Charity number: 1168424 OPERA VENTURES PRODUCTIONS Unaudited Trustees, report and financial statements For the year ended 30 March 2025
OPERA VENTURES PRODUCTIONS Contents Page Reference and administrative details of the charity, its trustees and advisers Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 9-13
OPERA VENTURES PRODUCTIONS Reference and administrative details of the charity, its trustees and advisers For the year ended 30 March 2025 Trustees Sally Marks, Chair Nicholas Prettejohn Paul Zigman (resigned 27 August 2024) Artistic Advisory Board Sarah Billinghurst Solomon Sir Jonathan Mills Charity registered number 1168424 Senior management team John Berry CBE, Artistic Director Loretta Tomasi OBE, Executive Director Accountants Xeinadin South East Limited 12 Conqueror Court Sittingbourne Kent ME10 5BH
OPERA VENTURES PRODUCTIONS Trustees, report For the year ended 30 March 2025 The Trustees present their annual report together with the financial statements of the charity for the year 31 MarGh 2024 to 30 March 2025. Objectives and activities (a) Summary of the Objects of the Charity as set out in its Governing Document To advance the arts and culture for the benefit of the general public by promoting In the UK and internationally, opera and musical theatre and other art forms including without limitation music, dance, exhibitions, literature and films with particular but not exclusive reference to touring performances" and To advance the education of young people, musical theatre practitioners and the general public with particular reference to the artistic work of the charity and particularly but not exclusively through the provision of workshops, classes, performances, training, vocational education and workplace experience in opera and musical theatre production and direction. (b) Summary of the Main Activities Undertaken for the PubliG Benefit in Relation to the Charity's Objects Opera Ventures Productions is a charity which creates new opera productions in collaboration with its partners and seeks to develop emerging talent. The charity is committed to partnering with organisations that reach out to a more diverse public through affordable ticket pricing and targeted ticket offers. Opera Ventures Productions aims to offer audiences ambitious new opera productioiis of international quality that they might otherwise not be able to access. During the year, the Charity was engaged in producing activities in respect of its next project, The Galloping Cure, composed by Missy Mazzoli and libretto by Royce Vavrek, This included identification and contracting of members of the creatÉve team, casting, fundraising and artistic development of the piece. Achievements and performance (a) Review of activities and a summary of the main achievements During the year Opera Ventures Productions activities and achievements were in line with the charity's strategy and artistic plan.. (i) Producing of The Galloping Cure including: Development of the libretto Casting of prFncipal singers Reviewing the financial parameters of the project Identification and negotiation of some of the key creative team members Implementation of the fundratsing plan Making arrangements for the first workshop of the piece to be held in April 2025 Communication with co-commissioning and co-producing partners. (li) Liaison with the next presenting parties for Ainadamar, the Metropolitan Opera and LA Opera. (iii) Early development work on a future potential project.
OPERA VENTURES PRODUCTIONS Trustees, report (continued) For the year ended 30 March 2025 (b) Statutory Declaration The Trustees declare that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties. Financial review (a) Brief Statement of the Charity's Policy on Reserves Opera Ventures Productions has an agile approach with no permanent overhead and only commissioning work where 800/, to 900/0 of the funding requirement has been undeNJritten in advance. The charity's policy is therefore to hold a reserve of at least £10,OOO' a sum estimated to ensure, if necessary, the orderly wind-up of the char6ty and its Intellectual property. The Charity's current level of reserves allows it flexibility in the early-stage development of future projects. Structure, governance and management (a) Constitution The charity was incorporated on 7 April 2016 Type of Governing Document. ConstÉtution How the Charity is Constituted: Charitable Incorporated Organisation (Foundation structure) (b) New Trustees - Induction and Training Trustees are selected on the basis of their skills, knowledge, experience and commitment. All Trustees give their time voluntarily and receive no financial or in-kind benefit or preferential treatment for their service. Trustees may appoint a person either to fill a vacancy or as an additional Trustee up to a maximum of eight to serve at any one time. Trustees may serve for a term ()f three years, renewable for three years (with an option for a further year after the second term) and a retiring Trustee may not be re-appointed but his/her service may continue if retirement would take the membership below three. Upon joining the Board, new Trustees are provided with information on the Charity's history and plans, the role and responsibilities of Trustees, the constitution, recent annual reports and statement of account, key policies and the minutes of recent Trustee meetings. (c) Additional Governance Information Opera Ventures Productions, ethos is agile and flexible. The charity aims to revive the passion of philanthropists by ensuring that more of the funding is invested in the art. This is reflected in a structure with minimal fixed costs and the collaborative approach to producing and presenting work. The collaborative approach means resources are shared with partner organisations, allowing them to be artistically more ambitious and programme work which they could not do otherwise.
OPERA VENTURES PRODUCTIONS Trustees. report (continued) For the year ended 30 March 2025 The Trustees oversee the strategy and artistic plan with no permanent premises or staff. The success of Opera Ventures Productions therefore relies on the Trustees combining with the calibre and experience of its current pro-bono team and advisors: John Berry CBE serves as Artistic Director Loretta Tomasi OBE oversees the producing, finance and administration as Executive Director Sarah Billinghurst Solomon and Sir Jonathan Mills make up the Artistic Advisory Board to explore and cultivate future artistic and philanthropic partnerships. This report was approved by the Trustees, on 1 December 2025 and signed on their behalf by: Sally Marks, Chair
OPERA VENTURES PRO UCTIONS min port h 2025 For th rèn ent examiner's report to the Tru of Opera Vsnturos {the'charlty') I report to the charity Trustees on my examinstion of the accounts of the ¢h8rity for the year ended 30 Merch 2025. This report is made SDlely to the charily's Trustees, a3 a body, in accordance with Part 4 of the Charities (Accounts and R orts) egulations 2008. My work has be nund rtaken sc th t I might state to th charity's Trustees those matters l am required to state to them in an In.d pendent xamiii er's report and for no other urpose. To th fullest extent permitted by law, I do not acc sume responsibÉlity to anyone other than th charity and the ch rity'$ Trustees as a body, for my work 01 for ttiès report. Ilitles ndba port As the Trustees ot the Gharity, you are re ible for the preparation of the accounts in accordarice requirements of the Charitie ct 2011 ('the 2011 Act,), ,th th I report in respect of my examination Df .the charity, accounts carri d out und in carrying out my examination I hav followed 11 the applica l Direclions giv under section 145(5)(b) of the 2011 Act. ecti 5 ofthe 2011 Act an n by th Charity Commi55ion In ependent examiner'5 Ststement Your attention is dr?wn to the fact th?t the charity has prepared the Eccoun Fn acc rdance with Accounting an Reporting by Charities; Statern nt of Recommended ractice applicable to chariti s preparing their accounts accorda,Ice wtth the Financial R portin Standard applicabl in th UK and Republac of Ireland (FRS 102) in preference to the Accountin Ingbyc arities= taternent of commended Practice i$sue on d April 2005 which F ref rred to Èn th ext gulations uth ithdr l understand that this has been the Generally Accept ccountin in order for the accounts to provid tru Practice, and fair vtew in accor ance with I have complet d my exam.ination. I can confirm that no matters have corr,e to rp,y att ntion in connection with the examination giving me cause to lieve that in any m rial respect; aceounting reccrds were not kepl in respect of he charrfy" as requirea by secli'on I SO of the 201 q Acr; or 2. Ihe accounts do not accord with those records, the sccounls do not comply with the ?pplicable reqLirem. nts c,oncerning thè form and content of accounts set out in the Charities (Accounts and Reports) Regulation 2008 other than any requirement that the accounts give a 'lrue and fair, view whiGh 18 not a matter con8ide,'ed as part of an independent examination. I have no concerns and have come across no other motters ir, connection with th should be drawn in this report in order to enaoie a proper un examination to which attention erstanding of the acc unts to reached, Sign 731erl Samanth ytah FCCA Xeinadin South East Limited 12 Conoueror Court SittingbDLirne ME10 6BH
OPERA VENTURES PRODUCTIONS Statement of financial activities For the year ended 30 March 2025 U nrestricted Restricted funds funds 2025 2025 Tota l Unrestricted Restrjcted funds funds funds 2025 2024 2024 Total funds 2024 Note Income from: Donations and legacies Charitable activities 7,000 7,000 9,685 9,685 5, 943 5,943 Total income 9,685 7,000 16,685 5,943 5,943 Expenditure on: Charitable activities 13,044 9,347 22,391 24, 520 2,890 27,410 Total expenditure 13,044 9,347 22,391 24,520 2,890 27,410 Net (expenditure)lincome before other recognised gains and losses (3,359) (2,347) (5,706) (18, 577) (2, 890) (21,467) Tax on activities 158, 400 158,400 Net movement of funds 3,359 2,347 5,706 139, 823 (2, 890 136, 933 Reconciliation of funds: Total funds brought forward 278,441 8,871 287,312 138,618 11,761 150,379 Total funds carried forward 275,082 6,524 281,606 278,441 8,871 287,312 The notes on pages 9 to 13 form part of these financial statements.
OPERA VENTURES PRODUCTIONS Balance sheet As at 30 March 2025 Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Re4>triGted funds funds funds 2025 2024 2024 Total funds 2024 Note Current assets Debtors Cash at bank and in hand 58,281 224, 600 58,281 8,877 233,471 278,382 6,524 284,906 278,382 6,524 284,906 282, 881 8,871 291,752 Creditors: amounts falling due within one year (3,300) (3,300) (4,440) (4,440) Net current assets 275,082 6,524 281,606 278,447 8,871 287,312 Net assets 275,082 6,524 281,606 278,441 8,871 287,312 Charity Funds 275,082 6,524 281,606 278,441 8,871 287,312 Total funds 275,082 6,524 281,606 278,441 8,871 287,372 The financial statements were approved by the Trustees on 1 December 2025 and signed on their behalf, by. Sally Marks, Chair The notes on pages 9 to 13 form part of these financial statements.
OPERA VENTURES PRODUCTIONS Notes to the financial statements For the year ended 30 March 2025 Accounting policies Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011. Opera Ventures Productions constitutes a public benefit entity as defined by FRS 102. Income All income is recognised once the charity has entttlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Donated services or facitities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees, report for more information about their contribution. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equtvalent economic benefit on the open market. a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable Én relation to investment income is recognised at the time the investment income is receivable. Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basFS consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
OPERA VENTURES PRODUCTIONS Notes to the financial statements For the year ended 30 March 2025 Accounting policies (continued) Expenditure (continued) Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is normally upon notification of the interest paid or payable by the Bank. Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at Bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or servlces it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. 10
OPERA VENTURES PRODUCTIONS Notes to the financial statements For the year ended 30 March 2025 2. Income from charitable activities Unrestricted funds 2025 Restricted funds 2025 Total Unrestricted funds funds 2025 2024 Restricted funds 2024 Total funds 2024 Production rental income 9,685 9,685 5,943 5,943 Total charitable activities 9,685 9,685 5, 943 5,943 3. Income from donations and legacies Unrestricted funds 2025 Restricted funds 2025 Totsl funds 2025 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Donations 7,000 7,000 Total donations and legacies 7,000 7,000 4. Expenditure on charitable activities Unrestricted funds 2025 Restricted funds 2025 Totsl funds 2025 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 (a) Direct costs Project costs 10,258 9,347 19,605 21,965 2,890 24.855 (b) Support costs Administration costs 926 926 1,115 1,115 (c) Governance costs Independent examination and statutory accounting fees 1,860 1,860 1,440 1,440 Total expenditure on charitable activities 13,044 9,347 22,391 24,520 2,890 27,410
OPERA VENTURES PRODUCTIONS Notes to the financial statements For the year ended 30 March 2025 Taxation The Charity incurred no tax for the year ended 30 March 2025. The tax credit in respect of the previous year relates to the Charity's share of a Theatre Tax Credit received during that year of £158,400. Net movement of funds During the year no Trustees received any remuneration (2024 - £NI L), benefits in kind (2024 - £NIL) or reimbursement of expenses (2024 - £NIL) Creditors: Amounts falling due within one year Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds funds 2025 2024 2024 Total funds 2024 Accruals and deferred income 3,300 3,300 4,440 4,440 3,300 3,300 4,440 4,440 Statement and summary of funds (a) Current year Balance at 31 March 2024 Income Expenditure Taxation Balance at 30 March 2025 Unrestricted funds Unrestricted funds 278,441 9,685 .(13,044 275,082 Restricted funds Restricted funds 8,871 7,000 9,347) 6,524 Total funds 287,312 16,685 22,391 281,606 (b) Prior year Balance at 31 March 2023 Income Expenditure Taxation Balance at 30 March 2024 Unrestricted funds Unrestricted funds 138,618 5,943 158,400 -124, 5209--..--.-- 278,441 Restricted funds Restricted funds 11,761 (2,890 8,871 Total funds 150,379 5,943 27,410 158,400 287,312 The restricted funds at 30 MarGh 2025 relate to monies reGeived to contribute to the funding for the Charity's next project and those received in previous years for which there are partner performances in 2026. 12
OPERA VENTURES PRODUCTIONS Notes to the financial statements For the year ended 30 March 2025 Analygig of not aggetg botwaon funds (a) Current year Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Current assets Creditors due within one year 278,382 (3,300) 6,524 284,906 (3,300) 275,082 6,524 281,606 (b) Prior year Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Current assets Creditors due within one year 282,881 (4, 440) 8,871 291,752 (4, 440) 278,447 8,871 287,312 10. Related party transactions During the year the Charity had an arrangement for the artistic sentiGes of John Berry at a fee of£10,000 (plus VAT if applicable) for the year 31 March 2024 to 30 March 2025 (2024. £10,QOO plus applicable VAT). At 30 March 2025, no balance remained payable (2024: £2,500) 13