Company re8iStrntion number. 08292590 (England and Wales) Charity Registration number: 1151026 THE OPERA AWARDS FOUNDATION A COMPANY LIMITED BY GUARAMfEE UNAUDITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 THE OPERA AWARDS FOUNDATION REFERENCE AND ADMINISTrATIVE INFORMATION Trustee5 J Allison l Bond H A Hyman L Macleod-miller W Saunders Cornpany number 08292590 Charlty number 1151026 Prfnclpal (Reglrtered) Office 5th Floor Greener House 66-68 Haymarket London SWIY 4RF Independent Examlner SRLV Audit Limlted E151ey Court 20-22 Great ￿tChfIeld Street London WIW 8BE Banker5 Coutts & Co 440 Strand London WC2R OQS THE OPERAAWARD5 FOUNDATION CONTEKrs Page Trustee< report Trustee< responsibilities statement Independent examlnerfs report stateme￿ of Ilnanclal artlvltles Balan¢e sheet Not¢s to the accounts 9-10 11-17 THE OPERA AWARDS FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees (who are also directors of the charity for the purposes of company lawl present their report and the financial statements of the charity for the year ending 31 December 2022. The flnanclal statements have been prepared in accordance with the accountlng policles set out In note I to the accounts and comply with the charitys tnjst deed. the Charltles Act 2011 and the Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard 102 applicable in the UK and Republlc of Ireland. srRucfuRE, GOVERNANCE AND AGREEMENT A. CONSTITUTION The Opera Awards Foundation (the "Foundation") was founded as a ￿gIstered charlty (number 11510261 In 2012 by Harry Hwnan and John Allison, who recosnlsed that there werè many artlstlcally talented indlvlduals whose potential was not being nurtured to development. . METhOD OF APPOINTMENT AND ELECTION OF TRUSTEES All trustees were appolnted upon constltutlon of the trust deed. The trustees may appolnt new trustees frorn outside the current and ￿tIrIng board of trustees. C POUCIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES Trustees are encoura8ed to attend appropriate external tralnlng events where these wlll facilltate the undertaklng of their role. Speclflc tralnlng is conducted as part of a board meetlng where approprlate. OBJECTIVES AND ACTivmES A. POUCIES AND OBJECTIVES In shaping our oblectives for the year and planning our artlvitles. the trustees have consldered the Charlty Commlsslon's guldance on public benefit. The Opera Awards Foundatlon's prlmary objectives are to advance the education of the public in the art of opera in particular by the provision of bursaries or gfants to individuals, groups of individuals or other charitable organisations. Bursaries or grants will be made based on financial need to worthy recipients who need further tralnlng or other asslstance in the development of their ca￿er5 in opera. Sultable recipients will Include singers. conductors and repetiteurs or those operatlng In associated professions, Including directors, set, costume and lighting designers. THE OPERA AWARDS FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 oBJE￿IVEs AND AcnvmES (contlnued) The Foundation invites applications annually and these will be tonsidered by the trustees. The tTustees have paid due regard to the Charity Commission guidance surrounding public benefit In declding what activlties the charlty should undertake. The Foundation enjoys the patronage of the Opera Awards Limited (80ing forward this wlll be Opera Awards 22 Llmlted, whlch Is the Foundatlon's new subsldlaryl and recelves a donatlon based upon ticket ￿leS for the annual Opera Awar(ts and Gala Dlnner, in addltlon to donatlons from other sources. It awards bursarles based upon donatlons recelved. The trustees are of the vlew that the Foundatlon contlnues to be a 8oln8 concern. . STRATEGIC REPORT The Foundation has taken advantage of the small companies exemption5 provided by Section 415A of the Companies Act 2006 and for this reason no Strategic Report is included. C ACHIEVEMEMTS AND PERFORMANCE 2022 marke(l an important mllestone for the Foundètlon. wlth the first Opera Awards to take place outslde the UK. The 2022 awards were held In Spaln at the Teatro Real, whlch was the wlnnln8 opera company at the 2021 awards. 2022 was also a record year for fund ralslng wlth a combined Income of £123,090 of donatlons and fund-ralslng actlvltles. In turn, £56,484 of bursarfes were pald, leavlng £75,104 of cash resources avallable at the start of 2023, to carry on the Foundatlon's Important work. Bursarles of £56,484 {2021: £17,281) were awarded In accordance wlth the charltvs obJectfves. D. REVIEW OF ACTIVITIES The results of the charl￿5 artivities are summari5ed on page 8. FINANCIAL REVIEW A. FINANaAL AND RISK MANAGEMENT OBJECnVES AND POUCIES The Opera Awards Foundation had net incoming resources of £123.090 for the year ended 31 December 2022 {2021: £25,199). THE OPERAAWARDS FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 20ZZ . PRINCIPAL RISKS AND UNCERTAINllES The trustees have consldered the maJor rlsks to whlch the charity is exposed and have reviewed these risks and established systems and procedures to manage those risks. As part of this process the trustees are pleased to report that the charivs internal financial controls. in particular. omply in all relevant areas wlth guldellnes Issued by the Charity Commission. C RESERVES POLICY The trustees aim to maintain reseNes at a level that would cover any future commltments of the charity. OBJECTIVES AND AcnviTIES FOR THE PUBUC BENEFrr The prlmary objectives of the Foundation are to: reco8nlse the artlstlc talents of indivlduals within opera who have a financial need; provide opportunities to develop and display these talents; provlde bursarles arKI grants to the Identlfled Indlvlduals: support institutions that promote youth involvement in opera; seek private funds to help meet the Foundation's objectlves; continue to promote and educate the public in opera. and: through the Foundation's awards ceremony, provlde a showcase for recognitlon of talented indiwduals. FUNDS sfRUCTURÉ Funds are donated from The Opera Awards Llmlted through tlcket sales and auctions held at the annual Opera Awards and Gala Dinner. Donations are also re¢eived directly into The Opera Awards Foundatlon from third party donors. 8ursarles or grants are made based on financlal need to worthy recipients who need further tralnlng or other assistance in the development of their careers in opera. All bursarie5 or Brants are Issued only after approval by the trustees who seek recommendation from an advisory panel of experts. ## **THE OPERA AWARDS FOUNDATION** ## **REPORT OF THE TRUSTEES (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2022** ## **PLANS FOR FUTURE PERIODS** **The winning opera company in 2022 was jointly awarded to Lviv National Opera and Odesa in Ukraine. The Foundation had intended to host the Opera Awards in 2023 at the winning company from the prior year. Sadly, due to the ongoing conflict in Ukraine, this will not be possible. However, at the time of writing, advanced negotiations were taking place with an opera company in neighbouring Poland to support the 2023 ceremony.** **On 20 December 2022, the Foundation incorporated a wholly owned subsidiary ("Opera Awards 2022 Limited"), which will undertake all the commercial activities of the Foundation. This follows the transfer of the intellectual property of both The Opera Awards and Opera Gala, for a nominal sum, from one of the Foundation's trustees, The Opera Awards Limited. The Opera Awards Limited is part of Nexus Group and owned by one of the Foundation's trustees, Harry Hyman. It is hoped that charitable ownership will help clarify the purpose in supporting the work of the Opera Awards Foundation. In turn, this should increase the associated revenues and bursaries available to aspiring opera talent.** ## **TRUSTEES** **The trustees who served during the year were:** **J Allison I Bond HA Hyman L Macleod-Miller W Saunders** ## **SMALL COMPANIES** **In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies act 2006.** ## **22 September 2023 and signed on their behalf by:** **4** THE OPERAAWARDS FOUNDATION TRUSTEES. RESPONSIBILMES IN RELATION TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 The trustees (who are also dlrertors of The Opera Awards Foundatlon for the purposes of company lawl are responsible for preparing the trustee's report and the financial statements in accordance wlth appllcable law and Untted KlnEdom Accountlng Standards (Unlted Kln8dom GenerallyAccepted Accountlng Practlcel. Company law requlresthe trustees to prepare flnanclal statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied they give a true and fair view of the state of affairs of the charitable company and of the Incoming resources and applicatlon of resources. including the Income and expendlture, of the charltable company for that perlod. In preparlng these financlal statements, the trustees are required to: select suitable accountin8 policies and then apply them consi5tentty; observe the methods and principles of the Charities SORP; make jud8ernents and estimates that are reasonable and prudent; state whether applicable accounting Standards IFRS 1021 have been followed, subject to any departures dlsclosed and explalned In the flnanclal statements; notffy the trustees In wdtlng about the use of dlsclosure exemptlons. If any, of FR5 102 used In the preparation of flnancial statements. and prepare the flnancial statements on the golng concern bas15 unless It Is Inapproprlate to presume that the charftable company will contlnue Irb business. The trustees are responsible for keeping adequate accounting records that are sufficlent to show and explain the charitable companrfs transaction5 and disclose with reasonable accuracy at anv tlme the tlnanclal posftlon of the charttable company and enable them to ensure that the financial statements comply with the Companrfs Act 2CK16, the Charity (Accounts and Report51 Regulations 2(M)8 and the provisions of the trust deed. They are aly) responsible for safe8uardln8 the assets of the charity and hence for taking ￿8$Onable steps for the preventlon and detectlon of fraud and other Irregularities. The trustees are responsible for the maintenance and integrity of the charitsble compan￿5 financial information included on the charitv's website. THE OPERA AWARDS FOUNDATION INDEPENDENT EXAMINEres REPORT TO THE TRUSTEES OF THE OPERA AWARDS FOUNDATION FOR THE YEAR ENDED 31 DECEMBER 2022 I report to the charity trustees on the financial statements of the charity for the year ended 31 December 2022 which are set out on pa8es 8 to 17. The financial statements have been prepared In accordance wlth Actounting and Reporting by Charltles preparing their accounts in accordance wlth the Financial Reportin8 Standards applicable In the UK and Republic of Ireland IFRS 102 IA) in preference to the Accounting and Reporting Standards by Charities: Statement of Recommended Practice issued on l Aprll 2005 which Is referred to in the regulations but has been wlthdrawn. This has been done In order for the financial statements to provide a true and fair vlew Sn accordance with the Generally Accepted Accounting practi￿ effertlve for reporting periods beginning on or after l January 2016. RESPEcfivE RESPONSIBILMES OF TRUSTEES AND EXAMINER The trustees. who are also the directors of the company for the purposes of company law, are responslble for the preparation of the financlal statements In a¢tordance with the requlrement5 of Companles Act 21X)6. The trustees consider that an audlt Is not requlred for this year under section 144121 of the Charities Art 2011 (the Arfl and that an independent examlnation Is needed. Having satisfied myself that the charity is not subject to an audlt under Part 16 of the 21x16 Act or charity law and15 eli8ible for independent examination, it is my responslblllty to.. examlne the financial statements under sectlon 145 of the Act; follow procedures laid down in the general dlrection$ 8iven by the Charity Commission under section 14515llb} of the Act; and", state whether particular matters have come to my attentS0n. BASIS OF INDEPENDEKf EXAMINEfS REPORT My examination was carried out in accordance with the general directions glven by the Charlty Commission. An examlnatlon includes a revlew of the accountlng ￿CordS kept by the charlty and comparlson of the financial Statements p￿Sented with those records. It also includes consideratlon of any unusual items or dix105ures In the financial 5tstements, and seekin8 explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audlt. and consequently no opinion Is given as to whether the financial statements present a 'true and falr view, and the report is Ilmlted to those matters set out in the statement below. ## **THE OPERA AWARDS FOUNDATION** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE OPERA AWARDS FOUNDATION (continued)** ## **FOR THE VEAR ENDED 31 DECEMBER 2022** ## **INDEPENDENT EXAMINER'S STATEMENT** In connection with my examination, no matter has come to my attention: - (1) which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with section 386 of the Companies Act 2006;and - to prepare financial statements which accord with the accounting records, Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS 102) and in other respects comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or - (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. ## **USE OF OUR REPORT** This report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011 and regulations made under section 154 of that Act. My work has been undertaken so that I might state to the charity's trustees those matters that 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, or for the opinions I have formed. Signed: Dated: 22 September 2023 Richard Gilbert For and on behalf of **SRLV Audit Limited** Chartered Accountants Eisley Court 20-22 Great Titchfield Street London WlW8BE **7** THE OPERA AWARDS FOUNDATION STATEMENT OF FINANCIAL AcrivrTIES FOR THE YEAR ENDED 31 DECEMBER 2022 Note Unrestricted lunds Total funds 2022 Total funds 2021 Incom1￿ resources Donations received 123,090 123,090 25,199 Other income Total In¢omln8 resour Net resources Wdllable for ¢harltswe appll¢atk)n 123.090 123,090 25,199 123,090 123.090 25,199 Resourtts expend•d Bursarles awarded 56,484 56,484 17.281 Charltable actlvlties undertaken directly 8,269 8,269 Support costs 1.703 1,703 1,625 Governance costs Total resources expended 67,856 67,856 19,906 Movement In total funds for the year- n•t Incofflellresourtes) for the year 5S,234 55,234 5,293 The notes on pa8es 11 to 17 fomi part of these financlal statements. THE OPERAAWARDS FOUNDATION Registered no: 08292590 BALANCE SHEEr A5 AT 31 DECEMBER 2022 Total funds 202Z Total fund5 2021 Flxed assets Investments io Currwrt assets Cash at bank Debtors 75,104 10,587 30,283 1,410 li Total current assets 85,691 31,693 Current Ilabllltles Creditor5 falling due within one year 12 16,793} 18,0281 Total current Ilabllftles 16.793) 18.0281 Net current assets 78,899 23,665 Net assets 23,665 Tolal charlty funds 78.899 The trustees consider that the charlty Is entitled to exemption from the requlrement to have an audit under the provisions of sertion 477 of the Companies Act 2(M)61"the Act'l and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. ## **THE OPERA AWARDS FOUNDATION** ## **BALANCE SHEET (continued)** ## **AS AT 31 DECEMBER 2022** **The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the charity as of 31 December 2022 and of its net incoming resources for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charity.** **The financial statements have been prepared in accordance with the provisions applicable to • small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section lA- small entities.** **The financial statements were approved by the trustees on 22 September 2023 and signed on their behalf, by:** **The notes on pages 11 to 17 form part of these financial statements.** **10** THE OPERA AWARDS FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 AccouMfiNG POUCIES a) Basls ol preparatlon The financial statements have been prepared under the historical cost convention. and In accordance with Section IA of the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffertive l January 20151, the Statement of Recommended Practice applicable to tharities {Charities SORP IFRS102}}, applicable accountln8 Standards and the Companies Act 2(M)6. The Opera Awards Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unle55 Otherwise stated in the relevant accounting poliry. The charlty Is a company Ilmlted by 8uarantee. In the Évent of the company being wound up each member will contribute a surn not exceeding £10. b) Golng ￿nCern The directors believe that the charity has sufficient tash reserrfes to cover all liabilities that may fall due for at least 12 monthsfrom the balance sheet date. c) Incomln8 resourtes All Incomlng resources are reco8nlsed once the charity has entltlement to the resources, it is certain that the resources will be received, and the rnonetary value of incoming resources can be measured wlth sufficient ￿liabIlIty. In¢oming resour¢es Include receipts from functlons, donatlons and ￿eIpts under glft ald. dl Fund accountin8 General funds are unrestrlcted funds whlch are avallable for use at the dlscretlon of the trustees In furtherance of the general objectlves of the charlty and whlch have not been designated for other purposes. li THE OPERA AWARDS FOUNDATION NOTES TO THE ACCOUNT5 (contlnued) FOR THE YEAR ENDED 310ECEMBER 2022 AccouMfiNG POUCIES (continued) e) Resources expended Llabllltles are recognised as resources expended as soon as there 15 a legal or constructlve obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Bursaries payable are payments made to third parties in the furtherdnce of the charitable objects of the Foundation. Sin8le or multlyear grants are accounted for when either the recipient has a reasonable expertation that they will receive a bursary and the trustees have agreed to pay the bursary without condition. or the reclplent has a reasonable expectation that they will receive the bursary and any conditlon attachln8 to the grant is outSKle the control of the Foundation. Irrecoverable VAT Irrecoverable VAT is charged a8ainst the category of ￿sourceS expended for which It was incurred. z) Support costs Support costs comprise costs involving the 8eneral runnln8 of the charlty. Thls Includes costs related to insLDrance and banklng. h) Governanc• costs Governance costs comprise costs involving the public accountablllty of the charity and its compliance with regulation and good prartlce. Thls Includes the cost of the Independent Examination. l) Reallsed 8alns and losses All gains and losses are taken to the statement of financial activities as they arlse. 12 THE OPERA AWARDS FOUNDATION NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 J) Cash flow The financial statements do not include a statement of (ash flows because the charity. as a small reporting entity, is exempt from the requirement to prepare such a statement under the Section IA of the Financial Reporting Standard appllcable In the UK and Republic of Ireland IFRS 1021 {effective l January 20151. k) Valuatlon of Inveslments Investment in subsidiaries are measured at cost less accumulated impairment. INCOME Unrestrkted 2022 Total funds 2022 Total funds 2021 DonatSons recelved Other income 67.777 55,313 67,777 55,313 25,199 Total Incomlng resources 123.090 123.090 25.199 Other income consists of funds raised on the night of the Gala Dinner through an auctlon. ANALYSIS OF BURSARIES 2022 2021 Bursarles to Indlvlduals 56,484 17,281 Total bursarfes paid 56,484 17,281 THE OPERA AWARDS FOUNDATION NOTES TO THE ACCOUNTS {contlnued) FOR THE YEAR ENDED 31 DECEMBER 2022 ANALYSIS OF EXPENDITURE Summary by fund type Unrestrlrted Unrestrfcted funds funds 2022 2021 C05t of charitable activities 11,732 2,625 Total eost ol charltable xtMtle$ 11,732 2,625 Summary by expendlture type Tot•1 2022: 2021: 1.703 1.625 8,269 11,372 2.625 CHARrrABLE AcnvrriES UNDERTAKEN DIREcfLY 2022 2021 Venue and catering costs Performance and other costs 7.569 Total dlrect charltable c¢)sts 8.269 14 THE OPERA AWARDS FOUNDATION NOTES TO THE ACCOUNTS (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2022 SUPPORT COSTS 2022 2021 Legal and professional Insurance Subscriptions Bank charges 120 632 446 505 522 331 773 Total support costs 1.703 1,625 GOVERNANCE COSTS 2022 2021 Independent examlnatlon 1,400 1,000 Total governance costs 1,400 1,000 NEf INCOMING RESOUR￿/ (RESOURCES EXPENDED) Durln8 the year, no trustee received any remuneration, benefits In kind or relmbursement of expenses12021- £nll). TAXATION The Opera Awards Foundationls a reglstered charlty and Is thus exempt from tax on income and capltal galns falllng wlthln chapter 3 of Part11 to the Corpordtion Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives. No tax charges have arisen in the company. 15 THE OPERAAWARDS FOUNDATION NOTES TO THE ACCOUNTS (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2022 10. FIXED ASSET INVESTMENTS Inve•tments In wuhldlary mp•ny Cost At l January 2021 Addltlons At 31 December 2022 N•t book v•lu• At 31 December 2022 At 31 December 2021 On 20 December 2022, the Foundathon Incorporated a wholly owned subsidiary I"Opera Awards 2022 UM1t￿l, to undertake the commercial activitie5 of the charity going forward. 11. ANALYSIS OF CURRENT ASSETS 2021 Prepayments Other debtors 582 828 10,587 Total current assets 10,587 1,410 16 THE OPERA AWARDS FOUNDATION NOTES TO THE ACCOUNTS Icontinued) FOR THE YEAR ENDED 31 DECEMBER 2022 12. ANALY515 OF aiRRErir UABILMES 2022 2021 Trade creditors Other creditors Bursaries to be settled Accruals 638 3,332 3.058 4,543 1,249 Total curreftt Ilabllltles 8,028 13. STATEMENT OF F NDS lan¢e as at Incomm Resources Balance as at 31 l January 2022 resources expended December 2022 Unrestrlcted funds 23,665 23.665 123,090 123.090 167,8561 167.856) 78.899 78,899 14. CONTROLLING PARTY There Is no controlllng party. 17