2025-03-31-accounts - Regents Opera Ltd

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REGENTS OPERA LTD

A company limited by guarantee having no share capital

Report and financial statements for the period ending 31 March 2025

COMPANY NUMBER: 08818591

REGISTERED CHARITY NUMBER: 1155257

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

REGENTS OPERA LTD

Contents of the report and financial statements For the period ended 31 March 2025

Directors	-	-	-	-	-	-	-	3
Report of the directors			-	-	-	-	-	4
Statement of financial activities		-	-	-	-	-	-	8
Balance sheet -	-	-	-	-	-	-	-	9
Notes to the financial statements			-	-	-	-	-	11
Independent examiner’s	report		-	-	-	-	-	20

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

REGENTS OPERA LTD

Directors For the period ended 31 March 2025 PATRON: Sir Thomas Allen TRUSTEE DIRECTORS: Oliver Gibbs (Trustee Director) Howard Gatiss (Trustee Director) John Roussety (Trustee Director) Brian Partridge (Trustee Director) Donya Rafati (Trustee Director) Philip Harrisson (Trustee Director) - resigned 20 November 2024

ARTISTIC DIRECTOR: Benjamin Woodward REGISTERED ADDRESS: 16 Pinewood Drive Little Haywood Stafford England ST18 0NX COMPANY NUMBER: 08818591 (England & Wales) REGISTERED CHARITY NUMBER: 1155257

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

REGENTS OPERA LTD

Report of the directors

for the period ended 31 March 2025

The directors of Regents Opera have pleasure in presenting their report, together with the financial statements for the period ended 31 March 2025

Regents Opera Ltd was incorporated on 25 November, 2013 and is governed by its Memorandum and Articles of Association. On 2 February 2022 the company changed its name from Fulham Opera Ltd.

1. Objects, organisation and activities

Regents Opera is a leading fringe opera company, specialising in, but not limited to, the larger works of the 19th and 20th centuries. It offers emerging and established singers a platform to perform major repertoire not often staged outside the major houses.

The charity is established to enable the advancement of the arts through the promotion and presentation of opera to the highest possible standard in communityaccessible venues at an affordable price.

Along with performing opera, Regents Opera has a mandate to use the medium of opera to foster social inclusion, empower minorities and the marginalised to participate fully within society, and to engage children and young people in the performing arts.

We pride ourselves on being a company that attracts both new and established opera goers through our high artistic quality and evocative and engaging productions. We have a mission to make opera the universally accessible form of music theatre that it was designed to be.

The directors confirm that they have had regard to the Charity Commission’s guidance on public benefit, and have implemented plans to increase the scope and impact of the charity on accessing members of the public not previously reached.

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

2. Introduction and review of activities

Artistic Report Sep '24 - Mar '25

I write as Regents Opera have just produced – and indeed survived(!) – putting on the only production of Wagner’s complete Ring Cycle that will happen in the UK in 2025. This journey, which started in late 2021, through our gala launch in March 2022, then to Das Rheingold in November 2022, Die Walküre in May 2023, and then Siegfried in February 2024, has now been concluded with Götterdämmerung and two complete Ring Cycles, each performed in a week, to 4 and 5 star reviews in the national press and trade journals, as well as industry people really rethinking their conceptions of the company. Though there were times when prudence might have been telling us to rethink or postpone (probably not really a logistical option), we pushed through, with many peoples’ help, and it has been a rip-roaring success.

Whilst the Ring has been the company’s primary focus in the past six months, we also produced a major symphony concert at St John’s Smith Square of Strauss’s Alpine Symphony , and in December we also gave one of our orchestral workshops on Korngold’s Das Wunder der Heliane , and in March on Strauss’s Daphne.

Aside from all of the various plaudits of the Ring, Caroline Staunton’s direction, and the singers’ artistry, we also spent a few days in Ben Jonson Primary School in Tower Hamlets, and we will shortly be going into Downe House School in Berkshire, giving children their formative experiences of opera. Though we do a more PG-rated version of the Rheinmaidens’ scene for them.

It is difficult to know where to begin with the gratitude the company owes to so many people for the work we have achieved during this period, though the continued belief in the project, and the overall vision, given by the Board, has been essential and is very much appreciated.

The biggest challenge the company continues to face is money, and a project of the scale of two complete Ring Cycles tested the company’s resources, artistic and financial, to the limit. That we were able to achieve such high production standards, and generate a small financial surplus, make us profoundly grateful to all of our ticket purchasers, sponsors, donors and friends.

Ben Woodward Artistic Director

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

3. Financial review (all figures in £k)

Income in the 7 month period to 31st March 2025 was £ 695.8k and compares to the prior year 12 month period to 31[st] August 2024 of £ 292.1k. Income comprises donations, ticket sales, tax reliefs, and income tax refunds. Costs in the period were

£ 684.2k, compared to prior year costs of £ 273.2k. This financial outturn has resulted in an excess of income over expenditure of £11.6k, enabling reserves to increase from £ 28.3k to £ 39.9k.

The company does not own premises or have any salaried employees and ongoing overheads are minimal. Grant and donor funding is sought in connection with individual projects and programmes rather than to contribute to reserves. Sufficient unrestricted reserves are retained to meet projected working capital needs matched by cash assets and short term receivables, notably a substantial claim for Theatre Tax Relief from HMRC.

Despite his resignation in November 2024, our Treasurer, Phillip Harrisson agreed to continue to provide accounting and reporting services through to the completion of the Ring Cycles. Given the scale of those productions, such support was absolutely essential, and the Board are extremely grateful to Phillip.

4. Contribution of artists and volunteers

The contribution made to the charity by the myriad of artists and volunteers is enormous. Without this contribution the charity would not be able to achieve its objects or activities to the extent that we have.

A sense of collective goodwill and community spirit pervades at Regents Opera, and the artistic output of the company is the better for it.

5. Principal sources of funds

The charity is supported by private donor funding, grant giving bodies and by income from admissions to productions.

6. Governance and Risk reviews

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

The directors carry out: reviews of the risks the charity may face at regular Board meetings

We have established systems and procedures to mitigate identified risks, and the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.

Principal activity

The principal activity of the charity is that of an opera company.

Directors

The directors who held office during the period were the same as the current directors noted on page 3 above other than Phillip Harrisson who resigned on 12[th] November 2024.

Appointment of directors is by ordinary resolution of the members at a general meeting.

Brian Partridge Trustee Director

19[th] May 2025

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

REGENTS OPERA LTD

Statement of financial activities Period ended 31 March 2025

Statement of financial activities (including summary income and expenditure account)

Unrestricted funds Restricted income funds Total funds Prior year funds £ £ £ £	Unrestricted funds Restricted income funds Total funds Prior year funds £ £ £ £	Unrestricted funds Restricted income funds Total funds Prior year funds £ £ £ £	Unrestricted funds Restricted income funds Total funds Prior year funds £ £ £ £
148,455		148,455	96,139
318,849		318,849	140,266

60,000		60,000
168,505		168,505	55,678
695,809	-	695,809	292,083

42,897		42,897	10,436
631,481		631,481	240,459
7,795		7,795	9,250
2,070		2,070	13,082
684,243	-	684,243	273,227

11,566	-	11,566	18,856

11,566	-	11,566	18,856

11,566	-	11,566	18,856
-	-	-	-
-	-	-
11,566	-	11,566	18,856

28,333	-	28,333	9,477
39,899	-	39,899	28,333

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

Balance sheet

Unrestricted funds Restricted income funds Total this year Total last year £ £ £ £	Unrestricted funds Restricted income funds Total this year Total last year £ £ £ £	Unrestricted funds Restricted income funds Total this year Total last year £ £ £ £	Unrestricted funds Restricted income funds Total this year Total last year £ £ £ £
145,195		145,195	63,24 8
44,465		44,465	115,82 5
189,660	-	189,660	179,07 3

149,761		149,761	150,74 0

39,899		39,899	28,333

39,899		39,899	28,333

-		-	-

39,899		39,899	28,333

			-
39,899		39,899	28,33 3
39,899		39,899	28,33 3

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

REGENTS OPERA LTD

Balance sheet

As at 31 March 2025 – continued

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ending 31 March 2025.

No notice has been deposited under Section 476 of the Companies Act 2006 in relation to its financial statements for the financial year.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP.

Signed on behalf of the directors

Brian Partridge Trustee Director

19[th] May 2025

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

Notes to the financial statements

for the period ended 31 March 2025

1. Accounting policies

Basis of preparation

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The accounts have been prepared in accordance with:

the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019.
the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)

and with the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS102.

The accounts have been prepared on a going concern basis. Having made appropriate enquiries the directors consider it reasonable to assume the charity has adequate resources to continue for the foreseeable future.

Recognition of income

All incoming resources are included in the statement of financial activites (SOFA) when the charity becomes entitled to the income, it is more likely than not that they will receive the income and the amount can be quantified with reasonable accuracy.

Incoming resources from charitable activities represent ticket sales, front of house and bar income, and participation fees for operas, orchestral study day donations and other events.

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

Activities for generating funds represent income from crowdfunding or other online fundraising and annual subscriptions.

Voluntary income is receivable from income from donations, grant awarding bodies or charities, and any related income tax recovery therein.

Expenditure

Expenditure is included on an accruals basis and is inclusive of irrecoverable VAT.

Investment assets

The charity holds no investment assets at the balance sheet date.

Tangible assets

The charity holds no tangible assets (those being of a value of more than £500) at the balance sheet date.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the directors in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds comprise unrestricted funds that have been set aside by the trustees for particular purposes, or that have been designated by a donor for a particular purpose. The aim and use of each restricted fund is set out in the notes to the financial statements and recorded to the project to which it was designated.

2. Grants received

Nil (prior year: £ 25,000)

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

3. Income

Unrestricted

Analysis of income

Donations and legacies: Charitable activities:	Donations and gifts
	Gift Aid & Creative Tax Relief
	Legacies
	General grants provided by government/other charities
	Membership subscriptions and sponsorships which are in substance donations
	Donated goods, facilities and services
	Other
	Total

	Productions

	Total

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

4. Expenditure

4. Expenditure	Expenditure	Expenditure	Expenditure	Expenditure	Expenditure
Unrestricted funds Restricted income funds Total funds Prior year £ £ - - - - - - - 42,897 -10,436 42,897 - - 10,436 631,481 -240,459 2,070 -13,082 7,795 -9,250 - - 641,346 - - 262,791 684,243 - - 273,227 Total expenditure on charitable activities Analysis of expenditure Expenditure on raising funds: Professional fees Total expenditure on raising funds Expenditure on charitable activities Charitable activites Staging fundraising events Advertising, marketing, direct mail and publicity Support costs TOTAL EXPENDITURE	Unrestricted funds Restricted income funds Total funds Prior year £ £ Analysis of expenditure
		-	-	-	-
	Staging fundraising events	-		-	-
	Advertising, marketing, direct mail and publicity	42,897		-	10,436
	Total expenditure on raising funds	42,897	-	-	10,436

	Charitable activites	631,481		-	240,459
	Support costs	2,070		-	13,082
	Professional fees	7,795		-	9,250
				-	-
	Total expenditure on charitable activities	641,346	-	-	262,791

		684,243	-	-	273,227

Other information:

Analysis of expenditure on charitable activities

Activities undertaken directly	Grant funding of activities	Total this year	*Total* *prior year*
£	£	£	£
4,115			3,945
-			3,725
-			172,195
618,357			-
5,386			59,706
3,623			888
631,481	-	-	240,459

Prior year expenditure on charitable activities can be analysed as follows:

Within the expenditure items above the following items are material: (please disclose the nature, amount and any prior year amounts)

Expenses largely consist of payments to artists and production teams.

Where sums originally denominated in foreign currency have been included in expenditure, explain the basis on which those sums have been translated into sterling (or the currency in which the accounts are drawn up).

Not applicable

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

5. Debtors and prepayments

Please complete this note if the charity has any debtors or prepayments.

Analysis of debtors

Analysis of debtors
Other debtors Total Trade debtors Prepayments and accrued income	This year £	Last year £
	145,195	45,625
	-	17,623
	-	-
	145,195	63,248

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

6. Creditors and accruals

Please complete this note if the charity has any creditors or accruals.

6.1 Analysis of creditors

Amounts falling due within oneyear	Amounts falling due within oneyear	Amounts falling due after more than oneyear	Amounts falling due after more than oneyear
This year £	Last year £	This year £	Last year £
114,511	9,068	-	-
30,000
-	25,000
5,250	116,672	-	-
149,761	150,740	-	-

6.2 Deferred income Please complete this note if the charity has deferred income.

Please explain the reasons why income is deferred. Deferred income arises as a result of ticket sales in 2024 and 2025 productions

*Movement in deferred income account* Amounts released to income from previous periods Balance at the end of the reporting period Balance at the start of the reporting period Amounts added in current period	This year £	Last year £
	141,672	54,249
	5,250	100,271
	- 141,672	- 12,848
	5,250	141,672

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

7. Transactions with trustees and related parties

If the charity has any transactions with related parties (other than the trustee expenses explained in guidance notes) details of such transactions should be provided in this note. If there are no transactions to report, please enter “True” in the box or "False" if there are transactions to report. 28.1 Trustee remuneration and benefits

None of the trustees have been paid any remuneration or received any FALSE other benefits from an employment with their charity or a related entity (True or False)

In the period the charity has paid trustees remuneration and benefits. Please give the amount of, and legal authority for, any remuneration or other benefits paid to a trustee by the charity or any institution or company connected with it.

Name of trustee	Legal authority (eg order, governing document)	Amounts paid or benefit value	Amounts paid or benefit value	Amounts paid or benefit value	Amounts paid or benefit value	Amounts paid or benefit value	Amounts paid or benefit value
		This year					Last year
		Remuneratio n	Pension contribution	Redundancy (including loss of office)/ex gratia payment	Othe r	TOTAL
		£	£	£	£	£	£
Oliver Gibbs	By resolution	5,000				5, 000	-
Brian Partridg e	By resolution	1,600				1, 600
						6, 600	-
*Please give details of* *why remuneration or* *other employment* *benefits were paid.*
		Mr Oliver Gibbs was paid £5000 as a performance fee as a singer in Regents Opera productions. He was engaged on a contract basis as a self emplyed contractor. Mr Brian Partridge was paid £1600 as rental income from putting up a cast member at his house. Both payments were unanimously approved by the full board of Trustee Directors.

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

Where an ex gratia Not applicable payment has been made to a trustee, provide an explanation of the nature of the payment. Not applicable If a third party has been reimbursed for providing one or more trustees, state the nature of the payment and amount of the reimbursement. State the number of Not applicable trustees to whom retirement benefits are accruing under a defined contribution pension scheme.

28.2 Trustees' expenses

If the charity has paid trustees expenses for fulfilling their duties, details of such transactions should be provided in this note. If there are no transactions to report, please enter “True” in the box below. If there are transactions to report, please enter "False".

No trustee expenses have been incurred (True or False) TRUE

Type of expenses reimbursed	Thisyear	Lastyear
	£	£
Travel

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

Subsistence Accommodation Other (please specify): TOTAL

Please provide the None number of trustees reimbursed for expenses or who had expenses paid by the charity

28.3 Transaction(s) with related parties

Please give details of any transaction undertaken by (or on behalf of) the charity in which a related party has a material interest, including where funds have been held as agent for related parties. If there are no such transactions, please enter 'true' in the box provided.

There have been no related party transactions in the reporting period (True or False)

TRUE

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

REGENTS OPERA LTD

Independent examiner’s report to the directors of Regents Opera Limited

I report on the accounts for the period ended 31 March 2025 set out on pages 11 to 19.

Respective responsibilities of trustees and examiner

The charity’s trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011(the 2011 Act)) and that an independent examination is required.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Examine the accounts under Section 145 of the 2011 Act
To follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and
To state whether particular matters have come to my attention.

Basis of the independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX

consideration of any unusual matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statements below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

Which gives me reasonable cause to believe that, in any material respect, the requirements
To keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006; and
To prepare accounts which accord with the accounting records, comply with the accounting requirements of the Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of FRS 102.

Have not been met; or

To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Bridget Kalloushi ACIE. Independent Examiner,

London Road, Muswell Hill, London N10 3DH

Regents Opera Ltd (08818591) Registered Charity no. 1155257 16 Pinewood Drive, Little Haywood, Stafford, ST18 0NX