Company registration number: 10085558 Charity registration number- 1168484 HGO Trust Ltd (A covnpany limited by guarantee) Annual Report and Financial Statements for the Year Ended )0 June 2025 Community Accounting Plus Units l & 2 North West 41 Talbot Street Nottingham NGI 5GL
HGO Trust Ltd Contents Reference and Administrative Details Trustees, Report 2to4 Independent Examiner's Report Statement of Financial Activities 6t07 Balance Sheet Notes to the Financial Statements 9t0 15
HGO Trust Ltd Reference and Administrative Details Truslees Stuart Barker Caroline McLaren William English David Conway Philip Sheffield Dame Emma Kirkby Katherine Dallas Patricia Hofherr Howard Williams Charity Registration Number 1168484 Company Registration Number 10085558 Registered Otrice 107 Old Park Avenue Enfield EN2 6PP Independent Examiner Eva Stevens, employee of Community Accounting Plus Unils l & 2 North West 41 Talboi Street Nottingham NGI 5GL Page I
HGO Trust Ltd Trustees, Report The trustees, who are directors for the puryjoses of company law. present the annual report together with the financial statements of the charitable company for the year ended )0 June 2025. Truslees and officers The trnstees and officers serving during the year and since the year end were as folloivs: Trustees: Michael Harper (deceased 9 March 2025) Stuart Barker Caroline McLaren William English David Conway Philip Sheffield Dame Emma Kirkby Katherine Dallas Patricia Hofherr Howard Williams Structureg governanee and management ature ofgoverning document The charity is a company limiied by guarantee and registered charity. It is operated under the rules of its memorandum and articles of association dated ?510312016. It has no share capital aTJd the liability of each member in the event of 'indIng-Up is limited to £10. Recruilmenl and appoinlmenl oflru51ees The rules governing the appointment of Trustees and the duration of their tenure are outlined in the Articles of Association. In practice. we have sought to recruit trustees by word of mouth. by annouTJcements at our productions, and by the use of services of organizations such as the charity Reach Volunteering. Major risks and managemenl oflhose ri5As The trustees are continually mind1 of the risks being run. The principal ongoing risks are seen as being loss of key personnel, poor audience response to a produciion. and not attrdcting sufficient funding. To this end the company's Executive Committee continues to seek sources of funding over and above ticket sales and the subscriptions of Friends of HGO Trust Ltd and of Hampstead Garden Opera Trllst. Objectives and activities Objects and aims To advance the education of the public in the art and science of music and operatic vnusic in particular by encouraging and promoting the study knowledge and understanding and appreciation of Operatic Art and by promoting andlor organising perfortnance5. concert5. lectures and readings of opera operetta and musical works generally to the highest possible standard in Great Britain and elseivhere. Page 2
HGO Trust Ltd Trustees, Report The Company ha5 now been operating since 2016. having taken over from the Previou5 trust which had been in place for thirteen years. The Story ol HaTnpstead Garden Opera is much older, extending back over thirty years to when it began life a5 an evening class for amateur singers who lancied a chance to sing in opera. In these years it has evolved into a high quality organisation. described by a reviewer a5 "an engine of opera development in the UK" with stated purposes consisient with the above objects, but specifically declared as follows.. .To provide opportunities for young sintsers to perforni. in a fully staged production with orchestra. roles which, early in their careers, they would not be given in a major opera company. .To bring high quality live opera at affordable prices twice a year to North London. In following these purposes. the Trustees have been mindful of the guidance of the Charity Commission in respect of public benefit. The Company also seeks new w'ays to cooperate with educational and commLmity organizations. Public benefit As per our objects, as stated in our articles of association. we seek "to advance the education of the public in the art and science of music and operalic music in particular by encouraging and promoting the study know'ledge and understanding and appreciation of operatic art and by promoting anivor organising perfonnances: concerts, lectures and readings of opera operetta and musical works generally to the highest possible sLandard in Great Britain and elsewhere" To these ends we staged during the year two opera productions ("Eugene Onegin" and "La Cenerentola") and an opera concert. We further bore in mind during these activities the support and promotion of young opera singers at the start of their careers and provided them with training and skills support as appropriate. The trustees confirni that they have complied with the requirements of section 17 of the Charities Act 201 I to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Achievements and performance The Company held its annual opera concert at St. Michaels Church Highgate in July 2024. In November 2024 the Company presented ai Jacksons Lane Theatre eight perforn]ances. double-casL of Peter Ilyich Tchaikovsk) s opera 'Eugene Onegin,. perfonned in the original Russian. It was directed by Eleanor Burke and conducted by Oliver Cope in a reduced orchestration. The production was exceptionally well received by both audiences and critics. It received the 2025 Off West End Aiiard for best opera perfonnance, citing both cast and orchestra. In April 2025 the Company presented eight perforn]ances. double-cast. at Jacksons Lane Theatre of Gicaomo Rossini'5 opera 'La Cenerentola,, directed by Finn Lacey. performed in the original Italian, with a reduced orchestra conducted by Jonathan Darbourne. Thi5 production was also well received (and was effectively sold out) with excellent revieH's and a nomination a5 'A55essor s Choice, from the Off West End award5. Both productions received record audiences. Financial review Policy on reserves The company has no specific policy on reserves. e.g. a rdtio between reserves and turnover. The trustees review the reserves each year. At the end of this reporting year reserves were £35,80J compared with £54,419 at the close of the previous year. Of these funds £1 8,960 were restricte<L being dedicated to the Company's Singers and Hulse Funds (2024 - £21,188). The trustees will endeavour to ensure a continuing appropriate level of reserves. Page i
HGO Trust Ltd Trustees. Report Sjnall companles provision statement This report has been prepared in accordance with the Amall cnmpnies regin utider the Companies Act 2(M)6. Ststsment of R¢sponsibllities Tkn ttltee& (who are also the directh of HGO Tr Ltd for the of comp8ny law) are responsible for preparing th¢ trustees, rwrt and the finla1 Statements in accordance with applicable Raw and United Kingdom Accounting Standards (United Kingdom CYener211y Accepted Ac£ountin8 Prnctice). includin8 FRS 102 "The Finan¢ial R¢porting Standard applicable in th¢ UK and Rq)ubli¢ of Ireland.. The report and accounts have been prepar¢d in accordanK wrth the provisions in the Conuw)ics Act 21N)6 tcjating to sll]all com]es. Company law requires the iTUStees to prepate financial statements for fiDanciaI ye2r. Under c()mp2ny Ixw the tru$tee8 must not approve the fttwicial 5tstements unless they are satisfied that th¢y givc a truc and fair view of the stat¢ of affairs vf the charltable company and of the incoming resoum and application ot" resources. including its income and exr*nditllre. af the e.hArwtable company for tIt Peri In prepmg financial select suitsble accounting licieS and appty them consistellt. obserye the methods and principles in the Chariti&% SORP; state whether applibI¢ accountins 3talldar Goll]Pi"ASAllg FRS 102 h&vc bc¢ll follow¢¢L subject ro any material departuffs disclosed and explained in the fiDancia] stalen1. and ' prepare the fll)ancial statements the going concern b19 unless st is inapprnpriatr to presume that the ¢}ltable company will continue in busin$. The trustees are responsible for keq)ing pri)per aco)unting rcwrds that can disclosc with Ioable acLurd¥y al ally LiIll¥ th¥ fllwicial posiuon ofthe clwirable company and enable them lo ensure that the financial statements Comply with the Cornpanies Act 200& They are akn responsible for safesuarding the assets of the charitablc company and h¢n¢c for takin8 rcasonablc stcps for thc pr¢vNIliull detcrtion of fraud and oth¢r itregulariiies. Th¢ tn$ rcsp0b1G fo[ the nthiuiuwiLZ and integrity of the and financial ll00n included on the cbantable compatys website. 14islation governing the preparntion and dIsseDtion of financial 8tents may differ from legislation in otheriutisdictions. The annual report vrds approved by the tnL8tees of the chatity on 16 October 2025 and signed on its behalf by". David Conway TnLStee Page 4
HGO Trust Ltd Independent Examiner's Report to the trustees of HGO Trust Ltd ('the Company,) Independent examiner's report to Ihe Irustees of HGO Trust Ltd ('the Compan) ) I report to the charity trustee5 on my exatninatiOT] of the accounts of the company for the year ended 30 June 2025. Responsibilities and basis of report A5 the charity'5 trustees of the Company (and also its director5 for the purpose5 of company law) you are responsible for the preparation olthe accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the ?01 l Act,). Jn carrying out my examination I have followed ihe Directions given by the Charity Commission under section 145(5}(b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confirn] that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the Company as required by section J86 of the 2006 Act; or 2. the accounts do not accord with those records: or 3. the accounts do not comply with the accounting requirements of section J96 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination- or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounling and reporling by charities [applicable to charities preparing their accounts in accordance with the Financial Rewrting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other Matte in connection with the examination to which attention should be dra'n in this report in order to enable a proper understanding of the accounts to be reached. Eva Stevens, BSC, CPF'A, employee of Community Accounting Plus member of the Association of the Chartered Insiitute of Public Finance and Accountancy (CIPFA) Units l & 2 North West 41 Talbot Street Nottingham NGI 5GL Date.. 1711012025 Page 5
HGO Trust Ltd Statement of Financial Activities for the Year Ended 30 June 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unreslrieled funds Restricted funds Totsl 2025 Total 2024 Note Ineome and Endowments from: Donations and legacies Charitable activities Investment income 44,517 110,084 802 44,517 130,897 802 50,056 97,205 1,504 20,813 Total income 155,403 176,216 148,765 Expenditure on: Charitable activities (171.791) {23,041) (194.832) {178,663) Total expenditure {171.791) {2J,041) (194.832) (178,663) Net expenditure (16,J88) (2,?28) (18,616) (29,898) Net movement in funds (16,388) (2.228) (18,616) (29,898) Reconciliation of funds Total funds brought fon¥ard 21,188 54,419 Total funds carried forward 10 18,960 54,419 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdowm for the period is shown in note l O. The notes on pages 9 to 15 fonn an integral part of these fmancial statements.
HGO Trust Ltd Statement of Financial Activities for the Year Ended 30 June 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) These are the figures for the previous accounting period and are ineluded for comparative purposes Unrestricted Reslrieled Total funds fund5 2024 Notc Income and Endowments from: Donations and legacies Charitable activilies Investment income 50,056 50,056 97,205 1,504 10,000 1,504 Total income 138,765 10,000 148,765 Expenditure on: Charitable activities (162.438) (16,225) (178,663) Total expenditure (169.438) (16,225 {178,663 Net expenditure (2i,67)) (6,?25) (29,898) Net movement in funds (2i,67)) {6,225) (29,898) Reconcilialion of funds Total funds brought fOard 56.904 84,317 Total funds carried fon¥ard 10 21,188 54,419 The notes on pages 9 to 15 fonn an integral part of these fmancial statements. Page 7
HGO TTht Ltd (Registration number: 10085558) Balance Sheet as at 30 JuDe 2025 2025 2024 Note ' Current assets Debtors C&8h at bank and in Iwid 35.799 3.350 39,618 39.558 39,149 79,176 C.redAtors: Amrnnt% falliti£ dne wlthin one year 3.346) (24.757) N¢t assets 35,803 54.419 Funds of the charity: Restricted income funds Restricted funds io 18.960 21.188 Unrestrlcted IneoDW tsnds Unrestricted fi]nds 16.843 33.231 Total funds io 35.803 54,419 For the finallcial yw 30 Jullc 2025 thr ulwily w&s ¢uiitl¢d to cxcJ]]ptioll f[0 audit uudw scction 477 of tbe C.omp&ni&q Act 21106 relating to st[1 compall Directors, responsibililles: The members have not requir&1 Ihe chariry TO obiain aD audit of its accounts for ycar ill 4U¥?itioll in (xordance with tIThn 476. and The dRrertorg Acknowledge their rw%il)iliti&4 for COTtwtyti)g with the require of the Act with respect Iv a4wulliiu¥ t¥wtds athl th¢ ptci)atatioD of a¢¢oun These financial statements have been prepared in accordance with the special provisions relating to compames subjeGt to the small companies regime wAthiD Part 15 of th¢ Companies Act 21X)6. The financial statements on pages 6 to 15 were approv1 by the truStS. and authoiised ftir issue on attd 8ign¢d on thcr bchalf by: William English Truse Th¢ notGs on Pa 9 to 15 fonn #n intwal part of these fman¢ial statements.
HGO Trust Ltd Notes to the Financial Statements for the Year Ended 30 June 2025 l Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial Statements are set out below. These policie5 have been consistently applied to all the years presente(L unle55 Othenvi5e stated. Slatement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS I O?)) (issued in October 2019) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK aTJd Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparalion HGO Trust Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initlally recognised at historical cost or transaction value unless otherw'ise siaied in the relevant accounting policy notes. Going concern The financial statements have been prepared on a going concern basis. The trustees assess whether the use of going concem is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements. Exemption from preparing a cash flow statement Under the exemption available to smaller charities the Board of Trustees has chosen not to include a Statement of Cash Flow5 Within the financial statetnents. Ineome and endowments Voluntary income including donation5, gift5, legacies and grants that provide core funding or are of a general nature is recogni5ed when the charity has entitlement to the income. it is probable that the income will be received and the amount can be measured with sulTicient reliability. Donations and legacies Donations are recognised when the charity has beeT] notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of perforniance by the charity before the charity is entitled to the funds, the income is deferred aT]d not recognised until either those conditions are fully met, or the fulfilment of those condition5 15 M'holly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting peri(Kl. Grants receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance condition5 are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Page 9
HGO Trust Ltd Notes to the Financial Statements for the Year Ended 30 June 2025 Deferred income Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when: The donor specifies that the grant or donalion musl only be used in future accounting periods. or The donor has imposed conditions which musi be met before the charity has unconditional entitlement. Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expendilure All expenditure is recognised once there is a legal or constructive obligation to that expendlture, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregale similar costs to that calegorv. Where costs cannot be directly attributed to particular headings they have been allocated on a basis conslslent with the use of resources, wlth central staff costs allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charilable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its benefjciaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt frotn taxation in respect ol income or capital gaiT]s received within categories covered by Chapter 3 Part I l of the Corporation Tax Act ?0 l O or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied eiclusively to charitable purposes. Trade debtors Trade debtor5 are amounts due from customers for merchandise 501d or Services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest metho(L less provision for impairmenl. A provision for the impairn)ent of trnde debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. Cash and Cash equiTr'alents Cash and cash equivalents comprise cash on hand and call deposits, and other short-tenn highly liquid investments that are readily convertible to a know'n amount of cash and are subject to an insignificant risk of change in value. Page 10
HGO Trust Ltd Notes to the Financial Statements for the Year Ended 30 June 2025 Fund struclure Unrestricted income funds are general funds that are available for use at the trustees, discretion in filltherance of the objectives of the charity. Restricted income funds are those grants lor use in a particular area or for specific purpose5, the use of which is restricted to that area or purpose. 2 Income from donations and legacies Unrestricted funds General Totsl 2025 Total 2024 Donations and legacies; Donations from individuals Gift aid reclaimed Grants, including capital grants- Grants from other charities 13,415 5,102 13,415 5,102 43,693 6,363 26,000 26,000 44,517 44,517 50,056 3 Income from charitable activities Unrestricted funds General Restricted (unds Tot21 2025 Total 2024 Perfonllance income Friends subscription Grants & donation5 Theatre tax relief 48,666 11,995 11,995 20,813 34,657 10,000 38,539 34,657 10,084 130,897 97,205 Pagell
HGO Trust Ltd Notes to the Financial Statements for the Year Ended 30 June 2025 4 Grants & donations Unrestricted (unds Restrieted funds Total Boris Karloff Charitable Foundation Three Monkies Trust The D Oyly Carte Charitable Trust Fidelio Charitable Trust The Arts Society Greater London The Mila Charitable Organisation Partasides donation Joan Mary Hulse Gift aid General donations 2,500 5,000 6,000 2,000 5,000 5,000 500 2,500 5,000 6,000 2,000 5,000 5,000 500 10,000 10,000 5,102 24,228 5,102 13,415 10,813 44,517 ?0,81) 5 Investment income Unrestricted funds General Total 202) Total 2024 Interest receivable and similar income- Interest receivable on bank deposits 802 80? 1.504 6 Expenditure on charitable activities Unrestricted funds General Restricted funds Tolal 202) Total 2024 Performance costs Subscription Professional fees Insurance Advertising Fees Bank charges Telephone & website Tax Sundry 161,814 80 i.429 668 23,041 184,855 80 172,493 4,336 641 668 227 227 81 165 2,285 2,106 81 165 2,106 1,193 171.791 194,8J2 178,66J Page 12
HGO Trust Ltd Notes to the Financial Statements for the Year Ended 30 June 2025 7 Debtor5 2025 2024 Prepayments Other debtors 34 326 39,292 35,799 39,618 8 Cash and cash equivalents 2025 2024 Cash at bank 3.350 39,558 9 Creditors: amounts falling due within one year 2025 2024 Bank loans Other taxation and Sla1 security Other creditors Deferred income 2,500 16,451 4,090 1,716 2,024 1,322 24,757 Page li
HGO Trust Ltd Notes to the Financial Statements for the Year Ended 30 June 2025 10 Funds Balance ai I July 2024 Incoming resources Resources expended Balance at 30 June 2025 Unrestricted funds Generol General Fund 155.40) (171,791) Restricted funds Singers Fund Hulse Fund 6.000 15.188 (17,965) (5.076) (1,152) 20,112 10,000 Total restricted funds 21,188 (23,041) 18,960 Total funds 54,419 176.?16 (194,832) Balance at I July 2023 Incolning resources Resources expended Balance at 30 June 2024 Unrestricted funds Generol General Fund 56,904 138,765 (162,438) 33,231 Restricted Singers Fund Hulse Fund 19,413 8.000 (13,413) (2,812) 6,000 15,188 10,000 Total restricted funds 10,000 (16,?25) 21,188 Total funds 84,317 148.765 (178,663) 54,419 The specific purposes for which the funds are to be applied are as follows: Singers fund- This is used exclusively for the expenses of singers taking part in activities undertaken by the charity. Hulse Fund- This is a bequest to provide support for singer trdining. Page 14
HGO Trust Ltd Notes to the Financial Statements for the Year Ended 30 June 2025 I l Analysis of net a55ets between funds Unrestricted 2025 Total funds General Restrieled Current assets Current liabilities 20,189 (3.346) 18,960 39,149 (3,346) Total net assets 18,960 Unrestricted 2024 Total funds General Restricted Current assets Current liabilities 57,988 {24,757) 21,188 79,176 (24,757) Total net assets 21,188 54,419 12 Fees payable to independent examiner During the period, the fees payable {excluding VAT) to the charity's independent examiner are analysed as follows.. 2025 2024 Independent examination ,250 3.631 1,250 Page 15