Charlty nwnb•r: 1168424 OPERA VENTURES PRODUCTIONS Unaudlted Trustees. rnport and financlal Statements For the year •nded 30 March 2024
OPERA VENTURES PRODUCTIONS Cont•nt• P4• R•hr•nc• and •dmlnhtratlv• d•t*ll• of th• Charlty. fts Iru•tM• and •d¥l••r• Ind•p•nd•nt •xafflirn¢• r•port Stat•m•nt of fiMncl•l •ctivltl Balanc• •h••t Not•• to th• financlal •tat•m• 9.13
OPERA VENTURES PRODUCTIONS R•l•rnn¢• •nd •dminhtr•llv• d•tslls of th• Gh•rlty. rts tnMt••• •nd •dvi••rn For th• y•Jr •n(knd 30 IAarch 2024 Salty Marks. Chair NKholas Prettejohrt Peter Espenhahn Ideceased) Paul ZNman (re%'gned 27 August 2024) Arthllc Advisory Bo•rd Sarah Billinghurst Sobn Sw J(Miatr)an Mills Charty T•91•f•d numb•r 1168424 S•nlor m•naym•nt t••ffl John Berry C8E Artistic Director Loretta Tc*nasi OBE. ExecutNe Difectty Accountants X•nadin Southeast Limrted 12 Conquerof Court Srtiingboume Kent ME10 58H
OPERA VENTURES PRODUCTIONS Trust•••' r•port For th• y•ar •nd•d 30 M•r¢h 2024 The Tfustees present their annual report iogether with the finano•l st8tements of the charty for the year 31 March 2023 10 30 March 2024. Obl•¢llvM and acllvlt• Summary of th• Obi•cl• of th• Ch•rlty •• S•t out in its Gov•mlng DOCn•nI To advance the arts and Cultu for Ihe benefit of the gera1 puts1 by womoting In the UK and internab"onally. opera and mus5cal Iheatre and other art fom$ Including wthout limitation musr, dance. exttibrtn5. lrteralure and films particular but not exclusive reference lo tourin9 pertofmances. and To advance the education of young people musical theatre PraeffinerS and the 9eneral public wth partKular reference lo the arts5tic of the chanty and particulady but not exclusv4ety through the IWSK)n ol vthshops. cla$se$. perltymances. training v¢xabon•l educatson and 4thpla¢e expenCe In opera and musical theatre yoductKy) and direthon. (b) Summary of th• IAaln Activiti•8 Und•rtak•n for th• Publk B•n•flt In R•l•tbon to th• crIty.• Opera Ventures Is a translomional chanty aims to Prod opera and mixed metha performances In collaboration wrth rts partners and to develop future talent The charrty Is Comm•d to partnenng vrth or9anisabons that reach out to a more diverne through aable tKket pncin9 aThJ targeted kncket offers Opera Ventures aims to offer aLKlnces ambrtws new opera woductDns ol intemabonal qualty that they might otherwse be able to acces5 Dunng the year. the Chanty Inrtiated the comMissn and development of ts xI yoJe¢l. Gaiwng Cure. to be corryosed by th$sy Mazzoli and libretto by Royce Vavrek. Achl•v•m•nts and p•rfofmanc• R•vl•w of •¢tlvlil•• and a smmary of th• maln a¢hl•v•m•nl• Dunng Ihe year Opera Ventures Producbonl athYrt arKI achvefints ere the ¢afty'S strategy and arbstic plan.. (i) The IntK)n of rts lourth opera proje. a new commissim of Gallow'ng Cure. Indng.. Commi$sK)ning the crAnposer and Iilyettist Implementing a development Plan fof the pc• Secunty Internalal c(K¢ynmrnsM)ning arKI ctryoaucig pwtrrJ Developing the financial parameters of ihe project IOenirfKatM)n and negobatjon of Some of the key creabve team meml)e DevelopTrnt of a fundraising plan LoiSM)n the nexl pYeBentsng CO•yoducers ol AJna¢am¥. Secunng and contractsng ol rerrtal parts lor 8reaknr4J the Waves and AinYamw.
OPERA VENTURES PRODUCTIONS Trust••s' r•port Icontlnu•d) For the year •nd•d 30 March 2024 ststutory tknlarallon The Trustees declare that troy have cornphed their duty to have thje regard to the 9UKlance on P41)k benefit wblished by IM Charty Cynmlss in exercirKJ their potMrs or duti. Fln•nclal r•vi•w (•) Brf•f Slat•m•nt of th• Ch•rlty'S Polley on R•8•rv•• Opera Venlures has an agile approach wrth no pemanent ovethead and commi15K1n9 ere a minimum of 90% 01 the lunding requireffent has been undewitten In advance The charrty's pY 1$ therefore lo hold a reserve of at leasi £10.cvJO a sum estsmated lo ensure. rf necessary, the lerly wnd-up of Ihe chanty and rts Intellectual property Dunng the year ended 30 March 2024 the Chanty benefite(l from Theatre Tax Credrt arising on wOductn expendrtur• in ihe prevK>u$ yew and commissm of rts next proJe¢t. SlructW•. g0v•rn•• •nd Ma9•M•nt (•) Constllullon The chanty was Incorpwated on 7 WI 2016 Type of Governing Document Constrtuti H(M th• Charty Is Constrtuted. Charrtable Incryat•d OrganIsatK (FoundatThi Strure) Ib) N•w TnMl••• . Inducllon and Tralnlng Trustees are selected on Ihe basis of their skills. kftovAedge experience and c(xnmrtmerrt Al Tfultees 9Ne their time voluntanty and receive no financial or In-kind benefft or Pfelerenbal Iatment for their Trustees may apwrt a person •lher to fill a vacary or as an addrtal Trustee up lo a maximum of e¥Jht to 8erve at any one bme Trustees may seprfe for a term of ihree years. renewable lor three years (wth an opbon for a fvrther year after the second iemil and a relinng Trustee may not be re.appcNnted Ixrt serVe may c<)ntsnue If rebrernent ruld lake the menefshiP t)elow Ihree Upon joining the 8oard. new Trustees are prOved vnth infofmaticn on the Charity's history and plans, the role and responsitslrts of Trustees. the constrtutson. recent annual reports and staiement of accwnt. key pol and the minutes of recenl Trustee meetings 1¢) Addltlonal Gov•rnanc• Inforni•llon Opwa Vonlures elhos N a9ile and Ilexible The ClrtY aims to re¥Ne the pas5Th ol philamhropi$ts by en$unng that more of the funding Is Invested In the art This ethos Is reflected In a struclure wih minimal fixed c05ts and the claborate approach to Pfoducing and presentsng fJfk This collaboralive approach means reSOUfces are shared wrth partner ¢xganlsals. alwng Ihem to be artistulty TrK)re aMbrt$ and programft they cryjld not do Lrthewvj
TnMl•••' rnport {contlnu•d) For th• y•u •nd•d Xl th1•h 2024 Sally mar Chalr
OPERA VENTURES PRODUCTIONS For th• y••r •nd•d 30 March 2024 lfftd•p•nd•nt •xamln•f• r•port kn th• TnMt••J ol Opw• V•ntur•• lth•'ch•rlty'> 2024. Th• rw to TnA••. w a Koyd•nc•vthh Pwt4 0ltr Charrtm IAcc<xw •fKI ReFth•i R•gutMx 2008 l• been th•t l •lat• to tha Trust•e• It maltws l am wthred to st•t• to twn in an IrK1•p •xafMiof• r•rxt i(Y no oth¥ wrpo8e To fiJlbest perrnrti•d by law. I do nol acc•0 w 85Sfft fSp to rkn•f than tr and R••pL¥l•Ill1l•I •nd Ix•l• of r•port re(ww•merrts of t Act 2011 (Ihe 2011 Acri. I fP m r•ip•ct d my ex•ninKm of Il cPwty'i •e¢(Xrti carrd urwjw 145 of the 2011 Ad •xl ' c•ryiffj my eX1n•t I hwe lokn•a abl tho •PPkI• Dir•Glw by Ihe Chwrty CornffliswTh) J•f 1495Mbl ol IM 2011 Acl. darK• vrfh the RepJ1ry Stanoard •atrIe m fv UK ar¥J Repulc crf Irebw)d IFRS 102) i. XCCArtf¥J ww• nol keFI kn r•wt ¢hwty M r•oJY•d 130 01 Ilx 2011 kl. a u larf VthT rK)t a m•t* ce as w1 of an ind&pd¥ •hould be drwi ffi this rewl In ¢x(Iw to • WOP•f unow89 of the xc¢xffrts lo be re•ch•d. Flona Howard FCA cfA FMAAT 12 COrow Court Sllingbcw ME10
OPERA VENTURES PRODUCTIONS Stsi•m•nt of flMnci•l •ctivttl•• For th• y•ar •nd•d 30 IAar¢h 2024 T¢WI lund• 24 2923 2023 fvnd• 2024 3024 23 4762 85.262 DonatK)n8 and Chantable actNrts 5.943 5,943 4762 80.500 85 262 Total inc¢M• Expenditurn on: Charrtable acb¥rt 1.879 305. 166 307, 045 1879 305. 766 307.045 Totsl •x ndilur• 24.520 2.890 27,410 Not {exndItUrev1nGtyTr• b•for• olh•r r•cognls•d g•ln• and lo•s•s 118,577) . 12,890) 121.467 2.883 (224. 666) (221. 783) Tax on •ctlvlts 158.400 139,823 12.8901 136.933 2,883 1224.666) {221, 783) Il•t mov•m•nt ol fund• R•concili•llon ol lund•: Total fund$ tKougM forward 11,761 150,379 135. 735 236.427 372. 162 138,618 11 761 Tol41 funds c•rrf•d 278.441 8.871 287.312 138 618 The noteg on pa9es 9 to 13 frym part d these finaral statements
OPERA VEHfuRES PRODUCTK)NS A• at JO MM¢h 2024 T*1 Taw 151819 151819 11761 I378 618 618 Total f¥nd• 8 Ilart•. Ch•lr
OPERA VENTURES PRODUCTIONS Noto• lo tho Ilnanclal stat•m•nts For the yoir •no 30 March 2024 A¢¢ountlng pollcl•• 8a•i8 of pr•paration of fln•ncl•l •tst•m•nt• The financial staiermnts have been prepared under the htsiorKal cosi convenbon wrth rtems recognised at cost or transa¢tKJn value unless otherwse stated In ihe relevant notes to these accounts. The financ1 ststement$ have been prepared in accordance wttt me Statement of Recmmended Pfactu. AcCntIng afKI Repofbng by Chant$ prepann9 th•r accounts In accordance tt• Financ1 Reporting Slandard apPIable In the UK and Republ of Ireland IFRS 1021 (effective 1 January 20191. and Financial Reportsng Standard applicable In the Unite¢ Kin9dom and Republic ol Ireland (FRS 102) and Chanbes Acl 2011. Owa Ventures Prod% conststutes a p1 tser entsty as defined by FRS 102. In¢om• All irKon rt recognised onc¢ Ihe eharty has enlJilement to the Income. rt 18 probable Ihat the income wll be received and tr amount ol Income receNable can be nxa$Ud relbably. For le9ac¥ erthtleffnt Is taken as Ihe earfw of the date on ethor.. the ch•nty i¥ aware that piobaie has téen granted. Ihe eslate has l)een fina115ed nOIrfalTh has been made by the executcA(sl to the Trusl that a d1s1nbutn will be made or ¥then a distributK)n is received from the estate. Receipt ol a legacy. n whole or In part. Is onty considered probable when the amount can be n*asured rebabty and the chanty has been notthed ol the execulorfs IntenTron to make a dlstnbuln. Vthere le9acies have been notified 10 the chanty or the charity 1$ aware of the gfanting ol probate. and the crrteria for income recognitson have not tyeen mel. then the legacy Is treated as a contsngent asset and dtsclosed rf matenal Donated seryices or lacilrties are recognised the ¢h•rty has control over the rtern, •ny condi1n• associated wrth the donated rtem have been met. the receipt of e¢onomK benefit from the use of the charty of the rtem Is probable and thai ecornmic benefft can be measured lblY In accordance wth the Charrtbes SORP IFRS 1021 the general volunteer time of the Fnends Is not recogThsed •nd refer lo the TnJstees' report for mcKe Informabon about their contnbution On receipt. donated professional services and donaled facilthes are recognised on ttie basis of the value of the gift to ihe charty which 1$ the amount the chanty wwld have been vffllling to pay to obtain services faalrtJe8 of equivalent economic benefit on the open market. a cwesponding amount Is th•n recognmed in eXpwrtUre In the penod of rewFrt IrKome tax recoverable in relatK)n to donat03 receNed under Gift AKI Qf deeds of covenant recognmed at the bme ol the donat. Ir£ome tax recoverable ffl rekthn to investrMnt income 4 recognised at the the Inveltment Incon rewv•f)le. Expondlturn Expendrture Is r•cogniMd Mce there Is ¥ legal or constructr4e obisabon to transler Kontynic benefft to a third party rt is probable thal a transfer ol econorn benefrts wffjll be required In sethement and the amount ol the gatIon can be measured rdiably Expendrtufe Is classthed by athvty The costs of each acbvrty a made up of Ihe to1 ol direct cosls and shared costs Including supwrt costs Involved in undertakin9 each activity Direa costs attnbutable lo a single aciivty are allocated directty to that actNty Shared costs wh contnbule lo ffre than one al¥lty and SUP costs Whtt afe not attnbutable lo single activty are apportioned beNveen those aclivities on a bag5 consistenl wth the use of resources Central staff costs are allocated on the basis of lime spent and depreoknon charges allcKated on the k¥>tson of Ihe asset's Use
OPERA VENTURES PRODUCTIONS Notes to th• flnanclal slat•m•nt• For th• y•ar •nd•d 30 IAarch 2024 AccountlrwJ polkl•• IcontJnu•d) SLPPOrt cost8 are those costs irKurred directly in support expenthture on the objects of rharty arKI IrKlude F0ject mana9emenl carrd oul at Headquarters Govemance costs are those Incurred in connethon V#rth administrabon of tr dkirrty arKI complonce cOnstslunal and 513bJtory fequirernents Intsrn•t rncdv•bl• Inrest on funds hekl M deposrt is yKluded recw¥abl• and the •ffrf)unt can be measwed reliably by the chafty. this 19 nom)olly upon n0tfficatK ol the Interest paKI or payabbe by the Bank D•blor• Trade and other debtors are rQgniSed at the selyement amount after any trade 1KnI offered. Prepayments are valued at the amourt prepaKI net ol any trade discounts due Cash •t B•nk •nd In hand Cash at bank in hand irKlude$ ca¥h ond jrt tenn hi9hfy INJU mvesthwits wth a short rnatunty ol tlwee months CK less fr¢xn the date of acquisrtK>n openiry ol the deposit or wmilar 8ccwnt Llabllltl•• and provl•lon• LIrt& afe recognised when there Is an obligabon al the Balance sheel date as a fesult of a pa81 e¥ent. rt is probabbe that a transler of economic benefrl wll be required In settbernent. and the amount of the settlemert can be estimated reliabty Liabilrties are recognised at the ¥MnI that the chanty an11paleS rt will pay to settle Ihe debt or the amount rt has reiVed as advanced payments fof the g¢)ods or 5erwces rt Must prO¥e Prowsions are measured al Ihe best estimate of the amounts required lo settle the Oblatron ere the effect of the time value ol money Is malenal the prow5n rs based on tr wesenl value ol those amounts, discounted at the pre-tax dixount rate that reflects the risks speofic to Iiablity The urr4finthng of the disc¢rn Is recognised interest payable aThJ sMThl¥ char9es. Flnanclal In•trum•nts The chanty onty has finanual assets and fin8ncbo1 1iatslrt of a that qualfy as b•$ic financwl In$trumenls. 8asbc finanual Instrumenls are Inrtialty recognised at transacticm value and subsequenty measured at ttrir settlement value the excepbon ol bank loans are Subsequentty measured at arMrtMed u%ng the effective Intorest method. Fund accountlng General are unrestncted fijnds are available lor al the dcr•tMyi of Ihe Tnmtees i) lurthefance of the gerefal ObctIveS of the charrty and fklve not been deswated for ather 10
OPERA VENTURES PRODUCTIONS 14ot• to th• financial $tat•m•nl• For th• y••r •nd•d 30 March 2024 2. Incom• from ch•rit•bl• •¢llvltl•g fvnd¥ 2024 fvnO• 2024 fi1 2023 2024 , 202J 202J productK rental MKome 5.943 5.943 Totsl ch•rrtable actwities 3. Inc(xn• from donatloM and l•g•ci rc4 nd• fvnd• ', fvnO• . 2024 rund 2023 2023 2023 Donatbon$ Grants , Grfi aml IncLxne 33.OCQ , 33.000 47.5 47. 5LIg 4.762 1 4762 Total donabons and I ac$ 4 762 80 500 85.262 4. Exp•ndltur• on ¢h•rftsbl• activili•• lund• 2024 rrt 2024 34 23 2023 ' (•) .1•cl costs 21,965 24.855 305 166 305 166 Adminrntratw costs 439 439 CJ Gov•manc• co•1• Independent examination and statutory acMunbn fee3 1.440 1.440 1, 440 Totsl •xp•nditur• on GrIbI• a¢tivrti•• 24,520 2.890 27,410 1.879 305. 166 307. 045
OPERA VENTURES PRODUCTIONS Not•s to th• Ilnancl•l st•t•m•nts For th• y•ar •nd•d 30 M•r¢h 2024 Taxati The lax credrt for the year ended 30 March 2024 relates to the Ch•rty'8 shar• of a Theatr• Tax Credfri rK¢ived dlmng the year of £158 400 12023 Nlll N•1 Incom1•p•ndIturnI Ouring the year no Trusteei rewved any rernunefan (2023 - £NIL). benefits ln kind12023 . £NIL) or rtymburnement of expenses12023 - £NILI. Crndltorn: Amounts l•lllng du• vAthln on• y••r Tot•1 UTrrn•trict•d kntrl¢i•d T¢xal luTrd• fvnd• X123 fund• 2024 2024 2023 Accruals and ¢Jeferred Income I 1.440 4,440 4,440 1440 1440 Stathm•nt and •umm•ry of fund• St•t•m•nl Ind summary of fund• . ¢urr•nt yur 8•l•rtc• al 31 March 2023 p•n¢llu Unr•strlct•d funds Unresl"Icted funds 138,618 24,520 Restrict•d fund• ReslrKted funds 11.761 Total ndS 5,94J 27.410 158,400 , 287 312 Stat•m•nt •nd •umm•ry of fund• - Pflor y•ar 8•7c• * JI BW•rf• •t X I IA•rGh 23 i Unrnstrict•d lunds Unfestncled funds 135 735 4762 1.879 138 618 RMtrlct•d funds RestrKied fund• 236 427 80 5LX> 13D5 166 11.761 ToLI1 funds 372. 162 85.262 7.045J 150.379 The restrKted fvnd$ at 30 March 2024 relate to nKlfwes recwved to conthbute to the funding ts the creatjon. ¢evePMent and ongoing lrfe of the Chanty's Pfoiecl8 in yevwj years have subsequent partfier perfwmancu over the next 2 years 12
OPERA VENTURES PRODUCTIONS Not•s to th• fln•nclal •tat•m•nt• For the y•4r •nd•d 30 March 2024 Analys1• of net •s••ts b•twn funds An•ly•i• of Mt •ss•ts b•twn lund• - curr•nt y••r Tol•l fvn+J¥ ' 24 fvnd• 2024 lund• 2024 Current assets Credrtors due %4rythin one 282,881 871 291,752 ear 278,441 8,871 287,312 An•ty•ls of n•1 as••ts beM•n funds . prlor y••f R•strATh¥ T(* fvnds fvndl X123 2023 2033 Current assets Credf¢ors ¢Jue wthin one 140.058 1440 71 761 151.819 1.440 e8r 138.618 17,761 I,379 10. R•l•i•d party trnnsactlonl During the year the Chafity entered Into •n arran9errnnl for the artisbc services ol John Berry at a fee ol £10 000 (plus VAT rf applicable) lor the year 31 Mah 2023 to 30 Mardi 202412023 £Nill. At 30 March 2024. £2.500 remained payable. In the previws year the follwn9 Trustees made donatKns to the Charity Sally Mark$ £10.000, Peter Espenhahn £5.000 and NKholas Prettqohn £3.000. None of these amounts are repayable. 13