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2024-03-31-accounts

ENGLISH NATIONAL OPERA BENEVOLENT FUND

REPORT and ACCOUNTS YEAR ENDED 31 MARCH 2024

Registered charity number: 211249

ENGLISH NATIONAL OPERA BENEVOLENT FUND REPORT AND ACCOUNTS for the year ended 31 March 2024

LEGAL AND ADMINISTRATIVE DETAILS

The English National Opera Benevolent Fund is an unincorporated Registered Charity no. 211249, regulated by a Scheme of the Charity Commissioners of 22 August 1975, as last varied by a Scheme of 10 April 1995.

The body of Trustees consists of not more than eight individuals appointed by English National Opera for a term of four years, of which one is elected annually by the Trustees to be Chairman.

Trustees

John Cooke MBE Prof Graeme Danby Elaine Heaf Tyler-Hall Dr Andrew Johns Charles Kraus Veronica Pollard (Resigned 13 June 2023) Roger W Sanders OBE (Chair)

Registered Office

London Coliseum, St Martin's Lane, London, WC2N 4ES

Bankers

CCLA Senator House, 85 Queen Victoria Street, London, EC4V 4ET

Independent Reporting Accountants

J R G Auber Chartered Accountant 2 Castle Business Village, Station Road, Hampton, Middlesex, TW12 2BX

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ENGLISH NATIONAL OPERA BENEVOLENT FUND REPORT AND ACCOUNTS for the year ended 31 March 2024

TRUSTEES’ REPORT

The Trustees present their annual report on the affairs of English National Opera Benevolent Fund together with the accounts and independent examiner’s report for the year ended 31 March 2024.

Principal activities and aims

The Fund has as its primary purpose the relief of cases of need. Financial assistance, by means of regular and one-off grants and loans, is provided to past and present employees of, and freelancers who have worked for, English National Opera and its antecedent companies.

Risk management

The Trustees have examined the major business and operational risks which the charity faces and consider that maintenance of the Fund’s reserves policy and controls over the accounting procedures are reasonable steps to address those risks.

Trustees' responsibilities in the preparation of financial statements

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Fund and of the financial activities of the Fund for that period. In preparing those financial statements the Trustees should follow best practice and:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Connected charities

The Fund is connected to English National Opera (Registered Charity no. 257210) whose principal activities are to encourage the understanding and appreciation of the arts, particularly (but not limited to) the performing arts by providing, presenting, producing, organising, creating access to, managing and conducting performances of plays, opera, ballet, films and concerts of cultural value to the community; to advance education for the public benefit, particularly (but not exclusively) in the performing arts, and in plays, opera, music, music performance techniques, ballet, films and concerts of cultural value to the community; and to advance health and wellbeing for the public benefit, particularly (but not exclusively) through activities related to the performing arts, including opera, music and performance techniques.

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ENGLISH NATIONAL OPERA BENEVOLENT FUND REPORT AND ACCOUNTS for the year ended 31 March 2024

TRUSTEES’ REPORT (cont.)

Public benefit

The Trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when the reviewing the Trust's aims and objects in planning future activities.

Review of the year

During the period covered by the financial statements, the Fund provided discretionary financial assistance monthly to 4 persons (2023: 5 persons) and on a one-off basis to 2 persons (2023: 3 persons). Total payments in the year amounted to £12,713 (2023: £16,762).

The Fund's results for the period are set out in the Statement of Financial Activities on page 5, and the position at the end of the period is shown in the Balance Sheet on page 6. Net incoming resources for the year amounted to £22,323 (2023: Net outgoing £8,579). The total fund balance carried forward at the end of the period was £259,182 (2023: £236,859).

No Trustee received any remuneration in respect of services to the Benevolent Fund during the year.

Financial position

Regular and one-off grant payments are subject to at least annual review by the Trustees and no undertaking is given as to the continuance of these payments from one year to the next. Accordingly, there are no charitable commitments for future years. Based upon the current level of reserves, the Trustees are satisfied that the Fund's assets are adequate to maintain the level of assistance currently provided.

Investments

The Trustees review the investment portfolio of the Fund at their meetings. During the year the assets of the fund continued to be held in the form of interest bearing deposit accounts.

Reserves policy

The Fund is highly reliant on donations; therefore it is the Trustees’ policy to maintain a sufficient level of reserves to protect against the possibility of future fluctuations in this income source and possible increase in numbers of claimants. The Trustees continue to monitor the level at each meeting and are of the opinion that the current level of reserves is prudent for this purpose.

Equal Opportunities

The charity is committed to a policy of equal opportunity in all aspects of its recruitment and appointment of Trustees and the award of loans and grants.

By order of the Trustees

R W Sanders (Chair) Date: 10[th] December 2024

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ENGLISH NATIONAL OPERA BENEVOLENT FUND REPORT AND ACCOUNTS for the year ended 31 March 2024

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF THE ENGLISH NATIONAL OPERA BENEVOLENT FUND

I report to the charity Trustees on my examination of the accounts for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity Trustees of the Fund you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Fund as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

J R G Auber Chartered Accountant

2 Castle Business Village, Station Road, Hampton, Middlesex, TW12 2BX

Date: 10[th] December 2024

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ENGLISH NATIONAL OPERA BENEVOLENT FUND REPORT AND ACCOUNTS for the year ended 31 March 2024

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31 March 2024

Note
Incoming resources
Voluntary income - donations
1
Investment income
2
Total incoming resources
Resources expended
Direct charitable expenditure
3
Governance costs
4
Total resources expended
Net outgoing or incoming
resources for the year
Net movement in funds
Reconciliation of funds:
Balances brought forward at
1 April 2023
Balances carried forward at
31 March 2024
7		 Unrestricted
Funds
£
Endowment
Funds
£
Total Funds
2024
£
Total Funds
2023
£
25,129
-
25,129
3,477
16,899
-
16,899
6,056
42,027
-
42,027
9,533
12,713
-
12,713
16,762
6,992
-
6,992
1,350
19,704
-
19,704
18,112
22,323
-
22,323
(8,579)
22,323
-
22,323
(8,579)
202,264
34,595
236,859
245,438
224,587
34,595
259,182
236,859

All of the above results are derived from continuing activities.

The charity has no other recognised gains and losses other than those stated above.

The notes on page 7 to 9 form part of these financial statements.

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ENGLISH NATIONAL OPERA BENEVOLENT FUND REPORT AND ACCOUNTS for the year ended 31 March 2024

BALANCE SHEET

as at 31 March 2024

ALANCE SHEET
s at 31 March 2024
Note
Current assets
Cash at bank and in hand
Liabilities: amounts falling due within one year
5
Net current assets
Net assets
Funds
6
Permanent endowment
Unrestricted		 2024
£
2023
£
364,501
347,602
364,501
347,602
(105,319)
(110,744)
259,182
236,859
259,182
245,438
34,595
34,595
224,587
210,843
259,182
245,438

Approved by the Trustees and signed on their behalf by:

R W Sanders (Chair) Date: 10[th] December 2024

The notes on page 7 to 9 form part of these financial statements.

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ENGLISH NATIONAL OPERA BENEVOLENT FUND REPORT AND ACCOUNTS for the year ended 31 March 2024

NOTES TO THE FINANCIAL STATEMENTS

Accounting Policies

Basis of preparing the financial statements

The financial statements of the charity, 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 Charities Act 2011. The Financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets

Incoming resources

All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability

Investment income

Investment income has been accounted for in the year in which it is due and receivable. All investment income may be used for the general purposes of the Fund and is credited to Unrestricted Funds.

Grants payable

Grants payable are payments made to third parties in furtherance of the charitable objectives of the charity. The grants are accounted for where the Trustees have approved payment of the grant without condition and the recipient has a reasonable expectation that they will receive a grant.

Regular grants paid

Regular grant payments are subject to at least annual review by the Trustees and no undertaking is given as to the continuance of these payments from one year to the next. Accordingly there are no charitable commitments for future years.

Governance costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

Loans

A review of loans made by the Fund in furtherance of its objects is undertaken each year to determine the extent to which such loans are considered to be irrecoverable, or unlikely to be recoverable. An appropriate provision is made against them and charged in “direct charitable expenditure”. Where amounts are subsequently recovered against such provisions, these are either set off against any new provisions as “provisions no longer required” or written back as “other income” in the Statement of Financial Activities.

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ENGLISH NATIONAL OPERA BENEVOLENT FUND REPORT AND ACCOUNTS for the year ended 31 March 2024

NOTES TO THE FINANCIAL STATEMENTS (cont.)

1
Voluntary income –
donations and legacies
Donations
Dress rehearsal income
2
Investment income
Deposit interest receivable
3
Direct charitable expenditure
Regular monthly grants
One-off grant payments
4
Governance*
Independent Examiner’s fee
Release of over accrual of
Independent Examiner’s fee in
prior year
Interest paid on creditor balance
with English National Opera
Notary fee		 Unrestricted
Funds
£
Endowment
Funds
£
1350
-
(140)
-
5,518
264
-
-		 Total
2024
£
Total
2023
£
20,266
-
4,863
3,477
25,129
3,477
Total
2024
£
Total
2023
£
16,899
6,056
16,899
6,056
Total
2024
£
Total
2023
£
8,382
8,462
4,331
8,300
12,713
16,762
Total
2024
£
Total
2023
£
1,350
1,350
(140)
-
5,518
264
-
-
6,992
-		 6,992
1,350

No Trustee received any remuneration or was reimbursed in respect of services to the Benevolent Fund during the year.

There are no staff employed by the Benevolent Fund and consequently no amounts are paid to employees.

*The Trustees wish to acknowledge, with thanks, the legacy of £20,000, plus interest, from the estate of Myrtle Broadbent received on 14[th] March 2024.

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ENGLISH NATIONAL OPERA BENEVOLENT FUND REPORT AND ACCOUNTS for the year ended 31 March 2024

NOTES TO THE FINANCIAL STATEMENTS (cont.)

5
Liabilities: amounts falling due within one
year
Amount due to English National Opera
Accrued grants
Other creditors
6 (a)
Movement in Funds
At 31 March 2022
Net movement in funds
At 31 March 2023
Net movement in funds
At 31 March 2024
6 (b)
Analysis of net assets between funds
Permanent endowment
Unrestricted funds
At 31 March 2024		 Unrestricted
Funds
£
210,843
(8,579)		 Total
2024
£
Total
2023
£
103,969
107,380
-
674
1,350
2,690
105,319
110,744
Endowment
Funds
£
Total
Funds
£
34,595
245,438
-
(8,579)
202,264
22,323		 34,595
236,859
-
22,323
224,587 34,595
259,182
Fixed Asset
Investments
£
-
-		 Net Current
Assets
£
Total
£
34,595
34,595
224,587
224,587
- 259,182
259,182

The permanent endowment funds were donated at the Benevolent Fund’s inception and income is available for general purposes.

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