2021-08-31-accounts

			Page
Reference and administrative		details ofthe Charity, Its Trustees and advisers
Trustees' report			2-18
Independent auditors'	report	on the financial statements	19-22
Statement offinancial	activities		23
Balance sheet			24-25
Statement ofcash flows			26
Notes to the financial	statements		27-41

Trustees
			R Bernays
			D C Firth
			E M BGraham
			L M R Graham
			M Graham
			J P R Green
			A J Mackesy
			B G Muirhead		(resigned		31 August 2021)
			A Clinton (appointed			8	October 2020)
Company	registered
number			04119186
Charity registered
number			1087303
Registered		off)ce	New Banks Fee
			Longborough
			Moreton in Marsh
			Gloucestershire
			GL56 OQF
Company	secretary		E M BGraham
Independent		auditors	WR Partners
			Belmont House
			Shrewsbury	Business		Park
			Shrewbsury
			SY2 6LG
Solicitors			Taylor Vinters
			Merlin Place
			Milton Road
			Cambridge
			CB4 ODP
Senior Management			Jennifer Smith,		Executive Director
Team			Polly Graham,		Artistic Director

			Unrestricted	Restricted	Total	Toia/
			funds	funds	funds	funds
		Note	2021 6	2021 F	2021 6	2020f
Income from:
Donations and legacies		4	820,993	87,723	908,716	1,214,061
Charitable activities		5	602,071	1,850	603,921	27,411
Other trading activities		6	114,067		114,057	660
Other income		7	160,977		160,977	8,340
Total income			1,698,098	89,573	1,687,671	1,250,472
Expenditure on:
Charitable activities			1,809,064	167,650	1,966,714	795,730
Other expenditure		9	59,064		59,064	81
Total expenditure			1,868,118	167,660	2,025,768	795,811
Net movement ln funds			(270,020)	(68,077)	(338,097)	454,661
Reconciliation offunds:
Total funds brought	forward		1,276,734	68,077	1,344,811	890,150
Net movement in funds			(270,020)	(68,077)	(338,097)	454,661
Total funds carried forward			1,006,714		1,006,714	1,344,811

				2021		2020
		Note		6		L
Fixed assets
Tangible assets		12		6,166		11,680
				6,166		11,680
Current assets
Stocks		13	1,740		3,480
Debtors		14	223,468		32,594
Cash at bank and in hand			900,698		1,422,562
			1,126,906		1,458,636
Creditors: amounts	falling due within one
year		15	(109,670)		(103,005)
Net current assets				1,016,236		1,355,631
Total assets less current liabilities				1,021,402		1,367,311
Creditors: amounts	falling due after more
than one year		16		(14,688)		(22,500)
Net assets				1,006,714		1,344,811
Total net assets				1,006,714		1,344,811

	Note	2021	2020f
Charity funds
Restricted funds	17		68,077
Unrestricted funds	17	1,006,714	1,276,734
Total funda		1,006,714	1,344,811

					2021	2020
				Note	6	6
Cash flows from operating	activities
Net cash provided by operating activities				19	(622,046)	518,873
Cash flows from investing	activities
Dividends, interests and rents from investments					181	1,308
Net cash provided by investing activities					181	1,308
Change In cash and cash	equivalents	in	the year		(621,864)	620,181
Cash and cash equivalents	at the beginning		ofthe year		1,422,662	902,38f
Cash and cash equivalents	at the end	of	the year	20	900,698	1,422,562
The notes on pages 27 to 41 form part ofthese financial statements

	Unrestricted	Restricted	Total	Tots/
	funds	funds	funds	funds
	2021	2021	2021	2020
	6	6	6
Membership	506,955		506,955	543,255
Donations	188,931	87,723	276,654	109,939
Gift Aid	125,107		125,107	220,471
2020 Fund				340,395
	820,993	87,723	908,716	/,214,061

		Unrestricted	Restricted	Total	To/a/
		funds	funds	funds	funds
		2021	2021	2021	2020
		6	6	6	5
Ticket sales/vouchers		465,138		466,138	3,508
Programme	sales	8,895		8,895
Other income		27,038	1,850	28,888	23,903
		502,071	1,850	503,921	27,411

	Unrestricted	Total	Total
	funds	funds	funds
	2021	2021 E	2020f
Catering	108,377	108,377
Advertising	5,680	e,eeo	660
	114,057	114,057	660

		Unrestricted	Total	Total
		funds	funds	funds
		2021	2021	2020
			E
TTR relief		155,690	15e,ego
Interest income		161	181	f,308
Furlough	income	5,106	5,106	7,032
		160,977	160,977	8,340

		Activities
		undertaken	Support	Total	Total
		directly	costs	funds	funds
		2021	2021	2021	2020
		F	E	F
Charitable	activities	1,394,465	487,491	1,881,956	795,730
Education	6 outreach	69,650	15,108	84,758
		1,464,115	502,599	1,966,714	795,730

			Opera	Education	&	Total	Total
			Productions	Outreach		funds	funds
			2021 5	2021 E		2021 E	2020f
Opera production			584,846	69,650		ee4,49e	72,227
Production	team and	labour	137,479			137,479	62,006
Equipment	hire and transport		65,791			65,791	1,778
Backstage	expenses	and sundries	85,397			85,397	9,461
Site hires	and marquees		317,401			317,401	8,948
Site and theatre costs			57,514			67,614	26,091
Irrecoverable VAT			58,165			se,tee	30,428
Artist ex-gratia payments			87,872			87,872	168,504
			1,394,465	69,650		1,464,115	379,443

				Opera	Education	&	Total	Total
				Productions	Outreach		funds	funds
				2021	2021		2021	2020
				E		5	6	5
Staff costs				196,172	15,108		211,280	166,841
Depreciation				9,654			9,654	11,448
Marketing	and	print		28,450			28,450	27,503
Office costs and overheads				43,898			43,898	46,821
Legal, professional			and accountancy	99,727			99,727	74,734
Education				51,005			51,005	41,908
Boxoffice	and	website		32,178			32,178	33,416
Irrecoverable		VAT		24,928			24,928	12,857
Miscellaneous				1,479			1,479	759
				487,491	15,108		602,599	416,287

				2021	2020f
Wages and	salaries			191,103	151,989
Social security costs				13,625	9,536
Contribution	to defined	contribution	pension schemes	6,552	5,316
				211,280	166,841

2021	2020
No.	No.

Administration	and	Support
Management

		Fixtures and	Computer
		fittings	equipment	Total
		6		f.
	Cost or valuation
	At 1 September 2020	46,792		45,792
	Additions		3,342	3,342
	At 31 August 2021	45,792	3,342	49,134
	Depreciation
	At 1 September 2020	34,112		34,112
	Charge for the year	9,647	209	9,866
	At 31August 2021	43,759	209	43,968
	Net book value
	At 31 August 2021	2,033	3,133	5,166
	At 31August 2020	11,680		11,680
13.	Stocks
			2021f	2020f
	Bar Stock		1,740	3,480

		2021 f.	2020f
Due within one year
Trade debtors		225
Other debtors		190,523	8,484
Prepayments	and accrued income	32,720	24,110
		223,468	32,594

					2021f	2020f
Trade creditors					4,011	19,374
Other taxation		and	social security		6,761	5,050
Other creditors					11,838	11,976
Accruals					17,243	26,895
Deferred	income				69,817	39,710
					109,670	103,005
					2021f	2020
Deferred	income at start of period				39,710	101,531
Resources deferred			during the year		69,817	39,710
Amounts	released		from previous	periods	(39,710)	(101,631)
					69,817	39,710

		2021f	2020f
Deferred	income	14,688	22,500

Statement of funds	- current	year
		Balance at 1				Balance at
		September			Transfers	31 August
		2020 6	Income	Expendituref	in/out 6	2021 6
Unrestricted funds
Designated funds
Operational Contingency
Reserve		450,000			(60,000)	400,000
Capital Reserve		300,000				300,000
2020 Fund		144,886		(88,172)	(56,714)
Ring Cycle 2024		220,000			80,000	300,000
		1,114,886		(88,172)	(26,714)	1,000,000
General funds
General Funds		161,848	1,598,098	(1,779,946)	26,714	6,714
Total Unrestricted	funds	1,276,734	1,598,098	(1,868,118)		1,006,714
Restricted funds
Pot of Gold Donations		9,533	8,215	(17,748)
Education Workshops		23,826	45,443	(69,269)
Emerging Artist Programme		20,898	21,416	(42,313)
Orchestra Sponsorship		7,000	3,000	(10,000)
Youth Chorus		6,820	10,000	(16,820)
Walk ure			1,000	(1,000)
Ulysses			500	(500)
		68,077	89,573	(157,660)
Total offunds		1,344,811	1,687,671	(2,025,768)		1,006,714

Statement offunds	- prior ye	ar
		Balance at				Balance at
		1 September			Transfers	31August
		2019f	Income f	Expenditure 5	81/out f	2020 f
Unrestricted funds
Designated funds
Operational Contingency
Reserve		300,000			150,000	450,000
Capital Reserve		300,000				300,000
2020 Fund			415,362	(184,576)	(85,900)	144,886
Ring Cycle 2024					220,000	220,000
		600,000	415,362	(184,576)	284,100	1,114,886
General funds
General Funds		90,150	753,377	(597,579)	(84,100)	161,848
Ring Cycle		200,000			(200,000)
		290,150	753,377	(597,579)	(284,100)	161,848
Total Unrestricted	funds	890,150	1,168,739	(782,155)		1,276,734
Restricted funds
Pot of Gold Donations			9,533			9,533
Education Workshops			27,482	(3,656)		23,826
Emerging Artist Programme			20,898			20,898
Orchestra Sponsorship			7,000			7,000
Youth Chorus			16,820	(10,000)		6,820
			81,733	(13,656)		68,077
Total offunds		890,150	1,250,472	(795,811)		1,344,811

18.	Analysis of net assets between	Analysis of net assets between	Analysis of net assets between	Analysis of net assets between	funds (continued)	funds (continued)
	Analysis of net assets between				funds - prior year
							Unrestricted	Restricted	Total
							funds	funds	funds
							2020	2020f	2020 2
	Tangible fixed assets						11,680		11,680
	Current assets						1,390,559	68,077	1,458,636
	Creditors due within	one year					(103,005)		(103,005)
	Creditors due in more		than one year				(22,500)		(22,500)
	Total						1,276, 734	68,077	1,344,811
19.	Reconciliation of net		movement		in funds	to net cash flow from operating		activities
								2021	2020
									6
	Net income/expenditure		for the year (as per			Statement	of Financial
	Activities)							(338,097)	454,661
	Adjustments for:
	Depreciation charges							9,856	13,226
	Purchase oftangible	fixed assets						(3,342)
	Decrease/(increase)	in stocks						1,740	(3,480)
	Decrease/(increase)	in debtors						(166,865)	137,837
	Decrease in creditors							(25,156)	(82,063)
	Interest received							(181)	(1,308)
	Net cash provided	by/(used		in)	operating	activities		(522,045)	518,873
20.	Analysis ofcash and		cash equivalents
								2021	2020
								6
	Cash in hand							900,698	1,422,562
	Total cash and cash		equivalents					900,698	1,422,562

						At 1
						September		At 31
						2020	Cash flows f.	August 2021 f
						F
Cash	at	bank	and	in	hand	1,422,662	(521,864)	900,698
						1,422,662	(621,864)	900,698

			2021f	2020f
Not later than		1 year	669	849
Later than	1 year and not later than 5years		669	1,338
			1,338	2,187