## **OPUS 48**
**REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31[ST] AUGUST 2020**
**Charity number 1179938**
## **OPUS 48 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR 31[ST] AUGUST 2020**
## **LEGAL AND ADMINISTRATIVE DETAILS**
## **TRUSTEES:**
## AGM 20[th] July 2020
Dr Eleri Adams Mrs Joanna Crown re-elected Dr Richard Green Mrs Elizabeth Greenlaw re-elected Ms Alison Haill re-elected Dr Angus McLellan Mr Michael Schofield Mr Philip Snelling Mr Ivor Spackman
**PRINCIPAL OFFICE ADDRESS:** 57 Plater Drive Oxford OX2 6QU **CHARITY NUMBER:** 1179938 **INDEPENDENT EXAMINER:** Raymond Spurgeon FCCA
## **OPUS 48 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR 31[ST] AUGUST 2020**
## **INTRODUCTION**
The trustees are pleased to present their annual report together with the financial statements of the charity for the year ended 31[st] August 2020.
The financial statements comply with the Charities Act 2011 and 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, second edition). The legal and administrative information set out on page 1 forms part of this report.
## **OUR OBJECTIVES, VALUES AND ACTIVITIES**
The objectives of the charity are to advance, improve, develop and maintain public education in, and appreciation of, the art and the science of music in all its aspects by any means the trustees see fit, including the presentation of public concerts and recitals. Our core values in developing the choir include providing high quality, ambitious and adventurous music making for singers and orchestra, fostering a spirit of enjoyment, and taking classical music to all. The charity relies principally on membership subscriptions, income from ticket sales and the support of ‘friends’ to cover operating costs.
In pursuing our objectives for the year and planning our activities, the trustees have taken account of the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’. The programme of events is designed to appeal to a broad range of musical tastes, encouraging everyone to take part and attend our activities and performances. We aim to present a range of choral concerts for the enjoyment of the community, provide workshops open to all to join in and give a platform for amateur and professional singers and orchestral players to grow. We undertake a concert at Christmas to raise money for local charities. In pricing subscriptions and events, we give particular attention to creating affordable opportunities for young musicians under 30. In 2019 -2020 our activities have not been as planned, having been curtailed by the restrictions of the coronavirus pandemic.
## **GOVERNANCE AND MANAGEMENT**
Opus 48 was registered as a charity (CIO) on 14[th] September 2018. The charity is governed by the policies made from time to time by the trustees, delivered through a delegated committee. The committee is structured to support a collaborative approach, with teams taking responsibility for tasks and a team leader reporting back at committee meetings. Procedures for the appointment, retirement and removal of trustees are set out in the Constitution. None of the trustees have received remuneration or other financial benefit from their work.
## **OPUS 48 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR 31[ST] AUGUST 2020**
To meet the requirements of the Charity Commission, three trustees resigned at the AGM in July 2020. Those wishing to stand offered themselves for re-election and all were re-elected by the membership.
## **ACHIEVEMENTS**
Opus 48 is a new medium sized chorus for Oxfordshire and beyond – the first of its kind to be established in over 50 years. The challenge for our second season and for the coming years is to champion delivery of high-quality choral works whilst being mindful of our financial position and budgetary constraints.
We began the 2019-20 season with a ‘Come and Sing’ day, aimed in part at offering opportunities to the community to sing with us, and encouraging new singers to audition if they enjoyed the day. By the end of the year our membership was close to 70, our target figure. The workshop music was the Tippett ‘Spirituals’ from ‘A Child of our Time’, it being part of our subsequent concert.
For the Autumn 2019 concert we presented an eclectic mix of ‘a capella’ pieces at SJE Arts. The choir delivered a well-received performance, showing improved vocal standards and sound quality. The works were chosen to have a wide audience appeal whilst offering a particular focus on developing style, sound and interpretation in the choral singing. The ‘Choral Masterpieces’ programme ranged through Verdi, Tippett, Howells, Durufle, Vaughan Williams and Pärt, highly contrasting works. The challenge, met by the choir, was to capture the character of the works, the colour and the detail. In the words of our choral director, ‘the virtuosic side of the choir is beginning to emerge’.
In December, our charity family carol concert at the University Church raised £250 plus ‘bucket collection’ for the ‘Stroke Association’. As last year, children were invited to join the singing, providing an opportunity for learning and displaying their talents.
Spring Term 2020 began with the choir in high spirits, looking forward to rehearsals and a performance of Handel’s ‘Israel in Egypt’ in the Sheldonian Theatre in March. Focusing particularly on ‘energy, commitment and storytelling’ the work took shape. Hopes, however, were dashed when days before the concert, the Covid-19 pandemic and lockdown led to cancellation of the performance. Luckily, we had been able to deliver a ‘Thank You’ event for our Friends at the end of February, with a musical interlude and the vision for Opus 48’s future shared.
Priorities for the Choir committee for the Summer Term defined themselves as dealing with cancellation issues and protection of funding, sitting alongside retention of members and our maestro.
## **OPUS 48 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR 31[ST] AUGUST 2020**
For members, eight ‘Virtual Meetups’ were organised, focused primarily on improving choral technique, studying recordings and repertoire, and sharing knowledge and information across the wider arts. These sessions were well attended and shared, through recordings, with those unable to join at the time.
Following our virtual AGM in July 2020, we embarked on a summer vacation programme for members, Friends and the wider public. To this point we had felt that the best way of achieving public benefit was to emerge intact from the pandemic. Having secured the continued support and enthusiasm of our members, we launched a programme of ‘Opus 48 Presents’, public-facing interviews featuring guests Christopher Purves, James Gilchrist and Paul Sartin. These were released on YouTube and our social media channel, thereby promoting the ‘public education’ aspect of our mission.
## **RISK MANAGEMENT**
The trustees have a risk management strategy which ensures that major risks are raised and reviewed at committee meetings. Financial sustainability has been the principal risk during this period, with trustees reassured by the Treasurer’s transparent systems and regular detailed reports.
## **RESERVES**
The trustees have an established policy which incorporates a target level of reserves of £10,000 in normal operating conditions. The disruption from the Covid pandemic means that operations have been far from normal and the level of financial uncertainty has increased substantially. In particular it has been (and will continue to be) important for trustees to ensure, firstly, the continued viability of the choir though periods when collective singing is not possible and secondly, when normal singing resumes, that uncertainties (possible shortfalls) in both membership subscription income and box office revenue do not create cashflow difficulties. Levels of reserves above £10,000 are therefore required.
The year to 31[st] August 2020 saw cash reserves increase from £6,906 at the end of the first season to £18,431 and net assets increase from £4,189 to £19,558. The Trustees had budgeted for an increase in both cash and net assets to at least £10,000. The excess over £10,000 arose principally because the cost savings from the cancellation of the March and June 2020 concerts exceeded the loss of box office revenues. The Trustees do note the generosity of the musicians, soloists and venues that we had contracted this season, who allowed us to move performance dates rather than paying cancellation fees. We do recognise these as future obligations.
## **OPUS 48**
## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR 31[ST] AUGUST 2020**
The trustees have considered a range of trajectories out of the COVID-19 pandemic back to normal operation. Even with pessimistic subscription and box office revenue assumptions, the reserves at 31[st] August 2020 are sufficient to ensure ongoing liquidity, although they may fall below the £10,000 target by the end of the first round of normal activity (assumed to be 31[st] August 2022)
## **DECLARATIONS**
The trustees declare that they have approved the trustees’ report above Signed on behalf of the charity’s trustees
Signature. Full name Joanna Crown Position Trustee Date 17 JUNE 2021
## **OPUS 48**
**Registered Charity number 1179938**
## **ACCOUNTS - 1st SEPTEMBER 2019 TO 31st AUGUST 2020 ASSETS AND LIABILITIES AT 31st AUGUST 2020**
|**Cash funds**
Lloyds current account
**Other monetary assets**
income not received by 31.8.20
membership subscriptions
event income
refund of rehearsal venue fees
concert venue hire credit (March 2020)
**Fixed assets**
concert music folders
**Liabilities**
loans
repayment due on the later of:
- 1st October 2020
- date when current account cleared surplus funds
net of all liabilities totals £5000.
general running costs not paid by 31.8.20
publicity costs
event costs not paid by 31.8.20
PRS fees (maximum liability)
**TOTALS**
**NET ASSETS**|18431
**As**|**18431**
**1776**
**618**
**20826**
**19558**
**sets**|-1104
**Liab**|_Previous accou_
_membership subscriptions_
_gift aid_
**-1104**
_accompanist - rehearsal fees_
_venue hire - rehearsals_
**-29**
_accompanist_
_venue hire_
_PRS fees_
_contingency_
**-135**
**-1268**
**ilities**|_nting period -_
_6906_
**_As_**|_March 2018 to 3_
**_6906_**
**_1152_**
**0**
**_8058_**
**_4189_**
**_sets_**|_1st August 2_
_-1100_
**_Liab_**|_019_
**_ilities_**|
|---|---|---|---|---|---|---|---|---|
||100
20
90
1566||||_951_
_201_||||
||618||||_0_||||
||||||||||
||||-29||||_-720_
_-200_|**_-1100_**|
||||-135||||_-300_
_-965_
_-334_
_-250_|**_-920_**|
|||||||||**_-1849_**|
|||||||||**_-3869_**|
**Notes**
1 All funds are unrestricted.
- **2** No guarantees have been given by Opus 48
- **3** No debt has been secured by an express charge on an Opus 48 asset
- **4** Fixed assets are valued at cost
## **OPUS 48**
## **Registered Charity number 1179938**
## **ACCOUNTS - 1st SEPTEMBER 2019 TO 31st AUGUST 2020 RECEIPTS AND PAYMENTS**
|**ACCOUNTS - 1st SEPTEMBER 2019 TO 31st AUGUST 2020**
||||||
|---|---|---|---|---|---|
|**RECEIPTS AND PAYMENTS**
**General income**
loans
member subscriptions
Friends scheme
gifts and sponsorship
fundraising
gift aid
**General running costs**
conductor - rehearsal and audition fees
accompanist - rehearsal fees
venue hire - rehearsals and auditions
printing and publicity
professional support and insurance
IT
purchase of assets
other
**Event income**
ticket sales/attendance fees
programme sales
event sponsorship
**Event costs**
conductor
soloists
orchestra/accompanists
instrument hire
PRS fees
venue hire
music score hire/purchase
printing and publicity
charity donation
travel
other
**TOTALS**
**SURPLUS OF RECEIPTS OVER PAYMENTS**
**Funds at start of period**
**CASH FUNDS AT 31st AUGUST 2020**|16660
3639
1669
67
4203
**26238**
73
**73**
5555
117
**5672**
444
61
**505**
**32488**
**11526**
**6906**
**18431**
**receipts**|-562
payments = subscription administration
-820
payments = event expenses
-11
payments = donation administration
-149
payments = gift aid administration
**-1542**
-5385
-1800
-1528
-365
-613
-177
-618
music folders for concerts
-5
refreshments, etc
**-10491**
-279
payments = box office commission
**-279**
-2700
-600
-530
-69
-2879
-778
receipts = choir member contributions
-839
-250
-5
refreshments, etc
**-8651**
**-20962**
**payments**|_Previous accounting period_
_March 2018 to 31st August 2019_
_1100_
_13385_
_-382_
_5853_
_-584_
_1994_
_-47_
_2321_
_-77_
**_24653_**
_-5480_
_-1295_
_-1512_
_-254_
_-779_
_-334_
_42_
_-13_
**_42_**
_18088_
_-656_
_468_
_235_
**_18791_**
_-2100_
_-4077_
_-13858_
_-510_
_-2990_
_806_
_-943_
_-933_
_-600_
_776_
_-585_
_23_
_-176_
**_1605_**
**_45090_**
**_6906_**
**_6906_**
**_receipts_**
**_pay_**||
**_ments_**|
||73|-5385
-1800
-1528
-365
-613
-177
-618
-5|_42_|_-5480_
_-1295_
_-1512_
_-254_
_-779_
_-334_
_-13_|**_-1089_**|
||5555
117|-279|_18088_
_468_
_235_|_-656_|**_-9667_**|
||444
61|-2700
-600
-530
-69
-2879
-778
-839
-250
-5|_806_
_776_
_23_|_-2100_
_-4077_
_-13858_
_-510_
_-2990_
_-943_
_-933_
_-600_
_-585_
_-176_|**_-656_**|
||||||**_-26772_**|
||||||**_-38184_**|
**Note**
**1** All funds are unrestricted.
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