rose
opera
Rose Opera
A Charitable Incorporated Organisation (CIO)
Report and Financial Statements
Year ending 31 December 2021
Charity Number1179516
www.roseopera.co.uk


## **Rose Opera** 

## **Contents of the report and financial statements For the year ended 31 December 2021** 

|Trustees and administrative details|-|-|-|-|-|-|3|
|---|---|---|---|---|---|---|---|
|Report of the Trustees||-|-|-|-|-|4|
|Statement of financial activities|-|-|-|-|-|-|13|
|Balance sheet<br>-<br>-|-|-|-|-|-|-|14|
|Notes to the financial statements||-|-|-|-|-|16|




The Ghost Ship from Wagner’s _Der fliegende Holländer_ , Oct 2021 


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## **Trustees** 

Rose Opera’s Trustees: 

Andrew Evans (Chairman) Tamara Ravenhill (Treasurer and Artistic Director) Alethea Tabor (Chorus Master) Paul Ravenhill (Director) 

## **Reference and Administrative Details** 

Charity Number: 1179516 Registered with: The Charity Commission of England and Wales Correspondence Address: 154 Dora Road, Wimbledon, LONDON, SW19 7HJ Charity Form: Charitable Incorporated Organisation (CIO), Foundation Model 

All Trustees were appointed on the incorporation of Rose Opera on 10[th] August 2018. 


Returning to normal: rehearsal for _Der fliegende Holländer_ , Normansfield Theatre, October 2021 


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## **Contacting Rose Opera** 

Rose opera can be contacted through the email address: info@roseopera.co.uk. More information about Rose Opera can be found on our web site, www.roseopera.co.uk. 

## **Structure, Governance and Management** 

Rose Opera is governed by its Constitution, which is available for download from the Charity Commission web site. 

## **Appointment of Trustees** 

Apart from the first charity trustees, every trustee has been appointed by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees have considered the skills, knowledge and experience needed for the effective administration of the CIO. 


The Dutchman’s crew aboard the Ghost Ship, _Der fliegende Holländer_ , Oct 2021 


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## **Rose Opera** 

## **Report of the Trustees for the year ending 31 December 2021** 

The Trustees of Rose Opera are pleased to present their annual report, together with the financial statements of the charity for the year ending 31[st] December 2021, which have been prepared under the accrual basis method. This report and the accompanying accounts have been prepared to meet the requirements of the Charity Commission. 

Rose Opera was incorporated as a Charitable Incorporated Organisation based on the Foundation Model on 10[th] August 2018 and is registered with the Charity Commission of England and Wales, registration number 1179516. This is the third annual report of Rose Opera. It covers the third financial year, which is the period from 1[st] January to 31[st] December 2021, a period of 12 months. 

More information about Rose Opera is available on our web site, at www.roseopera.co.uk. 

The uncertainty caused by COVID-19 pandemic continued throughout 2021. In common with other performing arts organisations, Rose Opera’s plans for 2021 were substantially disrupted by the pandemic.  The Trustees took a more cautious approach in early 2021 and continued with smaller formats of performances but by no means less ambitious musically. An opera gala on June 12[th] was well received by the audiences and critics. 

We returned to the stage at the Normansfield Theatre in October 2021 to perform a fully staged Wagner’s Flying Dutchman, a formidable challenge for any fringe opera company. The project was received with enthusiasm by the audiences. 

The Company completed 2021 with a new project, a launch of a recital series, designed to explore the genre of Art Song. The 1901 Arts Club hosted the event to great acclaim. 

In all these activities the Trustees aimed to balance financial health of the Company with artistic ambitions and plans to make a positive impact on the artistic canvas in West London, despite the significant disruption caused by the pandemic. We launched a new ecommerce ticket sales capability on our website, which created better visibility of our audience members and allowed for better communications through email marketing. 

## **1. Objects, Organisation and Activities** 

The purpose of Rose Opera is to advance the arts for the public benefit through the promotion and presentation of opera to the highest possible standards for the benefits of the local communities in which the company performs; and to advance the education of the public in opera through outreach to educational institutions, and young performers in the early stage of their careers. 

Along with performing opera, Rose Opera strives to use the medium of opera to foster social inclusion and to engage young people in the performing arts. 


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The trustees confirm that they have, with regard to the Charity Commission’s guidance on public benefit, implemented plans to promote opera as an art form and to increase the scope and impact of the charity on accessing members of the public not previously reached. 

## **2. Review of activities** 

Despite the continued disruptions and uncertainties caused by COVID-19, Rose Opera’s performance schedule during 2021 was as follows: 

- _**Opera gala**_ – June 12[th] , 2021, Normansfield Theatre (Teddington, Surrey), featuring works by Korngold, Mozart, Rossini, Handel, Strauss, Verdi, Bizet, Massenet and Cilea. 

- _**Der fliegende Holländer**_ – by Richard Wagner, performed in German with chorus and full orchestra in the Normansfield theatre (Teddington, Surrey) on October 22-24[th] , 2021. 

- _**Rose Opera in Recital**_ – the inaugural concert in a new series of Art Song recitals, performed in the 1901 Arts Club (Waterloo, London), featuring songs by James Francis Brown, Richard Strauss and Sergei Rachmaninov. 


All of Rose Opera’s rehearsals and performances took place in strict accord with the relevant social distancing guidelines published by the UK Government in force at the time. 

Rose Opera’s new ecommerce capability allows us to sell tickets to upcoming shows online directly from our web site. It also allows us, subject to audience consent, to build a database of our audience members who we can keep informed of future shows. 


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## **2.1 Opera Gala** 

The programme for this event was presented by Rose Opera’s soloists and Young Artists.  In line with the Company’s artistic intent the repertoire included arias, duets and scenes from operas of the grand romantic period, including: 

- Cilea, _Adriana Lecouvreur_ , Ecco, respiro appena, Aria 

- Korngold, _Die tote Stadt_ , Pierrot's Tanzlied, Aria: Pierrot 

- Mozart, _Die Zaubeflöte_ , Die Holle Rache, Aria: Die königin der nacht 

- Rossini, Guillaume Tell, Sois Immobile, Aria: Guillaume Tell 

- Handel, _Alcina_ , Sta nell'ircana, Aria 

- Strauss, _Arabella_ , Er ist der Richtige nicht fur mich… Aber der Richtige, Duet: Zdenka, Arabella 

- Mozart, _Le Nozze di Figaro_ , Porgi Amor, Aria: Countess 

- Verdi, _Simon Boccanegra_ , Doge! Anchor proveran...Ei dorme…Perdon, perdon Amelia, Trio 

- Bizet, _Les Pecheurs de Perles_ , C'est toi, toi qu'enfin je revois…Au fond du temple, Duet: Nadir, Zurga 


- Verdi, _La Forza del Destino_ , Pace, Pace, mio Dio, Aria: Leonora 

- Massenet, _Thaïs_ , O messager de Dieu…Baigne d'eau mes mains et mes levres , Duet: Thaïs, Athanaël 

- Verdi, _Don Carlo_ , Lo l'ho perduta ...Io la vidi, Aria: Don Carlo 

- Mozart, _Le Nozze di Figaro_ , Pian, pianin le andro piu presso, Sextet 

Much of this repertoire is rarely performed, something an inspiring and positive review did not fail to mention. The event was recorded with professional quality equipment and highlights were made available on the Company’s Vimeo channel. 

## **2.2 Wagner’s, Der fliegende Holländer, October 2021 (Rescheduled from March 2020)** 

A ghost captain (the ‘Flying Dutchman’) is cursed to roam the seas forever, coming ashore only once every seven years. Only if he finds a wife who loves him truly whilst he is ashore can he be freed from this eternal fate. Senta, the daughter of another sea captain, wants to be that wife. But she had previously pledged her love to another, with disastrous results for the ‘Flying Dutchman’ and for Senta herself. 

After 18 months of postponement, Rose Opera presented three performances of Wagner’s Flying Dutchman in the Normansfield Theatre in Teddington on October 22-24[th] , 2021. This 


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production leveraged a community chorus of 20 singers, an orchestra of 35 players, and 6 soloists. Rose Opera provided coaching in German to company members as required. 

Rose Opera commissioned new sets for this production, including a suitably ghostly ship which could be operated remotely and was moved around the stage between the three acts of the opera. The ship’s sides could also be let down flat on the stage during the end of the show to signify the ship sinking. Singers could walk freely inside and out of the ship, signifying on and offboarding. An original spinning wheel to support the famous spinning chorus and a ships wheel (purchased at an antiques shop) completed the key props.  The lighting was designed using Rose Opera’s new sets of LED stage lights, acquired in 2020.  The design greatly enhanced the story telling about the ghostly sailing crew. 



The Ghostly Ship and Rose Opera Singers from Wagner’s _Der fliegende Holländer_ 


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## **2.3 Inaugural Recital for a new series, Rose Opera In Recital, November 2021** 

Art Song as a genre is a powerful medium of musical communication. In November 2021, we launched a series which is set to explore Lieder (Art Song) from different countries. The project kicked off with an inaugural concert in the cosy atmosphere of 1901s Arts Club near London Waterloo. The programme included an eclectic mix of song cycles by Richard Straus, Sergei Rachmaninov and Gustav Mahler. The recital also presented two pieces by a living British composer, 


James Francis Brown – Ozymandias (a setting of the famous poem by Percy Bysshe Shelley) and Adieu (a setting of a poem by the French composer, Camille Saint-Saens). James Francis Brown was present in the audience. 


Adieu, by James Francis Brown, was performed at Rose Opera in Recital, Nov 2021 


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## **2.4 Sponsorship** 

Rose Opera is pleased to have attracted a number of important sponsors throughout the financial year. Our key sponsors are: 

- _**Big Yellow Storage (Sheen)**_ – we are very grateful for the continued provision of two storage rooms on a charity basis by Big Yellow Storage, Sheen. This is such an important facility for an Opera Company, allowing for secure, safe storage of costumes, sets, props, lights, and other items. We are proud to advertise this partnership in our programmes, on our web sites and in our marketing literature. 

- _**Sponsor contributions**_ – we are grateful for the ongoing support from our sponsors and supporters. 


## **2.5 Community impact and inclusivity** 

Rose Opera is committed to maintaining inclusivity in all its productions and to ensuring that our impact in the local communities of Kingston, Richmond and Wimbledon from which we draw company members, and in which we perform, is valued and positive. We focus on generating positive impact through: 

- _**Local audiences**_ – most of our performances are based at the Normansfield Theatre in Teddington attracted local audiences, bringing rarely performed pieces performed to a high standard to the local community.  Several of our local supporters travelled to London to attend Rose Opera in Recital. 

- _**Young artist scheme**_ – to attract and support young singers, we have established and funded a young artist bursary scheme. The bursaries are awarded based on performance in audition.  So far, we have appointed three young professional singers, all in the early stages of their singing careers. This has given them the opportunity to participate in fully staged opera performances and to take smaller solo roles. 

- _**Chorus coaching**_ – Rose Opera has an in-house chorus master who as a trustee and volunteer has invested hundreds of hours in recruiting and coaching members of the chorus, many of whom are amateur singers. Chorus members have greatly appreciated the learning and support provided through extensive chorus coaching in the musical and language aspects of the production. 

- _**Language coaching**_ – all performers, especially soloists, are provided with language coaching if they need and want to take advantage of this. 

- _**Orchestra**_ – we continue to attract talented musician of varying demographics. 


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- _**Chorus**_ – our choruses attract a diverse group of singers including ethnic minority and wide demographics (singers from 18 to 80). 

- _**Theatre**_ – in creating our opera productions, we have worked closely with the management of the Normansfield theatre in Teddington to create innovative productions in this beautiful Grade II protected building. 

## **2.6 Contribution of artists and volunteers** 

We greatly value the contribution made to the charity in time, skills, commitment and money by artists and volunteers. Without this contribution the charity would not be able to achieve its objects or activities in any kind of capacity such as have been done. The sense of collective goodwill and community spirit is at the heart of what Rose Opera represents. 

## **3. Principal sources of funds** 

The charity is supported by private donor funding, by income from admissions to productions, and by tax reliefs. This year, income was more focused on donations and tax relief than income from production, because of the impact of the COVID-19 pandemic. We secured private donations, income from ticket sales and tax relief income and gift aid claims where appropriate. 

## **4. Risk review** 

The Trustees carry out: 

- A regular review of the risks the charity may face; 

- The establishment of systems and procedures to mitigate those risks; and 

- The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise. 

As the risk of COVID-19 infections continued we developed and kept up to date our social distance policies. These are available at Rose_Opera_Policies by clicking on the social distancing policy link. 

## **5. Principal activity** 

The principal activity of the charity is that of an opera company. 


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## **6. Trustees** 

The trustees who held office during the period were: 

Andrew Evans (Chairman) Tamara Ravenhill (Treasurer and Artistic Director) Alethea Tabor (Chorus Master) Paul Ravenhill (Director) 

Appointment of directors is by ordinary resolution of the members at a general meeting. 

Signed by: 


Andrew Evans – Chairman and Producer 

Tamara Ravenhill – Artistic Director, Treasurer and Producer 


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## **Rose Opera Statement of financial activities Year ended 31 December 2021** 

## **Section A   Statement of financial activities (including summary income and expenditure account)** 

|**Recommended categories by activity**|**Recommended categories by activity**|**Unrestricted**<br>**funds**|**Restricted**<br>**income**<br>**funds**|**Endowment**<br>**funds**|**Total funds**|**Prior year**<br>**funds**|
|---|---|---|---|---|---|---|
|||**£**|**£**|**£**|**£**|**£**|
|**Income**||F01|F02|F03|F04|F05|
|**Income and endowments from:**|||||||
|Donations and legacies||2,341|-|-|2,341|4,000|
|Charitable activities||6,896|-|-|6,896|1,123|
|Other trading activities||-|-|-|-|-|
|Investments||-|-|-|-|-|
|Grant Funding||-|-|-|-|-|
|Gift Aid & Creative Tax Relief||812|-|-|812|2,454|
|**_Total_**||10,049|-|-|10,049|7,577|
|**Expenditure**|||||||
|**Expenditure on:**|||||||
|Raising funds||-|-|-|-|-|
|Charitable activities||4,796|-|-|4,796|3,983|
|Professional fees||3,386|||3,386|3,123|
|Support costs||1,210|-|-|1,210|1,867|
|**_Total_**||9,393|-|-|9,393|8,973|
||||||||
|**Net income/(expenditure) before tax for**<br>**the reporting period**||656|-|-|656|1,396<br>-|
|Taxpayable||-|-|-|-|-|
|**Net income/(expenditure) after tax before**<br>**investment gains/(losses)**||656|-|-|656|1,396<br>-|
|Netgains/(losses)on investments||-|-|-|-|-|
|**Net income/(expenditure)**||656|-|-|656|1,396<br>-|
|**Extraordinary items**||-|-|-|-||
|**Transfers between funds**||-|-|-|-|-|
|**Other recognised** **gains/(losses):**|||||||
|Gains and losses on revaluation of fixed assets for the<br>charity’s own use||-|-|-|-|-|
|Other gains/(losses)||-|-|-|-|-|
|**_Net movement in funds_**||656|-|-|656|1,396<br>-|
||||||||
|**_Reconciliation of_**<br>**_funds:_**|||||||
|Total funds brought forward||2,040|-|-|2,040|3,436|
|**_Total funds carried forward_**||2,696|-|-|2,696|2,040|




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## **Rose Opera Balance sheet As at 31 December 2021** 

## **Balance sheet** 

||**Unrestricted**<br>**funds**|**Restricted**<br>**income**<br>**funds**|**Endowment**<br>**funds**|**Total this**<br>**year**|**Total last**<br>**year**|
|---|---|---|---|---|---|
||**£**|**£**|**£**|**£**|**£**|
|**Fixed assets**|F01|F02|F03|F04|F05|
|**Intangible assets**|-|-|-|-|-|
|**Tangible assets**|-|-|-|-|-|
|**Heritage assets**|-|-|-|-|-|
|**Investments**|-|-|-|-|-|
|**_Total fixed assets_**|-|-|-|-|-|
|**Current assets**||||||
|**Stocks**|-|-|-|-|-|
|**Debtors**|-|-|-|-|-|
|**Investments**|-|-|-|-|-|
|**Cash at bank and in hand**|2,696|-|-|2,696|2,040|
|**_Total current assets_**|2,696|-|-|2,696|2,040|
|||||||
|**Creditors: amounts falling due within**<br>**one year**|-|-|-|-|-|
|||||||
|**_Net current assets/(liabilities)_**|2,696|-|-|2,696|2,040|
|||||||
|**_Total assets less current liabilities_**|2,696|-|**-**|2,696|2,040|
|||||||
|**Creditors: amounts falling due after**<br>**one year **|-|-|-|-|-|
|**Provisions for liabilities**|-|-|-|-|-|
|||||||
|**_Total net assets or liabilities_**|2,696|-|-|2,696|2,040|
|**Funds of the Charity**||||||
|**Endowment funds**|-|||-|-|
|**Restricted income funds**||-||-|-|
|**Unrestricted funds**|2,696||-|2,696|2,040|
|**Revaluation reserve**||||-||
|**Fair value reserve**||||||
|**_Total funds_**|2,696|-|-|2,696|2,040|




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## **Rose Opera Accounts** 

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ending 31 December 2021. 

No notice has been deposited under Section 476 of the Companies Act 2006 in relation to its financial statements for the financial year. 

The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. 

These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies’ regime and in accordance with FRS102 SORP. 

## **Signed on behalf of the Directors** 

## **Tamara Ravenhill** 

## **Treasurer** 

**September 2021** 


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**Notes to the financial statements** 


**For the period 1/1/21 – 31/12/21** 

## **1. Accounting policies** 

## **Basis of preparation** 

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. 

The accounts 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) issued on 16 July 2014. 

- the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) 

and with the Charities Act 2011.  The charity constitutes a public benefit entity as defined by FRS102. 

The accounts have been prepared on a going concern basis. Having made appropriate enquiries, the trustees consider it reasonable to assume the charity has adequate resources to continue for the foreseeable future. 

## **Recognition of income** 

All incoming resources are included in the statement of financial activities (SOFA) when the charity becomes entitled to the income and it is more likely than not that it will receive the income and the amount can be quantified with reasonable accuracy. 

Incoming resources from charitable activities represent ticket sales, front of house income (programmes) and participation fees for operas. 

Voluntary income is receivable from donations, advertising in the programme by local businesses and any related income tax recovery therein. 

## **Expenditure** 

Expenditure is included on an accruals basis and is inclusive of irrecoverable VAT. 

## **Investment assets** 

The charity holds no investment assets at the balance sheet date. 


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## **Tangible assets** 

The charity holds no tangible assets (those being of a value of more than £500) at the balance sheet date. Rose Opera’s policy is that any asset purchased at a cost of less than £500 should be written off through the P&L in the year in which it is purchased. 

## **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. 

Restricted funds comprise unrestricted funds that have been set aside by the trustees for particular purposes, or that have been designated by a donor for a particular purpose. The charity holds no restricted funds at the date of the Balance sheet. 

## **2. Analysis of income** 

|**Note 3**|**Income**||||||
|---|---|---|---|---|---|---|
||**Analysis of income**|**Unrestricted**<br>**funds**|**Restricted**<br>**income**<br>**funds**|**Endowment**<br>**funds**|<br>**Total funds**|**Prior year**|
||||||**£**|**£**|
|**Donations**<br>**and legacies:**|Donations and gifts|2,341|-|-|2,341|4,000|
||Gift Aid and tax relief|812|-|-|812|2,454|
||Legacies|-|-|-|-|-|
||General grants provided by government/other<br>charities|-|-|-|-|-|
||Membership subscriptions and sponsorships<br>which are in substance donations|45|-|-|45|-|
||Donated goods, facilities and  services|-|-|-|-|-|
||Other|-|-|-|-|689|
||**Total**|3,198|-|-|3,198|7,143|
||||||||
|**Charitable**<br>**activities:**|Productions (incl. programmes)|6,851|-|-|6,851|434|
|||-|-|-|-|-|
|||-|-|-|-|-|
||Other|-|-|-|-|-|
||**Total**|6,851|-|-|6,851|434|
||||||||
||||||||
|**TOTAL INCOME**||10,049|-|-|10,049|7,577|



In the trading period the main sources of income for the charity were ticket sales and private donations. 


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## **3. Expenditure** 

|**Expenditure**|**Expenditure**|||||||||
|---|---|---|---|---|---|---|---|---|---|
|||**This year**|||||**Last year**|||
|**Analysis**||**Unrestricted**<br>**funds**|<br>**Restricted income funds**|**Endowmen**<br>**t funds**|**Total funds**|**Unrestricted**<br>**funds**|<br>**Restricted**<br>**income**<br>**funds**|**Endowment**<br>**funds**|**Total funds**|
|**Expenditure on raising funds:**|||||**£**||||**£**|
|Incurred seeking donations||-|-|-|-|-|-|-|-|
|Incurred seeking legacies||-|-|-|-|-|-|-|-|
|Advertising, marketing, direct mail<br>and publicity||270|-|-|270|717|-|-|717|
|||-|-|-|-|-|-|-|-|
|**Total expenditure on raising funds**||270|-|-|270|717|-|-|717|
|||||||||||
|**Expenditure on charitable activities:**||||||||||
|Charitable activities (productions)||4,796|-|-|4,796|3,983|-|-|3,983|
|General & Administrative||940|-|-|940|1,150|-|-|1,150|
|Artists' fees||3,386|-|-|3,386|3,123|-|-|3,123|
|Miscelaneous||-|-|-|-|-|-|-|-|
|**Total expenditure on charitable**<br>||9,123|-|-|9,123|8,256|-|-|8,256|
|~~**activities**~~||||||||||
|**TOTAL EXPENDITURE**||9,393|-|-|9,393|8,973|-|-|8,973|



Except for general expenses such as insurance and general company branding, and a modest amount of £240 relating to fundraising (included in the line General & Administrative), all other costs are directly related to the charitable activities. Expenditure largely consists of payments to artists and hire costs to rehearsal and performance venues. 

|**Analysis of expenditure on charitable activities**|**Analysis of expenditure on charitable activities**|**Analysis of expenditure on charitable activities**||
|---|---|---|---|
|||**This year**|**Last year**|
|**Activity or programme**||**Activities**<br>**undertaken**<br>**directly**|**Activities undertaken**<br>**directly**|
|Activity1|Hollaender|7,209|4,273|
|Activity2|Operagala|780|1,445|
|Activity3|Opera in Recital|525|-|
|Other|Support Costs|879|3,255|
|**Total**||9,393|8,973|




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## **4. Support costs** 


**----- Start of picture text -----**<br>
Grand<br>Support cost  Raising Funds  Total  Notes<br>General Branding  Website hosting, email<br>and Website  306               306  service<br>Incl. Employer's liability,<br>Insurance  333               333  public liability, Contents<br>Fund Raising  Creative tax relief<br>costs  240               240  advisory costs<br>Total  879               879<br>**----- End of picture text -----**<br>


The general branding and website category includes costs for Rose Opera’s web site, which is hosted by wix.com and our email service, which is provided by namesco.co.uk. Insurance includes cover for Employer’s and Public liability and contents cover for sets, costumes, and lighting. 

Fund raising activities were moved from Virgin Money Giving to PayPal Giving during the year. This move was necessitated by the unexpected closure of the Virgin Money Giving service. Included in fund raising costs were advisory costs relating to Rose Opera’s claim for Creative Tax Relief. 

## **5. Directors’ remuneration and expenses** 

The company directors are both directors and trustees of the company for company and charity law purposes. None of the directors were paid remuneration or expenses in their capacity as trustees. 

## **6. Preparation and review of the accounts** 

In its third year of trading Rose Opera has reported £10,049 in revenues for the financial year.  Given its current size and transactional complexity, the Trustees are satisfied that the accounts have been prepared by the Treasurer who is a qualified accountant (ACMA) and has a business degree (an MBA) and reviewed by the Chairman who holds a business degree (an MBA). The Trustees continue to feel that there is no need at this point for an additional independent review of the accounts. 


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