.thariolhouse.co.uk Suste 12, Create Hub King5 House 101-135 K9S Rd Bren CM14 4t%1 t +44101203 285 8)0 44 Grand Parade Brighton BN2 9QA t +441011273 447 040 Chartered Accountants +lax adviso The D'oyly Carte Operd Twst Limited Pennine Place 2a Charing Cross Road London WC2H OHF F.A.O. lan Marlin Chariot House Our Ref.. SWIDOY101 Date.. 23 October 2024 Dear lan We are pleased to end05e 8 ¢xJpy of your accounts for the year eThJed 31 De¢embeT 2023. Yours faithIlY Sh¢>na Wardrop For and on behalf of Chariot House Limited Sag¢A¢Mw•n% PuthEr Rewed In E#glAndaDd Wales theB]ithth kn knvt kwered Numbe¥ 3255019 Alistor<tY5ls awlabk#¢th¢T¥*eredoffice
REGISTERED COMPANY NUMBEIL. 00682766 REGISTERED CHARITY YttWBER: 2110024 REPORT OF THE TR TEES AND UNAUDITED FtNLYCIAL STATEMEf4TS FOR TH.E TrTAR ENDED 31 D_ECEMBER 2f123 THE D'OYLY C.ARTE OPE.RA TRLST LIMITED Chariot House Limited Chartered Accountants 44 Cltand Parade Brighto East Suwx BN2 9QA
THE D'OYLY CARTE PERA TRU CONTENTS OF THE FINANCLIL STATEIETs FOR THE YEAR ENDED 31 DEC MBER 2011 Page Report of the Trustees I to 3 Independettt Examiner's Report Statement of FID3ncial Activities Balance Sheet Nots5 to the FID8cial Statements Detailed Statement of Financial Adiiryties 12 to 13
THE D'OYL CAR'TE OPE REPORT OF THE TRUSTEE R TH_E YEAR LNDED 31 DECEMBER 21111 The trusi¢¢S who also directors of the clwity for the p1}se$ of tbe CoTnpanies Act 2(K)6. present their r¢port with the financial 51Xtemertts of the rlthritv for t year ended 31 DeceTnixr 2023. Tr tN51e£s have pIed ihe provision8 Or AcCountg 8t Re)rtIng by Clwi"ties". StaterTmt of Recomtnended Prdctice applicable lo charitJ¢S PFepaTing their aLcounts in accorda¢ with the FitwLial RqN)rting Stsndard applicable in the UK and Republic of Ireland IFRS 102) {effeclive l January 2019). OBJEcfIvES ANTI AcrivrriES Objectiyes 2nd aims The principal activities alld objectg of the charity company aTE the pythtion of Gilbert and Sullivan and other Operds for nationwide tOUT5 and ihe raising of fillKls to support these. The company has a music hire departmeni hiring musical scores lo amateur cl¢tIeS a1 edwation lffjtimtes. In addition the company sdls merchandise relating to its PTodu¢tM)ns. 3ndm¢Tchandise is also fted by way of publicity and maTketin& PbI}e betfit From l April 2(X)8 section 4 of the Chariiies Ad 20(kn requires all charitie5 to meet the lega] requiremcni that its aims are for the pllblic benefit. The Charity Commission in its -Chan"ties and Public B¢nefit" guidance states that there at¢ two kcy principles to be met in order to $lW that an organisation's aims ate for thc public benefit.. fJTStly theTe must bc an identifiable b¢nefii and sc£ondly the b¢nefii must Ix to the public or a se£tioTh of the public. The Trnstees confirni that thev have ¢omplied wjth the duty in Se¢iion 4 of the Cbariti£S Act 21M)6 to hai'e due regard io public ben¢fJt guidancL published by the Commission in dctemiining the octivi¢ies undcrtaken by th¢ Lharity. Th Trusiees are satisfied that the ainLS atMI objectÈves of the charity. and the activities rewrted on above to achieve those aims. meet these principl. ACHIEVEh.IENT AND PERFOILMAPICE Charitable aCtIties 2023 started wlih news of a I10 Lllt to fimding for the English NaiioDal Opera by the Arts Cowjcil of England. There was a fear that this would have a'trickle4loW. effttt scn)ss the opera w[S(L D'oyly Carte fortunate ro have coDtirtued its SUPlY)rt from its Sister charity, tyoyly C3rte Charitabl¢ Tru$4 and this allowed foT a continuation of thc education 8nd outreach work that h2d been wcll established in pmious SP$. A rangc of educlOal workshops for children aNI y04mg athdts was planned for 2023 in col]atK)rdthon with Otm Magic (Inndon Festival Opera) aThJ Charle5 Court Oper4 8t some singers "OrkshopS for young siThgeJs hoping to intrr the profession WCTC mounted iDcluding one at the Royal College of Music. li 7S proposed that rtext collaEmtion with Seottish Oper4 would Include a non-Gilbert and Sullivan oper4 and discussions Lonunetted with this in min¢L D'oyly Carte IslanLi on the River Th8mes ¥ Weybridge, had tentlY been purchawl PTivaiely. and the new owner asked D'oyly Carte Operd to moullt a suttmier ¢0Cert oft the island in June. This concen ststamed live globally using a new hi-tech Dolby Atmos sound system. Following meetings after the successfv] Hackney ErnpiTe season of The Gondoliers and Uiopi< Litnil¢ the D'oyly Carte Foundaiion (b%A) foLuth with the express pllrSe of proi'iding support for the D'oyly Carte Opera Trusi. The have E£n ongoing discussions about remji and agreeing to a working framewo for fLmdraising. and these ar¢ now r&qching th¢ir Concl10n. We lff>k fOTrd to TrOTking ryth thern in th¢ fu¢ur¢. Discussions foi the cotnpanvs D¢xt collabonlion with Scottish Oa continued. FtNANCIAL REVIEW Flnancial tSItion All reserves ate ut]rtstricÈed fimds alld be useAI at the diretion of the Tntte5 for the charitable objectives of the TnL8L At 31 December 2023 the surplus of rtxryts aftllted to £4&159 {2022.. £36.4381. Page I
THE D'OYLY CARTE PERA TRUST LIMITED REPORT F THE TRLTsfEES FOR THE YEAR ENDF.D 31 DECEMBER 2023 FINANCIAL REVtEw Reserves policv tyoyly Cane 0ra Tnw Limtted is eoll]lljitt to having adequate teseN&% to meet its obligations. Tbe reserves the charity has set aside provi(k financial mbiliry and allow the charity to meet its obligations as to rent, saILeS aud peDSiOn cosis should the chatity ha>e to Wind up its oterations. The intention is to maintsin rescnes at level at least equivalent to three nx)nths' ¢K[d]lU. The Board meets regularly atKI reviews the level of reserve5 that are required to ensure they are adequale to lfIl the continuing obligations. STRUCTURE, GOVERNANCE AND MANAGEMENr Governing do¢umeD¢ The charity was estsbli5hed UDder a Memorandum of Ass(Kiation w'bicb established the objeLlS and powers of the charitable company atKI is govtrned by ArtjLles of AsgKiaiion. Under those Anicles the Tnjsiees I pInted by the Btsard of Trustees. The Trustccs tetire byrotation ard betng ¢lignble offer theDiselves for re*lection. The membe]s of the comwdny are.. Mr. Paul CITiSt Rev. Sarah Lenton Mi. Michacl Howard Tripp Prof. Ign Calnpbell Bradley Each member of the con]pany ljas underten to contribute £1 the compatys assets if the company should be wound up. The Ttee$ are recrniied alld aptK>inied by the existmgnth of th¢ ¢omp8ny. REFERENCE AND ADI¥IINISTRATIVE DETAILS Registered CompkDy number 00682766 (Not stttifJeWOther) Rtgtstered Charity number 20(X)24 Registered office l Trafalgar Square Northumberl8nd Avtnue London WC2N 5BW Trustees Rev S Lenton MHTripp Prof I C Bradlcy P GTiSt (appointed 2713120231 Company Secretary I S Martin Page 2
THE D'OYLY CARTE OPERA TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR Ef4DED 31 DECEIBER 2D23 REFERENCE AND ADMINISTRATIVE DETAIIS Independent ExArniner Dr Shona F Wardrop C.A Chariot Hou%e LiTllited Chartered A¢¢ountants 44 Grand Parade Brighton East Sllssex BN2 9QA Bankers Coutt5 and Co 440 The StTand London WC2R OQS Solicitors Harbottle a1 [1$ Hanover House 14 Hanover Square London W15 IHP Apprtsvcd by orderof thc IKwd of trustee5 on........................................ 5igThed on its Edlf by". MHTiipp-Tn Page 3
INDEPENDENT EN1[NER, REPORT TO THE TRUSTEES OF THE D'OYLY CARTE OPERA TRUST LIMITED Independent examiner's rert to the trustees The D'O)fv Cartt Opera Trn$t Limited Cthe Cornpanv,) I rewrt to the ¢h3rity ttUStes on my exajnanation ofthe accounts of the Con)pany for the year eTKl¢d 31 December 2023. iiwnsibilities 8nd basls of report As thc charl$ tnjsiees of the Company land also its directOf5 for the purFrtws of company lawl you are responsible for the preparation of the a¢coMkn¢e witb the requiTeTnents of the Companies Act 20 ('the 21Xk6 Act'l. Having satisfied Etryself that the accollnts of the Compat)y are TJOI ¢0 audited under Part 16 of the 2006 Act and are eliglble for ]ndndent exami[110 I rep)n in res of my examination of your charis accounts as carried ollt under Section 145 of the Charities Act 2011 ('the 2011 ACVI. In canving out Eny examination I have followed the Dir¢ctions given by the Charity Commission Ur Section 145151 (b) of the ?01 I ACL Independent examiner's sltement I have completed my examination. I ctsllfllm matters have c¢)me to my atteoiion in nectiOn with the examination gii'ing me cause io believe.. accoUntU rordS were not kept in rcsrttt of the Company as required by Se£tion 386 of the 2(K)6 Act; or the attounts do not accord with those recor(is,' or the ac¢ourtts do not comply the accountiDg requirements of Sedion 396 of Ihe 2(X)6 Act other than any rcquittmeni tha¢ the aounts give a trne and fatr vitw w'hith is rtot a mter considered as part of an independent ekqminalton" or the aLxounts have not bccn prqjartd in accordance Mryth the mcthcmls and pritt¢Iples of the Statement of Recommcnded Practice for a¢unting and rerrf)rting by charities lapplitable to ¢harities prepaFing their accounts in x¢ordct with the FinatKi31 Rewtsng Standard applicable ID the UK and Republic of 131 (FRS 102)). I have no COTer]]s and have come across no other matters in o)nnection with the examination to which attcntioTL should be drawn this In orthr to enable a pr(w understanding of the accounts to IK reached. Dr Shona F Wardrop C.A chan.ot House Limited Chartered Accountants 44 fvd Para(k Brighton East Sus8¢X BN2 9QA Datr.. Page 4
THE D'OYLY CARTE OPERA TRUST LLMITED STATEMEYf OF FANcLL ACTIIqTIES FOR THE YEAR ENDED 31 DECENIBER 2023 2023 Totsl 2022 Total fid$ Unresthcred Restricted NS INCOME AND ENDOWMENTS FROM Donati(JTL8 and l£gaci< 51J23 20.(KKI 71 J23 95238 Charitable 4ctivitics Chthtsbl¢ activitics 6,894 6.894 3,348 Investment i]Kome 393 393 65 T&tsi 58,610 20.IMM) 78,610 98.651 EXPENDrruRE ON Raising fu] 3.120 3,120 3.380 Cbarltable 4Ctlvltles Charitsble activities 45.219 18.550 63,769 131.(K)O Totsl 48.339 18.550 66.889 134,380 NET INCO.(EXPENDITUREj 10.271 1.450 11.721 (35.7291 RECONCILIATION OF FUNDS Total fid5 bioughi forwatd 36,438 36,438 72,167 TOTAL FUNDS CARRIED FORWARD 46.7(V) 1,450 48.159 Th¢ Th)S fomi part of these financial statets
-yLy CARTE OPERA TRUST LLMITED THE D. BACE SHEET 31 DECEMBER 2023 2023 Totsl funds 2022 Tota] fidS Unrestricted Reskn¢d fund Notes CURRE14T ASSETS Stocks Dtbtors C&8h at bank 1,6gJ 779 51.368 1.6 1.079 40,301 779 49.918 1.450 52J87 1.450 53,837 43.070 CREDITORS Arnounts falling due within one ycar 15.678) (5,678) {6.632} NET CURRENT SETs 46.709 1.450 48,159 36,438 TOTAL ASSETS LE&S CURRENr LL4BJLITIES 46,709 1.450 48.159 36.438 NET ASSETS 1.450 48,159 36,438 io Unr¢stTiCted fi Restri¢d funds 46,709 1,450 36.4J8 TOTAL FUNDS 48.159 36,438 The charitable company is entitled excmption from a111 un(kr Sectton 477 of the cornpani A¢t 2(K)6 for the year ended 31 December 2023. tXLembers have not r¢quifft4 th¢ company to obtain an auth"t of its financial ststrmejits for the year ended 31 Lkcember 2023 in att0rd with Section 476 of the CoTnpaDies Act 2(Kl6. The trustees k>Tedge their YE%ibIl]tic$ for (a) cnsurino that the charttable company keeps a(xy)unting reeorth that COTnply with Seciions 386 and 387 of the Companie5 Act 21KJ6 athd preparing financial statements whÉch give a true alld fair kiew of the stste of affairs of the clwitable CoMpaY as at the end of each financial year and of its Sutpl or defi¢il for each fjnancial yeat in accordan¢¢ with the requirements of Sections 394 aTMI 395 and wlll.cb othernise eon)ply with the requirements of the CompaT)ies Act 2(K)6 relati to [anCIal so far as app]ile to the charitable cornpany. Ib) These financial sratements have been prepared in accordance with tlK pmvi510ns applicable to charitable compaiiie5 subjeci to the small compatthes regime. The fJn2ncial stateme approved by B(d of TnLStee5 and authorised for issue wert siglled on its behalf by: on M H Tripp. Tr¢ The notcs fonn part of the5c fi¥wKial sratements Page 6
THE D. YLY ARTE PERA TR T LLMITED NOTES T THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JI DECE)IBER 2023 ACCOUNTING POLICIES Basis of preparing the f¢11 Statements Th¢ financi Statements of the cilzritsble company. hlCb is a public benefit entity uThler FRS 102. have ken prepared in accordance with the Charities SORP IFRS 102) 'Accountin8 and Reporting bv Charities.. Statement of Reconunended Prdctsce applicable to chan.ties prepar]D8 their aLrounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective l JaJLuary 20191,, Fitjallcial Reporting Standard 102 The FiDaDcial Rqrting Stall(Jard applicable in the UK and Republic of relan(r and the Cornpanies Act 2. The fEnancial ststetnents have been prepared utmkr the historical c05t convenlton. Income All incom¢ is recogtJi$ed in Stsmeni of Financial Activities once thc Chlty has cntitlcmcnt to ihc funds, it is probable that the income will rettived aThl the amount cat) be measll reliably. Expenditure Liabilitics arc reco]sed as expenditure &s s(x)n as thcrc is a leTal or eonstsuctive obl1dtiOn committing thc charity to that exnditre. it is probable that a tsansfer of economic benefits v/ill be required in settjement and the aTnOUnt of the obligation can be measured reliably. ExpenditLwe is accountd for on an accTuals basis and has been classified under headings aggregak a]1 cost Telatrd 10 the ttrory. Where costs cannot be dire¢dy attributed parn¢ular heaLlings they have been allocated to actii"ities ott a basis consisient with the use of resourc&s. Tangible red Depreciation is prokided * the followw annual rates in order to writ off each asset oveT its estimated Jseful life. Fixture5 aTLd fittitL8S on cost Sto¢ks Stocks are lUed ai the lower of cost aDd net reaithle value. after makLD8 thle allowallce for obsolete aDd slow moving items. Taxation The Charity is considcred to pass the tests set Patagtaph I Sclthle 6 Finance Act 2010 and therefore it meets the definition of a ch8ritsble company for UK Corporation T&x purpos. Ac¢oTdingly thc Chanty 15 poientially exempt from taxation in respect of income or capital gains received rythIn categories covercd by Chap¢eT 3 Part I I CoTPOTation Tax Act 2010 or Section 256 of the T&xation of Chargeable GaiJJs Act 1992. to the exteni that such income or gaills are applied exclu5iN'el)' to charitsble PUTposes. Fund 8ccounting Unrestrtcted fimds be used in accordaTKe with the chatitsble ObJtiveS at the distl0n of the Intstecs. Restricted fi(L$ can tsnty ed for particular Testricted pu[[5tS within the objects of the charity. Kestrictions arise when spe¢ifLed by the dootsrorwhen fund5 are raised forparticu]ar rcstricted purrK>scs. Further explanasion of th¢ nattwE Jd pww)se of fLmd is incluthd in the noS to the fina¢1#1 statements. Pension costs and other post4etirement beTrefits The charitable company 0dIeS a defined contribwion nSIOn scheme. Conrrtbutions payable to the eharitsble company's nSIon scheme are charged to Statementof Financial Activilies in the period to which they relate. Going conceTrm Tht charity has prepartd thtse accounts on a going ¢on¢ern IMsi& and the tsustees aly Satisfi that rhere are no material issues thai mean tbis basis Is t)oi appmpriate. Page 7 continued...
THE D'OYLY CARTE OPERA TRUST LIMITED NOTES TO THE FINNCIAL ST.4TEMENTS- CODthiued FOR THE YEAR ENDED 31 DECE%1BER 2023 1VESThr ThCOL¥ 2023 2022 Deposit account interest 393 65 NET INCOMEI(EXPENDITURE) Net incomGlleKpenditure) is stated afterc1w{C1ltinsl.' 2023 2022 Indcpendcnt examtnatio 1.675 1.550 TRUSTEES, REMUNERATION AND BENEFfLS There were no trStS, remur*rdtion or other benefits for the year etMJoJ 31 ikcember 2023 nor for the year ]ded 31 December 2022. Trustets, expen There w¢re £187 mjsteos exwses paid forthe yw LIKled 31 December 2023 (2022". Dil). STAFF COSTS 2023 2022 Wages andsalarics Soci31 security costs Other rthsion ¢osts 30.4 33,(X)O 87 99) 82 912 31J94 34,077 The averdge monthly number of •nploy¢es during the year was as follows." 2023 2022 No eTDployees received emoluments in exc of £60.(KiI. The total employee Inefits (including Fnsiott Contributions and employ&s nationa] insurance) of key managemeni PeTsonnel in ycar ended 31 December 2023 was £31 J94 (2022: £34.0771. Page 8 continueiL..
THE D'OYLY ARTE OPERA TRUST LIMITED NOTES TO THE FINANCIAL STATEIIENTS- eoDtIDued FOR THE YEAR ENDED JI DECEMBER 21123 TANGtBLE FtXED ASSETS Fixtures and rittings COST At l January 2023 31 Dtcettkn 2023 667 DEPRECIATION At l January 202J aj 31 Deeetttber 2023 667 NET BOOK VALUE At 31 December 2023 At 31 December 2022 STOCKS 2023 2022 Stocks 1.6 1,690 DEBTORS." AMOUNTS FALLING DUE wrrHIN ONE YEAR 2023 2022 Oth¢rd¢btors VAT 542 537 779 779 1,079 CREDITORS: AMOUNTS FALLING DUE WITHIN OE4E YEAR 2023 202? Trade creditors Social security aThl other tsxes Attnwd tnseS 1.081 1.228 3.369 2.448 1,306 2,878 5,678 6,632 Page 9 continlle(L..
THE D'OYLY CARTE OPEIL4 TRusf LLMITED NOTES TO THE FINANCIAL STATEMENTS- CtinUed FOR THE YEAR ENDED 31 DECENIBER 2023 MOVEMENT IN FUNDS Net movement At 111123 3 1112123 UDre5tricted fllnds Generaj fund 3&438 10271 46,709 Restrieted funds Education Projects 1,450 1,450 TOTAL FUNDS 36,438 11.721 48,159 Netmovement in funds, included in the above ate as follows.. Incoming Resources expeI¢d Movement in fund5 Unrestricted funds Generdl fund 58,610 (48.339) 10,271 Rt5tTided funds Education Projects 20,IXX (18.550) 1.450 TOTAL FUNDS 78.610 166.889) 1,721 CompaT8tiYe5 for movement in funds Net overnent funds At 31112122 At i/ir22 UDre5tricted fuDds Generdl fut 72.167. (35.729) 36,438 TOTAL FUNDS 72.167 (35.7291 36.438 Page 10 continued...
Y CARTE OPERA TRUIT LLMITED NOTES TO THE ThAF4CL4L STATE%IENTS- CODtittued FOR THE YE_AR ENDED 31 DECEIBER 21123 io. MOVEMENT IN FUNDS- cotstinue Cornparative net movement in W ti)cILd in the aFx)ve ate as follo. Incoming ResouT¢es Movemcnt in fund5 Utsrt5tricted funds Genctal fimd 78,651 (114J80) {35,729) Restrirted funds Education Projects 20.IMKI (20,(KK)) TOTAL FUNDS 98,651 (134,380) (35,729) Educstion ProJeets The Education Projects are fimdedby The DY)yty Carte Clwitsble TnJsL RELATED PARTY DISCLOSURES There were no related paty trdDS*iions for the year ended 31 De£ernr 2023. Pa8ell
THE D'OYLY CARTE OPEIL4 TRUST LLMITED DF.TAII.F.D STATEIENT OF FI.NLYCIAL ACTIVITIES FOR THF. YEAR ENDED 31 DECEMBER 2023 2023 2022 INCOME AND ENDOWMENTS Don#tlon5 and legacie5 Michael Bishop fowhjati Other donaiions 50.(K>O 21,323 95.OIK) 238 71.323 95.238 Investment income Deposki account illierest 393 65 Charitable activities Royalty income NlusiG library income Misc¢llancous Incorne Con¢ert Income 1,351 543 1.423 1,925 3,348 Tot#1 incoming resourtts 78,610 98,651 EXPENDITURE Ralslng d•natknns and legacies Fund]aising 3,120 3,380 Charitable actl)Itles Wagcs Social secllrity Pensions JnsuraTLce Telephone PosLige and stationery Sundries Opera production TTavel and subsistence London office costs Subs¢nptions Computer related expenditure Bank charg¢s Foreign exehange diffeyenccs Independent Examinatio Lega] and profe&sionai fees F.TO educatio Bookkeeping and accountancy Musib library costs 30,400 82 912 372 720 126 437 4.915 344 3.937 362 13 1.024 492 33,000 87 990 388 494 199 1,170 63.722 3,905 352 1.317 837 (8441 ,550 193 16.630 6,580 425 207 9,936 6,760 63,769 131,1KJO 's page does Th)t fom] part of Stsbjtory financial statements Page 12
'OIiY CARTE OPERA TRUST LIMITED DETAII.ED STATEME1[ OF FINANCIAL ACTIVITIFS FOR THE YEAR ENDED 31 DECEMBER2023 2023 2022 Total rourceS expentsE 66,889 134.380 Net in¢omel(expenditsre) 11.721 {35,7291 This pag¢ do not fomi part of the statutory financial statements Page 13