Wexford Festival Opera UK Foundation Financial Statements for the year ended 31 December 2021 Weyford Ve5tival Opera UK Foundatio CONTENTS Page TRUSTEES AND OTHER INFORMA TION TRUSTEES. REPORT INDEPENDENT EXAMINER'S REPORT STATEMENT OF FINANCIAL ACTJVITIES BALANCE SHEET NOTES TO THE FINANCIAL STATEMENTS 9-10 Wexford Festival Opera UK FoundatlOD TRUSTEES AND OTHER IPIFORMATION Trustees DaTne Fiona Woolf (Chair) Mary Kelly Anthony D Kennan Mary Mullin Terry N¢511 Patrick O'sullivan Celestine Phelan Christoplier Voss (appointed June 2021) Sir David Davies (resigned September 2021) Paul Hennessy {re5i¥ned Septembcr 20211 Darra Powcr Mooney (resigned February 2022) Secretary Keith Hatchick Solieltors Marshall Hatchick l Marylebone Hitrh Street London WIU 4LZ Bankers Bank of Ireland PO Box 2124 Belfast BYI 9RS Independent Examiner Coral Hamze Building 3. Cromer Bussness Innovation Centre North Londot) Business Park Oakleigh Road South NII IGN Prineip81 Office l Marylebone High Street London WIU 4LZ Charity Iyumber 1189184 HMRC Charity Number ZD16011 Wexford Festival Opera UK FoundAtion TRUSTEES, REPORT BACKGROUND The Charity was fortned on 23 April 2020 for the purposes of "the advanceTnent of, and the education of members of the public, in the art of opera {3nd oiher performing arts) and in particular by the contribution to the cost of opera (and other productions and concerts) performed under the auspices of Wexford Festival Opera" STRUCTURE The Charity was established as a Charitable Intorporated Organisation. The goveming document of ihe Charity is available on the Charity Commission website. The Charity is registered with the Charity Cotnmission in England and Wales {resisttred number 1189184). The Charity is registered with HM Rev¢nue & Customs as being established for chaiitable purposes {registered number ZD16011). GOVERNANCE The Charity is governed by The Tn]5tees. The T￿StetS who served during the period are listed on page 2. All Trustees are individuals. The Trustee5 meet annually to receive the Annual Report and Financial Statements. Other meetings take place as required generally tsvice to thr£e tirnes a year. MANAGEMENT The Tiustees are 5UPPOrted in the day- to- day manatsement of the Charity's affairs by the Charity's secretary Mr Keith Hatchick, and the executive teaTn at Wexford Festival Opera. INTERNAL CONTROL AND RISK IIqANAGEMENT The Trustees are responsible for providing reasonable assurance ihat.. The Charity complies with relevant laws and regulations. The Charity is operating e￿]elentlY and effectively. The Charity's assets are Safeguarded against unauthori5ed use or disposition. Proper records are maintained, and financial information used within the Charity or for publication is reliable. Control systems are designed to provide reasonabl¢ {but not absolute) assurance against mateTial Tllisstatement or 105S. They include consideration of the Charity's activitie5, review of the finantial results. delegation of authority and supervision strnctures. ORJECTIVES OF THE CHARITY The principa5 objective of the Charity is more particularly d¢scribed on the Charity Commission website but is the education of members of the publie im the perfonning art of opera and providing financial support of opera and concerts carried on under the auspices of Wexford Festival Opera. Wexford Festival Opera UK Foundation TRUSTEES, REPORT- Continued ACTIVITIES DURINC THE YEAR This has been the first full financial year of the Wexford Festival Opera UK Foundation, it being dorniant until March 2021. Its predetessor. The Wexford Festival Trusi (WFT) was wound up and deregistered as a charity with th¢ approval of the Charity Commission of England and Wale5 (at the request of the Trustees) in April 2022. THE MAIN ACHIEVEMENTS DURING THE YEAR During 2021, the Foundation continued to give financial support to Wexford Festival Opera and promoted its Friends network and the activitie5 of the Wexford Festival Opera on social media and various other communications. It atTanged a book launch for a new history of the Festival by Karina Daly Celebrating the festival's 70th birthday, ai an event at the Wax Chandlers Hall in October. Reaular tneetings of the Trust¢¢s have been resumed after lockdow'n and a full year of activity has been organised foT 2022. FINANCIAL REVIEW During the year the Charity operated in accordance with its intended purposes. Total income was £117,051 for the year {2020,. £Nil). Governance costs amounted to £528 (2020.. £Nil} and an amount of £40.000 was paid io Wexford Festival Opera (2020.. £Nill leaving a balance of £76,523 on funds carried forward (2020.. £Nill. TRUSTEES The trustees during the period and at the date of signing thi5 report are listed below.. Datne Fiona Woolf (Chair) Mary Kelly Anthony D Kernian Mary Mullin Terty Neill Patrick O'sullivan Cele5tine Phelan Christgplier Voss (appointed June 2021) Sir David Davie5 Iresi(Tned Sepiember 2021) Paul Hennessy (resigned September 2021) Datra Power Mooney (resigned February 2022) STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees ore responsible for the preparation of Ihe financial statements of the Charity in accordance with generally accepted accounting practice in The United Kingdorn including the accounting sL￿dardS issued by the Accounting Standards Board and published by the Institute of Chartered Accouiltants in England and Wales. The Trustees are required to PTepare financial statements for each financial year thai give a true and fair view of the state of affairs of the Charity and fund movements for that period. In preparing the financial statements, the Tnjstees are required to.. select suitable accounting policies and then apply them consistenily. observe the methods and principles in the Chaiiiies SORP and FRS 102. make judgeTnenis and estimates that are reasonable and prudent,. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that th¢ Charity will continue in busine55. The Trustees ¢onfirni that they have complied with the above requirements in preparing the fjnancial statements. **Wexford Festival Opera UK Foundation** ## **TRUSTEES' REPORT - continued** ## **STATEMENT OF TRUSTEE'S RESPONSIBI LlTlES- Continued** The Trustees are responsible for keeping proper books of account that disclose with reasonable accuracy at any time the financial position of the Charity and for ensuring that the financial statements are prepared in accordance with accounting standards generall[y ] accepted in The United Kin[g] dom. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Approval of Trustees Report** This re[p] ort was approved by the Trustees on 11/07/2022 �w� **Dame Fiona Woolf** 5 SIMPLY SllDplyAccountancy Ltd Roo]n 466 BulldlnE 3 CTvmÈrBusine5s Innovautsrtcentre Nurth London Business Partt Oakleigh Road South London Nll IGN Re8lsrered in EngLand. Company Number.. 07588329 www.simply-accountsncy.co.uk Phone: 0800 6123 078 E: cornl@simply-accountancy.co.uk ACCOUNTANCY Report to the trusteesl members of Wexford Festival Opera UK Foundation On accounts forthe year ended 31 December 2021 Charity no (it any) 1189184 Set out on pages Six (6) I report to the trustees on m) exam ination of the accounts of the above charity ("the Trust") for the period ended 31 D¢eember 2021 Re5ponsibiliti¢s and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordancc with the requirements of the Charities Act 2011 {"the Act ). I r¢port in rcsp¢ct of my exam inalion of the Trust's accounts carried out under scciion 145 of the 201 l Act and in carrying out my exaTnination, I have followed all the applicable Directions given by the Charitv Comtnission under Kction 145(5Xb) of th¢ Act. Independent I have completed my examination. I confirm that no material matt¢rs have examiner's statement come io my attention in connection with the examination which gives me cause to believe that in, any material respect: I have no concerns and have come across no other maiters in connection with the examination to which atlenlion should be drawn in this report in order to enable a proper understanding of the a￿ountS to be reached. Signed: Date.. 1710512022 Name: Coral Hamze fmaat Relevant profe55ional qualilicalion(s)orbody (if any): association of accounting technicians (AAT) Address: Rwm 466, Building 3. Cromer Business Innovalion Centre. North London Business Park. Oakleigh Road South. London, N I I I GN n/a DisLIL)Slll'L We%ford Festival Opera UK Foundatio STATEMENT OF FINANCIAL ACTIVITIES For ihe year ended 31 December 2021 202] 2021 2021 2020 (8 Months) Total Funds Unrestricted Futhds Re51r5cted Funds Tot&1 Funds Incorne Donations and legacies Investments 117,051 117,051 Total irteome 117.051 117,051 Expenditure Charitable activities 40.528 40,528 40.528 Total exp¢ndliure 40.528 Net iDCOtne lor the year 76,523 76,523 Tr3n5fer5 between funds Net movement in funds 76.523 76.523 Reeoneiliation of funds: Total fi￿dS broushi forward Total fullds carried forward 76,523 76,523 A Separate Statement of Toial Recognised Gains and Losses is not required as thi5 Statem¢ni includes all recogni5ed gaKns and losses. Wexford Festival Oper& LK FoundA¢ion BALANCE SHEF.T As af 31 December 2021 No1¢5 31 December 31 Dec¢mber 2021 2020 CurreTrt *#sets tkbtor5 Cath ￿ b8nk And in hand 9,120 67,403 To￿1 turrnni 8ssets 76J23 Credltor5: fAUID8 du¢ wlthln one ye*r Nei ¢urre•t a55ets I'h¢ lo¢41 net •Sseis ofthe Cbarity 76.523 The iotsl funth of ibe Cb8rlty 41 follows: Rdtrkted unrestrict￿ funds Unre5tric*d r¢v¢nue funds 76,523 Total Ch4rlty Funds 76.523 Ihm¢ Flon* Wooir Wexford Festival Oper8 UK Foundation NOTES TO THE FINANCIAL STATEMENTS I Statement of compliance The Charity's financial siatements have been prepared on a going ¢on¢ern basi5 ar]d in accordance with UK GAAP (accounting standards issued by ¢he Financial Reporting Council of the UK and protnulgated by the Institttte of Chartered Accouniants in England and Wales). The financial statements comply wilh Financial Reporting Siandard 102. 'The Financial Reporting Standard applicable in the UK. (FRS 102). The financial 5taternents hay¢ also been prepared in accordance with the recommendations of the Stat¢meni of Recomm¢nded Practi¢c applicable to chorities preparing their a¢couftts in accordance with the Financial Reporting Standard applicable in the UK Charities SORP (FRS 102). Summary ofsignificant Aeeounting policie5 (a) B95i$ of preparatlon The prepaTation of financial statetnents in conforniity with SORP FRS 102 requires the use of certain key SUTnptiorts conceming the fijiure, and other key sources of estimation uncenainty at (he reporting date. It also requires th¢ Trustees to exercise their judgemeni in the process of applying the entity's accounting policies. The significant accoun¢ittg ￿)lIcIeS used in the preparaiion of the Charity'5 financial sraiements are set out below. These policies have been consistently applied to all financial years presente( unless otherwise stated. (b) Going concern The entity Tneets Its day-to-day working capital requirements. The Charity's foreA8ts and projertions Show that the Charity should be able to op¢rat¢ within its means. After making enquiries, the TTUStees have a reasonable ¢xp¢ctation that ihe Charily ha5 adequate resource5 to continue in operaiional existence for the for¢5¢eable future. Therefore, th¢5e Charity's financial siatements have been pr¢pared on a going concem basis. (¢) Historical cost Convention The fsnancial stat¢ments are prepared under the historical cost convention. (d) Fund accounling Th¢ Charity tnaintains various iyp¢s of funds a5 follows= Unresiricledfund5 This represents unrestricted income that is expendable at the discreiion of th¢ Trustees ID the fitrtherance of the objects of the Charity. Reslriciedfunds These represent funds re¢¢ived which are allocated by the donor for specifi¢ purposes. They carhnot be used for pu4)oses other than those specified by thc donor. (e) Revenue recognition InLomlnR resoiir¢¢s Income is recognised when the Charity has entitlement to the funds, any perforniance Conditions attached to th¢ item(5) of income have been met, it 15 probable that the income will be receiv¢d, and the amount can be measur¢d r¢liably. {fj Foreign currenciL Monetary a55ets and liabilities denotninaied in foreign ¢urren¢ie$ are translated at the exchange rates wling at the balance 5h¢et dale. Transactions in foreitsn currencies are recorded ai the exchange r&es ruling at the dates of the transactions. Gains and1055es arising froin foreign currency translation5 and on selllemenl of alllounts receivable and payable in foreign currency are d¢alL with in ihe Sthtemeni of Finantial Activities. **Wexford Festival Opera UK Foundation** ## **NOTES TO THE FINANCIAL STATEMENTS- continued** ## **2 Summary of significant accounting policies - continued** ## **(g) Expenditure and irrecoverable VAT** Expenditure is recognised once there is a legal or constructive obligation to make a[p] ayment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: - Costs of generating funds are those costs incurred in attracting voluntary income. - • Charitable activities include expenditure associated with the mission of the Charity and include both the direct costs and support costs relating to these activities. - Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. ## **(h) Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tenn highly liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities. Cash and cash equivalents are initially measured at transaction price and subsequently measured at amortised cost. Bank deposits which have original maturities of more than three months are not cash and cash equivalents. ## (i) **Provisions and contingencies** ## _(i) Provisions_ - Provisions are liabilities of uncertain timing or amount. Provisions are recognised when the Charity has a present legal or constructive obligation as a result of past events; it is probable that a transfer of economic benefits will be required to settle the obligation; and the amount of the obligation can be estimated reliably. ## _(ii) Contingencies_ Contingent liabilities, arising as a result of past events, are not recognised as a liability because it is not probable that the Charity will be required to transfer economic benefits in settlement of the obligation, or the amount cannot be reliably measured at the end of the financial year. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote. ## **(j) Taxation** The Charity is exem[p] t from taxation due to its charitable status. ## **3 Remuneration and payments to Trustees and persons connected with them** No trustees or persons connected with them received any remuneration from the Charity, or any related entity. |**Debtors**|**2021**|**2020**| |---|---|---| ||**£**|**£**| |Sundry receivables|9,120|| ## **4 Debtors** ## **5 Approval of financial statements** /07/2022 The financial statements were approved by the Trustees on 11