DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 **Charity number 1153307 Company number 08613929 (England and Wales)** ## **OperaUpClose Ltd** (previously UpClose Productions London) ## **Report of the Trustees and Unaudited Financial Statements** ## **For the year ended 31 March 2021** DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## **OperaUpClose Ltd Contents page For the year ended 31 March 2021** ||**Page**| |---|---| |Charity Information|3| |Report of the Trustees|4-9| |Independent Examiners Report to the Trustees|10| |Statement of Financial Activities|11| |Statement of Financial Position|12| |Notes to the Financial Statements|13-20| DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## **CHARITY INFORMATION** **Name of charity OperaUpClose Ltd** (previously UpClose Productions London) A company limited by guarantee **Charity number** 1153307 **Company number** 08613939 **Principal Address** MAST Mayflower Studios Above Bar Street Southampton SO14 7DU **Registered office** MAST Mayflower Studios Above Bar Street Southampton SO14 7DU **Trustees** John Andrews (appointed 11 January 2021) Amanda Ariss Charith Cabraal Jane Earl (resigned 11 January 2021) Matthew Lyons (appointed 11 January 2021) Flora McIntosh (resigned 3 May 2020) Joe McFadden David Millington (resigned 3 July 2020) Gweneth Rand (appointed 10 May 2021) Abigail Toland (Chair – appointed 11 January 2021) Carolyn Ward (appointed 11 January 2021) John Ward Clare Williams (appointed 5 June 2020) **Secretary** Robin Norton-Hale **Independent Examiner** David Mead FCA Tremain House 8 Maple Drive Kings Worthy Winchester Hampshire SO23 7NG 3 DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## **OperaUpClose Ltd Report of the Trustees For the year ended 31 March 2021** The trustees present their annual report and financial statements of the charity for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011, and the Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102 1A. ## Objectives and aims of OperaUpClose The mission of OperaUpClose (OUC) is to deliver excellent and accessible opera, and by doing so to improve the reach and availability of opera to people across England and beyond. We remain committed to diversity in all forms: we see this as an integral part of our commitment to exceptional work. We are proud of our successes in taking high-quality and engaging productions to places which may not otherwise be well-served by opera. This year, the pandemic prevented us from performing live. When creating our online performances, we considered what our existing audiences, and those coping with new and challenging circumstances, might appreciate most, and so presented our series of short, free-to-access online Coffee Break Concerts. We were also determined to continue to provide access to opera, storytelling, and music-making for young people, and did so through a new strand of online work for primary-age children. We have reflected on our role as an arts organisation in terms of both commenting on and effecting change in society. We are committed to representing the full diversity of the UK throughout OperaUpClose, from Trustee to trainee positions, and both on and off the stage. We continue to reflect upon how all aspects of our work - from the operas we programme, to the places we perform, to where and how we advertise vacancies - can further our aim of enabling everyone to experience the thrill of live opera. ## **Staff** Our Artistic Director/Chief Executive Robin Norton-Hale’s return from maternity leave in March 2020 coincided with the start of the Covid-19 pandemic. With support from the government Job Retention Scheme (part-time furlough), we were able to retain Robin and Senior Producer Amy Novadnieks at 0.6 FTE and our Artistic Associate Flora McIntosh at 0.1 FTE, enabling us to produce online performances and participation opportunities to engage our audiences and supporters while keeping core costs low. In 2019-20 we had worked with a part-time Bookkeeper and Fundraiser. The Bookkeeper was engaged on a freelance basis, and left OUC in May 2020. The Fundraiser was supported through the Job Retention Scheme until March 2021 and has now left OUC. We have made two new appointments in 2021: an Administrator at 0.8 FTE and a Digital & Marketing Officer at 0.6 FTE. Our previous Administrator had left in 2019 and we had not yet appointed a replacement when Covid-19 which meant a recruitment freeze was prudent. Our new Administrator, Jane Ryan, provides the company with vital administrative capacity, and frees up senior staff for more strategic work. Digital & Marketing Officer Sasha Butler (joining us in April 2021) brings experience working in the marketing teams for the Almeida Theatre and in literary publishing, and is creating online content and marketing campaigns which link our online work produced during the pandemic with our return to live performance. In February 2021, our Senior Producer Amy Novadnieks left the company for a new role after six years in her post. We will be recruiting an Executive Producer at 0.6 FTE, based at our new offices in Southampton, to cover the range of producing skills we now require as our administrative and business model evolves. 4 DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## **OperaUpClose Ltd Report of the Trustees For the year ended 31 March 2021** ## **Board of Trustees** In December 2020, we made several new appointments to our Board of Trustees covering key skills including learning and participation, musical excellence, fundraising and HR. John Andrews is a conductor specialising in bel canto and the English baroque with credits at many major UK opera companies; Matthew Lyons is Head of Young Company at inclusive theatre company Chickenshed; Gweneth Ann Rand is an internationally celebrated soprano who has just been named an Associate Artist at the Wigmore Hall; Carolyn Ward is a longterm supporter of OUC with a wealth of previous board experience including at Soho Theatre and the Yard Theatre and Clare Williams was previously Global Head of Reputation Risk Management at Barclays. We also appointed an excellent new Chair, Abigail Toland, who has 17 years’ experience producing opera, new music and participatory projects. Abigail takes over from Jane Earl, who joined the Board in 2014 and became Chair in 2016. We are so grateful to Jane for her wisdom, commitment and support. She made an enormous contribution to OperaUpClose and we would not be where we are today without her. We look forward to continuing to welcome her as an audience member. ## **New office base** In January 2020 we moved into offices provided in-kind by English National Opera, but this building was closed from March 2020 and our staff team worked from home during the pandemic. Although our association with ENO continues, they are now selling the administration building which housed our office. We were keen to be based in a midscale producing theatre outside London, as these are the venues which make up the majority of our touring. Following discussions with Arts Council England, we have a new arrangement with MAST (Mayflower Studios) Southampton as a resident company and will move into offices at MAST in May 2021. After the year end the company changed its name to OperaUpClose Ltd (OUC) and the accounts are presented under the new name. ## **Achievements in the past year** It goes without saying that, from March 2020, very little went to plan, but despite all the difficulties OperaUpClose has had an artistically productive year which we are ending in a financially better position than we started. - We successfully stabilised the company finances and secured several grants that allowed us to produce online work from April 2020 - We have learned valuable new skills in the form of digital production and made new relationships with artists in that field - Digital work in the funding period: - With the support from Arts Council England’s Emergency Funding and City Bridge Trust, we were able to develop and implement our **At Home with OperaUpClose** online programme, providing easily accessible, high quality arts experiences for audiences of all ages during the periods of lockdown - Our online **Coffee Break Concerts** were recorded separately from our artists’ homes and aired for free via our website and Youtube channel. We premiered 10 concerts in total between May 2020 and March 2021. We commissioned a diverse group of 33 singers, instrumentalists and actors in programmes that celebrated and connected opera, music and spoken word. These included some of OperaUpClose’s most iconic moments reimagined for Zoom including Gianetta’s ‘gossip’ phone 5 DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## **OperaUpClose Ltd Report of the Trustees For the year ended 31 March 2021** call in _The Elixir of Love_ and Papagena and Papageno’s ‘texting’ duet from _The Magic Flute_ ; recital material such as Wagner’s _Wesendonck Lieder_ in an intimate domestic setting; and the premiere of new works including poetry by Jade Anouka and Kat Rose-Martin and a song cycle by composer Nicholas O’Neill. The Coffee Break Concerts received over 4,200 views with 430 people joining us for the ‘live’ online premieres, provided much needed employment to the 33 artists involved, generated significant donations, and received excellent reviews - In addition, we created online content based on our 2019 staged opera of Jill Murphy’s picture book, _**Peace At Last**_ . Videos included a reading of the book, a scene from the opera in which Mr Bear has a midnight snack (filmed across 3 singers’ separate kitchens), a singalong workshop, and ‘meet the instruments’ from the opera (harp and clarinet). These videos have had c.1,000 views on YouTube. They have been distributed via our mailing list and network of Music Education Hubs, including Newham, Hackney, Sunderland, North and South Tyneside, and Brent - In December, we premiered a filmed performance of our Olivier Award-winning production of Puccini’s _**La Bohème**_ via Soho Theatre’s On Demand platform - Our commitment to work for young audiences and families continued with _**Sammy and the Beanstalk**_ , a new play-with-arias by Robin Norton-Hale and Rosabella Gregory, created for children aged 7-10, schools and families to watch online. This was used by 130 primary schools as part of the online learning when schools were closed in January 2021. - We have reached an agreement on an Associate Company long-term **residency at MAST Southampton** . As well as subsidised office costs, this relationship will provide invaluable opportunities to embed OperaUpClose in the local community. We plan to provide paid traineeships for local Directors and Producers and participation activities for young people, as well as rehearsing and premiering productions in Southampton, which will then tour nationally. - In November 2020, we held our first online insight event for our new production in development, Wagner’s _**The Flying Dutchman**_ . We have an exceptional creative team in composer Laura Bowler, librettist Glyn Maxwell and director Lucy Bradley, and have now confirmed an exciting new partnership with Manchester Camerata (‘Britain’s most adventurous orchestra’, _The Times_ ) which strengthens and supports our commitment to innovation and artistic excellence. We will be staging the first set of Research & Development workshops in July 2021 at the Monastery in Gorton, home of Manchester Camerata. - We have diversified and strengthened our Board of Trustees. Despite the extreme and unforeseen challenges of the year, we have made significant progress on our three main strategic objectives of artistic excellence, financial sustainability and audience development as the programme above demonstrates. ## **Financial stability and resilience** We are delighted to have rebuilt our reserves, which has been a priority since 2017. We finished the year with £85,408 to carry forwards, of which: - £15,040 is restricted for the future production of _The Flying Dutchman_ - £10,000 is designated to the Research & Development process for _The Flying Dutchman_ - £5,500 is designated to live Coffee Break Concerts at MAST - £7,500 is designated to the Trainee Producer / Director scheme. 6 DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## **OperaUpClose Ltd Report of the Trustees For the year ended 31 March 2021** OperaUpClose requires reserves to plan its future work and provide for unforeseen contingencies as they may arise. The nature of the company's operation requires reliance on significant income from ACE, grants, donations and ticket sales, all of which can show substantial variation due to the economic climate, government policy and exceptional events. Consequently, the company aims to retain general, unrestricted reserves sufficient to enable the company to operate successfully and fulfil its mission, provide liquidity in case of unexpected variation in revenue and other risks, and act as a contingency against winding up the company should the need arise. Our current level of unrestricted reserves, £70,368, includes designated funds of £24,368 for our return to touring live opera in 2022, and a risk fund of general, free reserves of £46,000 representing four months' operating costs. Touring our midscale productions generates unrestricted income towards our core costs. We have not been able to tour since April 2020, so during the pandemic we have covered this shortfall through other income strands: - Individual Giving, which nearly doubled to £136,000 this year, despite economic pressures on individuals caused by Covid-19. We would like to thank all our supporters who have continued to show faith in our work during this difficult period, particularly the Board members whose generous donations have been instrumental to rebuilding our reserves - - The Job Retention Scheme (flexible furlough) - Trusts & Foundations: we are enormously grateful for the core cost grants we received of £30,000 from the John Ellerman Foundation (a 3-year grant) and £15,000 from the Backstage Trust - We reduced core costs from a pre-pandemic average of £11,500 pcm to £8,000 pcm in AugustDecember 2020 - Covid grants: we were able to produce new work thanks to a £11,150 ‘Delivering Differently’ grant from City Bridge Trust towards putting _Peace At Last_ online and £13,200 from Arts Council England’s Emergency Fund - We received £35,000 from the second round of the Arts Council’s Cultural Recovery Fund in January 2021. ## **Outreach and audience development** Despite the closure of theatres, our ‘At Home with OperaUpClose’ programme of online work has continued to meet our primary mission of reaching new audiences. Through our Coffee Break Concerts, we provided audiences with a mix of established repertoire and less well-known work. Through _Peace At Last_ Online and _Sammy and the Beanstalk_ , we have been able to provide Early Years and Key Stage 2 with essential highquality musical experiences at home. _Sammy and the Beanstalk_ toured virtually to six theatres across the UK (including cinema screenings at Snape Maltings in December 2020, as well as being hosted on theatre websites). ## **Artistic excellence and innovation** With our chamber reorchestrations, our mission is to produce musical works which have their own artistic integrity, interest and excellence whilst always respecting the vision of the original composers. This work continues as we begin to develop our new version of _The Flying Dutchman_ . The highly acclaimed composer 7 DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## **OperaUpClose Ltd Report of the Trustees For the year ended 31 March 2021** Laura Bowler, alongside award-winning poet and librettist Glyn Maxwell (recently shortlisted for the TS Eliot poetry prize) will re-imagine both the music and narrative for an eight-piece chamber ensemble and four singers. We are delighted to be working with the innovative and renowned orchestral ensemble Manchester Camerata during this process, further strengthening our commitment to developing partnerships with audiences and artists across the UK. Our online Coffee Break Concerts series created a varied and interesting programme for our online audience and enabled us to explore new repertoire, whilst also providing paid work for 33 hard-hit freelance musicians and extending the company’s skills in video production, which we intend to develop further in the year ahead. “Even for those of us yearning for the live, an online offering occasionally stands out and communicates against the odds. OperaUpClose’s latest online ‘Coffee Break Concerts’… do just that”, _Opera_ Magazine. Our work for young people and families was maintained through online content based around _Peace At Last_ and was further developed in the creation of _Sammy and the Beanstalk_ , an entirely new piece filmed (in accordance with Covid restrictions) at the Belgrade Theatre in December 2020 and streamed December 2020March 2021. _Sammy_ is a 30-minute play-with-songs, written and directed by OperaUpClose’s Artistic Director Robin Norton-Hale, with music by award-winning singer, songwriter and composer Rosabella Gregory, performed by two opera singers on a hand-drawn, life-size theatre set by designer Anna Bruder. It is a story about bravery and kindness, which tackles the isolation and mental health challenges we have all experienced over the past year. We partnered with the Belgrade Theatre in Coventry to film the performance in their B2 space and ‘toured’ virtually to Oxford Playhouse, CAST Doncaster, Alnwick Playhouse, Mayflower Theatre and Queens Hall Arts Centre. _Sammy_ is free to view for schools and families on low incomes, with an accompanying Activity Pack. We are continuing to work with Music Education Hubs across the UK and 130 schools have participated so far, sharing performances with children to watch at home. ## **Priorities for the future** We have live performances of our Coffee Break Concerts, reimagined as Café Concerts, planned for Autumn 2021, as well as extensive Research and Development for _The Flying Dutchman_ taking place over a week in Manchester in July, Southampton in November, and online and in-person workshops throughout the year. Our new projected date for _The Flying Dutchman_ is Autumn 2022. The enforced extended time scale has been an opportunity to undertake our most extensive research and development period, allowing our creative team to stretch and test the boundaries of this piece. We will be sharing much of this development work both online and live, giving insight into the creative process. Our emerging relationship with Manchester Camerata is key to this process - an established ensemble of great renown, their artistic excellence, forward thinking ethos and commitment to music in the community complement the central missions of OperaUpClose. In early 2023 we plan to tour a revival of Donizetti’s _Mary, Queen of Scots_ which toured to historical properties in 2019, revised for thrust staging in midscale theatres and enabling us to visit some of our core audiences live for the first time in over two years. Building on our online work during the pandemic we plan to commission a new spoken word piece to be performed as a prologue to the opera. A priority for the coming year is developing our presence and relationships in Southampton. We have made good connections with Southampton University and look forward to working closely with the other resident partners at MAST including the Southampton Music Hub. Our production of _Mary, Queen of Scots_ will open at MAST and our Trainee Director and Trainee Producer programmes will offer pathways into the arts for local young people. 8 DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## **OperaUpClose Ltd Report of the Trustees For the year ended 31 March 2021** We plan to establish a Youth Board and a two-year Young Trustee position on OperaUpClose’s main board of trustees to help encourage and support younger and more diverse people to undertake non-executive leadership positions in the arts. We will continue to build our relationships with key funders including Arts Council England (with an ambition to join the National Portfolio at the next opportunity), our trust and foundation supporters and our long-term corporate sponsor, Big Yellow Self Storage. We are fortunate to have had the support of generous individual donors during the pandemic; we now want to build our base of regular donors (‘Friends’ of OperaUpClose) and have launched our first production-specific Supporters’ Syndicate for _The Flying Dutchman_ . For 2023 and beyond, we hope to realise our long-held ambition of producing _Amahl and the Night Visitors_ and are in discussions with co-producing partners for this project, and of course to continue to combine music, words and storytelling to bring high-quality opera to the widest possible audience. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** OperaUpClose Ltd, is a company limited by guarantee which is also registered as a charity. For the purposes of the Companies Act 2006, the members of the board of trustees are also the directors of the company. Name of charity OperaUpClose Ltd Charity registration number 1153307 Company registration number 08613929 Chief Executive and Artistic Director: Robin Norton-Hale Trustees: The trustees serving during the year and since the year end were: John Andrews (appointed 11 January 2021) Amanda Ariss Charith Cabraal Jane Earl (resigned 11 January 2021) Matthew Lyons (appointed 11 January 2021) Flora McIntosh (resigned 3 May 2020) Joe McFadden David Millington (resigned 3 July 2020) Gweneth Rand (appointed 10 May 2021) Abigail Toland (Chair – appointed 11 January 2021) Carolyn Ward (appointed 11 January 2021) John Ward Clare Williams (appointed 5 June 2020) Approved by the Board of Trustees and signed on its behalf by ______________________________________ Abigail Toland (Chair) 16 December 2021 | 00:55 PST Date ________________ 9 DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## **OperaUpClose Ltd Independent Examiner’s Report to the Trustees For the year ended 31 March 2021** I report to the trustees on my examination of the accounts of the charitable company for the year ended 31 March 2021 ## **Responsibilities and the basis of the report** The charity Trustees, who are also directors for the purposes of company law, are responsible for the preparation of the accounts in accordance with the provisions of the Companies Act 2006 (‘the 2006 Act’) Having satisfied myself that the accounts of the company are not required to be audited under Part16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your 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 examiners statement** Since the Charitable company’s gross income exceeded £250,000, your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination by virtue of my membership of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 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 that in any material respect: 1. Accounting records were not kept in respect of the Company 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 requirements of 396 of 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of the 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 Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS102) 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 to enable a proper understanding of the accounts to be reached. David Mead FCA Tremain House Maple Drive Winchester Hampshire SO237NG 16 December 2021 | 01:24 PST 10 DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## **OperaUpClose Ltd Statement of Financial Activities (including Income and Expenditure Account) For the year ended 31 March 2021** |**Notes**
**Income and endowments from:**
Donations and
legacies
**2**
Charitable
activities
**3**
Investments
**4**
Other income
**5**
**Expenditure on;**
Raising funds
**6**
Charitable
activities
**7/8**
**Net**
**income**
**Reconciliation of**
**funds**
Total funds brought forward
**Total funds carried**
**forward**|**Unrestricted**
166,612
920
4
35,039
202,575
-
(111,394)
(111,394)
91,181
(20,813)
70,368|**Restricted**
52,111
-
-
-
52,111
-
(37,071)
(37,071)
15,040
-
15,040|**2021**
218,723
920
4
35,039
254,686
-
(148,465)
(148,465)
106,221
(20,813)
85,408|**2020**
289,876
169,082
12
17,391| |---|---|---|---|---| |||||476,361| |||||(16,097)
(428,155)| |||||(444,252)| |||||32,109
(52,922)
(20,813)| 11 DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## **OperaUpClose Ltd Statement of Financial Position For the year ended 31 March 2021** |**Notes**
**Current assets**
Debtors
**13**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
**14**
**Net current assets**
**Total Assets less current**
**liabilities**
**Creditors: amounts due after more than one year**
**Net**
**Assets**
**The funds of the charity**
Restricted income funds
**15**
Unrestricted income funds
**15**
**Total funds**|**2021**
49,273
51,086
100,359
(14,951)
85,408
85,408
-
85,408
15,040
70,368
85,408|**2020**
55,323
5,876| |---|---|---| |||61,199
(82,012)| |||(20,813)
(20,813)
-
(20,813)| |||-
(20,813)
(20,813)| For the year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the companies Act 2006 relating to small companies. - The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476, - The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. 16 December 2021 | 00:55 PST The financial statements were approved and authorised for issue by the Board on……………………. and signed on its behalf by: __________________________________________ Abigail Toland Chair and Trustee 12 DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## **1. Accounting Policies** ## **Basis of accounting** The financial statements have been prepared under the historical cost convention except for investments which are included at market value and the revaluation of certain fixed assets and in accordance with the Charities SORP (FRS102) ‘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 (FRS102) (effective 1[st] January 2019)’, Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. OperaUpClose Ltd meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise stated in the appropriate accounting policy note(s). ## **Going concern** The financial statements have been prepared on a going concern basis which is, in the view of the trustees, the appropriate basis to be applied. ## **Covid 19** The company has in the period under review and continues to deal with the effects of the on-going pandemic. The trustees have taken steps to ensure the health and wellbeing of staff and contracted artists by following government guidelines and complying with legislation. ## **Incoming resources** Gross income represents the value, net of VAT and discounts, of goods and services provided to customers and work carried out in respect of services provided to customers. ## _Categories of income_ Income is categorised as income from exchange transactions (contract income) and income from nonexchange transactions (gifts), investment income and other income. Income for exchange transactions is received by the charity for goods and services supplied under contract or here entitlement is subject to fulfilling certain performance related conditions. The income the charity receives is approximately equal in value to the goods or services supplied by the charity to the purchaser. Income for non-exchange transactions is where the charity receives value from the donor without providing equal value in exchange and includes donations of money, goods and services freely given without giving equal value in exchange. ## _Income recognition_ Income, whether from exchange or non-exchange transactions, is recognised in the Statement of Financial Activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable, and can be measured reliably. Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met. All income is accounted for gross, before deduction of any fees and costs. 13 DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## _Deferred income and income received in advance_ Where terms and conditions for relating to income have not been met or uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions can be met. Any grant that is subject to performance related criteria conditions received in advance of delivering the goods and services required by that condition or is subject to unmet conditions wholly outside control of the recipient charity, it is accounted for as a liability and shown on the face of the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance related or other conditions that limit recognition are met When income from a grant or donation has not been recognised due to the conditions applying to the gift not being wholly within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions have been met Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned and, where applicable, it is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them but there are no specific time periods, then the income is not deferred. Any condition that allows for the recovery by the donor of any unexpected part of the grant does not prevent recognition of the income concerned but a liability to any payment is recognised when repayment become probable. ## _Supporter (friends and Patrons) subscriptions_ The income and any associated Gift Aid or other tax refund from a supporter subscription received by the charity in the nature of a gift, is accounted for on the same basis as a donation. The income from a membership subscription purchases the right to services or benefits is recognised as income from charitable activities. ## **Resources expended** A liability and the related expenditure is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of the economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated. Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of future expenditure are uncertain, give rise to a provision in the accounts that is reviewed at the accounting year end. The provision is increased to reflect any increase in liabilities and is decreased by the utilisation of any provision within the period and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates. ## **Allocation and apportionment of costs** Direct costs that relate specifically to an activity are allocated to that activity. Shared direct costs and support costs are apportioned between activities. The basis for apportionment, which is consistently applied, and proportionate to the circumstances, is; Staffing – on the basis of the time spent in connection with any particular activity Premises related costs – on the proportion of the floor area occupied by a particular activity Non-specific support costs – on the basis of the usage of resources ## **Taxation** 14 DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 As a registered charity, the organisation is exempt from income and corporation tax to the extent that its income and gains are applied toward the charitable objects of the charity and for no other purpose. Value Added Tax is included in the relevant costs in the Statement of Financial Activities to the extent that it is not recoverable by the charity. ## **Winding up or dissolution of the charity** If upon winding up or dissolution of the charity any assets remain after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity. ## **Debtors** Debtors are measured at their recoverable amounts at the balance sheet date. ## **Creditors and provisions** Creditors are stated at the amount considered payable at the balance sheet date. ## **2. Income from Donations and legacies** |Donations received
Grants received
Subscriptions received
**Analysis of grants received**
Arts Council of England
Backstage Trust
John Ellerman Foundation
Aspinwall Trust
City Bridge Trust
International Music and Art Foundation
2020 grants not repeated in 2021
**3. Income from charitable activities**
**Unrestricted funds**
Income from charitable activities|**Unrestricte**
**d**
**Funds**
**£**
82,750
74,530
9,332
166,612|**Restricted**
**Funds**
**£**
44,136
7,975
-
52,111|**2021**
**£**
126,886
82,505
9,332
218,723
**2021**
**£**
15,855
15,000
30,000
500
11,150
10,000
82,505
**2021**
**£**
920|**2020**
**£**
62,652
219,742
7,482| |---|---|---|---|---| |||||289,876| |||||**2020**
**£**
97,834
15,000
30,000
-
-
-
76,908| |||||219,742| |||||**2020**
**£**
169,082| 15 DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## **4. Investment income** |||| |---|---|---| |**nvestment income**
**Unrestricted funds**
Bank interest receivable
**Other income**
**Unrestricted Funds**
Theatre tax relief
Job Retention Scheme
Miscellaneous income|**2021**
**£**
4
**2021**
**£**
-
27,943
7,096
35,039|**2020**
**£**
12| |||**2020**
**£**
17,391
-
-| |||17,391| ## **5. Other income** No Theatre tax relief arose in the year. The relief is derived from qualifying expenditure on live productions. As there were no live productions, there was no qualifying expenditure. ## **6. Expenditure on other trading activities** |**Expenditure on other trading activities**||||| |---|---|---|---|---| |**Unrestricted funds**
Raising funds and costs of Investment managements
**Costs of charitable activities by fund type**
Opera productions and learning and
participation costs
Support costs
**Costs of charitable activities by activity type**
Total expenditure in period|**Unrestricted**
**Funds**
**£**
82,974
28,420
111,394
**Activities**
**undertaken**
**directly**
**£**
90,281|**Restricted**
**Funds**
**£**
7,307
29,764
37,071
**Support**
**Costs**
**£**
58,184|**2021**
**£**
-
**2021**
**£**
90,281
58,184
148,465
**2021**
**£**
148,465|**2020**
**£**
16,097| |||||**2020**
**£**
381,379
46,776| |||||428,155| |||||**2020**
**£**
428,155| ## **7. Costs of charitable activities by fund type** ## **8. Costs of charitable activities by activity type** 16 DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## **9. Analysis of support costs** |**Analysis of support costs**||| |---|---|---| |Employee costs not included in direct costs
Administrative overheads
Financial costs
Governance costs|**2021**
**£**
42,767
4,040
10,713
664
58,184|**2020**
**£**
37,260
6,620
1,396
1,500| |||46,776| ## **10. Staff costs** |||| |---|---|---| |**10. Staff costs**
Total staff costs for the year ended 31 March 2021 were:
Salaries and wages
Social security costs
Pension costs
**11. Employee numbers by activity**
Administration
Charitable activities
Fundraising
The Full Time Equivalent for the staff complement is 2.5 (2020 - 3.4)|**2021**
**£**
77,201
6,105
5,734
89,040
**2021**
**£**
2
3
1
6|**2020**
**£**
95,353
5,230
2,118| |||102,701| |||**2020**
**£**
1
3
1| |||5| |||| 17 DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## **12. Comparative for the Statement of Financial Activities** |**Income and endowments from:**
Donations and legacies
Charitable activities
Investments
Other income
Total
**Expenditure on:**
Raising funds
Charitable activities
Total
**Net Income/(expenditure)**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**
**13. Debtors**
**Amounts being due in one year:**
Trade debtors
Prepayments and accrued income
Other debtors
**14. Creditors: amounts falling due within one year**
Loans and overdrafts
Trade creditors
Other creditors
PAYE and NI
VAT
Accruals and deferred income|**Unrestricted**
**funds**
**£**
132,634
169,082
12
17,391
319,119
(16,097)
(240,551)
(256,648)
62,471
(83,284)
(20,813)|**Restricted**
**funds**
**£**
157,242
-
-
-
157,242
(187,604)
(187,604)
(30,362)
(30,362)
-
**2021**
**£**
2,682
46,591
-
49,273
**2021**
**£**
5,000
-
4,485
1,247
1,219
3,000
14,951|**2020**
**£**
289,876
169,082
12
17,391| |---|---|---|---| ||||476,361
(16,097)
(428,155| ||||(444,252)
32,109
(52,922)
(20,813)| ||||**2020**
**£**
24,177
29,771
1,355| ||||55,323| ||||**2020**
**£**
67,269
8,971
-
20
2,752
3,000| ||||82,012| It was agreed in 2020 that all loans would be converted to donations and the last loan conversion took place in October 2021. 18 DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## **15. Movement in Funds** |**. Movement in Funds**
**Unrestricted Funds**
General
Unrestricted revenue accumulated funds
**Unrestricted Funds - Previous year**
General
Unrestricted revenue accumulated funds|**Balance at**
**01/04/2020**
(20,813)
**Balance at**
**01/04/2019**
(83,284)|**Incoming**
**Sources**
202,575
**Incoming**
**Sources**
319,119|**Outgoing**
**Sources**
(111,394)
**Outgoing**
**Sources**
(256,648)|**Balance at**
**31/03/2021**
70,368| |---|---|---|---|---| |||||**Balance at**
**31/03/2020**
(20,813)| ## **Purpose of unrestricted funds** ## Unrestricted revenue accumulated funds These funds are held for the meeting of the objectives of the charity and to provide reserves for future activities and, subject to charity legislation, are free from all restrictions on their use. |**Restricted Funds**
Production fund
Training and development
**Restricted Funds**
Production fund
Training and development|**Balance at**
**01/04/2020**
-
-
-
**Balance at**
**01/04/2019**
7,104
23,258
30,362|**Incoming**
**Sources**
52,111
-
52,111
**Incoming**
**Sources**
156,242
1,000
157,242|**Outgoing**
**Sources**
(37,071)
-
(37,071)
**Outgoing**
**Sources**
(163,346)
(24,258)
(187,604)|**Balance at**
**31/03/2021**
15,040
-| |---|---|---|---|---| |||||15,040| |||||**Balance at**
**31/03/2020**
-
-| |||||-| ## **Purpose of restricted funds** ## Production fund These funds are held for current and future productions and learning and participation programmes. ## Training and development To develop the charity by training staff and developing organisational and fund-raising functions 19 DocuSign Envelope ID: 67E311E7-648C-4033-BB30-740D6AF19569 ## **16. Analysis of the assets between funds** |**Year ended 31 March 2021**
**Unrestricted funds**
General
Unrestricted revenue accumulated funds
**Restricted funds**
Training fund
Production fund
**Previous year - 31 March 2020**
**Unrestricted funds**
General
Unrestricted revenue accumulated funds
**Restricted funds**
Training fund
Production fund|**Net current**
**Assets/**
**liabilities**
**£**
70,368
-
15,040
85,408
**Net current**
**Assets/**
**liabilities**
**£**
(20,813)
-
-
(20,813)|**Creditors >**
**one year**
**£**
-
-
-
**Creditors >**
**one year**
**£**|**Net**
**Assets**
**£**
70,368
-
15,040| |---|---|---|---| ||||85,408| ||||**Net**
**Assets**
**£**
(20,813)
-
-
(20,813)| 20