Company Tegistration nuM)ber'. 09321941 Charily regist(ation number.. 1166121 Operasonic Cyf (A c01npY limiied by share capital) Artnl Reporl and Financial for the Year Ended 5 April 20?1 Athbls 4a Brecon Coutt Williem Brown Close Llantamam Park Torfaen United Kingdom NP44 3AB 'A4F65RQ8' 1511012021 COMPANIES HOUSE A16
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Operasonlc Cyf Contents Reference and Admiiu51rative Details Tru51e¢s' Report 2106 Staiem¢nt of Trust¢C5' Responsibilities Indep¢ndent Exan)ineVs Report State¢Al of Finan¢ial Activities Balartte Sheet io Noies io ih¢ Financial Statements
Opernsonic Cyf Reference And Administrative Details Trnsttts P G Hor10 E N¢wi¢k (nee Rouiley) S Mahabir C R Williams C Dacey R Hut¢hing5 Secretary Prinrip¥l Office l Fields Park Avenue Tr4ewport NP20 5BG Reglstered Offiee l Fields Park Avenue Newport NP20 5BG Th¢ ¢harity is in¢oTpof4ted in Engla1 ¥nd Wales. 09327941 Company Regtstr#tlo* Number Charity Registration Nuber 1166121 Bankers Unity Tntst Bank 9 Brindley Place Birniingham BI 2HB Independent Examiner Ashbys 4a Breccffl Court William Bro Close Llantarnam Park Torfaen Uniied Kingdom NP44 3AB p¢1
Operasonlc Cyf Trustees, Report The Iru5tees. who are direclor5 for the purp05¢5 of company law. present the annual ieporl touieiher with Ihe riftancial statemen1> of the charktable coinpaiiy for the year ended 5 April 2021. Objettlves and attivitie$ Obj¢cts To advanLe cducation for tlie public benefir by rhe proinorion of the ails. in pailicular bilt Dot excluSLv¢ly opero. aiid for such otiier ¢haritabl¢ purposes as tlie company may froin time 10 lime decide. Vision Opcrasonic is passionate about op¢rd a5 an artfonn that conne¢t5 Wlth the pol¢ntial aThJ creaiivily of young peopl¢ in a direct aiid ViSC¢Tal way. Operasonic believcs young people can own opcra. as audiences, Ls creatovs. as leaders. Yound pe()ple need contemporary opera ci'ealed on their own leTT5 and in rheii communiiies. ventses. schools, and online spaLes. Th¢ opera of the future wil be driven by tliem_ Mission Our mission is to inspire young minds. broaden horizons and launch fresh ideag through opera. Tn order io fulfil our vision and mi55ion. Operasonic creates opportujiiries for youllg pIe to exploit. CTeate and experience opera. particularly projects fotusing on opera writing. opera productions CTeat¢d 5petifically to open up Ihe world for different age groups. Values We keep participation ai the heart of everything we do_ Public benefit Opensonic has continued to provide access to the art5 for young people. both in the forni of osxra perFtirmances created especially for fdmily audi¢llce5 artd ihrouxh ivorkshop activity working diivily with youn¥ petsple. We focus on our beneficiarie5 gaining new ¢r¢ative expeften¢es and opera skills. as well as developing social and emolional skills in¢luding focu5. altention conttDI. eTnpathy. em(Jtional expression, social problem-solving, tritical thinking and confjdence. The twsiees conflm) thar they h&ve coinplied with the requittrnents of section 17 01 the Charitses A¢t 2011 to h8ve due regard to the public benefit 8uidanre published by the Charity Commission lor Engldnd and Wales. Achlevement5 and Performsnce This year has been iL n unprecedented one and. as an rts organisation which depends on in person work, we have faced a rang¢ of challenges in being able to take our work forward a5 imagined in ihe Business Plan we created in 2018. Embedding and Establishing 2018- 2023 set out ihe following aims for Oper8sonic'5 WOTk. in ordeF to aLhiev¢ our Vibion and misSiOtt- l. To create opportuniries for IneaThingl engagement with young people in Newport 2. To tske opeTa out to other comLDUnitie5 of young people 3. To lead the way for opera participarion prnctice in the UK Pag¢ 2
Operasonie Cyf Tru$tees' Report 4. To create a siable sustainable organi28lion However, it was clear this year that, diie to the Coronavirus Pandernic. other priorilies would con)e inio play. As a company we focused on wea1herlg the 5torrn finarKially. looking at whaL we eould n)ov¢ online. and puiring the needs of the ¢omiTrJniiy group5 we were workiA¥ with firsl. 2020 2021 Activittes As the first COVID-19 lockdown ¢am¢ into foree. Operasonie was ij) the middle of a range of proj¢cls. incliidinE a IoLir of Vehhcles a ncw children's opera. Gypsy Stars Chohr sessions, and Tlie Lysaght Musical Commissioned by Linc cyn. We had to r¢-assess all the work ivere deliveiing and look at how we could complete projects. Our local venue The Y¢rfront Theatre - was clos¢d and it was difficiili lo engage our participants onlin¢ from a standing start. Alongside COVID-19 aiid lockdown, this y¢ar ha5 also seen tli¢ protests around Black Live5 Maiter and W¢ Shall Not Be Rtinoved. Tliese agendas must b¢ addre55ed and ar¢ ccniral for Optrasoi?ic trustees and partneib as we rcdefine our work and understand whal our posi.paiMlemic world looks Itke. Surviving thi5 year ha5 llot been easy, and our trustees would like to send a huge thank you to everyone who h&8 supported Operasonic this year, including our partners and nderS who allowed us to be flexible with grants and ¢omTni5sion income 10 Tnake thing5 work. Throiigh %upport from the Culturdl Recovery Fund granted by Arts Council Wale5 and tuiiding from Moondance Founda15un, we wtte a150 able to creaie the role of Executive Producer, bringing a much.Jieeded focus on Strategy and fundraisin¥ at this crucial tiine. This caine #t a crncial time for Opeiasonic, as our founding Direcr stepped back to bEcome a t[lee a1 took on a role with a new charAty. Despite tlie re5tri¢tions. this year Opera50nic has managed to Create and iiial different W8y8 of enoaging participants online, has taken parf in two online community fesijvals ill Newport. and has worked hard to create n ¢)ngoing arts programme for our Gypsy Stars parti¢ipants and ibe wider community. Key Operasonic proie¢ts delivered this year were.. Gypsy Stars Choir- sin8in& art and dance project for ihe Roma community in Newport Cor()navirus TIllcaPSule Piojert- workin8 with ieetwrs to explure their lockdown experience Loving the Lybaght a songwrtting project with Lliswetry "Sh School in collaboration with Linc Cymrn Housing Asso¢iation ¢ulmÈnaiing in an online Virtual clK)iI Maindee Festival 2020 Livestream Art on the Hill 2020 Video launch L'albero Creative Exchange- practice exchange with an Italian theatre company funded by The BTifi5h Council eulminating in all online 5ymposiiiin Vehicles OperJ project working with Oxford University creating online animatcd resource5 to engage schools Opera Creatots 2021- blended schools opera-writing PToJect Song Crearors- onliDe songwriting sessions for tttn8ger5 De5pil¢ the pandemi¢, Operdsonic has continued to develop and grow our owm projects. Operts Cr¢oiors ran for the Ihird year ninning as a schoo15 project. working through TEAMS. We atso laUhed Song Creulors- a se( of online workshops for teens exploring differenr song wriring iechniques. This fornjat allowed us to rea¢h out furtlier Ilian jiist the Newport eOiTllnunity and also brought new Inusic facilitatois in to Wotk with OperAsonic. Page 3
Operasonic Cyf
Trustees, Report
After the successful launch of vehicles. rhe neiv opeta of 6- 12 year olds created by cornpos¢T Mamyn Hary, il
was very difficult io have lo Care1 the planneAJ roui. Howevei. Operasonic coniinued io work with Oxford
UniweTSity acT05S Ihe year to create online animaied science regources which Ihe 5¢hools who aiiendeil the
N¢wport perfoiThances worked with. Currenily. planning is underway loi the cr&iiion of a Vehicle5 Filin.
Tlie pandemic also halied Ihe fin81 p¢rformance of Lv.%4ghi The Mi£Ficol colebraiing the Ly5aghi Inslitute wliich
was due lo thkc place with students in Lli5weThy High. Linc Cymru were kcen to continue tlie project. and we
worked with Lliswerry High h0o] and local coinmuruty singers io create a set of r¢sourc¢s so tliat singers
CQLild record the songs creaied by the studeols. Cobra Sh]dios ID Newport creaied a virtual ¢lioir version ol the
songs wliich was premiered at Art on The Hill 2020 in Noventtr.
W¢ also had to adapt our ongoing coininunity work and think differently about liow we delivered work for our
Gypsy Stars participants. Woiktng closely with the teams at Maind¢e Prim&ry and Lliswerry Higli Scliool.
Operasonic creaÉed a programTne of dilyereni pmjecL8 for participants, including creating art packs, doorsl¢p
singing. soTrgywririn¥ in rhe park, online art videos and onlii)c dance classcs working wih G-expressions. li was
cleai. Ihat participanis were extremely haTd liir by (he pand¢nii¢. with the community aff¢¢l¢d by digital poverty
and srudenls Struggling with homc leaming as a $It.
The planned Creative Exchange with Iralian Theatre Company L'Albero wh¥ch was due to culminate in the
Iialian company visiting Newport in March 2020 did not tske pla. Insread L'Albero and Operasonic worked
logeiher to ereaie a 4-houT online symposium in Novembei 2020 which explored Cofflmurtity tspera. 24 peoplc
atiended the 5yrnposium from across rhe UK and ltsly.
Operasonic was plaiining ro deliv¢r the Ni¥him&rg Scenorio Residc¢} in November 2020. This pioject h4Ld ro
be i'escheduled drsd will now t¥ke plac¢ in Noveinber 2021.
Aprll 20ZO- Aprhl 2021 Key Dai*:
Total workshop 5e5sions 47
Total participants 513
Total ptrfomian¢es 16
Total audiences O
Total artists employed 24
Onlkne engogernent 2982
Financial Revi¢w
Income of £70,953 (previous year.. £63:91Xl) fuThJed an operating sUrpIL of £44.736 (previous year.. deficit
£1.515).
Operasonic's reserves stood at £5.289 (urLreslri¢ted fund5) and £44.942 (restricted funds) at ihe ye8r
Operasonic Cyf Trustees, Report Art on The Hill Ashley Family Foundwtion Brilish Council Coinic Rcli¢f Coinniurtity FoundatLOn Coinmuiiity House. Eion Road Company Three D'oyly Carte Charitable Trtl John Fell Research Fund Leys Developments Ltd Lliswerry High School Maindee Primary Sch1 Maind¢¢ Unlirnit¢d Mess Up The Mess Mooiiddnce FoundatLOn Newport Live & The Riverfront Theatre Newport Fuston Project Newport Resilietlt Communities Oxford UniveT5ity Music Department Toich.. Oxford Research CenttE for the Humanities Travelling Ahead Ty Cerdd Future Plans Op¢rasoniL LS looking io the future: taking on ird the lessolls the pandemic has taughi us, and also looking C<irefully at what our Lomn)unity needs. We will be und¢rtakn"ng a slralegic review in swiiiner 2021 working wilh Sound Conneclions, and this will result in a nelv business plan backed up by a tlieory of change. After a successful S y¢&rs of exploring WIt'S p)s¥ible in ihe Neiwport COJFununity aDd beyond. it is the right time foi Operasonic to ¢onsider ivhat should happen next. W¢ plan lo build on the learning we have aIned YLround digital engageinent. and will be taking part in a digital nientoring program led by SPACE. It'5 also vital that we look at expanding rhe range of arlisls. prodtJ¢ers. JtLd coinmuniiy volLLllteer5 that feed into OpeTasonic'5 work. LD sunimeT 2021 we plan to bring & trainee producer on to tli¢ t¢¥m and put 108ether a projett exploring Tik Tok with 8 young¢r group of singers. Across th¢ 202112022 Operasonic will work on the following projects". Page 5
Operasonic Cyf Trustees, Report A plan for disseminalion of the Vehicles film and resources acffoss 202112022 Produce and create Nightmaie Sceitario Residenc), project in November 2021 Woik wilh the Newport Roma Community to further develop the Gj'ps), Stols Clioti. project Deliver further Opera Creoiors and Song Crealoi's sessions in autumn 2021 and dev¢lop thi$ model Explore fvDding for The Liillabj. PTOjeCi in NewpoTI and work with young DisBbled niusicians in Newpon in 202112022 Slrueture> 8OVtrnADee and mttgtn*nt Noitsr¢ 0fgvverNig ¢IthNlei Opeyasonic Cyf was Formed as a ¢ompany limited by guarantee on 26th Novcmb¢r 2014 and a registered charity on 18th March 2016_ The chariry is also known as Op¢i'asonic. Recruiimeiil Uiid &ppoiMtmentOftrueeS The charity is lcd by a bolarit of trusiees I diTectoi& who are recruited through a publi¢ recruitment process. All trustees give rheir iiiiie voluntarily and receive no benefits from Ihe charity_ Therc wcre no expense.s reclaimed by trustees during the year. New trusrees appointed by thc Board of Tnstees ai meeiings ihr0utslut th¢ year, based on gelectio againit a rcgularly updated skills audil. Operasonic has a nuiither of policies in place to siipport ihe activities of ihe chatity which are reviewed regularly by the Board of Truslees.. Child Protection Policy Equdl Opportunities Policy General Data Protection Policy and Privacy Notice Equality and Equal Opporiunity Policy Environmental Policy Welsh Language Policy Operasonic ernploys a freelance Creative Director and a rdnge of fi.eclance artists who are pi'oject based. Disclosure and Bartlng che¢ks are carried oui foi a15 staff rnembers before they cominence employ1rn1. The annual rep)rt was approved by thc trusiees of ihe clwity on 14 Sepiember 2021 and siglied on its behalf by.. R Huichings Company Secretary Page 6
Operasonie Cyf Statement of Trustees, Responsibililies The trusLee5 (who ire a150 Ihe directors of Opernsonic Cyf for Ihe puSeS of company law) are responsible for preporing the truslees. report and the financial >¢atements in accordance wilh the United KiJigTdom Accounting Standards (UnÉted Kingdom Generdlly Accepted Accouniing Praciice) and applicable law #nd regulaiions. Cotnpany law requires tlie trustees to prepare financial 5tatemeiits for each fjnancial yeai. Under compaThy 13W the trustees musl not approve the fillaricial ststcments unless they are satisfied Ihat they give k true and fail vi¢w of the Sta of affairs of the chariiable company aAd of lis incoming L'esources and application of tesourc¢s, including its income and expenditute. for rhai pen(wJ. In preparing these financial si&1eJnent5, Ihe Irusie¢s are reqiiired ro-. select suitsble accounting policies a1 apply them conskstenily- observ¢ th¢ methods and prin¢iples in the Charitiu SORP. niake jud8einwits and esumates that are reasonable and pnwjent" 5tal¢ whether appli¢obl¢ UK Accounting Stsndards have been followed. subject to any Inaterial departures disclosed and ¢xplain¢d in tli¢ financial 5ta*m¢nts' and prepare the financial statemeTrr5 Ofi the going eoncern basis un1¢55 it ts inappropriale ro pi'esum¢ thai the charitable ¢ompatiy will continue In busilless. The trustees are responsible for kttping adequate accounting re¢oTds iliat are sufficient to show and explain Ili¢ cl)aritable company's transactions and di5¢1ose with reasonable a¢cura¢y ai ajiy time ihe financial po8ltion of the charitable conipany and enable tliem 10 ¢nsure that the fJnan¢ial staiemeiils comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and h¢nc¢ for faking rca.sonable slep% for Ihe prevenfion and detection of fraud and other irregularilies. Approved by the trusitts of the chority on 14 SeptembEr 2021 aiid signed on its behalf by= R Hutchings Coinpany Secrcrary Page 7
Operasonic Cyf Independent Examiner's Report to the trustees of Oper2sonic Cyf I report the accounts of the charity for ihe year ended 5 Aprtl 2021 which are sel oul on pages 9 to 18 _ Rcspective responsibililie5 01 trustees and txminer The trustees {wlio are also rhe directors of the cojnpany (or purposes ofcoinpany law) are responsible for Ih¢ preparaiion of the acc(Ktnts. The tntstees consider that an kudil 15 Dot required for tliis year uJ]dei seclion 14412) of th¢ ClTrarities Aci 2011 (Ihe 201 l Act) aod Ihai an iudependenl examination is n¢eded_ Having 5Jiisfied mys¢lf that the charity is not subje¢l to audit under company law and is ¢ligible for irxlependcnt Lxajninalion, il is my responsibility to". examine the accounts under section 145 of the 2011 Act: io follow Ihe procedures laid down in the general Directions given by di¢ Charity ConllDi55i0n under %¢iion 145(5)(b) of the 201 l Act- and to stai¢ whether particular niatlers have come io my attention. Basi.$ of indtpendeni examin¢r'5 report My examination was cauied oui in accordance wih rhe gen¢Tal Directions given by the ChaTity Commission. Ali examinaiion includes 8 revicw of the aecouniing records kept by rl charity and a coinpai'ison of the accouiit5 presented with those re¢ord%. It also includes Consideration of any unuslial ilcms oi" disclosures in the accouiits, and qeeking explanali0& from you as trusteES concernino any such maueTS. Thc proceduref undertaken do not provtde all the evidence that would be required in an audit and consequently no opinion i given as to wheiher the accounts preseni a 'tyue a1 fair view. and ihe report is limited to those InaitsTS sei out iii ihe.ststement below. Independent ex*mlner'$ st8lement In conneetion wih my examination. no Inatter has come to my attenfton-. (I I which gives me reasonable cause to believe that in any material respecr the requiremcnts.. io keep aectsuniing records in accordance wrh seciion 386 of the Companies Act 2006. and ro prepare a¢¢ounis which a¢cord wtth accounting iccords, comply with the aecountiiig iequir¢m¢nts of Section 396 of the Companie5 Aci 2006 and w¢th the Trtthods and principles of the Statement of Recommended Practtce.. Accounting and Rtporting by Charities hav¢ not been met.. or (21 to which. in my opinion, attention should be dra in order to cnable a proper undetstanding of the accounts to be reached. Brian Hogg Chaneied A ountant IICAS) 4a Brecon Court William Brown C105e Llantamam Park Torfaen United Kingdom NP44 3AB 14 S¢piernber 2021 Page 8
Operasonic Cyf Statement of Financial Activities for the Year Ended S Aprtl 2021 {Including Income and Expenditure Account 2nd Statement of Total Recognised Gains and Losses) Unrestricted fuDds Restricted funds Total 2021 Nott Income and Endowmtnts from". Donarions and lewi¢s 11.742 59,211 70,953 Total incoine 11.742 59.211 70,953 Expenditure Charitable acriviiies (10.412) (15.805 (26,2171 Totsl expendittire 10.412) {15,805 j (26,2171 Net income Traiisfers b¢e¢n fijnds 1.330 43.406 {1,1041 44.736 Net niovemcfit in fund5 2,4M 42.302 44.736 R¢¢onclli•tion of fthnds Total funds brouglit fonyaid Toral funds carried forward 2,855 2,()40 5.495 15 5.289 Unrestricted funds 44,942 Restricted lunds 50.231 Total 2020 Jyote Income and Endoivments from: Donations and legacies 63.900 63,900 Total income 63.900 63,900 Expenditure on: Charitable actlvities (65.4151 (65.4151 Tutal expenditure {65,415) (65,415) Net ¢xp¢nditure Transfers between funds {1.515) {1.256) (1.5151 Nei movemeTLt in funds 1.256 (2,771) (1,515) Reconcili•tion of fwD<Ls Total rtd$ brought forward Total fvnds carried forward 1.600 5,410 7.010 2.856 2,639 5,495 All of ihe charity's acLlVities derive from conliouiftg operations durinR (he above two periods. Tlie funds breakdown for 2020 is Shown in note IS. Thc notes on pages 1110 18 fonD an integral part of these finalicial stateinents. Page 9
Operasonie Cyf (Registration number: 09327941) Balance Sheet as at 5 April 2021 2021 2020 Note Fixed 855ets TaThgible a5s¢ts 10 486 544 Currtnt assets Debrors Cash at bank and in hand 4.148 46.697 1.359 33.833 12 50.845 35.192 Credltors: Amounts falling due wlihin one year Net cwrrent assets T3 (1.100 (30,241) 49,745 4.951 Net 4sset5 50231 5,495 Funds of the charity: Re5tri¢t¢d income fund$ Rtstricied fuiids 2,639 Unrestri¢ted Incomt funds Uiirestricled funds 5.289 2.856 Toial fund5 15 50.231 5.495 For the financial year ending 5 April 2021 the charity was entitled to exempiion fiom aiidit und¢r se¢iion 477 of the Companies Act 2006 r¢laring tt) small companies. Directors. responsibiliii&8: The Inembers have not required ihe charity to obthin an audit vf its accounts for the year in question in accordance with section 476. and The dir¢¢tor5 8¢knowledg¢ theii iesp¢)nsibililie5 for Complying with the requirements of the Act with respect to ount1118 rerdS and the prepar8tion of accounts. These accouTtt5 have been prepared in ord0n¢¢ with ihe provisions applicabl¢ to comp41nies subject ro the small companies regiTlle. The financi81 staiements on pag¢s 9 tu 18 were approved by ihe trust¢¢s, and auihorised for i$sue on 14 S¢pt¢mber l and signed on their behalf by.. ms Triisiee The no(¢s on pages I I to 18 fonD an illiegral part of these fjnancial statein¢nts. Page 10
Operasonic Cyf Notes to the Financial Statements for the Year Ended S April 2021 I Charily Stat5 The charity is liinited by share capttal. incorporated iii Englalld and Wales. Th¢ addrc5s of its register¢d office is." l Fields Park Avenue Ncwporl NP20 SBG TlTre princip81 plar¢ of business is-. l Fields Park Aveniie Newport NP20 SBG Tliese financial statements were authorised for issiie by the trusttts on 14 SeplembeT 2021. 2 AccouRtiDg policies Summary (tyf slEnific¥nt 4ccountlDg ptslicies and key ctounting estimAie5 The principal accounttng policies applied in the prep8rarJon of Ihese financial stalennts are sel tsur below. Tliese polictts havt been consistently applied to all I1 years presert1. unless otherwise stared. SttemeDt of tompliance The financial siatements have been prepared in accordance with Accounling and Reporting by Charities.. SiatciDeiii ol- Recommended Prd¢tice Jpplicable to Charities preparing their accounts in accordance with ihe Financial Reporting Siandard applicable iti the UK and Republic of liEland (FRS 102) (effecrive l January 2015) - IChaTlties SORP IFRS 102)). the Financial RertiTrg Standard applicable in the UK and Republic of Ireland IFRS 102). They also comply wilh the Companies Act 2(M16 and Charilies Act 2011. Basis of preparatlon Opei'asonic Cyf meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initl¢illy recobniised at historical cost Ot tran5a¢tion value unles5 Otherwise staled in the rElevani aLcowiting policy nottt5. Going concern The (rusiees consider that there are no material uneertainii¢s about the charity'5 abib.ty to continue as a going concern nor any siunifiuni area5 of uncerralnty that affect the carrying vtilue of a5seis held by the charity. Exemption from prepring a cash flow statemcnt The charity opted to early adopt Bulletin I published on 2 February 2016 ar]d have therefore rhot irKluded a ¢ash flow statetnenl in these financial slatetnenis. Income 4nd endowments All incoLne is recognised once the chariry has entitlement to the income, it is Probable th81 the income will b¢ r¢ceivcd and the 8movnt of the income receivable can Ix EaSured reliably. Pagell
Operasonie Cyf Notes to the Financial Stalements frf)r the Year Ended S April 2021 Don41ion5 ond legocies Donations are recogni%ed when the chariiy has been notified in wriling of boih Ihe amount and sertlemeni dale. the event that a donation Is subje¢l to conditions Ihai requir¢ a level of perforniaiice by the charity before the charily is eniitled to the funds. the incoine is defeNed and not recognised unlil eiiher those condilions ale fiLIIy meL or the lullilm¢nt of those coTrJiiion5 15 wholly within th¢ Conlrol of th¢ charity il is probable that these ondirion5 will be fulfilled in the reporting period. Gr4nts r¢¢eiv4ble Grant5 ar¢ r¢cognis¢d when the chariry has an ¢nridemeni to the ndS and any conditions linked to rhe grants liave been met. Wh¢re p¢rformanc¢ ¢ondiiion5 are attached to the graiit and are yet to be Inet, die iJKomts is r¢cognised a5 a liabiliry and Iluded on the balance Shed as deferred incoJ))e lo be released. Expendityre All exp¢ndiDJie is recognised once ihere is a legal or con5tniciive obltgaiion to Ihat expenditure, it is probable 5eltleinei)t is iequiTed and ihe amount can be measured reliably. All cosi8 aTe allocated to tlie applicable ¢xpeiidilure heading thai aggregate similar costs io ¢hat caiegory. Where cosis cannot be d5rectly attributed to particular heading.E they have been allocated on a basts consi.stent with the use of resources, with cei)tTal staff cosrb allocated on the basi5 of time sptnL and depreciation charges allocaied on the portion of rhe asset's Llse. Other support Costs arc allocated bascd on the spread of staff ¢osts. Cht7ri1alJle activilieF Charitable expendirure comprises ihose coms incurred by ihe charity im Ihc dclivery of its activilies and services for its benefi¢iarie.$. It incliide5 both cosls thai can be allocated directly io such activities and ihose costs of. an indirect nature n¢¢es5ary to suppon them. Support costs Support cosrs include cenfral funciions and have been allocated to actlvity cost caiegories on a b&sis consisieni with the use of resources: for example. all811g pr4)perty costs by floor areas. or pei ¢apit41, Staft costs by ihe time spent and other ¢osts by their usage. Goyernanee Costs Th¢se iiillyde the costs attributable to the charity'5 coIDpIia¢ with constitutioi)al and statuiory requirements. inbluding audit, 5trate¥tc rnaDaEement alld ttU5tees'S tiieeiings and reimbutsed expenses. Tgxation The charity is Contsidered pass the tests sei out in Paragraph I Schedule 6 of ihe FiDance Act 2010 Jnd theiefoTe it me¢ts th¢ d¢finition of a ¢harirabl¢ company for UK COTporation tax purposeb. Accordingly. th¢ harity is potentially exempt from taxation in respect of incoine or capital gains received within Laiegoi'i¢s ¢overed by Chapter 3 PaTt I l of the CorpoTation Tax Aci 2010 or Se£iion 256 of the Taxation of Ch¥]"geable G8Lns Act 1992, to th¢ ext¢nt th8t 5u¢h irrfome or gains are applied exclusively lo charitsble purposes. Tgngibl¢ fixed assets Indji*idual fixed asseis costing £600.00 or more are initially recorded ai cosl. less any subsequent ac¢umula(ed depreciation and subseqLteni accuinulated impairment lossts. Pa8e 12
Operasonic Cyf Notes to the Financial Statements for the Year Ended S April 2021 Deprecilion and amortisatxon Deprecitttion is provided on tangible fixed assets so as lo wri otT the cost OT valualion. less any esiimated residual value, ovei. th¢ir exp¢cted useful econoinic life as follows_. Asset class Fixre$. fittirLgs and equipm¢nr Depreciation method and rgte 250/0 R¢du¢ing B8lance Trade debtors Trade debtors are amunts due from ¢t01n for merehandise sold or seTViCW p¢rfomied in th¢ ordiiiary course of business. Trade debtors are recognised ii)l¢ially at the trdnsaction prrce. They are subscquently measured at amortised cost using the effective interest meihod, le55 provision for lrnpairnnt. A provision for the inipaimi¢nt of trade debtors Is c512blished when there is Objective cvidence that the charity will not be abl¢ to ¢oll¢cl all amounts due according to the Ofiginal temis of the receivables. Cash xnd cash equivalents Cash and cash eQ]Valents coinprise cash on hand and call deposits, and other short-temi highly liquid inv&stments that are readily convertible ro a knoivn amount of cash and are subject 10 an insignificant ri8k of change in value. Trade credltors Trade cr¢diiors are obligatiolls to pay for goods or services that have been acquii¢d in the ordinary course of business from suppliers. Accounts payable are classified as CUTtent liabilities if the charity does not have an unconditional right, ai the end of the repoiling period, to defer se¢tlcinent of Ilie crcditoi for ai least twelve moiiths after tlie reporting ddte. If there is an unconditional right to defer settl¢meThi for ai least twelve nnthS after the reporting date. they are pr¢s¢nted as non-current liabilities. Trade crediiors are recognised iniiially ai the transaction price and subsequenily mthsurcd at amortistd cost Using the effective inierest method. Fund sttIre Unrestr¢cted in¢ome funds are general funds thai are available for use al thc truslees's discretion in rtIlerance of the objectives of the chorily. RestriLied income funds are Ihose dOted for use in a particular area or for specific purposes, the use of which is restricted to that arca or purpose. Finantial in5trument$ Classificolion Financial asset5 and finaTtcial liabiliiies are recognis¢d when th¢ charity becomes a party lo the coniracNal Pfovlsions of the instrnment. Financial liabililie¥ and equity ittruMentS ate classified according to tb¢ substance of the contractual arrangements erTrtered into. An equity ilL5trument is conrTrct ihat evideTJte$ 8 residual inrei'est in tIK assctb of the cliaTity after deducting all of 1¢$ liabilities. Page 13
Operasonic Cyf Notes to the Financial Statements for the Year Ended S April 2021 Recogiiition andmeusiiremeni All financial asseis and liabiliiies are initially measuted at Innsaction price (including tiansaclion costs). exc.ept for those financial assets classified as 81 fair value throts8h pioflt oy loss, which are initially En¢asuFed at fair value (which is normally the transaciion price excludiIig tr2nsaciioD coslsl. unless the arrangernent CODStilults a financing transaciioti. Ir an arrang¢meni Collstltus a finatKin8 IransaclioD. Ibe finaDcial assel or finaDcial liabiliiy IS n)easiired ai tlie preseni value of tbe Iiiture paynnts discounied ai 8 market raie of inteffst for a siinilai" debt Insirnmeni. Financial $$sets and liabilities are only offset ID th¢ ststement of financial position when. and only when ihere exists a legally enforeeable right to 5¢1 off the reCOLIsed amounts and Ihe charity intends cither to settle on a net basis. 01 ro realise the asset and settle rhe liability siiniiltaneously. Financial assets are derecognised when and only when a) the contractual rights io th¢ cash tlows from rhe rinancial asset expire or are settled, bl tl)e ¢hariry transfers to anoihtr party substantially all of Ilie i'isks and rewards of ownership of the financial assei. or c) the cliarhly. despiie having retained some, bul not dll. 5ig)iifLcant risks and rew%hrd5 of ownership. has Itansferred control of the asset 10 aT]Other paty. Financial liabilttl¢8 are dcrecognised only when the obligation specified in the contract is discl)ai8ed. canlled or expire5. F4ir value measurenieni Th¢ best evidence of fair vJlue 15 a quoted price for an ideniical aet in an active market. When quoied prices arc unavailable. rhe pricc of a r¢cent trawcrion for gn td¢ntical assei provid¢5 evidence of fair valiie as long as there has not beeii a significant chan¥e in economic circumstan¢cs or a 5ignifJcant lapse of lime since the trdliSaction took place. If the market is Lwt active and recent transa¢tLons of ali identical ossei tsn theiL own 2re noi a good estimatt of fair valuc. the fair value 15 e5tirnated by using a valuatioTh te£hniqu¢. 3 Income from donations and le8Acies Unrestricted funds General Restricted funds Total funds Grants, including copital grants,. Grdjits from oiher ¢liarities 11.742 59.211 70,953 Tot1 for 2021 1.74? 59.211 70.953 Total (or 2020 63.9CW) 63.900 Page 14
Operasonic Cyf Notes to the Financial Statements for the Year Ended 5 April 2021 4 Expenditure on raising funds Total costs S Expenditurc on ebaritable 8ctivStles Unrfsirieted Rotricted funds Total fThd$ General Nott Project Costs Governan C05LS 4.920 5.492 15.355 450 20.275 5.942 Totgl for 2021 10.412 15.805 26,217 Total for 2020 65,415 65,415 Total expenditure In addition 10 the expellditure analy5ed above, there dre a150 governance costs of £5.943 (2020- £8,6701 which iel4lf¢ directly to choriiable activities. See note 6 for further dethils. 6 Analysis of govtrn•nce 5uppori Costs Covernance eost5 Unrestricted funds General Restricied funds Total lund$ IndependeDt examiner fees Other fee5 paid to examineT5 Depreciation, amorusation and other similir colts Allocated support Costs .366 1,366 58 4.518 58 392 4,126 Total for 2021 5,492 45 5.942 Total for 2020 8,670 8.670 Page 15
Operasonie Cyf Notes to the Financial Statements for the Year Ended 5 April 202] 7 Net incomingloutgoing resowrces NeÈ incon)inlOL¥01nB) r¢soLirces for the year include= 2U21 2020 Depreciation of fixed assets 73 8 Trustees rtmllneration #nd txpenses No iruslees. nor any persons connected with the have received any reinuneration frorn ihe charity durin8 th¢ ycar. 9 TaxatiTrn The charity L8 a Tegisitred charity and i5 therefore exempt from laxation. 10 Tangible fixed assets Other tangible rixed asset Total Cost At 6 April 2020 1,065 1,065 At S April 2021 1.065 1.065 Depreciatio Ar 6 April 2020 Cliarge for (he ye4r 521 58 52 58 At 5 April 2021 579 579 Nel book value Ai 5 April 2021 Ai 5 April 2020 486 486 544 544 11 Debtfjrs 2021 202 Trade debiors Prepaymen 3,669 479 1,000 359 4,148 .359 Page 16
Opera50nic Cyf Notes to the FinanciAI Slatements for the Year Ended S April 2021 12 Cash and e*5h equivalellts 2021 2020 Cash at bank 46,697 33,833 13 Creditors: amounts falling dut within one year 2021 2020 Trade credirors Otlier creditors Ac¢rua15 1.800 27,516 925 1.100 30,241 14 Shart capitAI 15 Funds B#l¥nce #t 6 April 2020 Incoming resources Resourees expended Bal#n¢e gt 5 April 2021 Transfer5 Unr¢strltted General 2.855 11.742 {10.412) (15.8051 5,289 Restricted 2,640 59,21 (1,104 44,94? Total fund5 5.495 70.953 (26217) 50,231 BalAnce gt 6 April 21119 Ineoming resourcts Resources expended Balamte at 5 April 2020 Transfers Unreslrleted ¢neral (1.6> 5.410 {1 ?56) (1.2561 {2:856) 2,639 Re51rielod 63,900 (65.415) TtstAI fllnds 7.010 63.9(KJ (65,415) 5.495 16 ArtAlysis of net assets between funds Page 17
Operasonic Cyf Notes to the Financial Statements for the Year Ended 5 April 2021 17 Attaly5i5 of net funds At 6 April 2020 At S April 2021 Cash at bank and in hand 33,833 33.833 Nei d¢bi 33,833 Financing tash flows 33,833 At S April 2112 Al 6 April 2019 Casl) at bank and in hand 23.030 10.803 33,833 33,833 Nei debt 23,030 10.1103 Page 18
Operasonic Cyf Statement of Fin2ntil Activities by fund for the Year Ended 5 April 2021 Unrestricted Funds Total Total Unritricled Unrestricted Funds Funds 2021 2020 Income and Endowments from: Donations and legacie5 11,742 Tothl income 11.742 Expenditure on: Charirable aciiviries 110,412 Total ¢xpenditure 110.412 Net income Trttnsfers bernveen ndS 1,330 ,256 Nct movement in funds 2.434 1,256 Reeonci15alion of (unds Total funds broughr forward Toial fijnds carried totward 2,855 1.600 5.289 2.856 This page does not form part of the sraDJtory finartial statements. Page 19
Operasonic Cyf Stgtement of Financial Activities by fund for the Year Ended 5 April 2021 Restricted Funds Total Restricted Fund5 2021 Tot21 Restricted Fuftds 2020 Income aDd Endowmenls from: Donations and legacies Total incolne 59,211 63,900 59.211 63,900 Expenditure on: Cliar&tsble activities {15,805) (65.4151 Total expendiDJre (15,805) (65.4151 Nei incoi))el(expei)diwrel Transfers between funds 43,406 11.104) (1256) Nti Jnovement in funds 42,302 12,771 } Reeoncillation of fund$ Total funds brought forward 2,640 5,410 Total Fund5 caTTied forward 44.942 2,639 This pag¢ does not lonn part of the statutory financial StoA)ents. Page 20
Operasonic Cyf Detailed Statement of Financial Activities for the Year Ended 5 April 2021 Total 2021 Tot41 2020 Inconie and EThdoTrvment5 from: Donaiions and legacies (analysed below) Total incoine 70,95) 63,900 70.953 63.900 Expenditur¢ on: Cliaritabl¢ a¢liviii¢s (analysed below) (26.217) (65.415) Total expendtwr¢ (26.2171 (65,415 Net kncomel(¢xpendiNre) 44,736 Net movement in funds 44.736 Reconclliatlon of funds Total fvnd8 brought fonvard 5.495 7,010 5,495 Total fund5 carried forw?rd 50,231 This page does nor fonn part of ihe stabjtory financ.ial statemen. Page21
Operasonic Cyf DetAiled Statement of Flnainci21 Activities for the Year Ended 5 April 2021 Total 2021 Total 2020 Don4tions legocie5 Grants l Donatior GraDts l Donations Other Lneome 59.211 11.742 63.687 213 70.953 63.900 Charilable ucliviii&s Dire¢L cosrs Direct Cos R¢nL Reni Insurance Insurdncc Computer Cosis Coinputer CosL8 Travel Expenses Cdr hir¢ Advcrtising Advertising Subscriplions Subscription5 Accountancy fees Accounrancy Independenr Examiners Fee BJftk Charges Bank Charges Depreeialion of fixiiires, fitttng5 and equipment 115.3551 14.920) 104 (56.7451 (8201 (1,8331 (606) 15991 (961 (440) (4,4501 1271 (1.098) (961 (2931 (46?) (1.0371 (1.366) (50} (120) (721 (24) (58 {26.2171 73) (65.4151 This pa8¢ does not Corni part of the staiuiory financial S&te*ts. Page 22