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