Registered Company Number: 03508706
CCEW Charity Registration Number: 1070013
OSCR Charity Registration Number: SC053537
Mahogany Opera Group
(Company Limited by Guarantee)
Trustees, Report and Flnanclal Statements
For the year ended 31 March 2025

MAHOGANY OPERA GROUP
CONTENTS
YEAR ENDED 31 MARCH 2025
Reference and Administration Details
Trustees, Report
Independent Examiner's Report
16
Statement of Financial Activities
17
Balance Sheet
18
Notes to the Financial Statements
19-30

MAHOGANY OPERA GROUP
REFERENCE AND ADMINISTRATION DETAILS
FOR THE YEAR ENDED 31 MARCH 2025
Constitution
The Company is incorporated under the Companies Act 2006, company number 03508706 and
its governing document is its Memorandum and Articles of Association. The Company is a charity
registered in England & Wales (number 1070013) and Scotland (number SC053537).
Directors and trustees
The directors of the Company are its trustees for the purpose of charty 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.
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 were:
Katie Bradford
Amy Challen
lan Hamilton
Mary Miller (Chair)
Florence Okoye
Dwight Pile-Gray
Ava Podgorski
Helen Thomas
Company Secretary
Bridget Rennie
Artistlc Dlrector
Frederic Wake-walker
Executlve Director
Bridget Rennie
Independent Examlner
Caroline Clarke, Clarke + Wells, 66 High Street, Lewes, East Sussex, BN7 1XG
Bankers
Lloyds Bank Plc, Villiers House, 48-49 Strand, London WC2N 5LL.
Solicitors
Weil, Gotshal & Manges (London) LLP, 110 Fetter Lane, London, EC4A 1AY.
Registered offlce
Rosehill Theatre, Moresby, 1￿h1tehaVen, CA28 6SE.

MAHOGANY OPERA GROUP
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their report and financial statements for the year ended 31 March 2025.
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 accordan￿ with the Financial
Reporting Slandard 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 Commission's 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 are:
to promote, maintain, improve and advance education, by the encouragement of the arts,
but particularly the arts of drama, music, singing, mime, and dance and to formulate,
prepare and establish schemes thereof provided that all objects of the Company shall be
of a charitable nature.
Mahogany Opera is a leading commissioner and producer of new opera and music theatre. We
exist to..
Unlock creative expression.
Reflect diverse perspectives.
Spark human connection.
We create opportunities to make and experien￿ boundary-pushing, inclusive new work.
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 potential to play a creative role in making and
performing new opera.
Give children and adults the opportunity to experience opera in inclusive environments
Support diverse artists to develop their practi￿, spark new connections and create work
on their own terms.
Present new work which reflects and amplifies dNerse perspectives and a multiplicty of
voices.
We achieve our aims through three programmes of work which intersect:

MAHOGANY OPERA GROUP
TRUSTEES. REPORT {Continued) FOR
THE YEAR ENDED 31 MARCH 2025
Snappy Operas is our award-winning participatory primary schools programme, through
which we deliver in-school projects with children, teacher training and performances, and
commission new work by professional artists working with young people.
New Work encompasses the wide range of work we develop, commission and produce
for performance. This activity enables us to partner with artists at all stages of their
careers, and in partnership with a wide range of organisations.
Meet Me @Mahogany is our invitation to explore, (un)learn and open up the process of
making new work, focusing on public discussions and events (online and in-person),
participatory workshops, training, research and collaborations with other arts
organisations and higher education. These activities are interwoven with our other delivery
strands, as we take learning from the work we produce and inform that work with the ideas
developed through Meet Me @Mahogany.
As a registered charty, 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
In 2024-25 Mahogany Opera delivered a rich and substantial programme of work across its three
strands. While there were fewer public events than in the previous year, we premiered a major
new commission and significant behind-the-scenes work developing commissions, partnerships
and fundraising took pla￿ to lay the groundwork for projects in 2025-26. Overall, we worked with
88 artists (2023-24..110), 262 participants (2023-24'.400+) and 32 teachers and school staff
(2023-24'.110). We delivered 6 public perfomiances (2023-24.'23) and 36 workshops,
rehearsals and public events (2023-24.48), reaching around 1,500 audience members (2023-
24:2,500).
Sna
A Snappy Opera is a short opera for children to perform which introduces all the essential
elements of opera
singing, acting and making
in fun, colourful and bite-sized chunks.
Mahogany Opera has commissioned 15 Snappy Operas, written by some of the UK'S top
composers and writers who worked with groups of young people to develop stories and characters
that connect directly lo the young people who will perform them. Since we began the programme
in 2016, we have engaged around 5,000 primary school children from state schools across the
UK with Snappy Operas, working in over 130 schools.
In 2022-23 and 2023-24 we developed our first Snappy Opera in partnership with a school for
students with Special Educational Needs & Disabilities (SEND), co-creating a piece which
responded to the needs and ideas of a range of disabled children. Roll Upl is a totally
immersive and inclusive piece of music theatre set in a circus, which involved the whole school
communty in its premiere perforMan￿S at Sandgate School, Kendal in summer 2023.
In March 2024, we embarked on a new project to pilot Roll Up! at Hadrian School, a SEND school
in Newcastle in partnership with Music Partnership North, Newcastle. With Jack McNeill as music
director to provide continuity from the first project, we engaged local director Katy Weir to deliver
workshops exploring the existing musical material and ideas with new groups of young people.
The first week of workshops was delivered in the prior year, and the second week was delivered
from 13-17 May 2024 with a team of 5 artists (music director, stage director, viola player, soprano

MAHOGANY OPERA GROUP
TRUSTEES, REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
and baritone) working with the young people to stage their own performan￿ of Roll Upl which
was shared with the school community at the end of the week. During the week we delivered 10
workshops with approximately 110 children, and shared the performance with an audience of
approximately 50 people.
We were not able to gather direct feedback from the young people, many of whom were non-
speaking, but we got some excellent responses from the school staff, families and artists..
.1 think the thing that we've enjoyed, more than anyihing. is that there's no expectations [placed]
on the children. they just get to come in and enjoy what's a really immersive experience.
. What
I've really enjoyed about this week is that it hasn't been a case of opera's come to us., our world
and the operatic world have kind of collided. It's a really beautiful circle of happy engagement..
Phil Cookson, class teacher & music lead, Hadrian School.
"I thought at first the children might have been a bit frightened.. but it all blended in and they just
loved it., Grandparent of Hadrian School pupil
.1 think the difference between this and other school projects I've done is the... interaction on an
individual level... you're catering lo everyone's needs, and that's something I've never
experienced before., Themba Mvula, baritone
'Often when we're making art, we consider the big, the spectacle and actually being able to
consider the micro moments is a real privilege.. Katy Weir, director
We learnt a lot bringing the existing Roll Upl materials to work with new groups of young people,
and although the experience was positive, the feedback from the creative team was that it would
have been a more rewarding experience to start more 'from scratch, with the co-creation process.
This is something we have factored into our planning of future work in special school settings.
New Sna
era commissions
During the year we secured a signrficant grant from Garfield Weston Foundation to commission
two new Snappy Operas and develop and update our resources for future Snappy Opera projects.
In autumn 2024 we ran an open call to recruit the creative team for one of the Snappies, which
was another successful process with 59 artists / artist teams representing 72 individual artists
applying for the opportunty. This demonstrates the breadth and depth of people working in new
music theatre and opera, as well as our reach as an organisation (see diversity monitoring
statistics on p11 below).
The process led to the appointment of artist team lona Ramsay (librettist) and Bethany Tennick
(composer), Iwo young artists from Glasgow, to co-create a new Snappy Opera for our co-
commission with Dunedin Consort, working with young people in a school in Cumbernauld. The
brief was to create a piece which could be performed on baroque instruments, aligning with the
wider work Dunedin were doing in the school, but flexible enough to be performed on modern
instruments for future Snappy Opera projects.
We ran two commissioning workshops at Kildrum Primary School, Cumbernauld in January and
March 2025, involving 30 P5 pupils aged 8-9. The work was completed, rehearsed and performed
by the children after the year-end.

MAHOGANY OPERA GROUP
TRUSTEES, REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
The other new commission was to develop a new format for Snappy Operas.. a 'DIY Snappy,
designed for schools to be able to deliver themselves without the input of an external delivery
artist team. During the year we appointed composer Michael Betteridge and writerldirector Freya
nn-Jones to create this commission, which was developed through workshops after the year-
end.
During the year we also engaged designer Anna Bruder to review all the existing Snappy Opera
design packs with the aim of making the designs more environmentally sustainable, eliminating
the use of single-use plastics and suggesting the use of more re-used and upcycled malerials in
the creation of props, costumes and set items for the Snappy Operas.
Sna
era
artnershi
ro
ects
During 2024-25, we further developed Snappy Opera projects in Aberdeen, Lithuania and
Germany..
We extended our partnership with Aberdeen Performing Arts (APA) following their
successful Snappy Opera project in 2023. During the year we provided the rights,
resources and training for them to deliver their own Snappy Opera performances as part
of their young people's 'Light the Blue, festival in June 2025 after the year end.
In Lithuania, we continued our partnership with Nida Culture and Tourism Information
Centre "Agila" wtth the commissioning of four new Snappy Operas from Lithuanian
composers. This was funded by a grant from the John R Murray Charitable Trust.
We also continued our partnership with Frequenz_ Festival in Kiel, northern Germany. As
the planned symposium in October 2023 had been delivered online rather than in person,
there were funds remaining which enabled us to deliver two further schools workshops in
th
Kiel in June 2024. We worked with 49 children from three 4 grade classes- one of which
was a special class for children with migration and PTSD backgrounds
in the
Muhliusschule Kiel. This project was part of the Cultural Bridge programme (funded by
the 4 UK Arts Councils. Fonds Soziokultur and the Goethe Institut to support bilateral UK-
Germany projects).
This type of project is enabling Mahogany Opera to expand the reach and impact of Snappy
Operas without increasing the demands on our own capacity or fundraising resources, and also
contributes a modest amount towards our core costs or other Snappy Opera projects to cover our
time on training and consultancy.
New Works
During 2024-25, we premiered or developed four new works:
1. Sky in a Small Cage is conceived as a contemporary staged oratorio by composer Rolf
Hind - telling the story of the extraordinary life of Sufi poet, Rumi - and focussing on his
relationship with his master, muse and beloved, Shams who was (it is suspected)
murdered at the hands of Rumi's brothers. The libretto combines words written specifically
by award-winning poet, Dante Micheaux, togetherwith translations of Rumi's own poetry.
Directed by Mahogany's Artistic Director, Frederic Wake-walker, an exceptional multi-
disciplinary cast and mixed ensemble bring each dramatic tableau to life using song,
musical interludes and dance.

MAHOGANY OPERA GROUP
TRUSTEES, REPORT (Continued) FOR
THE YEAR ENDED 31 MARCH 2025
Following a long development process from our Various Stages Festival in 2020, through
commissioning and development 2021-2023 and engagement of the cast and creative
team in 2023-24, 2024-25 saw us bring Sky in a Small Cage to the stage. The design
process continued through spring 2024, and we held sing-through I play-through days in
June 2024. Studio rehearsals took pla￿ in London in early August, followed by the
creative team and cast travelling to Copenhagen for production rehearsals ahead of the
premiere perfomiance as part of the Copenhagen Opera Festival on 25 August 2024,
with Athelas Sinfonietta as the onstage musicians.
This was followed by the UK premiere at the Barbican on 8 September 2024, with the
renowned Riot Ensemble playing onstage for the London performance.
Credits..
Composed by Rolf Hind
Text for music by Dante Micheaux, with additional text from Jalal al-Din Rumi
Dramaturgy and direction Frederic Wake-walker
Music Director Aaron Hollowa
-Nahum
Designer Sasha Balmazi-owen
Movement Director Rosabel Hu
uet
Cast
The Narrator- Elaine Mitchener
l and You (becoming Rumi) - James Hall
Bird of the Sun - Shams e Parande - Yannis Fran
ois
Shaman of the BirdslKerra, Rumi's wife- Loré Lixenber
Ensemble - Siddhii La
rutta {soprano), Karima El Demerdasch (alto), Anika
Venkatesh (alto), R lan Gleave (tenor). T Bou
ue (baritone), Harald Hieron
Hein (bass)
mus
Onstage musicians - Athelas Sinfonietta (Copenhagen) and Riot Ensemble (London)
We received warm and enthusiastic feedback from audiences, including the following..
It's very difficult to simultaneously tell the kind of stories you did, between Rumi and
Shams, and balan￿ the feeling that this is a story about two queer lovers, this is a
spiritual fable/allegory/myth, this is history about a group of believers, and this is a love
poem to the poetry of Rumi. All of those came through.
The duets between James and Yannis were some of the most achingly beautrful and
pitch-perfect duets I've heard. The way that James and Yannis blended was stunning,
but also the way their counterpoint delighted and surprised and showed the love,
longing, tension, guidance, and desire between YOUA and Shams did what good opera
should do.;
Reviews were mixed but there were positive notices from the Copenhagen and London
perfOrman￿s.

MAHOGANY OPERA GROUP
TRUSTEES, REPORT (Continued) FOR
THE YEAR ENDED 31 MARCH 2025
.inÈensely beautrful.
THE GUARDIAN
Hind's music, in an individual strain of minimalism, is haunting...
THE TELEGFIAPH 4.,1:::i'-
Sky in a Small Cage has integrity and serious intent...intense and powerful.
THE TIMES
Using westem and eastem instruments, including the pungent nagaswaram, honky-tonk,.
piano and gamelan, created a fascinating onginal palette of piquant colours and tuning j
blends.
THE TIMES
If you thought that new opera could only be starkly realistic depictions of the wortds
decay, after SKY IN A SMALL CAGE at the Copenhagen Opera Festival, you might think
again. The last WO￿ of the festwal pointed in a completely different direction.. mystery.
hope. love.
SEISMOGRAF
Hind's music and Dante Micheaux's libretto tied together this (love-like) story with 8 path
towards enlightenment, threading them around each other in both theirjoys and penls.
Sky in a Small Cage is one of those woftks (without being too grandiose about it. rt
reminded me in this way of Messiaen s St FranGoise) that contained everything of an
artist, the thing they have been put on earth to say.
THE RAMBLER
We also had very positive feedback from the creative team and cast on their experiences
of working on this project, testament to the importance of developing new work in
creative, supporting working environments:
It was huge.. it was amazing.. and the connection between everyone was completely
wonderful. Rolfs music sublime and Dante's words just mind-blowing. It was really a
great experience. When l in about to peg out I will think of this as a lrfe highlight. Lore
Lixenberg, Shaman of the BirdslKerra
We are currently exploring possibilities for a tour of Sky in a Small Cage in 2028.
2. Hildegard.. Wisions is an immersive mystery opera by Nwando Ebizie, inspired by the
works and life of Hildegard von Bingen. A multisensory experience of sound, movement,
scent and taste, tt combines song, electronic soundscapes and ritual traditions from across
cultures and eras. The project was developed as part of Mahogany Opera's Various
Stages festival in 2019-20 and this research and development (R&D) phase helped to
develop an installation (Extreme Unction Vol.2) which was exhibited at East Street Arts,
Leeds in June 2021. Ordo Virtutum, the section for performance was commissioned by
Mahogany in 2022, and in 2023-24 we delivered a series of R&D phases to develop the
piece in partnership with Britten-Pears Arts, Artsadmin and Yorkshire Sculpture Park.
In 2024-25 we put together a major bid to Arts Council England to stage the piece at
Yorkshire Sculpture Park, which was unfortunately not successful. Feedback suggested
thatwe would be unlikely to secure the level offunding required to stage such an ambitious
work outdoors, and this together with a change of personnel at YSP led us to decide to

MAHOGANY OPERA GROUP
TRUSTEES, REPORT (Continued) FOR
THE YEAR ENDED 31 MARCH 2025
scale back our involvement in the project to focus on staging the performance piece we
had commissioned only, now titled Ecstasy of the Wirtues. We are now working on
staging this piece with a short tour in 2026-27.
This experience is testament to the challenges in securing partners and funding for
ambitious work in the current climate and to the significant delays to projects that can be
occasioned by a major funding bid which is unsuccessful. We are considering these risks
in our upcorning strategic plan but remain committed to staging Ecstasy of the Virtues in
2026, with the confidence that focusing on the performance aspect only makes this a more
achievable proposition.
In the Belly of the Beast is our new co-production with Dunedin Consort and Hera,
staging a further three cantatas by Elisabeth Jaquet de la Guerre following the Suc￿sS of
our co-production Out of Her Mouth in 2023. In the Belly of the Beast will stage 'Adam',
'Jonah', and 'Jephthah', again in new English translations by Toria Banks. The
commissioning of the translation and initial development work took place after the year
end.
A Christmas Miracle is a new opera by Master of the King's Music, Errollyn Wallen CBE
which we are developing with the support of a private commissioner. It is inspired by
Benjamin Britten's unrealised plans for A Chnstmas Sequence, using text from the
Chester Mystery Plays. It will feature new music by Errollyn interspersed with much-loved
Christmas carols. OurArtistic Director Frederic Wake-walker will direct and dramaturg the
production.
Like Britten's Noye's Fludde- a visionary community opera this production will bring
together a magical mix of professional performers with young people and their
commun5ties.
Following the commission in July 2024, in December 2024 we worked at Snape Maltings
in partnership with Britten Pears Arts on workshops exploring initial material and
characters in the piece, working with local young people and professional singers. The
team had a wonderful time delving into Errollyn's unique sound world and the
contemporary resonances of the Christmas story, looking at universal themes of taking
refuge in a foreign land, navigating the forces of jealousy and power, and the wonder of
birth.
We are now developing the piece for premiere performan￿5 in 2026.
Meet Me
Maho
an
During 2024-25 we delivered two 'Virtual Open House, online events and one in-person
workshop in our Meet Me @Mahogany strand, where we explore, (un)learn and open up the
process of making new work:
In November 2024, we held a Virtual Open House on 'Open Call Opera, exploring our
distinctive approach to recruitment. Our regular 'Open Calls, aim to diversify the people
we reach and engage, and our auditioning process looks to provide a more positive
experience for performers interested in working with us. In this discussion we reflected
on our approach to Open Calls - how we use these to reach different artists when
recruiting for specific projects, how our approach to auditioning might differ from
traditional opera companies, and what learning we (and others) could take from this to

MAHOGANY OPERA GROUP
TRUSTEES. REPORT (Continuedl FOR
THE YEAR ENDED 31 MARCH 2025
improve recruitment in the future. An excerpt from the discussion can be found on our
website.
In November 2024, we also co-led a workshop with Full of Noises and Pro
ellor
Ensemble in Barrow, aimed at music workshoplchoir leaders with an interest in shared
learning around co-creative community projects. This built on our work developed
through The Great Learning project, sharing approaches to improvisation and
experimental music making as part of the R&D for Jack McNeill's Air Songs project.
In February 2025, we held a Virtual Open House on 'Participation on the Move,.
Together with our friends at Hooli
an Art Communit
we discussed our shared
experience and passion for producing touring work that engages local participants
actively in each performance. One of the distinctive qualities of many of our productions
at Mahogany Opera is how we tour our work, whilst involving local participants in the
show (for example, Mozart vs Machine, Brundibar, Sna
eras). Our
collaboration with Hooligan Art Community Started in 2019 when we supported the R&D
of The Hooli
an Pro
ect, and especially the involvement of young adults as
participants. The event took place one week before the third anniversary of the full
invasion of Ukraine by Russia, ahead of a series of performances and events presented
by Hooligan Art Community to mark the anniversary.
VALUES
Our values underpin our vision of opera as an inclusive, collaborative and dynamic art form and
sustain us in our mission to stretch the boundaries of what opera can be and who it is for. They
stem from both the working practices we've developed over the years and our aspirations for the
future..
We are artist-led
We are guided by artists, by their ideas and their lines of enquiry. We consider everyone who
actively participates in our work to be an artist. We create structures that are flexible and
responsive to meet the ambitions of our artists while operating on a scale that connects us
meaningfully to the communities and contexts within which we work. We aim to be a creative
space for sharing knowledge and experiences.
We are people-centred
Care and inclusivity are key principles for the way we work. We aim to create safe and supportive
working environments which enable trust, creativity and fun. We recruit as much as possible by
open call and we try to remove barriers for disabled and minoritised artists, as well as making our
performances and events as accessible as possible for audiences. We value the process as much
as the product. We are transparent about fees and pay people promptly.
Our work is a collaborative process
We are continually exploring new ways of working and searching for new creative relationships
while striving to enrich our existing knowledge and collaborations. We test ourselves with a
thoughtful and considered approach, learning from others and sharing our research and
discoveries with both rigour and playtulness.

MAHOGANY OPERA GROUP
TRUSTEES. REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
We actively seek to break down barriers
We push against traditional norms, often working outside conventional constructs, opening up
access to our work, offering space for diverse perspectives and a multiplicity of voices and
collaborating across borders. We stand up against racism and all forms of discrimination.
We are committed to sustalnabillty
Awareness of and efforts to reduce our environmental impact is embedded in everything we do.
We take a responsible approach to our income streams, considering artistic, ethical, financial,
and reputational factors in a manner the Trustees believe best allows us to fulfil our charitable
purpose. We favour purpose-based relationships over transactional ones and develop on-going
relationships with our partners. We strive to take a long view on our collaborations, outcomes and
impact.
Our values are open and responsive
We stay true to ourselves, while being open to challenge and change. We question ourselves,
listen to others and reflect on our experiences in order to improve our practice and slay connected
with the most recent developments. We are in a continual state of renewal, always full of potential,
searching for new means of expression and new visions of the future.
EQUALITY, DIVERSITY AND INCLUSION
We believe that opera is a form of culture that can challenge rather than uphold systemic
injustices. We are committed to eliminating discrimination and aim to diversify who makes,
performs and sees opera. Since 2017 we have encouraged diversity across all areas of our work
through inclusive open calls for artists, staff and trustees,. training,. and improving accessibility to
our activities and opportunities (British Sign Language interpretation and captioning are now
standard at our events and we offertailored 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-economic backgrounds. We aim for at least 50 % of our commissioned artists to be women,
which we have achieved through our Snappy Opera programme and our current commissioning
activity, and we are developing our expertise in supporting disabled creatives through two of our
urrent commissions.
In 2023124 we reviewed our Equality, Diversity and Inclusion policy with the input of the trustees,
updating various aspects to strengthen our commitments, reflect our new practices and make our
complaints procedures more transparent. We set an aim to improve the diversity monitoring of
the artists we engage to enable us lo set targets, noting that response rates from artists had been
too low to create meaningful statistics. In 2023-24 we increased the proportion of artists
completing diversity monitoring from 100/0 to 270/0. In 2024-25, we doubled the number of artists
responding from 11 to 22, although the percentage response rate remained similar at 25Q/o, since
we had directly engaged more than twice the number of artists in the year (88 vs 41 directly
engaged).
Below we report the diversity monitoring statistics of the artists who responded, with 2023-24
figures in brackets for comparison.
10

MAHOGANY OPERA GROUP
TRUSTEES, REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
Artists en
ed in 2024-25
EthTrlclty: 55%146¥0} white British
Soclo*conomi¢ background1:
23 /• (36%) other white background
55% {9%1 modem professional occupations
9010190A)
mixed white and black African
90A190hl clerical and interrnediate occupations
Black British
14%118ttAI senior managers and adrninistrators
Asian.. Chinese (.4,,
OYo118Yol technical and craft occupations
Any other ethnic background 5%19%1
routine manual and seN*￿ occupations
Other Asian bad(ground
0%19%1
middle orjunior managers
5%118%) tradrtional professional occupations
0%19¢AI long-term unemployed
5% IOYO)
self-employed
9°/010 /0) prefer nol to say
50h IO¥o)
5%10%)
0% (9%)
Age:
230A118%1 20-34
73% 1641JA) 3549
5°h 118%) 5044
sexual orfontstlon..
68 /o1739/tsl heterosexual I stravJht
14%118Yo} queer
9¥919°h} bisexual
5% {OQk) gay man
5%109/0} prefer not to say
Sex: 55%173¢A) female
41 % 127%} male
50/0 IOYo} prefer not to say
Gender Identity: 550h164%} women
36 /0127Vol men
9/0 (0%) non-binary
0%19°/o) identify in another way
Dl8abllity:
5(1/0 (180/0) Dldeaf or disabled
95/0182%) not Dldeaf or disabled
Neurodivernity.. 73% (730/0) neurotypical
14% (27D/o) neurodiver9ent
13%10%) prefer not to Say
We did not collect diversty monitoring statistics from our Snappy Opera creative team open call,
so we do not have any applicant data for 2024-25.
Conclusions
The data from the diversity monitoring survey of artists engaged in the year shows we continued
to reach a relatively diverse range of artists in terms of gender, sexual orientation, and
neurodivergence. We increased the proportion of younger and middle-aged artists we worked
with, while the number of older artists decreased. We increased the proportion of artists we
engaged from global majority ethnic backgrounds from 18/0 to 22%. However, we note a
Con￿rning decrease in the proportion of artists identifying as Dldeaf or disabled. We will continue
to review our practices as well as the accessibility of the diversity monitoring survey itself.
There is less diversity in the socio-economic backgrounds of the artists we engaged in 2024-25
than in the prior, potentially a reflection of the broader challenges artists from working class
backgrounds face in maintaining careers in the sector. We will consider what action we can take
on these points when we review our Equality, Diversity, and Inclusion policy in 2025126.
FINANCIAL REVIEW
The Statement of Financial Activities (including Income and Expenditure Account) and Balance
l The respondent is asked to select the category of easy to understand. applicable to people of all ages
the highest income earner in their household when and countries, and has high response rates in
they were 14 years old. This is considered to be the testing.
best way to assess people's background. It's also
11

MAHOGANY OPERA GROUP
TRUSTEES. REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
Sheet, together with the notes thereon, are set out on pages 19 to 30.
The Statement covers the 12 months from 1 April 2024 to 31 March 2025.
Total income forthe year amounted to £356,517 (2023124 £258,496) of which £155,372 (2023124..
£104,735 was restricted. Total expenditure for the year was £376,840 (2023124.. £289,202), of
which £133,577 (2023124.. £100.157) was restricted.
The Company's income and expenditure for the 2024125 financial year were both significantly
higher (38 % increase in income and 300/0 increase in expenditure), due to major productions
including the premiere performances of Rolf Hind's Sky in a Small Cage and the commission and
initial R&D workshops on Errollyn Wallen's A Christmas Miracle. There was overall deficit in
2024125 of £20,323 (2023124 deficit of £30,706). The Trustees planned for a deficit having agreed
the strategic investment of resenies for key projects and core costs during the year. The Company
maintains a strong reseprfes position, with unrestricted funds of £279,088 at 31 March 2025
(2023124 £321,206).
The Company saw a continued reduction in support from trusts and foundations, with grants
totalling £98,053 (2023124.. £128,012 and 2022123.. £188,465). This reflects broader trends in the
sector, but the Company remains grateful for significant support including a core costs grant from
Vaulkhard Douglas-Hume Music Trust and project grants from Garfield Weston Foundalion and
John R Murray Charitable Trust (for Snappy Operas) and Jerwood Foundation (for a new Opera
Designers award supporting designer's fees and production costs for three upcoming projects).
Meanwhile the Company secured a notable increase in individual giving, chiefly through a major
donation funding the commission of A Christmas Miracle. Mahogany Opera continues to focus on
increasing its philanthropic fundraising, cultivating individual donors and regional trusts in the UK
areas where it works.
Offsetting the reduction in trusts income, the Company was able to claim a significantly higher
amount of Theatre Tax Relief against its expenditure on new productions, totalling £100,750
(2023124.. £76,221). Earned income from partnerships and venue fees was also significantly
increased from the previous year at £52,800 (2023124.. £33,001), chiefly generated from
performan￿ fees for Sky in a Small Cage along with partnership fees for other projects.
The Company also generated income of £5,639 (2023124.. £6,915) from bank interest, the
decrease reflecting reducing interest rates and slightly lower cash balances during the year.
The Company maintains a lean operating model, with one employee supported by a core team of
three freelancers who all work remotely. Despite this, fundraising for core costs remains ever
more challenging year-on-year. Coupled with the broader economic outlook, there are few
certainties in planning for the coming years but, given the Company's strong balance sheet and
with the ongoing support of a range of organisations and individuals, the trustees are confident in
the Company's future ability to continue to meet its artistic goals.
Reserves
The unrestricted reseples of the Company comprise a General Fund and two Designated Funds.
One of the Designated Funds is a Contingency Fund which the trustees consider it prudent to
maintain to meet the eventual costs of winding down the Company over a period of six months,
including core operating costs, redundancy, legal and accounting costs. This reflects the
challenge of funding within the present economic climate and ensures that this reserve is not
made available for other purposes.
12

MAHOGANY OPERA GROUP
TRUSTEES, REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
The other is the John Hughes Innovation Fund, which is the combination of a legacy received in
2017118 and the previous Future Commissions Fund. This is used for the development of new
ideas across the Company's artistic programme. This fund also allows the Company to respond
to opportunities, the scheduling of which may be beyond the Company's control.
The balance of unrestricted funds is held in the General Fund which can be accessed by the
Company as necessary.
Investments
The Company maintains savings accounts for managing cash reserves and any grants awarded
for future projects. These funds are currently split between 32-day and 95-day noti￿ accounts.
The remaining funds are kept in a current 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..
Operational performance, including risks to staff, volunteers and visitors
Achievement of aims and objectives
Meeting the expectations of beneficiaries or supporters
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:
Regular monitoring of major risks
Embedding risk identification and assessment within operating procedures
A clear structure of delegated authority and control
Maintaining reserves in line with set policies
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..
Governance
Operational
Financial
External
Complian
STRUCTURE, GOVERNANCE AND MANAGEMENT
At year end, there were eight trustees (directors) on the board, who have overall fiduciary
responsibility for the supep4ision of Ihe activities of the Company.
Day-to-day management of the Company is delegated to the Executive Director, Bridget Rennie,
13

MAHOGANY OPERA GROUP
TRUSTEES, REPORT (Continued)
FOR THE YEAR ENDED 31 MARCH 2025
and Artistic Director, Frederic Wake-walker, who works internationally as a freelance director
alongside his work with Mahogany Opera. They are supported by a freelan￿ core team
comprising an Associate Producer, Fundraising Manager and Finance Manager each working
part-time. In addition, the Company works with a range of specialist freelan￿ staff to deliver
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 the North of England and Scotland.
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 posilion and management.
Statement of trustees. responsibilities
The trustees (who are directors of Mahogany Opera 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..
select suitable accounting policies and then apply them consistently
observe the methods and principles in the Charities SORP
make judgements and estimates that are reasonable and prudent
state whether applicable UK Accounting Standards have been followed, subject to any
material departures disclosed and explained in the financial statements
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charitable company will continue in operation
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 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 trustee is aware, there is no relevant information of which the charitable
company's independent examiner is unaware
that trustee has taken all the steps that ought to have been taken as a trustee in order to
be aware of any infomiation needed by the charitable company's independent examiner
14

MAHOGANY OPERA GROUP
TRUSTEES, REPORT (Continued) FOR
THE YEAR ENDED 31 MARCH 2025
in connection with preparing their report and to estsblish that the charitable company's
independent examiner is aware of that information
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 11 December 2025 and signed on its behalf
by
Mary Miller
Chair of trustees
15

Mahogany Opera Group
Independent Examiners Report to the Trustees
For the year ended 31 March 2025
I report lo the Iruslees on my examination of the accounts of the charitable company for the year ended 31 March 2025.
RgsponsibiSities and basis of report
As the charity Iruslees of the Company land also ils directors for the purposes of company lawl. you are responsible for the
preparation of the accounts in accordan￿ with the ￿qUirements of the Ctl8rities and Trustee Investment (Scollandl Acl
20051'lhe 2005Act'i the Charities Accounts (Scollandl Regulations 2006las amended) and the Companies Act 2006{'the
2006Acl'l. You are satisfied that the accounts of the Company are not required by charity or company law lo be audited
and have chosen instead to have an Independent examination.
Having satisfied myself that the accounts of the Company are not required lo be audited under Part 16 of the 2006Act and
are eligible for independent examination, I report in respect of my examination of your charity's accounts s carried out under
section 4411llcl of the 2005Acl and section 145 of the Charities Ad 2011 I'lhe 2011 Acl'l. In carrying out my examination I
have followed the requirements of Regulation 11 of the Charities Accounts (Scollandl Regulations 2006las amended) and
the Direcb'ons given by the Charity Commission under section 14515llbl of the 2011 Act.
IndgP9ndent examiners ststgment
Since the Company is required by law to prepare ils accounts on an accruals basis and is registered in Scotland, your
examiner must be a member of a body listed in Regulation 11121 of the Charities Accounts (Scollandl Regulations 2006 las
amended). I CL)nfirm that l am qualified lo undertake the examination by virtue of my membership of Institute of Chartered
A¢¢ountsnl$ in England and Wales, which is one of the listed bodie$.
I have completed my examination, I confim) that no m8tter5 have Gome to my attention in connection with the examination
giving me Cause lo believe that in any material respect.
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act and Regulation 4
of the Charities Accounts (Scollandl Regulations 2006 las amended)., or
2. the accounts do not accord with those records with the accounting requirements of Regulation 8 of the Charities Accounts
(Scollandl Regulations 2006., or
3. the occounls do not comply with the a¢￿untIng requirements of section 396 of the 2006 Act other than any requirement
that the accounts give a 'lrue and fair view,, whith is not a matter considered as part of an independent examination., or
4. the accounts have not been prepared in accordan￿ with the methods and principles of the Slalement ot Recommended
Practice for accounting and reporting by charities applicable lo charities preparing their accoun15 in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021.
I have no concern5 and have come across no other matters in connection with the examination lo which attention should be
drawn in this report in order lo enable a proper understanding of the accounts lo be reached.
Caroline Clarke ACA
66 High Street
Lewes
East Sussex
BN7 1XG
l 6iiL/v)-
16

Mahogany Opera Group
Statement of Financial Activities (including Income and Expenditure Account)
For the year ended 31 March 2025
Noto3
Unrestricted
fund8
Restricted
funds
2025
2024
Income and endowments from:
Donations and legacies
Charitable activities
Investments
Other income
41,829
52.800
5,639
100,877
155,372
197,201
52.800
5,639
100.877
141,917
33,001
6,91 S
76,663
Total
201.145
155,372
356,517
258.496
Expendlture on:
Raising funds
Charitable 8¢tivilies
Total
123,306}
1219,9571
1243.2631
123,306)
1353,5341
1370,8401
112,171)
1277,0311
1289.2021
718
1133,5771
1133.5771
Net Incom•lexpondlturg
Roconclliatlon of fund8
Total funds brought forward
Total funds carrlod forward
142.1181
21,796
120,3231
{30,706)
321,206
279,088
18,064
39.869
339,270
318.947
369,976
339,270
17

Registered Number '.
03508706
Mahogany Opera Group
Statement of Financial Position
As at 31 March 2025
Notes
2025
2024
Current assets
Debtors
Cash al bank and in hand
14
198,794
152,190
350,984
132,037}
112.297
236.821
349,118
{9,848}
Creditors: amounts falling due wlthln one y•ar
15
Net current assets
318.947
318.947
339,270
339,270
Total as80ts le•$ ¢urrgnt Ilabllltles
Net asuts
318,947
339,270
Th¥ lund$ of tho charlty
Restricted in¢ome fund5
Unrestricted income fvnds
16
39,859
279,088
18,064
321.206
16
Total fund•
318,947
339,270
For the year ended 31 March 20251he company was enlilled to exemption from audit under section 477of the Companie8
Act 2006 r&lating lo small companies.
The members have not reqLsired the company to obtain an audit of ils accounts for the year in question In accordanr
with section 476,
The Iruslees acknowledge their rssponsibililies for Mmplying with the requirements of the Act with respect to accounting
records and the preparation of accounts. These accounts have b¢en prepared in accordance with the provisions
applicabte lo Companies Subject to the small companies, ￿gIme.
The financial statements were approved and authorisod for issue by the Board and signed on ils behalf by..
Mary Miller
Chair of trustees
11 th December 2025
18

Mahogany Opera Group
Notes to the Financlal Statements
For tho year ended 31 March 2025
1. Accounting Policles
Basls of accounting
The financial slalemenls have been prepared un(Ser the historical cost convention. except for investmen15 which are
included al market value and the revaluation of certain fixed assets and in a¢cordance with the Charities SORP IFRS
1021 'Accounling and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their
accounts in accordance with the Financial Reporting Siand8rd applicable in the UK and Republic of Ireland IFRS 102)
(effective 1 January 20191., Finanaal Reporting Standard 102 the Financ¢al Reporting Standard applicable in the UK and
Republic of Ireland IFRS 102), and the Cornpanies Act 2006.
Mahogany Opèra Group meets the definition of a public benefit entity under FRS 102. Assets 8nd liabilities arg initialty
Tecognis¢d al historical cost or transaction value unles$ olhemise slated in the relevant accountin9 policy nolelsl,
Golng concern
The finan¢i81 slalemenl8 are prepared, on a going concAqrn basis, under the historical cost convention.
Fund•
Tho charity maintains a general unrestricted fund which rep￿Sents funds which are expendable al the discrfrlion of the
Iruslees in furtherance of the objects of the ch8rity. Such funds may be held in order to finance both working ¢apital and
capital investment.
Design8led funds comprise of unrestricted funds that have been $818side by the Trustees for particular purposes.
Reslriclad funds have been provided lo the charity for particular purposes, and it is the policy of the board of Iru81ees lo
carefully monitor the application of those funds in accordanrA with the restrith'ons p18ced upon them.
There is no formal policy of transfer be￿en funds or on the allocation of funds lo designated funds. other than that
d•3cribed above
Incomlng re•ourco8
All income is recognisod in the Statement of Financial Activities ISOFAI when the charity 18 legally enlilled lo the income
and the amount can be quantified with reason8ble certainty. Income 18 not shown nel of axpenditurg. Th• following
specific policies are applied lo categories of income.
Voluntary income is received by way of grants, donations and gifts and is included in the SOFA when reeeivable.
Grants, where entillemenl is not conditional on.the delivery of a specific perfomianGp by the charity, are recognised when
the Charity becomes unconditionally entitled lo the grant.
Investment income is included when re￿1Vable.
Income from grants where re181ed lo perfoimance and specifi¢ deliverables, a￿ a¢¢ounted for as tho charity earns the
right lo consideration by ils perforrn8n¢e.
Theatre income is included in inmme in the period in which the ￿leVant activity look place
Project specific funding. when donors specify that donations and grants are lor particular restricted purposes, which do
not amount lo pre-conditions regarding enlillemenl. is included in the income of reslricled funds when receivable
Resources expended
All expenditure is accounlad for on an accruals basis and 15 Staled nel of VAT. Costs of generating funds are Ih08e costs
incurred in attracting voluntary incomè.
Charitable 8xp8ndilure comprises those costs ineurrod by the charity in the delivery of ils activities and servic*s for its
beneficiaries. 11 includes both costs which can be directly allocated lo activities and those costs of an indirect nature
ne￿ss•ry to support them,
GovernancE costs are those incurred in connection with compliance with constitutional and 51alulory requirements.
Costs are allocated be￿een the expenditure categories of the SOFA based on usage of the resource. Where ¢osl$
cannot be directly allocatod they are apportioned on an appropriata basis and recognisgd in SOFA,
Allocatlon and appolntment ol costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable acliviltes.
Support cost5 may include any back office costs, finan￿, personnel, payroll and governants costs whith support the
charities pro9rammes and aclivilies. These cos15 hav8 been 311ocated betrfftn cost ol raising funds and expendilure on
charitable activities where applicable.
19

Mahogany Opera Group
Notes to the Financial Statements Continued
For the year ended 31 March 2025
Taxatlon
As a registered charity, the company is exempt from income and corporation tax lo the extent that ils income and gains
are applicable lo charitable purposes only.
Pensions
The company operates a defined contribution pension scheme in respect of ils employees. The scheme and ils assets
are held by independent managers. Pension costs are allocated lo reslricled funds 8$ part of gro55 salary costs where
fL*nds cover salaried posts.
2. Income from donatlons and legaGles
Unrestricted
fund$
Restrictsd
fund$
202$
2024
Donations received
7.329
34,500
91.819
99,148
98,053
13.905
Grants ￿ceiVed
63.553
128,012
41,829
155.372
197.201
141,917
Analys1$ of grants received
202S
2024
Arts Couneil England
Comelius Cardew Concerts Trust
Creative Scotland
32.050
100
8,500
3.480
Cumbria Community Foundation
Garfield Weston Foundation
Goethe-lnslitul London {Cullur81 Bridge)
Hadfield Charitable Tru51
30,000
553
4,982
1.400
2,500
Harold Hyam Wingate Foundation
Jerwood Foundation
Katie Bradford Arts Trust
Nicholas Berwin Charitable Trust
Scops Arts Trust
The Golsoncott Foundation
The Hinrichsen Foundation
The INing Memorial Trust
The John R Murray Charitable Trust
The Kobler Trust
20.000
4,000
30,000
6,000
1,500
2,000
3,000
8,000
3,000
30,000
The Vaulkhard Douglas-Home Music Trust
Three Monkies Trust
30,000
5.000
98,053
128.012
20

Mahogany Opera Group
Notes to the Financial Statements Continued
For the year ended 31 March 2025
3. Income from charitable actlvltles
2025
2024
Unrestricted lunds
Artists /produclion /touring /
prep8r8tion /educalion
Income from ¢harilable
adivilies
52,800
33,001
4. Investment incomè
2025
2024
Unrestricted funds
Bank interest receivable
5,639
6.915
5,639
6,915
S. Other Income
2025
2024
Unrestri¢t8d funds
Other income
127
442
Thealrt Tax Relief
100,750
76,221
100,877
76,663
6. Expenditure on generatlng donatlonB and legacies
2025
2024
Unr95tricted funds
Donations
22.113
1,193
11,217
954
Support eosl$
23,306
12.171
21

Mahogany Opera Group
Notes to the Financial Statements Continued
For the year ended 31 March 2025
7. Costs of charitsble activities by fund ty
Unrestrlcted
funds
Restricted
funds
2025
2024
Artists I prodLtclion I touring I
preparation l education
Marketing
Support costs
194,923
133.577
328,500
250,805
6,928
18,106
6.928
4,498
21,728
18,106
219,957
133.577
353,534
277.031
8. Costs of charitable activitie$ by actlvlty typp
Activities
undortakèn
directly
Support
costs
2025
2024
Support costs
Artists I production I touring I
preparation l education
Marketing
328,500
17.732
346,232
272.150
6,928
374
7.302
4,881
335,428
18,106
353.534
277,031
9. Analysis of support costs
Ralsing
funds
Artists I
production I
touring I
preparation I
odu¢ation
Marketing
2025
2024
offi￿ Costs
1,193
8,7SO
3,538
374
10,317
3,538
16.774
Finance and
Bookkeepin9
Bank Charges
Govemance costs
3,512
303
303
171
5,141
5,141
2.225
1,193
17.732
374
19.299
22,682
22

Mahogany Opera Group
Notes to the Financial Statements Continued
For the year ended 31 March 2025
10. Net incomollexp9nditurel for the year
This is slated after charging11￿d1IIrngl'.
2025
2024
AccountanGy fees
1,200
1,200
11. Staff costs and emoluments
Total 51aff costs for the year ended 37 March 2025 were..
2025
2024
Salaries and wages
Pension cos15
43,680
1,539
42,000
1,073
45,219
43,073
The￿ were no employees12024.' £Nill who re￿iVed emolunients lexdyding employer pension costs) of more than
£60,000.
The key management personnel of the Charity. comprise the Iruslees. Executive Director lemployee} and Artistic Director
Ifreelancel. The total employee benefits of the key management personnel of the charity were £71,94312024.. £69,169).
2025
2024
Produ¢lion Staff
12. Trustee rèmuneration and relatsd party transactions
The Charity trustees were not paid or received any other benefits from employment with the Charity in the year12024'.
£nill. One Iruslee was reirnbursed expenses lolalling £66.33 during the year12024.' Two trustees £284.88). No charity
Iruslee received payment for professional or other serviee5 supplied lo the charity12024.. £nill.
23

Mahogany Opera Group
Notes to the Financial Statements Continued
For the year ended 31 March 2025
13. Comparative for the Statement of Flnancial Activitlgs
Unrg$tri¢ted
funds
Rgstricted
funds
2024
Income and gndowmgnts from:
Donation5 and legacies
Charitable activities
37.182
33.001
6.915
76,663
153.761
104,735
141,917
33,001
6,915
76,663
Investments
Other income
Totsl
104,735
258.496
Expendlture on:
Raising funds
Charitable activities
(12,1711
1176,875}
1188,0461
112,171)
1277,031}
1289.2021
1100,156)
1100,1 $6)
Total
Net incomelexpenditure
Reconclliatlon of funds
Total funds brought fO￿ard
Total funds carrled forward
{35,285}
4.579
130.7061
356.491
321,206
13,485
18,064
369,976
339,270
14. Debtors
2025
2024
Amounts due within one year:
Trade debtors
6,000
192,168
626
3,600
108,318
379
Prepayments and accrued income
Other debtors
198.794
112,297
15. Creditors.. amounts falling due within one year
2025
2024
Trade C￿ditOrS
27,269
218
5,728
Other creditors
Accruals and defvrred income
4,550
4.120
32,037
9.848
24

Mahogany Opera Group
Notes to the Financial Statements Continued
For the year ended 31 March 2025
16. Movement in funds
Unr98trlcted Funds
Balance at
0110412024
Incoming
re$ource$
Outgolng
resources
Transfera
Balance at
3110312025
DeS￿n8(8d
Contingency Reserve
Following Year
Projects Designation
John Hughgs
Innov81ion Fund
98.038
178,1001
98,038
18,100
227,429
198.0381
129,391
General
G8nerRI
75,677
201,145
1243,263)
18,100
51,659
321.206
201.145
1243,2631
279.088
Unreitrlctod Fund8- Prevlous y•ar
Balancè at
0110412023
Incomlng
resources
Outgolnq
rosource•
Transfor•
8alancg at
3110312024
Designoled
Following Year
Projgcls Designation
John Hughes
Innovation Fund
47,620
147,620}
18.100
18,100
245,529
118,700)
227,429
General
General
63,342
153,761
1141,4281
75,677
356,491
153,761
1189,0481
321,206
25

Mahogany Opera Group
Notes to the Financial Statements Continued
For the year ended 31 March 2025
Purpose of unrestrlcted Funds
Contingency Reserve
The Contingency Fund has been designated lo meet the eventual cos15 of winding down the Company over a period
of six months, including core operating cos15. redundancy, legal and accounting costs. The Iruslees consider it
prudent to maintsin this fund, reflecting the challenge of funding within the present economic climate and ensuring
that this reserve is not made available for other PL*rpose$.
Following Year Projects Designation
The Following Year Projects Designation was allocated by the Iruslees for 9xisling projects which weie undeway and
which the Charity wanted to support with ils own resources. The level of this reserve fluctuated accordin9 to the
pallern of funding and the Charity's production schedules.
John Hughes Innovation Fund
The John Hughes Innovation Fund is the combination of a legacy received in 2017118 and the previou5 Future
Commissions Fund. This is used for the development of new ideas across the Company's artisbc programme. This
fund also allows the Company lo respond to opportunities, the scheduling of which may be beyond the Company,
control.
General
The balan￿ of unrestricted funds is held in the General Fund which can be accessed by the Company as necessary.
Restrlcted Funds
Balance at
0110412024
Incomlng
resources
Outgolng
resources
Balance at
3110312025
A Christmas Mir8cIt
78.676
5,000
5,000
(73,6761
Is,0001
5,000
Core Activities
Hildegard
Hooligan Project 2024
In the Belly of the
Beast
5,000
671
7,500
16,8291
5,000
5,000
SEND Snappy Opera-
Roll Upl Newcastle
Sky in a Small Cage
Snappy Opera-
Frequenz Festival
Snappy Opera
Lithuania
Snappy Operas New
Commissions
1,991
3,000
14,9911
6.813
1,760
20,143
553
126,956)
12.3131
8,000
18.000}
20.540
11,7071
18,833
Snappy Operas Rights
& Resources
9.460
14.1051
5,355
18,064
155,372
{133,5771
39,8S9
26

Mahogany Opera Group
Notes to the Financial Statements Continued
For the year ended 31 March 2025
RgStri¢tsd Funds - Prevlous year
Balance at
0110412023
Incomlng
rgsources
Outgolng
resourc85
8alanc8 at
3110312024
Hildegard.. Visions
Hooligan Art
Community Bunker
Cabaret lour
Hooligan Project 2024
Out of Her Mouth
32.050
473
132.0501
12,553>
2,080
8,500
6,250
7,000
11,0001
{6,2501
15.0091
7,500
SEND Snappy Opera-
Roll Upl Newcastle
SEND Snappy Opera-
Roll Upl Sandg81e
Sky in a Small Cage
Snappy Opera -
F￿quenZ Festival
The Gfeal Learning
1.991
7,980
17.980}
11,405
30,000
4,982
134,5921
13,2221
8,813
1.760
7.500
17,5001
13,485
104,735
(100.1561
18,084
27

Mahogany Opera Group
Notes to the Financial Statements Continued
For the year ended 31 March 2025
Purpose of restricted funds
Hildegard.. Visions
A project grant from Arts Council England supported the R&D of Nwando Ebizie's Hildegard.. Visions in 2023124 lin
2022123 grants from The Marchus Trust and PRS for MLtsic Foundation supported the commissioning costs).
Hooligan Art Community Bunker Cabaret tour
The final performan￿$ of the lour in 2023124 attracted a small amount of reslricled individual donations. In 2022123
grants from British Counal Ukraine, The Foyle Foundation and Paul Hamtyn Foundation supported the tour.
Sky in a Small Cage
Nicholas Berwin Charitable Trust supported the commissioning costs of this production in 2023124. Cockayne Grants
for the Arts supported initial production costs in 2022123.
Out of Her Mouth
In 2023124 we secured significant donations from individuals lo support the production. In 2022123 we had re￿iVed
grants from Fidelio Charitable Trust, The Golsoncott Foundation and Ambache Charitsble Trust towards the
production.
The Great Leaming
Scops Arts Trust and Hadfield Trust awarded grants to support the development of this collaboratively composed
choral project.
Hooligan Project 2024
Creative Scotland awarded a grant from their Four Nations intemalional fund to support a partnership project be￿een
Mahogany Opera, Hooligan Art Comn7unity (Ukrainel and Findhorn Bay Arts (Scolland).
SEND Snappy Opera - Roll Upl Newcastie
Three Monkies Tnjsl and Katie Bradford Arts Trust 8warded grants lo support the deliver of Roll Up! in a SEND
school in Newcastle.
Snappy Opera - Frequenz Festival
The Cultur81 Bridge programme via Goethe Inslitul London awarded a grant to support a partnership project wlh
Frequenz Festival in Kiel. Gemiany.
SEND Snappy Opera - Roll Upl Sandgale
Katie Bradford Arts Trust. Cumbria Community Foundation and Harold Hyam Wingate Foundation awarded grants in
2023124 towards the final phase of this pfojecl developing a new Snappy Opera al a SEND school in Kendal. In
2022123 the project was supported by Finn Family Fund, Frieda Scoll Charitable TrLtsl, Granada Foundation. Katie
Bradford Arts Trust, The Raddiffe Trust and Harold Hyam Wingate Foundation.
Core Activities
Part of a grant from Je￿ood Foundation supported CL)re Costs underpinning the delivery of three funded projects
(Hildegard, A Christmas Miocle and In the Belly of the Beasll.
Hildegard
Part of a grant from Jerwood Foun¢Jalion 5UPPOrted design costs for Hildegard.. Vision5 Ilhis was carried forward as
slricled fund into 20251261.
In the Belly of the Beast
Part of a grant from Jerwood Foundation supported design costs for In the Belly of the Beast Ilhis was carried forward
as a reslricled fund into 20251261.
A Christmas Miracle
Part of a grant from Jerwood Foundation 5UPPOrted design costs for A Christmas Miracle Ilhis was carr*ed fO￿ard a5
a reslricled fund into 20251261.
28

Mahogany Opera Group
Notes to the Financial Statements Continued
For the year ended 31 March 2025
Snappy Opera Lithuania
A grant from the John R Murray Trust supported the commissioning of new Snappy Operas with our partners in
Lilhuania.
Snappy Operas Rights & Resources
A grant from Garfield We51on Foundation supported the creation of new and updates lo existing Snappy Opera
resour¢es.
Snappy Operas New Commissions
The grant from Garfield Weston Foundation also supported the commis8ioning of tsvo new Snappy Operas Isome ol
which was carried foMard as a restricted fvnd into 20251261.
17. Analy$l8 of net assets betwegn fund•
N•t curront
a•8et• I
N•t A•••t•
Unre8trlcted funds
G•ngral
Gener81
51,859
51.659
Deswnoled
Conlin9ency Reserve
John Hughes Innovation
Fund
98,038
129,391
98.038
129,391
R•8trlctod fund•
A Christmas Miracla
Hildegard
Hooligan Project 2024
In the Belly of the Beast
Snappy Operas New
Commissions
Snappy Operas Rights &
Resources
5.000
5,000
671
5,000
s,000
671
5,000
18,833
5,000
18,833
5,355
5,355
318,947
318,947
29

Mahogany Opera Group
Notes to the Financial Statements Continued
For the year ended 31 March 2025
Previous yoar
N•t curr•nt
ass•t$ I
Net Assets
Unrestrlcted lund8
Gen8ral
General
75,677
75,677
Deswnoled
Following Year Projects
D6signalion
John Hughes Innovation
Fund
18,100
18,100
227,429
227,429
RotstrlGtod funds
Hooligan Project 2024
SEND Snappy Opera-
Roll Upl Newc8slle
Sky in a Small Cage
Snappy Opera -
Frequenz Festiv81
7,500
1,991
7,500
1.991
6,813
1,760
6,813
1,760
339,270
339,270
30