## **OPUS 48** **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31[ST] AUGUST 2024** **Charity number 1179938** ## **OPUS 48 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR 31[ST] AUGUST 2024** ## **LEGAL AND ADMINISTRATIVE DETAILS** ## **TRUSTEES:** ## As of AGM 8[th] July 2024 Eleri Adams stood down Joanna Crown Richard Green Mike Schofield stood down Fiona Cuthbertson Sorrel Young Gemma Guest Melinda Kenneway stood down Katherine Roberts newly elected Benjamin Selby Neil Pratt Brian Tibbels Derek Stone **PRINCIPAL OFFICE ADDRESS:** 57 Plater Drive Oxford OX2 6QU **CHARITY NUMBER:** 1179938 **INDEPENDENT EXAMINER:** Felicity McCallum ICAEW Chartered Accountant ## **OPUS 48** ## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR 31[ST] AUGUST 2024** ## **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 2024. 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) issued in 2019. The legal and administrative information set out below 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 include challenging our singers to improve and fulfil their potential, promoting team spirit and enjoyment, and achieving levels of communication between singers, conductor and instrumentalists to produce truly collaborative performances. For income 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 take account of the Charity Commission’s guidance on public benefit, including the guidance ‘ Public benefit: running a charity (PB2)’. With this in mind, we seek to foster good relationships with the local community and to engage many different groups of listeners, primarily through performances of a wide range of choral music in different venues in Oxford. Part of our remit is to give back to the local community through occasional open rehearsals and ‘come and sing’ events and working with young people in education in inspirational ways. In pricing subscriptions and events, we give particular attention to creating affordable opportunities for young musicians under 30. ## **GOVERNANCE AND MANAGEMENT** Opus 48 was registered as a charity (CIO) on 14[th] September 2018. The charity is governed in accordance with its constitution, and by the policies and decisions made from time to time by the trustees. The trustees take a collaborative approach, delegating tasks, where appropriate, to individual teams who report back on those tasks at trustee meetings. Procedures for the appointment, retirement and removal of trustees are set out in our constitution. None of the trustees receive remuneration or other financial benefit from their ## **OPUS 48** ## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR 31[ST] AUGUST 2024** work. In accordance with the requirements of our constitution, three trustees resigned at the last AGM. They did not offer themselves up for re-election. One new trustee was elected. An AGM must be held every 15 months. The most recent AGM took place on 8[th] July 2024. ## **ACHIEVEMENTS** As a medium-sized choral society for Oxfordshire and beyond, we strive to deliver high quality choral concerts while maintaining the financial security of the choir. In 2023-2024 the choir continued to build on its reputation for excellence with regular rehearsals and a full programme of concerts and workshops over the year. The membership of the choir remains steady while audience growth this year was markedly up on previous years. As is customary, September started with a workshop giving the choir an opportunity to sing some of the pieces scheduled for the November concert. The theme for that performance was the Spanish Renaissance, and included works by Victoria, Lobo, Guerrero and Morales. The concert was followed by a Christmas concert, featuring music by Britten, Tavener, Joubert and Lauridsen, as well as a new piece specially commissioned from Christopher Churcher. The spring season began with our second workshop at St. Andrew’s Church in Oxford. This focussed mainly on the pieces to be performed at the March concert, the Mozart Requiem and Gjeilo’s Sunrise Mass. After two months of intense rehearsals, the choir performed these stunning (but very different) works in front of a capacity audience at Oxford’s Sheldonian Theatre. The summer season started with our third workshop. This was followed by rehearsals for our summer concert, featuring works for piano and choir by Lauridsen, Jenkins, Todd and others that we performed to another capacity audience in the University Church in central Oxford in July 2024. ## **RISK MANAGEMENT** The trustees have continued a management approach which ensures that risks are raised and reviewed regularly at trustee meetings. The meeting structure requires that team members submit reports prior to the meeting highlighting any potential issues to be discussed. Operational risks, to be managed during the season, relate mainly to ensuring that concert venues are booked in advance, music sourced, and workshops and rehearsals properly scheduled. In addition, the choir continues to audition potential new members throughout the year, to maintain numbers and to ensure the long-term vitality of the choir. New ## **OPUS 48** ## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR 31[ST] AUGUST 2024** members are sourced through a range of advertising methods, including ‘Come and Sing’ events, word of mouth and social media. Financial risks stem from rising costs for venues, music, and musicians, as well as uncertainties about box office revenue. The trustees manage the financial uncertainty at the start of the year by putting in place a robust budget for the choir’s activities for the year . The budget is based on conservative assumptions for ticket sales and costs, and potential downside risks such as cancellation costs due to the reimposition of Covid restrictions or other unforeseen events. ## **RESERVES** The trustees have an established policy which incorporated a target level of reserves of £10,000 in normal operating conditions. This reserve was increased to £15,000 at the 2024 AGM in recognition of growing costs. The cash reserve on 31[st] August 2024 was £29,289. This is higher than the cash reserve of £17,366 on 31st August 2023 and comfortably above the £15,000 target level. Net assets increased] from £15,514 to £27,069. It is not the trustees’ desire to sit on unnecessarily large cash reserves , and so the programme for the 2024-2025 season has been designed to be prudent while making effective use of the available cash. ## **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 Chair of the trustees Date 13 June 2025 **Registered Charity number 1179938** ## **OPUS 48** ## **ACCOUNTS - 1st SEPTEMBER 2023 TO 31st AUGUST 2024 RECEIPTS AND PAYMENTS** |**ACCOUNTS - 1st SEPTEMBER 2023 TO 31st AUGUST 2024**
||||||| |---|---|---|---|---|---|---| |**RECEIPTS AND PAYMENTS**
**General income**
member subscriptions
Friends scheme
fundraising
gift aid
**General running costs**
Conductor - fees (rehearsal, audition, etc)
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 and advertising
**Event costs**
conductor
soloists
orchestra/accompanists
PRS fees
venue hire
music score hire/purchase
printing and publicity
charity donation
other
**TOTALS**
**SURPLUS OF RECEIPTS OVER PAYMENTS**
**Funds at start of period**
**CASH FUNDS AT 31st AUGUST 2023**|19895
2672
265
4458
**27291**
25563
0
**25563**
4284
246
**4530**
**57384**
**11954**
**17336**
**29290**
**receipts**|**pay**|**0**






**-14366**

**-2595**








**-28469**
**-45430**
**ments**|_Previous accoun_
_1st September 2022 to_
18450
2282
258
3928
**24918**
82
**82**
21853
**21853**
1134
70
**1204**
**48057**
**-6120**
**23456**
**17336**
**receipts**|_ting period_
_31st August 2_
-589
-685
-130
**pay**|_023_

payments = subscription administration

payments = administration + event expenses

payments = gift aid administration
**-1404**




includes photography and filming



receipts = member contributions
**-13575**

payments = box office commission
**-1826**





Receipts = choir member contributions


Receipts = choir member contributions
**-37372**
**-54177**
**ments**| |||-7914
-2703
-2385
-150
-731
-483||82|-7258
-2220
-3003
-30
-688
-189
-187|| ||25563
0|-2595||21853|-1826|| ||4284
246|-2940
-2100
-9750
-540
-4938
-4327
-2015
-1859||1134
70|-3000
-3840
-20650
-5765
-1802
-2314
-1|| |||||||| **Note** **1** All funds are unrestricted. ## **OPUS 48** ## **Registered Charity number 1179938** ## **ACCOUNTS - 1st SEPTEMBER 2023 TO 31st AUGUST 2024 ASSETS AND LIABILITIES AT 31st AUGUST 2024** |**Cash funds**
Lloyds current account
**Other monetary assets**
income not received by 31.8.24
**Fixed assets**
**Liabilities**
income
general running costs not paid by 31.8.24
event costs not paid by 31.8.24
PRS fees (maximum liability)
**TOTALS**
**NET ASSETS**|29290
**As**|**29290**

**0**

**0**
**29290**
**27069**
**sets**|-96
**Liab**|_Previous accounting period - 1st_
17336
_gift aid_
55
0

_overpayment of subscriptions_
**-96**

_rehearsal space costs_
**-750**

_PRS fees (maximum liability)_
**-1375**
**-2221**
**ilities**
**As**|_Previous accounting period - 1st_
17336
_gift aid_
55
0

_overpayment of subscriptions_
**-96**

_rehearsal space costs_
**-750**

_PRS fees (maximum liability)_
**-1375**
**-2221**
**ilities**
**As**|_September 2021 t_

**17336**

**55**

**0**
**17391**
**15514**
**sets**|_o 31st August_
0
**Liab**|_2022_

**ilities**| |---|---|---|---|---|---|---|---|---| ||0
0||||55
0|||| |||||||||| ||||-750||||0|**0**
| ||||-1375||||-1877|**0**

**-1877**| |||||||||**-1877**| **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 CHARITY COMMISSION FOR ENGLAND AND WALES Independent examinerfs report on the accounts Section A Independent Exatniner s Report Roport to the trust6MI OPUS IFY On accounts for the year £1 ¢ufi DS I %A)£LF Charlty no Ilf any lit993 Sot out on pag I report to the trustees on my examlnatlon of the a￿nts (4 the above arlty (Ihe TnBf) for tho year ended S l O Y 2*11P Ro•ponslbllltles and As the dwlty crf the Trust. y>U are responslbl8 for the proparation basls of rnport of the a(wunts In acC￿￿nC￿ with tha requirements of the Charities Act 2011 fthe Acr}. I refKwt In respec* of my 8xamlnatlon of the TNSt's acJ))unts canl8d out under section 145 of the 2011 Act and in caryng out my examination, I have fdlowed the appllcat)le DlrectkM glven by the Charty Commls81on under se¢tk)n 145(5)(b> of the Act. 1ftd0￿ndont I have c•t8d my examlnath)n. I confimi Ihat no materlal matt8r8 hav8 •xamlnerf• 8tatsment c¥)me to my 8tt8ntbJn (￿be￿*b￿.} In connection wilh th8 eXaminat￿n vthich gives me cause to b81iav8 that in. any materi81 accountlry records not kept In a(rx*dance wth 88ctbon 130 of the Act or I h8V8 no concems and have come acmss no other matters in connection with the examlnation to attenth)n should be drawn in order to enab18 8 prop8r urKl8r5tsndlry d the accounts to b8 re8ch•d. ' Please dele rds In the brnd(8ts rfthey do not apply. OE TY LLOOE MQLOLLU Relevant profosslonal quallllcallon(s) or body (If any): fvGJt LILrtE Addrnss: OYADLJ OYL 7 IER OCto￿T 2018 Section B Disclosure Onty ccmwe If the examlner needs to hBhkght mattefs of (¥xKem {see CC32. Independent exAmInati(￿ of charlty aCcI￿nts. direclions and guidance for examlners). Glve hare brfof dotalls of any Items that th8 examlner wlshes to di8¢10M. IER October 2018