Registered Charity Number: 247438
Chelsea Opera Group & Chelsea Opera Group Trust Annual Report and Unaudited Accounts For the year ended 30 September 2025
Chelsea Opera Group & Chelsea Opera Group Trust
Reference and Administrative Information
Trustees Robert Montgomery Christopher Patey MBE , Nigel Tooze (Acting Chairman) (Appointed 17 December 2025)
Stefan Bown (Appointed 17 December 2025) Carolyn Ashford — Russell (Chairman) (Retired 28 September 2025)
Correspondence Address
Linton House 43 Bargate Richmond DL10 4QY
Independent Examiner
Deborah Fletcher-McVay FCA Xeinadin Trinity House Thurston Road Northallerton DL6 2NA
Registered Charity Number
247438
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TRUSTEES’ REPORT
Purpose of Trust
The primary objective of the Chelsea Opera Group Trust (the Trust), which is a charity (Registered number 247438), is “the advancement of musical education in general and in particular by sponsoring, managing and providing financial or other assistance for the performance of operatic or other musical works”. The Trust makes grants to Chelsea Opera Group (COG) to enable the objectives to be carried out.
For over 75 years we have pursued three aims to fulfil these objectives:
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° to perform opera in top venues at affordable prices, reviving unfairly-neglected works and uncommon versions of favourites, and in so doing broadening the public’s knowledge of opera. Many works revived by us are now in the repertoire of international opera houses
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° to help younger players, singers and conductors (both amateur and professional) by offering chances to perform; and
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° to grow future audiences by going out to schools and colleges.
Structure, Governance and Management
COG is led and managed entirely by unpaid but experienced volunteers, via a management committee. There are no permanent employees or physical assets. Both chorus and orchestra, which are of significant size, are mostly non-professional performers with a variety of training, and most pay a subscription for each concert. Guest soloists are paid professionals, as are the Conductor and the Orchestra Leader. The Chorus is trained by a professional Chorus Director.
Performances are normally held at the Cadogan Hall off Sloane Square and when possible, the Queen Elizabeth Hall on London’s Southbank.
The Trust is an unincorporated trust constituted by Trust Deeds dated 2 April and 17 September 1963. The Trustees have the power to appoint new Trustees. The Trustees during the year were:
Carolyn Ashford-Russell (Chairman) (died in office on 28 September, 2025); Robert Montgomery;
Christopher Patey MBE.
The sad loss of the Chairman just before the year end came as a shock. Subsequent to the year end, Nigel Tooze and Stefan Bown have been appointed as Trustees.
The Trustees have regard to the public benefit guidance published by the Charity Commission when carrying out their activities.
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Activities, Achievements and Performance
In true COG style it was a season for championing rarities of the repertoire, starting with a concert to mark the centenary of Puccini’s death. His rarely performed Le Villi was accompanied by his Capriccio sinfonico (which includes almost note-for-note the opening of La Bohéme) and Messa di Gloria.
2025 marked COG’s own 75" anniversary, and the year started with Edouard Lalo’s Le roid’Ys. The Guardian commented that, ‘Chelsea Opera Group were at their best....... [they] cannot be too highly commended for tackling it in a very fine concert performance conducted by Paul Wingfield’. Our final performance was Bellini’s La straniera with the much-loved COG regular Helena Dix in the leading role.
As always, we engaged younger, emerging singers alongside artists of national and international renown. Conductors were also balanced between the highly-experienced and those less versed in leading opera. Our belief in giving younger performers a major London platform alongside some of the “Greats” is much appreciated and valued by the performers themselves and enjoyed by our audiences.
As part of our 75th anniversary celebrations, we have also been looking to the future and have been in discussions about a formal young singers’ programme, alongside new reducedprice ticket initiatives for under-35s. Membership policies have also been adapted to attract younger performers to the chorus and orchestra, ensuring that COG continues to provide opportunities for emerging musicians as it enters its next 75 years.
Financial Review
Sadly, these rarities were not a huge box office success and, despite keeping a tight control on costs, COG made an increased operating loss of £28,830. This was once again funded by a grant from the Trust, resulting in a small loss for the Trust of £1,324, although consolidated net assets of Trust and COG at the year-end increased by £3,439 to £132,377.
We continue to make full use of Theatre Tax Relief and Gift aid. We are also using our 75" Anniversary to raise our profile with opera goers and to run a fundraising appeal to increase support from existing donors and to attract new ones.
The Trust still expects to receive a legacy of in excess of £50,000, although this continues to be subject to the resolution of some legal issues.
As a result, the Trustees consider that the level of assets is appropriate. They produce valuable income to support COG’s activities and provide the confidence to be able to plan two or three seasons ahead.
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Looking ahead
The lack of opportunity to perform at the Queen Elizabeth Hall, particularly given COG’s long association with the Southbank Centre, continues to be a source of huge frustration.
However, we are looking forward to our usual three performances during the year at the Cadogan Hall, starting with Verdi’s Macbeth which will celebrate our 75" Anniversary.
Chris Patey Trustee
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Independent Examiner’s Report to the Trustees of the Chelsea Opera Group
Trust
| report to the trustees on my examination of the financial statements of Chelsea Opera Group (the trust) for the
year ended 30 September 2025.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
| report in respect of my examination of the trust's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination | have followed all the applicable Directions given’ by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. ;
| understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
| have completed my examination. | 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:
- e the accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or e _ the financial statements do not accord with those records; or e the financial statements 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.
| 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 financial statements to
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Chelsea Opera Group
Statements of Financial Activities For the year ended 30 September 2025
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:
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|---|---|---|---|---|---|---|
|(A)|Chelsea Opera|Group Trust|
|2024-25|2024-25|2024-25|2023-24|
|Unrestricted|Restricted|
|Funds|Funds|Total|
|income|
|Investment Income:|
|Interest/Dividends|3,339-|:|3,339|3,369|
|Voluntary|income:|
|Subscriptions|/ Donations|24,533|-|24,533|26,190|
|Legacies|:|:|:|500|
|27,872|:|27,872|30,059|
|Expenditure|
|Cost|of generating|funds|
|Other|Expenses|(226)|(140)|(366)|-|
|Other resources expended|
|Deficiency Grant to the Group|(27,830)|(1,000)|(28,830)|(18,426)|
|(28,056)|(1,140)|(29,186)|(18,426)|
|Net incoming|resources|before other|(184)|(1,140)|(1,324)|11,633|
|recognised gains|and tosses|
|Other recognised|gains and|losses|
|Gains/(losses)|on|investment assets|4,763|:|4,763|3,979|
|Net movement|In funds|4,579|(1,140)|3,439|15,612|
|Reconciliation|of|funds|
|Fund balances|brought forward|124,438|1,500|125,938|110,326|
|Fund balances carry forward|129,017|360|129,377|125,938|
|(B)|Chelsea Opera|Group|
|Incoming|Resources|
|Activitles|for generating|funds|
|Box Office (COG|sponsorships)|45,911|-|45,911|$7,411|
|Programme/|Libretto|Income|2,552|.|2,552|3,255|
|Other Performances|4,500|:|4,500|4,500|
|Other|Income|:|:|-|$25|
|Theatre Tax|Relief|25,218|25,218|27,758|
|78,181|-|78,181|93,449|
|Voluntary|Income|
|Grant|receivable|from COG Trust|27,830|1,000|28,830|18,426|
|Total|incoming|resources|106,011|1,000|107,011|111,875|
|Resources expended|
|Costs of generating funds|
|Soloists|(25,845)|(1,000)|(26,845)|(36,443)|
|Hire of concert venue|(26,815)|-|(26,815)|(26,716)|
|Other professional fees|(25,486)|-|(25,486)|(24,609)|
|Hire of|rehearsal|space|(13,235)|:|(13,235)|(10,788)|
|Programme/|Libretto|costs|(2,257)|:|(2,257)|(2.686)|
|Other advertising|and print|(2,645)|-|(2,645)|(2,147)|
|Music|costs|(3,880)|-|(3,880)|(3,394)|
|Other expenses|(3,152)|:|(3,152)|(2,846)|
|Accountancy|(1,386)|:|(1,386)|(1,320)|
|Professional|fees|for tax claims|(1,300)|:|(1,300)|(926)|
|(106,011)|(1,000)|(107,011)|(111,875)|
|Net movement|in|funds|:|-|-|:|
|Reconciliation|of funds|
|Total|funds brought forward|3,000|-|3,000|3,000|
|Total funds carried forward|3,000|:|3,000|3.000|
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The statement of financial activities includes all gains and tosses recognised in the year.
All income and expenditure derive from continuing activities.
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‘ ©
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Balance Sheets as at 30 September 2025
| 2024-25 | 2024-25 | 2023-24 | |||
|---|---|---|---|---|---|
| {A)Chelsea Opera GroupTrust | |||||
| Fixed investments | |||||
| Investments | (2) | 62,618 | 57,855 | ||
| Current assets | |||||
| Cash at Bank | 42,356 | 38,885 | |||
| Debtors falling duewithin one year - inter-group | 22,693 | 27,391 | |||
| Debtors falling due within one year | (3) | 1,710 | 1,807 | ||
| Total current assets | 66,759 | 68,083 | |||
| Liabilities | |||||
| Creditors fallingdue within one year - inter-group | : | : | |||
| Creditors falling due within one year | : | : | |||
| Total assets less current liabilities | 66,759 | 68,083 | |||
| Total unrestrictedfunds | 129,377 | 125,938 | |||
| Incomefunds | |||||
| Restricted funds | 360 | 1,500 | |||
| Unrestricted funds | 129,017 | 124,438 | |||
| 129,377 | 125,938 | ||||
| (B) Chelsea OperaGroup | |||||
| Current assets | |||||
| Cash at Bank | 500 | 500 | |||
| Prepayments Debtors falling due within one year |
(3) | 3,333 25,218 |
4,382 27,758 |
||
| Debtors fallingduewithin one year - inter-group | |||||
| Total current assets | 29,051 | 32,640 | |||
| Liabilities | |||||
| Creditors falling duewithinoneyear - inter-group | (22,693) | (27,391) | |||
| Creditors falling due withinoneyear | (4) | (3,358) | (2,249) | ||
| (26,051) | (29,640) | ||||
| Net currentassets | 3,000 | 3,000 | |||
| Total unrestrictedfunds | 3,000 | 3,000 | |||
| LM. Pali | |||||
| Christopher Patey | Nigel | To6ze | . | ||
| Trustee, ChelseaOperaGroup | Treasurer, ChelseaOpera | OperaGroup | |||
| Trustee, ChelseaOperaGroupTrust | Treasurer, ChelseaOpera | OperaGroupTrust | |||
| Date: 4Wu2072b |
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(1) Accounting Policies
Charity information
The Chelsea Opera Group Trust is an unincorporated charity.
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Accounting Convention
The accounts have been prepared in accordance with the Trust's deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Starfdard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2019). The trust is a Public Benefit Entity as defined by FRS 102.
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The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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a c
The accounts have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies are set out below. A) Going Concern At the time of approving the accounts, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the forseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts. B) Charitable Funds Unrestricted funds are available for use at the discretion of the trustees in furtherence of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. C) Income Interest and dividends are recognised when receivable. Subscriptions and donations are recognised on receipt. Gift aid in relation to donations is recognised at the time of the donation. Grant income is recognised when receivable except when the donor imposes conditions which have yet to be fulfilled before the charity becomes entitled to use such income. Box Office income is recognised in the period in which the retevant performance takes place. All other income is recognised when receivable by the charity.
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|D)|Expenditure|
|Resources expended|are|included|in the statement|of|financial|activities on an accruals|basis,|inclusive|of VAT which|;|
|cannot|be|recovered.|.|
|Expenditure which|is|directly attributable|to|specific activities has been|included|in these cost categories.|
|Costs|of generating|funds comprise those costs|incurred by the|charity|in the delivery of the|activities and services for|its|
|beneficiaries.|:|
|,|
|E)|Investments|
|Fixed|asset|investments|are|initially measured|at transaction|price excluding transaction costs,|and are subsequently|
|measured|at fair value at each|reporting date.|Changes|in|fair value|are-recognised|in|net income/|(expenditure)|for each|year.|
|The statements|of financial|activities|intcude|net|gains and|losses|arising on|revatuations and disposals throughout|the|year.|
|(2) The folowing UK investments were held|at the year end:|
|SUTL Cazenove|M&G|
|Charity|Equity|Charifund|
|Income|Fund|Income|
|Units|Total|
|£|£|£|
|Cost or valuation|at 30 September 2024|28,191|29,664|57,855|
|Additions|:|-|-|
|Valuation changes|2,742|2,021|4,763|
|Disposals|-|:|-|
|At 30 September 2025|i30,933|31|3685|62,618|
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(3) Debtors falling due within one year are the recovery of Gift Aid and Theatre Tax Relief from H.M. Revenue & Customs.
(4) Creditors falling due are professional and soloist fees. (5) Trustee's Remuneration Trustee's Remuneration Remuneration - Trustees do not receive Trustees do not receive do not receive not receive receive remuneration, but are reimbursed reimbursed for expenses expenses directly incurred incurred in their their managerial capacity capacity
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|(5) Trustee's Remuneration Trustee's Remuneration Remuneration|- Trustees do not receive Trustees do not receive do not receive not receive receive|remuneration,|but are reimbursed reimbursed|for expenses expenses|directly incurred incurred|in their their|,|
|managerial capacity capacity|
|(6) There were no employees There were no employees no employees employees|during|the year. year.|
|(7)|included with with|accountancy|is £1,714 (2024: £1,386) £1,714 (2024: £1,386) (2024: £1,386) £1,386)|paid to the accountants to the accountants the accountants accountants|relating to the to the the|independent|examination|fee.|
|(8)|Restricted|funds: The income funds of the charity include restricted funds comprising the following unexpended balances|of donations|
|and grants held on trust|for specific purposes:|Balance at|
|30|
|Balance at|1|tncoming|Resources|September|
|October 2024|resources|Expended|2025|
|The Marchus Trust|1,000|-|1,000|:|
|75th Anniversary Celebration|500|:|140|360|
|1,500|:|1,140|360|
|A|grant of £2.000 was received|last year from The Marchus Trust to support two specific performances,|this was fully expended|at the year end.|
|A donation|of £500 was received|in|support of the 75th anniversary celebrations|to be held|in 2025,|£360|of|this|remained|unspent|at the year end|.|
|All|restricted funds|are|included|within|the|current|assets|of the|charity.|
|(9) There were no disclosable|related|party|transactions|during|the year|(2024:|none).|.|
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(6) There were no employees There were no employees no employees employees during the year. year.
(7) included with with accountancy is £1,714 (2024: £1,386) £1,714 (2024: £1,386) (2024: £1,386) £1,386) paid to the accountants to the accountants the accountants accountants relating to the to the the independent examination fee.
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Consolidated Statement of Accounts of the Chelsea Opera Group Trust and the Chelsea Opera Group for the year ending 30 September 2025
| 2024-25 Unrestricted |
2024-25 Restricted |
2024-25 | 2023-24 | |||
|---|---|---|---|---|---|---|
| Funds | Funds | Total | ||||
| incoming Resources | ||||||
| Activities for generating funds Box Office (COG sponsorships) Programme Income OtherPerformances |
45,911 2,552 4,500 |
- - - |
45,911 2,552 4,500 |
57,411 3,255 4,500 |
||
| OtherIncome Theatre tax relief |
- 25,218 |
: - |
- 25,218 |
§25 27,758 |
||
| 78,181 | - | 78,181 | 93,449 | |||
| Voluntary Income: Subscriptions /Donations Legacies Investment Income: Interest /Dividends |
24,533 : 3,339 |
- - - |
24,533 : 3,339 |
26,190 500 3,369 |
||
| . | 27,872 | : | 27,872 | 30,059 | ||
| Total incoming resources | 106,053 | - | 106,053 | 123,508 | ||
| Resources expended | : | |||||
| Costs ofgeneratingfunds Soloists Hire ofconcertvenue Otherprofessional fees Hire ofrehearsalspace Programme/Libretto costs Otheradvertisingand print Music costs Otherexpenses Accountancy Professional fees fortax claims |
. | . | (25,845) (26,815) (25,486) (13,235) (2,257) (2,645) (3,880) (3,378) (1,386) (1,300) |
(1,000) - - - - - - (140) - - |
(26,845) (26,815) (25,486) (13,235) (2,257) (2,645) (3,880) (3,518) (1,386) (1,300) |
(35,443) (26,716) (24,609) (10,788) (2,686) (2,147) (3,394) (2,846) (1,320) (926) |
| Totalresourcesexpended-underTrust | (106,237) | (1,140) | (107,377) | (111,875) | ||
| Net incoming resources before other recognised and losses |
gains | (184) | (1,140) | (1,324) | 11,633 | |
| Otherrecegnised gainsand losses Gains/(losses) oninvestmentassets Netmovement infunds |
4,763 4,579 |
: (1,140) |
4,763 3,439 |
3,979 15,612 |
||
| Reconciliation offunds Fundbalancesbroughtforward |
127,438 | 1,500 | 128,938 | 113,326 | ||
| Fundbalancescarryforward | 132,017 | 360 | 132,377 | 128,938 | ||
| Balance Sheet | ||||||
| Fixed Investments Investments |
62,618 | - | 62,618 | 57,855 | ||
| Current assets Cash atBank Debtors falling duewithinone year Total currentassets |
42,496 30,261 72,757 |
360 - 360 |
42,856 30,261 73,117 |
39,385 33,947 73,332 |
||
| Liabilities Creditors fallingduewithinoneyear |
(3,358) (3,358) |
- - |
(3.358) (3.358) |
(2,249) _ (2,249) |
||
| Net currentassets | 69,399 | 360 | 69,759 | 71,083 | ||
| Total assets lesscurrent liabilities | 132,017 | 360 | 132,377 | 128,938 | ||
| Income funds | ||||||
| Restrictedfunds | - | 360 | 360 | 1,500 | ||
| Unrestricted funds | 132,017 132,017 |
- 360 |
132,017 132,377 |
127,439 128,938 |
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