DtAJS*n Ert￿￿e ID." CC3C31&44ffj12-4Esr￿1￿2ol2sy$j9E Ch•rity number 1153307 Company number 08613929 lE￿I￿nd •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&￿l24Esr￿A314s02O1257998E 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 Ma￿h 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 DocuS*Jn ITr. CC3C316A46124E5LW1&5D2012579*E 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 I￿te I to the accounts and comply wrth the Charl￿S 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 add￿sseS 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. colla1￿rating 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 diversrfyi￿those 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 lifeA31*5D201257999E Operaupaose Ltd Statement of Financial Posillon For the year ended 31 March 2023 2022 Cufrem assets O*btor 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 a￿ets 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 2￿6 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. D￿￿9n En4*knpe ID.. cC3C316M￿l24ES0-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$5 otheThvise stated in the appropriate accounting polity note(sl. The finanual statements have been prepared on a 80in8 cwcern bas￿ which is, in theview ot the trustees, the appropriate basisto be applied. Inc¢x￿1￿g resou￿*$ 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 pr￿ded 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 Efft*cye10." 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 shv*n 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. supporterlfr￿nd5o￿dPrtro￿$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 a￿OUnted 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 Obl￿ation eX￿ts 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 pr￿lS￿on relates. Allo￿t￿￿￿ 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 appl￿d. 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 Eth￿Cpe ID.. CC3C316M6124ESD431*50201257999E 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 ACti￿tieS to the extent that it is not recoverable by the charity. Windinl up or di￿01Y￿1)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 bL*Jie5 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 recei￿1 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 El￿1(4)e ID.. CC3C31&M6124E5W1*50201257999E Operaupclose Ltd Notes to the aCc￿nts 31 Marth 2023 3. 1n￿MefrOrn 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 artr4it*s 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 F￿ndS 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 Partityal￿n 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¢y*mentsfrom: 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 E￿￿￿810.. 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 Saw￿5 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 oblert*￿S 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 Train￿8 and development 37,353 128.908 180.7731 85,488 21 DOwS￿n Etydo)E ID.. CC3C31&1-Cfj124ESD431*5D201257999E 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. An*ysls 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