REGISTERED COMPANY NUMBER: 00682766 REGISTERED CHARITY NUMBER: 200024
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
FOR THE D'OYLY CARTE OPERA TRUST LIMITED Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
THE D'OYLY CARTE OPERA TRUST LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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Report of the Trustees 1 to 3 Independent Examiner's Report 4 Statement of Financial Activities 5 Balance Sheet 6 Notes to the Financial Statements 7 to 11 Detailed Statement of Financial Activities 12 to 13
THE D'OYLY CARTE OPERA TRUST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
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 31 December 2024. 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.
the Charities Act 2006 requires all charities to meet the legal Charity Commission in its "Charities and Public Benefit" to show that an organisation's aims are for the public with the duty in Section 4 of the Charities by the Commission in determining the activities aims and objectives of the charity, and the activities reported discussions with Scottish Opera concerning the 2025. It was agreed that that Scottish Opera, together with would co-produce Lehar's The Merry Widow and, to by Jury, together with a new commission A Matter of would be supported by a very generous donation Carte Foundation (USA). The productions will open in Trustees of our sister charity, The D'Oyly Carte Charitable Blake Jones and Opera Magic, visiting HMP Brixton were enthusiastically received by all our audiences, and
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.
Trustees are satisfied that the aims and objectives of the charity, and the activities reported on above to achieve those aims, meet these principles. ACHIEVEMENTS AND PERFORMANCE Charitable activities During 2024 the charity continued discussions with Scottish Opera concerning the choice of repertoire for our forthcoming collaboration in 2025. It was agreed that that Scottish Opera, together with the D'Oyly Carte Opera Company and Holland Park Opera would co-produce Lehar's The Merry Widow and, to celebrate D'Oyly Carte's 150th anniversary, a double bill of Trial by Jury, together with a new commission A Matter of Misconduct, by Toby Hession and Emma Jenkins. These productions would be supported by a very generous donation from The Michael Bishop Foundation and by the D'Oyly Carte Foundation (USA). The productions will open in Glasgow, tour in Scotland and then play at Opera Holland Park, during the spring and summer of 2025. Thanks to the generosity of the Trustees of our sister charity, The D'Oyly Carte Charitable Trust, we have been enabled to continue our outreach work with Philip Blake Jones and Opera Magic, visiting HMP Brixton and the Winter Gardens, Morecambe. The workshops were enthusiastically received by all our audiences, and invitations to come back to both venues were issued.
Planning for the 2025 150th anniversary of the first performance of Trial by Jury - Gilbert and Sullivan's first collaboration - was well underway, and it was hoped to celebrate the actual anniversary - 25th March 2025 - on D'Oyly Carte Island. Plans were also being laid for education work around the proposed productions with Scottish Opera and Opera Holland Park
FINANCIAL REVIEW
Financial position
Unrestricted funds can be used at the discretion of the Trustees for the charitable objectives of the Trust.
At 31 December 2024, total reserves were £99,449 (2023: £48,159) including unrestricted reserves of £97,999 (2023: £46,709).
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THE D'OYLY CARTE OPERA TRUST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
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
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a Memorandum of Association which established the by Articles of Association. Under those Articles the
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has undertaken to contribute up to £1 to the company's assets
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 who are the directors and trustees are:
Mr. Paul Grist Rev. Sarah Lenton Mr. Michael Howard Tripp Prof. 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
1 Trafalgar Square Northumberland Avenue London WC2N 5BW
Trustees
Rev S Lenton M H Tripp Prof I C Bradley P Grist
Company Secretary
I S Martin
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THE D'OYLY CARTE OPERA TRUST LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Dr Shona F Wardrop C.A Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
Bankers
Coutts and Co 440 The Strand London WC2R 0QS
- 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: ........................................................................ M H Tripp - Trustee
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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 31 December 2024.
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:
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with the accounting requirements of Section 396 of the give a true and fair view which is not a matter considered
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been prepared in accordance with the methods and for accounting and reporting by charities (applicable to charities across no other matters in connection with the examination
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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
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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
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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.
Dr Shona F Wardrop C.A The Institute of Chartered Accountants of Scotland
Chariot House Limited Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA
Date: .............................................
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THE D'OYLY CARTE OPERA TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| DRAFT 04/09/25 15:22 Unrestricted Restricted funds fund Notes £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 105,680 - Charitable activities Charitable activities 5,307 - Investment income 2 659 - Total 111,646 - EXPENDITURE ON Raising funds 3,129 - Charitable activities Charitable activities 57,227 - Total 60,356 - NET INCOME 51,290 - RECONCILIATION OF FUNDS Total funds brought forward 46,709 1,450 TOTAL FUNDS CARRIED FORWARD 97,999 1,450 |
2024 Total funds £ 105,680 5,307 659 111,646 3,129 57,227 60,356 51,290 48,159 99,449 |
2023 Total funds £ 71,323 6,894 393 |
|---|---|---|
| 78,610 | ||
| 3,120 63,769 |
||
| 66,889 | ||
| 11,721 36,438 |
||
| 48,159 | ||
The notes form part of these financial statements
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THE D'OYLY CARTE OPERA TRUST LIMITED
BALANCE SHEET
31 DECEMBER 2024
| 2024 | 2023 | |
|---|---|---|
| Unrestricted Restricted |
Total | Total |
| funds fund |
funds | funds |
| Notes £ £ |
£ | £ |
| CURRENT ASSETS | ||
| Stocks 7 1,690 - |
1,690 | 1,690 |
| Debtors 8 1,060 - |
1,060 | 779 |
| Cash at bank 100,924 1,450 |
102,374 | 51,368 |
| 103,674 1,450 |
105,124 | 53,837 |
| CREDITORS | ||
| DRAFT 04/09/25 15:22 Amounts falling due within one year 9 (5,675) - (5,675) (5,678) NET CURRENT ASSETS 97,999 1,450 99,449 48,159 TOTAL ASSETS LESS CURRENT LIABILITIES 97,999 1,450 99,449 48,159 NET ASSETS 97,999 1,450 99,449 48,159 FUNDS 10 Unrestricted funds 97,999 46,709 Restricted funds 1,450 1,450 TOTAL FUNDS 99,449 48,159 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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.
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:
.............................................
M H Tripp - Trustee
The notes form part of these financial statements
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THE D'OYLY CARTE OPERA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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
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in the Statement of Financial Activities once the charity has as expenditure as soon as there is a legal or constructive it is probable that a transfer of economic benefits will be can be measured reliably. Expenditure is accounted for
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headings that aggregate all cost related to the category. Where headings they have been allocated to activities on a basis at the following annual rates in order to write off each asset - 20% on cost
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of cost and net realisable value, after making due
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to pass the tests set out in Paragraph 1 Schedule 6 Finance
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a charitable company for UK Corporation Tax purposes.
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in respect of income or capital gains received within categories 2010 or Section 256 of the Taxation of Chargeable Gains
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 life. Fixtures and fittings - 20% on cost Stocks Stocks are valued at the lower of cost and net realisable value, after making due moving items. Taxation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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 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.
Going concern
The charity has prepared these accounts on a going concern basis, and the trustees are satisfied that there are no material issues that mean this basis is not appropriate.
continued...
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THE D'OYLY CARTE OPERA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
2. INVESTMENT INCOME
2024 2023 £ £ Deposit account interest 659 393 3. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): 2024 2023 £ £ Independent examination 1,750 1,675
| DRAFT 04/09/25 15:22 Independent examination 1,750 1,675 TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the y ended 31 December 2023. Trustees' expenses There were no trustees' remuneration or other benefits for the year ended 31 December 2024 (2023: £187). STAFF COSTS 2024 2023 £ £ Wages and salaries 30,000 30,400 Social security costs 102 82 Other pension costs 900 912 31,002 31,394 The average monthly number of employees during the year was as follows: 2024 2023 1 1 |
|---|
4. TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 (2023: £187). 5. STAFF COSTS
No employees received emoluments in excess of £60,000.
The total employee benefits (including pension contributions and employer's national insurance) of key management personnel in year ended 31 December 2024 was £31,002 (2023: £31,394).
continued...
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THE D'OYLY CARTE OPERA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
6. TANGIBLE FIXED ASSETS
| DRAFT 04/09/25 15:22 COST At 1 January 2024 and 31 December 2024 DEPRECIATION At 1 January 2024 and 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 7. STOCKS Stocks 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR VAT Prepayments 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Social security and other taxes Accrued expenses |
Fixtures and fittings £ 667 667 - - 2024 2023 £ £ 1,690 1,690 2024 2023 £ £ 810 779 250 - 1,060 779 2024 2023 £ £ 362 1,081 1,455 1,228 3,858 3,369 5,675 5,678 |
Fixtures and fittings £ 667 667 - - 2024 2023 £ £ 1,690 1,690 2024 2023 £ £ 810 779 250 - 1,060 779 2024 2023 £ £ 362 1,081 1,455 1,228 3,858 3,369 5,675 5,678 |
|---|---|---|
| 667 | ||
| - | ||
| - | ||
| 2023 £ 1,690 |
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| 2023 £ 779 - |
||
| 779 | ||
| 2023 £ 1,081 1,228 3,369 |
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| 5,678 |
continued...
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THE D'OYLY CARTE OPERA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
10. MOVEMENT IN FUNDS
| DRAFT 04/09/25 15:22 At 1/1/24 £ Unrestricted funds General fund 46,709 Restricted funds Education Projects 1,450 TOTAL FUNDS 48,159 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 111,646 TOTAL FUNDS 111,646 Comparatives for movement in funds At 1/1/23 £ Unrestricted funds General fund 36,438 Restricted funds Education Projects - TOTAL FUNDS 36,438 |
Net movement At in funds 31/12/24 £ £ 51,290 97,999 - 1,450 51,290 99,449 Resources Movement expended in funds £ £ (60,356) 51,290 (60,356) 51,290 Net movement At in funds 31/12/23 £ £ 10,271 46,709 1,450 1,450 11,721 48,159 |
|---|---|
continued...
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THE D'OYLY CARTE OPERA TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
10. 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 58,610 |
(48,339) | 10,271 |
| Restricted funds | ||
| DRAFT 04/09/25 15:22 Education Projects 20,000 (18,550) TOTAL FUNDS 78,610 (66,889) Education Projects The Education Projects are funded by The D'Oyly Carte Charitable Trust. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2024. |
1,450 11,721 |
11. RELATED PARTY DISCLOSURES
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THE D'OYLY CARTE OPERA TRUST LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| DRAFT 04/09/25 15:22 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 Concert Income Total incoming resources EXPENDITURE Raising donations and legacies Fundraising Bank interest Charitable activities Wages Social security Pensions Insurance Telephone Postage and stationery Advertising Sundries Opera production Travel and subsistence London office costs Subscriptions Computer related expenditure Bank charges Foreign exchange differences Independent Examination Carried forward |
2024 £ 70,000 35,680 105,680 659 2,107 - 3,200 - 5,307 111,646 3,120 9 3,129 30,000 102 900 371 822 91 1,905 371 2,411 859 4,080 72 1,686 1,021 (147) 1,825 46,369 |
2023 £ 50,000 21,323 |
|---|---|---|
| 71,323 393 1,351 543 - 5,000 |
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| 6,894 | ||
| 78,610 3,120 - |
||
| 3,120 30,400 82 912 372 720 126 - 437 4,915 344 3,937 362 943 1,024 492 1,800 46,866 |
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 31 DECEMBER 2024
| DRAFT 04/09/25 15:22 Charitable activities Brought forward Legal and professional fees ETO education Bookkeeping and accountancy Total resources expended Net income |
2024 £ 46,369 298 3,800 6,760 57,227 60,356 51,290 |
2023 £ 46,866 207 9,936 6,760 |
|---|---|---|
| 63,769 | ||
| 66,889 | ||
| 11,721 | ||
This page does not form part of the statutory financial statements
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