**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**
## **Page**
**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).
Page 1
**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**
- a Memorandum of Association which established the by Articles of Association. Under those Articles the
- 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
Page 2
**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
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 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:
- with the accounting requirements of Section 396 of the give a true and fair view which is not a matter considered
- 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
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.
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: .............................................
Page 4
**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
Page 5
**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
Page 6
**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**
- 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
- 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
- of cost and net realisable value, after making due
- to pass the tests set out in Paragraph 1 Schedule 6 Finance
- a charitable company for UK Corporation Tax purposes.
- 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...
Page 7
**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...
Page 8
**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|
|||2023
£
779
-|
|||779|
|||2023
£
1,081
1,228
3,369|
|||5,678|
continued...
Page 9
**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...
Page 10
**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**
Page 11
**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|
|||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
Page 12
**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
Page 13