2021-11-30-accounts

Registered number: 10469051 Charity number: 1174372

OPERAGLASS WORKS LTD

(A company limited by guarantee)

UNAUDITED

TRUSTEE'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

OPERAGLASS WORKS LTD

(A company limited by guarantee)

CONTENTS

	Page
Reference and administrative details of the Company, its Trustees and advisers	1
Trustee's report	2 - 3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6 - 7
Notes to the financial statements	8 - 12

(A company limited by guarantee)

OPERAGLASS WORKS LTD

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 NOVEMBER 2021

Trustees	E Thompson
Company registered number 10469051 Charity registered number 1174372 Registered office The Stables Shipton Bridge Farm Widdington Saffron Walden Essex CB11 3SU Director E Thompson Accountants Deacons Chartered Accountants The Stables Shipton Bridge Farm Widdington Essex CB11 3SU

Page 1

OPERAGLASS WORKS LTD

(A company limited by guarantee)

TRUSTEE'S REPORT FOR THE YEAR ENDED 30 NOVEMBER 2021

The Trustee present their annual report together with the financial statements of the Operaglass Works Ltd for the 1 December 2020 to 30 November 2021. The Annual report serves the purposes of both a Trustee' report and a directors' report under company law. The Trustee confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

The purpose of the charity are to advance education in and appreciation of the Arts of opera and theatre by the production of public performances of high quality opera, theatre and film in the UK and across streaming services.

In setting objectives and planning for activities, the Trustee have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

The strategies employed to acheive the charity's aims and objectives are to present a range of theatre and film productions for the enjoyment and education of communities in the UK and across streaming services.

c. Main activities undertaken to further the Company's purposes for the public benefit

Putting our strategies into action occurs through staging concerts, stage performances and film throughout the UK and across streaming services.

Achievements and performance

a. Review of activities

Due to Covid 19 restrictions, this year we made plans for and in October began shooting the film production of The Turn Of The Screw. The production, bringing together the illustrious original cast, conductor and muscians, is a new realisation that encapsulates the spirit of the original theatre production. Once shooting is finished we start streaming on 30 January 2021 on Marquee TV.

b. Investment policy and performance

Donations received are placed into our Santander current account.

Page 2

OPERAGLASS WORKS LTD

(A company limited by guarantee)

TRUSTEE'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2021

Financial review

a. Going concern

After making appropriate enquiries, the Trustee have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Structure, governance and management

a. Constitution

Operaglass Works Ltd is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.

b. Methods of appointment or election of Trustee

The management of the Company is the responsibility of the Trustee who are elected and co-opted under the terms of the Memorandum of Association.

c. Organisational structure and decision-making policies

The board of directors administers the charity.

Approved by order of the members of the board of Trustee on _______ and signed on their behalf by:

................................................

E Thompson

Director

Page 3

OPERAGLASS WORKS LTD

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 NOVEMBER 2021

Independent examiner's report to the Trustee of Operaglass Works Ltd ('the Company')

I report to the charity Trustee on my examination of the accounts of the Company for the year ended 30 November 2021.

Responsibilities and basis of report

As the Trustee of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the 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 the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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 confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by section 386 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 396 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 accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Company's Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustee those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustee as a body, for my work or for this report.

Signed: Dated: Deacons FCA

Shipton Bridge Farm Widdington, Essex,CB113SU

Page 4

OPERAGLASS WORKS LTD

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 NOVEMBER 2021

Note Income from: Donations and legacies 3 Other trading activities 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2021 £ 7,481 94,400 101,881 129,354 129,354 (27,473) 54,747 (27,473) 27,274	Total funds 2021 £ 7,481 94,400 101,881 129,354 129,354 (27,473) 54,747 (27,473) 27,274	Total funds 2020 £ 189,825 6,547 196,372 227,455 227,455 (31,083) 85,830 (31,083) 54,747

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 8 to 12 form part of these financial statements.

Page 5

OPERAGLASS WORKS LTD (A company limited by guarantee) REGISTERED NUMBER: 10469051

BALANCE SHEET AS AT 30 NOVEMBER 2021

Note Fixed assets Current assets Debtors 6 Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds Unrestricted funds General funds Total unrestricted funds Total funds	2,011 25,863 27,874 (600) 27,274	2021 £ - 27,274 27,274 27,274 27,274 - 27,274 27,274	25,966 29,581 55,547 (800) 54,747	2020 £
				- 54,747
				54,747
				54,747
				54,747
				- 54,747
				54,747

Page 6

OPERAGLASS WORKS LTD

(A company limited by guarantee) REGISTERED NUMBER: 10469051

BALANCE SHEET (CONTINUED) AS AT 30 NOVEMBER 2021

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustee acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustee on _______ and signed on their behalf by:

E Thompson

Director

The notes on pages 8 to 12 form part of these financial statements.

Page 7

(A company limited by guarantee)

OPERAGLASS WORKS LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

1. General information

The company is a company limited by guarantee. The members of the company are the trustees and directors named on page 1. In the event of the company being wound up, the liability in respect of the guarentee is limited to nil.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Operaglass Works Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

2.3 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 basis 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.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 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.

Page 8

OPERAGLASS WORKS LTD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

2. Accounting policies (continued)

2.5 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.

2.6 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 Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services 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 in the Statement of financial activities as a finance cost.

2.7 Financial instruments

The Company 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.

2.8 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtherance of the general objectives of the Company and which have not been designated for other purposes.

3. Income from donations and legacies

Unrestricted funds 2021 £ Donations 481 Grants 7,000 7,481	Total funds 2021 £ 481 7,000
	7,481

Page 9

OPERAGLASS WORKS LTD

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

3. Income from donations and legacies (continued)

Unrestricted funds 2020 £ Donations 126,825 Grants 63,000 189,825 4. Income from other trading activities Income from non charitable trading activities Unrestricted funds 2021 £ Charity trading income - Domestic 94,400 Unrestricted funds 2020 £ Charity trading income - Domestic 6,547	Total funds 2020 £ 126,825 63,000
	189,825
	Total funds 2021 £ 94,400
	Total funds 2020 £ 6,547

Page 10

(A company limited by guarantee)

OPERAGLASS WORKS LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

5. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted funds 2021 £ Governance costs 2,976 Direct costs 126,378 129,354 Unrestricted funds 2020 £ Governance costs 14,571 Direct costs 212,884 227,455 6. Debtors 2021 £ Due within one year Other debtors 2,011 2,011 7. Creditors: Amounts falling due within one year 2021 £ Accruals and deferred income 600	Total funds 2021 £ 2,976 126,378
	129,354
	Total funds 2020 £ 14,571 212,884
	227,455
	2020 £ 25,966
	25,966
	2020 £ 800

Page 11

(A company limited by guarantee)

OPERAGLASS WORKS LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

8. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2021 £ Current assets 27,874 Creditors due within one year (600) Total 27,274 Analysis of net assets between funds - prior year Unrestricted funds 2020 £ Current assets 55,547 Creditors due within one year (800) Total 54,747	Total funds 2021 £ 27,874 (600) 27,274 Total funds 2020 £ 55,547 (800) 54,747

Page 12