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 2024
THE EARLY OPERA COMPANY LIMITED
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 20 |
THE EARLY OPERA COMPANY LIMITED
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024
| Trustees | C M Curnyn (resigned as trustee 6 November 2023) |
|---|---|
| E De Blocq Van Kuffeler | |
| J M Galt | |
| J H W Gipps, Chair of Trustees (resigned 26 February 2024) | |
| C W D Laing | |
| V A Monk | |
| A Ollerearnshaw (resigned 26 February 2024) | |
| N A Oppenheimer, Chair of Trustees | |
| A M Peck, Honorary Treasurer | |
| D B Rockwell | |
| S W Sobey | |
| T Weisselberg | |
| Company registered number 04302402 Charity registered number 1111086 Registered office Henwood House Henwood Ashford Kent TN24 8DH Artistic Director C M Curnyn 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 2024
The Trustees present their annual report together with the financial statements of the The Early Opera Company Limited for the year fromperiod 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company 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.
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.
Objectives and activities
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.
Page 2
THE EARLY OPERA COMPANY LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance
Review of activities
EOC has had a successful year working with The Royal Opera House and Temple Music Foundation in two outstanding collaborations, as well as undertaking a major recording project. We were also fortunate to receive generous sponsorship and help from Blackstone Chambers and Temple Music Foundation for a schools' performance of Purcell's King Arthur .
We began the year in a collaboration with the Royal Opera House with seven performances of Handel’s opera Arminio in the Linbury Theatre. The orchestra of EOC was conducted by Andre Callegaro who was mentored by Christian Curnyn. “Expressively accompanied by the upper strings”, “fine obligato playing by the oboes” were among the comments in the reviews on the orchestra’s playing.
This was followed by two excellent performances of Purcell’s King Arthur in Temple Church on 27th and 28th September. Christian conducted the orchestra with sopranos Mhairi Lawson and Rowan Pierce, tenors Samuel Boden and James Way, and bass-baritone Edward Grint; a linking narration by Thomas Guthrie was spoken by actor Lindsay Duncan.
Planet Hugill wrote that “The instrumental ensemble was .. tight, seven strings plus three continuo instruments, oboes (doubling recorders), bassoon and trumpet. But the results were remarkably rich. From the opening notes of the overture, the instrumental ensemble gave us music that was full of colour and contrasts in tone, and the overture had that sense of engaging excitement, something was about to happen.”
Opera Today reported : “this was a performance of the highest interpretative standard…Sopranos Rowan Pierce and Mhairi Lawson, both commanding presences in their individual roles, dazzled as the two shepherdesses and again as a pair of sirens who attempt to distract Arthur”
And from Bachtrack : “Curnyn…adept at finding the right tempo and volume for each number to work best in this acoustic”.
With the help of funding from Blackstone Chambers and from Temple Music Foundation a daytime schools’ performance of King Arthur aimed at primary school children from local London boroughs took place on 29 September 2023 in Temple Church. The project also received strong support from the Inns of Court, its trustees and other donors. Blackstone Chambers linked the concert with the Guy Fox History Project which reached out to its network of schools and produced some excellent cartoon artwork inspired by Purcell and his music.
For five days in March 2024 we were at St Augustine’s Church in Kilburn to record Maurice Greene’s rarelyheard Jephtha with singers Andrew Staples, Mary Bevan, Michael Mofidian and Jeremy Budd. The recording will be released by Chandos on their early music label, Chaconne, in 2025. We are very grateful for the funding provided by Continuo Foundation, the Francis Routh Trust and from all those who contributed to the Crowdfunder campaign which made the recording possible.
Finally, on 11th March we were back in Middle Temple Hall for a live performance of Jephtha with the same lineup of performers.
In February our chairman, Jo Gipps, resigned after eleven years as Chair, having been a trustee since 2011. Under his leadership many changes had taken place including two changes of General Manager. Full reviews of the company’s objectives and ambitions were carried out, the board was greatly strengthened and real progress was made with outreach to schools and the musical colleges.
Nicky Oppenheimer has taken over the role of chair on a temporary basis and at the time of writing the board is conducting a search for a new chair. Annette Ollerenshaw resigned as a trustee and our founder and conductor, Christian Curnyn stood down from the board but continues as Artistic Director.
Page 3
THE EARLY OPERA COMPANY LIMITED
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Financial review
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.
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 at 31 March 2024 amounted to £42,413 (2023 - £33,722). This equates to approximately 11 months (2023 - 11 months) of operating costs.
Financial Results
The charity recorded a surplus for the year (after taxation) of £8,691 (2023 - deficit of £2,811). At the balance sheet date, the charity had total reserves of £44,913 (2023 - £36,222) of which £Nil (2023 - £Nil) is restricted and £2,500 (2023 - £2,500) has been designated.
Structure, governance and management
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.
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.
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.
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.
Members' liability
The Members of the Company guarantee to contribute an amount not exceeding £1 to the assets of the Company in the event of winding up.
Page 4
THE EARLY OPERA COMPANY LIMITED (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company 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 Company 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 Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company 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 31 October 2024 and signed on their behalf by:
................................................
N A Oppenheimer (Chair of Trustees)
Page 5
THE EARLY OPERA COMPANY LIMITED (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024
Independent Examiner's Report to the Trustees of The Early Opera Company Limited ('the Company')
We report to the charity Trustees on our examination of the accounts of the Company for the year ended 31 March 2024.
Responsibilities and Basis of Report
As the Trustees of the Company (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 ourselves that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, we report in respect of our examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out our examination we have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
We have completed our examination. We confirm that no matters have come to our attention in connection with the examination giving us cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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)].
We 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 Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our work has been undertaken so that we might state to the Company's Trustees those matters we are required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for our work or for this report.
Signed: R G Parry Dated: 15 November 2024 Roland Parry FCA
Magee Gammon Corporate Limited Chartered Accountants Henwood House Henwood Ashford Kent TN24 8DH
Page 6
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 2024
| Note Income from: Donations and legacies 4 Charitable activities 5 Investments 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net expenditure before taxation Taxation 12 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2024 £ 30,702 - - 30,702 30,702 30,702 - - - - - - |
Unrestricted funds 2024 £ 13,665 102,556 431 116,652 131,086 131,086 (14,434) 23,125 8,691 36,222 8,691 44,913 |
Total funds 2024 £ 44,367 102,556 431 147,354 161,788 161,788 (14,434) 23,125 8,691 36,222 8,691 44,913 |
Total funds 2023 £ 17,857 77,099 69 95,025 101,597 101,597 (6,572) 3,761 (2,811) 39,033 (2,811) 36,222 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 20 form part of these financial statements.
Page 7
THE EARLY OPERA COMPANY LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 04302402
BALANCE SHEET AS AT 31 MARCH 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Current assets | |||||
| Debtors | 13 | 3,398 | 28,034 | ||
| Cash at bank and in hand | 59,306 | 47,913 | |||
| 62,704 | 75,947 | ||||
| Creditors: amounts falling due within one | |||||
| year | 14 | (17,791) | (39,725) | ||
| Net current assets | 44,913 | 36,222 | |||
| Total net assets | 44,913 | 36,222 | |||
| Charity funds | |||||
| Restricted funds | 16 | - | - | ||
| Unrestricted funds | 16 | 44,913 | 36,222 | ||
| Total funds | 44,913 | 36,222 |
The Company 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 31 October 2024 and signed on their behalf by:
................................................
N A Oppenheimer (Chair of Trustees)
The notes on pages 9 to 20 form part of these financial statements.
Page 8
THE EARLY OPERA COMPANY LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. General information
The Early Opera Company Limited is a private company, limited 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 Bramble Hill House, Bramble Hill, Balcombe, RH17 6HR.
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 2019), 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 Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 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 Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 9
THE EARLY OPERA COMPANY LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.5 Gift Aid
Where the right to receive Gift Aid has been established, the amount receivable is recognised as income in the Statement of Financial Activities.
2.6 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities.
2.7 Taxation
The Company 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 Company 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.
2.8 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.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.11 Financial instruments
The Company 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 10
THE EARLY OPERA COMPANY LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.12 Pensions
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
2.13 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 Company 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 Company 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. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Page 11
THE EARLY OPERA COMPANY LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
4. Income from donations and legacies
| Donations Total 2023 |
Restricted funds 2024 Unrestricted funds 2024 £ £ 30,702 13,665 - 17,857 |
Total funds 2024 £ 44,367 17,857 |
Total funds 2023 £ 17,857 |
|---|---|---|---|
5. Income from charitable activities
| Unrestricted funds 2024 £ Performance income 102,556 Total 2023 77,099 |
Total funds 2024 £ 102,556 77,099 |
Total funds 2023 £ 77,099 |
|---|---|---|
6. Investment income
| Unrestricted funds 2024 £ Interest receivable 431 Total 2023 69 |
Total funds 2024 £ 431 69 |
Total funds 2023 £ 69 |
|---|---|---|
Page 12
THE EARLY OPERA COMPANY LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
7. Analysis of expenditure on charitable activities
Summary by fund type
| Charitable activities Total 2023 |
Restricted funds 2024 Unrestricted funds 2024 £ £ 30,702 131,086 - 101,597 |
Total 2024 £ 161,788 101,597 |
Total 2023 £ 101,597 |
|---|---|---|---|
8. Analysis of expenditure by activities
| Charitable activities Total 2023 |
Activities undertaken directly 2024 £ 116,091 69,377 |
Support costs 2024 £ 45,697 32,220 |
Total funds 2024 £ 161,788 101,597 |
Total funds 2023 £ 101,597 |
|---|---|---|---|---|
Analysis of direct costs
| Production costs Performers fees |
Total funds 2024 £ 9,221 106,870 116,091 |
Total funds 2023 £ 9,644 59,733 |
|---|---|---|
| 69,377 |
Page 13
THE EARLY OPERA COMPANY LIMITED (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs Management and admin Advertisement Insurance Bank charges Trade organisation membership Governance costs |
Total funds 2024 £ 35,041 6,383 806 821 200 - 2,446 45,697 |
Total funds 2023 £ 25,226 2,349 1,360 977 265 150 1,893 |
|---|---|---|
| 32,220 |
9. Independent examiner's remuneration
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Company's independent examiner for the independent | ||
| examination of the Company's annual accounts | 1,355 | 1,200 |
| Fees payable to the Company's independent examiner in respect of: | ||
| All taxation advisory services not included above | 640 | 540 |
| All other services not included above | 452 | 153 |
Page 14
THE EARLY OPERA COMPANY LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
10. Staff costs
| Wages and salaries Contribution to defined contribution pension schemes |
2024 £ 34,205 836 35,041 |
2023 £ 24,673 553 |
|---|---|---|
| 25,226 |
The average number of persons employed by the Company during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Employees | 1 | 1 |
No employee received remuneration amounting to more than £60,000 in either year.
The trustees consider the general manager to be key management personnel. The remuneration of key management personnel is shown above.
11. 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:
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| C M Curnyn, Artistic Director | Musical services | 5,500 | 3,500 |
During the year ended 31 March 2024, expenses totalling £ 180 were reimbursed to 1 Trustee (2023 - £468 to 2 Trustees) for out of pocket expenses.
12. Taxation
| Corporation tax Adjustments in respect of previous periods Taxation on net expenditure |
2024 £ (23,125) (23,125) |
2023 £ (3,761) |
|---|---|---|
| (3,761) |
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 15
THE EARLY OPERA COMPANY LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
13. Debtors
| Due within one year Trade debtors Other debtors Tax recoverable |
2024 £ - - 3,398 3,398 |
2023 £ 25,416 180 2,438 |
|---|---|---|
| 28,034 |
14. Creditors: Amounts falling due within one year
| Other taxation and social security Other creditors Accruals and deferred income Deferred income at 1 April 2023 Resources deferred during the year Amounts released from previous periods |
2024 £ 3,642 3,404 10,745 17,791 2024 £ 9,940 - (9,940) - |
2023 £ 5,969 - 33,756 |
|---|---|---|
| 39,725 | ||
| 2023 £ - 9,940 - |
||
| 9,940 |
Deferred income represents income received in advance for performances which will take place in the next financial year.
Page 16
THE EARLY OPERA COMPANY LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
15. Financial instruments
| Financial assets Financial assets measured at fair value through income and expenditure Financial assets measured at amortised cost through income and expenditue |
2024 £ 59,306 - 59,306 |
2023 £ 47,913 25,416 |
|---|---|---|
| 73,329 |
Financial assets measured at fair value through income and expenditure comprise cash at bank.
Financial assets measured at amortised cost through income and expenditure comprises trade debtors.
Of the cash balance of £59,306 (2023 - £47,913), a total of £9,670 (2023 - £22,445) is set aside for costs relating to performances in this financial year and £Nil (2023 - £9,940) is in respect of income received in advance for costs in the next financial year. These amounts are included in accruals and deferred income (note 14).
Page 17
THE EARLY OPERA COMPANY LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
16. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Pelham Court Trust General funds General Funds Total Unrestricted funds Restricted funds Greene Jephtha Recording Total of funds |
Balance at 1 April 2023 £ 2,500 33,722 36,222 - 36,222 |
Income £ - 116,652 116,652 30,702 147,354 |
Expenditure £ - (131,086) (131,086) (30,702) (161,788) |
Taxation £ - 23,125 23,125 - 23,125 |
Balance at 31 March 2024 £ 2,500 |
|---|---|---|---|---|---|
| 42,413 | |||||
| 44,913 | |||||
| - | |||||
| 44,913 |
Page 18
THE EARLY OPERA COMPANY LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
16. 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 |
Balance at 1 April 2022 £ 3,000 2,500 5,500 33,533 39,033 |
Income £ - - - 95,025 95,025 |
Expenditure £ (3,000) - (3,000) (98,597) (101,597) |
Taxation £ - - - 3,761 3,761 |
Balance at 31 March 2023 £ - 2,500 |
|---|---|---|---|---|---|
| 2,500 | |||||
| 33,722 | |||||
| 36,222 |
Restricted Fund
Greene Jephtha Recording - funds raised to produce the recording.
Designated Fund
Pelham Court Trust - the above donation has been designated for application to a project to be determined at the discretion of the Board. At the balance sheet date no project had been identified.
17. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Current assets 62,704 Creditors due within one year (17,791) Total 44,913 |
Total funds 2024 £ 62,704 (17,791) |
|---|---|
| 44,913 |
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THE EARLY OPERA COMPANY LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
17. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 75,947 (39,725) 36,222 |
Total funds 2023 £ 75,947 (39,725) 36,222 |
|---|---|---|
18. Pension commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £836 (2023 - £553). Contributions totalling £457 (2023 - £Nil) 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 11.
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