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2022-08-31-accounts

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

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LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

Contents

Administrative Details of the Charity……………………………………………

Report of the Trustees

Purpose of the charity ........................................................................................................... 4 Vision & Purpose ................................................................................................................... 4 Objectives .............................................................................................................................. 5 Who we Are ........................................................................................................................... 5 Activities undertaken to further the Charity's Purposes for the Public Benefit .............. 6 Summary of Main Activities .................................................................................................. 7 Longborough 2022 Opera Productions ............................................................................. 7 Education & Outreach Programme ................................................................................... 10 Audience and Artist Development ................................................................................... 13 Membership and Support .................................................................................................. 13 Investment policy and performance ................................................................................. 14 Going Concern .................................................................................................................... 14 Reserves Policy .................................................................................................................... 14 Financial Summary ............................................................................................................. 15 Principal risks and Uncertainties ........................................................................................ 15 Financial risk management objectives and policies ....................................................... 16 Principal funding ................................................................................................................. 16 Structure, Governance and Management ........................................................................ 16 Plans for Future.................................................................................................................... 18 Statement of Trustees' Responsibilities ............................................................................ 19

Independent auditors’ report on the financial statements ........ 21-24 Statement of financial activities ............................................................................. 25 Balance Sheet ............................................................................................................. 26-27 Statement of cash flows .............................................................................................. 28 Notes to the financial Statements ............................................................... 29-45

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LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

Administrative Details of the Charity

Trustees R Bernays A Clinton D C Firth E M B Graham M Graham (resigned 1 September 2022) J P R Green A J Mackesy J Hull (appointed 1 September 2022) Company number 04119186 Charity number 1087303 Registered Office New Banks Fee Longborough Moreton in Marsh Gloucestershire GL56 0QF Company Secretary A Walters (appointed 1 September 2022) E M B Graham (to 31 August 2022) Independent Auditors WR Partners Belmont House Shrewsbury Business Park Shrewsbury SY2 6LG Solicitors Taylor Vinters Merlin Place Milton Road Cambridge CB4 0DP Senior Management Team Jennifer Smith, Executive Director Polly Graham, Artistic Director

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LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

Report of the Trustees

For the year ended 31 August 2022

The Trustees present their annual report together with the audited Financial Statements of the Charity for the 1 September 2021 to 31 August 2022.

The Annual Report serves the purposes of both a Trustees' Report and a directors' report under company law.

The Trustees confirm that the Annual Report and Financial Statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Purpose of the charity

Vision & Purpose

Longborough Festival Opera is an ambitious summer festival, taking place in a 500-seat home-grown theatre overlooking stunning views of the Evenlode valley. Rooted in the Cotswolds, the festival inspires a growing international reputation and a vibrant year-round programme of community work.

Our vision is Opera for Everyone, with a mission to share the passion for opera with as many people as possible. LFO aims to support opera as an art form, develop artists of the future & address the barriers to accessing music, both 1) within the art form and 2) within rural towns & villages, by widening access within schools & communities. We are driven by 4 core principles :

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LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

Objectives

Charitable Objectives

The charitable objectives of the company are:

To promote, maintain, improve, and advance the education for the public benefit through the support and encouragement of the art of music (including opera, chamber music, singing and all forms constituting in whole or in part of music) by presenting performances of opera, music recitals and concerts of cultural value to the community, and for the promotion, encouragement, and appreciation of opera.

To promote, maintain, improve, and advance the education of the local community (in particular professional music students, primary and secondary school pupils) by organising performances of opera in collaboration with local schools; by providing masterclasses for professional music students and local school pupils; and by providing work experience for students and pupils relating to the organisation and presentation of musical performances together with the opportunity for them to attend rehearsal sessions.

Strategies for achieving Objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

The charity achieves its charitable objectives through an annual programme of activity that aims to

  1. To inspire our audiences with work of the highest artistic calibre

  2. To provide an exceptional experience for artists and audiences alike within an inclusive and welcoming atmosphere

  3. To capitalise on the adventurous and ambitious artistic spirit of Richard Wagner and enable this to shine through our work

  4. To develop an ethical and environmentally sound approach to all aspects of the theatre

  5. To cultivate new audiences for opera by expanding our work with young people and by actively engaging with our local community

Who we Are

Located in an intimate 500 seat purpose-built opera house in rural Gloucestershire, our work centres on an annual summer festival comprising of four opera productions.

Each year the brightest stars of the UK opera scene join talented designers, directors and conductors for productions created especially for the Festival. Longborough’s USP is our innovative approach to Wagner, offering an experience which cannot be had anywhere else in the world.

Longborough has committed to producing a new Ring Cycle, the most ambitious operatic

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LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

masterpiece any single opera house can ever undertake. The project began in 2019 and will culminate in the full cycle being performed in summer 2024. “This is Wagner in the raw, and all the better for it: no artifice or absurdity obstructs the composer’s intentions, or the essence of the drama. As a result, this is one of the most convincing and comprehensible accounts I have seen” Telegraph, 2019.

Longborough Festival Opera is committed to supporting emerging talent, ensuring the future of high calibre opera performances for generations to come. Our commitment to music education starts with our Education Outreach in local schools, continues with providing young people in our local area with training and performance opportunities via our Youth Chorus and further continues with our Emerging Artist programme. The hallmarks of our Emerging Artist programme are to produce exceptional opera and provide a supportive atmosphere for the artists to learn and grow. The opportunity to gain such experience at an early stage in their careers provides artists with a genuine insight into the demands and discipline of being a professional singer.

Volunteers

Approximately 40 volunteers join us as ushers during the summer season, providing information as well as offering a friendly welcome to our audience. In previous years we’ve had the wonderful support of local hosts who kindly share their homes with artists, providing much appreciated accommodation while they are performing at our rurally based theatre. Due to complications of social distancing during summer 2022, we were unable to use these local hosts, but aim to continue these relationships in 2023.

Activities undertaken to further the Charity's Purposes for the Public Benefit

The Trustees have paid due regard to the Charity Commission's guidance on public benefit when reviewing their aims and objectives and planning future activities. Below is a snapshot of the impact of our work in 2022.

7,732 tickets sold 278 people 1,808 school children reached employed via education outreach

588 attended free dress rehearsals

49% of audience 400 people attended 38 youth chorus from local counties community events members

30,400 watched LFO online

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LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

In the next section we further expand on how this impact was achieved, summarising our activity over the year.

Summary of Main Activities

Longborough 2022 Opera Productions

Every year, Longborough creates four new opera productions. In 2022 this work created employment for 278 people-including singers, orchestra, creative and music teams, technical and backstage teams, wardrobe & costume, lighting surtitle operators, front of house, administration, and education. This is vital employment, particularly in 2022, when the theatre industry is still struggling with the long-term effects of covid, both on ticket sales and production.

Ticket sales for the summer were lower than anticipated in 2022; however we still sold 7,732 tickets with almost 50% of our audience coming from local counties.

Wagner’s Siegfried

The summer season began with the next opera in Wagner’s Ring Cycle, Siegfried . This was a fully staged new production of the opera and was a continuation of the story as presented by creative team led by Amy Lane.

2022 saw the launch of new initiative to develop Wagnerian conductors: Longborough’s Ring Cycle Conducting Fellow. Following an intensive audition process in which eight emerging conductors worked with Anthony Negus on the opening scene of Siegfried in front of an experience panel of experts, Harry Sever was chosen as Longborough’s inaugural Ring Cycle Conducting Fellow. He conducted a performance of Siegfried on 3 June 2022. Harry will continue to work alongside Music Director, Anthony Negus, throughout the rest of our Ring Cycle, up to summer 2024.

As in 2021, we filmed the production of Siegfried to enable a free streaming of the opera, utilising our own accessible online channels as well as in partnership with Opera Vision. So far, this has reached 30,400 , sharing our work and our brand across the globe, widening accessibility to our biggest reach ever as a charity.

The production was well-received by audience and critics “heft and heroics as Longborough again proves its Wagner chops” Guardian, 2022 ★★★★☆

“Longborough offers plenty to admire, and not just its ambition” Musical America, 2022

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LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

“Little wonder this 500-seat theatre at Longborough is regarded as England’s Bayreuth” Opera Today, 2022

“A fine cast and first-rate orchestral realisation” The Stage, 2022

“a challenge to which the company valiantly rise” Telegraph, 2022

★★★★★ Plays to See

★★★★☆ Arts Desk

★★★★★ Midlands Music Reviews

★★★★☆ The Times

Korngold’s Die Tote Stadt

Die Tote Stadt is Korngold’s most celebrated opera however it is rarely performed. While an artistically bold choice for 2022, it was an opportunity to showcase a beautiful opera, providing an opportunity for singers to explore rarely performed repertoire, attract new audience to Longborough and to entice existing audience to enjoy something new to the ear. To support this production, we hosted events and podcasts that featured the music and history of Korngold.

As part of our ambition to provide train local talent, supporting the opera stars of the future, 26 members of LFO’s Youth Chorus were used in the production via a recording, emulating cathedral choir.

Rachel Nicholls returned to Longborough Opera, delighting audience and critics alike in the lead role, Marietta/Marie.

“Longborough Festival Opera’s new staging of this 1920 opera-noir deserves to have a long future life” ★★★★☆ Telegraph

“This is an important event, and a big feather in Longborough’s already well-feathered cap.” ★★★★★ Arts Desk

"a privilege to hear this work so convincingly presented" ★★★★★ Plays to See

"The psychology of grief compellingly explored" ★★★★☆ Bachtrack

Bizet’s Carmen

Longborough hosted 7 performances of a new production of Bizet’s Carmen, working with Mathilde Lopez and Jeremy Silver. The production was performed in English and set in contemporary Seville. This production involved 30 children from the LFO Youth Chorus, working alongside the main cast, both on stage and in the rehearsal room.

Carmen proved more drama on stage than originally planned as on opening night, we were met with 6 of the 10 principals tested positive for covid. As written by the Guardian, ‘a triumph over adversity as cover singers save the day--Longborough Festival Opera chutzpah made this show go on: cover singers took their place, with Linda Richardson nobly stepping in as Micaëla. In true theatre tradition, the production became an ensemble effort, with many performers making their mark on what they will remember as a lucky night.’ Covid continued to plague the full run of performances; however, the covers were superb and the performances provided them an opportunity to shine.

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LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

Carmen proves unstoppable at Longborough Festival Opera ★★★★☆ MusicOMH

‘I have never heard such a crisp rendition of Bizet’s score, nor such sensuous and precise singing ★★★★☆ Opera Now

Spell Book & La Liberazione di Ruggiero, Emerging Artist Production

Supporting new talent is more vital than ever. Covid’s enduring impact has thwarted opportunities, many artists are still struggling to get the high-profile exposure they need to advance their careers. Our Emerging Artist Programme attracts artists from all backgrounds through our open access audition process. Demand is high with 500 singers applying, 70 were invited to auditions, and 12 were chosen to be part of the 2022 ensemble.

The artists spent five weeks rehearsing in London, under the guidance of Director, Jenny Ogilvie, conductor/composer Yshani Perinpanayagam and Cliodna Shanahan, Assistant Conductor/Repetiteur. Yshani adapted the Caccini score for a contemporary ensemble to complement the music of Spell Book , brilliantly performed by CHROMA.

The overriding view of the artists was how much they valued the supportive, safe, and collaborative atmosphere during the rehearsal phase and enjoyed the friendly, warm atmosphere at LFO:

‘The double bill was dramatically challenging which tested our limits. We were trusted as artists and ideas welcomed.’

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LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

‘I am very grateful to Longborough for providing opportunities for more mature singers and not just making it ‘young’ artists. I had a career break when I became a mum and am now trying to get back on stage and this opportunity will really help get my career back on track.’

“poignant and thought-provoking…an enchanting double bill at Longborough Festival Opera”MusicOMH

"far and away the most stylish show I have seen at Longborough" Opera magazine, 2022

“Longborough Festival Opera’s investment in Emerging artists pays dividends” Seen and Heard International, 2022

“nothing short of sensational” Stratford Herald, 2022

“The highly accomplished young singers of Longborough’s Emerging Artists programme capture both the rhetorical urgency of the score and its more lyrical passages” Classical Source, 2022

“It felt like a real celebration, at the end of a season that’s been little short of heroic” Midlands Music Review, 2022 ★★★★☆

Education & Outreach Programme

Last year, 68% of primary and 39% of secondary school teachers reported a reduction in music provision and face-to-face music lessons dropping by 33%. On top of poor funding in schools and the impact of the pandemic, so many children in our region have little access to the arts due to financial and rural deprivation.

Our vision is opera for everyone. We believe that all young people, regardless of their background or postcode should have access to high quality artistic experiences, sparking a love of music, drama, or dance, and nurturing creative talent of the future. All children deserve access to quality cultural experiences, it is vital for their successful development as confident, inquisitive learners. Our projects provide breadth, depth, and a pathway to ignite a lifelong love of the arts.

In 2022, 1,808 local school children took part in our Education & Outreach Programme.

Our work covered 4 projects, carefully designed around different age ranges:

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Kodaly Singing Lessons Playground Opera School workshops Youth Chorus
ages 4-7 ages 7-11 ages 12-16 ages 7-20
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Singing Schools with Kodaly

Kodaly is an internationally acclaimed teaching method; we’ve used this method to help 170 young children in developing their voices and build musical skills through play, sequencing, and repetition. During 2021/2022 LFO invested in a pilot programme to trial the Kodaly singing method in 2 local primary schools. The pilot had significant impact with

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LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

remarkable improvement in skills and behaviour, as measured by the teachers and our practitioners:

‘We have found this experience very beneficial for our children in reception. The children's confidence has improved across all subjects, for example, they are more confident in getting up and writing on the board in Maths.’ St. David’s Primary School Teacher

Playground Opera

Playground Opera makes opera more accessible and provides an exciting first experience of opera for hundreds of children. We prioritised schools in areas of rural or economic deprivation, where children have little access to high quality culture. Playground Opera abridges classic operas, involving the pupils in rewriting the story, meeting the characters, and singing and dancing along to the music, resulting in an absorbing and highly engaging performance.

The Playground Opera team spend a full day at each school, providing workshops for 366 pupils to analyse the story, learn songs and movements, compose music and culminates in the children performing alongside the professional artists to their schools. In 2022, playground opera turned Carmen into The Downfall of Don José - a cautionary tale of the

terrible decisions made by Don José, We visited 10 schools; from the large inner-city academy in Gloucester, a middle school in Redditch, a special education needs school in

Stratford upon Avon to our nearest small rural school in Longborough. 1,500 students in total participated and watched the performances, plus staff & parents. Playground Opera employed 6 Emerging Artists and created employment for a further 8 professional artists, 14 total.

‘Brilliantly adapted paring-down of Bizet's Carmen…brainchild of Maria Jagusz and Jessica May, the concept is totally successful, engaging the children as performers as well as audience participators. The set was resourceful and simple, the Seville backdrop the creation of the children themselves.’ Midlands Classical Music Making, June ‘22

‘The tour was a brilliant reminder that we have a responsibility to share the art form with people from all backgrounds. It has to break the mould which is often cast around it that is an art form for a select few.’ Seumas Begg, Don José

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LONGBOROUGH FESTIVAL OPERA
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Secondary School Workshops

Longborough’s education team and artists visited 3 local secondary schools this summer to introduce the students to the story of Carmen and meet performers prior to their visit to our theatre. These students were then invited to the dress rehearsal, with 123 students, teachers attending the opera for free.

“The workshop was expertly done and highly engaging for all (including all SEN students) and everyone attending came away inspired and really looking forward to the performance. It was wonderful to be able to grasp the plot, hear some of the music and the fantastic singing too.”

Youth Chorus

“The Longborough Youth Chorus were full of verve and fun” The Arbuturian

In 2022, the Youth grew to 38 members, ages 7-18. 84% of these children are in Gloucestershire, 70% are in state education and over 26% receive regular bursaries.

Alongside performing in local concerts, the Youth Chorus performed in two mainstage productions in 2022, Korngold’s Die Tote Stadt and Bizet’s Carmen, gaining press attention, performing in front of thousands of people and significantly enriching the work of our wider festival. It is open access so anyone can join. They work with inspirational conductors, chorus masters, choreographers, directors as well as young professional singers who mentor and help develop individuals’ accuracy and confidence.

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LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

Student Feedback:

“I have learnt a lot about the world of opera and professional productions in general... fight calls, safety around the theatre, stage management, costume and makeup, the importance of taking care of my voice and how to behave professionally.”

Parent Feedback: “We should be thanking you for all your energy and determination in giving our young the opportunity to sing.”

Audience and Artist Development

As part of achieving our Vision, Opera for Everyone, in 2022 we have consciously worked towards reaching new audiences and widening access within the artform. We also believe our carbon footprint must be considered as part of our commitment to the future of opera.

In regard to audience development. We offered promotional tickets to young people, aged under 35 and actively increased our marketing to local postcodes to target new, local audience. 43% of our audiences were new to LFO in 2022, an increase of 10% compared to 2019. 36% of these new bookers were from the local area.

In 2022 we actively reviewed our processes and considered how we can make our auditions, and how we engage with artists more inclusive and open. The team undertook Unconscious Bias training and we continue our commitment to the I:Opera code of conduct: promoting kindness and dignity within opera making.

Membership and Support

Longborough is extremely grateful to our many loyal members who so generously support our work and productions. It is only with this support that Longborough can continue to open its theatre doors every summer. We would like to particularly thank the wonderful members and donors who are supporting our ambition to perform the Ring Cycle in 2024.

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LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

To many, this would seem a wild ambition due to the scale of our organisation; the commitment of our Wagner members makes all of this possible.

2022 has been another challenging year; the generosity and encouragement of our members & donors has been so important to us, underpinning our planning process, both for 2022 and future years. Thank you.

Along with donations from individuals, we are extremely grateful to the trusts and foundations who supported Longborough in 2022. For our education work, we would like to thank:

The Elmley Foundation Misses Barrie Charitable Trust Gamlen Trust D’Oyly Carte Charitable Trust. The Lark Trust The Thistle Trust Fidelity Foundation Foxley Trust The W. E. Dunn Charitable Trust

We would like to thank CHK Foundation for their ongoing support of our Youth Chorus.

For support of our Emerging Artist programme, we are indebted to Fidelio Charitable Trust and Colwinston Charitable Trust

We also greatly appreciate the support of The Serth & Gates Charity, The Ofenheim Trust, The Derek Hill Foundation and The Kilroot Foundation.

Fundraising activities and income generation

Longborough Festival Opera applies the standards and good practice as set out in the Code of Fundraising Practice by the Fundraising Regulator.

Investment policy and performance

Under the Memorandum & Articles of Association, the charity has the power to invest in any way the Trustees see fit.

The Trustees, having regard to the liquidity requirements of operating the Charity have operated a policy of keeping funds available in an interest-bearing deposit account. In addition the trustees operate a policy that the cash reserves of the company are split between various bank accounts to mitigate risk and ensure more financial protection.

Going Concern

After making appropriate enquiries, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

Reserves Policy

As of August 2022, Longborough has total reserves of £988,604 (2021: £1,006,714). Longborough's reserve policy states that the charity seeks to maintain an operational reserve sufficient to operate for a minimum of one year in the event of a significant drop in income and enable the organisation to invest in its future through artistic, educational and administrative improvements.

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LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

As of August 2022, Longborough has restricted reserves of £750 (2021: £NIL).

In addition to the ongoing need for the Charity to have sufficient reserves in order to cope with a significant drop in income (Operational Contingency), there is also the need for the Charity to proactively put in place reserves for the upcoming 2024 Ring Cycle and the long term future residence of the organisation (Capital Fund).

Unrestricted reserves are therefore classified as follows:

Designated Funds Operational Contingency £400,000 Capital £275,814 Ring Cycle 2024 £300,000 General General £12,040

The free reserves of the charity are represented by the unrestricted funds, less designated funds less those included as fixed assets and are £4,634 (2021: £1,548).

Financial Summary

Ticket income is an important element of the Festival’s financial stability. In 2022, this was 35% of total income. Other earned income that relates to the summer season is catering, programme sales and advertising. Taking these into account, earned income is 43% of total income for 2022.

Membership is another critical element of our financial model, enabling us to achieve our charitable objects. Membership amounted to £605,340 (2021: £.527,000)

Donations, including support from trusts and foundations and legacy support amounted to £149,362 in 2022 (2021: £276,654). This figure excludes gift aid.

In 2022 Longborough Festival Opera continued to feel the impact of covid-19 with lower ticket sales and audience booking tickets far later in the season than previous years. As a performing company, we chose to continue stringent covid testing and covid procedures backstage and in rehearsals to mitigate the threat to performances. As in 2021, this extra care resulted in additional cost to the charity. For 2022, HMRC increased the Theatre Tax Relief available to performing arts and theatres to support the transition after the financial impact of lockdown in 2020/2021. This increase provided a much needed helping hand as ticket sales were lower than anticipated.

In total the festival received income of £2,350,716 (2021: £1,687,671), resulting in an overall deficit for the year of £18,110 (2021: £338,097 deficit).

Principal risks and Uncertainties

Looking to our upcoming year, the key risks facing Longborough Festival in 2023 include:

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LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

Financial risk management objectives and policies

The financial objective of Longborough Festival Opera is to raise sufficient annual income to cover the expenditure of the year whilst generating surplus cash to maintain reserves at levels which match potential future liabilities and risk so that the financial viability of the Charity is assured.

The Charity aims to spread financial risk across the main sources of income including ticket sales, membership, donations from individuals, donations from Trusts and Foundations, and earned income (including catering and programme sales).

To actively reduce risk, the Charity is planning further ahead to enable donors to pledge support for future productions several years ahead. This is particularly important for our Ring Cycle project which requires significant financial support in 2024.

Principal funding

The principal funding sources for the Charity include tickets sales, membership support, donations from individuals and financial support from Trusts and Foundations. Earned income including contribution from catering and programme sales is also part of the financial model. In recent years, Theatre Tax Relief has become an important source of income.

Structure, Governance and Management

Constitution

The Company is registered as a Charitable Company limited by guarantee and was set up by a Trust deed.

The Company is constituted under a Trust deed and is a registered charity number 1087303.

The Company was incorporated on 4 December 2000 and commenced trading on that date. The principal object of the charitable company is to provide operatic productions during an annual summer festival.

Having celebrated his 80th birthday in 2022, Martin Graham, founder of Longborough Festival Opera, stepped down from the Board which he has chaired for over 20 years.

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LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

Martin will retain his close interest in the season’s performances, and Lizzie Graham has become acting Chair of the Board in the interim.

Methods of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

Organisational Structure and Decision-making Policies

The Trustees are responsible for the overall governance of the Charity and all key decisions affecting the direction of the Opera Company are made by the Trustees. The Board of Trustees delegates the day-to-day management of the charity to senior management team comprised of the Artistic Director and Executive Director.

Policies adopted for the induction and training of Trustees

New Trustees undergo an induction to brief them on their obligations and responsibilities. They meet key employees and other trustees to understand the current and historical work of the organisation. As part of the induction, new trustees are given minutes of trustee meetings from the previous year, copies of recent audited accounts, copies of past programme books, and an overview of the organisation and governance policies, including the Memorandum and Articles of Association and Trustee Terms of Reference.

Pay policy for key management personnel

The remuneration of staff is reviewed annually by the Trustees Board and is kept in line with other similar arts organisations.

Related party relationships

Operatic performances staged by the Charity take place in a theatre at New Banks Fee, Longborough, made available for this purpose by Trustees, Mr M Graham & Mrs E M B Graham. No rent is paid to Mr & Mrs Graham for the use of this property. The charity pays for the direct running costs of the theatre such as heat, light and power and makes good any wear and tear repairs caused by its productions.

Mrs E M B Graham and Mr M Graham have a substantial role in the day-to-day business and artistic management. No remuneration or expenses are paid for these services.

Financial risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Trustees' indemnities

Arts and Culture Insurance Policy is in the name of the Trustees of Longborough Festival Opera and covers the liability of both trustees and management. The Insurance policy is with Zurich Insurance plc.

Members' liability

The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.

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LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

Plans for future periods

As an organisation, we will continue working towards our four strategic aspirations:

In 2023 we are continuing to develop a thoughtful approach to environmentally responsible theatre-making, actively learning from methods such as Theatre Greenbook. We continue to review our accessibility & inclusion policy and renew training with staff, with a desire to create a culture of respect and equality in all aspects of our work.

Opera Productions 2023

We present the fourth part of Wagner's Ring Cycle with a new production of Götterdämmerung . This brings us closer to our 2024 program, when we will present all four of the Ring Cycle operas in one highly anticipated season. We will then present The Elixir of Love - a comic treat by Donizetti, followed by Monteverdi's early opera, Orfeo , in partnership with the Venetian Baroque specialists La Serenissima.

We finish the season with our Emerging Artists production - Purcell's The Fairy Queen , which will also feature the acclaimed Longborough Youth Chorus and will blend the original Shakespeare text from A Midsummer Night's Dream with Purcell's music. LFO have commissioned a new arrangement of the opera for baroque/ folk instrumentalists by Co-music directors Harry Sever and Naomi Burrell, promising a vibrant and imaginative evening. The Emerging Artist's production is always a special conclusion to our season, offering the some of the most vibrant artists of tomorrow a serious performance platform and a chance to learn through doing as part of our festival.

Education and Outreach

In 2023, we will expand the 2022 pilot project Singing Schools to 3 Gloucestershire schools, providing weekly Kodaly lessons and full school choir sessions from a skilled practitioner. We will continue to target early years classes, with the aspiration to work with 400 children. As part of the project, we will also train teachers in the schools in the Kodaly singing method, both to improve their skills but also to embed singing into the schools.

Due to funding restraints, our goal is to maintain Playground Opera at a similar level as 2023. This includes

A new project for secondary school students is being developed in 2023, in partnership with the acclaimed Chroma Ensemble, focusing on The Firebird by Igor Stravinsky. The project will bring together secondary school teachers and arts organisations in collaborative, ambitious, immersive, cross curricular project. We anticipate 70 students to be involved in this two-phase project that will include dance, music, arts and drama and will contribute to GCSE work.

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LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

LFO Youth Chorus main project in 2023 will be performing in our production of Purcell’s The Fairy Queen – Purcell’s paean to the magic and power of the natural world. The Youth Chorus will take part in:

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report including the Strategic 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. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

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

19 | P a g e

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

Auditors

The auditors, WR Partners, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

E M B Graham

Trustee Date: 7[th] February 2023

20 | P a g e

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGBOROUGH FESTIVAL OPERA

Opinion

We have audited the financial statements of Longborough Festival Opera (the 'charitable company') for the year ended 31 August 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 21

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGBOROUGH FESTIVAL OPERA (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 22

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGBOROUGH FESTIVAL OPERA (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• We reviewed the susceptibility of the charitable company's financial statements to material misstatement and identified the principal risks, implementing a series of testing procedures to provide us with sufficient comfort to issue our opinion.

• We reviewed the charitable company's regulatory environment to ensure we could conclude that it had acted in accordance with the framework relevant to the charitable company and its environment and identify any instances of non-compliance.

• We also assessed the charitable company's internal control procedures to ensure we could appropriately scrutinise these controls and establish whether our understanding of the control environment was sufficient to supplement our additional testing procedures.

• The engagement team consisted of a team that the engagement partner believes is equipped with the relevant level of technical and charitable company awareness to carry out our work to the required standard.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 23

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGBOROUGH FESTIVAL OPERA (CONTINUED)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

WR Partners

Shrewsbury Business Park Belmont House Shrewbsury SY2 6LG

Date: 7 February 2023

WR Partners are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 24

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
Other expenditure
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2022
£
800,193
873,563
161,132
445,458
2,280,346
72,388
2,140,380
86,438
2,299,206
(18,860)
1,006,714
(18,860)
987,854		 Restricted
funds
2022
£
70,370
-
-
-
70,370
-
69,620
-
69,620
750
-
750
750		 Total
funds
2022
£
870,563
873,563
161,132
445,458
2,350,716
72,388
2,210,000
86,438
2,368,826
(18,110)
1,006,714
(18,110)
988,604		 Total
funds
2021
£
908,716
503,921
114,057
160,977
1,687,671
51,291
1,915,423
59,054
2,025,768
(338,097)
1,344,811
(338,097)
1,006,714

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 29 to 45 form part of these financial statements.

Page 25

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2022

Note
Fixed assets
Tangible assets
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
19
Net assets
Total net assets		 1,191
526,469
627,418
1,155,078
(159,405)		 2022
£
7,406
7,406
995,673
1,003,079
(14,475)
988,604
988,604		 1,740
223,468
900,698
1,125,906
(109,670)		 2021
£
5,166
5,166
1,016,236
1,021,402
(14,688)
1,006,714
1,006,714

Page 26

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

BALANCE SHEET (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

Note
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 2022
£
750
987,854
988,604		 2021
£
-
1,006,714
1,006,714

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

E M B Graham

Trustee Date: 7 February 2023

The notes on pages 29 to 45 form part of these financial statements.

Page 27

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022

Note
22
23
Cash flows from operating activities
Net cash provided by operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 29to 45form part of these financial statements		 2022
£
(273,593)
313
313
(273,280)
900,698
627,418		 2021
£
(522,045)
181
181
(521,864)
1,422,562
900,698

Page 28

LONGBOROUGH FESTIVAL OPERA (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

1. General information

The Charity is a Charitable Company limited by guarentee and incorporated in England and Wales. The Trustees of the Charity are named on page 3. In the event of the charity being wound up, the liability in respect of the guarentee is limited to £1 per member of the Charity.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the second edition Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Longborough Festival Opera meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

After making enquires, the Trustees have a reasonable expectation that the Charity has adequate resources to continue as a going concern for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Page 29

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. Accounting policies (continued)

2.4 Expenditure (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

2.7 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

2.9 Cash at bank and in hand

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

Page 30

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

2. Accounting policies (continued)

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.11 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.

2.13 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 31

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.

There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. Income from donations and legacies

Unrestricted
funds
2022
£
Membership
605,340
Donations
78,992
Gift Aid
115,861
800,193		 Restricted
funds
2022
£
-
70,370
-
70,370		 Total
funds
2022
£
605,340
149,362
115,861
870,563		 Total
funds
2021
£
506,955
276,654
125,107
908,716

5. Income from charitable activities

Unrestricted
funds
2022
£
Ticket sales/vouchers
823,800
Programme sales
23,138
Other income
26,625
873,563		 Restricted
funds
2022
£
-
-
-
-		 Total
funds
2022
£
823,800
23,138
26,625
873,563		 Total
funds
2021
£
466,138
8,895
28,888
503,921

Page 32

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

6. Income from other trading activities

Unrestricted
funds
2022
£
Catering
152,292
Advertising
8,840
161,132
Other income
Unrestricted
funds
2022
£
TTR relief
445,145
Interest income
313
Furlough income
-
445,458		 Total
funds
2022
£
152,292
8,840
161,132
Total
funds
2022
£
445,145
313
-
445,458		 Total
funds
2021
£
108,377
5,680
114,057
Total
funds
2021
£
155,690
181
5,106
160,977

7. Other income

Page 33

(A company limited by guarantee)

LONGBOROUGH FESTIVAL OPERA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

8. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted
funds
2022
£
Consultancy
3,409
Wages and salaries
68,979
72,388
Total 2021
51,291		 Total
funds
2022
£
3,409
68,979
72,388
51,291		 Total
funds
2021
£
8,900
42,391
51,291

9. Analysis of expenditure by activities

Charitable activities
Education & outreach
Total 2021		 Activities
undertaken
directly
2022
£
1,705,335
74,294
1,779,629
1,547,042		 Support
costs
2022
£
417,212
13,159
430,371
368,381		 Total
funds
2022
£
2,122,547
87,453
2,210,000
1,915,423		 Total
funds
2021
£
1,830,665
84,758
1,915,423

Page 34

(A company limited by guarantee)

LONGBOROUGH FESTIVAL OPERA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

9. Analysis of expenditure by activities (continued)

Analysis of direct costs

Opera production
Production team and labour
Equipment hire and transport
Backstage expenses and sundries
Site hires and marquees
Site and theatre costs
Irrecoverable VAT
Schools, education & community projects
Artist ex-gratia payments		 Opera
Productions
2022

£
1,122,223
197,394
96,871
77,678
67,567
90,580
53,022
-
-
1,705,335		 Education &
Outreach
2022
£
12,600
-
-
-
-
-
-
61,694
-
74,294		 Total
funds
2022
£
1,134,823
197,394
96,871
77,678
67,567
90,580
53,022
61,694
-
1,779,629		 Total
funds
2021
£
654,496
169,401
65,791
85,397
317,401
57,514
58,165
51,005
87,872
1,547,042

Analysis of support costs

Staff costs
Depreciation
Marketing and print
Office costs and overheads
Box office and website
Irrecoverable VAT
Miscellaneous
Artistic & Site Consultancy
Governance costs		 Opera
Productions
2022

£
177,391
4,047
48,102
63,047
40,447
25,317
2,379
18,750
37,732
417,212		 Education &
Outreach
2022
£
13,159
-
-
-
-
-
-
-
-
13,159		 Total
funds
2022
£
190,550
4,047
48,102
63,047
40,447
25,317
2,379
18,750
37,732
430,371		 Total
funds
2021
£
155,982
9,654
28,450
43,898
32,178
24,928
1,479
32,347
39,465
368,381

Page 35

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

10. Analysis of governance costs

Auditors remuneration
Legal & professional fees
Accountancy fees
Wages & salaries		 2022
£
11,320
2,933
3,255
20,224
37,732		 2021
£
9,600
4,575
12,383
12,907
39,465

11. Other expenditure

Included within other expenditure, are purchases and other expenses relating to the Festival's bar and restaurant facilities.

12. Auditors' remuneration

2022 2021
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 9,270 7,700
Fees payable to the Charity's auditor in respect of:
Non-audit services 2,050 1,900

13. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2022
£
251,724
19,688
8,341
279,753		 2021
£
191,103
13,625
6,552
211,280

Page 36

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

13. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

Administration and Support
Management		 2022
No.
7
2
9		 2021
No.
6
1
7

No employee received remuneration amounting to more than £60,000 in either year.

The total amount of employee benefits (including employer pension contributions and employer national insurance contributions) received by key management personnel for their services to the Charity was £96,766 (2021: £63,442).

14. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .

During the year ended 31 August 2022, no Trustee expenses have been incurred (2021 - £NIL) .

Page 37

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

15. Tangible fixed assets

Cost or valuation
At 1 September 2021
Additions
At 31 August 2022
Depreciation
At 1 September 2021
Charge for the year
At 31 August 2022
Net book value
At 31 August 2022
At 31 August 2021
16.
Stocks
Bar Stock		 Fixtures and
fittings
£
45,792
-
45,792
43,759
2,033
45,792
-
2,033		 Computer
equipment
£
3,342
6,287
9,629
209
2,014
2,223
7,406
3,133
2022
£
1,191		 Total
£
49,134
6,287
55,421
43,968
4,047
48,015
7,406
5,166
2021
£
1,740

This is bar stock that has been purchased for next year's season.

Page 38

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

17. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2022
£
14,147
466,623
45,699
526,469		 2021
£
225
190,523
32,720
223,468

18. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals
Deferred income
Deferred income at start of period
Resources deferred during the year
Amounts released from previous periods		 2022
£
99,019
8,345
12,191
14,118
25,732
159,405
2022
£
69,817
40,207
(69,817)
40,207		 2021
£
4,011
6,761
11,838
17,243
69,817
109,670
2021
£
39,710
69,817
(39,710)
69,817

The deferred income balance above includes monies received for the 2023 season membership.

19. Creditors: Amounts falling due after more than one year

2022 2021
£ £
Deferred income 14,475 14,688

Page 39

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

20. Statement of funds

Statement of funds
Statement of funds - current year
Unrestricted funds
Designated funds
Operational Contingency Reserve
Capital Reserve
Ring Cycle 2024
General funds
General Funds
Total Unrestricted funds
Restricted funds
Pot of Gold Donations
Education Workshops
Emerging Artist Programme
Orchestra Sponsorship
Youth Chorus
Book Fund
Total of funds		 Balance at 1
September
2021
£
400,000
300,000
300,000
1,000,000
6,714
1,006,714
-
-
-
-
-
-
-
1,006,714		 Income
£
-
-
-
-
2,280,346
2,280,346
6,542
37,337
18,341
4,000
2,400
1,750
70,370
2,350,716		 Expenditure
£
-
(24,186)
-
(24,186)
(2,275,020)
(2,299,206)
(6,542)
(37,337)
(18,341)
(4,000)
(2,400)
(1,000)
(69,620)
(2,368,826)		 Balance at
31 August
2022
£
400,000
275,814
300,000
975,814
12,040
987,854
-
-
-
-
-
750
750
988,604

Page 40

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

20. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Operational Contingency
Reserve
Capital Reserve
2020 Fund
Ring Cycle 2024
General funds
General Funds
Total Unrestricted funds
Restricted funds
Pot of Gold Donations
Education Workshops
Emerging Artist Programme
Orchestra Sponsorship
Youth Chorus
Book Fund
Ulysses
Total of funds		 Balance at
1 September
2020
£
450,000
300,000
144,886
220,000
1,114,886
161,848
1,276,734
9,533
23,826
20,898
7,000
6,820
-
-
68,077
1,344,811		 Income
£
-
-
-
-
-
1,598,098
1,598,098
8,215
45,443
21,415
3,000
10,000
1,000
500
89,573
1,687,671		 Expenditure
£
-
-
(88,172)
-
(88,172)
(1,779,946)
(1,868,118)
(17,748)
(69,269)
(42,313)
(10,000)
(16,820)
(1,000)
(500)
(157,650)
(2,025,768)		 Transfers
in/out
£
(50,000)
-
(56,714)
80,000
(26,714)
26,714
-
-
-
-
-
-
-
-
-
-		 Balance at
31 August
2021
£
400,000
300,000
-
300,000
1,000,000
6,714
1,006,714
-
-
-
-
-
-
-
-
1,006,714

Page 41

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

Designated Funds

The Charity seeks to maintain an operational contingency reserve to operate for a minimum of one year in the event of a significant drop in income.

There is also the need for the Charity to proactively put in place reserves for the long term future residence of the organisation. This is designated as the charity’s Capital Fund.

The Charity is proactively putting in place reserves for their upcoming Ring Cycle. It is a five year project that started in 2019 and will culminate in performances of Wagner’s Ring Cycle in 2024. In 2020 the Ring Cycle funds were re classified as designated funds to more clearly recognise the multi year contribution. These funds will be spent in 2024.

Unrestricted Funds

The General Funds are the surplus of income over expenditure relating to the main activity of the Charity during the year. The General Fund is to enable the organisation to invest in its future through artistic, educational and administrative improvements.

Restricted Funds

Restricted funds relate to specific projects and productions carried out by Longborough Festival Opera in the year where donors and foundations have kindly provided specific financial support.

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2022
£
Tangible fixed assets
7,406
Current assets
1,154,328
Creditors due within one year
(159,405)
Creditors due in more than one year
(14,475)
Total
987,854		 Restricted
funds
2022
£
-
750
-
-
750		 Total
funds
2022
£
7,406
1,155,078
(159,405)
(14,475)
988,604

Page 42

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

21. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2021
£
5,166
1,125,906
(109,670)
(14,688)
1,006,714		 Total
funds
2021
£
5,166
1,125,906
(109,670)
(14,688)
1,006,714

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Purchase of tangible fixed assets
Decrease in stocks
Increase in debtors
Increase/(decrease) in creditors
Interest received
Net cash used in operating activities
23.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2022
£
(18,110)
4,047
(6,287)
549
(303,001)
49,522
(313)
(273,593)
2022
£
627,418
627,418		 2021
£
(338,097)
9,856
(3,342)
1,740
(166,865)
(25,156)
(181)
(522,045)
2021
£
900,698
900,698

Page 43

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

24. Analysis of changes in net debt

Cash at bank and in hand At 1
September
2021
£
900,698
900,698		 Cash flows
At 31
August 2022
£
£
(273,280)
627,418
(273,280)
627,418		 Cash flows
At 31
August 2022
£
£
(273,280)
627,418
(273,280)
627,418
627,418

25. Pension commitments

The Charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £8,341 (2021: £6,552).

26. Operating lease commitments

At 31 August 2022 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2022
£
616
924
1,540		 2021
£
669
669
1,338

Page 44

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

27. Related party transactions

Operatic performances staged by the Charity take place in a theatre at Longborough in Gloucestershire made available to it for this purpose by a Trustee, M Graham. No rent is paid to M Graham for the use of the theatre, backstage, or office space.

In the year M Graham received £2,520 (2021: £NIL) as rental payments for short-term accomodation. In addition payments totalling £852 (2021: £936) were paid to M Graham as contribution towards office gas and electric supply.

E M B Graham have a substantial role in the day to day business and artistic management. No remuneration or expenses are paid to E M B Graham or M Graham for these services. At 31 August 2021 £8,376, (2021: £8,376) was due to E M B Graham for roof repairs carried out in prior periods.

During the year, ticket sales were made to Trustees totalling £19,823 (2021: £5,625). Donations, including membership, were received from Trustees totalling £55,810 (2021: £62,495).

As the daughter of Trustee's M Graham and E M B Graham, Polly Graham is a related party. She provided freelance services for the festival amounting to £NIL (2021: £16,866). Polly Graham also received remuneration of £10,942 (2021: £10,943), inclusive of employer's pension via the Charity's payroll. In addition, Polly Graham also received re-imbursement of expenses totalling £765 (2021: £NIL) in relation to travel & subsistence.

Page 45