Charity reglstration number 1156189 SOUTH DOWNS OPERA ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Caladine chartered Certified Accountonts SOUTH DOWNS OPERA LEGAL AND ADMINISTRATIVE INFORMATION Trustees J Jenkins S Benson B Newman T Parsons B Davies M Riches Charity number 1156189 Princlpal address Kotimaki Tottingworth Park Broad Oak Heathfield East Sussex TN218UH Accountants Caladine Limited Chantry House 22 Upperton Road Eastbourne East Sussex BN2118F Bankers National Westminster Bank PIC 1 Muster Green Haywards Heath West Sussex RH16 4AP SOUTH DOWNS OPERA CONTENTS Page Tnjstees, report Accountsnts, report Statement of financial activities Stat8ment of financial position Note8 to the financial statements SOUTH DOWNS OPERA TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present thelr report and accounts for Ihe year ended 31 December 2024. The financial statement5 have been prepar8d in accordance with the accounting policies sel out in note 1 to the financial stslement5 and comply with the charity's constitution, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Starsdard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 20191" Objectlves and actlvltles The objects of Soulh Downs Opera ISDO) are to promote and advance the art of music, including opera, in Heathfield, East Sussex and in such other parts of the United Kingdom as the Trustees may from lime lo time think fit. This will be done by the provision of public performances, workshops, grants to aspiring musicians and other appropriate projects that align wilh these obj8Cts. Public benefit The Trustees have paid due regard to guidance Issued by the Charity Commlsslon in deciding what activities the charity should undertake. Achlevefflents and performance Significant activities and achiev9mgnts against obj9Gtives During 2024, no opera productions were carried out. The charity's stock of props, scenery and equipment continues to be stored safely and securely. During 2024, and in line with the charity's updaled obj8Cts, grant5 to 5UPPOrt tuition and performance travel expenses were provided to three young pianists embarking on their professional careers as concert pianists. Additionally, a contribution was made towards a replacement piano for use by bNO music-related charities in Haslings. Financial roview The charity had a net surplus in the year of £202 leavlng free reserves of £297 (2023.. deficit of £268, with free reserves of £95). R8S8rves policy It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to three monlh's expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significanl drop in funding, they will be able lo continue the charity's Cuffent activilies while consideration is given to ways in which addrtional funds may be raised. Following the major Opera Production in October 2015, reserves have been depleted and the Trustees will seek to restore levels to a higher level before embarking on another production. Maiorrisks The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that system5 are in place to mitigale exposure to the major risks. Structurei governance and management SDO was registered as charity on 14 Maich 2014. It is a Charitable Incorporated Organisation and operates under its Constitution dated 14 March 2014 as amended on 22 May 2023. The Trustees, who are also Members, who s8rv8d during the year were: J Jenkins S Benson B Newman T Parsons B Davies M Riches SOUTH DOWNS OPERA TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 ReC￿ltment and appointment of trustees New Trustee5 are appointed by the existing Trustees and are given sultable induction and training. The Truste8s' report wa5 approved by the Board of Trustees. J Jenkins Trustse Date.. SOUTH DOWNS OPERA CHARTERED CERTIFIED ACCOUNTANTS. REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SOUTH DOWNS OPERA FOR THE YEAR ENDED 31 DECEMBER 2024 In order to assist you to fulfil your duties under the Charities Act 2011, we have prepared for your approval the financial ststements of South Downs Opera for the year ended 31 De￿rnber 2024, set out on pages 3 to 8 from the charity's accounting rècords and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional rèquirements which are detsiled at https'.lfvnvw.acKaglobal.comlgblenlmemberlstandardslrules- and-standardslrulebook.hlml. Thls report is made lo the charity's Trustees, as a body, In accordance with the terms of our engagement letter dated 18 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of South Downs Opera and stale those matters that we have agreed to state to the charity's Trustees, as a body, In this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at httpS'.Ilww.accaglobal.com/¢ontenUdam/ACCA_Global￿echnICaIIfacutechnIcal-factSheeI-163.pdf. To the fullesl extent permitted by law. we do not accept or assume responsibility to anyone other than Soulh Downs Opera and the charity's Trustees as a body, for our work or for thls report. It 1$ your duty to ensure that South Downs Opera has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of South Downs Opera. You consider that South Downs Opera is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's r8POrt. We hav8 not been instructed to carry out an audit or a review of the financial statements of South Downs Opera. For this reason, we have not verified Ihe accuracy or completeness of th8 accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the slalulory financial Statements. Caladlne Chartered Certlfied Accountants Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF SOUTH DOWNS OPERA STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Unrestrlcted funds fund8 2024 2023 Notss Income from: Donats'ons and legacles 4,125 3.536 Totsl Income 4,125 3,536 Exponditure on: Charitable a￿1VitieS 3,923 3,804 Total expondlture 3,923 3,804 Not incomel(expendituro) and movement in funds 202 (268) R8conclllatlon of funds: Fund balances at 1 January 2024 95 363 Fund balancos at 31 Decembor 2024 297 95 The statement of financial activities Includes all gains and losses recognised in th8 year. All income and expenditure derive from continuing activities. SOUTH DOWNS OPERA STATEMENT OF FINANCIAL POSITION AS AT31 DECEMBER 2024 2024 2023 Notes Current assets Cash at bank and in hand 657 455 Current Ilabllltie8 (360) (380) Net current assets 297 95 The fund$ of the charlty Unrestrided funds 10 297 95 297 95 The financlal statements were approved by the TTUStees on . J Jenkins Trustee SOUTH DOWNS OPERA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity Informatlon South Downs Opera is a register8d Charitable Incorporated Organisation in England and Wales (No. 11561891 governed by its Constitution dated 14 March 2014 as afflended on 22 May 2023. South Downs Opera meets the definition of a public benefit entity under FRS 102. 1.1 Accountlng Convention The financial statements have been prepared in accordance with the charity's constitution, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordanc8 Wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effecliv8 1 January 20191" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advanlage of the provisions in the SORP for charities applying FRS 102 Update Bullétin 1 nol to prepare a Statement of Cash Flows. The financi81 statements have departed from the Charlties (Accounts and Reports) Regulalions 2008 only to the extent required to provlde a true and fair view. This departure has involved following th8 Statement of Recommended Practice for chari118s applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monatary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the accounts, the Trustees have a reasonable expectation that the charity will be able to raise adequate resources when needed to continue in operational existence. Thus the Trustees continue to adopt the going concern basls of accounting In preparing the accounts. 1.3 Charitable fund8 Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. The charity operates a single unrestricted general fund for it's activities. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measur8d reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Olher donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income lax iecoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income received in advance of a theatrical perfomiance or provision of other specified service is deferred until the criteria for income recognition are met. SOUTH DOWNS OPERA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo make a payment to a third paty. it is probable that settlement will be required and the amount of the obligalion can be measured reliably. Expenditure on charitable activit18s includes Costs of opera production undertak8n to further the purposes of the charity and their associated support costs. Support costs are those functions that assist the work of the charity but do not directly undertak8 charitable activities. Support costs includ8 governance. All support costs have been allocated to charitable activities. 1.6 Property, plant and equlpm8nt Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognisgd so as to write off the cost or valuation of assets less their residual values over thelr useful lives on the following basis.. Fixtures, fittings & equSpment straight line OV8r three years At the balan￿ sheet date all assets were fully d8pre¢iated. The gain or loss arising on the disposal of an asset is determined as Ihe difference be￿een the sale proceeds and the carrying value of the assel, and is recognised in net incomel{8xpenditure) for the year. 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand and d8POSits held at call with banks. Other Ilnancial assets Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.8 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in whlch the employee's services are received. Temiination benefits are recognised imm8diately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.9 Funds The charily operates a single general unrestricted fund for its activities. Income from donations andlogacies Unrestricted funds 2024 Unrestrlcted funds 2023 Donations and gifts Grants 3,300 825 2.836 700 4,125 3,536 SOUTH DOWNS OPERA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expanditure on charltablo activities Charitable activities 2024 Charitsble actlvltles 2023 Dlrect costs Sets and sc8nery storage Website costs 1,200 218 1,200 416 1.418 1,618 Grant funding of acllvlties