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2025-10-31-accounts

Charity Number: 1164150

Retrospect Opera

Trustees’ Annual Report and Accounts for the year ended 31 October 2025

Retrospect Opera

Annual Report for the year ended 31 October 2025

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 Joseph Hearson (from 9 September 2025) Andrew H. King (until 31 December 2024) Christopher Wiley Secretary (until 8 June 2025) 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 2025

The trustees present their report and the accounts for the year ended 31 October 2025.

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 objectives of Retrospect Opera are to advance the art of opera for the public benefit by researching British opera and related works of the 18[th] , 19[th] and 20[th] 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, and subsequent streaming release. By this means, the works 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.

Our activity also means that these works become accessible to companies seeking rare repertoire. We also provide invaluable recording opportunities for singers and instrumentalists.

The works chosen are representative of the heritage of British opera, from the period roughly 1750– 1990. Works are selected using a number of criteria:

Not all these criteria need to be met. 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 unlikely (though not out of the question) that a work would be selected if it is still in copyright, and indeed, we did just that in this reporting year.

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Retrospect Opera

Annual Report for the year ended 31 October 2025

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.

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.

The Seal-Woman (Marjory Kennedy-Fraser and Sir Granville Bantock)

The official release was on 20 June 2025, and we held a launch event then at Gran T, Manchester. Run as a ‘sofa’ event, there were interviews with John Andrews, Andy King and Valerie Langfield and the event was again hosted by Ben Hamilton. It was streamed live and put out on Facebook/Meta. Feedback from those present and online was very positive.

Before that, we were approached by GB News as a result of which Valerie was interviewed by Michael Portillo live on his Sunday lunchtime arts programme, on 26 May.

Following an in-depth interview with Richard Bratby, when he talked to Ben and Valerie in detail about Retrospect Opera’s aims and achievements, a substantial article was published in The Spectator .

Johnson Preserv’d (Richard Stoker and Jill Watt)

This project represented a different methodology from our usual way, in that it is being fully funded by a charitable trust, the Richard Stoker Trust; although some of our earlier releases have been externally funded, these have been part of university research projects. The Stoker Trust approached Retrospect Opera via Chris Wiley to discuss the possibility of us taking on the release once it was recorded, and having heard the music (from a recording made at the time of its first performance in 1967, by Opera Piccola in London), we were impressed by its quality, and agreed that it fell firmly within the charity's aims and objectives. We are therefore very pleased to take the recording into our catalogue.

Richard Stoker was born in 1938 in Castleford, Yorkshire; he trained at the Royal Academy of Music under Lennox Berkeley. While there, he was awarded the Mendelssohn Scholarship, which enabled

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Retrospect Opera

Annual Report for the year ended 31 October 2025

him to go to Paris to study with Nadia Boulanger, and he himself taught composition at the Academy for over 20 years on his return. He wrote an enormous amount of music: chamber music, songs, orchestral and choral works, film music, organ music, even popular music, and the opera. He was also an artist, and he published prose and poetry; and in later years he appeared as a film extra. He died in 2021 and the Richard Stoker Trust was set up the following year to promote his music, and to safeguard the archive of his music, artworks and other items.

Johnson Preserv’d is set in Streatham in 1784 and reimagines one final meeting of Samuel Johnson’s famous social circle. It was recorded between 7-10 September 2025 at the Performing Arts Technology Studio, University of Surrey. The cast was:

Samuel Johnson (baritone) Andrew Davies James Boswell (tenor) Michael Gibson Signor Piozzi (tenor) Mark Milhofer Mrs Thrale (mezzo-soprano) Siân Cameron Polly (soprano) Olivia Carrell Recording engineer Dave Rowell Recording producer Matthew Bennett Executive producer Chris Wiley For Retrospect Opera Valerie Langfield Rehearsal pianist Natalie Bleicher The Lontano Ensemble (leader Caroline Balding) was conducted by Odaline de la Martinez

We found Richard Stoker’s musical style to be melodic and extremely accessible, with a distinctive musical voice, and during the recording sessions we were greatly struck by its beauty and how charmingly it was performed by all.

Other events and projects

Ben and Valerie attended the inaugural Shakespeare in Music Festival at Stratford-upon-Avon, in May 2025. We felt this was a highly appropriate connection, and Valerie gave two very brief presentations to promote Much Ado , resulting in some sales and donations. As it happens, a duet from the opera was given in one of the concerts. The Festival also focused on the Jubilee celebrations organised by Garrick, and we sold several copies of our recording.

We began to develop plans to fund-raise for Stanford’s Much Ado About Nothing , our next big project.

Trustees

Andy King resigned from the Board in November 2024 (with effect from December), and Chris Wiley resigned as Secretary and trustee in June 2025. Andy, as a founder member of Retrospect Opera, has been a significant voice in its development, and we wish him well in the future. Chris has also made a significant contribution to Retrospect Opera during his time as a trustee, and we thank him for his work on behalf of the charity.

Joseph Hearson, having been a volunteer since January 2025, accepted our invitation to become a trustee, which he did with effect from September 2025. Joe brings a wide experience of practical music-making: he is the Founder, Artistic Director, and Principal Conductor of the City of Stokeon-Trent Symphony Orchestra (CSSO), as well as a freelance media composer and musical director. He is particularly passionate about British music and a keen advocate for often overlooked composers such as Havergal Brian, Thomas Pitfield, and Frederick Delius through his work with the

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Retrospect Opera

Annual Report for the year ended 31 October 2025

CSSO. Joe is looking forward to playing his part in continuing to champion this rich, varied, and often untapped repertoire with the rest of the Retrospect team.

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, and it accords with our charitable objective to make neglected works publicly available. 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 website has an attractive appearance, with ongoing development as new projects are begun.

Social media

We have continued and expanded our use of social media as a means of increasing public visibility of our charitable objectives, including our continuing activities in recording and releasing music, as well as critical response we have received through reviews and other media coverage. Holding launch events has given us excellent promotional opportunities, and we now have over 500 followers on Facebook/Meta, over 200 on X (Twitter); and over 300 on Instagram. These are our primary – and immediate – means of engaging with supporters and the wider public.

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 , Fanfare , Gramophone , and various online sites.

The following are typical of the kind of review The Seal-Woman received:

‘Best of all is Catherine Carby ... there’s heft and delicacy ... suffused with Hebridean sadness.’ ( BBC Music Magazine )

‘John Andrews marshals his Scottish troops with brilliance.’ ( Gramophone )

‘Bantock’s music, for an instrumental ensemble of 16 players, tactfully wraps itself around the original melodies, never dominating, and preserving as much of the integrity of KennedyFraser’s accompaniments as possible... it’s the curiosity value of the score that recommends it above all.’ ( The Guardian , 26 June 2025)

‘This latest release is not a disappointment.’ ( Opera Now )

‘ The Seal-Woman is a delightful and tuneful find and well worth a listen.’ ( Limelight )

‘The singing is uniformly very fine indeed.’ ( MusicWeb International )

‘Dim the lights and let the spell conjured by the recording envelop you.’ ( Light Music Society )

Funding

We have continued with our policy of raising funds through a mixture of grants and individual subscribers. Some subscribers are generous enough to contribute to all our projects, while others contribute 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

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Retrospect Opera

Annual Report for the year ended 31 October 2025

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 and ambassadors for our work. Many are very keen to support what we do, and contact us regularly.

Financial review

Income in 24/25 was a little higher than in the previous year, at £38,981 (23/24: £33,136). Lower income from sales was more than offset by higher donations, thanks to fundraising for two new recordings.

Expenditure was much lower than the previous year, at £16,846 (23/24: £37,002), as there was only one release in the year, many of the recording costs for which had already been incurred in 23/24.

As a result, overall balances increased from £32,821 to £54,956. This maintains our strong position as we plan for further recordings, especially as risk is minimised by our strategy of raising funds before committing expenditure. Our activity is, by its very nature, cyclical, and the accumulated surplus can therefore vary significantly over time, but the trustees monitor the position regularly and are satisfied that the funds held are appropriate in the light of existing and planned commitments.

As in previous years, balances held at the end of 2024/25 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:

Additional income was generated by

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 personnel, the costs of CD replication, and costs of marketing, and also ancillary costs such as fees for bar codes, postage, and overheads of running the website.

Reserves policy

The trustees are satisfied that the reserves held are related to expenditure 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.

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Retrospect Operd Annu21 Report for the it#t eEthd 31 Octobcr 2025 Plans for the future Cyi%"en the time it take5 to raise fimd4 we continut to pI40 tvtther projects on the b2sis of on¢ i#rge. lorLger.t¢ini projec4 and one or two small to si2e pmje¢ts. We tspe¢t to collsolidate our disthljurion srrxtegy. and deltlop ow Marke￿ strate￿ ￿rther. Structurej govem2nce matsagement The ￿ganisation is a c.haritable Inco￿0[ated Owis2tion (C.10). whKh was regist￿ed as 2 dI￿lty on 28 October 2015. The objects aod powers of the chatity ate 5Ct out in its Collstitution (the Governing Document). The ch2rity'5 only ivting metnbers are its tDJsree& Thrce v>ere the EoundtDg mexnkn of the CIO, d all welcome 2ppr02dkes from anyone FAth 5kil]s djat usefijl to the d￿lty. The trnstees h2vc tto beae&iai inte￿$t ia the All trustees gire thcir tme voluntOTdk" and receive no from rhe cb#rtiy. Any LKpell5es redatined £rvEJTr the charity are set out it) note 3 tt) the c¢wats. The tnstees comtnunic2te frequentl) bTr' en)aJL aod meeliQ8S are hekl re8thadvvia /mnL'I&e CIC)'s fin￿¢SaI state ￿ revieTrved ar kast quattedy by all the tru5tecs. Rdated There are no rdated partie4 or rd2tionships with Oth￿ orgaoi52tions. olia. for k As all persojjtsd act voknitanly. there is no remuneration p)ly. Ensutin our In the event OE Retrospect OP￿ beitig unable to continue its work of recording and P￿MOting British and lEi5h opera and ff12ted dr2m2tr woth. 3]k the t(xnp2n}'s fiinds and assets be tr2nsFetted to another recording comp#tLy. Ot cotTrwatabk ettti¢F ¢or*rned Trryth B£itish and Iiish opcr4 whose artistic gim5 are ar thar time deulled by the RttrosFtt OFr# t￿Ste¢S tt) matdj those of Retrow (￿ aod Ivljich is W]rn￿ to extend Rettospe¢t Optsa's leyy. Fufids held as custodian trustee on behalf of othet5 No such fi]od5 are hekL Approvtd by the Trustets 2nd yed on their bthaltbi-. rnkstets Date {t•pV TrD 7¢

Retrospect Opera

Registered charity no. 1164150

Statement of Receipts & Payments for the year ended 31 October 2025

Receipts:
Donations and supporters' subscriptions
Grant income
Fundraising: sales of CDs/downloads
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
2024-25
£
£
£
26,821
-
26,821
-
-
0
6,354
-
6,354
5,302
-
5,302
167
-
167
337
-
337
38,981
0
38,981
1,538
-
1,538
171
-
171
11,668
-
11,668
3,469
-
3,469
16,846
0
16,846
22,135
0
22,135
0
0
0
32,821
0
32,821
54,956
0
54,956		 Unrestricted
Restricted
Total funds
funds
funds
2023-24
£
£
£
14,643
-
14,643
-
6,600
6,600
9,765
-
9,765
1,691
-
1,691
47
-
47
390
-
390
26,536
6,600
33,136
1,583
-
1,583
199
-
199
25,584
7,850
33,434
1,786
-
1,786
29,152
7,850
37,002
-2,616
-1,250
-3,866
0
0
0
35,437
1,250
36,687
32,821
0
32,821

All receipts and payments derive from continuing activities.

The notes on page 10 form part of these accounts.

Page 8

Retrospect Opera R￿l$le￿d clbatiry I￿. 1164150 knd5 31 (kt 2)25 31 ()d2124 sets Stocks of(Th 8.124 8.124 (.w bjnkatcounr 10.867 37JVJ 1?2 7,%72 15fj72 37J86 li2 2c£oiint 158 62 95 TDtral currety 4ssets X82J Kepresented ty. 54.9%5 52A3Y 52￿21 956 821 Ltabilities The CIO had noRusan￿Es or delts at31 OL)bu W25 TRugrEES REsPONSIBlUT￿ IN REIATIONTO FINANCIkLsfATF.MEKrs (￿lty IAW wutre5 the.}￿tee5 topxtp#re fioancjal sutttsxctsts ￿ra(h ￿￿e ri%ulatii>n5 out in thL. I"hafitics rlct 2011. 1he T￿￿ttts havt dt(¢ed to trke advmty ￿f the that ¥ph" to Sfttal d￿[￿5 and knve pwed i Recyts aftd Paymettts Acc()unt SttLyk￿t of dlsytrs attd liaTrxhtic% are set (Mrton pw 8attd 9. S4ned i>n bchalf of the (kn.s"In￿e¢& SI￿{51 Vull N10￿(sI ,￿C￿e IAO P￿tiOn(SI (Jgicof'lrust l)¥te

Retrospect Opera

Registered charity no. 1164150

Notes to the Accounts for the year ended 31 October 2025

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. No other material transaction took place between the CIO and a trustee or any person connected with them. A total of £12,100 in donations was received from related parties without conditions. 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 £38, was unclaimed at the end of the period.

Page 10

INDEPENDENT EXWINERYS REPORT TO THE TRUSTF.ES OF REfROSPEcf OPERA (ch￿ltable Incollporaied Otg2tiisx¢ioo) I retM)rt to the Trnstee5 on rn} LX2minatx)ti of the account5 of Rctrospect (4)er4 a ChyJitabk IntottK)r2ted Oynistioo (the CIO) Eoi the ye￿ etlded 31" (krober 2￿). Req)onsibilities and basis of report As the cbajri trustee5 of the CIO vou iesp)nsibk foi the pwarats>n of the 2ccounLS iti 2ccoknce with the requitemeits of the (Jh2fities Act 2011 (khc Art) T report in respcct of m} eKamiiJatx)a of the CIO'S accounts out ulldcr section 143 of tbe 2011 Act 2nd in caming out exgJDinarion I h21'e folk)wcd thc 2pplthk I)Irec￿￿$ given by the Charty Conjmission uudet section 145{i)(b) of the Act Indepettdent examitiees statement I have collkplcttd my ex2msna￿n. I that no m2ten21 nllttets hair come to MF attelltr)n in conneciion thc gAVty£ xue cause to bditie that in atty n12￿[1￿1 res￿¢￿ 2CCOUnting reco￿15 were not kept ffspect of the Cl() #s requwed bv section 130 of the Act or 2 the accounts do not Iccord WAth tlmye ￿¢0[￿. or 3 the accounts do not comply x9Jtb the app]rsbk wllrements concemjng the lom and conttttt of accowits set out itt the ch￿LtieS (Accounts aj)d Rq)on5) Rqylation 21K)8 other an! rcquirement th2t the 2CCOitslts a't￿ aod fair. vThwhich is not 2 mattet considered as part of an independtyjt examioatio I have no concems 2nd have Come across no other An connection ￿lih Ihv examinatK)n to hrh attention shodd be dr2WQ in tbjs retK)rt iti odet to eoabk a pKoper un(krstalld￿g of tbe accovnts to be re2cbed. Philip Wells Chxrtered Aceotmtant 6 Ilu]me Ila]I,Ivenue C.htsdle Ilu]me Che4dRe SK8 61 If August 2026 li