**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).
Page 1
**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:
1. 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
3. 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
4. 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...
Page 8
**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...
Page 9
**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...
Page 10
**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...
Page 11
**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.
Page 12
**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
Page 13
**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
Page 14