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2021-12-31-accounts

OPERA PRELUDE

Report and Financial Statements

For the Year Ended 31 December 2021

Charity No 1158309

Charitable Incorporated Organisation

www.operaprelude.org

Opera Prelude CIO Charity Number 1158309 Year End 31 December 2021

Contents

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Page
Charity Information 3
Trustees Annual Report 4 – 6
Independent Examiner’s Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Accounts 10 - 11

2

Opera Prelude CIO Charity Number 1158309 Year End 31 December 2021

Charity Information

--------------------------------------------------------------------------------------------------------------------------Hon Secretary Fiona Hamilton Registered Charity Number 1158309 Charitable Incorporated Organisation Registered Office Round Hill House Fawley OXON RG9 6HU Bankers NatWest Trustees Adriana Festeu (ex officio) Fiona Hamilton (ex officio) Caitlin Blake-Lane (resigned 01/01/22) Natalie Burch

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Opera Prelude CIO Charity Number 1158309 Year End 31 December 2021

Trustees Report

The Trustees present their report and financial statements for the year ended 31 December 2021. We are grateful to Dr. Caitlin-Blake Lane for her tenure as a Trustee and note that as she is now living abroad, she is unable to continue with us into 2022.

Opera Prelude Charitable Incorporated Organisation (CIO) Charity No. 1158309 was registered on 21 August 2014.

Objectives and Activities

To promote the art and advance the education of the public in opera and young performers and musicians in the early stages of their careers by the provision in particular through performancebased lectures and opera related events.

Public Benefit

The Trustees have referred to the Charity Commissioner’s general guidance on public benefit when reviewing their aims and objectives and planning future activities. In particular, the Trustees consider how such activities will contribute to the aims and objectives they have set. The Trustees consider that they have complied with their duty with regard to such guidance.

We adhere to our Equality Action plan when auditioning emerging young talent, we operate a Safeguarding Adults Policy and we are fully GDPR compliant.

We run “ See Golden Days ”: an intergenerational outreach programme performing free of charge teaconcerts for approximately 500 care home residents per annum. The project is funded by the magnificent generosity of Age Unlimited and we are profoundly grateful for their support. We are also grateful to The Rothschild Foundation for their generous grant to perform for the residents of elderly care homes in the Aylesbury area. We have launched a new outreach initiative called “Song in Bloom” which focuses on transforming the lives of young people from diverse backgrounds through the provision of performative music workshops.

We continue to be profoundly grateful to all our Friends Programme Subscribers and the following Trusts and Foundations who have so generously funded our work in the past year:

The Boltini Trust

The Christopher Laing Foundation The Pitt-Rivers Charitable Trust The Prince’s Foundation

The Sandra Charitable Trust

4

Opera Prelude CIO Charity Number 1158309 Year End 31 December 2021

Trustees Report (Continued)

Summary of Opera Prelude’s main achievements during the year

Opera Prelude aims to:

2021 continued to present us with unprecedented challenges as the Covid-19 pandemic curtailed our ability to programme and impacted normal revenue streams forcing change upon us in ways we could never have imagined. Many of our young artists were cast out of work as a result of the deadening effect of the pandemic and not all qualified for furlough or other financial support. The generosity of our Donors helped us to increase the level of opportunities we were able to offer with individual recording sessions, industry seminars, tailored mentorship programmes, financial support, and safe spaces to share hopes and fears, as well as the opportunity to perform.

Unlike many larger arts organisations, Opera Prelude received no Government funding during the pandemic, but we are not alone in facing significant financial challenges that have the potential to impact our long-term ambitions.

We have transformed our operations, created streamed digital presentations when live performance was impossible and started an online “Emporium” of gifts and stationery to further underpin our work. We performed between lockdowns, held singing workshops with the students of Chelsea Academy, entertained the Chelsea Pensioners and worked collaboratively with other organisations to keep the footlights shining.

Thanks to the generous support of Age Unlimited and The Rothschild Foundation we were able to continue our intergenerational outreach programme of performances in residential care homes across London and the Aylesbury area providing employment to emerging young artists and much needed musical respite for the elderly.

Trustees Responsibilities

Charity law requires the Trustees to prepare financial statements for each financial year which gives a true and fair view of the state of affairs of the Charity and of the surplus or deficit of the Charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Opera Prelude CIO Charity Number 1158309 Year End 31 December 2021

Trustees Report (Continued)

Risk management

The Trustees have examined the principal areas of the Fund’s operation and considered the major risks faced in each of these areas. In the opinion of the Trustees the charity has established systems which, under normal conditions, should allow these risks to be mitigated to an acceptable level in its day to day operations.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements.

Financial Review

In 2014 we became a registered charity and began to implement our strategy of diversifying income streams, whilst continuing to ensure that every ticket sold, subscription or donation made directly supports our growing team of performers. The Founder Director continued to work full time, on a voluntary basis to support the aims of Opera Prelude throughout 2021. We are continuously grateful to our volunteers: the contribution and support they provide is vital to our work. Income is from ticket sales and donations, philanthropic donations, grants and HMRC Gift Aid repayments. No income is received from central government. We are incredibly grateful to those organisations, Trusts and philanthropic foundations mentioned earlier for their support of our charity: without their generosity we would not be able to offer our young artists performance opportunities, pastoral care and all the other benefits of our programme. We continue to be most grateful to all who support us, particularly our Friends Programme Subscribers.

The only assets of Opera Prelude Charity 1158309 are its reserve funds. As at 31[st] December 2021 the charity held £76,428 in unrestricted reserves and £8,542 in funds with a restriction. The surplus for the year ended 31[st] December 2021 is £16,816

Reserves Policy

It is the policy of the charity that unrestricted funds should be built to a level equivalent to between 12 – 24 month’s expenditure. As with every opera company, our events do not cover our fixed costs or break even on ticket sales alone. Covid 19 has impacted heavily on our normal revenue streams with continued audience hesitancy and the inability to programme a full range of events. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in income until such time as audience confidence is rebuilt, they will be able to continue the current activities and commitments, while consideration is given to ways in which additional funds may be raised.

Reserves as at 31[st] December 2021 are £76,428 without restriction and £8,542 with a restriction. The Trustees decide how the unrestricted funds are best applied to support Opera Prelude and its future activities.

The Trustees declare that they have approved the Trustees report above.

Signed on behalf of the charity’s Trustees:

07/04/2022

Name: Fiona Hamilton Position: Trustee Date:

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Opera Prelude CIO Charity Number 1158309 Year End 31 December 2021

Independent Examiner’s Report to the Trustees Report

I report to the Trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31/12/2021.

As the charity’s Trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I have examined the accounting records, including the bank statements of the organisation. I have reviewed any unusual items and disclosures and have reviewed explanations with you, as Trustees

In connection with my examination, no matter has come to my attention giving any reasonable cause to believe that all requirements for a proper understanding of the accounts have not been met.

I therefore certify that the annexed financial statements for the year ended 31 December 2021 accord with the accounting records and comply with the accounting requirements for the Charities Act 2011

7

Opera Prelude

Statement of Financial Activities for the Year Ended 31[st] December 2021

Note
Incoming Resources
Voluntary income
2
Income from Charitable Activities
3
Total Income
Resources Expended
Direct Charitable Expenditure
4
Awards and Prizes
Other General Expenses
Total Expenditure
Net Movement in Funds
Reconciliation of Funds
Balance at 1st January brought forward
Net Movement in Funds
Total Funds Carried Forward
Income and Expenditure Account
Total income
Total expenditure
Net surplus (deficit)		 Unrestricted
Funds2021
48,403
38,687
87,090
63,087
-
15,729
78,816
8,274
68,154
8,274
76,428
87,090
78,816
8,274		 Restricted
Funds2021
32,724
-
32,724
24,182
-
-
24,182
8,542
-
8,542
8,542
32,724
24,182
8,542		 Total Funds
2021
Total Funds
2020
£
81,127
107,508
38,687
24,126
119,814
131,634
87,269
71,318
-
750
15,729
15,265
102,998
87,333
16,816
44,301
68,154
23,853
16,816
44,301
84,970
68,154
119,814
131,634
102,998
87,333
16,816
44,301

8

Opera Prelude

Balance Sheet at 31[st] December 2021

Note
Fixed Assets
Current Assets
Stock
Cash at Bank
Pre-payments
Creditors:
Amounts falling due within
one year
Provisions for liabilities
5
Net Current Assets
Total Assets
Charity Funds
Restricted Funds
Unrestricted Funds
Total Funds
6		 -
-
2,711
-
84,623
86,797
-
-
87,334
86,797
2,113
18,643
251
2,364
18,643
84,970
68,154
84,970
68,154
8,542
-
76,428
68,154
84,970
68,154
2021
2020
£
£
2,364

These financial statements were approved by the Trustees on:

Date: 07/04/2022

And signed on their behalf by Fiona Hamilton

9

Opera Prelude

Notes & Analysis

For year end 31 December 2021

1 Accounting Policies

1.1 Basis of Preparation

The financial statements have been prepared under the historical cost convention on an accruals basis. They have been prepared in accordance with the Charities Act 2011

1.2 Incoming Resources

Donations and voluntary income and Gift Aid are recognised as incoming resources when receivable. Ticket Sales are accounted for in the period of production

1.3 Resources Expended

Resources expended are recognised on an accruals basis and allocated to the particular cost category to which they relate. Costs relating to an event are recognised in the period of production.

1.4 Tangible Fixed Assets and Depreciation

Tangible fixed assets will be stated at cost less depreciation. Depreciation will be charged at a rate to write off the cost of each asset over its expected useful life.

1.5 Funds

The charity operates both restricted and unrestricted funds for its activities.

1.6 Stock

Stock held by the charity are goods retained for retail sales and valued at cost at time of purchase.

Notes
2
Voluntary Income
Donations
Grants
Friends Subscriptions
Gift Aid Tax Refunded
3
Income from Charitable Activities
Ticket Sales and Event Contributions
Retail
4
Direct Charitable Expenditure
Fees & Travel
Young Artists Development
Retail
Other Programming and Event Costs		 2021
2020
19,176
20,535
40,492
48,667
14,434
27,958
7,025
10,348
81,127
107,508
22,995
24,126
15,692
38,687
24,126
34,332
44,689
22,772
9,997
12,563
17,602
16,632
87,269
71,318

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Opera Prelude

Notes & Analysis (Continued) For year end 31 December 2021

5
Creditors: amounts falling due within one year
Accrued expenses incurred
Liability for prepaid event income
6
Funds
Unrestricted General Fund
Restricted Funds
The Boltini Trust
The Rothschild Foundation
Age Unlimited
South Oxfordshire DC		 2021 2020
2,113
1,221
251
17,422
2,364
18,643
76,428
68,154
1,377
2,130
4,610
425
8,542
-

11