve it is appropriate lo prepare the fin181 statts this basis due lo the Trust's levd of reseNes and agreed funding. In rnan9 this assessment the Trustees paid du8 rryard to both the financial and operational risks ansing from the cOna¥1$ ICOVID-191 pandemic. {d) Income All incorr IS WC¢3nis&J in the Statemert of Financial Activities (SOFA) Wh the charity is legally 8ntitl&Y to the inccme and the amrwnt can be qu1[111 with reasonle certainty. In¢ome is Th)t shNn net of eXFfjnditu. The fdloéding SFxrfic FdicK8S are appl to CatgJCes of income. - Vduntsry iome is recei*d by way crf grants. d(JTrtions and grfts and is includ in the SOFA when wable. Grts, where entsuement is coThJitional the delNw d a specrfic perfom)ance ty the charity. are reccsnisèj when the chty urKc4)Jits'onalty entitknl lo the grart. - Investment income ts Ir1{ able. - Inccxne from grants vthere rdatgj to fCrnre dEr)I8$, are lor as the charty eams the rigm to ccnsideratim by rts FofixM¥e. . Thea1 1Cffie is iTluded in income in in the reWJrt actswty tcok pl - Project srf1¢ fundirYJ. when dorKn S¥ that d(ThtKnS a1 grants are particul¥ restrict purposes, which do not amwnt to KrtHs rg3ardiTh3 en"eMl is includgj in the income cl restricted funds when 1vable 16
MAHOGANY OPERA GROUP NOTES TO THE FINANCIAL STATEMENTS {Contlnued) FOR THE YEAR ENDED 31 MARCH 2022 I ACCOUNTING POLICIES Icontlnued) endlture l expenditure 18 unt fc an rUS basis is Stat net of VAT. Ccots uf genwating funds are those costs incurr1 in attrxting vduntay incm. Charitable expendrture c¢Jmpris&g those cc6ts incurr by the charity in the dd1V d its activitie5 and services it5 berICiarl. It includes tKrth c(Ets which can be dirllY JIatl lo aclimties and those c(ts of an indirt nature nessary to support them. Governance costs are th(Be incurr8J in cLn&t1 wth c(xnplian¢e V4th C(Stilu1lal and statutory r8]uirements. Costs are dI(tal the exltUre Cal07e$ d the SOFA bas Us8 crf the resrCe. Whwe ccksts cannot be didY allatj they app(xOnal cfj an apprq)riate basis and rwnised in SOFA. Rentsls payable undw cwating leases are ch¥g&l to the SOFA a Strah1 line basis ow the peric¥J of the lease. The charity has three distinct t d fund in its balance sheet'.- - Unrestrict&Y. ¢x gen, fijnds arising frcyn the a1rjIaI svrplus frcm its variws xtivilies. - Reslricled funds rePre$tIng balances to be spent cn particular activities as slfied by the don¢X. Designated funds are funds Sel aside by the Bcord Trust5 fcf a Slf1¢ purpose. the income and exFendilure are $hcfrNn in the SOFA. Th8 assets and liabilitw representing fund shth•m in the ncrtes lo the nts. (h) Pensions The charity wticipates in the NEST s1( Sch. a ddinl CtribUti wsion schwne. PayTments of £1,172 were rn1e to the scheme during the 11) Taxation No pr1$1¢ is maje in Ihase accntS fu cup(10n tax as the charity is exempl frcm such taxes as a result d havir4J r8J1St8j th the Ch*ity CtJ)Yn1ss. 17
MAHOGANY OPERA GROUP NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 MARCH 2022 I ACCOUNTING POLICIES (Continued) til Cash at bank and in hand Cash at bank and in harnl includes cash and shcrt twm highly liqu#J inveStnts wth a short maturlty of th months cy less frcm the date d wuis[b( Chrj d the deFK6it CK similar arThJJnt. and vi ions Cr&Jilus J)d prcwisions rnIS9 the chty has a pr&St (i)loation resulb'ng from a t)ast event that will prctsably result in the IranSf d funds lo a third party and the amnt due to settle the obligatKn can be rneasur cf eslimat&l rdh3bly. Cralitcrfs and provisi$ are nLYmally rn15 at Ihar sdtlement value. Incom• Grants that are during the but rdate lo a future pwit)d are classifi&J as defwr&J incorre. Whwe in¢ome rdates to a pwicJ d tr"n*. the knme amcunt rdaling to the fdlwng year 1$ a190 Classifi as deferr incrxne. 2 In¢ome from Donatlons and legacle8 Unrostrictod Rostrlctod Total 2022 2022 2022 Year to 31 March 2022 Grants Arts CnCil England (culre R¥Y Fund) Arts cjncil England (Snappy Opwa Festiv4) Jthn Ellerrnan FndatIOn The Fe FndatIOn British Cwncil DidyTnus Trust D.0Y Carte Nicholas Bthn charitle Trust Scops Arts Thr& mCki&S Tnjst Victoria Fndab"On John S FrJJThJati Chapman Trust HMRC - Job ReteTrts' Scher 30,912 23.218 30,912 23,218 30,000 25,000 23,984 5,000 5,000 5,000 5,000 5.000 5,000 2,500 2,000 30,OLKI 25,0 23.984 5.OlXJ 5,000 5,01)O 5.000 5,OCKJ 5,000 2,500 2.000 1,022 138.636 108.636 Donations Individu21 Giving Friends & DireLtrys' Cirde 3.167 6,688 39,855 3,167 138,636 18
MAHOGANY OPERA GROUP NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2022 2 In¢ome from Donations and legacies (continued) Unrestricted Restrlcted Total 2021 2021 2021 Year to 31 March 2021 Grants John Ellerm2n F¢)Jndati Garfield Weston Foundthc Nichdas Berwin Charitable Trust Marehus Trust The Vaulkhard Douglas-HoTh Musi¢ Trust PRS Foundation Finn Family FurKI RVW Trust Dun&Jin cSt HMRC - Job Retsnts'on Scheme 30,000 15,000 30,OIXI 15,000 5,000 3,500 5.000 10,490 2,51XI 500 3,585 5,000 3,500 5,000 10,490 2.500 500 3,585 2,093 32,668 45,000 77,668 Donations Indiiridua Giving Friends & DIrlor$, Circle 2,853 5,248 53.101 13.951 16.804 48,619 3 Income from ¢harttable activitl•s Unrestrlcted Unre8trlcted 2022 2021 Theatre income Year of Sn¥py OFeras Snappy Owa EIF partnership 15,850 11.391 10,000 4 Inv•8tment Incom• Unrestricted Unrègtricted 2022 2021 Bank Interest 62 62 5 Other Income Unrestricted Unrestricted 2022 2021 Theatre tax lief Othw income 10.422 14,382 14,382 Theatre Tax rdief Scheme is awl*Jle cffl quafying FwtsYuct1c e4)enditure. 6 t)onated goods, facilities and services No gocxjs or services Ere rec1 wth a rwnisa)le vaue. 19
MAHOGANY OPERA GROUP NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2022 7 Fundraising costs Year to 31 March 2022 Unrestricted 2022 Restri¢tad 2022 Total 2022 Staff and ratl costs AllrLaled support CC6ts Total 2022 Total 2021 14,899 1.746 16.645 16.041 14.899 16,645 16,041 8 Anatysls of Charltable Exwnditure by typg Staff Costs 2022 Dlro Costs 2022 Support Costs 2022 Total Yoar to 31 March 2022 2022 Theatre produdlon I project costs Artislsl prcKluth'onl t(xJring ywwaticn Markets'ng Tot•1 72.S47 80.9 9,262 17,919 1,085 170.836 10.347 181183 Yoar to 31 March 2021 Dlre¢t Costs 2021 Support Costs 2021 Total Costs 2021 2021 Theatre production I wolect costs A'Sl pr(KJuclionl Irin preparatK Marketing Total 64,717 S3.285 14,494 13.452 1.652 131,454 16,146 147 600 Analysls of Charltabla Expendlturo by fund Unrastrlcted 2022 Ro$trlctéd 2022 Total 2022 Theatre productlon I project costs Artislsl prcxjuclicl Icuring preparab"u) Markeb'ng Total 56,184 10,347 114,652 170.836 114,652 181183 Unrestrlcted 2021 Restrlctod 2021 Total 2021 Theatre production I project costs Artislsl prcducli¢J)I louringl preparati Markets'ng Total 84.835 16.146 46,619 131,454 16,146 147 600 9 Support costs 2022 2021 Office costs Bwkkeeping Bank charges Govemance 16,116 3,180 470 11,819 4,050 50 826 16,745 20.750 The &cwnting adLPt8J fcf the app(Xb.rMt crf &tiMties is bawl rm the total ca81 of each actimty. 20
MAHOGANY OPERA GROUP NOTES TO THE FINANCIAL STATEMENTS (Contlnued) FOR THE YEAR ENDED 31 MARCH 2022 10 Operatlng Surplusl(Dofi¢it) is statj after charging 2022 2021 Auditors. remunerati( -independent examina$ fees 82S 825 825 11 Staff Costs 2022 2021 Wajes and salaries National insurancè Pension costs TemForary ContrtC Costs 40.692 33,435 1,172 45.583 87,446 1,562 44,120 79,117 There were rn emplow {2021.' £Nil) emduments {excluding employer tnsion costs) of more than £60,OCK) The key mana3ement [ers¢n4 of the Chty, comprise Ihe truste85. Chief EUl1Ve and Artists'c Diwlor (freae). The toia emfv benefts crf the W Manernent perSne1 of lh8 charity were £72,54712021: £64.717). The Charty trustees VBre not pad (ff efits from emplcwnent wth the Chanty or tts subsidiary in the year12021". £nil). One trustee a$ reimburs&J expenses of £1.843 during the rI2021.. £nil). No charity trustee r81 pawlit prc18ssKw c* ther wvices suppli&J to the ¢harty12021.' £nil). The average mc4thky number of emplo during the was 1.5 (2021.. 1.5) Avorage head count In tho year 2022 Number 2021 Number The crf thè charity In which the employe8s work 12 Defined contrfbutlon penslon schemg 2022 2021 Amount of COntribL'0nS reccgnised in the SOFA as expense 1.172 1,562 The cwipany operate5 a defin c(rtributicm wsion scheme in of r(s employees. The scheme and Its assets are held by IrKlependtt nwo3ers. Pensi( costs &e alkxated to restrict funds as part of gross salary cc6ts where fuThJs cover SaIj PMJSts. 13 Related party transactlons There were no related party trslianS rg]uirirKJ discl(L$u duriNJ the year 14 Corporation tax The charty is expt frcffl tax income gans fallirKJ wihin Sli0n 505 of the Ta Act 1988 or stIOn 252 of the Tayaticm of Ctrwg8able Gains Act 1992 to the extent that Ihese are appl tr) its charitable objects. 21
MAHOGANY OPERA GROUP NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2022 15 D•btors Debtors falling du• < 1 year 2022 2021 Trade debt Prepaymw)ts inclx VAT 0ver98 12,000 8,110 417 36.600 3,281 39,881 16 Credltor8'. amounts falllng due wlthln on• y•ar 2022 2021 Trade crlit[S Social seKurity tayBs Accnjals 16.543 14,940 193 12,787 57,399 85,319 7,983 6.109 30.635 17 Dof•rred Incon 2022 2021 8alan¢e 88 * 1 April 2021 Amwnl rd88$ to inccffje Amwnt defer1 in the y Balan as at 31 March 2022 57,399 157,3991 6.109 57,399 Defer1 rdateB lo ltieic* gwt irn)Th In &Jvance. 18 Analys1• of ch8rltable funds Analysls of movements In funds Y•ar •nded 31 March 2022 At 1 Aprll 2021 At 31 M8rch 2022 In¢om• Expandr• Trnn•f•r• Unr•strlcted fun General funds DeSnatj funds.. . Jchn Hughes Innc244th Fund - Future projects - Futuw c(xnmisslons T¢)tal unr•strlcted fund¥ 242.463 77.581 83,176 1176,3411 60,527 120,CK 3.379 129,767 46,574 249,767 49,9S3 365.842 77,581 83,176 Ro8trlcted fund8 Arts cour11 CRF Year of Sn4)py Opwas Rdf Hind commis$K H(KIan (Bntish C¢xJncil) HMRC. Jrtl Ret1) Scheme 30.912 77.718 30,912 77,718 23.984 1.022 23.984 Total r•sCtOd funds 138,636 114.652 23,984 T¢)tsl funds 38S.842 216 217 197,828 22
MAHOGANY OPERA GROUP NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2022 18 Analysis of charitable funds l¢ontlnu8d) Analysis of movements in funds Year end•d 31 March 2021 At 1 Awil 2020 At 31 March 2021 Income Ewndlture Transfers Unrestricted funds General funds De5ignat8J furKIs'. - Jthn Hughes lnnwty.on Fund - Future prqects - Future ¢MiSSI{S Totsl unrestrlcted fvnd¥J 281,7C 117,022 242,463 120.(KK) 3,379 120,000 3,379 117,022 365,842 Ro$trlct•d funds Year of Snappy Operas New CL%nmiss V8ri0us StaJes HMRC - Jrts RetlIe Sch 10,4 20.0 14.0 10.490 20.036 14.IXJO 2.093 46,619 46,619 Total fvnds 12 398 008crlptlon of purpw of d•SIgnat fund• John Hughes InnovatKn Fund.. The Iwslees bruh1 l¢)3dher the kgxy rec*d in 2017r2018 with the Fulure commissi1$ fund to create the Jthn Hugh83 Inn¢y4atil Fund. This wsll us&J for fvlure cMimis$lons, the funding of which may b8 required lo three tsef rts rKtsJUCtK', d1cMent of new ideas rosS the Companls a'stsC Progrme., and to suFport Vwious Stajes. Future projects.. Funds we Iransferred from FuTras fty to Fulure prOJtS for sFecffic proj in 2022123. Descrlptlan ol purp08e of festrl¢t•d fvnds Arts Cwncil England &w¥ded a grant th[¢tt Ihw Cumural wcgramme lo sustain ctte costs in the context of r&Ju¢&J incline due lo Ihe COVID-19 pdeM. Arts Cntil Engig)d, FoWe FjndatIc 8r¥J se4w81 $mal8r trusts restnct•J grants in supwl of the Year of Snappy Operas In 2020r21 2021r22. Nichdas Ch¥rtable Trust a grwl lo $uppJt Ihe dkl ol a rw MISsi from Rdf Hind. Brrtish C(#Jncil a¥aJed a gmt Ihr(wh th•r Ul(IUkraTh Saa&L IA CuKure prC9rffe to suppxt a partnership prOjt th H(KAig Art Communrty. 19 Analysls of net assets by fvnd Unr•strlct•d tunds Re•tri¢t¥d T¢tal funds at Total funds funds 31 March •t 31 Mareh 2022 2021 Fund baCeS are reprttented by Net CuTrenl ass$ .247 3fj0.247 23.984 23,984 384.231 3H231 365.842 365,842 23