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2023-08-31-accounts

Trustees’ Report and Financial Statements For the year ended 31 August 2023

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Contents

Contents
Reference and administrative details of the Charity, its Trustees and advisers 3
Trustees’ report 4-19
Independent auditors’ report on the financial statements 20-23
Statement of financial activities 24
Balance sheet 25
Statement of cash flows 27
Notes to the financial statements 28

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Longborough Festival Opera New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Reference and administrative details of the charity, its trustees and advisers for the year ended 31 August 2023

Trustees

R Bernays A L Clinton D C Firth E M B Graham L M R Graham M Graham (resigned 1 September 2022) J P R Green J Hull (appointed 1 September 2022) A J Mackesy A M Mosely (appointed 1 September 2023)

Bankers

Barclays Bank 128 High Street Cheltenham GL50 1EL

CAF Bank

25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

Company registered number

04119186

Charity registered number 1087303

Registered office

New Banks Fee Longborough Moreton in Marsh Gloucestershire GL56 0QF

Scottish Widows

PO Box 883 Leeds LS1 9TY GL56 0QF

Senior Management Team

Jennifer Smith, Executive Director (until 20 October 2023) Polly Graham, Artistic Director

Company secretary

A Walters (appointed 1 September 2022)

Independent auditors

WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury SY2 6LG

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Longborough Festival Opera New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees present their Annual report together with the audited Financial Statements of the Charity for the 1 September 2022 to 31 August 2023.

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). Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 has been omitted.

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 has a growing international reputation and delivers 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 New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Objectives and activities

a. Policies and objectives

The charitable objectives of the company are: To promote, maintain, improve, and advance the education of the public 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.

b. 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:

  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.

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Longborough Festival Opera New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

c. Who We Are

Located in an intimate 500 seat purpose-built opera house in rural Gloucestershire, our work centres on an annual summer festival typically 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 USPs are: bold ambition, a family founder story and renown for punching above our weight. We are a small but high achieving organisation. The Spectator describes us as “The company that broke the mould for summer opera.”

Longborough has committed to producing a new production of Richard Wagner’s Ring Cycle, the most ambitious tetralogy any single opera house can 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.

opportunities via our Youth Chorus. It grows further with our Emerging Artist programme, the hallmarks of which 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, and a platform from which they can launch their careers.

d. Volunteers

Approximately 34 volunteers join us as ushers during the summer season, providing information as well as offering a friendly welcome to our audience.

We also owe a great debt to the number local hosts who kindly share their homes with artists, providing much appreciated accommodation while they are performing at our rurally based theatre. In 2023, 9 people supported us by hosting artists & professionals involved in LFO’s summer season.

Longborough Festival Opera is committed to supporting emerging talent and nurturing future audiences, ensuring the future of high calibre opera performances for generations to come. Our commitment to music education starts with our Education work in local schools and continues with providing young people in our local area with training and performance

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Longborough Festival Opera New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

e. 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 2023.

8,834 tickets sold 312 people 2,784 school children 740 attended employed reached via education free dress and outreach rehearsals 0 A me 50% of audience 420 people attended 45 youth chorus 39% of audience new from local counties community events members to LFO in 2023

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

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Longborough Festival Opera New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance

a. Summary of Main Activities Longborough 2023 Opera Productions

Every year, Longborough creates a summer season usually comprising four opera productions. In 2023 this work created employment for 312 people - including singers, orchestra, creative and music teams, technical and backstage teams, wardrobe & costume, lighting and surtitle operators, front of house, administration, and education. This is vital employment, particularly with the increasing cuts and uncertainties facing artists and their livelihoods.

Ticket sales for the summer were strong, selling 8,834 tickets representing 84% capacity for the entire season. Compared to 2022, this is an increase of 14%.

Wagner’s Götterdämmerung

The summer season began with the epic conclusion of Longborough’s Ring Cycle, Götterdämmerung. This was a fully staged new production, a continuation of the story as presented by the creative team led by Amy Lane and conducted by Longborough’s Music Director and eminent Wagnerian Anthony Negus. The production featured Longborough’s inaugural Community Chorus, who were praised by Sir Nicholas Kenyon in the Telegraph: “The Vassals are splendidly augmented by the community chorus.” The full Ring Cycle will be presented in its entirety in 2024, representing a 6 year artistic dedication to this epic masterpiece.

The production was well-received by audience and critics as

“a heroic final chapter” The Times 

“an epic vision of Wagner” i news  “A sharp and brilliant orchestra” The Telegraph 

“A thrilling finale to Longborough Festival Opera’s current Ring cycle...I couldn’t hold back the tears” The Stage 

“Longborough enjoys a high reputation for its Wagner productions, and this latest addition should reinforce its role as, in the words of The Times, ‘the Bayreuth of the Cotswolds’” Bachtrack 

“The whole cast excel in this deeply satisfying production” The Guardian 

Plays to See 

Midlands Music Reviews 

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Longborough Festival Opera New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Donizetti’s L’elisir d’amore

Donizetti’s satirical comedy, deftly created by award-winning British-Swiss director Max Hoehn and designed by Jemima Robinson, was filled with colour, good humour, and delighted audiences with the style, skill and craft of the cast.

“An utterly captivating evening of drama and entertainment” Plays to See  “A vibrant and energetic staging...the attention to detail throughout is staggering” MusicOMH 

“Conductor Alice Farnham ensures that the production cracks along with brio and wit” The Stage

“A thoroughly enjoyable romp in the sun as Longborough’s season excels” Seen and Heard

“Joyous, inventive and totally charming” Midlands Music Reviews 

Monteverdi’s L’Orfeo

Monteverdi’s L’Orfeo is often considered the first operatic masterpiece. Longborough’s new production was performed on period instruments by Venetian Baroque specialists La Serenissima, conducted by Robert Howarth (The Return of Ulysses 2021) and directed by Olivia Fuchs, returning following our acclaimed Cunning Little Vixen in 2021.

“A work ideally suited to Longborough’s smallscale theatre” The Guardian  “Emotional authenticity as well as technical virtuosity” The Arts Desk 

“A highly accomplished sound that captures the spirit of the music...the cast feel like a community” MusicOMH  “This presentation of the world’s first great opera simply gripped an enthralled audience” Midlands Music Reviews 

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Longborough Festival Opera New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Purcell’s Fairy Queen & 2023 Emerging Artist Production

The Fairy Queen was composed to fit between acts of Shakespeare’s play A Midsummer Night’s Dream, musically expressing the play’s themes of nature, transformation, love and magic. This Emerging Artist production combined spoken word and music to present Purcell’s beautiful, life-affirming score. The production included a newly commissioned genre-bending arrangement blending Baroque with folk styles.

Longborough’s Artistic Director Polly Graham directed the production, working alongside two music directors, baroque violinist and composer Naomi Burrell, and conductor Harry Sever. Our Emerging Artists were supported by 40 young people (7-21) from LFO’s Youth Chorus as the company for this production. This was a production with talent development and community outreach at the heart of the project.

“A triumph in many ways and may help give the piece a stronger foothold in the repertoire” The Stage 

“Entertaining and provocative theatre at its most imaginative” Plays to See  “Fresh and vibrant take...outstanding style and panache” Midlands Music Reviews 

“A joyous and life affirming evening all round” MusicOMH 

“An impressive way to stage Restoration semiopera for today’s audience” Bachtrack

“A wonderfully engaging - both challenging and inspiring - creative refashioning” Opera Today

As Longborough’s Emerging Artist production, the Fairy Queen attracted artists from all backgrounds through our open access audition process. 361 singers applied last autumn: 90 were selected for face-to-face auditions and 12 were chosen to be part of the 2023 ensemble.

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Longborough Festival Opera New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Education Programme

At Longborough Festival Opera, we work hard to build relationships with local schools, where their arts provision is limited due to staffing and funding issues. Our aim is to help fill the cultural void by sharing our love of music and theatre with young people across the towns, villages, and cities in our region. Each element of our work is carefully designed to spark a love of music, raise aspirations, encourage young people to get involved and develop a life-long love of the arts.

In 2023, 2,784 local school children took part in our Education Programme in 5 specific programmes:

Singing Schools with Kodaly

Our vision is that every school should have a well-trained choir that meets weekly, works on a wide variety of repertoire and style and actively promotes singing as a feel good, collaborative and inspirational activity. Our Singing Schools project is focused on state primaries within a 7 mile radius of Longborough. We work with Early Years and KS1 children in weekly small groups, using the Kodaly method to train their ears and improve pitching, confidence and musicality.

In 2023, Singing Schools worked with 2 schools, with 237 children participating and provided 80 hours of lessons.

Outcomes & Impact in 2023:

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Longborough Festival Opera New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Playground Opera

Playground Opera provides an exciting first experience of opera for hundreds of children. We prioritise schools in areas of rural or economic deprivation, where children have little access to high quality culture. In 2023, our work was focused in rural Gloucestershire, Warwickshire and Worcestershire. 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.

In 2023, Playground Opera worked with 10 schools, 449 students attended workshops and performed in the opera and 1,215 children watched the performance in their own schools.

Outcomes & Impact in 2023:

Secondary School Workshops

Longborough’s education team and artists visited 4 schools sharing the story of L’elisir d’amore in preparation for a visit to the opera. These workshops reached 162 pupils with 113 attending Dress Rehearsal at Longborough. Outcomes & Impact:

Feedback from Teachers

Many of our students are from disadvantaged backgrounds. For them, this experience was something so different from what they have ever been exposed and allows them to fully shine and be creative. Our students have been talking about it ever since and are excited for you to come back. A lot of our students struggle with low self-esteem, and this has boosted their confidence to perform in front of others and dismiss stereotypes. Amber Dewstow, Head of Music and Drama, Birchensale Middle School

Feedback

“ Please, please, please keep doing what you are doing! It is VITAL that these children widen their horizons and experiences of the world. They also need strong role models that you always provide ” (Mr Hollick, St Gregory’s the Great, Cheltenham).

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Longborough Festival Opera New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Youth Chorus

The Youth Chorus has continued to grow in size and reputation. It is remains open to anyone under the age of 21 who is prepared to commit to the intensive rehearsals with our teams. We offer bursaries where needed, taken up by 6 of the 45 members in 2023. In 2023, the Youth Chorus performed in Purcell’s Fairy Queen.

Press reviews:

“ The excellent Longborough Youth Chorus sang beautifully, moved confidently and brought delight on their every re-entry .” (British Theatre Guide)

Firebird Special project

This project was developed to enable arts students at two schools to perform in a cross curriculum, ambitious large scale work based on Stravinsky’s 20th Century ballet, Firebird.

Chipping Campden School and Droitwich Spa Comprehensive both leapt at the chance to be involved and were able to allocate curriculum time for preparation with the students.

150 music, dance and drama students worked through the Summer term, together with members of the Campden Festival Orchestra and Chroma Ensemble.

The performances and rehearsals in both schools were watched by over 700 students.

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Longborough Festival Opera New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

b. Sustainability at Longborough Festival Opera

In 2023 we began the journey of committing to be more sustainable. Using The Theatre Green Book as our guide, we used this year to collect, record and learn about our current practices, which have provided us with a point of reference to improve on in future years. We also tasked ourselves with attempting to achieve the base level within the Sustainable Production Green Book.

Actions that took place within the year:

Key headlines:

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Longborough Festival Opera New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

c. 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 the Ring Cycle in 2024. 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.

The generosity and encouragement of our members and donors has been so important to us, underpinning our planning process, both for 2023 and future years. Thank you.

Along with donations from individuals, we are extremely grateful to the trusts and foundations who supported Longborough in 2023. For our education work, we would like to thank:

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:

We also greatly appreciate the support of The Ofenheim Trust, The J Paul Getty Jr General Charitable Trust and The Kilroot Foundation.

d. 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.

e. 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.

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Longborough Festival Opera New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Financial review

a. 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.

b. Reserves policy

As of August 2023, Longborough has total reserves of £1,338,015 (2022: £988,604). 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.

As of August 2023, Longborough has restricted reserves of £12,464 (2022: £750).

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 Wagner productions and the long term future residence of the organisation (Capital Fund). Unrestricted reserves are therefore classified as follows:


as follows:
Designated Funds
Operational Contingency £400,000
Capital £300,000
Wagner Productions £300,000
General
General £325,551

The free reserves of the Charity are represented by the unrestricted funds, less designated funds less those included as fixed assets and are £291,088 (2022: £4,634).

c. Financial Summary

Ticket income is an important element of the Festival’s financial stability. In 2023, 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 2023.

Membership is another critical element of our financial model, enabling us to achieve our charitable objects.

Membership amounted to £743,446 (2022: £605,340).

Donations, including support from Trusts and Foundations and legacy support amounted to £213,627 in 2023 (2022: £149,362). This figure excludes gift aid.

In total the festival received income of £2,847,715 (2022: £2,350,716), resulting in an overall surplus for the year of £349,411 (2022: deficit of £18,110).

d. Principal risks and uncertainties

Looking to our upcoming year, the key risks facing Longborough Festival in 2024 include:

e. 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.

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Longborough Festival Opera New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

f. 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

a. Constitution

The Company is registered as a Charitable Company limited by guarantee.

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.

b. Methods of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted as Directors under the terms of the Articles of Association.

c. Organisational structure and decisionmaking 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 the senior management team comprised of the Artistic Director and Executive Director.

d. 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.

e. 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.

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

g. Change of Executive Director

The Trustees wish to record their thanks to Jennifer Smith for her nine years of outstanding service as LFO’s Executive Director and wish her well in her new career. They are also delighted that Emily Gottlieb, CEO of the National Opera Studio, will be joining as the new Executive Director on 9th April 2024.

h. 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.

i. 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.

j. 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 New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

Plans for future periods

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

In 2024 we are also continuing to develop a thoughtful approach to environmentally responsible theatre-making.

We will continue with our Theatre Green Book base level requirements in 2024, continue to improve our site waste and recycling metrics, monitor our operations, and will be participating in Opera Europa Sustainability forums.

The 2024 season is inherently sustainable, due to La bohème being a new production, with design parameters for this stipulating we meet at least Theatre Green Book baseline standard. The Ring Cycle design, set and costumes have been in use every year since 2019. We will work to ensure a future life for materials used in the Cycle and begin looking at how we can continue our sustainable practices in 2025 onwards.

We are planning 4 new productions for 2025 which will continue to stimulate, entertain and challenge our audiences, provide exciting opportunities for our Youth & Community Chorus, and evolve our reputation within the sector. With our Music Director, Anthony Negus, we are also working on plans for 2026 and beyond.

As a company we will continue to review our internal and external policies and communication to clearly illustrate our commitments to a culture of respect and equality in all aspects of our work.

Opera Productions 2024

In our highly anticipated 2024 season, we present Der Ring des Nibelungen - the epic tetralogy by Richard Wagner, featuring the Longborough Festival Chorus and Community Chorus in Götterdämmerung. We are also presenting a new production of La bohème. This project brings together a trio of outstanding international singers in the lead roles, with LFO Emerging Artists in the roles of Musetta, Schaunard, Colline, Benoit and Alcindoro, and features the Longborough Festival Chorus and Youth Chorus. For LFO, the approach of integrating Emerging Artists into a production with more experienced leads is a new model, exciting because it offers more scope for tiered learning through doing, and a cascade of excellence, from the internationally acclaimed lead singers, through to our Emerging Artists and our Youth Chorus.

Education and Outreach

In 2024, we will expand the 2023 project Singing Schools to 4 Primary Schools in Gloucestershire and Warwickshire, providing weekly Kodaly lessons and full school choir sessions from skilled practitioners. We will continue to target early years, with the aspiration to work with 500 pupils. 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. Playground Opera will be developed to include a workshop tour to introduce the story, characters and music of The Elixir of Love, as well as a performance tour to local schools. This includes

Opera workshops will be offered to 6 secondary schools, which will compare Jonathan Larson’s musical, Rent to Puccini’s La bohème. All students will be offered a ticket to the Dress Rehearsal of La bohème at Longborough.

The main project for the LFO Youth Chorus in 2024 will be performing in our production of La bohème.

18

Longborough Festival Opera New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

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 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. 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:

Disclosure of information to auditors

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

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 Approved by order of the members of the

board of Trustees and signed on their behalf board of Trustees and signed on their behalf by: by: A Mosely Chair Chair Date: Date: 22 Februey Zo2d.

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.

19

Longborough Festival Opera New Banks Fee, Longborough, Moreton-in-Marsh, Gloucestershire, GL56 0QF T 01451 830292 E boxoffice@lfo.org.uk lfo.org.uk Company No. 04119186 Charity No. 1087303 VAT No. 840 2954 33

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 2023 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 20

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 21

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 22

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

Chartered Accountants Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury SY2 6LG Date:

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

Page 23

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

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
2023
£
971,403
1,069,204
202,521
452,682
2,695,810
82,462
2,155,361
120,290
2,358,113
337,697
987,854
337,697
1,325,551		 Restricted
funds
2023
£
151,905
-
-
-
151,905
-
140,191
-
140,191
11,714
750
11,714
12,464		 Total
funds
2023
£
1,123,308
1,069,204
202,521
452,682
2,847,715
82,462
2,295,552
120,290
2,498,304
349,411
988,604
349,411
1,338,015		 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

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

The notes on pages 28 to 44 form part of these financial statements.

Page 24

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2023

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
621,499
793,739
1,416,429
(109,877)		 2023
£
34,463
34,463
1,306,552
1,341,015
(3,000)
1,338,015
1,338,015		 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

Page 25

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

BALANCE SHEET (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

2023 2022
Note £ £
Charity funds
Restricted funds 20 12,464 750
Unrestricted funds 20 1,325,551 987,854
Total funds 1,338,015 988,604

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:

A Mosely Amosely Chair Date: Date 23

The notes on pages 28 to 44 form part of these financial statements.

Page 26

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

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 28to 44form part of these financial statements		 2023
£
163,679
2,642
2,642
166,321
627,418
793,739		 2022
£
(273,593)
313
313
(273,280)
900,698
627,418

Page 27

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. General information

The Charity is a Charitable Company limited by guarantee 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 guarantee 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 28

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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 29

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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 30

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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
2023
£
Membership
743,446
Donations
61,722
Gift Aid
166,235
Total 2023
971,403
Total 2022
800,193		 Restricted
funds
2023
£
-
151,905
-
151,905
70,370		 Total
funds
2023
£
743,446
213,627
166,235
1,123,308
870,563		 Total
funds
2022
£
605,340
149,362
115,861
870,563

5. Income from charitable activities

Unrestricted
funds
2023
£
Ticket sales/vouchers
995,878
Programme sales
28,267
Other income
45,059
Total 2023
1,069,204
Total 2022
873,563		 Total
funds
2023
£
995,878
28,267
45,059
1,069,204
873,563		 Total
funds
2022
£
823,800
23,138
26,625
873,563

Page 31

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

6. Income from other trading activities

Unrestricted
funds
2023
£
Catering
190,839
Advertising
11,682
Total 2023
202,521
Total 2022
161,132
7.
Other income
Unrestricted
funds
2023
£
TTR relief
450,040
Interest income
2,642
Total 2023
452,682
Total 2022
445,458		 Total
funds
2023
£
190,839
11,682
202,521
161,132
Total
funds
2023
£
450,040
2,642
452,682
445,458		 Total
funds
2022
£
152,292
8,840
161,132
Total
funds
2022
£
445,145
313
445,458

Page 32

(A company limited by guarantee)

LONGBOROUGH FESTIVAL OPERA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

8. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted
funds
2023
£
Consultancy
4,200
Wages and salaries
78,262
Total 2023
82,462
Total 2022
72,388		 Total
funds
2023
£
4,200
78,262
82,462
72,388		 Total
funds
2022
£
3,409
68,979
72,388

9. Analysis of expenditure by activities

Charitable activities
Education & outreach
Total 2023
Total 2022		 Activities
undertaken
directly
2023
£
1,698,627
83,846
1,782,473
1,779,629		 Support
costs
2023
£
495,068
18,011
513,079
430,371		 Total
funds
2023
£
2,193,695
101,857
2,295,552
2,210,000		 Total
funds
2022
£
2,122,547
87,453
2,210,000

Page 33

(A company limited by guarantee)

LONGBOROUGH FESTIVAL OPERA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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
Total 2023
Total 2022		 Opera
Productions
2023
£
1,056,484
230,953
110,032
92,956
68,987
76,047
63,168
-
1,698,627
1,705,335		 Education &
Outreach
2023
£
6,434
-
-
-
-
-
-
77,412
83,846
74,294		 Total
funds
2023
£
1,062,918
230,953
110,032
92,956
68,987
76,047
63,168
77,412
1,782,473
1,779,629		 Total
funds
2022
£
1,134,823
197,394
96,871
77,678
67,567
90,580
53,022
61,694
1,779,629

Page 34

(A company limited by guarantee)

LONGBOROUGH FESTIVAL OPERA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

9. Analysis of expenditure by activities (continued)

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
Total 2023
Total 2022
10.
Analysis of governance costs
Auditors remuneration
Legal & professional fees
Accountancy fees
Wages & salaries		 Opera
Productions
2023

£
177,928
5,217
57,730
90,608
51,022
37,855
1,809
26,489
46,410
495,068
417,212		 Education &
Outreach
2023
£
18,011
-
-
-
-
-
-
-
-
18,011
13,159		 Total
funds
2023
£
195,939
5,217
57,730
90,608
51,022
37,855
1,809
26,489
46,410
513,079
430,371
2023
£
15,200
7,110
2,523
21,577
46,410		 Total
funds
2022
£
190,550
4,047
48,102
63,047
40,447
25,317
2,379
18,750
37,732
430,371
2022
£
11,320
2,933
3,255
20,224
37,732

11. Other expenditure

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

Page 35

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12. Auditors' remuneration

2023 2022
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 10,400 9,270
Fees payable to the Charity's auditor in respect of:
Non-audit services 4,800 2,050

13. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
264,746
20,881
10,151
295,778		 2022
£
251,724
19,688
8,341
279,753

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

Administration and Support
Management		 2023
No.
7
2
9		 2022
No.
7
2
9

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
No. No.
In the band £60,001 - £70,000 1 -

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 £100,527 (2022: £96,766).

Page 36

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

14. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 August 2023, no Trustee expenses have been incurred (2022 - £NIL) .

15. Tangible fixed assets

Cost or valuation
At 1 September 2022
Additions
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
At 31 August 2023
Net book value
At 31 August 2023
At 31 August 2022
16.
Stocks
Bar Stock		 Fixtures and
fittings
£
45,792
32,275
78,067
45,792
2,810
48,602
29,465
-		 Computer
equipment
£
9,629
-
9,629
2,223
2,408
4,631
4,998
7,406
2023
£
1,191		 Total
£
55,421
32,275
87,696
48,015
5,218
53,233
34,463
7,406
2022
£
1,191

Page 37

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

17. Debtors

Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
970
498,878
121,651
621,499		 2022
£
14,147
470,161
42,161
526,469

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		 2023
£
58,168
7,711
11,914
20,609
11,475
109,877
2023
£
40,207
14,475
(40,207)
14,475		 2022
£
99,019
8,345
12,191
14,118
25,732
159,405
2022
£
69,817
40,207
(69,817)
40,207

The deferred income balance above includes monies received for the 2024 season membership.

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

2023 2022
£ £
Deferred income 3,000 14,475

Page 38

(A company limited by guarantee)

LONGBOROUGH FESTIVAL OPERA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

20. Statement of funds

Statement of funds - current year


Unrestricted funds
Designated funds
Operational Contingency
Reserve
Capital Reserve
Wagner Productions
General funds
General Funds
Total Unrestricted funds
Restricted funds
Pot of Gold Donations
Education Workshops
Emerging Artist Programme
Orchestra Sponsorship
Youth Chorus
Book Fund
Orfeo Circle
Total of funds		 Balance at 1
September
2022
£
400,000
275,814
300,000
975,814
12,040
987,854
-
-
-
-
-
750
-
750
988,604		 Income
£
-
-
-
-
2,695,810
2,695,810
10,120
59,287
43,557
5,000
3,695
23,306
6,940
151,905
2,847,715		 Expenditure
£
-
(32,275)
-
(32,275)
(2,325,838)
(2,358,113)
(10,120)
(59,287)
(43,557)
(5,000)
(3,695)
(11,592)
(6,940)
(140,191)
(2,498,304)		 Transfers
in/out
£
-
56,461
-
56,461
(56,461)
-
-
-
-
-
-
-
-
-
-		 Balance at
31 August
2023
£
400,000
300,000
300,000
1,000,000
325,551
1,325,551
-
-
-
-
-
12,464
-
12,464
1,338,015

Page 39

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

20. Statement of funds (continued)

Statement of funds - prior year
Unrestricted funds
Designated funds
Operational Contingency Reserve
Capital Reserve
Wagner Productions
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

(A company limited by guarantee)

LONGBOROUGH FESTIVAL OPERA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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. Any such funds not spent in 2024 will be designated for future Wagner productions.

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
2023
£
Tangible fixed assets
34,463
Current assets
1,403,965
Creditors due within one year
(109,877)
Creditors due in more than one year
(3,000)
Total
1,325,551		 Restricted
funds
2023
£
-
12,464
-
-
12,464		 Total
funds
2023
£
34,463
1,416,429
(109,877)
(3,000)
1,338,015

Page 41

(A company limited by guarantee)

LONGBOROUGH FESTIVAL OPERA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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
2022
£
7,406
1,154,328
(159,405)
(14,475)
987,854		 Restricted
funds
2022
£
-
750
-
-
750		 Total
funds
2022
£
7,406
1,155,078
(159,405)
(14,475)
988,604
22.
Reconciliation of net movement in funds to net cash flow from operating activities
2023
£
Net income/expenditure for the year (as per Statement of Financial
Activities)
349,411
Adjustments for:
Depreciation charges
5,218
Purchase of tangible fixed assets
(32,275)
Decrease in stocks
-
Increase in debtors
(95,030)
Increase/(decrease) in creditors
(61,003)
Interest received
(2,642)
Net cash provided by/(used in) operating activities
163,679
23.
Analysis of cash and cash equivalents
2023
£
Cash in hand
793,739
Total cash and cash equivalents
793,739		 2022
£
(18,110)
4,047
(6,287)
549
(303,001)
49,522
(313)
(273,593)
2022
£
627,418
627,418

Page 42

LONGBOROUGH FESTIVAL OPERA

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

24. Analysis of changes in net debt

Cash at bank and in hand At 1
September
2022
£
627,418
627,418		 Cash flows
At 31
August 2023
£
£
166,321
793,739
166,321
793,739		 Cash flows
At 31
August 2023
£
£
166,321
793,739
166,321
793,739
793,739

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 £10,151 (2022: £8,341).

26. Operating lease commitments

At 31 August 2023 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		 2023
£
616
154
770		 2022
£
616
924
1,540

Page 43

LONGBOROUGH FESTIVAL OPERA (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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, E M B Graham and her husband M Graham (resigned 1 September 2022). No rent is paid to Mr & Mrs Graham for the use of the theatre, backstage, or office space.

In the year M Graham received £3,090 (2022: £2,520) as rental payments for short-term accommodation. In addition payments totalling £8,707 (2022: £852) were paid to M Graham as contribution towards office electric supply and insurance costs. At 31 August 2023 £150 (2022: £NIL) was due to M Graham.

E M B Graham has 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 2023 £8,376, (2022: £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 £13,969 (2022: £19,823). Donations, including membership, were received from Trustees totalling £59,716 (2022: £55,810).

As the daughter of Trustees M Graham and E M B Graham, Polly Graham is a related party. She provided freelance services for the festival amounting to £5,000 (2022: £NIL). Polly Graham also received remuneration of £27,571 (2022: £10,942), inclusive of employer's pension via the Charity's payroll. In addition, Polly Graham also received re-imbursement of expenses totalling £908 (2022: £765) in relation to travel & subsistence. At 31 August 2023 £568, (2022: £NIL) was due to Polly Graham, and £282 (2022: £Nil) was due to Jennifer Smith, Executive Director.

Page 44