DtAJSn Erte ID." CC3C31&44ffj12-4Esr12ol2sy$j9E Ch•rity number 1153307 Company number 08613929 lEInd •nd Wales) OperaUpCJ05e Ltd Report of the Trustees and Unaudited Financial Statement For the Year ended 31 March 2023 111 •AC&LXEYFF 12r2023 COMPAMES HOLISE A12 *10
OooJSlun ID.. cC3C31&l24EsrA314s02O1257998E Upaose Produrtions London Contsnts page For the year ended 31 March 2023 Page Charity Information Report of the Trustees 4-10 Independent Examiners Report to the Trustees li Statement of Financial Activities 12 ststement of Financial Po%tion 13 Notes to the Financial Statements 15-22
Ooujslgn EThdoF* I. CC3C316Ath124E5DA114-5D201257999E Operaupaose Ltd (A cornpany Ilmlted by guarantee) Charlty Inforrnation For the year ended 31 Mah 2022 Charity number 1153307 Company number 08613939 Principal Addre55 Mast Mayftower Studios Above Bar Street Southampton 5014 7DU Registered office Mast Mayflower Studios Above Bar Street Southampton 5014 7DU Trustees Amanda Ariss John Andrews Charith Cabraal Matthew Lyons Joe McF3dden Gweneth Rand (appointed 10 May 2021) Abigail Toland (Chairl Carolyn Ward John Ward Clare Williams Se¢retary Flora Mclntosh Independent Examiner David Mead FCA Tremain House 8 Maple Drive Kings Worthy Winchester Hampshire S023 7NG
DocuSJn ITr. CC3C316A46124E5LW1&5D2012579E Operaupclose Ltd Rel ol the Trustees For the year ended 31 March 2023 The Trustees present their annual report and finantial statements of the charity forthe year ended 31 March 2023. The financial statements have been prepared in accordance with the accountinB policies set out in Ite I to the accounts and comply wrth the CharlS trust deed. the Charities Act 2011, and the Charities Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102 IA. Objeclives and awns of Operaupclase Opernupclose is a national tour•ng opera company based at Southarnpton's dynamic cultural hub MAST Mayfiower Studios. Rooted in theatre, with partnership and innovation at our heart we are making opera of the highest quality with and for everyone. Our three main strategic objectives are artistic excellence and innovation, financial sustainabiltty and audience development. Our work addsseS the under-provision of opera and music theatre in many local perforTning arts venues by taking hvdh- quality. affordable productions to theatre5 and non-traditional theatre spaces across the UK. We work at an intimate scale as an attive artistic choice. strengthening our commitment to develop all perfomers as storytelkrs and to break dowrt barriers between pil stage and audience. We work with composers and writers to commission re-interpretations of known work that distil the essence of classic operns into new. conteFnporary chamber works with their own artistic integrity and excellence. We place new writing at the centre of all our programme. colla1rating with organisations across the UK to create new cr055-disciplinary companion pieces thal reflect issues that a relevant to audiences today. We co-create work with community and School 8roup5 to show opera as an essential part of culturally diverse theatrical landscape. This model benefrts venues. by ensuring they are programming work that is var.ied, ambitious and leVant to the local audiences they serve. We respond to the need for accessible career pathways into classical music and opera for artists from all backgrounds with the aim of diversrfyithose who make opera and those who watch it. Our Trainee As50Ciate Artist Pro8ramme give5 ear career Opportunities to perforniers, creatives and producer5 across all projects. allowing them to work alongside experienced professionals to gain vital perfomiance and delNery experience and to develop innovative approaches to their future work. "l om block-8rit15h & from o working-closs backgmund. the tmineeship with Operoupclose opened up the possibility of opero directing ond was o completefy life<hanging experience. Without 1¢ My preconception5 obout opero ondfeelings of 'imposter syndrome. would hove stopped mefrom even consAlering the path I om now on." Jim Osman. Trainee Associate Director. We have a growing body of work made with and for very youn8 children. engaging a new generation in the power of musical storytellin& developed in response to teachers and music hubs telling us about the lack of high-quality creative experiences for Eady Years/KS1. We are ueating a UK-wide network of community partners for on-going Early Yeats commissions and child-led creation that supports teachers in classroom delivery. "Operaupclose ore pmviding aspirotion ond inspiration to very young children in some of the most deprived oreos of the country. An omozing opportunityl- Kath Pa8e, Southampton Music Hub.
DwJSwJn ErNelcpe ID.. CC3c31&¥CO124E5tA31mO2o12S7s94E Operaupclose Ltd Report ofthe TneeS Farthe year ended 31 Marth 2023 Staffin The financial year ended 31 March 2023 was a year of significant development and change for Operaupclose. Founder and Chief ExecutivelArtistic DirtOr Robin Norton-Hale left Operaupclose in September 2022 and Flora Mclntosh was apFX)inted as the organisation's new Arttstic Director and Chief Exeojtbve. Flora had previousty held the advisory role of Artistic Associate since 2019, helping shape artistic content and direction. alotwide fundraisin8 strategy. throu8Prt)ut the pandemic, an(J in the following months of recovery. In March 2023 highly experienced producer and fomier Executive Manager of Mahogany Opera. Allison Rosser. was appoIed as Executive Producer having previously been engaged by Operaupclose as a freelance producer on a fixed temi contract. At the year ended 31 March 2023 the team comprised of full time Artistic Director Flora Mclntosh. Executpie Producer Allison Rosser and Company Manager Jane Ryan10.8 FfE). All staff worked between London and the company base in Southampton. Board The Executive team is supported Lry a strong and experienced Board with expertise in inclusive arts,. te¢hnolo8y & di8ital arts: finartce: PR; and equaltty. diversity and inclusion. The Board is led by South- West based Chair, Abigail Toland. who has 17 years. experience producing opera, new music and participatory projects and has proved exceptional in her ability to Euide the organisation as the administrative and business model evolves. At the time of writing Abigail is on leave of absence- the tru5tee5 are grateful to Vice Chair and Chair of ihe Finance Committee Charith Cabraal for stepping up durin8 this period. A Board Away Day wa5 held at MAST MayHower Studios on 28 November 2022 facilitated by Marion Friend. Notably. this was the first time that some Trustees had met in person Sin the pandemic and proved an invaluable opportunity to discuss the thange of leadership. new Staffing strutture and or8anisational and governance commrtments associated with the success of becomin8 an Arts Council England National Portfolio Or8anisation from April 2023. Achievements In the past y Despite the challenges of the post-pandemic climate and the postponernent of our fla8ship project The Flying Dutchman. Operaupclose continued to make significant progress against our three main strategic objertNes. We ended the year in a financially strong position. with the security of becoming one of Arts Council England's Natiorial Portfol OrganatIOnS in Spring 2023. We advanced ourartistFC programme establishing new creative partnerships and continued working towards our largest scale. and most artistically ambitbOUS, project to date The Flying Dutchmon. We fijrther estsblished our presence in the South West as a resident company at MAST MayAower Studios. Southampton. cornmitting to a renewed partnership agreernent with plans for co- produttion in 2023 - 2026. We formed and continued to develop new creative relationships with fellow SIdent partners at MAST, includin8 Writer development agency Artfvlscribe and Southampton and Isle of Wieht Music Hubs, strengthenin8 our connections in the region and ensuring delrvery of our strategic and artlstic plans.
OouJSvJn En¥e&)Fe D.. CC3C31&Ath12-4E5W14-5D20125PJ99E Operaupclose Ltd eport of theTwstees Forthe year ended 31 Marth 2023 The Ftylng 0Chml In assoclatlon wlth Manthestw C•nerata Our new production of Wagnerfs The Ffying DUtchnn was due to open in Autumn 2022 but was subsequently re-scheduled for Summer 2023. Postponement fees were paid to key creatives and artists to hOnr their commitment to the projert despite the delay, something mentioned in feedback as being much valued. Developed in 22-23. at time of Signatu(Ort.23I the produCtn has premiered al Turner Sims Hall. Southampton. in June 2023 before tourin8to non-traditional spaces and theatres for 14 performances in six waterside locations across England. Oiretted by Lucy Bradley. conducted by fimothy Burke and deSned by Ana Ines Jabares-Ptta The Ffying Dutchmon featured a principal cast of internationally acclaimed singers Philippa Boyle, fimothy Dawkins. Girolyn Holt and Pauls Putnins alongside players from Manchester Camerata who also sang the thorus. Performing to sell out audiences in both Bristol and London and to new audiences for Operaupclose's work in locations such as Hull and Liverpool The Ffyin9 Dutchmon received favourable reviews in both national and local press "Powerful and Poignant" (The Times); "5. Fearle55" ISta8eTalk Magazine).. "No plaudits can be sufficient for Manchester Camerata and Conductor Timothy Burke... themselves acting up a storm" (The Guardian)- Yhe Wagner Tewrite of the decade" {Plays Internationall. Communlty th¢)rus The Flying Dutchmon stands as the first iteration of OperaUpCIose's long-temi plan for community en8aBement work,. with live and on-line ctrcreative opportunities. modelled in Southampton with our local partners and then taken to other areès around the UK, that contribute directly to our core work. In summer 2022 we ran a series of creatNe singing workshops, led by experienced facilitators, Michael Betteridge and Lynsey Docherty. with community groups aged between 7 and 75+, in Southampton. Blackpool, Bristol and Hull. The material recorded during these se5snS was mixed together to create one national coastal chorus that featUd at a key dramatic moment in the touring production. "My 10-yeor-old loved the entire experffence os did l. ft is o very fun. encouraging, and wonderful experience." (Community Chorus Participant) Talent Development We expanded our paid Trainee Asswate Dirertor scheme into a wider Young Associate Artists programme gbving opportunities to an emerging conductorlmusic director and four singers. We engaged Manchester based conduttor and comwser Robin W•llin8ton to worfE With us as Associate Conductor and held an open aUdItn pmcess fi)r Associate Artist sin8ers. reachin8 Out to music colleges, unlversity departments. National Opera Studio. and other key contacts to identrfy early career singers Wtth partKular potential in the dramatic repertoire. The quality of artists was exceptional with Annie George Imezzosopranol. Toki Hamano Ibarttonel. Catherlne Hopper Isopranol and Masimba Ushe Ibassl engaged as the Associate Singers on the projett. Winter Celel¥ation and RevBrand In late 2022 we worked with desener Laura Whilehouse on a major refresh of the Operaupclose brand and website to fIett the change in kadership and enhanced arnbItn5 of the company. We
Docu&"gn ErvlqJe IO". cc3C31&K6124ESt3lsD2O1257g Operaupclose Ltd Report of the Trustees F(the year ended 31 Mar¢h 2023 were delighted to hold a celebration event in December launchrng the new bfandin& acknowledging the achievements of our founder Robin NOrtOn-Ha who departed in Autumn 2022 to become the General Director of English Touring Opera and introducing friends and supporters to our Ix)Id future programme and our new partners. Flnancial stability and reslllen¢e We continued to rebuild our reserves. finishin8 the year 31 March 2023 wlth £144,225 to carry fonvards. of which £85,488 15 restricted for future productions. £75,019 is restricted for The Flying Dutchrnon £10.469 is restricted for the revival of Peace At Lost OperaUpCIose requires reserves to plan its futu work and provide for unforeseen contingencies a5 they may arise. The nature of the company's operation requires lianCe on signifant income from ACE, grants, donations andticket sale5. allof which can showsubstantial variation duetothe economic climate. government polic4 and exceptional events. Consequentty, the company aims to retai general. unrestricted reserves sufficnt to enable the cofflpany to operate successfully and fulfil tts 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 unrestTi¢te(I reserves, £58,737 is a risk fund of general, free reserves. In 23-24 we are returning to touring mid-scaie productions that generate unrestricted income towards our core costs. Due to the postponement of The Flying Dutchmon from September 22 we did not tour in the year ending 31 March 2023. but continued to coverthe shortfall through other income strands and building our relationships with Arts Council England. donor5 and trusts & foundation5- Arts Council England: Operaupclose secured their m05t signifant National Lottery Project Grant to date for The Ffying Dutchmon for £69.210 wfth the first payment received in March 2023. In November 2022 it was announced that we had been successful in our application to join the National Funding Portfolio for 2023-2026 with a grant of £195.IX(l a year. This powerful endorsement underpins our abilrty to take forward our ambitious art45ti¢ plans and expand our core team, as well a5 providing a stable piatform for essential addttional fundraising from both trusts and foundations and indNiduals. Individual Giving-. we have had continued success in the area of individual giving raising £10,469 in restricted income for Peoce At Lost Itouring Autumn 231 through The Big Grve Christmas Challenge. We have nurtured and developed the Ftying Dutchmon Supporter Syndicote, helping to sustain the delbvery of the projeci and setting a precedent for Success with produLtion syndicates for future funding. Trusts & Foundations= we are enormous grateful for the ongoing support from Garfield Weston 1£15kl, the John Ellerman Foundalion 1£30kl and Internatnal Music and Art Foundation I£IOkl for core costs. We also received substantial grants from the Kobler Trust 1£25kl and the Backstage Trust1£35kl for The Ftying DUhMon. Risk Management Operaupaose's Articles (dated 8 July 20131 detail all necessary mechanisms for the Board to have full oversight and responsibilhty- set resenies. en8a8e and pay employees. elect new Trustees and refresh the Board: delegate to committees and manage conflicts of interest. Operaupclose. its Board. staff and committeu operate under a Scheme of Delegation and Codes of Conduct.
Docu&w En¥elLwe ID." cC3C316l24E$314-S02O1257•9lE Operaupaose Ltd Report ofthe Trustees For the year ended 31 March 2023 We have 10 highty committed Trustee5 With a wide range of speckilisms and expertise as outlined above. Our governance and financial and risk management are robust- we have separate Finance and HR committees that meet regularty and are delegated with clear Temis of Reference. The HR Committee ha5 responsibility for recruitrnent. employment & HR policies: pay review5: and ensurin8 that Operaupclose's EDI policy & Code of Conduct are observed & embedded. Since the end of the last finanaal year, Operaupclose is proud to have become a Lr¥ing Wage Emph)yer acuedited by the Living Wage Foundation. The Finance Committee has responsibilty for finanoal risk management. reviewing management accounts ffl0nth and holding the executNe to account vs budget. Priorities lorthe IUre Arts Coundl England Natlonal Ptytfollo Oryanis•t From April 2023, OperaUpC105e will be included for the first time in Arts Councd England's National Portfolio. This is a powerful endorsement of our programme for 2023-26 and our mission to create new work in four main areas- l. Refreshing the Operatic Canon: working with the Ufs rnost exciting composers. writers. and creattries to refresh and renew the repertoire. creating artsticalfy excellent. bold. chamber re- imaginings of existing merial that place re- invention and new writing at the core of our programme. 2. Stories of the Sea- inspired by our home in Southampton and the lived expErience of local people, we are creating new work around the changin8 landscape of coastal communities across the UK. We are evofving our ambition to extend outreach and audience development, making emotional and intellectual connections with coastal communities acr055 the country by involving them directty in the creative process. 3. Cross Art-form Partnerships and Commissions." new multi4iscplinary work, Cated through collaborative partnerships WTth a wide range of artists and or8anisations. 4. Opera for the Very Young- creating legacy and increased engagement with new work devised with. and specifically for. 2-5-year-olds. touring to sthoob. nurseries and studio theatres in areas of particular need. We two were lovers-the Sea and l is a staged recital pro8ramme of poetry and music, thematicalty linked to The Flying Dutchman. designed for Spaces without the reurCe to take the full production. It will tour to areas sgnificantly underserved by the arts including Isle of Wight and Peterl)orough exiending our work and developing new audiences by taking artistically excellent. relevant and accessible work into communty spaces. This satellite programme is performed by soprano Catherine Hooper and harpist Nicolette Chin from the Young Artist Scheme and will centre around a newlv cIKnmissioned English updating of Haydn's dramatic cantata Arianna o Naxos byToria Banks. Riders to the Sea We are partnering with composer Michael Betteridge alongside fellow MAST resident company ArtFulScribe in a serie5 of comrnunrty led research and development workshops around Vaughan William's one-art opera. Riders to The Sea, creating a response piece as a prologue to the opera that explores the social and environrnental thallenges of modern coastal communities.
DOUtS Ens*lwe IO". Gc3C31P6124EsCwl&5O2ol2S7g?3E Operaupclose Ltd Report of theTrustees Far the year ended 31 Mah 2Q23 The new choral prologue will be recorded by multie coastal community singing groups in Blackpool, Hull, London and Southampton creating the soundtrack to a new film, made in collaboration with an early career film maker recruited and meniored ty City Eye. Southarnpton. This film will be presented across our digital platfoms. and then as an integral part of a fully staged touring production of Riders to the Sea (newly orchestrated by Michael Betteridge for accordion. oboe and darinet} in 2024 in our first Co-Produttion with MAST MayAower Studios. Peace At Lart In partnership with Southampton and Isle of Wight Music Hubs and Chickenshed Theatre we will refresh and revive our opera for 3- 5-year-olds based on the picture book by Jill Murphy, Peoce At Last. Touring to studio theatres nationwide and to schools in Southampton and the Isle of Wight in Ortober 2023, this revival is the beginning of a long-tefm commttment to tO-¢reative work with Early Years settings in the South-west. and the development of our aim for integrated Signing and/or ueatNe captioning to be integral in all our work. OperaCo¢ktall An Operaupclose shop window. A revived and refreshed programme of Operaupclose 'classics' for venue5 that Current have little. or no opera programmed and are not yet able to take a full produrtion, helping to devehp Ouf audiences in under-seNed areas nationwlde. Operacocktsil flexible in scale and can be adapted to suit all spaces, pLices and events making it an ideal prograrnme forgenerating additional earned income through prr4atelcorporate events. Operacotktail is the ba515 of a strategic long-term partnershipwith Cunard currently in development wtth our first voyagetaking place in October 2023. T•lent develaprneTht OperaUpC105e place5 the development of emerging talent at the heart of every projert. In 2023, we will develop and expand our Trainee AO¢late Artist Programme in partnership with MAST and Southampton University to give early Career opportunities to all perfomier5 and creatives, allowing them to work alongside experienced professiona15 and gain vital performance and delivery experience. Our 2023 Associates include conductor/composer Robin Wallington, director Jenn•fer Lane Baker, inclusive art5 specialist Sarah Driver and baritone Toki Hamano. Structure. 6overnan¢e and Mawyment Operaupclose Ltd, is a company lirnited by guarantee which ts also re8istered as a charity. For the purposes of the Companies Act 2(K)6. the members of the board of trustees are aLso the directors of Ihe companv. Name of charity Charity registration number Company regis1ratn number Operaupclose Ltd 1153307 08613929. Chief Executive and Artistic Dirertor-. Chief Executive and Artistic Director. Robin Norton-Hale (until September 2022) Flora Mdntosh (since September 20221
00Sj EnOpe ITr. CC3C31&U6124EStW14-50201257999E Operaupaose Ltd eport of the Trustees Forthe year ended 31 March 2023 TTUStees- The trustee5 serving during the year and since the year end were.. John Andrews Amanda Ariss Chartth Cabraal (Acting Chair from 26106120231 Matthew Lyons Joe McFadden Gweneth Rand Abigail Toland (Chair- currently on leave of absence) Caro Ward John Ward Oare Williams The Trustees have considered how the charitvs acibVIt create public benefft. They have concluded that OperaUpCIose's activities are entirely for public benefrt because they are undertaken solely for the charltable purpose of the advancement of the arts. Date 06 November 2023 1 15:15 GMT Charith Cabraal (Acting Chair) io
Dow&gn ErNthJre fj". CC3C31&¥06124E5LW14-5020125PJ99E OperaUpCIose Ltd Independent Examiners Report For the year ended 31 March 2023 I report to the trustee5 on my examination of the accounts of the charitabie company forthe year ended 31 March 2023. Responsibilities and the ba9 of the report As the charity Trustees. wfrto are also dirertors forthe purposes of company law, are responsible for the preparation of the accounts in accordance with the provisbons of the Companies Act 20061'the 2006 AcY} Having satisfied myself th the accounts of the company are not required to be audited under Part16 of the 2006 Act and are elEible for independent examination, I report in respect of my examinalion of your charitys accovnt5 carried out under section 145 of the Charities Act 20111'the 2011 Act'l. In carrying Out my examination I have folklwed the directions given by the Charity Commission under section 14515) {bl of the 2011 Act. Independent examiners $tstement Since the Charitable companrfs eross income exceeded £250.0(Kl. your examiner must be a member of a body listed in Section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination by virtue of my membership of the Institute of Chartered Accountants in England and Wales, whlch is one of the listed bodies. I have completed my examinatlon. I confimi that no matters have come to my attentbon in connection with the examination gNing me cause to believe that in any material respect= l. Accounting records were not kept in respect of the Company as requifed by section 386 of the 2006 Act.. or 2. The accounts do not xcord with those records: or 3. The accounts do not comply with the requirements of 3% of 2006 Act other than any requirement that the accounts 8ive a 'true and fair Vie which is not a matter considered as part of the independent examination= or 4. The accounts hwe not been prepared in accordance with the methods and principle5 of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with Financial Reporting Stsndafd applicable in the UK and the Republic of Ireland IFRS1021 I have no concerns and have come across no other matters in connertion with the examination to which attention should be drawn in this report io enable a proper understanding of the accounts to Date 06 14ovember 2023 1 15:16 Tremain House Maple Drive Winchester Hampshire S0237NG li
Oocuslw En%EILwe ID.. CC3C316&C6124E5tM31*50201257999E OperaUpCIose Ltd Statement of financial Artlvities (Including in¢ome and expenditure account) For the yeaf ended 31 Marth 2023 Ngtes 2022 Inme and endo¥rtments from: Donab"ons and legacies Charitable artivities 95.243 128.9 224.151 175.168 4,500 95 2,492 Investments 95 Other income 21.593 21,593 9,746 121,431 128.908 250.339 187.410 Empenditureon: RaIn6 funds Charitable attwities 21,276 21,276 15,361 718 103,669 80,773 IB4.442 157,853 124,945 80,773 205,718 173,214 Net Income 13.5141 48,135 44.621 14,1% Rec(1111110ft ot funds Total fvnds brought fopward 61251 37.353 99.604 85.408 Total funds TrIed forward 58.737 85.488 144,225 99.604
DogJSKJn E[oPe ID.. CC3C31W6124E5t>A315D201257999E Operaupaose Ltd Statement of Financial Posillon For the year ended 31 March 2023 2022 Cufrem assets Obtor 14 28.251 5.664 Cash at bank and in hand 133.859 IOL998 162.110 107.662 Credltor>' •mounts fallini due wiihin ofte 117,88S 1&0581 Net current aets 144.225 Total Assets le55 rrert Ilabilities 144.225 CredIto. amounts due after more than one year Net Assets 144.225 The lunds ofthe tharlty Restricted income fvnd5 Unre5trirted income fijnds 37,353 S8.737 62.251 Totsl funds 144.225 For the year ended 31 Marth 2023 the cornpany was entitled to exemption from audit under section 477 oftht tompanies Act 26 rel*1 to small companie& The members have not required the companyto obtain an audit of its accounts for th question in accordance vmth sertion 476. The trustees acknowledge thèir responsibilities for complwn8with the requirements of the Ad respect to accountin8 records and the preparation of attounts. These accounts have been prei attordancewith the provisions applicable to companies subiect to the srnall companie5, re8ime.
D9n En4*knpe ID.. cC3C316Ml24ES0-A3lUD2O12S799jE The financial ststements were approved and authorised for i$5ue by the Board and signed on its behalf by.. Da 06 November 2023 1 15:15 Charith C3braal Actin8 Chair and Trustee 14
OwJSPJn En¥ ID.. CC3C31&Ath124ESW14-50201257999E Operaupckne Ltd Notes to the accounts 31 Mardb 2023 L Auauntmii Poldes asls of accounting The finantial statements have been prepared under the historical cost convention except for investments which are included at market value and the revaluation of certain fi¥ed ets and in accordance with the Charities SORP IFR51021 'Accountin8 and Reporting by Charityes.. Statement of recommended practice appl¢cable to charities preparing their accounts in accordance %wth the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFR51021 leffertive I" January 2019Y. Financial Reporting Stsndard 102 the Finanual Reporting Stsndard applKable in the UK and Republic of Ireland IFRS1021 and the Companies Act 2CI]6. Vpclose Production5 meets the definition of a public benefit entity Under FRS102. Assets and liabilities are initialty recognised at historic C05t or trarsartion Value unle$5 otheThvise stated in the appropriate accounting polity note(sl. The finanual statements have been prepared on a 80in8 cwcern bas which is, in theview ot the trustees, the appropriate basisto be applied. Inc¢x1g resou$ Gross in¢¢)me represents the value. net of VAT and discounts. ofgoods and Servi provided to customers and work carried out in wert of semces prded to eustomets. Cutegoitsof income Income is ¢ate8orised as ineomt fr£kn eXtha transartions Itontrart intomel and income from non. extharfe transartions l&ftsl, in¥e5tment income and other income. Income for exchan8e transactions is received by the charity for8ood$ and services supplied under contrart or here entitlement is subjert to fulfillin8 certain performance related conditions. The income the charity receives 15 approximately equal in Value to tothegood5 or5ervices supplied bythe charity to the purtha5er. Inccrtne for non-exchan8e transactions is wherethetharity recw¥esvalue from the donor without providin8 equ v¥ue in exchange and indu(les donation5 of money. good5 and service5 free 8i¥en wthout givir equal value in exthzn8e. Income reteygnition Income, whether frwi exchan8e or non-exthan8e tfansactiofts, is reco8ni5ed in the Statement of Finanoal Activities ISOFAI on a receivable ba515. when 3 transaction or other event results in an increase in the tharirfs assets or a reduttion in its liabilities and ontywhen the thartty has legal entstlement. the intome is probable, and can be measured reliably. Income subject to terms and conditions whith must be met befrwe the tharity is entitled to the resources is not reco8nised until the conditions have been met. All income is accounted for gross. before deduction of any fees and costs. L*rredincomeondincorne receivedin t7dvonce. whe terms and conditions for relatsng to income have not been met or uncertainty exists as to whether the tharity can meet any terms or conditions otherwise within its control, income is not reco8nt5ed but is deferred as a liability until it is probable thatthe terrn5 or conditions can be met 15
D(gn Efftcye10." Cc3c31fyH612-[314-SD2O12Sv39gE Operaupclose Ltd Notes to the a¢¢ounts 31 March 2023 Any 8rant that 15 subject to performance re13ted criteria condition5 1Ved in a(fvance of deliverin8 the goods and sep4ices required by that condition or is subject to unmet conditions wholly outside control of the reopient charity, it is accounted for as a liability and shvn on the face of the balance sheet as deferred income. Deferred income is released to income in the reportin8 period in whith the performance related or other condition5 that Itmit recognition are mèt. When incorne frorn 3 grant ordonation ha5 not been ret(enised dueto the conditions apptying to the wft not being wholly within the Control of the reapient tharity. it is disdosed as a contingent asset if recwpt of the 8rant 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 con¢erned and. where applicable. it is accoltnted for as a liability and Shown on the balance Sheet as deferred income. When grants are received in advante of the expenditure on the activity funded by them but there a no specific time period5. then the incorne 15 not deferred. Any condit*)n that allows forthe recovery by the donor of any unexpected part of the Brant does not prevent recognition of the income (l¢eMed but a liability to any payment is reco8ni5ed when repayment become probable. supporterlfrnd5odPrtro$j subscriptions Thè intt>me and any associated Gift Aid or othertay refund from a supporter subscrsption received by the tharity in the nature of a 8iffj is aOUnted for on the same basi5 a5 a donation. The income from a membershlp subsuiptii)n purthases the reht to Services or benefits 15 recogni5ed as income from charitable adivities. Resources expended A liability and the rdated expenditure is recognised when a legal orconstruttive Oblation eXts as a result of a past event and when it is more like than not thai 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 arisin8 from future fvndin8 commitments and constructNe obligattons. including performance lated grants, where the trmir¢g or the amount of future expenditLKe are uncertain. give rise to a provision in the accounts that Is reviewed at the accountin8 year end. The provision is increased to renect any incrèase in liabilities and is detreased bythe utilisation of any provision within the period, and revefsed if any provision is no lonzer required. These movements are charged or credsted to the respective funds and actNitie5to whith the prlSon relates. Allot and apportionment of ¢osts Direct costs that rdate specifically to an artiwty alWted to that adr4Tity. Shared dirett costs and support costs are apportioned betrween artivities. Thè basiiforappoftionment. which is consistently appld. and proportionate to the cirujmstsnces, is. Staffin8- on the basi5 of the time spent in connection Wbth any particular activity. Premises related costs- on the proportion of the floor area cffjipied by a particular acti. Nofvsp•tific support Ct)sts- on the basis ofthe usa8e of re50ur 16
Docu&"gn EthCpe ID.. CC3C316M6124ESD43150201257999E Operaupaose Ltd Notes to the a¢¢ounts 31 March 2023 Taxatjon A5 a registered charity. the or8ani5ation is exempt from incoffle and corporation tsx to the extent that its income and gains are applied t¢>ward the charitable objects of the charity and for no other purpose. Value Added Tax is included in the relevant tosts in the statement of Financial ACtitieS to the extent that it is not recoverable by the charity. Windinl up or di01Y1)Th of the charfty If upon winding up or dissolution of the tharity any assets remain aftèr the satisfaction of all debts and liabilities. the assets represented by the atcumulated fund shall be transferred to some other tharitablè body tr bLJie5 having similar objerts to the th?rity- Debtors Debtors are measured zt their rec(Nerable arnounts at the balance sheet date. Crwllt¢ts provtsk$ Creditors are stated at the amount considered payable at the balance Sheet date. 2. Income from Don*io•)s and lrfaties Donations eeNed 21.052 63,CQ) IL191 16.725 I,183 37.777 175,183 11.191 103.469 61,200 10,499 Grants recwved Subscriptions received 95.243 128,9)8 224,151 175,168 Anafysls of grants recei1 2023 2022 Arts C¢until England Backstage Trust John Ellerman Foundation The Kobler Trust Garfield Weston Foundation 37.183 40,000 30,000 25,000 1s,ory) 15.000 10,000 3,orKI 61,200 .000 Cockayne- Grants for the Arts and The London Comrnunity FoundatK International Music and Art Foundation 10,000 The O'oyly Carte CharitableTwst 2022 grants not repeated in 2023 4.000 175,183 ,200 17
El1(4)e ID.. CC3C31&M6124E5W150201257999E Operaupclose Ltd Notes to the aCcnts 31 Marth 2023 3. 1nMefrOrn thaTitsble acli¥llies 2022 Unreslricted funds Income from charitsble activities 45Ch) 2,492 4. Investment IKome 2023 2022 Unre51rlrted fvnds Bank interest receivable 95 Olher Incorne 2023 2022 Unrestrlrted Fw Miscellaneous income 9,746 Theat Tax Rdief 2LS93 21,593 9,746 Expndlture ofi other trathng artr4its 2023 2022 Unre51rkted fvnds Raising funds and costs of Investment managements 21.276 15,361 7. Costs of charitable •rti¥ibe5 by fvnd typE 2013 2022 FndS Opera productions and learnin8 and participation costs Support costs 80,773 107,4S3 96,405 76.989 76.989 61.448 103.669 80.773 184.442 157,853 18
D(&9'9n ID: CG3G31&4-O6124E5LW1[Y20125TrJSgE Operaupclose Ltd Notes to the accounts 31 Marth 2023 & Costs of chafftable a¢ll¥ltle5 ty actl¥ltytyye 2022 Support tosts Opera produrtions and Learnin8 and participation Activities 103,669 80.773 184,442 157,853 9. Analysts ol suppon tosts 2023 2022 Opera Productions and Learniw and Partityaln Artivi Employee costs not included in direct Costs Administrative overheads Financial tosts 60.110 14.543 336 48.655 9.908 2.885 Governance costs 76.989 61.448 10. Net Income after charyl 2023 2022 Accountsncyfeès 36 2.885 11. Stall costs 202a 2022 Total staff costs for the ytar*nded 31 Marth 2023 were: Salaries and wages Sociol security costs Pension costs 86.790 101,436 IL1481 1,549 85.612 102.985 19
DorJJS¥n Enve Its. CC3C31&44ffj124ESfth314-5D311257999E Opernupclose Ltd Notes to the acc04W 31 March 2023 12. Employee numbets by actpaty 2073 2022 Administration Charitable artiwtie5 Fundraistn The Full fime Equivalent for the staff complement 15 2.112022- 2.51 13. Comyratl¥e for th•Stat•ment of AnaTh¢lalA¢li¥ity 2021 Int(Kn and èhd¢ymentsfrom: Donation5 and legacies Charitable activitie5 104.676 2.492 70.492 175,168 2,492 Investments Other income 9.746 116.918 9.746 187.410 Totsl 70.492 E¥pendlture on: Raising funds Charitable actiwties 15,361 109,674 125.035 15.361 48,179 48.179 157.853 Totsl 173.214 Net expendllure/{Income) 18,1171 22,313 14.196 Reconcillatirth of fvnds Totsl fvnds brought forward Total fvnds carried torward 70.368 62.251 15.040 37.353 85,408 99.604 14 Debtors 2023 2022 Arnounts bein8 in one year. Trade debtors Otherdebtors 27.907 5,664 28.251 5.664 20
DLxyJSiw E810.. CC3C316K6124E5(W14-5D201257999E Notes to the accounts 31 March 2023 15. Creditorn amounts falln8 duewlthin one ywr 2023 2022 Trade credito 11,882 1.394 2,535 2.074 Other credltors 5,558 PAYE and Nl Accruals and deferred incryne 2.500 17.885 8.058 16. Movement kn Funds g•1)rrte•t e•lanre at Saw5 JVQy2013 Unrestricted Funds General Unrestricted reveftue attumulated funds 62.251 121.431 1124,9451 58,737 BalanEeat 311031202 Unrestrlcted Funds- Pre¥usyear General Unrestrirted revenue accumulated funds 70.368 116.918 125.0351 62.251 Unrestrirted revenue actumulated funds Thésè funds are held for the rneetin8 of the oblertS of the charity and to priwide re5erye5 for future artivitie5 and, subiert to tharity leeislation. are free from all restri¢tions on their use. I$•1 3UO311023 Restrf¢ted Funds Produdion fund 37353 128.908 180.7731 85,488 Train8 and development 37,353 128.908 180.7731 85,488 21
DOwSn Etydo)E ID.. CC3C31&1-Cfj124ESD4315D201257999E Opernupaose Ltd Notes to the accounts 31 Marth 2023 JI/O¥2021 Restricted Funds Produrtion fund 70,492 148.1791 37.353 Training and development 15.040 70.492 148.1791 37,353 Purposè of restricled fvTrds Production fund These funds are held for current and future productions and leaming and parrictpation programmes. Trainin8 and devdoprnent To develop the tharity by training staff and developing organi5ational and fund-raiyngfunrtions 17. Anysls ofthe assets between lund5 Wetawrert omyear Year ended 31 2023 Unrestrktedfvnds General Unostrirted revenue accumulated fvnds 58.737 58.737 Reslrlrted fund5 Training fund Production fvnd 85,488 85,488 144,225 144.225 Net(wrent Ilet ¥ear- 31 Mirch 1022 N•¥lWes Unrestrkted lunds General Unrestrirted revenue accumulated fund5 Aestrirted fvnd5 37,353 37,353 Training fund Production fund 62,251 99,604 62,251 22