2025-10-31-accounts

Trustees’ Annual Report for the period

From 1 NOVEMBER 2024 (Period start date) To 31 OCTOBER 2025 (Period end date)

Charity name: WATERPERRY OPERA FESTIVAL

Charity registration number: 1177966

Objectives and Activities

	SORP reference
Summary of the purposes of the charity as set out in its governing document	Para 1.17	Objects as stated in the Constitution are as follows: 1.1 For the public benefit, to promote and advance the arts, by establishing and maintaining an Opera Festival for the public’s appreciation of, and engagement with, opera, music and related arts. 1.2 For the public benefit, to promote and advance education, by training young artists in the presentation of opera, music and related arts, as part of the Opera Festival referred to in 1.1 above
Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts.	Para 1.17 and 1.19	All our activities aim to deliver in line with our agreed Mission, namely to create a unique and innovative Opera Festival based at Waterperry House & Gardens in Oxfordshire. In particular, we aim to: Make our work accessible and inclusive – by developing new diverse audiences for opera, producing work in English where possible and offering affordable tickets to our audiences Create socially relevant work – by making it meaningful to today’s audiences through an exploration of contemporary social issues and timeless themes that touch the very nature of the human condition Bridge the gap between artists and audiences - by offering innovative and site- responsive work, pushing the boundaries of the operatic form, and producing talks, masterclasses and workshops to inform, encourage and inspire

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		Support a diverse community of young artists and creatives – by offering equal opportunity for all, growing a company from a broad variety of backgrounds and developing diverse emerging talent on our Young Artist Programme Look to the long term, by creating a sustainable company that will be here to support artists and audiences for years to come and make care for the environment central to all we do
Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit	Para 1.18	The trustees confirm they have had regard to the Charity Commission guidance on public benefit.

Additional information (optional) You may choose to include further statements where relevant about:

	SORP reference
Policy on grant making	Para 1.38	Waterperry Opera Company does not make any grants.
Policy on social investment including program related investment	Para 1.38	A key objective of our Mission Statement is to develop and broaden knowledge of opera for as wide an audience as possible by providing accessible opportunity to discover, experience and participate in the art form and this is at the heart of planning all future activities
Contribution made by volunteers	Para 1.38	As always, Waterperry Opera Festival could not function without the significant support it receives from volunteers, many of whom return year after year. A wide range of roles are covered by volunteers including: kitchen/catering duties for cast and crew, cleaning’ housekeeping, box office and stewarding throughout the Festival itself, the period preceding the Festival opening and various preparatory work beforehand. Total volunteer hours were recorded as 1,047; at £12.71 per hour, the total volunteer input has been valued at £13,307 as stated and included in the CC17 financial report.
Other		Not applicable

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Achievements and Performance

	SORP reference
Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole.	Para 1.20	Chair’s introduction 2025 saw a continuation of the success, both artistically and financially, of the Waterperry Opera Festival. Since our first festival in 2018, we have created many vibrant, innovative performances and it is immensely rewarding to see our audiences continue to grow. The festival continues to receive critical plaudits, from all parties – audiences, critics, and donors. 2025 marked the final season of our Chief Executive and Artistic Director, Guy Verrall- Withers, one of the festival’s founders, who moved on within the UK Opera sector. On behalf of the Board I would like to pay tribute to his vision, tenacity and unfailing belief in the Festival. He leaves an Opera Festival which is widely acknowledged to be one of the UK’s most original and exciting. We welcomed his successor, John Savournin, in September 2025. Our Festival remains committed to supporting the next generation of opera artists, singers, directors, designers, conductors and musicians and to ensuring that opera is open and accessible to all. We are particularly proud of our ongoing commitment to working with young artists – our young artist scheme is widely acclaimed. The accounts show that we are increasing our reserves which continues to be a key objective in order to increase our resilience. The accounts show a surplus as a result of a combination of strong ticket sales, careful planning, budgeting, expense control and generous donors. Our success would not have been possible without the support and assistance from many people – our donors, supporters, the people who deliver our festival – our core team, performers, technicians, and not least our body of volunteers - without whom none of our achievements would be possible. I would like to pay tribute to them all. A special thanks from me also to my fellow trustees, who provide guidance, oversight and support to the whole organisation. I am also very grateful to the School of Philosophy and Economic

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Science which owns the beautiful Waterperry Estate and the Estate management team. We look forward to our ninth festival in 2026 with confidence and huge enthusiasm. Review of the year The main summer festival took place at the Waterperry Estate from Friday 8 August to Sunday 17 August. This festival continued the successful approach of previous years, with a rich programme staged across the diverse and historic spaces of the Waterperry Estate. The centrepiece of the festival was Mozart’s Don Giovanni, conducted by Charlotte Politi, in her festival debut, and directed by John Wilkie. This was performed 5 times, with the main Waterperry House acting as the stage backdrop. In the amphitheatre, we staged Handel’s Semele , conducted by Festival Music Director Bertie Baigent and directed by Rebecca Meltzer. The production then transferred later in August to Opera Holland Park, where we staged a further 2 performances. In addition to these main productions, we offered a variety of other performances, to cover all manner of tastes. Our offering for children was Winnie the Pooh’s Songbook , a very familiar story, which delighted audiences young and old, performed in the amphitheatre. This production was also given at venues outside and away from the main festival. The gardens hosted another in our Serenades concert series, which this year featured Mozart’s Gran Partita , conducted by Bertie Baigent. In partnership with The AnneFrank-Fonds and The Anne Frank Trust UK, there were 4 performances of A World Turned Upside Down: The Diary of Anne Frank.

To conclude the festival, we presented another of our very popular Last Night at the Opera concerts . Alongside these productions we provided a series of workshops, to further enhance the

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audience participation and engagement in their time with us. Our Young Artist programme continues to be very popular and successful with the participants – as evidenced by the large number of applications received to join it and the future careers of past alumni. The programme was led as previously by Rebecca Meltzer and Ashley Beauchamp. From feedback received – both informal and formal – the festival was an artistic success and also delivered ahead of its financial budget. Ticket sales for the Summer Festival were the highest since our foundation. As a small and relatively young charity (not yet 10 years old) this is where we want to be, so we can maintain and enhance our reputation and build financial reserves to provide greater resilience and provide the opportunity to invest in new activities. In December 2024 we hosted a short winter festival at the Holywell Music Room in central Oxford, which was well received. Overall, this was a very successful year for us and we have continued to provide an exciting, varied and immersive festival and experience for all which delivers to our charitable aim of promoting and advancing the arts, along with training young artists in the presentation of opera, music and related arts. We extend our sincere gratitude to the Waterperry Estate for their support in allowing us to host the festival in this stunning setting. We are equally grateful to our trustees and our team of dedicated volunteers, who contributed in numerous ways, from kitchen catering and housekeeping to box office management, stewarding, and general assistance.

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Additional information (optional) You may choose to include further statements	Additional information (optional) You may choose to include further statements	where relevant about:
Achievements against objectives set	Para 1.41	There was a continuing focus throughout the year on the financial position, from the initial assessment of the proposed budget, to close tracking and review of income and expenses throughout the year. This has contributed to the surplus delivered in the year, which is in excess of that budgeted. The primary objective of Waterperry Opera Festival is to produce a high-quality, financially stable festival that aligns with our constitution’s stated 'Objects' and 'Mission Statement'. While balancing rising revenues with increased operational costs has presented financial challenges, we exceeded our financial goals in 2025. This success is attributed to exceeding our ticket sales targets, implementing more robust budgetary controls, and achieving good fundraising outcomes. The team gained valuable insights into managing growth effectively, and the Board is confident that the Charity continues in a sound financial position. The festival has now established a prominent place on the national opera calendar, garnering widespread positive feedback from the opera community, local institutions, audiences, and collaborators. This support further underscores the success of Waterperry Opera Festival in delivering a memorable and impactful experience for all involved. .
Performance of fundraising activities against objectives set	Para 1.41	Fundraising was continuous throughout the year, and overall delivered in line with the budget. Several new approaches were used in the year.
Investment performance against objectives	Para 1.41	Not applicable: there are as yet insufficient funds to consider investment separate from the business as usual current account

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Financial Review

Financial Review
Review of the charity’s financial position at the end of the period	Para 1.21	Income- £747.5 K Expenditure- £696.5 K Net Income 2024/2025- £51.0 K Total Funds Carried Forward £77.0 K (unrestricted) £12.6 K (restricted) Cash Balance– at the end of the financial year, the combined cash balance in the two bank accounts (Virgin Money and Metro) was £74,523 Overall summary– At the end of the year the charity carried forward funds of £89.6k (of which £77.0k is unrestricted) an increase from the previous year’s unrestricted £38.6k. The ongoing budgetary controls on finances continue to be beneficial in the overall financial management process.
Statement explaining the policy for holding reserves stating why they are held	Para 1.22	A target surplus funds target of £100,000 has been set for financial year end 2027, with an annual target surplus of £30,000 In line with this policy and regardless of the level of reserves/surplus funds, the trustees review the financial situation at each board meeting, and in the early months of the calendar year make a call on the viability of that year’s festival, with the option to cancel unless the financial situation, both actual and expected, is acceptable to all.
Amount of reserves held	Para 1.22	The level of reserves on the Balance Sheet at the end of the Financial Year was £89.6k (£77.0 k unrestricted, £12.6 k restricted)
Reasons for holding zero reserves	Para 1.22	Not applicable
Details of fund materially in deficit	Para 1.24	Not applicable
Explanation of any uncertainties about the charity continuing as a going concern	Para 1.23	Based on the agreed budgets for the financial year, along with regular monitoring of the current and expected outcomes, as mentioned earlier, the trustees are satisfied the charity is a going concern.

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Additional information (optional) You may choose to include further statements	Additional information (optional) You may choose to include further statements	where relevant about:
The charity’s principal sources of funds (including any fundraising)	Para 1.47	The primary funding sources are: Donations – individual and in the form of sponsorship Ticket Sales Grants HMRC support via Gift Aid and Theatre Tax Relief (TTR)
Investment policy and objectives including any social investment policy adopted	Para 1.46	All funds are held currently in a non interest bearing current account and an interest bearing deposit account
A description of the principal risks facing the charity	Para 1.46	The principal risks to which the charity is exposed are:  Low level of ticket sales, leading to reduced income  Insufficient fund-raising  Delivery of poor audience/customer outcomes at the Festival, which could lead to a more challenging environment for ticket sales at the following year’s festival  Bad weather which causes cancellation(s) of open-air productions at the Festival (although the conditions attached to ticket sales mitigate the financial risk of a cancelled performance)
Other		Not applicable

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Structure, Governance and Management

Description of charity’s trusts:		Not applicable
Type of governing document (trust deed, royal charter)	Para 1.25	Constitution (revised in October 2018, and again in 2023)
How is the charity constituted? (e.g unincorporated association, CIO)	Para 1.25	The charity is constituted as a Charitable Incorporated Organisation (CIO)
Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees	Para 1.25	Trustees are selected via a variety of methods, depending on the skills required, including open advertisements, personal contacts; all candidates are interviewed. The existing trustees make the new appointments

Additional information (optional) You may choose to include further statements where relevant about:

Policies and procedures adopted for the induction and training of trustees	Para 1.51
The charity’s organisational structure and any wider network with which the charity works	Para 1.51
Relationship with any related parties	Para 1.51	John Meltzer (Trustee) has declared himself to be a connected Person, being the parent of Rebecca Meltzer (Director of the Young Artist programme)
Other

Reference and Administrative details

Charity name	WATERPERRY OPERA FESTIVAL
Other name the charity uses	NONE
Registered charity number	1177966
Charity’s principal address	WATERPERRY OPERA FESTIVAL C/O Orchard Barn Ilmer Buckinghamshire HP27 9RA

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Names of the charity trustees who manage the charity

1 2 4 5 6 7 8 9	Trustee name	Office (if any)	Dates acted if not for whole year	Name of person (or body) entitled to appoint trustee (ifany)
	Judith Tew	Chair		WOF Board of Trustees
	John Meltzer	Trustee		As above
	Howard Gatiss	Trustee		As above
	Sue Wilkinson	Trustee		As above
	Roger Dix	Trustee and Treasurer		As above
	Jeremy Young	Trustee and CompanySecretary		As above
	Giles Bethule	Trustee		As above
	Sebastian Munden	Trustee		As above

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Funds held as custodian trustees on behalf of others

Description of the assets held in this capacity	NONE
Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects	Not applicable
Details of arrangements for safe custody and segregation of such assets from the charity’s own assets	Not applicable

Additional information (optional)

Names and addresses of advisers (Optional information)

Names and addresses of advisers (Optional information)	Names and addresses of advisers (Optional information)	Names and addresses of advisers (Optional information)
Type of adviser Name Address
TTR adviser	Graham Suggett	Creative Tax Reliefs Ltd, Chorley New Road, Bolton, BL1 4QZ
Independent Examiner	Tom Wilcox	Counterculture Partnership LLP, 23 St Leonards Road, Bexhill-on-Sea, East Sussex, TN40 1HH

Name of chief executive or names of senior staff members (Optional information)

Guy Verrall-Withers (CEO and Artistic Director) until August 2025; John Savournin (CEO and Artistic Director) from September 2025

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Not applicable

Other optional information

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Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Position (eg Secretary, Chair, etc) Date
	Judith Tew
	Chair
	12/03/2026
	12/03/2026

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28.3 Transac�ons with related par�es

Name of Trustee or Related Party

Relationship to Charity Description of the Transaction

Amount Balance at period end Provision for bad debt at period end Amounts written of in reporting period

Name of Trustee or Related Party

Relationship to Charity Description of the Transaction

Amount Balance at period end Provision for bad debt at period end Amounts written of in reporting period

Name of Trustee or Related Party

Relationship to Charity Description of the Transaction

Rebecca Meltzer

Daughter of trustee John Meltzer

Engaged as a freelance with self-employment status in the year; all terms and remuneration agree by CEO. Her role in the year was as Director of the Young Artist programme (as last year) and Director of Semele

£7,930 (2024: £5,703)

n/a

n/a

n/a

Jeremy Young

Trustee

Provided a loan for liquidity during the year; this was required due to the fact a material item of accrued income for the previous accounting year, namely Theatre Tax Relief from HMRC, is payable several months into the next financial year. The loan was repaid before year end; interest rate BoE base rate less 1% simple pa

Max loan at any time £5,000

No loan outstanding at year end

n/a

n/a

Judith Tew

Trustee

Provided loans for liquidity during the year; these were required due to the fact a material item of accrued income for the previous accounting year, namely Theatre Tax Relief from HMRC, is payable several months into the next financial year. The loan was repaid before year end; interest BoE base rate less 1% simple pa.

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Amount Max loan at any time £5,000 Balance at period end No loan outstanding at year end Provision for bad debt at period end n/a Amounts written of in reporting period n/a

Name of Trustee or Related Party

John Meltzer

Relationship to Charity Trustee Description of the Transaction Provided a loan for liquidity during the year; this was required due to the fact a material item of accrued income for the previous accounting year, namely Theatre Tax Relief from HMRC, is payable several months into the next financial year. The loan was repaid before year end; interest rate BoE base rate less 1% simple pa.

Amount Max loan at any time £5,000 Balance at period end No loan outstanding at year end Provision for bad debt at period end n/a Amounts written of in reporting period n/a

All trustee loans are approved by the Board (with those Board members providing the loans not participating in the decision) and the interest rates payable are below market rate.

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CHARITY COMMISSION FOR ENGLAND AND WALES F85iN81 Annual accounts for the 1177 eriod 0111112024 3111W2025 Section A Statement of financial activities Prforyojr IncomlThJ r880urce8 INrte 31 Incom• and •ndtstymthts frohk. F04 FOS 501 117.754 103.85) 33.Th0 Z21.ei)4 479.139 46.087 224.393 a69.￿1 24.214 46.¢A7 679 679 Tolal )7 137.6x1 747.S09 8,9n 533.987 8.973 125.0 569.351 Slo Oth•r sii Tol&l $12 S71.445 12S086 6.$01 Inslllossesl $1¥ $14 $15 12,564 51,1KJB 3t,921 N•i Incomellexpendtw•l Exiraordinary items Tran8f•rs botwo8n fvr Other recognisod gainslllossul: 1ZS84 51.008 31.921 $16 S11 Sl 0grgwnWo5¥￿1 11564 51.008 31.921 Totsl 38.597 77.041 38.597 6.676 11564 15

Section B Balance sheet lkn#rfcityJ hth•irfei)d Totol th1 Toiil la%1 Fix•d assèts Intanglblw a88wts Tanglble assets Herftago a•sots Inv•stm•nts F01 F05 INgtg 151 (Note 141 (Note 161 IN•t• 171 Tot•1 fix•d•ss•ts 704 704 Current assets Sto¢ks IN0¢• 111 Dobtors (Note 191 Inv•stnnts (Notg 17.41 Gash at banlE and In hand (Not• 241 105.877 105.877 01.959 167.8 12. 12.564 74.523 180AOO 11.478 99.319 Cr•ditors: amounts falllng du• wlthln on• y••r (Nots 201 .795 61.426 Mgt cunwnl assW(Mablllll•s) 77.041 12.564 89.605 37.893 77.041 12.564 89.605 Creditorn: •mounts fallln9 du• aft•ron• INot• 201 Provl8Son8 forllab11￿0% Bl5 Total net•8sets orllbllltl•s 816 77.041 12,564 89.605 Funds of tho Charity Endowment funds (Not• 271 Rgstrlthd funds IN0* 2TJ Unrestrfeted funds R•valu•tion B18 12.564 12.564 77,041 a19 77.041 38.$97 Tolal fiinds Bz1 77.041 89.605 38.597 tru51ee Pmt Nam8 16

iv f rth Y rEn 31.1025 31.1024 Notes CAsh flows from operating activities Cash generated from operations 62,366 (7.585) N¢t ¢ash provid¢d by/(us¢d in) op¢rating activiti¢s 62J66 (7.585) Cash flows from InvestfiDg etSvltles E)Jrchase of tangible r￿ed assets Sale of tangible fixed assets Interest received 679 19 Net c8h provided by investing activities 679 19 Change ID csb Dd cash equivalents ID the reporting period 63,045 (7,566) Cash #lld easb equlvalents t the IVIn￿l￿g of the reportkn8 perfiod 11.478 26,125 C$h ttd ¢#sb equivxlent$ t the end of the reporting period 74.523 18.559 17

ta RECOPCILIATtON OF NET INCOMEJ(EXPENDITUREI TO NET CASH FLOW FROM OPERATIYG ACTtvtTtES 31.1025 31.1024 F4et income11ei￿ndl1￿e) for the re￿rtIng period {as per the Statement ofTrsn•ntil Activities) Adju5tment5 for: Depreciation {Gainlllos5 on disp0581 of fixed 85sets Int¢T¢sI rereiv¢d {In¢i¢a5¢yd¢¢r¢a5¢ in d¢btOT5 In¢reasellde¢rease) in crediiors 51.008 31.921 704 978 (6791 {18,0351 29368 (704) 8,034 {47.814) et rash provided byl(used operatio 62J66 (7.585) ANALYSIS OF CHANGFS IN NET FUNDS At31.1024 Casb Flo At 31.1025 Net ¢x$h Cash in bank and in hand 11.478 63.045 74.523 Total 11,478 63,045 74,523 18

Section C Notes to th8 accwnts Note l B•sls of w•par•t# Th1• $•¢tlon should b• ¢omplthrf by•W¢h•lU•s. 1.1 Basis of accountirvJ unkss Othe￿i%e stsled n the rtht ￿le(sI to these The accrJnts have tttn cl Ir8bTrJ IFRS 1021 eff￿1￿8 1 J￿uary 2019 ' 8rKI 1tr21 ' arxl Chths Act 2011. 102." IIOT APpL￿ABLE -Tk as app(DprHle 12 Gokng ¢onc•rn If Ih•n •n matl￿V￿C￿ta￿￿o$ Ml•ted to •¥wts ortondlllofts tr￿$ catsbnlllcafti dotsbl oft Ihe •blllty Th• wat9￿Y Opwa F•stW h ￿nbd9r￿ to b• a Goln9 Conc•m and th•rt no IAatial Unc¢￿1￿t￿ Co￿k18￿ Ihatthe ch8rty ts 8 ¢c￿M. NONE accTrJnts are Th)t FeparJ C￿ a WJ CO￿￿M basis. disck)st Ihts factttwtt wth the basis the trustees prepwed C￿jnts the reascffi why tha clwty * rK 1.3 Change of accounVrwJ pc4lcy '.Tw8s approprote No. Ple•se dlsclos•.' {4 th• oflh• chw•th accounllng palty. NOT APPLICABLE {14 th• +¥•soAs why•ppfylftg th• J•w•£countth#polky NOT APPLICABLE {114 th••mouAI olth• adJusbMntfor•Kh Iln• alf•ttsdh the cuffenlperfod. each prt0rpwlodpresent￿￿nd lh• aqqrngate arnountof th• adJustfft•ntTrlatln9 topwlods b¢forn thos•prns•nt¢d. 144 FRS 102$0RP. NOT APPLICABLE 19

1A Chanp8 to aCC￿￿Il￿a 08tirnat•8 No eharw to accoun￿ estinat8s he ￿c￿r￿j kn th& FwbJ13.46 FRS 102 9)RPI. '.rKas appwriDts {4 th• n•￿rn ofnychn NOT APPLIGABLE {11) th• •ff•rt OF th•C￿n#t lfte0n￿nd •xp•w or NOT APPLICABLE Illlj whw•prn¢lkebl4 th••ffecl of the ¢h•ng• In on•or fytyTrpwiod& NOT APPLICABLE 1.5 Matorlal prforyewo No matwd yÈar Èrr(x hav¢ (3.47 FRS 102 SORPI. ..T￿￿•S apprnprmts (11 th• n•tuTr of Ih•prforpwiodiMrnr. NOT APPLICABLE 8fl8¢t8d.' NOT APPLICABLE (114 th• •mount ofth• eon¥ctkn •tth•béglnnthB olth• NOT APPLICABLE 20

see￿an C Notes to the accounts eont Not0 2 2.2 INCOME Y85 FRS 1CQ 5Q¥IPwFF15 I¢JZ rt1&10to&12 FF151fQ SW Yas Yes W4 Y85 Yg5 dql Yes Yg p¥# Yes Wa Y9¥ 21

** mrt1&10*5.12 FR51CQSLW)v￿1￿l￿hthJ4B 2.3 EXPENOtruRE AND LIABILtnES Ye5 Ye5 2A ASSETS byth￿ty Yes Yes Yes rth9.6.1.4. Ye5 Y¥ Yes slockn work ITr Y¢$ Yes Yes 22

POLICI￿ADOPTED *JjUTION￿ TO OR DIFFERENT FROII 23

Section C Notes to the accounts Icontl Note 3 Anatysis of income Totalfwth Pthry••r Donatlons and legacle5: Ch)Thatk￿S aThJ gifts Grft Leg¥thes General 9raTrts [￿0￿￿e￿ by 9o¥ernmenVolher tharthes M8mb8r5hip 5ubscripth?ns and SP￿s￿5h1PS are in substance donatw)n5 Donated goor15. faclibe5 and ser¥Kes Other 88.858 28.896 94,138 25,587 28,896 46,500 35,200 57.350 Total 117.754 103.850 221.604 224.393 Charttablg adiviti•¥: Theatre Tax R8hBf TKket In￿rne Fees Fundraising FestNal ProdurJ)n8 Non-FestNal Events Extemal Tour Pr(xJu¢th)ns Young th8t Pr(vJramm8 98.301 4.163 23.761 240,591 12,860 64.283 1,410 445.369 98,301 4.163 23.761 270,561 12,860 64.283 5,210 479.139 96,721 30.654 215,772 25,754 29.970 3,800 33,770 1,000 369.901 Total Othertradlng acti¥iti•s- Catering 29.303 8.547 Festival Pro9ramme Waterperry House Bedding & ToEI HYe T￿ke1 Incorne Cknnations and Othef Incom8 .547 6.155 8.237 46,087 8,237 46,087 4,038 24,214 Tot•1 Incorno from In¥•$tm•nts'. Inter8sI ino)m8 DivNJend income Rentsl and ieawg incKJme Olher 679 679 705 Total 679 679 705 Separat material item of incom•- Other 1.360 Total 1,360 oth•r. conver￿On of endoinent lund5 into inc¢)me Gain on Llisposal of a tsngIb￿ fixe<l asset he￿ f thantys own use Gain on disposal of a programme re¥ted investment ROyaM￿S from the 8xpbJa￿ of nt818clual property rights other Total TOTAL INCOME 137,620 747,509 620,573 24

Other InfonnalS0n: All Incorn• ln the prfory￿yHab Unl•￿1£1￿ •Acqptfur. Ipl•x• Pr￿ld• d•s¢rfpOon amountsl (202Y241s £138.￿. report6n9 perfod, plo88e glw the reason for lh• corww850n. pwlod. pl•8•e glw tho r￿on for Iho bblthln th• In￿m¥ 11gm¥ abo￿ thg followlng ￿m• rn141: Ipl•x• d1￿0￿• th• nalurn. amount and any prfory**mounts} 25

Section C Notes to the accounts Don•t•d goods. ff4¢llltfj•s and Lxl>ar Us• of Propwty No•• I UA• of Prowty iP4rfomiAne• V•nuM).IIotrt 2 of Propqvty hlq¢b"np}.lth)t•4 sUt￿•d11￿ng of F4411¥d Pwranm•. 5 T(4• Pl•AM pro¥ld• d•tsii• ollh• x¢ounl I￿ Iorlh r•cvgnilon ¥￿Ul160￿ of 0￿￿5￿0kp￿￿￿•fr0V l1.LondL￿.kn m•knthoutyra th￿l￿￿d@.Whith Ig saièsiYp¢ioi¢m Val￿ isdiffetyn b¢t•eè in •mo￿ni￿Orn an Inu•ax8 Inknfvomth8 pmbidEr.anda ￿5￿t￿(theM￿r￿8tV￿l ofthp benefi(b￿EdonVJnEnlwDp0sed thawB d￿•￿￿￿ Ofuopwpor4￿ pwdyI687 (700Lill&l SPEsworwl•ts.Va￿￿ha$b8ln •eOmatthl riorinil IIDt• 5.sul￿dYOng olFwlfvd ProBThnm• Pleaw pro￿d d•tsll• of any unfrJlnll•d ¢ondlfj(wK oth•r and not r¢cognlsed In¢om¢. VdUnsufyJthkn)kavarfetyofttAèsi￿lU0ry Vdunws ur￿￿￿kaWa￿0ty¢lrts￿slr￿l￿4ITrQ Pl&i•¢ gl¥• d•lalli ol+Jth•r oloth•r donat•d gooth not rtsJ4nl•d th4 4CUiunty 49 Comrfbudon 01 ￿bunt•1r￿ Totsl nUthrofw￿unorl￿r&- 1.047 Q£12.T1 asfA¥xnco Totsl nUnknrDf￿lun￿grhourS- 1th1 @£11.44 Pèrhour,knèitstsl v￿Unrb has bogn valLd a1£12.138.ThlsflgJre indud•6 lrnspgntby ￿1￿•￿S¥￿ hbr•th• Festival £13J07.Th1sfi9Ut¢ indL*•SbWWlbyKrth•n Styff b•tygth• F•StivalW••krry•iry wlsin 26

Section C Notes to the accounts Icontl lot• 6 Anatysls of •xp•ndliur• Th1> knalyl• ndlttJr• on T￿81￿ nd¥: IncurrBd sgekirvj (kYwli(xts & grits lrturr8d Seekity IwJ8¢ies fund Totsiiurtd •m•ful￿ Totsifvnd sc¢i It)ttwes I￿u1r8d cfi F￿j￿Si￿j everts 8.973 49n sta9r#J r￿jra¥1￿j events OtherfurKtrwsiTrJ ccéts FLtslra5ir¥J wts OpatirvJ chty slxy Th￿4￿8ntaNtr irddirKJ AdvertisiTrJ. mwkelry thrxt m•1 ¥J wNicty Start up ccéis In n styjrce el future irtcne Database ¢Jevdcynent cckqls Oth¥trathry ¥tivities Investment m Portfc4b mar0j8m￿ cc618 Cost of in¥e51m¥ Inve8tmert th)1ni8tr8tic￿ cc6ts Intdl¥tual prtyety I￿￿1r￿d Rent ¢dI￿t￿. wcwty rews ndlbjrn on ra8ln Js 11.502 Expqndllur• on Ch￿l￿bI• Festival M￿￿ment Math￿1￿, AdvtrtisirJ & Pull￿rtY water￿ry AccMimc#JalhM & Fe8S Festival Prr¥JLKtw Extern￿ PrryknotKXLS Ticketi N￿-F&￿tIVa Event8 Yourmj Artist Prcgramme Cwe Sutvyt Cost$1sg9 kn 91 In Kir￿ SupFKXt Valuati￿15￿ Sl Totsl txp1rtd￿r on charoiab 120,6&fj 17.410 125.741 17,410 74.(>28 15.392 40.637 161.365 159 40,637 19).877 39.131 42.XX) 39.131 7.244 7,208 123.590 10.1KK) 126.9ty 119. 12&056 S arat• malwlal Itom of Total Festival P Cat8ri Wat Other PhloTrO Total other e TOTAL EXPENDMJRE 4.330 21,583 21.583 $8 Beddi tst5 nditur¢ & T¢yA*Is a485 511.445 7.799 124056 .501 13B.568 27

T<rf*l 28

Sectlon C Notes to the accounts Note 9 Support Costs Please ￿mPlete th1$ note 11 the chartty has ￿•1)$d Its exp￿•$ uslng a¢Jvlty ¢•tegorte$ and Th1$ y•or Basls of allocaiion ID05crlbo m•t Support ¢o•t RaL fjrnnd totsi perS￿ne1 costs - RwsiNJ Furnts perS￿ne1 costs - Ccg 104.983 11x983 Planniryj fcf Next Yearfs Festiv 1.029 In$uran¢e. Stw•>. IT Costs Training 7.393 AccountiNJ Fees 1746 2.746 Tax Athisryy IndepeThJgnt Examinali{￿ Fges 816 816 Oepreciation 703 703 Stsff Recruitm￿1 1.135 BankID1￿cl Da￿t Fe8s.' Interest 2.553 General Expenses 3.138 3.138 Total 126.W2 124902 29

Last year Basls of al￿atIon Support cost RalBI furKkn Cor• Costs (¥and total ID•s¢rib• Perscmnel costs - RaisiThJ FLThJs Pers￿ne1 CCk%ts - Ctye 1￿.57T 100.STI PlannirYJ for Next Ye8¢s Festiv Insurance, Slow. IT ￿lS aThJ Trainir 6.699 ACc￿ntIng Fe8S 1643 Tax Advisc Independent Exarninalic￿ Fees Depreciation 978 978 Small Asset Pwcha5es 341 341 BankID1￿ct Detrit Fees., Interest 2.677 Gener81 Expwses 4057 Totsl 123.$92 123.592 Please provlde detalls of the accounong poll¢yadopt8d for Ihe appordonmgnt olcosts betW8•n actlvltles and any osllmadon tKhnlqu•s us¢d ¢0 ¢al¢ulats ththlr apptsrfonm•nt 30

Section C Not8$ to the accourts Not• 10 Dotaf of cortakn11•ffis of •xp•ThJw• 10.1 Fe88 for•xnlnatlon of acwjnts Pl•As•pffjvld• d•i•lts ollh• ountpSYlorys&•tulOryL¥t•m4¥¢nrtlnyof x¢ounts t¢rll'ln th¢wrnprfat• box(u). Th￿Y•¥ L•Jt y••r Ind•pqndqnt •K•nln•ffi fw 816 AMuranc• oth•rthn audlt •r Ind•pththt •Anln*tlon 31

Section C Notes Its tho a¢¢tsurrts co Not• 11 Pald •mplry• 11.1 •ff C•st• Thls y•¥ La%t y Salwiu and wag0¥ So¢lal gGurlty cost• n#ion costs Idefined tyJntrution •th•m•l oth•r emplo￿ be￿￿ts 74.352 2,160 2,231 eu• prgvld• d•twls ol •wnditur¥ on ¥tsff worklng fwth• who8• contracts ar• with and ar• W bya rel•d pty P￿TAppucA￿LE Pl•&￿ pro¥ldè dotdli ol•Xpnd￿rn on #taff WO￿A0 fafth• ¢hlty whoso contracts aro whh and aro pdd by rolat•d pwty )TpPUC￿LE Pl￿￿• glvo d•talls orth• numborofffmpknrns whose total•mpIo>wl￿•ftts (VXGludlry ernplowpvn¥k¥n costJJ ftyll wlthln lrnjn upw•rf su¢h tw¥4dlon pl•w Ihg No tmpk+y•es rtctiv•d tmploy•t bènefits Itxduding empknyw n¥lon ¢98tsl forth• r8portbn9 perfod of rnvrnth￿ £60,000 IKIT PPLIC Bwbd Nurnbwofwn Th1$ £60 ODO to £69 999 £70 fy)0 to £79 999 £80 WO to £89 999 £90 WO to £99 999 £100 OQD to É11J51999 Thls 1Igas• provld• th• totsl amount pald to k•y rnana9gm•n¢ pwwnn•l Ilnclud•& tru8t1•8 and wnlor manay*n•ntl lorthelr••r¥lcts to the thwlty. Forsp•dfic ￿QU￿￿ pakl ¢0 M• Not• 2& 32

11.2 Avwage heMI Munt in the Thhy Nurnbor Last year Number Th• pt of th• ¢harlty In whl¢h th• empl¢)ye•& wo Total 11.3 Exratla paymrt% to •mpltsy••and oth•r% l•xdudkng tfutsl•*l Pl••s• compl•t•M•n •x-orn￿•pamtt￿tlSM•d Pl•as• •xplaln th• natur• of th• paym•nt Th18 yoor Pl•a8e Stat• th• f•gal tArthorlty or r••aon for Ma￿Tr9 the Pl•ax s141• th• wnount of th• pwi•nt lor¥4lu• of w•i¥•rof rfght to an aM•ti 11.4 Redundancy payments Tot•1 amount of paym•nt Th• natur• of th• Payrn￿t lea•h, etc.) Th55 Th• gxi•nt of rndundancy fvndlng •t th• bthc• sh••t d Pl•asa stal• th• x¢ountlng polky for •y Y•dund￿¢y ortwrnln•tknn paym•nts 33

Section C Notes to tho accounts Icontl N(kn12 cortslxrtlon sch•m•. contrlth ￿mIOnS¢￿•m• or d•lkd b•n•ft8ch•m• accwtsdfors a d•fln•d Lxt Amount of GontrlbutlDn• rnroynlmd In th•8OFA •Apqn 2.1&J 2.rJ1 drf••d ¢ontr1butltyn xh•m• b•tw••n •¢U¥lth• b•iw•• rèBtrict•d and unrnstriGted funds. ct are th cue exrmses, hence aro ch¥ged there aL%o Pl•#• ¢onlkm th•t 4lhough th• %h•rn• accounted foraB a dellned corblr pIAn. dqfin4d b4n4fft Wan. Pl•aM provld• quch tnfonnknn as15 avallabh about th• pl•n' surplus ordqficlt Ind th• knplkaii•n$. M y. loith• rèporting charityforthl¥yw4￿d IHIyov, 11 dwlerent D￿￿bOth+ •xhntto whkh th• ¢hy can b• fjabl• to thq plan tor oth•rqntbllB%' cond6tlon• of th• muttb•mphywplan. Ir th1¥ l¥ forl• yw, dDtailB PID￿d an •xplanation of how Ilabluty arlslng IrrAn an 4r4•m￿t wmh * nploy•rpl•n to fund a d￿kIl h¥ d•t4mbln4d. ￿th￿ l* dthr•nt forlaBtyw. P￿￿d• d•lall• 34

Soction C Notqs to the accounts Nol• 14 Tangfjbh lfjx•d To 1914 3,914 AthSU( Al 914 SLryFS SL At 1210 1210 Al￿￿￿th•Y 1914 I&J Nlt book¥￿u t L￿k Va￿ a 14A Impwmi 1&5 35

14$ 1)th•r￿￿0￿r• 36

Section C Notes to the accounts leonti Not• 19 D•btors and prèpaymw Y••s9 conwl•¢• thh not• IFth• ¢h•rfty •ny¢l•btw orprnp8yn￿ts. 19.1 Anatyslts of d•btorn Th1• y•ar Last year Trad• debtors Prepaym&t)t8 and accrned Incom• oth•rd•btora 85 105.792 45 87.796 To¢•1 10S.877 87.841 19.2 AnatysS¥ of d•btorn ￿0¥￿￿￿1# In th•n 1 y•ar Ilnclud•d kn d•b¢or4 abgvel Thls y•ar Last y•ar Trade dobto PrnpayThnts ind iccrued Incon• Othvrdobto Total 37

S8¢tion C Not85 to the accounts Icontl 20.1 ofcredtorn Amourts f•lllng thJ• aft•r mLY• than yezr Th1& y••r L48t y•ar onE year Thll y••r Lty•r Loan6 aThl ¢J¥orthaft Trad• ¢r•dIt￿l 10 51 porfornianc04•tat•d grants Accru•l• and d•lerr•d h%•m• 35 27 Taxatkn atwJ8Lxkg1 Mcurlty 514 90.79S T(al 8IA26 Note". IhofyLtMs shown for6•ch of whkh hwe Ih•trown ac¢ounlhwtrMtsn•n¢ •ar Induded in the Accruals and deferr8d inwf' figure are ti(gtsk>rlhe Wnler Festiwdl to be held In Dec8mber2024 w•re sold during the financial year. Thè procèds. ntioftiLknting f888. 18 c¢ndered d8f8rr8d In￿rr. a b)tal arnuntof£9.626 duded in the'Acwals and deferred ino)n'figure are kets k)rthe Wfinter Festival h8ld in Dactsmb6r2025 ¥ihith were sdd during the finantsal ytar. Tho proctÉd$, n8toftid¢8tin9 fees. 18 conwdered deferred k)lal arr￿n10f£a.8?3. addibon,a restricd graniof £10.000 was rec8i%d durir the period has b86n deferred t• tre 2025r26 per1￿j asthe 9enerdl in￿rne ret09fi￿on Cond￿On8 ha% Mt tb••n m•t TN8 yoar La$tyoar Balanc• atth• •tsrt olth r•pwtknll p•rknl add•d In p•rh)d Amounts to knwn• prevlm p•rkrtl• Balanc• attha •ThJLrfth• r•pNur4pOr￿d 9.626 18,823 9,626 38

Section ¢ Notes to ltre accounts l¢onll th•¢hwiWi po¥It￿n af pwtonn•Trr4. tor•umpbp.th• tornw and Mndmon• olloanswth•u•o olJdgSng wm• 212 Mlh•¢h•t¥ h•b probd •bf4t•u ol I￿￿Y￿ Ibet•rrn• w¢J ¢oDWonstyi*•dto l• pkndg••bw 39

Section C Note5 to the accounts leonti Nots 24 Cash at bank and In hand Th1$ y•ar Last y•ar Short tsmi Cash In¥e8tmènts I1•￿ than 3 mDnth8 matuiity dat•l Short torrn dgpo$tts Cash at bank and an hand Other Total 74.523 11.478 74.523 11.478 40

Piotpsto Jicounts Ilot•27 FuNd Fund 13A 41

Not•27 tund T￿￿E￿ 42

Sethon C Notss lo the accounts Ironll Nol• 2B Ihe chaltyhasar￿transaCi￿x￿hr•l•t•￿￿O•S (oth•rtrAnth• trusth?•xpww•x*kndknwAt•nc• Mt•sJ d•t•ls of5￿h Ih•lr ora rrrw LY Fakn•} TrUE TOTAL L•yl l•g¢Yd•r. ft•ll•x NOT ApPL￿ABLE NOT APnKABLE NOT APnKABLE Lasty¢4r TRIIE R•Ounow lknthdkn9 •of TOTAL N4m• oltriiii•• NOT APPLKABLE 43

NotrwIM•x￿nk4$￿Y• b••n1￿￿T•dryn￿wFaIl•) True TNb y••r Tr•v•l sL￿￿ter￿0 p•eKyl'. •xp•Mu NOT APpL￿ABLE NOT APPL￿ABLE 2&3 Transadon(sl wlth Th1• FALSE N•m•rfth• I￿￿t•0 ¢1 r•iTt•dpJrty Prty¥bSknfw￿ddjtsts •t rknd ￿9bP￿M9￿r Dsughbrgf trustse John Mdtter £7930 NIA In the￿ar, all wrrtsand r•rnurher44on a9￿ Dy CEO. Harr￿@ inthq youThJArtistpro￿1r1llQ las l151￿ar)•Tro thry(r olserfg JarèryYoun9 Provi￿ a loantrliquHIity duriwthe ￿r.￿l$waS required WA NIA aLtthq t￿t Inancial)at.The k) Wa$repa￿ bere bar end'.inlJreslra BOE bxo £S.C WA NIA 11

FLLSE rn•olth•trult•• ar r￿td pArty wrKt•n loc￿rkY p•rlOd•￿j pvrknd Rebett4 Mefq Daughtèiof ETh2aged asateelarK• E5.703 WA NIA few￿nera￿0ThAgroe by CEO.Horrolfrin th• wasasDirBtholknB y{￿n9 ArtsirKtyrammè la5 lastyearland Direcx oITum o1kngS(XBW TNS PNded a knrlv4wdity dunng th• yoar.thiswas Ir8d dupbth8fxta m&rial imofact¥Ld £5.1￿) EO WA NIA ¢JxyJntyng>wr, nanwty Th￿tr8 Tax Rdielkn HMRC.IS ptyable sebw nthSin￿￿e ne firhancial wr.Th• wasr8paid y8ar ènd".lnts￿rd BOE b 1%9ffyle p 11 JudthTwLV Tru PThid8d k)ansknIHiu￿ty durirtg the)4r.thesèwÉ re9j1￿ duebthe facia marial imofac£mJed É30.( EO 11 NIA NIA Th￿tre Tax Rdielkn HMRC.is payats￿ sew thsinbtsngxt finanaal ￿&r.The W&$repa￿ bekne e￿.. InlBresiBoE baseol &5 1% P John Melt￿r Prowd¢d a knan SJrlv4Lthy durirykne ￿•r.￿lS r8quI￿d duebthe facta niartBI irnOfacts￿O inr4)mÈyihe yewous acujunlng y￿.na￿ty E17XJ NIA MRC.Ispayat4e se%* nthsinkntsngxt finatiti￿ fftr. Thè loan ¥Jas mpaid beth year end". Lw• raiè 1% pa 45

Independent examiner's report on the accounts

Section A Independent Examiner’s Report

Report to the trustees/ members of On accounts for the year ended Set out on pages	WATERPERRY OPERA FESTIVAL	WATERPERRY OPERA FESTIVAL	WATERPERRY OPERA FESTIVAL
	31 October 2025	Charity no (if any)	1177966
	Above

I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31/10/2025. Responsibilities and As the charity's trustees, you are responsible for the preparation of the basis of report accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent Since the Charitable company’s gross income exceeded £250,000, your examiner's statement examiner must be a member of a body listed in section 145 of the 2011 Act. I can confirm that I am qualified to undertake the examination because I am a Fellow Member of the Association of Charity Independent Examiners, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:

• the accounting records were not kept in accordance with section 130 of the Charities Act; or

• the accounts did not accord with the accounting records; or

• the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Signed: Name: Relevant professional qualification(s) or body (if any):		12/03/2026
	Tom Wilcox
	FCIE

IER

46

Counterculture Partnership LLP

Address:

23 St Leonards Road, Bexhill-on Sea, East Sussex TN40 1HH

Section B Disclosure

Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners).

Give here brief details of any items that the examiner wishes to disclose .

IER

47