## **Shadwell Opera Limited** # **Trustees' Report and Accounts** **Twelve Month period ending 31st August 2024** Shadwell Opera Limited Year Ending 31st August 2024 Trustees’ Report & Accounts ## **Trustees’ Report and Accounts** Trustees' Report Receipts and Payments Account Statement of Assets and Liabilities Note to the Accounts Independent Examiner’s Report Shadwell Opera Limited Year Ending 31st August 2024 Trustees’ Report & Accounts ## **Trustees' Report** This report has been prepared in accordance with the requirements of the Charities Act 2011. ## **Memorandum and Articles of Association** The full name of the charity is Shadwell Opera Limited and the registered charity number is 1183059. The principal address of the charity is Shadwell Opera Limited, 92 Tapestry Apartments, 1 Canal Reach, King’s Cross, London N1C 4AZ. The charity’s governing document is its Memorandum and Articles of Association. The Memorandum and Articles of Association was approved by the Trustees on 11th August 2016 and registered with Companies House on 24th August 2016. The names of the officers of the charity, who are legally responsible for the control and management of the charity are as follows: Mrs Amanda Lucy De Grey (Annan) Mr James Mark Bayley Ms Eleanor Lucy Brindle Mr James Goodwin Mr Ssegawa-Ssekintu Kiwanuka (Chair) The charity trustees are not paid. New trustees are appointed to the board by the existing Trustees. The Trustees are required to have a minimum of two meetings a year. Four Trustee meetings were convened in the period. ## **Principal Objective and Review of Activities** ## **Principal Objective** The principal objective of the charity is to promote, foster and maintain for the educational advancement and benefit of the public an appreciation of the arts in general, with emphasis on operatic, orchestral, choral and other musical works of every description. The charity promotes its objectives by focussing on three main aims: To enrich the operatic canon by focussing exclusively on recent works that, after their premiere, deserve to be heard again; To introduce schoolchildren and newcomers to opera for the first time; Shadwell Opera Limited Year Ending 31st August 2024 Trustees’ Report & Accounts To develop outstanding UK-based operatic talent with performance opportunities in challenging contemporary repertoire. The company strives to achieve one larger-scale production each year and one to two smaller-scale events. ## **Review of Activities** In the period September 1st 2023 - 31st August 2024, Shadwell Opera Limited began to develop the strategy decided upon during the coronavirus pandemic, finishing projects that had been funded by the Department for Digital, Culture, Media & Sport’s Culture Recovery Fund and the PRS Foundation, and initiating new projects and new sources of funding. The main focus of the charity’s activity was the bringing to performance of Isabella Gellis’ new opera _The Devil’s Den_ . This work was very important for Shadwell Opera in that it was the company’s first full operatic commission. This work was carried out in a structured way, acting to support Isabella in the development of her operatic vision, and also to explore a system that Shadwell Opera Limited can use for future commissions. The first step was to fund a day’s workshop on the opera, which happened in December 2023. This allowed Isabella to hear sections of her work played and sung by live performers, giving a greater insight into the strengths and weaknesses of her draft at that point, and informing her future work. The next stage was to release Isabella’s digital commission, _With Glory and his Scissors Glinting_ , which happened in May 2024, garnering 8,500 views on YouTube. This allowed the charity to tell a coherent story about its involvement with Isabella, building up to the world premiere of her opera, as well as continuing to develop Shadwell Opera’s engagement with the operatic possibilities of spatial audio. Informing this strategy was the launch of a new fundraising campaign, called FUTURE CLASSICS, in June 2024, which generated over £10,000 in unrestricted funds for the charity. Although the campaign has not yet not meet the £93,000 target, it created a ‘buzz’ around the premiere of _The Devil’s Den_ and the charity’s commissioning credentials, whilst also acting as a valuable educational resource for the general public. In June 2024 Isabella Gellis’ opera _The Devil’s Den_ was given a world-premiere at the Nevill Holt Festival. The performance included a team of four young singers and fifteen instruments, and also included the participation of six dancers from Mendip Morris - a Morris Side from the South West of England - all conducted by the company’s music director. This success of this performance has also acted as a springboard for the opera to be performed elsewhere in the future, and there are ongoing discussions to this end with a number of significant UK venues. Shadwell Opera Limited Year Ending 31st August 2024 Trustees’ Report & Accounts ## **Public Benefit** The musicians, performers and production teams for Shadwell Opera productions are selected from the best young professionals. This ensures that the musical and dramatic qualities of the productions are kept at a high enough standard to successfully promote the arts and opera in particular. The organisation charges admission fees for its concerts to the paying public but this is differentiated from free tickets offered through particular schemes. Concessionary tickets are also available at all performances so that those who might not otherwise be able to attend can access tickets within their price range. The executive team and Trustees agreed that the charity fulfilled its charitable aims in different ways over this period: (i) by promoting understanding of the possibilities of new opera through online and live means; (ii) by offering free and engaging educational materials online through the Future Classics website. ## **Board of Trustees** In this period the governance of the Charity was in good order, with the following Trustees assuming their positions on the board: Mrs Amanda Lucy De Grey (Annan) Ms Eleanor Lucy Brindle Mr James Mark Bayley Dr Ssegawa-Ssekintu Kiwanuka Mr James Goodwin Board meetings in this period were attended by Mr Jack Furness (Artistic Director & Secretary), and Mr Finnegan Downie Dear (Musical Director). ## **The period since August 2024** The focus of the period since August 2024 has been on securing a repeat performance for _The Devil’s Den_ , exploring that possibility with a range of different partners. At the time of writing, a performance at a major UK opera house has been provisionally confirmed. At the same time, the executive team continued to discuss commissioning ideas with other composers, putting in place the building blocks of the company’s next large commission. Shadwell Opera Limited Year Ending 31st August 2024 Trustees’ Report & Accounts ## **Payments Policy Statement** The Charity has a policy of settling invoices on or before the date they fall due for payment. ## **Risk Assessment Statement** The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and[error. We ] consider that the systems we have in place to mitigate such risks are adequate and proportionate. ## **Public Benefit Statement** In accordance with the requirements of Charities Act 2011 and the associated Charities (Accounts and Reports] Regulations 2008, the Trustees confirm that they have complied with their duties to have due regard to the guidance on public benefit as published by the Charity Commission, in exercising their powers and duties in the year under review. Shadwell Opera Limited Year Ending 31st August 2024 Trustees’ Report & Accounts Shadwell Opera Ltd staten￿ of Flnandal Actl fory•ar•ndlw 31st Airyitst 2(ll4 funth fvnd* Tot•1 funth Tot•1 fundj Not• Donations and legaoe5 Oth•r 25￿32 36,422 375 797 21,4)3 33 375 E¥p•ndltw•on: rials1￿ funds Charltable acttvltl•s Other 6.398 15,886 3.744 24,619 24363 4744 24619 363 Nrt Incom•llwp•nthY•l n•t 7J21 913 434 IL8 Tgt•l fur￿$ br¢u8htforw•rd 5,187 16,8)81 241 IL62 813 The statement of financial xtivlties Indudes dl gain5 and kMes reco8n15ed In the year. AJI Income nd expenditure derl¥e from contlnuln8 aCtl¥4dts. forye•r endir¥ 31st 2 Totsl Tatsl Not• Debtors Cash at bank and sn hyxl 965 10,787 11.752 965 10.386 IL351 10.787 10,n7 •yMr 8rt72 14et cvnynt xi. U79 n7 V& M2 79 CY•dltoYs: •mwnts fall￿d￿• •ft•r •￿r Iq787 1S,9751 1&62 Fundi of th• Chwlty R•strl¢*•d Incom• funds 13.9751 6,812 11,6211 Ufftstrlrted funds 10,787 13J751 11,6211 Slgned by JriJ (T,L£f Apprthd by th•Trust1￿ c 2 J,5 202S Note 1: 8a¥lsof pr•p•Ta 1.1 BMIS of These accounts have teen Fvepared under th• historiul costo)rThwrtion rtems recognlsed at cost or t14￿￿10￿ value ￿te$S Otherwse stated in the reknRnt TrJtels1 to these acoJvnt& The accounts have been prepared in accr￿anCe wlth: The Statement of Rttommended Pfa¢tt¢e." A¢¢ouN6ryaNY Re[￿tIng ￿ thafftles pYe￿rfry thelra¢¢wnts In accordance vAth the Flnandal ReF￿￿sta￿￿ard appllcalAe In the UK and RepU￿1C of Irdand IFRS 1021 Issued on 16Juty 2014. the Flnandal Reportlng StaFwJard a￿ll¥ble In the Un￿d KI￿d￿n and RepukAlc of Ir•land IFRS I￿1, wlth ￿ Charltles Act 201L Th• charrty con$￿t￿t•s3 wblcbenefft entlty as defined ty FRS IQ. L26vln¢ Coht•m Th•Tritst••s ¢¢>ft￿d•r that the dwrfty15•8olrqa>nc*rrL No matsdal pdor year em>rs hjbp tr*en Identlw tn the reFonirvd F*rl¢>J. Note2.. PDMd 11 INCO% In¢ome Es rew8rased the th¥ity has entitlemerrt tothe fund¥ ary perf￿rna￿e corylltMyB attsthed to the Itemlsl of ir￿rne ha¥e been rnei It Is Wc+jab￿ that the irKxJmewill be r￿1*¥J. and the •mount c•n be mtssured relfabty. IrKome frvffl Gtrthwnment and other 8ranty *￿et￿r.ca￿tar grnnts or 're*wu¥ aranty is recognised when the has entitlement to the funds, performance condrknons attached to the8r•)ts have been me( it is ￿￿>•ble thattht irKomet*(11 b• re¢d¥*d, and the amount can be measured rellably •Thl ￿ notdeferred. ErylaThJ. Tu v•dmlmson GIftAkl rtc4lvabh Es Indud•d In Incom• wh•n th•r• Is • v•lld ￿￿¥11t10n from tr* d￿ar. Arty Glft Ald am0￿ reco￿Ted on a donatlon nsldered to be yrtofth•t glft and Is treated a5 an a&Jltbn to the sarn• fund a5 the Intthl ￿•tIOn un1ts5 the donor oi the terms of the apFeal 2.2 EXPENDWtE AND L￿Diur1 Lknbllty v•twllloh Ujbtiittes •re rewrased wP*re ￿ Is mrye lIk￿th￿rI not that there Is Iwl or constructl** obllgatlon commlttiw tr* th•rlty to out r•￿￿*$ th• amtyJnt ofth obllptlon un b• m••sured ?￿th re•son•t4e cwljlnty. D•l•rr•d Incom• h•$ b••n Ind￿l•d In the •ccounts Whe￿￿TInts and don*lors have been re￿Ved for a SF*dflc purpD5• and th• funds h not y•t ts•￿ us•J for purpos• tn th• r•l•v•nty•¥. 3 AnBtyslsof Int4xM T(rt•l 24 24 An•lysb D¢>n•tlons •nd Dcffiatton53ThJ glfts Genernl grnnts Fjrovided 173x1 10OXJ 8,032 25J32 21303 T¢l•l 25A32 W22 th•ritsbl••rtMU•b: Prod￿tIOn lrtome oth•r 375 375 375 33 33 TOTALINCOME 11265 25W2 34797 24436 Th• Arts CtyJndl En￿d iaiF 11 Th•kn Coundl Engl•fid ICRF 21 2.032 4012 Toq•l Th• Arts C4yJncll E￿and iaiF 11 8,165 Th•Arts Cwndl Enel•TrJ 21 Not• S *J)alptsof •xpqndllw• fvnd funds fvnds fvnds T(*•l funth EXP￿dIt￿l•￿n t•lslryfvn&: stsrt up ¢osts Inwrred in generti new SOU￿ offuture Irwm* 1,2CO 4398 Admln cc%ts 1,186 1,186 CRFI 6.(D) 6.0 4165 8,165 CRF2 IA58 2.032 339) PRS- DI81ts1 C¢)mmlsslons 4,033 4,033 ProduLtlon costs Incwr•d (Wh•rn The Wlld Thlr45 Ar•) 799 Prtrjudlon tosts Incurred IDe4N Den) 16.587 16y7 Tot*1 •¥p•ndltur• on dmrftsb 27.163 16,gJl .1 ofd•bts)rn Olhw d•bto 965 965 Tvthl 7.1 An•tyskn ofcrndttofs th•n om ¥wr Attru* •bMI d•l•rY•d Incorn• 8,032 (Xh•ru•dto Totsl 51X+ lun In the ytorto 31stAugUSt ￿24 Sh17d￿lI owornle4sedonumbEroAtkfv￿edfyndS to ￿￿reXpenseS to whkh they Intendedfvr. In the yvorto 31stAug¢tst￿2l ShÈthb*ll OpemreleasedonumlxrolL*fvrredfvnds to cowtrexpenses to which they *Yre IntendedAor. 4032 25,435 &032 17.403 B•knn¢••tth• •Ad otth• Trport￿ B.032 Durirg the ￿ar tNltd 31stAW 2024. noneotthetrustees were pJ4d ary rernunerntion or recelved anv other be￿ from an wnploym•nt w[tht￿Tr th•ilty ora r•l•tsd •rtity. Notr￿te8 &pens•s InoJrr•d. Durlng the year ended 31st A￿uSt 2023, Th)tse of tretntstees were paid afry remuneration or rece¢ved any other benefits frorn an eMP￿rnontWlth t￿1rd￿rfty or a relataj entlty. No trustee ex￿[￿ were InoJrr•J. 8.2Tr•nMrtlonl1) Thfth rthd p•rtlM Durlnq theye3r ewwjed 31stAwugt2024, t￿re no party tr4rActl o￿TrI tt*ye•r end•d 31stA4ust 2Wd3, there were no relat￿ party ## **Independent Examiner’s Report to the Trustees of Shadwell Opera Ltd** I report on the accounts of Shadwell Opera Ltd for the year ended 31 August 2024. ## **Responsibili