REGISTERED COMPANY NUMBER: 00682766 REGISTERED CHARITY NUMBER: 200024
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021
FOR
THE D'OYLY CARTE OPERA TRUST LIMITED
44 Grand Parade Brighton East Sussex BN2 9QA
Chariot House Limited Chartered Accountants
THE D'OYLY CARTE OPERA TRUST LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 12 |
| Detailed Statement of Financial Activities | 13 | to | 14 |
THE D'OYLY CARTE OPERA TRUST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2021. The trustees have adopted the provisions of 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal activities and objects of the charity company are the production of Gilbert and Sullivan and other Operas for nationwide tours and the raising of funds to support these. The company has a music hire department hiring musical scores to amateur societies and education institutes. In addition the company sells merchandise relating to its productions, and merchandise is also gifted by way of publicity and marketing.
Public benefit
From 1 April 2008 section 4 of the Charities Act 2006 requires all charities to meet the legal requirement that its aims are for the public benefit. The Charity Commission in its "Charities and Public Benefit" guidance states that there are two key principles to be met in order to show that an organisation's aims are for the public benefit: firstly there must be an identifiable benefit and secondly the benefit must be to the public or a section of the public.
The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Commission in determining the activities undertaken by the charity. The Trustees are satisfied that the aims and objectives of the charity, and the activities reported on above to achieve those aims, meet these principles.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
In 2021 the D'Oyly Carte Opera Trust, which is a registered charity, continued to recover from the challenges brought about by the Covid-19 pandemic. Rehearsals for the co-productions of The Gondoliers and Utopia, Limited, with Scottish Opera, were to have started on January 4th 2021, but were cancelled owing to the ongoing lockdown and restrictions including social distancing. The productions were postponed until what was hoped to be an autumn opening in Scotland in October. Rehearsals were again planned for 6th September 2021 for an opening in Glasgow mid-October. The Gondoliers, a co-production with Scottish Opera, finally opened at Theatre Royal, Glasgow on 16th October 2021, with performances in Edinburgh and Inverness to follow up to 13th November. Utopia, Limited, opened in Glasgow on 20th October. Performances were still under Covid-19 restrictions requiring masks to be worn both on stage by the crew and those in the wings, and by the audience in the auditorium. Box office returns were negatively impacted by the ongoing pandemic. The Gondoliers was filmed in October in Edinburgh and was scheduled for a transmission on BBC Four on Easter Sunday 2022. The company was scheduled to re-convene in 2022 for a week of performances in London at Hackney Empire. Funding partners were flexible and accommodating during this year in allowing for the various delays. The D'Oyly Carte Music Hire Library continued to trade in Glasgow under licence to Scottish Opera.
FINANCIAL REVIEW
Financial position
All reserves are unrestricted funds and can be used at the discretion of the Trustees for the charitable objectives of the Trust. At 31 December 2021 the surplus of reserves amounted to £72,167 (2020: £46,869).
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THE D'OYLY CARTE OPERA TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2021
FINANCIAL REVIEW Reserves policy
D'Oyly Carte Opera Trust Limited is committed to having adequate reserves to meet its obligations.
The reserves the charity has set aside provide financial stability and allow the charity to meet its obligations as to rent, salaries and pension costs should the charity have to wind up its operations. The intention is to maintain reserves at a level at least equivalent to three months' expenditure.
The Board meets regularly and reviews the level of reserves that are required to ensure they are adequate to fulfil the continuing obligations.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed by Articles of Association. Under those Articles the Trustees are appointed by the Board of Trustees. The Trustees retire by rotation and being eligible offer themselves for re-election.
The members of the company are:
Mr. James Martin Haldane Rev. Sarah Lenton Mr. Michael Howard Tripp Rev. Ian Campbell Bradley
Each member of the company has undertaken to contribute up to £1 to the company's assets if the company should be wound up.
The Trustees are recruited and appointed by the existing members of the company.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
00682766 (Not specified/Other)
Registered Charity number
200024
Registered office
10 Margaret Street Fitzrovia London W1W 8RL
Trustees
J M Haldane Rev S Lenton M H Tripp Rev I C Bradley
Company Secretary
I S Martin
Page 2
THE D'OYLY CARTE OPERA TRUST LIMITED
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2021
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
John Thacker FCA DChA Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
Bankers
Coutts and Co 440 The Strand London WC2R 0QS
Solicitors
Harbottle and Lewis Hanover House 14 Hanover Square London W15 1HP
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... J M Haldane - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE D'OYLY CARTE OPERA TRUST LIMITED
Independent examiner's report to the trustees of The D'Oyly Carte Opera Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
John Thacker FCA DChA Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
Date: .............................................
Page 4
THE D'OYLY CARTE OPERA TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021
| 2021 Unrestricted funds Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 139,072 Charitable activities Charitable activities 1,139 Investment income 2 - Total 140,211 EXPENDITURE ON Raising funds 4,160 Charitable activities Charitable activities 110,753 Total 114,913 NET INCOME 25,298 RECONCILIATION OF FUNDS Total funds brought forward 46,869 TOTAL FUNDS CARRIED FORWARD 72,167 |
2020 Total funds £ 83,620 3,876 27 |
|---|---|
| 87,523 5,460 79,813 |
|
| 85,273 | |
| 2,250 44,619 |
|
| 46,869 |
The notes form part of these financial statements
Page 5
THE D'OYLY CARTE OPERA TRUST LIMITED
BALANCE SHEET
31ST DECEMBER 2021
| 2021 Unrestricted funds Notes £ CURRENT ASSETS Stocks 6 1,690 Debtors 7 1,577 Cash at bank 76,999 80,266 CREDITORS Amounts falling due within one year 8 (8,099) NET CURRENT ASSETS 72,167 TOTAL ASSETS LESS CURRENT LIABILITIES 72,167 NET ASSETS 72,167 FUNDS 9 Unrestricted funds 72,167 TOTAL FUNDS 72,167 |
2020 Total funds £ 1,690 482 58,427 60,599 (13,730) 46,869 46,869 46,869 46,869 46,869 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 6
continued...
THE D'OYLY CARTE OPERA TRUST LIMITED
BALANCE SHEET - continued
31ST DECEMBER 2021
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
J M Haldane - Trustee
The notes form part of these financial statements
Page 7
THE D'OYLY CARTE OPERA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
- Fixtures and fittings - 20% on cost
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
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THE D'OYLY CARTE OPERA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
1. ACCOUNTING POLICIES - continued
Going concern - covid19
The charity has prepared these accounts on a going concern basis, however there are material uncertainties in respect of COVID-19 and management have taken into consideration the existing and potential effects of coronavirus on the activities of the charity in the future.
2. INVESTMENT INCOME
| INVESTMENT INCOME | |||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Deposit account interest | - | 27 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2021 nor for the year ended 31st December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2021 nor for the year ended 31st December 2020.
4. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2021 £ 30,000 - 900 30,900 |
2020 £ 34,443 483 1,150 |
|---|---|---|
| 36,076 |
The average monthly number of employees during the year was as follows:
| 2021 | 2020 |
|---|---|
| 1 | 1 |
No employees received emoluments in excess of £60,000.
The total key management remuneration paid was £30,900.
continued...
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THE D'OYLY CARTE OPERA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
| 5. TANGIBLE FIXED ASSETS COST At 1st January 2021 and 31st December 2021 DEPRECIATION At 1st January 2021 and 31st December 2021 NET BOOK VALUE At 31st December 2021 At 31st December 2020 6. STOCKS Stocks 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors VAT |
Fixtures and fittings £ 667 667 - - 2021 2020 £ £ 1,690 1,690 2021 2020 £ £ 520 482 1,057 - 1,577 482 |
Fixtures and fittings £ 667 667 - - 2021 2020 £ £ 1,690 1,690 2021 2020 £ £ 520 482 1,057 - 1,577 482 |
|---|---|---|
| 667 | ||
| - | ||
| - | ||
| 2020 £ 1,690 |
||
| 2020 £ 482 - |
||
| 482 |
continued...
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THE D'OYLY CARTE OPERA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Social security and other taxes VAT Accrued expenses MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1/1/21 £ 46,869 46,869 Incoming resources £ 140,211 140,211 At 1/1/20 £ 44,619 44,619 |
2021 2020 £ £ 3,992 9,164 1,359 1,414 - 169 2,748 2,983 8,099 13,730 Net movement At in funds 31/12/21 £ £ 25,298 72,167 25,298 72,167 Resources Movement expended in funds £ £ (114,913) 25,298 (114,913) 25,298 Net movement At in funds 31/12/20 £ £ 2,250 46,869 2,250 46,869 |
2021 2020 £ £ 3,992 9,164 1,359 1,414 - 169 2,748 2,983 8,099 13,730 Net movement At in funds 31/12/21 £ £ 25,298 72,167 25,298 72,167 Resources Movement expended in funds £ £ (114,913) 25,298 (114,913) 25,298 Net movement At in funds 31/12/20 £ £ 2,250 46,869 2,250 46,869 |
2020 £ 9,164 1,414 169 2,983 |
|---|---|---|---|---|
| 13,730 | ||||
| 25,298 | ||||
| At 31/12/20 £ 46,869 46,869 |
||||
| 46,869 |
9. MOVEMENT IN FUNDS
continued...
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THE D'OYLY CARTE OPERA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 87,523 | (85,273) | 2,250 |
| TOTAL FUNDS | 87,523 | (85,273) | 2,250 |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2021.
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THE D'OYLY CARTE OPERA TRUST LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021
| INCOME AND ENDOWMENTS Donations and legacies Michael Bishop foundation Other donations Investment income Deposit account interest Charitable activities Royalty income Music library income Miscellaneous income Total incoming resources EXPENDITURE Raising donations and legacies Fundraising Charitable activities Wages Social security Pensions Rates and water Insurance Light and heat Telephone Postage and stationery Sundries Opera production Maintenance Travel and subsistence London office costs Subscriptions Computer related expenditure Carried forward |
2021 £ 118,333 20,739 139,072 - 1,132 - 7 1,139 140,211 4,160 30,000 - 900 (56) 416 - 604 83 278 65,205 - - 3,401 247 832 101,910 |
2020 £ 83,333 287 |
|---|---|---|
| 83,620 27 1,574 2,248 54 |
||
| 3,876 | ||
| 87,523 5,460 34,443 483 1,150 537 32 544 3,630 1,137 206 - 2,449 205 13,219 331 1,338 59,704 |
This page does not form part of the statutory financial statements
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THE D'OYLY CARTE OPERA TRUST LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021
| Charitable activities Brought forward Bank charges Foreign exchange differences Independent Examination Legal fees ETO education Bookkeeping and accountancy Total resources expended Net income |
2021 £ 101,910 1,016 (76) 1,650 13 - 6,240 110,753 114,913 25,298 |
2020 £ 59,704 1,132 228 1,800 4,513 7,177 5,259 |
|---|---|---|
| 79,813 | ||
| 85,273 | ||
| 2,250 |
This page does not form part of the statutory financial statements
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