Company registration number: 05653043 Charity registration number: 1112650
## Opera Australia Capital Fund UK
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2024
Wortham Jaques Ltd Chartered Accountants and Charity Advisers 130a High Street Crediton Devon EX17 3LQ
## **Opera Australia Capital Fund UK**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet
Notes to the Financial Statements|6
7 to 14|
## **Opera Australia Capital Fund UK**
## **Reference and Administrative Details**
## **Trustees**
## **Secretary**
P J Bacon AM J C Dauth AO LVO Dame R M De Souza W H Frankel OBE FRSAf (Hon) Sir David Green KCMG CVO J B Soames, Chair W H Frankel OBE
**Charity Registration Number** 1112650 **Company Registration Number** 05653043 The charity is incorporated in England and Wales. **Registered Office** 130a High Street Crediton Devon EX17 3LQ **Independent Examiner** Wortham Jaques Limited Chartered Accountants and Charity Advisers 130a High Street Crediton Devon EX17 3LQ **Accountants** Wortham Jaques Ltd Chartered Accountants and Charity Advisers 130a High Street Crediton Devon EX17 3LQ **Bankers** National Westminster Bank City of London Office PO Box 12258 1 Princes Street London EC2R 8PA
Page 1
## **Opera Australia Capital Fund UK**
## **Trustees' Report**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2024.
## **Objectives and activities**
## _**Objects and aims**_
The object of the Opera Australia Capital Fund UK as set out in its Memorandum of Association is to promote the education of the public in the arts of opera, music and dance by making grants to or for the benefit of The Opera Australia Capital Fund or Opera Australia.
## _**Public benefit**_
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Financial review**
During the year income received from donations totalled £38,700 (2023: £23,728) and gift aid received was £594 (2023: £728). Applications for grants and loans are considered by the board of trustees against the charity’s objects. During the year, one grant to the value of £55,000 was awarded (2023: no grants were awarded). Fundraising costs amounts to £nil (2023: £314) and other expenditure came to £573 (2023: £489) resulting in a deficit for the year of £16,279 (2023: £22,925).
## _**Policy on reserves**_
The charity’s financial reserves at the year-end were £75,083. The Trustees believe that the position of the charity is satisfactory as they have sufficient reserves to cover the charity’s minimal overhead commitments.
The Trustees have considered the risks to which the charity is exposed and consider that appropriate steps have been taken to minimise the charity’s risk.
## **Trustees and officers**
The trustees and officers serving during the year and since the year end were as follows:
Trustees: P J Bacon AM J C Dauth AO LVO Dame R M De Souza (appointed 22 September 2024) W H Frankel OBE FRSAf (Hon) Sir David Green KCMG CVO J B Soames, Chair Secretary: W H Frankel OBE
## **Structure, governance and management**
## _**Nature of governing document**_
The governing document of the Opera Australia Capital Fund UK is its memorandum and articles of association. It is a company limited by guarantee (incorporated on 13th December 2005) and is a registered charity (registered 6th January 2006).
Page 2
## **Opera Australia Capital Fund UK**
## **Trustees' Report**
## _**Recruitment and appointment of trustees**_
The minimum number of trustees is one and there is no maximum. New trustees are appointed by the board.
The sole member of the Charity is Mr. Philip Bacon AM.
## **Statement of trustees' responsibilities**
The trustees (who are also the directors of Opera Australia Capital Fund UK 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), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
## **Small companies provision statement**
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... W H Frankel OBE FRSAf (Hon) Trustee
Page 3
## **Opera Australia Capital Fund UK**
## **Independent Examiner's Report to the trustees of Opera Australia Capital Fund UK ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024.
## **Responsibilities and basis of report**
As the charity’s trustees of the Company (and also 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 Company 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 your charity’s accounts as 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 Opera Australia Capital Fund UK 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.
...................................... Charlotte Chapman Gibbs BFP ACA Chartered Accountants and Charity Advisers ICAEW
130a High Street Crediton Devon EX17 3LQ
Date:.............................
Page 4
## **Opera Australia Capital Fund UK**
## **Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Total income
**Expenditure on:**
Charitable activities
5
Total expenditure
Net expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
14
**Note**
**Income and Endowments from:**
Donations and legacies
3
Total income
**Expenditure on:**
Raising funds
4
Charitable activities
5
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
14|**Unrestricted**
**funds**
**£**
39,294
39,294
(55,573)
(55,573)
(16,279)
(16,279)
91,362
75,083
**Unrestricted**
**funds**
**£**
23,728
23,728
(314)
(489)
(803)
22,925
22,925
68,437
91,362|**Total**
**2024**
**£**
39,294|
|---|---|---|
|||39,294|
|||(55,573)|
|||(55,573)|
|||(16,279)|
|||(16,279)
91,362|
|||75,083|
|||**Total**
**2023**
**£**
23,728|
|||23,728|
|||(314)
(489)|
|||(803)|
|||22,925|
|||22,925
68,437|
|||91,362|
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 7 to 14 form an integral part of these financial statements. Page 5
## **Opera Australia Capital Fund UK**
## **(Registration number: 05653043) Balance Sheet as at 31 December 2024**
|**Note**
**Current assets**
Debtors
11
Cash at bank and in hand
12
**Creditors: Amounts falling due within one year**
13
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
14|**2024**
**£**
1,300
74,287
75,587
(504)
75,083
75,083
75,083|**2023**
**£**
707
91,141|
|---|---|---|
|||91,848
(486)|
|||91,362|
|||91,362|
|||91,362|
For the financial year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
## Directors' responsibilities:
- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have 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.
The financial statements on pages 5 to 14 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
.........................................
W H Frankel OBE FRSAf (Hon)
Trustee
The notes on pages 7 to 14 form an integral part of these financial statements. Page 6
## **Opera Australia Capital Fund UK**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **1 Charity status**
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
The address of its registered office is: 130a High Street Crediton Devon EX17 3LQ
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Basis of preparation**
Opera Australia Capital Fund UK 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 notes.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Income and endowments**
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 the income receivable can be measured reliably.
## _**Donations and legacies**_
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Page 7
## **Opera Australia Capital Fund UK**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Raising funds**_
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## _**Grant provisions**_
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
## **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.
## **Trade debtors**
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 8
## **Opera Australia Capital Fund UK**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
## **Financial instruments**
## _**Classification**_
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
## _**Recognition and measurement**_
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
**3 Income from donations and legacies**
|Donations and legacies;
Donations from individuals
Gift aid reclaimed
**Total for 2024**
**Total for 2023**|**Unrestricted**
**funds**
**General**
**£**
38,700
594
39,294
23,728|**Total**
**funds**
**£**
38,700
594|
|---|---|---|
|||39,294|
|||23,728|
Page 9
## **Opera Australia Capital Fund UK**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **4 Expenditure on raising funds**
## **a) Costs of trading activities**
**----- Start of picture text -----**
Unrestricted
funds Total
General funds
Note £ £
Total for 2024 - -
Total for 2023 314 314
Total
Direct costs costs
£ £
Total for 2023 314 314
5 Expenditure on charitable activities
Unrestricted
funds Total Total
General 2024 2023
Note £ £ £
-
Grant funding of activities 55,000 55,000
Governance costs 6 573 573 489
55,573 55,573 489
Grant funding
of activity 2024
£ £
Grants to Opera Australia 55,000 55,000
**----- End of picture text -----**
Page 10
## **Opera Australia Capital Fund UK**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **6 Analysis of governance and support costs**
**----- Start of picture text -----**
Governance costs
Unrestricted
funds Total
General funds
£ £
Independent examiner fees
Examination of the financial statements 504 504
Other governance costs 69 69
Total for 2024 573 573
Total for 2023 489 489
**----- End of picture text -----**
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## **Opera Australia Capital Fund UK**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **7 Grant-making**
## **Analysis of grants**
The support costs associated with grant-making are £Nil (31 December 2023 - £Nil).
Below are details of material grants made to institutions
**----- Start of picture text -----**
2024 2023
Name of institution Activity £ £
Opera Australia Grants to Opera Australia 55,000 -
8 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the
year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
9 Independent examiner's remuneration
2024 2023
£ £
Examination of the financial statements 504 474
10 Taxation
The charity is a registered charity and is therefore exempt from taxation.
11 Debtors
2024 2023
£ £
Accrued income 1,300 707
12 Cash and cash equivalents
2024 2023
£ £
Cash at bank 74,287 91,141
13 Creditors: amounts falling due within one year
2024 2023
£ £
Accruals 504 486
**----- End of picture text -----**
Page 12
## **Opera Australia Capital Fund UK**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
|**14 Funds**
**Balance at 1**
**January 2024**
**£**
**Unrestricted funds**
General
91,362
**Balance at 1**
**January 2023**
**£**
**Unrestricted funds**
General
68,437
**15 Analysis of net assets between funds**
Current assets
Current liabilities
Total net assets
Current assets
Current liabilities
Total net assets|**Incoming**
**resources**
**£**
39,294
**Incoming**
**resources**
**£**
23,728|**Resources**
**expended**
**£**
(55,573)
**Resources**
**expended**
**£**
(803)
**Unrestricted**
**funds**
**General**
**£**
75,587
(504)
75,083
**Unrestricted**
**funds**
**General**
**£**
91,848
(486)
91,362|**Balance at 31**
**December**
**2024**
**£**
75,083|
|---|---|---|---|
||||**Balance at 31**
**December**
**2023**
**£**
91,362|
||||**Total funds at**
**31 December**
**2024**
**£**
75,587
(504)|
||||75,083|
||||**Total funds at**
**31 December**
**2023**
**£**
91,848
(486)|
||||91,362|
Page 13
## **Opera Australia Capital Fund UK**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
**----- Start of picture text -----**
16 Analysis of net funds
At 31
At 1 January Financing cash December
2024 flows 2024
£ £ £
Cash at bank and in hand 91,141 (16,854) 74,287
Net debt 91,141 (16,854) 74,287
At 31
At 1 January Financing cash December
2023 flows 2023
£ £ £
Cash at bank and in hand 67,637 23,504 91,141
Net debt 67,637 23,504 91,141
**----- End of picture text -----**
Page 14