Charity Number: 1164150 ## Retrospect Opera Trustees’ Annual Report and Accounts for the year ended 31 October 2021 Retrospect Opera Annual Report for the year ended 31 October 2021 **Charity number** 1164150 **Legal Status** Charitable Incorporated Organistion **Registered office and operational address** 82 Queens Road, Cheadle Hulme, SK8 5HH **Trustees** Trustees who served during the year and up to the date of this report were as follows: Valerie Langfield Chair and treasurer David Chandler Vice Chair Andrew H. King Secretary Christopher Wiley Benjamin Hamilton There is no property to which the charity holds title. The charity has no management personnel other than the trustees. **Bankers** The Co-operative Bank P.O. Box 250, Delf House, Southway, Skelmersdale WN8 6WT ## **Independent Examiner** Philip Wells, Chartered Accountant 6 Hulme Hall Avenue Cheadle Hulme Cheshire SK8 6LN 1 Retrospect Opera Annual Report for the year ended 31 October 2021 The trustees present their report and the accounts for the year ended 31 October 2021. Reference and administrative information set out on page 1 forms part of this report. The accounts comply with the current statutory requirements and the Constitution of the charity. ## **Objectives and activities** The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity’s aims, objectives and activities remain focused on its stated purposes. The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set. The principal objects of Retrospect Opera are to advance the art of opera for the public benefit by researching British opera and related works of the 18th, 19th and 20th centuries and making recordings publicly available. Its primary activity is to seek out suitable works for recording, and to organise and oversee their recording, through to CD production, release and sale. By this means, the CDs become publicly available so that the works can be heard, enjoyed and assessed. Without sound recordings, these works are accessible only to fluent music-readers, and may not be accessible even then, since nearly all of the recordings have entailed compiling a workable performing edition, necessary before recording can take place. The works chosen are representative of the heritage of British opera, from the period roughly 1750– 1950. Works are selected using a number of criteria: - quality of the music - a composer under-represented in recordings - recognised importance of the composer - importance of the opera or musico-dramatic work, as evidenced by contemporary reviews and more recent research; a work known from references in the opera literature - availability of source materials - a work representative of a particular sub-genre within the musico-dramatic sphere - a work with strong extra-musical interest or historical significance It is not expected that a work would be recorded if there is already a recording of it, unless there are exceptional circumstances (such as an incomplete recording, or a very poor one). It is also highly unlikely that a work would be selected if it is still in copyright. Particular care is taken over the presentation of the recordings: apart from making sure that the CDs look visually appealing, fully researched essays that set the music in context, and full libretti, are included, and the music is itself properly and carefully edited so that the composers’ intentions are faithfully presented. 2 Retrospect Opera Annual Report for the year ended 31 October 2021 Funds are raised almost entirely through a combination of individual donations, grants and sales. ## **Achievements and performance** ## **Summary** We - - released _The Wags_ (Charles Dibdin) - received positive reviews - successfully re-scheduled our recording of Macfarren’s _The Soldier’s Legacy_ - continued working on plans for recording Stanford’s _Shamus O’Brien_ - continued developing a new website - continued to develop our subscriber base, and issued a further newsletter Our work is driven by the operas we undertake; but the year continued to be dominated by Covid19, and we report on its impact below. ## **The Covid pandemic** Our activities have continued to be affected by the pandemic, twice delaying our recording of _The Soldier’s Legacy_ , by George Macfarren, though this was finally re-scheduled for December 2021, with Rachel Speirs, Joseph Doody (replacing Ranald McCusker, who was no longer available), Quentin Hayes and Gaynor Keeble as soloists, with Jonathan Fisher accompanying, and Edward Dean on harmonium, the recording to be held at St Thomas’s Church, Stockport. The staff there have been extremely accommodating and understanding. We have found that sales have continued steadily, with regular purchase orders from our distributors, and there were signs of particular interest in our re-released recording of Smyth’s _The Wreckers_ , possibly since Glyndebourne scheduled it for their 2022 season. But we have not begun fundraising for _Shamus O’Brien_ in earnest, and it is not yet certain how the residual effects of the pandemic will affect grant bodies’ ability to support us. Our general approach to risk management (not committing to expenditure until funding is secure) continues to minimise our exposure to risk from Covid-19. The trustees are confident that Covid-19 does not affect the charity’s position as a going concern, and fully intend to continue operating. At the end of 2020-21, balances held were in excess of donations received in support of (but not actually restricted to) future projects, and this continues to be the case. ## **The Wags (Charles Dibdin)** Charles Dibdin (1745-1814) is a composer and writer for the theatre in whom we have had a particular interest, releasing _Christmas Gambols_ in 2017 and _The Jubilee_ in 2019. Building on this foundation, David Chandler was able to obtain a grant to revive and record _The Wags_ from the Japan Society for the Promotion of Science. _The Wags_ (1790) was the most successful of Dibdin’s celebrated one-man shows, or ‘Table Entertainments’, but has not survived in a complete, coherent form. Nevertheless, David was able to recreate a largely complete text from the mass of manuscript materials in the British Library, and our recording of this, with Simon Butteriss singing and Stephen Higgins playing an 1801 Broadwood piano such as Dibdin himself would have used was released in August 2021. It got some very good reviews. Jonathan Woolf, writing for MusicWeb International, 3 ## Retrospect Opera Annual Report for the year ended 31 October 2021 judged that ‘Butteriss is simply magnificent throughout – zesty, wry, witty, naughty – but even he can’t sing and play the 1801 Broadwood piano at the same time, a felicitous choice of instrument for the project. Stephen Higgins does the honours in immaculate style and helps to ensure the success of this engaging slice of late eighteenth-century entertainment. … it’s to the huge credit of the Retrospect Opera team that this recording is so attractive. … This is a class act.’ ## **Shamus O’Brien (Charles Villiers Stanford)** This is our next major project, and is now scheduled for recording in 2023; it would have been 2021, had it not been for the pandemic. We are being supported in many ways by the Stanford Society, and at the start of the pandemic, we had an agreement in principle to record it under the auspices of BBC Radio 3 and the BBC Concert Orchestra, who would have broadcasting rights; we would then be able to release it under licence. We have since been informed that the BBC is unable to collaborate with us, however, for reasons of change of management, their review of such activities, and the closure for refurbishment of Watford Town Hall, where we were to have recorded. We will instead be recording with the orchestra of Scottish Opera, in Glasgow, in early 2023. Valerie Langfield has almost completed the new edition from the manuscript of the full score (held by the British Library), the parts held by Boosey being too fragile to hire. The score has a small part for bagpipes, which we are really looking forward to hearing. The intention is that the recording should be released in 2024 (or earlier), this being the centenary of Stanford’s death. A number of Stanford projects are in the pipeline with other groups, and there is growing interest in Stanford’s work. ## **Digital releases** We have continued to offer all our releases (except _The Wreckers_ ) digitally, because we recognise that there is a demand for it, but it is not a big demand. ## **Website** Our new website is still undergoing development; it is a major and thorough rebuild that will offer more facilities than at present. ## **Assessing the impact – the beneficiaries** Reviews continue to provide advertising; they disseminate knowledge of what we are doing, and also provide critical value, which we are able to use in grant applications; there is no doubt that the publicity generates sales, as we see spikes in sales when a review has appeared. Reviews have appeared in, amongst others, the _British Music Society_ e-news, the _Light Music Society Journal_ , _MusicWeb International_ , _Opera_ , _BBC Music Magazine_ , and various online sites. ## **Funding** We have continued with our policy of raising funds through a mixture of grants and individual subscribers. Some contribute to all our projects, others to those of particular interest. We have well over 600 individuals who have donated to one or more of the projects, and we continue to keep them informed by sending them newsletters, mostly by email, but in a few cases, by post. These keep them informed of progress, and give an insight into the recording sessions, and some behind-thescenes information; we receive many positive comments. We see the connection with them as crucial – they give us a broad customer base and, most importantly, are advocates for our work. Many are very keen to support our work, and contact us regularly. In the coming months, we expect to begin applications for Arts Council England funding. 4 Retrospect Opera Annual Report for the year ended 31 October 2021 ## **Financial review** We started the year 2020/21 with good reserves, despite the impact of the Covid-19 pandemic. Income was substantially reduced at £11,545 ( _19/20: £21,672_ ); expenditure was somewhat less than in the previous year, at £5,200 ( _19/20: £7,453_ ); the balance at year-end was £46,341 ( _19/20: £39,996_ ). Our activity is, by its very nature, cyclical, and since the accumulated surplus can therefore vary significantly over time, the trustees monitor the position regularly and are satisfied that the funds held are appropriate in the light of existing and planned commitments. The primary sources of funding this year have been: - Individual donors - Grants - Sales income - Royalties from PPL (broadcast fees) - Charity savings account interest The income funds the costs of recordings. These costs include the direct costs, such as (but not only) fees to performers, hire fees for recording and rehearsal venues, fees to recording engineers, the costs of CD replication, and also ancillary costs such as postage and overheads of running the website. ## Reserves policy The trustees are satisfied that the reserves held are related to spend on continuing and future projects. Cash flow is managed to ensure that funds are available for short-term commitments. There are no staff costs or contractual commitments to suppliers. ## Risk management The bulk of the costs are recording and production costs. This is the area of biggest risk; all other costs are minimal by comparison. The approach to dealing with risk is that arrangements for recordings are not finalised until it is clear that adequate funding will be in place by the time of the projected recording date. ## **Plans for the future** Given the time it takes to raise funds, we intend to plan further projects on the basis of one large, longer-term project, and one or two small to medium size projects. We expect to consolidate our distribution strategy, and develop our marketing strategy. ## **Structure, governance and management** The organisation is a Charitable Incorporated Organisation (CIO), which was registered as a charity on 28 October 2015. The objects and powers of the charity are set out in its Constitution (the Governing Document). The charity’s only voting members are its trustees. Three were the founding members of the CIO, and all welcome approaches from anyone with skills that are useful to the charity. The trustees have no beneficial interest in the charity. 5 Retrospect Opera ,,Inllu￿ Rep()rt f()r thc !"eAr ended 31 ()ct()ber ?021 ..lll tnL8tLCS &*ii"e their timc voluntarili" and receii-c no benefits fr(Trm the charity. Iln). expen808 reclaimLd fri)m rhe ch2ritt' atc sct out ￿ ni)te 3 t() thc accounts. 'I'hL tnL8tees cottlltLullic2te frcquently bTr' enJ2iL and f()rnul meetings arc hcld i'l* /.oom. 'IlkL ("I()'s fin*niiaL 5t2tc is rcricu.ed at IL?8t quartcrh. bi. all ihL trusrccs. RL"lateil 2rties 2nd rclatiunshi ith other c) ani$2tions "IhLre are ni) rL"latcd parties, c)r r¢lationships ￿1th other c)rganisations. oli . fur kc. man RLmunet2ti()n ment i)nA¢l ,.Is all PL'r8onncl act i'oluntatil}'. there is no remuncration policy. our le In the L￿"ent i)f Retrnspect l)pcra bemg unable t() ¢()ntinue its ivork i)f reci)raing and pic)m<)tinL' British i)pera and re12fed dtamatic music21 th¥atre ￿'1)rks. all the ci)mp2n!"'s and assets wdl bL tranblLrrLd r() 2nnthcr recordin% ci)mp2n!". or comparablL Lntiti, cc)nc¢rncd with British (Ipcta, tsuch 2% thc Relri)bPLCt ()pcta trustees JL￿m, at that time. til be as cli)s¢ ill Its artistic aims 2S those i)f Retri)%pcct ()pct4 and ￿-]lling to extend Retrvspect l)pcra's legacy. Funds held as custodian trustee on behalf of others N(Tr such funds are held. .,Ippr()i'¢d b}, thc'lrustets and signed on their behalf br. "I ruste I)&tc ## Retrospect Opera ## **Registered charity no. 1164150** ## **Statement of Receipts & Payments for the year ended 31 October 2021** |**Receipts:**
Donations and supporters' subscriptions
Grant income
Fundraising: sales of CDs
Gift Aid Income Tax Recovered
Other income: Royalties, etc
Interest
**Total receipts**
**Payments:**
Cost of fundraising
Bank charges on donations
Recording & production costs
Administrative costs
**Total payments**
**Net of receipts / (payments)**
**for the period**
Transfer between funds
Total funds brought forward
**Total funds carried forward**|Unrestricted
Restricted
**Total funds**
funds
funds
**2020-21**
£
£
**£**
2,145
-
**2,145**
-
6,000
**6,000**
3,334
-
**3,334**
-
-
**0**
14
-
**14**
52
-
**52**
**5,545**
**6,000**
**11,545**
621
-
**621**
10
-
**10**
1,239
2,440
**3,679**
826
64
**890**
**2,696**
**2,504**
**5,200**
2,849
3,496
**6,345**
-
-
**-**
38,337
1,659
**39,996**
**41,186**
**5,155**
**46,341**|_Unrestricted_
_Restricted_
_Total funds_
_funds_
_funds_
_2019-20_
_£_
_£_
_£_
_10,468_
_-_
**10,468**
_-_
_2,850_
**2,850**
_6,475_
_-_
**6,475**
_1,783_
_-_
**1,783**
_19_
_-_
**19**
_77_
_-_
**77**| |---|---|---| |||**18,822**
**2,850**
**21,672**| |||_1,474_
_0_
**1,474**
_40_
_0_
**40**
_3,214_
_699_
**3,913**
_1,534_
_492_
**2,026**| |||**6,262**
**1,191**
**7,453**| |||_12,560_
_1,659_
**14,219**
_-_
_-_
**-**
_25,777_
_-_
**25,777**| |||**38,337**
**1,659**
**39,996**| All receipts and payments derive from continuing activities. The notes on page 9 form part of these accounts. Page 7 Retrospect Opera ReRiSttrtdtbasii) sw. 1164150 S￿eMent ofAsstts liabiliti￿ as *310ctober2A)21 Ri3titrcd tunds 'li)tal &m(Lq 31 (kf 3LTrI fua(b A55cts ofl'.I 7.￿3 c.ash h]nds: -[) 1>1) bartk affji)uryt 'iYrt(irt HuJ]dinK 14)TMI 2LL()uni 5555 5555 5hJ7 5,647 ?<.iio 5.155 YI59 116 14 14 Totsl eutr¢nt assets 4L186 46J41 4&59 39,996 Rpprc6¢nÉed by: Ilitstric-tcd Inr(irni' futt&% I Inr￿￿[cle(I inc(HllL 5.155 l/J?ry 41.186 41.186 1%.117 T￿tal charity fw 4L 5.155 46J41 J,659 IAabiltiies The CIO had no guar*lltres or dcb16 aL310ctobc¢ 2021 TRIISTTr.ES RESPONSIBIUTJFS IN ItEIATION TO TrJNANCIALsfATEhfEN15 (".harits law rcNuires the'l rustccs tn prtpare fm2o¢ial fi)rrJrh fwanciai %ratwhith ciwl!. ￿ryth thc x't uut itt thL' I".haritii .Ii"r IVII.'IhL LinstLX'% clrcrcd t(b ¢akL ()f thr applv smal] thattiirs a￿d have prepartyl a RIYLYPts Jlld ljiytnL￿L 'Ih¢ I nL%tee% decla￿ havL'2pPr￿ed the firtartttal Sikmid ￿Alf ihc. (ll￿l 'aktic l>atL- ## Retrospect Opera **Registered charity no. 1164150** ## **Notes to the Accounts** ## **for the year ended 31 October 2021** ## **1 Basis of accounting** The accounts have been prepared under the “Receipts and Payments” basis and in accordance with the Charities Act 2011. ## **2 Restricted Funds** Grants received relating to a particular project are restricted to that project. Subscriptions and donations restricted to a particular project by the donor are restricted to that project. Other subscriptions and donations are initially allocated to current project(s) but not restricted. Tax reclaimed on any gift-aided donation is allocated in the same way as the original gift. Any surplus unrestricted funds on completion of one project will be used to support another project. ## **3 Trustee remuneration and expenses, and related party transactions** No payments were made to any trustees other than reimbursement of costs incurred on behalf of the CIO. Payments totalling £300 were made to a relative of a trustee for artwork design. These were agreed in writing by the other trustees. No other material transaction took place between the CIO and a trustee or any person connected with them. There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. ## **4 Disclosures of guarantees and debt** The trustees confirm that at year end the CIO did not have any outstanding guarantees to third parties nor any debts secured on assets of the CIO. ## **5 Stock valuation** Stocks of CDs held for sale are valued at the lower of cost and net realisable value. ## **6 Support / administrative costs** The majority of costs are directly attributable to specific projects and thus charged directly. Any other support / administrative costs are apportioned equally across projects active during the period. ## **7 Gift aid tax reclaim due** Tax on gift-aided donations, amounting to £337, was unclaimed at the end of the period. Page 9 INDEPENDENT EXAMINF.R'S REPORT TO THE TRUSTF.ES OF RETROSPECT OPEIIA (Chadtable liicorporaicd OtganlNiiltsn) I rrpi?rt fil ihr Tru%tec's r)n mv cyiminAII()n rh¢ accijunts nf RCtn>5￿rt ( )￿Tfi, A ('hAriiAblL Inci>rpuraied ( )r¥llnisti(?n (Ihe (".1( )} flir ihe >'ear ended 11 ( )cii)l)er 21121. Re•pon•lblliilei and bul• of report 113 thc chgrinp In]3i¢rs of ihc f.l( ) you irc re3￿)n811)le fr)f the pr¢paTrtion of the Accounts in ACC(JrdAncc u'iih thL rL'quirL'mLnts i)f the LhiriiiL5 Aci 2UI I ('Ihc Ac¢) I rcp()n in re8￿cl i)f mi. cxAminAtii>n ¢)f thL ('1( )'* xcc()uni$ CArricd ()ui un(Icr scclll)n 145 (if thc 2(11 I ,l¢t :iiid in c4rr5-inKy i)ut mjp examiiiJiiiJii I l)avc ((&ll<)wcd tl)c appli¢able DireLUtsllS %iven b). thc ('hArin' (.()mrnLS*L()n undlr 5CCti1?n 14S{i)(l)) ilf ihL ilct. Independent exthilnee• 81Otemen¢ I havc mmplcfed m)- fAArninAric>n. I c()nfitni thai n<> miiffiAi InAl￿r$ have c()me tt) m>. Att¢nti()n in c(JnnL*rii)n wilh thc Liaminifi¢>n %ii'in8 mc cAuK' tij baiLv¢ thir in iny mArLriai rL*￿t. l #ccounliny rt¢ords wer¢ not kepl in res￿¢1 ol-lhe CIO u required by S￿li0n 130 of the Acl.. or the *¢¢ounts do not iccord with th0￿ records. I h#v¢ nf) concerns And IiAYe Cl)rnC Aerr)Ji nn c)Ihcr mirt¢r¥ in cnnnccti()n with ilic Lx.91￿InqII(￿n to .liich att¢ntif)n shi)Lbld be drawn in this rcp(Trrt in ¢Jrd¢r t() enable 2 pTh)per undersundinx fjl rhe accounrs tfi bc r¢icl)ed. LQ Phillp We118 ChllncT¢d AL¢ouni#nt (Tr I lultnc I lall ,Ivcnuc l-hLA(Ile 14iilmc C.lirAdle Sk8 ()lJi Pale 10