CHARifY REGISTRATIOM NUMBER: 1191429 FRIENDS OF THE ISRAEL OPERA TRUST Unaudited Financial Statements 31 March 2024 HIGGINS FAIRBAIRN & CO Chartered accountants 4th Floor 58-59 Great Marborough Street London W1F 7JY
FRIENDS OF THE ISRAEL OPERA TRusr Financial Statoments Yoar onded 31 March 2024 Page Trustees, annual report Independent examinevs report to the trustees staterne of financial actyvittes Statement of financial position Notes to the financial slatements
FRIENDS OF THE ISRAEL OPERA TRUST Tntee$. Annual Report Year ended 31 IAarch 2024 The iTUStees pyesent thek ier•Xt and ltrwiclal ststements of the charity the year ended 31 Marc 2024. R•f•rone¢ and athnlnlstratl¥• d•tsUs Reght•d charlty n•m• FRIENDS OF THE ISRAEL ERA TRUST Charity rngi¥tTrtion number 1191429 Prfnclpal offlc• 64 Ncth Rcmf. Maytair LoThJon WIK7DA Th• tru8t••s PhTr4J &fvert Mr DavhJ Bhler. Commlt•• m•Thknrn DavKI Buch IChairTrwI. Ph'p &1vwDePl. Chairman), Lne1 Rosenbktt. Adri Naftalin. Pwl Faiman. Pamda Wagman. Jo Bankers CAF Bank Ltd 25 lfjnys Hill Anue, lQ'ngs Hill, IAtst MallivJ, Kant ME19 4JQ Indop•nd•nt examlner Fttiion W Fhyyins FCA 4th Floor London W1F 7JY
FRIENDS OF THE ISRAEL OPERA TRUST Trustees. Annual Roport(¢¢ Year ended 31 March 2024 stru¢ts4re. governance and managÈm•nl The charity was ueat8J by a t1e&J 15th M•y 1992 as a Trust exclusNèty for wrposes. The Trust is managed by the Trustees. and the adfflnisbTh is caffied out from the Charity's The truslees who seThed during th& year David 6Jchler Philip Sifvert twstees. these UtrJ by renvinin9 Irustees. New twustses aro appointed under a Deed gned and approved ty the currenl Inees. The cuffenl trustee5 ae resF9tAe for Ihe of any new truslees whth invcfves awarene5S of a twstsÈg respslIf0"e5, ts govemwi9 dLrumenL adminwath predureS. and the history of tho Charity. A new trus& woukl Ve a wekome pack indudes PIeS of the previous years annual report aTrJ Unts, a bnef hisw (A the tharrty a ¢xyy of the goveming (TrEnl The wll also indude a rJOFry of lh& Chth ComrrissK)n giMdanrE Tr Esserttsal Tntrstee.. Vthat you ne¢d to "Charit and 8effi. The tru5tee5 examine the rTojor rsks that the Charity every fina1 year and have deve1cd systerrts to JTrJnrtor ana ctrol these nsks to mgate the have thè Charity in the futu. The trustees have sys?rr6 wi placé lo Jenbfy any con1Cts of interest thal rnay (Jr. a COnflt of intewt arise4 the r4evantiruste8 or truses aw to withdraw trom any discLtssion and de510n. and activliÈ8 The main objecbves of the Chaity are to aKI. imwove, devekip. rxoTre ar¥J mawttain edwiKJn appreciatN)n ofthè art and %1¢e of opera in lsrad. The trustees confifm Ihat they have rèfwred to the guKlarKe contsin&J the Charty CommBsN)n general gUKlanc M publ benefft when revieirMJ the Charity'$ am% and oW'¥es and in pLanning for Ihe fvlure and in seib.ng the grant fflng for the year. Th8 Charity has estAblished its grant rthig po to c+4ectNes forthe pu1¢ beneffit Achievements and PBrfomnet The resutt$ fgr the yèar a set on pèJ8 5. ncrte 4 and Pa98 11. rKJt8 11. To incorn9 resources tOtald only £21.21212023". £13.536). The trustees m&le no (urtherComw{ts durin9 the yewto 31 2024. As the anCe Sheet date. the than"tat funds were vthed at c4 £20.97612023: t8,8011. all ofwhKh ar8 unrestricted. The tswstees are satiskd thatthe tfust assets are avaiktle 8nd adequate to fulfil ts obliqatK*ns.
FRIENDS OF THE ISRAEL OPERA TRUST Trustees. Annual Report(ct¥th Year ended 31 March 2024 Rel•rS pollty The Trustee aim to distnbute fijrS recew dumg the year. fvnds MaIn1ft9 be distributed when suhable events are avaiLae for the charrty to suppo The trustees re¥ tr mrves poly annually. Risk manwJefrEnt The Twstees hwe assessed the nwyx r5 to the chmi is e>pased. in Parti1 those reL7b lo Ihe operatK)ns and finances ol the charity. and we satsfed that system5 and procethJTes are in to mitvJate our exposure to the mapr r. Plans forthe We are focusing ow efforts ThI}st •nt¥8ty in supwbng Tr Israel OF through its Meitar StLJio for the development of the next generatw)n of youn9 Israeli ra Singws. As suth it 1$ an ethcatiwal and deveh)pmgntal chanlable endea1. are attèmpts"rKJ to expand athibÈs and br(iadèn our donors base to contritrrtrte tuards new lsr*l owa proJ¥ts. 2511112024 The twstee5' annual reF#Nt was on .............................. ned on behaff of the board of trustees ty: MT Davkj Buehler. Chainygn Trustee
FRIENDS OF THE ISRAEL OPERA TRUST Independent Examinetrs Report to the Trustèes of FRIENDS OF THE ISRAEL OPERA TRUST Year ended 31 March 2024 I report to the exAffAnab"on ( Ihe Statents ol FRIENDS OF THE ISRAEL OPERA TrUST I'the dprity'l tor the Y ended 31 March 2024. Respon$ibilitio and basls of rep(Yt As the Twslees of the chaity. you are responsible lor Ihe wepwatkni of the ac£ounts in e0rd)Ce with tho r¢quirerronis ol Ihe ChariliesAcl 2011 (the 2011 Aeri. I rert in respect of nry examinatmjn ol clwitys accwnts carri8AI cArt uThJer sectthi 145 of the 2011 Act aryj in ¢arying out my eXw1natr. I have folknved all Directions given by thè Charty ComnNssion uTrJer sectth 1445llbl of the 2011 ACL I have cCfflleted my exarrination. l ¢>)nfim Ihal no rnaterial rnatters have rr tr> rry attenbon in neclion with the examination gThing ouse to tleVe that in any matsn.al respect l. aCnting rettyds re ncl kept in res ofthè Larrty as reqwred by secb.on 130 ofthe * or 2. the financial statements th) n(rtrd with those S,. or 3. the fantial stateffEnts do not CW wrth the 8PFAKblÈ requffennts C(m1n9 the fDm aK1 content of set out in thè Charities lAcnts and ReFKM151 RegulatKins 2008 other than any requirerrent that the rtS gr¥E a arJ vitr#¥rtKh 15 not a matty dered as part ol an indepertdenl exanwnatJn. I havé no WKI h•e coff ayoss no other rrottws in connect*)n with the eXaMn to whth attentk)n shoukl be drawn in thi5 rerx)rt order to enabk a proper understanding of the ounls lo fexhej. However, Ihe tharity &)es show a surplu5 of £2Q.976 l understsrKI has teen lectid the bal&Kt sheet date of 31 March 2024. Fen W HvJgins FCA IndeFendent Examiner 4th Fkx S9 Great mah Street LoThJon W1F7JY 25111r2024
FRIENDS OF THE ISRAEL OPERA TRUST Statement of Finan¢lal Aclfvllles Year ended 31 March 2024 2023 JThJs Td41 fund8 Totsl fur#Js Income and endowments Donat)ns and legaces Total incom• 21,212 21,212 11.536 21,212 21.212 11,536 Expondituwe Eynrjiture on rat51ng fijnds". Costs of raISg (at>8 a1 events ExFdItule on clwilable aLaMtse5 169 8.868 4,K21 Totsl exptnditu 9.037 9.037 4.621 Net Income and net Movement In funds 12,175 12.175 6.715 R•eoneiliaiion ol furtds Totsl lunds broughtfoNR Totsl fvnds forward 8,801 8,801 2,086 20,976 20,976 8,801 The stateThnt of financial athitiE5 inthdps all gains and Icsses reccJniwJ in the year. I IncM and •xpeThJlture denve from ccfflts"nuing th[t.
FRIENDS OF THE ISRAEL OPERA TRUST Statemont of Financial Pillon 31 March 2024 2024 2023 Current a8s•ts Oebtors Cash at bank aThJ in hand 1.048 9,253 23.476 23.476 10.301 CKedtsrs: amounts lalllng due Tlthin one year 10 20.976 8,801 Total assots l••s curr•nt li•bili¢i 20.976 8.801 20,976 B.B01 Fund$ olth• charlty UnTestrk#ed fvnds 20,976 8,801 Totsl chath fun(Ib 11 20,976 8.801 These financial 5t*ements were the l))yd of trustees and athorised for tsgJ• on .251.1112Q24.. arKI are ned behalfof the boad ty: tr Davwj Buchler. Chaiinan Trust88
FRIENDS OF THE ISRAEL OPERA TRUST Notes to the Financial Statements Year ended 31 March 2024 General InfornMtIoTr The charity a benefft entrty and a regFS1w drity in EnglaThl and Wales and 15 unirrTated. The address ofthe Fnncipal offre is 64 N(Yth Rryw. Mayfair. London. W1 K 7DA. St•tsrnnt of¢omplianEe These finanaal staleryÈnts have ten pp¥d in c(M7¥Jlian FRS 102. The Finanual Reporting standa app1Kae in the UK and the Repu of Irekn)d'. the Ststement of RecAJrnmend&J Practhe aWicab to Charits preparirNJ th[ arnts in rdance the Financia Reporting Standard apF4icAb in the UK and Rewblic of IrThY {FRS 1021 (Charitie5 SORP IFRS 10211 and Ihe Charikn Act 2011. Accountwig policie• The financia Statnts have teen F¢epad on the hisicrt21 c#)st basL%, as mdified by the revaluation of Certain ffinan0 assets and and in¥8sb)wnt properbes nRasured at Fair value thr(Kffjh exFthJrture. The finanL¥al statements are is the funciKIII (xjw ol the entity. ThpJe We no material urrta11 chwtys sbury to conlfjnue. FurKI xcountlng Unrestncted lunds are available knr usé at tr thscretsn of the tfustees to further of the charity's WTF¥). DeshJnated funds are reStrd funds &Ymar by the tnjstees for pariK#Jlar futu or ctynmibnent. R¢¥thcted fvnds ¥ubpcted tt> re5mbS w ihwr expendtttK¢ dedar&J by the doTrJr or thrgh the term5 of an appe31. ènd fal into one of SU restrLted incon ffiJnds or wnnt fvnd&
FRIENDS OF THE ISRAEL OPERA TRUST Notes to the Financial Statsmonts Year ended 31 March 2024 A¢¢ounllNJ polki•s l incoming res(NJrces are in the staterrEnt of financAI %tNrfTres wn entitlement has passed to the carity: (£ 1$ that the •coTh)mr beneffts asKKkqted with Ihe $aCtn will to the ChtsT and lh¢ am)unt can be ThasUred. The folwno speufic PjieS are appked to parbcJJ ar categories of inCrrE.. orrw frc4n ¢JonatKns or gts Is recognLed there is ev#Jence of enb"tlement to the , rttpt s probat4e and its affthjnt can be Thasured relkabty. legary incw is rtCts3rMs#d vAn reeeipt ts prcbaNe and eOtrdèrnt 1$ e$ed. come from d(¥ted wls i& ffa5urJ at th8 fwr ol gorrtts this is npradtsl b nkawre relk8bty. in which case the value i8 derweo from the cost to the dOrr or the estimated resa vabJe. tM%)ated facih'ttes servvs are recLyJnised in the cwnts when rwed rf the value can te relY measured. anN)unls included for the ctrithn of gera1 vobjnteer incomÈ from contrts tho gJFvty of servw B retts3nsed wrth the eery of the Onttell Ser¥e. This is dassified as LW)restrKtid fr11$ unkss there is a ntra81 requitenmtfor it to te SFent on a Irtlar pu and tymed if un5penl, in whK (• Expendrture is rec£¥Jnised on an #5 basis as a IBtifty is incurrwj. ExFenditure indudes any VAT which Cant be fij1 recovered, ar cfJed under h8aging5 of the statement tsf fmancial to rt reLates.' exprture on Ta1n9 lunds indudes costs of all lUndRfig Xtivknfrs. events. nOn-chafrtab tradwig actiVe$. arKI the sale of (h)nated g(x)ds exp&)Yiiure on thwrtable thTth"e5 all ry)sts imirted by a charity in undertakirKJ vitEs Ihal ftjrther rts chartiabbè aims for the tenefil of it5 e[rieS. indudirwa those support costs and costs relabng to the g(werrw of the charity atned to charitab olhèr experditure ludeS dl expenditu Ihat is rilher relaied to Taln9 funds lor the tharity nor pwt of rt5 expendIrE on chtIe thiies. I costs are alb3ted to e¥4wKliiure ¢ale90rS rellecting th8 usa of lh8 fesource. Dire(1 Costs attnbutable to a ¢ing th'ty are alhxated dKrE( to thai activty. Shared costs are apporboned tWn the adN"th'es the4 ojntritrth to cn a reasonab. jus1irHb and con&slenl basi5. A fina?1 asset Jr a fiCial is rwnid ¥then the tharty borneS a party to the Basie fin*)ual instruments we intslty recognised at the affnt rttsvable or Pable includir¥J
FRIENDS OF THE ISRAEL OPERA TRUST Notes to the Financial Statements (r Year ended 31 March 2024 Accovntlnq wllcles (conOnwdJ Flnanclal ItruMents Current assets and current li?.11$ are subwuenty DSJred at the cash or other consijeration expected to be PaKI or rewed and rM)t disownted. Debt inslwments are subsequenty Meas at an1$ed cJ)sL IAfftere investrnents in shwes are Iraded or ther lav Val can otherw4se te measured rehabty. the investnI i8 subseqvenlty ffeasured at fair vabje with changes in fair valuè reccJnised in income and ey4)endrture. Al other such investrnents a sUbseqnIty ffEasured at cost kss impaimienL Other financial instnjments. induding d¢rivativ8s. arp initiany reL[Sn at fair value. unle55 PaY&t for an asset Is eler beyoTvJ nowmal busine55 or fard at a rate of inlerest that is not a nmrket rate. in whrh case the asset is nsu at the wesent valu& of the lutu payMts discwntaj at a market Trte of interest for a swrdlar debt trthrw)t Other financd instwThnts are subseqwity rrÈasLtyJ at fair value. wim any changes retognisèd ID the Statent of ffinancial thbes, wth the exceplKJf of hedging in$truments in a esNJnated Iwing r91atw)nshi Financial assets that are measured al ¢))st or amrtised cost aio revi8wed for objective evidence of impaimwtt at the end of eath rEF(rfbng date. If there i8 obpcbve evhdence of impaimenl, an iryairmeTrt k)ss i% reCLwJLed under the atwviate heading In the slatement of financk31 activittes in whth Ihe inrtkql gain was fecognise Fu all a]uty instruments regatdTess of significance, and other ola1 assets that are indrvidvalty $nC3nt. these are assessed indmdualty for mpairrrl finan¢ial a55ets are •th8r assessed indNKliially or grr#Jj on the bas of mrfar risk characaeristK8. Any reversals of impairment are recognised Knmediatèty. to the eXt Ihal the reversal not Jlt in 8 carrying amunt of the TrcIal asset that exceed5 what the carying amount would have bw had Ihe irrpaimieni not PIEvj ten rttcnr. Donatk¥ng and l•gael•s unrestr* Total Funds Unrestth Total Funds Funds 2024 Funds 2023 Donallons Income-Evenl and donalK)ns Incrynfr Lipwcth Evenl Inccrfne. A Rano Meets ScywKJ Event Inccthe- Oe¢ 10th Event 1.D)D 5.251 5,285 5.251 5.285 21,212 21.212 21.212 21,212 11,536 11.536
FRIENDS OF THE ISRAELOPERA TRUST Notss to the Financial Statemts i¢•niknwdJ Year ended 31 March 2024 Costs of Trising (knatlons and evenis UlreICl T¢ytal Funds UNestrthd Total Funds 2024 Fd5 2(r23 Events ¢X9anIThj expenses 169 Expenditur¢ on chariialjkn a¢ti¥lll¢s by activtty ty Total fvnds 2024 Total fund 2023 C05ts A£tNty- donations Govemane• ujsts 5,CKJO 3.868 3.868 4.821 8.868 8,868 4.821 Net hKomo Net ineow is stated alkr C1n(clng). 2024 2023 Fees payable forthe awjt ofthe statwnents 399 Tnwto• rwnun•ratlon 4nd •xp•n•e• No Tntstses rec¥1 any remuneralion the year orthe FWIWWS year. Debtors 2024 2023 Traje deb 1.046 10. Credltors: arno f•lllng du• within on• yw 2024 2023 PuNals and defeed 2,5) 10
FRIENDS OF THE ISRAEL OPERA TRUST Note8 to the Flnancial Statements i¢wu¢ Year ended 31 March 2024 11. Anatysls ol charllab fund5 Unrestrl¢ted funds At 31 Mah 202 1 223 Intr)m Exwidrtu Unrestricted funds lunds 8,801 21,212 19.0371 20,976 At 31 March 202 At l Aw"12022 lThx)rTh> ExtMdilu Unreslrthd ftJnd5 &reral fijnds 11,5 {4.8211 8.801 11