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•9￿1•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 DOC￿n•nI To advance the arts and Cultu￿ for Ihe benefit of the ge￿ra1 puts1￿ by womoting In the UK and internab"onally. opera and mus5cal Iheatre and other art fom$ Including wthout limitation musr, dance. exttibrt￿n5. lrteralure and films particular but not exclusive reference lo tourin9 pertofmances. and To advance the education of young people musical theatre Praeffi￿nerS 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 expe￿nCe 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• c￿rIty.• Opera Ventures Is a translomi*onal 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 a￿￿￿able tKket pncin9 aThJ targeted kncket offers Opera Ventures aims to offer aLKl*nces ambrtws new opera woductDns ol intemabonal qualty that they might otherwse be able to acces5 Dunng the year. the Chanty Inrtiated the comMiss￿n and development of ts ￿xI yoJe¢l. Gaiwng Cure. to be corryosed by th$sy Mazzoli and libretto by Royce Vavrek. Achl•v•m•nts and p•rfofmanc• R•vl•w of •¢tlvlil•• and a smmary of th• maln a¢hl•v•m•nl• Dunng Ihe year Opera Ventures Producbonl athYrt￿ arKI ach*vefi￿nts *ere the ¢*afty'S strategy and arbstic plan.. (i) The In￿￿tK)n of rts lourth opera proje￿. a new commissim of Gallow'ng Cure. Ind￿￿ng.. Commi$sK)ning the crAnposer and Iilyettist Implementing a development Plan fof the p*c• Secunty Internal￿al c(K¢ynmrnsM)ning arKI ctryoauc*ig pwtr*rJ Developing the financial parameters of ihe project IOenirfKatM)n and negobatjon of Some of the key creabve team meml)e DevelopTr*nt of a fundraising plan LoiSM)n the nexl pYeBentsng CO•yoducers ol AJna¢am¥. Secunng and contractsng ol rerrtal part*s lor 8reaknr4J the Waves and Ain*Yamw. 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 C*ynmlss￿ in exerc*irKJ their pot*Mrs or dut*i. 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 commi15K￿1n9 ere a minimum of 90% 01 the lunding requireffent has been undewitten In advance The charrty's p￿￿Y 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 wOduct￿n expendrtur• in ihe prevK>u$ yew and commissm￿ of rts next proJe¢t. SlructW•. g0v•rn•￿• •nd Ma￿9•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 Stru￿re) 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 I￿atment for their Trustees may apwrt a person •lher to fill a vacary or as an addrt￿al 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 serV￿e may c<)ntsnue If rebrernent *ruld lake the men*efshiP t)elow Ihree Upon joining the 8oard. new Trustees are prOv￿ed vnth infofmaticn on the Charity's history and plans, the role and responsitslrt*s 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 Cl￿rtY 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 c￿laborat￿e approach to Pfoducing and presentsng *fJfk This collaboralive approach means reSOUfces are shared wrth partner ¢xganlsal￿s. 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 IAcctson 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 F￿0ject mana9emenl carr￿d oul at Headquarters Govemance costs are those Incurred in connethon V#rth administrabon of tr* dkirrty arKI complonce cOnstslu￿nal and 513bJtory fequirernents Intsrn•t rncdv•bl• In*rest 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 r￿QgniSed at the selyement amount after any trade 1*K￿nI 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 j￿rt 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• L￿￿Irt￿& 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 ¥M￿nI that the chanty an1￿1paleS rt will pay to settle Ihe debt or the amount rt has re￿iVed 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 Obl￿atron ￿ere the effect of the time value ol money Is malenal the prow5￿n 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 ttr*ir 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 d*cr•tMyi of Ihe Tnmtees i) lurthefance of the gerefal Ob￿ctIveS of the charrty and fklve not been deswated for ather 10 OPERA VENTURES PRODUCTIONS 14ot•* to th• financial $tat•m•nl• For th• y••r •nd•d 30 March 2024 2. Incom• from ch•rit•bl• •¢llvltl•g fvnd¥ 2024 fvnO• 2024 fi￿1* 2023 2024 , 202J 202J productK￿ rental MKome 5.943 5.943 Totsl ch•rrtable actwities 3. Inc(xn• from donatloM and l•g•ci rc4 nd• fvnd• ', fvnO• . 2024 rund* 2023 2023 2023 Donatbon$ 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 G￿rI￿bI• 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 Incom￿1•￿p•ndIturnI Ouring the year no Trusteei rewved any rernunefa￿n (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. ¢eve￿PMent 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•t*wn funds An•ly•i• of Mt •ss•ts b•t*wn 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 Ma￿h 2023 to 30 Mardi 202412023 £Nill. At 30 March 2024. £2.500 remained payable. In the previws year the follwn9 Trustees made donatK*ns to the Charity Sally Mark$ £10.000, Peter Espenhahn £5.000 and NKholas Prettqohn £3.000. None of these amounts are repayable. 13