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2022-10-31-accounts

Charity Number: 1164150

Retrospect Opera

Trustees’ Annual Report and Accounts for the year ended 31 October 2022

Retrospect Opera

Annual Report for the year ended 31 October 2022

Charity number 1164150

Legal Status Charitable Incorporated Organisation

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

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Retrospect Opera

Annual Report for the year ended 31 October 2022

The trustees present their report and the accounts for the year ended 31 October 2022.

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:

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 and fairly presented.

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Retrospect Opera

Annual Report for the year ended 31 October 2022

Funds are raised almost entirely through a combination of individual donations, grants and sales.

Achievements and performance

Summary

We -

Our work is driven by the operas we undertake; but there has remained fall-out from the consequences of the Covid-19 pandemic, which caused delays to recording projects and adversely affected fund-raising activities.

The Covid pandemic

The beginning of the accounting year saw some movement in the restrictions that had delayed recordings. We were able – as explained below – to record The Soldier’s Legacy , and this heralded more activity; we were extremely fortunate that we incurred no penalties for the various delays. We only produce newsletters when there is something to say, and at last we felt there was news to report. Sales continued steadily throughout the period, mainly online and through the distributor, but it was pleasing that some were direct sales at various events. Fund-raising has continued to be difficult, however, with most applications for funding being turned down. As before, our general approach to risk management (not committing to expenditure until funding is secure) continued, minimising our exposure to risk; we were keen to promote safety for the forthcoming recording of Shamus and requested that all soloists take suitable precautions to avoid exposure.

The Soldier’s Legacy (George Alexander Macfarren)

Following two years of delays (including venue and cast changes), our recording of Macfarren’s The Soldier's Legacy finally took place at St Thomas’ Church, Stockport, between 13–15 December 2021 with a wonderfully energetic team:

Lotty – Rachel Speirs Widow Wantley – Gaynor Keeble Jack Weatherall – Joseph Doody Christopher Caracole – Quentin Hayes Piano – Jonathan Fisher Harmonium – Edward Dean Director/Recording Producer – Andy H. King Recording Engineer – Dave Rowell

Over a single afternoon of rehearsals and three intensive days of recording, the four soloists worked with pianist Jonathan and director Andy to interpret a real gem of nineteenth-century British opera.

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Retrospect Opera

Annual Report for the year ended 31 October 2022

The finished product (as at 31 October, nearly ready for release) will serve as an excellent example of Retrospect Opera’s commitment to quality via efficient planning and community spirit, towards achieving a shared goal.

Shamus O’Brien (Charles Villiers Stanford)

Agreement was reached to record with the Orchestra of Scottish Opera, conducted by David Parry, the recording to take place in Scottish Opera’s Sound Cloud studios, Hillington, Glasgow, in January 2023. It was essential to use Irish soloists for the Irish rôles, and Valerie explored many possibilities. The final personnel sheet was eventually set as

Shamus O’Brien – Brendan Collins Nora O’Brien – Anna Brady Kitty – Ami Hewitt Captain Trevor – Joseph Doody Mike Murphy – Andrew Gavin Father O’Flynn – Rory Dunne Uilleann pipes – Jarlath Henderson Opera Bohemia Voices – artistic directors Alistair Digges and Douglas Nairne; rehearsal pianist Duncan Williams

This was not quite the initial cast: some singers became unavailable for various reasons. Scottish Opera were very keen on the collaboration, and extremely co-operative, particularly their librarian, Gordon Grant. Valerie completed the edition, preparing a new full score, parts, vocal and chorus scores (with help from a type-setter, Almario Laid, for the vocal score), and incorporating the libretto at the relevant points, so that everything was in order. Although the opera is labelled a ‘Romantic Comic Opera’, it has substantial moments of high drama, and a particularly beautiful love duet. 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 ) via digital streaming, because we recognise that there is a demand for it. Some of the tracks have amassed thousands of streams, but as it is for the industry generally, the income is extremely limited, and we have yet to reach a decision on whether to continue with distribution on streaming platforms.

Website

Our new website launched in January 2022 and 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.

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Retrospect Opera

Annual Report for the year ended 31 October 2022

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 describe progress, and give an insight into the recording sessions, and some behind-the-scenes 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. We had hoped and intended to apply for Arts Council England funding, but the change in their strategy means our projects are no longer a strong fit with their headline criteria .

Financial review

We started the year 2021/22 with good reserves, despite the impact of the Covid-19 pandemic. Income was slightly improved at £12,914 (20/21: £11,545) ; we are still feeling the ongoing impact of Covid-19 on activity levels, with grants and donations from supporters, and opportunities for direct sales still not on the scale of pre-covid years.

Expenditure was greatly increased, following CD reprints and the recording of The Soldier’s Legacy , at £20,987 (20/21: £5,200) ; the fees to distributors also took a higher percentage of sales than in earlier years, but there was some offsetting saving on administration costs and benefits, in saving of admin effort and in giving access to wider market.

The balance at year-end was consequently somewhat reduced at £38,268 (20/21: £46,341). Nevertheless, we are in a strong position, consistent with our strategy of raising funds before committing expenditure. 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.

We are fully confident that Covid-19 has not affected the charity’s position as a going concern: at the end of 2021-22, 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 trustees are therefore confident that it is appropriate to prepare the financial statements on the going concern basis.

The primary sources of funding this year have been:

There has also been some small income from Amazon Smile.

All our 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.

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Retrospect Opera

Annual Report for the year ended 31 October 2022

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 continue 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.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 3 to the accounts.

The trustees communicate frequently by email, and formal meetings are held via Zoom. The CIO’s financial state is reviewed at least quarterly by all the trustees.

Related parties and relationships with other organisations

There are no related parties, or relationships with other organisations.

Remuneration policy for key management personnel

As all personnel act voluntarily, there is no remuneration policy.

Ensuring our legacy

In the event of Retrospect Opera being unable to continue its work of recording and promoting British opera and related dramatic works, all the company’s funds and assets will be transferred to another recording company, or comparable entity concerned with British opera, such as the Retrospect Opera trustees deem, at that time, to be as close in its artistic aims as those of Retrospect Opera, and willing to extend Retrospect Opera’s legacy.

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Retrospect Opera Annual Report foI the yegT ertdcd 31 October 2022 Funds held &s custodiart trustee on behalf of othets No sucb fimds ate hdd. Approved by the Trust￿ And signed on behalf by: Trustee Lt Li¥ i4W Lyh bl .) Datc

Retrospect Opera

Registered charity no. 1164150

Statement of Receipts & Payments for the year ended 31 October 2022

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
2021-22
£
£
£
4,529
0
4,529
-
1,500
1,500
6,391
0
6,391
431
0
431
14
0
14
49
0
49
11,414
1,500
12,914
1,636
0
1,636
37
0
37
12,958
5,578
18,536
778
0
778
15,409
5,578
20,987
-3,995
-4,078
-8,073
0
0
0
41,186
5,155
46,341
37,191
1,077
38,268		 Unrestricted
Restricted
Total funds
funds
funds
2020-21
£
£
£
2,145
0
2,145
0
6,000
6,000
3,334
0
3,334
0
0
0
14
0
14
52
0
52
5,545
6,000
11,545
621
0
621
10
0
10
1,239
2,440
3,679
826
64
890
2,696
2,504
5,200
2,849
3,496
6,345
0
0
0
38,337
1,659
39,996
41,186
5,155
46,341

All receipts and payments derive from continuing activities.

The notes on page 10 form part of these accounts.

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Retrospect Opera Sttemettt of Assets and 14abilities as at 31 Oaober Y)22 TO￿ (ulld5 31 (kn Z)22 fi￿d5 511)tt2021 Stocks of CD5 7232 7232 7273 7275 -op bauk account Vernoo I11￿klin2 &Kiety Paypalacco 1413 2S,351 1180 14 1413 2A4 5,555 28x5 116 14 5555 53J8J 14 14 37.191 ion 4U&6 5A Rtstricted iDcon)e fi￿￿% Ur￿￿tilCtta iti¢<Mhe fimd5 5,155 37.191 37.191 41.186 41,186 Totsl charity hmds 37.191 44 The CIO lud no gwf2ntee8 ot dtbts at31 OLkn Cl)3rity IAW xeqwres the Trnstees to pw fitJ20ciI statemeots lor each finan(ial yearTrvhich coo]plywAth the re8d31ions set out xti tbe Chatities Art 2011. The Tn￿let$ ha￿ elec￿ to tske %hpxnts8e of the ￿nS that 2ppEy to snjall dtatitie$ and b2ve pogred a Recexpts al￿ PasJnthts.4(¥owit aod Ststetlleut of.Isscts aod IAabth"ties wljich ate set out on page5 8 to 9. The T￿￿tee$ (ledare they haFC 2ppxoved the statell￿ts alxw SAgtted on belJalfo£the Cbaritys T￿￿ Full N2me(s) "gkne IAogfidd Ch2Xt of T￿￿tee5 Date .4wt 2023

Retrospect Opera

Registered charity no. 1164150

Notes to the Accounts

for the year ended 31 October 2022

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

Payments totalling £500 were made to a trustee for hire of materials, and £74.80 was reimbursed for travel and accommodation.

These were agreed in advance by the other trustees.

No other payments were made to any trustees other than reimbursement of costs incurred on behalf of the CIO. 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 £25, was unclaimed at the end of the period.

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INDEPENDENT EXAMINER'S REPORT TO THE TRusfEES OF RETROSPECT OPERA (Charitable Incorporated Organisation) I rep()rt to the T￿￿tee> ()n m!, eYamin2tion ol the acci)unts of Retr()spcct oper￿ a Thatitsbl Jnc()rp(Irated Organistion (the Cl()) for the ireat eoded 31- ()ctobcr 2022 Responsibilities and basis of repor¢ ..Is thc charity. t￿￿tCe5 of the CIO rou w responsil)Ic for the prcp2ration of thc accounts in acc(Irdance iiTjih the requirements of the (JlltitÉ¢s Art 2011 ('the ..Ict) I rep(Trrt m respLQ i)FrnF viaminaiYi)n ()f the I"l()'q acci)untS C2rrxLYI ()ut under qectiim 145 1)f thL ?111 l Act 2nd in caw'ing out ms. e¥2min2ti(m I hgl'e fi)lli)Trted the applicable l)Érectinn8 given b!. thL (-harits' (.(Imrnissii)n under sectinn 145(5)(b) ()f thc Act. Independent cxamineFs statement I h21'c completed ewniiiativn. I coofimi that no niateri21 matters hai"c comc to mi, attcntion sn conncction thc oNamination mc cause to bcIicN'c that An materi21 res￿Ct. accounting fecords ilere not kept in re4KCt of th¢ CIO as requlred by se￿10￿ 130 of the Act.. or the accounts do not ￿COrd thosc records. I h2x'e nn concerns 2nd have come across no othcr m3ttcrs in connectic)n the cNaminati(m to vhich attLiitii)n sh(?uld be drawn in rhis retx)rt in nrder to enable 2 pri)per understanding OF the accounts tr) be reiched. DL-HWLQL Philip Wells FCA Chartered Accountant 6 Flulme Hall .4ienue ChcadlL Ilulme ('hLaaiL' K861 ,k 2013 li