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2025-09-30-accounts

Docusign Envelope ID: 2BC804C3-32C8-8182-81C8-EAA3F8794E2A

OPERA HOLLAND PARK (A Company Limited by Guarantee)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Registered Charity Number: 1096273 Registered Company Number: 04515375

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CONTENTS

Company Information ........................................................................ 1 Trustees' Report for the year ended 30 September 2025 ...................... 2–14 Independent Auditors' Report ......................................................... 15–18 Statement of Financial Activities ...................................................... 19 Balance Sheet .................................................................................... 20 Statement of Cash Flows .................................................................... 21 Notes to the Financial Statements ................................................... 22–33

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Company Information

Trustees

Sir David Verey CBE (Chairman) (Appointed 1 October 2024) Ramanbir Bhatia (Appointed 1 September 2025) Melanie Brown (Appointed 1 January 2025) Paul Giles (Resigned 31 December 2025) Sir Loyd Grossman CBE (Appointed 1 October 2024) Louise Halliday (Resigned 31 March 2026 ) Sir Thomas Hughes-Hallet (Appointed 6 February 2025) Dame Sue Owen DCB (Resigned 31 March 2026 ) Helen Steers MBE (Appointed 1 January 2026) ShanMae Teo (Resigned 31 January 2026) Su- Mei Thompson (Appointed 1 June 2025) Jean Tsang (Appointed 14 December 2021)

Registered Office

37 Pembroke Road, London, England, W8 6PW

Company Secreta ry Lucinda Harding-Rolls

Director

James Clutton, CEO & Director of Opera

Independent Auditors

Moore Kingston Smith LLP, 6th Floor, 9 Appold Street, London, EC2A 2AP

Bankers

Lloyds Bank PLC, 1st Floor, 39 Threadneedle Street, London. EC2R 5AU

Solicitors

Harbottle & Lewis LLP, 14 Hanover Square, London W1S 1HP

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OPERA HOLLAND PARK YEAR ENDED 30 SEPTEMBER 2025 Registered Charity Number: 1096273 Registered Company Number: 04515375

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025

The Trustees (who are also Directors of the Charity for the purposes of the Companies Act) are pleased to present their annual report together with the audited financial statements of the Charity for the year ended 30 September 2025. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "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) (Second edition)".

CHAIRMAN’S INTRODUCTION AND OVERVIEW

The Trustees are delighted to report a strong year of excellent performance for Opera Holland Park in 2025, as the Charity prepares to celebrate its 30[th] anniversary year.

As this report outlines, Opera Holland Park not only delivered a highly successful 2025 summer season of opera, but also produced a range of other performances to reach an increasingly large and diverse audience. In keeping with its fundamental objective to make opera, and musical arts in general, accessible to as many people as possible, and to serve the local community, the Charity continued to provide a range of outreach and educational activities through its Inspire and Young Artists programmes.

Some of the highlights of the year included:

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Registered Charity Number: 1096273 Registered Company Number: 04515375

OPERA HOLLAND PARK YEAR ENDED 30 SEPTEMBER 2025

All of this would not be possible without our talented, experienced and highly motivated executive team, led by CEO and Director of Opera James Clutton, who is celebrating his 25th year with Opera Holland Park. I would like to thank James and his team for their exceptional work.

I would also like to take this opportunity to thank our members, donors, benefactors, audiences, volunteers and partners, who have supported us so generously throughout the year and who share in the success of Opera Holland Park. We are proud of our heritage as a local community based opera company, and will continue to focus on providing an accessible hub for diverse artistic voices within the Royal Borough of Kensington and Chelsea, and across west London.

As we look forward to the 2026 summer season and our 30[th] anniversary, the Trustees of Opera Holland Park are excited by the current programme and activities of the Charity, and confident in the future of this truly unique organisation.

Sir David Verey CBE

Chairman, Opera Holland Park

Date:

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OPERA HOLLAND PARK YEAR ENDED 30 SEPTEMBER 2025

Registered Charity Number: 1096273 Registered Company Number: 04515375

OBJECTIVES AND ACTIVITIES

The objectives of the Charity

Opera Holland Park’s mission, as laid down in its Memorandum and Articles of Association, is to promote, improve and advance the education and appreciation of the general public in arts, in particular opera. The Charity achieves these objectives by providing high quality, affordable opera in central London and through related activities.

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. It is a fundamental objective of Opera Holland Park to make opera accessible to as many people as possible. Opera Holland Park is the only opera company in the country to have been founded by a council to serve the local community. We are proud of this heritage and have continued to build on our civic roots as an independent charity. Residents across the Royal Borough of Kensington and Chelsea and west London are our core audience during the summer festival in Holland Park, as well as our core supporters and benefactors, and the focus of our International Opera Award-winning year-round education and outreach programme, Inspire. ln recent years, visiting artists and ensembles from within the local area have helped to further establish the theatre as an arts hub for diverse voices, including artists from Notting Hill Carnival, young musicians from Nucleo North Kensington and spoken word artists and poets from Kamitan Arts.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

Opera Holland Park was established as a company limited by guarantee (company number 04515375) on 20 August 2002. The Company was registered as a charity (number 1096273) on 27 February 2003. On 1 October 2015, the Charity incorporated the opera operations of The Royal Borough of Kensington & Chelsea.

The Company is governed by its Memorandum and Articles of Association, amended October 2016. The liability of the members (who are the directors) is limited to £1 each.

The Charity is required to have at least three Trustees and no more than twelve, the maximum number determined by the Articles of Association. The Articles of the Charity determine the quorum for meetings of Trustees, which shall never be less than the greater of one-third of the Trustees or three Trustees. Decisions are made by majority vote. A meeting of Trustees, at which a quorum is present, can exercise all of the powers that the Trustees have, including establishing sub- committees.

Appointment of Trustees

The Trustees are appointed by the Board on the recommendations of the Nominations Committee. The Trustees may co-opt any person as a Trustee provided the maximum specified by the Articles is not exceeded. The composition of the Trustees of the Charity and any training requirements for Trustees are reviewed as and when required, to ensure that the Trustees, as a body, are able to manage the Charity's affairs effectively.

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OPERA HOLLAND PARK YEAR ENDED 30 SEPTEMBER 2025

Registered Charity Number: 1096273 Registered Company Number: 04515375

Trustee Changes

During the period to 30 September 2025 and subsequent to the date of approval of these financial statements, there were a number of changes to the Board of Trustees. Following the year end, Paul Giles resigned on 31 December 2025, ShanMae Teo resigned on 31 January 2026, and both Louise Halliday and Dame Sue Owen DCB resigned on 31 March 2026 upon completion of their full two terms. The Board appointed Helen Steers as a Trustee on 1 January 2026, and she also joined the Finance and Risk Committee.

Trustee Induction and Training

New Trustees are briefed on their legal obligations under charity and company law and given the necessary and appropriate information to take on their new role. This includes induction sessions with the Chairman, the CEO and other members of the executive team. In addition, regular charity trustee guidance and updates are provided by Opera Holland Park’s professional advisors.

Trustee Sub Committees

All key decisions affecting the strategic direction and the policy of the Charity are made by the Board, which meets four times a year. There are three subcommittees of the Board:

Finance, Audit & Risk Committee – meets four times a year Committee members: Melanie Brown (Chair), Sir David Verey CBE (attends all meetings), Ramanbir Bhatia, Helen Steers MBE, Shanmae Teo and Su-Mei Thompson

Committee members: Melanie Brown, Sir David Verey CBE and Helen Steers MBE

The Trustees carry out a review of the Charity's activities annually and agree the year's programme of activities and financial budget. They monitor progress against the agreed plan at each Trustee meeting, and review the outcomes of the Season.

Risk management

The Trustees have implemented procedures designed to identify and minimise the potential impact of risks on the Charity.

The Trustees undertake a regular review of key risks including Financial, Operational, Health and Safety, People and Culture as well as Governance and Compliance

The Trustees recognise the principal risks and uncertainties relating to reliance on ticket sales, grants and philanthropy, rising production and operational costs, and the logistical and operational challenges of installing and de-rigging a seasonal theatre structure each year. These are kept under regular review through established governance processes and the Risk Register. The Risk Register and each risk is reviewed with potential impacts quantified, and mitigations agreed. The approach to risk management is aligned with the standards required by the Charity Commission.

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OPERA HOLLAND PARK YEAR ENDED 30 SEPTEMBER 2025

Registered Charity Number: 1096273 Registered Company Number: 04515375

Remuneration

The remuneration of key management personnel is overseen by the Remuneration Committee (RemCo), which reviews pay and benefits on an annual basis. In determining remuneration, the Committee takes into account relevant sector benchmarks, affordability, and the need to recruit, retain and motivate suitably skilled staff. Annual salary reviews for all staff, including senior management, are considered by RemCo and are aligned with CPIH inflation.

The Executive Team

The Trustees delegate the day-to-day management of the Charity to the Chief Executive, James Clutton, including the delivery of its artistic programme and all marketing, sponsorship, ticket sales and venue management.

Opera Holland Park’s executive team is led by James Clutton, CEO and Director of Opera, and composed of talented professionals who manage each functional area in the organisation, including Finance, Production, Operations, Marketing, Development, Box Office and Inspire, the Charity’s outreach and education programme.

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OPERA HOLLAND PARK YEAR ENDED 30 SEPTEMBER 2025

Registered Charity Number: 1096273 Registered Company Number: 04515375

Strategic Report

Overall programme and achievements

During its 2025 Season, Opera Holland Park put on 32 performances of six different operas — The Flying Dutchman , Itch , The Merry Widow , Trial by Jury / A Matter of Misconduct!, Lucia di Lammermoor , and La traviata - reaching more than 25,000 audience members. Approximately 65% of people attending came from London, and around 29% were first time bookers. In addition to the Opera Holland Park productions, almost 10,000 people attended performances from visiting artists and ensembles. Overall, 60 events took place during the Summer Season, including over thirty Opera Holland Park performances, six free “ Songs on the Steps ” recitals, three “ Opera in Song ” recitals, five Royal Ballet School performances, four performances of Winnie the Pooh ’ s Songbook , two performances of Semele (Waterperry Opera), four independent performances by the City of London Sinfonia, and four by visiting companies The Nest and Wild Arts.

In total, Opera Holland Park’s 2025 Season featured six directors, six conductors, 59 principal artists, 115 chorus members, 11 Opera Holland Park Young Artists and nine alumni of the Young Artists Scheme. Our orchestra, The City of London Sinfonia, returned to the pit for their 21st year. Our total income across the six operatic productions in the 2025 Season was £2,044,294 , achieving 96.98% of our sales target of £2,108,061 .

In addition to all of this, we continued to expand our range of performances outside of the summer season to increase awareness of the company and to increase our audiences generally. Alongside our long standing and popular carol concert, we also revived our production of another commissioned piece of ours, A Christmas Carol for three performances, one in Guildford and two at St John’s Smith Square.

In addition to putting on numerous small concerts and recitals, we also performed at Barnes Festival and gave a production of Trial By Jury (at Inner Temple), Rossini’s Stabat Mater and Verdi’s Quattro pezzi sacri - Four Sacred Songs.

The success of the 2025 Season, and wider achievements of Opera Holland Park’s Inspire programme highlight the Company’s continued artistic excellence, commitment to accessible and innovative opera and service to its local community. We look forward to building on this momentum in the seasons ahead.

Operas in the 2025 Season

Opera Holland Park's 2025 Season opened with a production of The Flying Dutchman . Directed by Julia Burbach and conducted by Peter Selwyn with a cast including Paul Carey Jones, Eleanor Dennis and Neal Cooper, this was the first production of a Wagner opera at Opera Holland Park and a huge success.

The next opera after The Flying Dutchman was a revival of Itch by Jonathan Dove. This work was commissioned by Opera Holland Park for its premiere run in 2023 and returned for its first revival to critical and audience acclaim. It was also our schools’ matinee production - with two sold out shows of 920 school children in attendance. Once again, this production had the highest percentage of first-time visitors to Opera Holland Park.

Itch was followed by two co-productions between Opera Holland Park, Scottish Opera and D’Oyly Carte Opera. The first was The Merry Widow, followed by a double bill of Trial by Jury and A Matter of Misconduct! The Merry Widow was conducted by Scottish Opera’s Music Director Stuart Stratford who made his name at Opera Holland Park 15 years earlier, directed by John Savournin and designed by takis. Trial by Jury was conducted by Toby Hession and directed by John Savournin. A Matter of Misconduct! was conducted by Toby Hession and directed by Laura Attridge. All three shows were well attended and very well received, and re-ignited the partnership between Opera Holland Park and Scottish Opera.

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OPERA HOLLAND PARK YEAR ENDED 30 SEPTEMBER 2025

Registered Charity Number: 1096273 Registered Company Number: 04515375

The return of Rodula Gaitanou’s production of La traviata - its third run here at Opera Holland Park - was a major success, with sold out shows with enthusiastic audience responses and once again overachieving target at the box office.

Lucia di Lammermoor was the last performance of the season and again a huge success. Overachieving on its box office target, it also thrilled audiences and critics. In the title role, Jennifer France made a stunning role debut ten years after she made her London professional debut here at Opera Holland Park on Flight .

For Lucia di Lammermoor , Conductor Michael Papadopolous and Director Cecilia Stinton – both representatives of the OHP Young Artists Programme - were joined by fellow YA alumni Charlotte Badham and Blaise Malaba. The cast also featured José de Eça and Morgan Pearse who had both made sensational House debuts the previous year.

Media interest remained high, despite the continuing trend of reduced arts coverage across print media and uncertainty over the future of the Observer, Telegraph and Evening Standard titles, and editorial changes at the Times and Sunday Times. Coverage included: live broadcasts on BBC Radio Three (the cast of Lucia di Lammermoor appeared on BBC InTune).

The 2025 Season again featured in a number of Picks of 2025 and Summer Highlights listings in the broadsheet press. The Season was also promoted extensively through online content and mailing list swaps with partner organisations. All productions were reviewed widely by print and online publications.

The rehearsal process for La traviata was selected to be documented for BBC Radio 4’s acclaimed series How to Play . This marked the first time an opera company and rehearsal period had ever been featured. This recognition underscores Opera Holland Park’s national reputation and has helped position the company at the forefront of the UK opera landscape.

Future plans are focused on extending this national media presence while responding to a rapidly evolving press landscape. The company has already secured early recognition for the 2026 Season, including inclusion in The Times’ “ 16 Best Classical Music Festivals 2026 ”. Building on strong press and review engagement across all productions, priorities include deepening relationships with key critics and broadcasters, alongside expanding investment in listings to maximise visibility. Partnerships with reciprocal organisations will also be further developed, enabling more effective cross-promotion and audience sharing. Alongside this, we have continued to invest in our own digital content and storytelling capacity, ensuring greater control over reach and engagement.

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OPERA HOLLAND PARK YEAR ENDED 30 SEPTEMBER 2025 Registered Charity Number: 1096273 Registered Company Number: 04515375

Inspire

Established in 2010, Opera Holland Park ’ s outreach and education programme Inspire lies at the heart of the company. Our work was recognised in 2018 when the Inspire programme won the Education and Outreach Award at the International Opera Awards. Inspire operates all year round, running events in the community and, during our season, at our theatre to increase access to the arts. Operating across three main areas – Youth & Education, Music for Wellbeing, and Community – this year, we reached over 6,000 people delivering 245 events.

Through our Youth and Education programme, we provide opportunities for hundreds of young people to experience opera for the first time. This season, we held two sold-out performances of Jonathan Dove ’ s Itch , commissioned by Opera Holland Park and premiered in 2023, for 1,800 children, young people and teachers, where tickets were offered at heavily subsidised prices or free for children from lower socioeconomic backgrounds. In addition, we delivered 28 in-school workshops and created bespoke videos and educational resources to further support schools to provide high-quality music education. In January 2025, we launched our first Youth Chorus, providing young people with the opportunity to experience being part of an opera chorus. Run by a professional musical director and opera singers, this free, weekly programme aims to spark a love of performance and nurture the next generation of singers and opera-makers and plans are in place for this youth chorus to work as part of our full chorus in our production of Turandot in 2026 . Alongside this, we delivered masterclasses and workshops in a local state school as part of our new Schools Partnership Programme, collaborated with children ’ s charity AllChild to run music-making sessions for children at risk, and delivered free music sessions in local libraries for toddlers and young children.

Through our Music for Wellbeing programme, we built on our strong reputation for working in care settings and delivered 96 sessions across the year for people with dementia, severe learning disabilities and other conditions that prevent them from visiting our theatre. Working with five centres in our local boroughs of Kensington & Chelsea and Westminster, the sessions used opera and music as a tool to promote mental wellbeing and provided patients, service-users and carers with a space for creativity and connection.

Bringing opera into our local community is at the heart of everything we do. This year, we launched our Inspire community concert scheme, providing six free of charge concerts at various venues across the borough, where we welcomed groups from local charities and centres including the Pepperpot Centre, AgeUK, OpenAge and local care homes and hospices. During the season, we ran Songs on the Steps, a series of six free, fortnightly recitals on the steps of the theatre. We regularly collaborate with charities and organisations in our community including Royal Hospital Chelsea, Salvation Army Portobello and CW+.

At Opera Holland Park, we believe that everyone should be able to enjoy opera, and in 2015, we were the first London opera company to introduce relaxed performances, allowing those who benefit from a more accessible environment to experience our work. This year, we held two Discovery (relaxed) Matinees of Itch and La traviata . In addition, we offered free audio description services and a touch tour at these performances, allowing members of the visually impaired and blind community to experience our shows more fully. In recognition of our commitment to making opera as accessible as possible, during the season, 5.5% of our tickets were distributed free of charge or at reduced prices.

Equality, diversity and inclusion are central to our values and to our work as an open and welcoming opera company embedded within our community. We are committed to fostering an inclusive environment in which everyone is treated with dignity and respect and where difference is recognised as a strength. Through actively promoting these values we contribute to a more sustainable and representative opera sector.

Providing equal opportunities for women in the opera industry, particularly in roles where they have traditionally been underrepresented, such as conducting, is essential to building more diverse and inclusive creative teams. We are proud of the progress made to date, challenging and breaking down gender bias, and have seen an increase in the female creative workforce from 37% in 2024 to 50% in 2025.

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OPERA HOLLAND PARK YEAR ENDED 30 SEPTEMBER 2025

Registered Charity Number: 1096273 Registered Company Number: 04515375

Developing talent

Established in 2012, with the support of the late Christine Collins, Opera Holland Park's Young Artists Programme offers a unique professional development programme for emerging singers, conductors, directors and répétiteurs.

The Programme is heavily oversubscribed and each year we hold auditions for places. In May and June, the Young Artists are mentored as they rehearse their own show and work alongside the main cast to prepare an opera in the season. The Programme culminates in a dedicated public performance to which press and industry professionals are invited, as well as two school matinee performances - with over 1,800 schoolchildren in attendance. This year's Young Artist Performance was Itch by Jonathan Dove, which was commissioned by Opera Holland Park and premiered in 2023, and featured eleven Young Artists.

The Opera in Song series included a day of performances by the Young Artists, starting with an afternoon masterclass with acclaimed tenor Freddie De Tommaso (formerly in the chorus at Opera Holland Park), ending with an evening performance of opera arias with Freddie and the Young Artists.

More than 140 artists have now passed through the Programme, going on to perform with the major opera houses in London, throughout the UK and abroad. Crucially, many Young Artist alumni return to Opera Holland Park in senior roles as their careers develop and regard the company as home.

Fourteen alumni returned as principal artists in the 2025 Season, including director Cecilia Stinton, conductors Matthew Kofi Waldren and Michael Papadopoulos and singers including Alison Langer, Julien Van Mellaerts, Blaise Malaba and Charlotte Badham. Complementary to the Young Artists scheme, we also nurture talent throughout the whole company. Two of our directors this year were previously assistant directors for the company. And there are many opportunities given to young talent in our office and in backstage roles.

Creating a welcoming and ecologically responsible environment

Working with the set designer takis in 2021, we undertook a comprehensive redesign of the auditorium and stage to allow for social distancing and the safety of audiences, performers and staff, and to maximise the natural beauty of the theatre's setting. The materials used were reclaimed and sustainable, with audience seating sourced from previous productions at Opera Holland Park, the National Theatre and Welsh National Opera and donated by members and supporters. Our theatre continues to be 100% LED lit.

From operating at 40% of pre-pandemic capacity in 2021, we moved to almost 70% of pre-pandemic capacity in the 2022 Season, reconfiguring the auditorium to allow for improved sightlines and additional seating. In 2024, further adjustments were made, reintroducing our traditional theatre seating in approximately two thirds of the auditorium with a capacity of 920.

Continuously aiming to increase our sustainability, this year we trialled solar panels at the theatre. These produced enough energy to power two fridges, reducing our reliance on electricity. These measures towards a more sustainable future, alongside reducing our reliance on plastic glasses, recycling and reusing our sets and sending scores digitally contribute to our environmental responsibilities.

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OPERA HOLLAND PARK

YEAR ENDED 30 SEPTEMBER 2025

Registered Charity Number: 1096273 Registered Company Number: 04515375

Financial Review

Opera Holland Park’s activities resulted in income for the year ended 30 September 2025 of £5,659,467 (2024: £5,034,596). The Charity ended the year with a surplus of £17,582, taking funds to £1,148,689 (2024: £1,131,107).

Free/General Reserves, i.e., unrestricted reserves represented by current assets, were £686,399, £7,490 of Restricted Reserves, were held, and Designated Reserves, represented by Fixed Assets, were £454,800. Cash at bank at 30 September 2025 was £386,055 (2024: £122,506).

Fundraising Report

In addition to ticket sales and ancillary income from events, Opera Holland Park receives income from the receipts of memberships and general donations as well as through Gift Aid. The generosity and loyalty of our supporters and benefactors continues to be of vital importance throughout the year. Opera Holland Park has a small internal development team, which adheres to good fundraising practice:

Approach and activities

The Charity undertakes fundraising in a lawful, transparent and respectful manner. Activities include donations, community events, grant applications and online fundraising, all aligned with the Charity’s objectives.

Voluntary regulation scheme

The Charity is not a member of a voluntary fundraising regulatory scheme but follows relevant codes of practice where applicable.

Compliance

The Charity complied with applicable fundraising standards during the year and addressed any minor issues promptly through internal procedures.

Complaints

The Charity received no fundraising-related complaints during the year ended 30 September 2025,

Protection of vulnerable people

The Charity has safeguarding procedures in place to protect vulnerable people, including staff training, clear fundraising guidelines, and ensures all communications are fair, appropriate and not misleading.

Going Concern

The Trustees of Opera Holland Park have reviewed the Charity’s financial position for the year ended 30 September 2025 and considered its ability to continue operating for at least twelve months from the date of approval of the financial statements. This assessment takes into account of the Charity’s current financial performance, reserves position, future income prospects, and the principal risks facing the organisation.

Financial Performance for the Year

The 2025 financial year was a positive one operationally and artistically, with strong audience engagement and improved box office performance across the Season:

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OPERA HOLLAND PARK YEAR ENDED 30 SEPTEMBER 2025

Registered Charity Number: 1096273 Registered Company Number: 04515375

The Charity ended the year with cash at bank of £386k and free reserves of £686k.

Future Prospects, Forecasting and Reserves

In assessing going concern, the Trustees have reviewed detailed financial forecasts and cash flow projections covering a period of at least twelve months from the date of approval of the financial statements.

The forecasts have been prepared using assumptions that management considers prudent and achievable. Forecast ticket sales are based on recent trading performance, historic audience demand, booking trends, pricing strategies and current sales data for the forthcoming Season where available.

Forecast fundraising income has been prepared using a combination of secured funding, known donor commitments, membership renewals, grant income already identified, and prudent assumptions regarding future fundraising activity. No reliance has been placed on uncertain legacy income.

The expenditure forecasts are based on approved production budgets, contracted commitments where known, staffing structures, historic operating costs and anticipated inflationary pressures. Management has undertaken a detailed review of costs and believes the forecasts represent a realistic assessment of expenditure requirements over the period under review.

At 30 September 2025, free reserves stood at £686k, below the Trustees' target level of £1m. The Trustees recognise this position and remain committed to rebuilding reserves through planned operating surpluses, continued fundraising activity and disciplined financial management.

Scenario Planning and Mitigating Actions

As part of the going concern assessment, the Trustees have considered a range of plausible downside scenarios, including box office income falling below budget, increased cost pressures, and delays in the receipt of Theatre Tax Relief claims.

In assessing these risks, the Trustees have reviewed the actions available to management to mitigate any adverse impact. Should ticket sales fall short of expectations, management has the ability to maximise sales opportunities for higher performing productions, increase marketing activity, add performances where demand supports this, and expand income generation through additional external events and theatre hire.

Cost pressures are mitigated through ongoing budget monitoring, strong financial controls, and the ability to review and reduce discretionary expenditure where appropriate.

The potential for delays in receiving Theatre Tax Relief has also been considered as part of the cash flow forecasting process. The forecasts show that the Charity is able to maintain adequate liquidity throughout the assessment period. Taking into account the mitigating actions available and the Charity's overall financial position, the Trustees are satisfied that the Charity is well placed to respond to changing circumstances and continue its operations for the foreseeable future.

Management regularly monitors financial performance, cash flow forecasts and booking trends throughout the year, enabling corrective action to be taken at an early stage should performance differ from expectations.

The Trustees are satisfied that, even under reasonably foreseeable downside scenarios, the Charity retains sufficient flexibility to respond appropriately and maintain adequate liquidity.

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OPERA HOLLAND PARK YEAR ENDED 30 SEPTEMBER 2025

Registered Charity Number: 1096273 Registered Company Number: 04515375

Reserves Policy

At the financial year end (30 September 2024) the Trustees adopted a Minimum Free Reserves Policy of £1.0m.

As at 30 September 2025, the Charity’s Free Reserves / General Funds were £686,399.

The Trustees recognise that Opera Holland Park’s activities and income are inherently seasonal. A substantial proportion of the Charity’s earned income is generated during the Summer performance season, whereas a significant proportion of expenditure – including production, staffing and overhead costs – is incurred in advance of, and throughout, the year. This results in material fluctuations in cash flow, with reserves typically reducing ahead of the Summer season and replenishing thereafter.

In this context, Free Reserves serve not only as a contingency against unforeseen events or reductions in funding, but also as an essential source of working capital to manage the timing differences between income and expenditure across the financial year. The Trustees therefore consider that the appropriate level of reserves should reflect both the Charity’s underlying cost base and the intra-year cash flow profile of its operations.

The Trustees are mindful of the need to ensure that the Minimum Free Reserves Policy is both adequate for its purpose and appropriately calibrated to the Charity’s specific risk profile, including reliance on seasonal income streams and the timing of grant receipts and donations.

Accordingly, and supported by the implementation of the Charity’s new finance system, the Trustees have commenced work with management to develop a more detailed analysis of income volatility, cost commitments and cash flow requirements. This analysis will inform a refined and evidence-based reserves policy, which will be reported in the accounts for the year ended 30 September 2026.

Investment Policy

Under the Memorandum & Articles of Association, the Charity has the power to invest monies of the company that are not immediately required for its operating purposes, in any way that the Trustees deem appropriate. The Trustees, having regard to the liquidity requirements of operating the Opera have operated a policy of keeping funds available in an interest-bearing deposit accounts.

Statement of Trustee Responsibilities

The Trustees (who are also Directors of Opera Holland Park for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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OPERA HOLLAND PARK

YEAR ENDED 30 SEPTEMBER 2025

Registered Charity Number: 1096273 Registered Company Number: 04515375

Provision of information to auditors

So far as each of the Trustees is aware, at the time the report is approved:

there is no relevant audit information of which the company’s auditors are unaware; and

the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

The Report of the Trustees has been prepared in accordance with the special provisions relating to companies subject to the small companies’ regime within Part 15 of the Companies Act 2006.

By order of the Trustees

Sir David Verey CBE Chairman of the Board

Date: 14 / 07 / 2026

Melanie Brown Chair of the Finance, Audit & Risk Committee

Date: 14 / 07 / 2026

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF OPERA HOLLAND PARK

Opinion

We have audited the financial statements of Opera Holland Park (‘the company’) for the year ended 30 September 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

give a true and fair view of the state of the charitable company’s affairs as at 30 September 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditor’s 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 UK, including the FRC’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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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 there is 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.

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Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 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.

Auditor’s Responsibilities for the audit of the financial statements

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 auditor’s 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

30/7/2026 James Saunders (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6[th] floor 9 Appold Street London EC2A 2AP

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OPERA HOLLAND PARK

STATEMENT OF FINANCIAL ACTIVITY

(Incorporating an Income and Expenditure Account)

YEAR ENDED 30 SEPTEMBER 2025

Notes
INCOME FROM:
Donations, grants and
legacies
2
Charitable activities
3
Other commercial activities
4
Investments
5
Total income
EXPENDITURE ON:
Raising funds
6
Charitable activities
7
Total expenditure
Net income/(expenditure) before gains
/
losses on investments
Gains on investments
Net movement in funds before transfers
Transfers between funds
16
Net movement in funds
Balance brought forward at
1 October 2024
Balance carried forward at
30 September 2025
16,17		 Restricted
Funds
£
396,599
-
-
-
396,599
-
369,109
369,109
27,490
-
27,490
(20,000)
7,490
-
7,490		 General
Funds
Designated
£
-
-
-
-
-
-
-
87,588
87,588
367,212
454,800		 General
Funds
Undesignated
(Free Reserves)
£
1,357,497
3,306,540
561,782
37,049
5,262,868
67,100
5,205,838
5,272,938
(10,070)
162
(9,908)
(67,588)
(77,496)
763,89
686,399		 Total
2025
£
1,754,096
3,306,540
561,782
37,049
5,659,467
67,100
5,574,947
5,642,047
17,420
162
17,582
-
17,582
1,131,10
1,148,689		 Total
2024
£
1,230,418
3,274,521
471,730
57,927
5,034,596
63,828
5,089,155
5,152,983
(118,387)
1,807
(116,580)
-
(116,580)
1,247,687
1,131,107

All activities are continuing. There are no other gains or losses other than those shown above.

The notes on pages 26 to 27 form part of these financial statements.

Full comparatives for the year 30 September 2024 can be found in note 22.

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OPERA HOLLAND PARK

BALANCE SHEET

AS AT 30 SEPTEMBER 2025

Notes
FIXED ASSETS
Tangible fixed assets
10
CURRENT ASSETS
Debtors
11
Current asset investments
12
Cash at bank
CURRENT LIABILITIES
Creditors
13
NET CURRENT ASSETS
TOTAL ASSETS LESS LIABILITIES
Restricted funds
Endowment funds
17
Restricted funds
17
Unrestricted funds
General funds (Free Reserves)
16
Designated funds
16		 2025
£
454,800
454,800
845,908
13,801
386,055
1,245,764
(551,875)
693,889
1,148,689
-
7,490
686,399
454,800
1,148,689		 2024
£
367,212
367,212
1,116,842
13,639
122,506
1,252,987
(489,092)
763,895
1,131,107
-
-
763,895
367,212
1,131,107

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

Sir David Verey CBE Chairman of the Board

Melanie Brown Chair of the Finance, Audit & Risk Committee

Date: 14 / 07 / 2026

Date: 14 / 07 / 2026

The notes on pages 28 to 32 form part of these financial statements.

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OPERA HOLLAND PARK

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

----- Start of picture text -----
2025 2024
Notes £ £
Net cash provided by/(from) operations A 445,401 (211,826)
Cash flows from investing activities: 37,049 57,927
Interest received (171,579) (23,978)
Payments to acquire tangible fixed assets
Net cash (used in) / provided by investing activities (134,530) 33,949
Change in cash and cash equivalents in the reporting period 263,549 (177,877)
Net cash and cash equivalents at beginning of period 122,506 300,383
Net cash and cash equivalents at end of period B 386,055 122,506
A.
RECONCILIATION OF NET MOVEMENT IN FUNDS 2025 2024
TO NET CASH INFLOW FROM OPERATIONS £ £
Net movement in funds 17,582 (116,580)
Income from investments
(37,049) (57,927)
Gains on investments
(162) (1,807)
Depreciation
83,991 83,913
Decrease/(increase) in - -
debtors
249,591 (193,270)
Increase/(decrease) in creditors
62,783 73,845
Tax Credits (822,137)
(445,401) (211,826)
B.
ANALYSIS OF CHANGES IN NET DEBT
At 30 September Cash flows At 30
2024 September 2025
£ £ £
Cash and Cash equivalents
122,506 263,549 386,055
----- End of picture text -----

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OPERA HOLLAND PARK

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2025

1. ACCOUNTING POLICIES

Company Information

Opera Holland Park is a private company limited by guarantee incorporated in England and Wales. The registered office is 37 Pembroke Road, London, W8 6PW.

The principal accounting policies and significant judgements and estimates adopted in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared in accordance with 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) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Opera Holland Park 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 note(s).

The financial statements have been prepared in sterling, which is the functional currency of the company. Monetary amounts in the financial statements are rounded to the nearest pound.

Going Concern

For the reasons set out in the Going Concern section of the Report of the Trustees on page 11, the Trustees consider there are no unmitigated foreseeable material uncertainties about the Charity's ability to continue as a going concern.

Income recognition

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

i) Donations and legacies Income from subscriptions and donations are included in income in the year to which they relate. Subscription income is deferred if the subscription relates to the following Season ii) Government grants Grants are accounted for under the accruals model as permitted by FRS 102. iii) Gifts and intangible income Income from these sources is included in the year in which it is received and valued at a reasonable estimate of the value of the gift or service received. iv) Other ancillary activities Income from other trading activities is recognised in the period in which the Charity is entitled to receive it. v) Investment Income Interest is included when receivable by the Charity and added to the relevant fund. vi) Ticket Income Ticket income is recognised in the period in which the related performance or event takes place. Where tickets are sold in advance, income is deferred and recognised in the appropriate accounting period.

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OPERA HOLLAND PARK

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2025

1 ACCOUNTING POLICIES (continued)

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

i) Expenditure on raising funds

Costs of raising funds are those costs incurred in attracting voluntary income and those incurred in trading activities that raise funds.

ii) Charitable activities

Charitable activities comprise expenditure associated with the operation of the theatre and the production of theatrical performances and include both the direct costs and support costs relating to those activities. Such costs include governance costs where they relate to the delivery of charitable activities.

iii) Support costs and governance costs

Support costs comprise costs associated with the running of the Charity’s office and administrative functions, and any other costs not directly attributable to fundraising or charitable activities.

Governance costs comprise those costs incurred in the governance of the Charity and its assets.

Support and governance costs are allocated across fundraising and charitable activities on a basis that reflects the use of resources.

Staff costs

Short term benefits

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.

Employee termination benefits

Termination benefits are accounted for on an accrual basis and in line with FRS 102.

Pensions

Contributions are made to the Local Government Pension Plan for the transferred employees from the Royal Borough of Kensington and Chelsea. The Charity also operates a defined contribution pension scheme through Creative Pension Trust under auto-enrolment arrangements, effective from 1 October 2019.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Funds

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 are funds set aside for a specific purpose. The purpose and uses of the designated funds are set out in the notes to the financial statements. Transfers are made to the designated fund from the general fund to cover designated expenditure where necessary.

Restricted funds are subject to specific conditions by donors as to how they may be used and are, therefore, restricted funds. The purpose and uses of the restricted funds are set out in the notes to the financial statements.

Financial Instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

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OPERA HOLLAND PARK

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2025

1 ACCOUNTING POLICIES (continued)

Tangible Fixed Assets

Tangible fixed assets are initially measured at cost and subsequently stated at cost less accumulated depreciation and any accumulated impairment losses.

Fixed assets with a cost of less than £500 are not capitalised but charged direct to the Statement of Financial Activities as an expense in the year of purchase.

Depreciation is provided in order to write off the cost of tangible fixed assets over their estimated useful lives, commencing from the date the asset is brought into use, at the following rates:

Canopy 5-10 years straight line Seating 7 years straight line Office equipment 3-5 years straight line Fixtures and fittings 3-10 years straight line Software 3 years straight line Plant and machinery 10 years straight line

Investments

Investments are valued at their fair value.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash 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.

Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Taxation

The company is a registered charity and as such is entitled to exemption from taxation on its charitable activities under the Corporation Tax Act 2010 and is a culturally exempt organisation for tax purposes under Schedule 9 VAT Act 1994.

Irrecoverable VAT on capital expenditure is capitalised and written off over the useful life of the related asset.

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OPERA HOLLAND PARK

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR

ENDED 30 SEPTEMBER 2025

1 ACCOUNTING POLICIES (continued)

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, the Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

The Trustees have considered the areas of critical judgement and key sources of estimation uncertainty in the financial statements and identified that the assumptions on the amount owing from Theatre Tax Relief is a critical judgement which has been assessed and agreed by taking external advice.

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OPERA HOLLAND PARK

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2025

----- Start of picture text -----
2 DONATIONS & GRANTS Restricted General Total Total
Funds Funds 2025 2024
£ £ £ £
Donations inc. from Charitable Trusts 396,599 247,285 643,884 279,377
Memberships inc. from Jubilee/ Founder - 868,371 868,371 943,041
supporters
Legacies 241,841 8,000
396,599 1,115,656 1,754,096 1,230,418
3 CHARITABLE ACTIVITIES Total Total
2025 2024
£ £
Ticket sales 2,307,034 2,315,994
Gift aid 127,369 148,527
Theatre tax relief 822,137 810,000
Other Income 50,000
2025 and 2024 all relates to unrestricted income 3,306,540 3,274,521
4 OTHER COMMERCIAL ACTIVITIES Total Total
2025 2024
£ £
Picnics & Events 266,757 183,194
Ancillary Income 281,255 248,652
Sponsorship & Advertising 13,770 39,884
2025 and 2024 all relates to unrestricted income 561,782 471,730
5 INVESTMENTS Total Total
2025 2024
£ £
Bank interest 2,593 617
Rental income 34,456 57,310
37,049 57,927
6 EXPENDITURE ON RAISING FUNDS
Total Total
2025 2024
£ £
Fundraising costs 67,100 63,828
67,100 63,828
----- End of picture text -----

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OPERA HOLLAND PARK

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2025

Cost of productions
Support Costs
Staff costs
Governance
Depreciation and maintenance
Agency staff
Admin
Marketing
IT		 Direct
Costs
£
Ancillary
expenditure
2,962,096
423,875
2,962,096
423,875		 Support
costs
£
2,168,977
2,168,977		 Total
2025
£
5,574,947
5,574,947
Total
2025
1,027,965
50,272
83,991
89,221
742,074
112,429
63,025
2,168,977		 Total
2024
£
5,089,155
5,089,155
Total
2024
946,292
58,126
83,920
96,806
459,230
87,722
62,977
1,795,073

Governance Costs comprise audit fees of £17,000 (2024: £17,520) and other professional fees total ing £33,272 (2024 £41,126)

Admin costs include £505,401 of irrecoverable VAT, irrespective of the area in which the expenditure was made. (2024 £283,897)

Net income is stated after
charging
Auditors' remuneration
Audit fees
Taxation services
Depreciation
9
STAFF COSTS
Salaries and wages
Social security costs
Pensions
Redundancy and Termination Payments inc NI		 2025
£
17,000
33,272
83,991
2025
£
900,289
94,311
33,365
0
1,027,965		 2024
£
17,520
41,126
83,920
2024
£
840,711
70,843
33,933
0
945,487

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OPERA HOLLAND PARK

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2025

9 STAFF COSTS (continued)
2025 2024
No. No.
Average number of employees during each year: 38 37

The total cost of remunerating key management personnel in the year was £232,561 (2024 £149,092)

Three employees received remuneration, excluding pension contributions, two in the banding of £60,000 - £69,999 and one in the banding of £120,000 - £129,999 (2024: One employee received remuneration, excluding pension contributions, exceeding £60,000 - in the banding £110,000-£119,999)

10 FIXED ASSETS

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OPERA HOLLAND PARK

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 SEPTEMBER 2025

11
DEBTORS
Trade debtors
VAT
Gift Aid
Other debtors
Prepayments and accrued income
Theatre tax credit		 2025
£
13,906
-
12,773
18,919
30,310
770,000
845,908		 2024
£
38,435
91,217
98,312
21,311
76,226
791,343
1,116,844

11.a CONTINGENT ASSET - LEGACY INCOME

The charity has been notified of a material legacy to which it is entitled to, but there is uncertainty as to the amount of the payment. As a result, the legacy has not been included as income in these financial statements. The charity will recognise the legacy income in a future period when the value can be measured with reasonable certainty and receipt is considered probable.

12

13

CURRENT ASSET INVESTMENTS
Listed Investment
At 1 October
Gains/losses on revaluation
CREDITORS: amounts falling due
within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2025
£
13,639
162
13,801
2025
£
372,369
53,173
24,615
101,718
551,875		 2024
£
11,832
1,807
13,639
2024
£
264,147
69,843
19,463
135,639
489,092

29

Doc ID: 6c44610b24d0a870812c4e53497c39683ed7891b

Docusign Envelope ID: 2BC804C3-32C8-8182-81C8-EAA3F8794E2A

OPERA HOLLAND PARK

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 SEPTEMBER 2025

14
ANALYSIS OF DEFERRED INCOME
At start of year
Amounts released to income
Amounts deferred in the year
Deferred Income		 2025
£
26,451
(26,451)
43,601
43,601		 2024
£
26,451
26,451
-
-

Deferred income relates to advance ticket sales

TAXATION

The charitable company is a registered Charity and is not liable to corporation tax in the United Kingdom

15

30

Doc ID: 6c44610b24d0a870812c4e53497c39683ed7891b

Docusign Envelope ID: 2BC804C3-32C8-8182-81C8-EAA3F8794E2A

OPERA HOLLAND PARK

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 SEPTEMBER 2025

16
UNRESTRICTED FUNDS
Unrestricted
General funds (Free Reserves)
Designated funds
Fixed asset fund		 01-Oct
2024
£
763,895
367,212
1,131,107		 Income
£
5,262,868
5,262,868
**- **		 Expenditure
£
(5,272,938)
(5,272,938)
-		 Investment
gains
£
162
162
-		 Transfers
£
(67,588)
87,588
20,000		 30-Sep
2025
£
686,399
454,800
1,148,689

The unrestricted general funds comprise monies that can be used in accordance with the charitable objectives of the Charity at the discretion of the Trustees. Designated funds represent part of the unrestricted reserves that Trustees have voluntarily earmarked for a particular project, need, or future the net book value of the asset held.

Restricted Funds

Inspire Project

This fund is from contributions towards free tickets for the Young People scheme and other outreach work in the community

Staffing

This fund is from contributions to support the Corporate Partnerships role within the Development function, contributing to the generation of income through sponsorships, partnerships, and related fundraising activities, in accordance with donor restrictions.

School Matinee

This fund is from contributions to enable the company to provide reduced priced matinees for school-age children.

Production Syndicate

This fund is from contributions to support the costs of specific productions, enabling the company to stage performances to a high artistic standard.

Young Artist Programme

This fund enables the company to mount an additional performance which gives unique public performance opportunities to emerging singers, directors and conductors. The Programme acts as a feeder programme to our main stage productions, with several performers and directors subsequently employed as principal artistic personnel on the main stage productions.

Production Support

This fund is from contributions to particular productions as defined by the donor.

Capital Grant

This fund is for contributions towards capital expenditure, including the purchase, improvement, or maintenance of buildings, equipment, and other long-term assets required for the charity’s operations.

During the year a transfer of £20,000 was made from the capital fund to unrestricted reserves. This represents the transfer of assets as the money has been used for the purpose for which it was given.

31

Doc ID: 6c44610b24d0a870812c4e53497c39683ed7891b

Docusign Envelope ID: 2BC804C3-32C8-8182-81C8-EAA3F8794E2A

OPERA HOLLAND PARK

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 SEPTEMBER 2025

17 RESTRICTED FUNDS (continued
Restricted
Inspire project
School Matinee
Young Artist Programme
Production support
Total restricted
18 ANALYSIS OF NET ASSETS
BETWEEN FUNDS
Tangible fixed assets
Current assets
Current liabilities
2024 COMPARATIVE
Tangible fixed assets
Current assets
Current liabilities		 )
01-Oct
2023
£
-
-
-
-
-
General
Funds
£
1,238,274
(551,875)
686,399
General
Funds
£
0
1,252,987
(489,092)
763,895		 Income
£
6,500
58,000
22,000
17,000
103,500
Designated
Funds
£
454,800
-
-
454,800
Designated
Funds
£
367,212
-
-
367,212		 Expenditure
£
(6,500)
(58,000)
(22,000)
(17,000)
(103,500)
Restricted
Funds
£
-
7490
-
7,490
Restricted
Funds
£
-
-
-
Transfers
-
2025
Total funds
£
454,800
1,245,7
(551,875)
1,148,689
2024
Total funds
£
367,212
1,252,987
(489,092)
1,131,107		 30-Sep
2024
£
-
-
-
-
-

19 LIABILITY OF TRUSTEES

The company is governed by its Memorandum and Articles of Association. The liability of the members (who are the directors) is limited to £1 each (2024: £1)

20 CONTROL

The Trustees consider there to be no ultimate controlling party

32

Doc ID: 6c44610b24d0a870812c4e53497c39683ed7891b

Docusign Envelope ID: 2BC804C3-32C8-8182-81C8-EAA3F8794E2A

OPERA HOLLAND PARK

NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 SEPTEMBER 2025

21 RELATED PARTY TRANSACTIONS

During the current year and prior year, none of the Trustees (or any individuals connected with them) received any remuneration or reimbursement of expenses. The Trustees receive two complimentary tickets to each production in order to carry out their duties.

For 2025, the aggregate of donations and other receipts received from the Trustees in the year was £ 202,865 (2024 £33,034) Of this, donations including memberships were £ 183,366 (2024 £18,564), ticket purchases for shows were £ 12,999 (2024: £12,945), ticket purchases for the fundraising Gala were £6,500 (2024:£750)

During the year, Angela Clutton, Food Curator and spouse of the Chief Executive Officer, provided consultancy services in relation to the development and improvement of the Charity’s bar and food offering. The total amount paid for these services during the year was £7,300.

22 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITY - 2024 financial year

Notes
INCOME FROM:
Donations, grants and legacies
2
Charitable activities
3
Other ancillary activities
4
Investments
5
Total income
EXPENDITURE ON:
Raising funds
6
Charitable activities
7
Total expenditure
Net income/(expenditure) before gains / losses
on investments
Gains on investments
Net movement in funds before transfers
Transfers between funds
16
Net movement in funds
Balance brought forward at
1 October 2023
Balance carried forward at
30 September 2024
16,17		 Restricted
Funds
£
103,500
-
-
-
103,500
-
103,500
103,500
-
-
-
-
-
-		 General
Funds
Designated
£
-
-
-
-
-
-
-
(59,935)
(59,935)
427,147
367,212		 General
Funds
Undesignated
(Free Reserves)
£
1,126,918
3,274,521
471,730
57,927
4,931,096
63,828
4,985,655
5,049,483
(118,387)
1,807
(116,580)
59,935
(56,645)
820,540
763,895		 Total
2024
£
1,230,418
3,274,521
471,730
57,927
5,034,596
63,828
5,089,155
5,152,983
(118,387)
1,807
(116,580)
-
(116,580)
1,247,687
1,131,107

33

Doc ID: 6c44610b24d0a870812c4e53497c39683ed7891b