**Registered number: 04302402 Charity number: 1111086** ## **THE EARLY OPERA COMPANY LIMITED** **(A Company Limited by Guarantee)** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **THE EARLY OPERA COMPANY LIMITED** ## **(A Company Limited by Guarantee)** ## **CONTENTS** ||Page| |---|---| |**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1| |**Trustees' Report**|2 - 4| |**Independent Examiner's Report**|5| |**Statement of Financial Activities**|6| |**Balance Sheet**|7| |**Notes to the Financial Statements**|8 - 18| ## **THE EARLY OPERA COMPANY LIMITED** ## **(A Company Limited by Guarantee)** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022** D Cheddie (resigned 1 February 2022) C M Curnyn, Artistic Director E De B Van Kuffeler (appointed 14 March 2022) J Galt J H W Gipps, Chair of Trustees C W D Laing V A Monk A Ollerearnshaw N A Oppenheimer A M Peck, Honorary Treasurer S W Sobey T Weisselberg **Company registered number** 04302402 **Charity registered number** 1111086 **Registered office** Henwood House Henwood Ashford Kent TN24 8DH **Accountants** Magee Gammon Corporate Limited Chartered Accountants Henwood House Henwood Ashford Kent TN24 8DH Page 1 ## **THE EARLY OPERA COMPANY LIMITED** ## **(A Company Limited by Guarantee)** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022** The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2021 to 31 March 2022. The Trustees, who are also directors of The Early Opera Company Limited for the purposes of company law and who served during the year and up to the date of this report, are set out on page 1. 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 2015) as amended by Update Bulletin 1 (effective January 2015). 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. ## **Objectives and activities** ## **a. Policies and objectives** The object of the charitable company is to advance the education of the public in the subject of early opera. 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)'. EOC’s Vision is to celebrate baroque music in ways that stir, delight and inspire all our audiences. ## **Our Mission is:** To deliver the highest-quality concerts, staged productions, recordings and broadcasts of baroque opera and early music. To inspire audiences, including those to whom the music may be unfamiliar. To excite and inspire school pupils with music of which they will probably be unacquainted. To enable the professional development of the next generation of baroque-specialist musicians. To collaborate with world-class partners. ## **b. Volunteers** As ever with a small charity, much of the work is done by unpaid volunteers, though payment is made for services rendered at appropriate rates to those engaged in musical performances and day to day administration. Page 2 ## **THE EARLY OPERA COMPANY LIMITED** ## **(A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022** ## **Achievements and performance** ## **a. Review of activities** In July 2021, we gave five staged performances of Handel _Acis and Galatea_ as part of the Buxton International Festival, with Sam Boden (tenor), Anna Dennis (soprano), Edward Grint (Bass baritone), Jorge Navarro Colorado (tenor), and David de Winter (tenor). In September, we reprised elements of our Buxton production of _Acis and Galatea_ as part of the Iford Festival at Holy Trinity Church, in Bradford-on-Avon. This was a valedictory concert for Judy Eglington, retiring Artistic Director of Iford Arts; Early Opera Company first performed at Iford in 2000. Also in September, we gave two concert performances of Purcell _Dido and Aeneas_ at St John’s Smith Square, with Miriam Allan (soprano), Mary Bevan (soprano), Dame Sarah Connolly (mezzo soprano), Jonathan McGovern (baritone), and Hilary Summers (contralto). In November, we made a recording with Chandos of Handel _Amadigi de Gaula_ at St Jude on the Hill in Hampstead, with Tim Mead (countertenor), Anna Dennis (soprano), Mary Bevan (soprano) and Hilary Summers (contralto), for release in September 2022. It was also gratifying that in January, the BBC Music Magazine published an article under its Building a Library feature, comparing recordings of Acis and Galatea and selected our 2017 recording as the best. Once again, we had the benefit of Theatre Tax Credit. ## **Financial review** ## **a. Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and at least for the period of 12 months from the signing of this report. For this reason, they continue to adopt the going concern basis in preparing the financial statements. ## **b. Reserves policy** The charity aims to maintain reserves to allow operations to continue for the short to medium term (roughly equal to 6 months operating costs). Unrestricted and undesignated reserves currently stand at £39,033 (2021: £39,156). ## **c. Financial Results** The charity suffered a deficit for the year (after taxation) of £14,142 (2021: surplus of £7,667). At the balance sheet date, the charity had reserves of £39,033 (2021: £53,175) of which £Nil (2021: £8,509) is restricted and £5,500 (2021: £5,500) has been designated. ## **Structure, governance and management** ## **a. Constitution** The company was incorporated on 10 October 2001 and registered as a charity, number 1111086, on 30 August 2005. It is controlled by its governing document, its Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 1985. Page 3 ## **THE EARLY OPERA COMPANY LIMITED (A Company Limited by Guarantee)** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022** ## **Structure, governance and management (continued)** ## **b. Methods of appointment or election of Trustees** The Trustees, who act as directors for the purpose of the Companies Act 2006, are appointed in the first instance by the board of Trustees, with one third being subject to retirement by rotation at each annual general meeting and, if wished, reappointment. Potential candidates to act as new trustees are identified by existing trustees with a view to providing skills and expertise, and they are invited to attend board meetings to establish their suitability and willingness to be appointed. ## **c. Policies adopted for the induction and training of Trustees** Trustees are recruited on the basis of a needs based skills assessment. There is a formal induction programme and new trustees are supported in their new roles by fellow trustees. ## **d. Risk management** The Trustees have given consideration to the major risks to which the company is exposed, and these risks and the ways of mitigating these are reviewed on a regular basis. ## **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 period. 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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP (FRS 102); - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. 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. Approved by order of the members of the board of Trustees on 19 December 2022 and signed on their behalf by: ___________________________ **Jonathan H. W. Gipps** Trustee Page 4 ## **THE EARLY OPERA COMPANY LIMITED (A Company Limited by Guarantee)** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022** ## **Independent Examiner's Report to the Trustees of The Early Opera Company Limited ('the Charity')** I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2022. ## **Responsibilities and Basis of Report** As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent Examiner's Statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed: Dated: 21 December 2022 Roland Parry FCA **Magee Gammon Corporate Limited** Chartered Accountants Henwood House Henwood Ashford Kent TN24 8DH Page 5 ## **THE EARLY OPERA COMPANY LIMITED** ## **(A Company Limited by Guarantee)** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022** |**Note**
**INCOME FROM:**
Donations and legacies
3
Charitable activities
4
Investments
5
**TOTAL INCOME**
**EXPENDITURE ON:**
Charitable activities
6
**TOTAL EXPENDITURE**
**NET (EXPENDITURE)/INCOME**
**BEFORE TAXATION**
Taxation
11
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
Net movement in funds
**TOTAL FUNDS CARRIED FORWARD**|**Restricted**
**funds**
**2022**
**£**
**12,141**
**-**
**-**
**12,141**
**20,660**
**20,660**
**(8,519)**
**-**
**(8,519)**
**8,519**
**(8,519)**
**-**|**Unrestricted**
**funds**
**2022**
**£**
**30,697**
**45,500**
**6**
**76,203**
**81,826**
**81,826**
**(5,623)**
**-**
**(5,623)**
**44,656**
**(5,623)**
**39,033**|**Total**
**funds**
**2022**
**£**
**42,838**
**45,500**
**6**
**88,344**
**102,486**
**102,486**
**(14,142)**
**-**
**(14,142)**
**53,175**
**(14,142)**
**39,033**|_Total_
_funds_
_2021_
_£_
_36,936_
_-_
_10_| |---|---|---|---|---| |||||_36,946_
_34,364_| |||||_34,364_
_2,582_
_5,095_| |||||_7,677_
_45,498_
_7,677_| |||||_53,175_| The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 to 18 form part of these financial statements. Page 6 ## **THE EARLY OPERA COMPANY LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 04302402** ## **BALANCE SHEET AS AT 31 MARCH 2022** |**Note**
**CURRENT ASSETS**
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
**NET CURRENT ASSETS**
**TOTAL NET ASSETS**
**CHARITY FUNDS**
Restricted funds
15
Unrestricted funds
15
**TOTAL FUNDS**|**1,436**
**38,965**
**40,401**
**(1,368)**|**2022**
**£**
**39,033**
**39,033**
**-**
**39,033**
**39,033**|_1,323_
_53,393_
_54,716_
_(1,541)_|_2021_
_£_
_53,175_| |---|---|---|---|---| |||||| |||||_53,175_| |||||_8,519_
_44,656_| |||||| |||||_53,175_| The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. 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 on 19 December 2022 and signed on their behalf by: ................................................ **Jonathan H. W. Gipps** Trustee The notes on pages 8 to 18 form part of these financial statements. Page 7 **THE EARLY OPERA COMPANY LIMITED (A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **1. General information** The Early Opera Company Limited is a private, limited company by guarantee, incorporated in England and Wales. The company registration number is 04302402. The registered office address is Henwood House, Henwood, Ashford, Kent, TN24 8DH. The principal place of business is 13 Humbolt Road, London, W6 8QH. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Early Opera Company Limited 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 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. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. 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. ## **2.3 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 charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 8 **THE EARLY OPERA COMPANY LIMITED (A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **2. Accounting policies (continued)** ## **2.4 Government grants** Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred. ## **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 Taxation** The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. ## **2.7 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.8 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. ## **2.9 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. ## **2.10 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. Page 9 **THE EARLY OPERA COMPANY LIMITED (A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **2. Accounting policies (continued)** ## **2.11 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. ## **2.12 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. Investment income, gains and losses are allocated to the appropriate fund. ## **3. Income from donations and legacies** |Donations
Grants
Government grants
_Total 2021_|**Restricted**
**funds**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
12,141
29,254
-
-
-
1,443
12,141
30,697
_8,519_
_28,417_|**Total**
**funds**
**2022**
**£**
**41,395**
**-**
**1,443**
**42,838**
_36,936_|_Total_
_funds_
_2021_
_£_
_16,562_
_8,519_
_11,855_| |---|---|---|---| ||||_36,936_| ||||| ## **4. Income from charitable activities** ||**Unrestricted**|**Total**|_Total_| |---|---|---|---| ||**funds**|**funds**|_funds_| ||**2022**|**2022**|_2021_| ||**£**|**£**|_£_| |Performance income|45,500|**45,500**|_-_| Page 10 ## **THE EARLY OPERA COMPANY LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **5. Investment income** |**Unrestricted**
**funds**
**2022**
**£**
Bank interest receivable
6
_Total 2021_
_10_|**Total**
**funds**
**2022**
**£**
**6**
_10_|_Total_
_funds_
_2021_
_£_
_10_| |---|---|---| |||| ## **6. Analysis of expenditure on charitable activities** ## **Summary by fund type** |Charitable activities
_Total 2021_|**Restricted**
**funds**
**2022**
**Unrestricted**
**funds**
**2022**
**£**
**£**
20,660
81,826
_-_
_34,364_|**Total**
**2022**
**£**
**102,486**
_34,364_|_Total_
_2021_
_£_
_34,364_| |---|---|---|---| ||||| ## **7. Analysis of expenditure by activities** |Charitable activities
_Total 2021_|**Activities**
**undertaken**
**directly**
**2022**
**£**
62,232
_1,869_|**Support**
**costs**
**2022**
**£**
40,254
_32,495_|**Total**
**funds**
**2022**
**£**
**102,486**
_34,364_|_Total_
_funds_
_2021_
_£_
_34,364_| |---|---|---|---|---| |||||| Page 11 ## **THE EARLY OPERA COMPANY LIMITED (A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **7. Analysis of expenditure by activities (continued)** ## **Analysis of direct costs** |Production costs
Performers fees
**Analysis of support costs**
Staff costs
Management and admin
Advertisement
Insurance
Bank charges
Training and development
Trade organisation membership
Governance costs
**8.**
**Independent examiner's remuneration**
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts
Fees payable to the Charity's independent examiner in respect of:
All taxation advisory services not included above
All other services not included above|**Total**
**funds**
**2022**
**£**
**9,309**
**52,923**
**62,232**
**Total**
**funds**
**2022**
**£**
**34,554**
**295**
**2,625**
**942**
**222**
**-**
**50**
**1,566**
**40,254**
**2022**
**£**
**1,025**
**400**
**141**|_Total_
_funds_
_2021_
_£_
_1,344_
_525_| |---|---|---| |||_1,869_| |||_Total_
_funds_
_2021_
_£_
_28,708_
_330_
_-_
_894_
_207_
_190_
_100_
_2,066_| |||_32,495_| |||_2021_
_£_
_1,075_
_720_
_271_| Page 12 ## **THE EARLY OPERA COMPANY LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **9. Staff costs** |Wages and salaries
Contribution to defined contribution pension schemes
The average number of persons employed by the Charity during the year was
Employees|**2022**
**£**
**33,791**
**763**
**34,554**
as follows:
**2022**
**No.**
**1**|_2021_
_£_
_28,028_
_680_| |---|---|---| |||| |||_28,708_| |||_2021_
_No._
_1_| No employee received remuneration amounting to more than £60,000 in either year. ## **10. Trustees' remuneration and expenses** During the year, one Trustee was paid remuneration for his musical services. The value of Trustees' remuneration and other benefits was as follows: |||**2022**|_2021_| |---|---|---|---| |||**£**|_£_| |C M Curnyn|Musical services|**4,000**|_-_| During the year ended 31 March 2022, expenses totalling _£_ 518 were reimbursed to 2 Trustees _(2021 - £202 to 1 Trustee)_ for out of pocket expenses. ## **11. Taxation** |**Corporation tax**
Adjustments in respect of previous periods
**Taxation on net (expenditure)/income**|**2022**
**£**
**-**
**-**|_2021_
_£_
_(5,095)_| |---|---|---| |||| |||_(5,095)_| The above tax credit is a claim for Theatre Tax Credit in respect of prior years. The charity has identified a potential claim for Theatre Tax Credit for this year. At the date of approval of the accounts, the quantum and the likely success of this claim is not known. Page 13 ## **THE EARLY OPERA COMPANY LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **12. Debtors** ||**2022**|_2021_| |---|---|---| ||**£**|_£_| |**Due within one year**||| |Other debtors|**1,436**|_1,323_| ## **13. Creditors: Amounts falling due within one year** |Other taxation and social security
Other creditors
Accruals|**2022**
**£**
**-**
**90**
**1,278**
**1,368**|_2021_
_£_
_5_
_24_
_1,512_| |---|---|---| |||| |||_1,541_| ## **14. Financial instruments** ||**2022**|_2021_| |---|---|---| ||**£**|_£_| |**Financial assets**||| |Financial assets measured at fair value through income and expenditure|**38,965**|_53,393_| Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand. Page 14 ## **THE EARLY OPERA COMPANY LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **15. Statement of funds** ## **Statement of funds - current year** |
**Unrestricted funds**
**Designated funds**
Radcliffe Trust Fund
Pelham Court Trust
**General funds**
General Funds
**Total Unrestricted funds**
**Restricted funds**
David Rockwell
Recordings Fund
**Total of funds**|**Balance at 1**
**April 2021**
**£**
**3,000**
**2,500**
**5,500**
**39,156**
**44,656**
**8,519**
**-**
**8,519**
**53,175**|**Income**
**£**

**-**
**-**
**-**
**76,203**
**76,203**
**-**
**12,141**
**12,141**
**88,344**|**Expenditure**
**£**
**-**
**-**
**-**
**(81,826)**
**(81,826)**
**(8,519)**
**(12,141)**
**(20,660)**
**(102,486)**|**Balance at**
**31 March**
**2022**
**£**
**3,000**
**2,500**| |---|---|---|---|---| |||||**5,500**| |||||**33,533**
**39,033**| |||||**-**
**-**| |||||**-**| |||||**39,033**| David Rockwell - A donation received for recording Handel's opera "Amadigi". The funds had been spent at the balance sheet date. Recordings Fund - Donations received for recording Handel's opera "Amadigi". The funds had been spent at the balance sheet date. Page 15 ## **THE EARLY OPERA COMPANY LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **15. Statement of funds (continued)** ## **Statement of funds - prior year** |**Unrestricted funds**
**Designated funds**
Radcliffe Trust Fund
Pelham Court Trust
**General funds**
General Funds
**Total Unrestricted funds**
**Restricted funds**
David Rockwell
**Total of funds**|_Balance at_
_1 April 2020_
_£_
_3,000_
_2,500_
_5,500_
_39,998_
_45,498_
_-_
_45,498_|_Income_
_£_
_-_
_-_
_-_
_28,427_
_28,427_
_8,519_
_36,946_|_Expenditure_
_£_
_-_
_-_
_-_
_(34,364)_
_(34,364)_
_-_
_(34,364)_|_Taxation_
_£_
_-_
_-_
_-_
_5,095_
_5,095_
_-_
_5,095_|_Balance at_
_31 March_
_2021_
_£_
_3,000_
_2,500_| |---|---|---|---|---|---| ||||||_5,500_| ||||||_39,156_
_44,656_| ||||||_8,519_
_53,175_| Page 16 ## **THE EARLY OPERA COMPANY LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **16. Summary of funds** ## **Summary of funds - current year** |Designated funds
General funds
Restricted funds
**Summary of funds - prior year**
Designated funds
General funds
Restricted funds|
_Balance at_
_1 April 2020_
_£_
_5,500_
_39,998_
_-_
_45,498_|**Balance at 1**
**April 2021**
**£**
**5,500**
**39,156**
**8,519**
**53,175**
_Income_
_£_
_-_
_28,427_
_8,519_
_36,946_|**Income**
**£**

**-**
**76,203**
**12,141**
**88,344**
_Expenditure_
_£_
_-_
_(34,364)_
_-_
_(34,364)_|**Expenditure**
**£**
**-**
**(81,826)**
**(20,660)**
**(102,486)**
_Taxation_
_£_
_-_
_5,095_
_-_
_5,095_|**Balance at**
**31 March**
**2022**
**£**
**5,500**
**33,533**
**-**| |---|---|---|---|---|---| ||||||**39,033**| ||||||_Balance at_
_31 March_
_2021_
_£_
_5,500_
_39,156_
_8,519_| ||||||_53,175_| ## **17. Analysis of net assets between funds** ## **Analysis of net assets between funds - current year** |**Unrestricted**
**funds**
**2022**
**£**
Current assets
40,401
Creditors due within one year
(1,368)
**Total**
39,033|**Total**
**funds**
**2022**
**£**
**40,401**
**(1,368**| |---|---| ||**39,033**| Page 17 ## **THE EARLY OPERA COMPANY LIMITED** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022** ## **17. Analysis of net assets between funds (continued)** ## **Analysis of net assets between funds - prior year** |Current assets
Creditors due within one year
**Total**|_Restricted_
_funds_
_2021_
_£_
_8,519_
_-_
_8,519_|_Unrestricted_
_funds_
_2021_
_£_
_46,197_
_(1,541)_
_44,656_|_Total_
_funds_
_2021_
_£_
_54,716_
_(1,541)_
_53,175_| |---|---|---|---| ## **18. Pension commitments** The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £763 (2021 - £680). Contributions totalling £90 (2021 - £24) were payable to the fund at the balance sheet date. ## **19. Members' liability** Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member. ## **20. Related party transactions** There were no related party transactions except those mentioned in note 10. Page 18 **Issuer** Magee Gammon Corporate Limited **Document generated** Wed, 21st Dec 2022 16:32:16 UTC **Document fingerprint** e7972fbeac719f0f50d9619661820ad7 ## **Parties involved with this document** ## **Document processed** ## **Party + Fingerprint** Fri, 23rd Dec 2022 10:52:01 UTC Jonathan H. W. Gipps - Signer (74077da05c86a1a340c5c805c4f0c6dc) ## **Audit history log** ## **Date** ## **Action** Fri, 23rd Dec 2022 10:52:04 UTC Fri, 23rd Dec 2022 10:52:01 UTC Fri, 23rd Dec 2022 10:52:01 UTC Fri, 23rd Dec 2022 10:49:53 UTC Fri, 23rd Dec 2022 10:49:10 UTC Fri, 23rd Dec 2022 10:43:34 UTC Fri, 23rd Dec 2022 10:43:12 UTC Fri, 23rd Dec 2022 10:43:12 UTC Fri, 23rd Dec 2022 10:38:37 UTC Wed, 21st Dec 2022 16:39:24 UTC Wed, 21st Dec 2022 16:39:23 UTC Wed, 21st Dec 2022 16:34:23 UTC Wed, 21st Dec 2022 16:32:19 UTC Wed, 21st Dec 2022 16:32:16 UTC Jonathan H. W. Gipps viewed the envelope. (80.0.192.47) The envelope has been signed by all parties. (80.0.192.47) Jonathan H. W. Gipps signed the envelope. (80.0.192.47) Jonathan H. W. Gipps viewed the envelope. (80.0.192.47) Jonathan H. W. Gipps viewed the envelope. (80.0.192.47) Jonathan H. W. Gipps viewed the envelope. (80.0.192.47) Jonathan H. W. Gipps opened the document email. (80.0.192.47) Jonathan H. W. Gipps opened the document email. (80.0.192.47) Jonathan H. W. Gipps opened the document email. (86.155.177.141) Document emailed to helen.wills@earlyopera.com (35.176.68.116) Sent the envelope to Jonathan H. W. Gipps (helen.wills@earlyopera.com) for signing. (80.88.199.66) Jonathan H. W. Gipps has been assigned to this envelope (80.88.199.66) Document generated with fingerprint e7972fbeac719f0f50d9619661820ad7 (80.88.199.66) Envelope generated by Enam Khan (80.88.199.66)