era Prelude OPERA PRELUDE Report and Hnandal Statements For the Year Ended 31 December 2024 Charlty No 1158309 Charltsble Incorporated Or8anlsaUon relude. Opera Prelude CIO Charlty Number 1158309 Year End 31 December 2024 Contents Page Charlty Informatlon Trustees Annual Report Independent Examlnerfs Report Statement of Flnandal Actlvltles io Balance Sheet li Notes to the Accounts 12-13 Opera Prelude CIO Charfty Number 1158309 Year End 31 December 2024 Charlty Inforniatlon Hon Secretary Flona Hamllton Reglstered Charlty Number Charltable Incorporated Organisatlon 1158309 Registered Office Round Hlll House Fawley OXON RG9 6HU Bankers Natwest Trustees Natalle Burch Charlotte Cllfford Chiara Macart5 Speranza Adriana Festeu {ex officio) Fiona Hamilton (ex officio} Opera Prelude CIO Charlty Nurnber 1158309 Year End 31 December 2024 Trustees Report The Trustees are pleased to present their report and financlal statements for the year ended 31 December 2024. Opera Prelude Charitable Incorporated Organlsatlon ICIOI Charity No. 1158309 was registered on 21 August 2014. Objectlves and Actlvltles To promote the art and advance the educatlon of the publlc In opera and young performers and musicians in the early stages of thelr careers by the provislon in particular through performance- based lettures and opera related events. Publ1¢ Benefit The Trustees have referred to the Charlty Commlsslonerfs general guldance 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 conslder that they have complied wlth their duty with regard to such guldance. We adhere to our Equallty Actlon plan when audltionlng emerglng young talenL we operate a Safeguardln8 Adults & Youn8 People Pollcy arKI we are fully GDPR ¢ompllant. Thls has been an exciting tlme of development, growth and transition for Opera Prelude as we move into our fifteenth year. In a bid to reach younger audiences, we comrnissioned, produced and toured The Kings Pants, a family-friendly children's opera, thanks to the kind permission of Nicholas Allan, author and illustrator and made possible bythe 8ener05ity of Age Unlimited and The Golsoncott Foundation. We have performed for over 600 children and youn8 people in schools, children's story festivals and an open-air theatre. We have entertained, educated and engaged a satisfyingly large number of people from the local community and further afield, including schools and residential care homes. with a diverse programme of successful events in both London and Henley on Thames. We held our annual Auditions at The National Opera Studio. with a select panel made up of Industry leaders and celebrated singers. We were honoured to receive almost 150 applications from high calibre candidates who consider the opportunity to be part of Opera Prelude's young artist programme an integral part of their career development. Unlike similar programmes, we do not charge candidates to apply. We have welcomed a r05ter of 13 young artists into our Opera Prelude musical family and we will work closely with them over the comin8 year. Our auditions were generously sponsored by The Atherton Family Trust who are partnering with us In 2025 to strengthen and develop our work with emerging young artists: we are profoundly grateful for their generosty. Opera Prelude CIO Charlty Number 1158309 Year End 31 December 2024 Trustee5 Report Icontlnued) Considerable work has been done to bulld on OUT DEI Snitlatives in 2024 through continued consultations and actlve engagement with non-whlte professlonals frorn the world of opera and classlcal rnuslc. This Is start5ng to be reflected In our latest young artlst In-take and we will contlnue to work hard to improve our dlversity in every way we can. We contlnue to be extremely grateful to all our wonderful Donors, Frlends Programme Subscrlbers and those who wish to remain anonymou5, Including the followin8 Trusts and Foundatlons who have so generously funded our work in the past year: Atherton Family Charitable Trust Age Unlimited Bernard Sunley Charitable Trust Band Trust Christopher Laing Foundation Fidelio Charitable Trust Fischer Fund Foyle Foundation (£1 0,000 - October 2024) Golsoncott Foundation Lindeth Charitable Trust Pitt-Rivers Charitable Trust River Royal Foundation Sandra Charitsble Trust The King Charles Ill Charitable Foundation The King's Foundation Summary of Opera Prelude'5 maSn achlevements durfn8 the year Opera Prelude aims to: Support the early career development of young musicians through the provision of experience, pastoral care and fairly paid performance opportunities. Advance understanding and accessibility of opera. Connect audiences and musicians for mutual benefiL Advocate for Opera Prelude's artlsts, showcasing their talents and creating career networklng opportunltles We were grateful to the Chalrman and Trustees of the Sir John Soane Museum for allowlng us to present a special evenin8 recital of Storoce ond Soone.. Icons and Influencer5 of the early i Century. Warmest thanks also to Mr & Mrs Bob Boas for kindly allowlng us to bring this recital to 22 Mansfield Street with generous support from The Fidelio Charitable Trust. We then continued to tour this show to other venues. including The Garrison Chapel thanks to the kind support of The Kin￿$ Foundation. In early November we were privileged to perform at Carlisle Pla￿ thanks to the generosity of Leslie Macleod Miller. Opera Prelude CIO Charlty Number 1158309 Year End 31 December 2024 Trustees Report (Contlnuedl It has been a busy year of lecture recitals. masterclasses and concerts. We are particularly grateful to celebrated and established performers such as Renato Balsadonna and Catherine Wynn Rogers for so generously 8iving their time and sharlng thelr expertlse with our young artists. We were delighted to be one of the first external Companies to perform at the newly opened Garsington Rehearsal Studios at Wormsley and are grateful to the team there for their much- appreciated support. We continue our partnership with The Hurlingham Club, reaching out to new audiences, educating and entertainin8 With ourvaried events. We would like to thank Mr & Mrs Pontin for so generously allowing US to perform In their beautiful riverside garden to a sell-out, open air audience. In December, The Kinls Foundation invited us to perform at their annual Carol Concert at St. Paul's Church Knightsbridge and The King Charles111 Charitable Fund asked us to provide musical entertainment for their Christmas Party. We ended the year with an Advent Concert at St. Mar¢5 Barnes which was repeated at two further venues. We continue to be grateful to The King Charles111 Charitable Fund fortheir grant in 2023 towards the purchase of a splendid piano, which is in position atThe Garrison Chapel, Chelsea Barracks and available for use by the Kinls Foundation who lease the Chapel from Quatari Diar. It has been deeply rewarding to see $0 many of our young artist perform across Europe and on the main stages of ROH, ENO as well as in solo roles with other larger companies and Summer Festivals including Glyndeboume, Opera Holland Park. Garsington and Scottish Opera to name but a few. We cannot express sufFicient gratitude for the generosity of all our wonderful Donors who have helped us immeasurably to increase the level of opportunities we have been able to offer not only Opera Prelude's young artists but to those in our local communities, many of whom were first time audiences. Trustees Responsibilities Charity law require5 the Trustees to prepare financial statements for each financial year which gives a true and fair view of the 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: select suitable accounting policies and then apply them consistently. make judgements and estimates that are reasonable and prudent. prepare financial Statements on a going concern basis unless it is inappropriate to presume that the Charity will continue its business. The Trustees are responsible for keeping accounting records which disclose wlth reasonable accuraLry at any time the financial position of the tharity 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 ￿asonable steps for the prevention and detection of fraud and other irregularities. Opera Prelude CIO Charlty Number 1158309 Year End 31 December 2024 Trustees Report {Contlnued) Rlsk Mana8ement The Trustees have exarnined the principal areas of the Fund's operatlon and consldered the Major risks faced in each of these areas. In the opinion of the Trustees the charlty has established systems which, under normal condltlons, should allow these rlsks to be mltl8ated to an acceptable level In Its day-to-day operations. Goln8 Concern After makin8 appropriate enquiries, the Trustees have a reasonable expectatlon that the charlty has adequate resources to continue in operational existence for the foreseeable future. For thls reason, it contlnues to adopt the 80in8 concern basis in preparing the financial statements. Flnanclal Revlew In 2014 we became a re8iStered charity and began to implement our strategy of diversifying income streams, whilst continuing to ensure that every ticket sold, subscription or donatlon made dlrertly supports our growing team of performers. The Founder Director continued to work full time throughout 2024, on a voluntary basis to support the aims of Opera Prelude. We are continuously grateful to our Advisory Board members and Volunteers: the contribution and support they provide is vital to our work. Income is from tlcket 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. Trust5 and philanthropic foundations mentioned earlier for their support of our charity: without their 8enerosity we would not be able to offer our youn8 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 major Donors and FrSends Programme Subscribers. The only assets of Opera Prelude Charity 1158309 are its reserve funds. As at 31, December 2024 the charity held £145,250 in reserves, of which £70,718 were restricted funds for performances still to be delivered. £74,532 was unrestrirted reserves. The surplus for the year ended 31" December 2024 is £39,969. Reserves Pollcy 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, which makes the philanthropic support we receive all the more valued and vital for our survival. Current geo-political events and the constraint on disposable incornes continue to impact our revenue streams. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in income, they will be able to continue the current artivities and commitments, while consideration is given to ways in which additional funds may be raised. Reserves as at 31" December 2024 are £145.250 of which £41,987 are restricted funds for concert perforrnances still to be made. The Trustees decide how the unrestricted funds are best applied to support Opera Prelude and its future activities. The Trustees dedare that they have approved the Trustees report above. Slgned on behalf of the charltvs Trustees: Name: Flona Hamltton Posltlon: Trustee Date: 2V0412025 Opera Prelude CIO Charlty Number 1158309 Year End 31 December 2024 Independent Examlnerfs Report to the Tru5tee5 Report I report to the Trustees on my examlnatlon of the accounts of the above charity ("the Trusv) for the year ended 3111212024. 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 Arf). I have examined the accounting records, including the bank statements of the organisation. I have reviewed any unusual items and disclosures and have revlewed 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 2024 accord with the accounting records and comply with the accounting requirements for the Charities Act 2011 Independent Examininer of Opera Prelude Accounts (Charity No 1158309) Jenny Nea￿e Wood Administration Ltd Date 25/04/2024 Opera Prelude Statement of Flnanclal Artlvltles for the Year Ended 31° December 2024 T¢>t•l 2024 2024 Incomin Resour￿5 Voluntary income Income from Charitable Activitles 52,133 49,646 49,¢XM) 101,133 49,646 Total Income 101,779 49,(XX) 150,779 Resour¢es Ex nded Dlrect Charitable Expenditure Other General Expenses 75,394 15,147 20,269 95,663 15,147 Total Expendlture ),541 20,269 110,810 Net Movement In Funds IL238 24731 39,969 Recondllatlon of Funds Balance at 1st January brought forward Net Movement in Funds 41,987 105,281 39,%9 11,238 28,731 Total Funds Carried Forward 74,532 70,718 Income and Ex enditure Account Total Income IOL779 49,(KX) 150,T19 Total expenditure ,541 20,269 110,810 Net surplus (deficit) IL238 28.731 39,969 io Opera Prelude Balance Sheet as at 31" December 2024 Note Flxed Assets Current Awts Cash atBank 145.970 lo5,￿￿> Stock Pre-payments 381 148,( li￿.281 due withinone year Provisions forliabilities 1810 1810 Net CurrentA5sets 145.250 105. .281 Charity Fund5 Restricted Funds 70,7L8 41,987 Unrestricted Funds 74.532 Totsl Funds 145,250 These financial ststements were approved by the Trustees on: Date." 22/0412024 And signed on their behalf by Fiona Hamilton li Opera Prelude Notes & Anatys15 For year end 31 December 2024 Accountlng Polldes Basls of Preparatlon The financial statement5 have been prepared under the historical cost conventlon on an accruals basis. They have been prepared in accordance with the Charlties Att 2011 Incomln8 Resources Donations and voluntary income and Gift Aid are reco8nised as incorning resources when receivable. ficket Sales are accounted for in the period of production 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. Tangible Flxed Assets and Depreclatlon Tangible fixed assets will be stated at cost less deprecsation. Depreciation will be charged at a rate to write off the cost of each asset over its expected useful life. Funds The charity operates both restricted and unrestricted funds for its activities. Stock Stock held by the charty are goods retained for retail sales and valued at cost at time of purchase 12 Opera Prelude Notes & Analysls For year end 31 December 2024 Notes 2024 2023 VO￿ntary Income Donatlons Grants FriendslBursary Subscrlptlons GIftAd Tax Refunded 26.284 67.765 3,767 3.317 101.133 6.693 81,763 4,845 1.045 94.346 Incorne from char￿able Attmtles ricket Sales and Event Contrlbutlons Retsii 49,646 23,570 88 23.658 49,646 Dlrect Charltable Expendlture Fts & Travel Young Artists DerfeSoprnt Retsll Other Pro8rammlng and Event Costs 47.952 37.369 38,539 30,795 2,476 9,189 81,000 10.342 95.663 Current Assets Cash at Bank Prfrpayments 145,970 2,090 148,060 105.900 381 106,281 Credltors.. amounts t•llln8 due wlthln one ye¥ kcrued expenses 1.000 1,000 1,000 1.000 Funds Restrlcted Funds Unrestrl¢ted General Fund 70,718 74,532 145,250 41.987 63,294 105,281 13