2021-03-31-accounts

Trustees			CAlexander
			G Hurstfield
			5 Mortimore	QC
			A Nicol
			I Okva Salinas
			N Thomas
			LWatt			IAppointed	3June 2020)
Chief executive officer			H Little
Secretary			H Little
Charity number			261403
Company	number		00982535
Registered		office	11Cloisters House
			Battersea Park Road
			London
			SWB4BG
Independent		examiner	Joel Courts
			c/o I-IW Fisher LLP
			Chartered Accountant
			Acre House
			11-15William	Road
			London
			NW1 3ER
Bankers			National Westminster		Bank
			218Upper Street
			London
			Ni 1SA

				Page
Trustees' report				1-6
Independent	examiner's		report
Statement of	financial	activities
Balance sheet
Statement of	cash flows			10
Notes to the financial		statements		11-21

			Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
			funds	funds		funds	funds
			2021	2021	2021	2020	2020	2020
		Notes			f		f	f
Income from:
Voluntary Income			844,860	85,000	929,860	242,038	109,471	351,509
Investments			560		560	2,288		2,288
Total income			845,420	85,000	930,420	244,326	109,471	353,797
Raising funds			68,354		68,354	92,863		92,863
Charitable activities		6	236,676	34,147	270,823	492,199	111,456	603,655
Total resources	expended		305,030	34,147	339,177	585,062	111,456	696,518
Net income/(expenditure)		for the
year/
Net movement	in funds		540,390	50,853	591,243	(340,736)	(1,985)	(342,721)
Fund balances	at 1April
2020			96,341	7,501	103,842	437,077	9,486	446,563
Fund balances	at 31March
2021			636,731	58,354	695,085	96,341	7,501	103,842

				2021		2020
			Notes	6		6
Fixed assets
Tangible assets			10		3,417		2,359
Current assets
Stocks			11	50,546		53135
Debtors			12	81,951		66,167
Cash at bank	and in	hand		844,515		359,991
				977,012		479,293
Creditors: amounts		falling due within one year	13	(285,344)		(377,810)
Net current	assets				691,668		101,483
Total assets	less current liabilities				695,085		103,842
Income funds
Restricted funds			15		58,354		7,501
Unrestricted	funds				636,731		96,341
					695,085		103,842

				2021		2020
			Notes	E		E
Cash flows from operating	activities
Cash generated from/(absorbed by) operations			19		486,456		(358,362)
Investing activities
Purchase oftangible fixed assets				(2,492)		(779)
Investment income received				560		2,288
Net cash (used in)/generated from investing
activities					D,932)		1,509
Net cash used in financing	activities
Net increase/(decrease) in	cash and cash equivalents				484,524		(356,853)
Cash and cash equivalents at beginning		ofyear			359,991		716,844
Cash and cash equivalents	at end ofyear				844,515		359,991

		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		funds	funds		funds	funds
		2021	2021	2021	2020	2020	2020
		f	f	f		f
Donations	and gifts	753,310	85,000	838,310	73,550	109,471	183,021
Incoming	resources from
charitable	activiti es	91,550		91,550	168,488		168,488
		844,860	85,000	929,860	242,038	109,471	351,509

4	Investments
				Unrestricted	Unrestricted
				funds	funds
				2021	2020
				f	f
	Interest received			560	2,288
5	Raising funds
				Unrestricted	Unrestricted
				funds	funds
				2021	2020
				f	f
	Costs of eneratin	voluntar	income
	Staging fundraising	events		31,958	51,331
	Staff costs			5,400
	Costs ofgenerating	voluntary	income	37,358	51.331
	Other activities			30,996	41,532
				68,354	92,863

		Opera	Opera
		production	production
		costs	costs
		2021	2020
		f	f
Staff costs		177,331	178,463
Depreciation and impairment		1.,434	1,362
CD Manufacturing		21.,978	26,763
Travelling		109	21,498
Bank charges		1,294	1,541
Performers and coaches		1,000	225,271
Engineers and editing		5,400	17,626
Hire ofstudios			21,686
Music preparation		8,500	39,243
Artwork and photography		4,055	4,270
Royalties paid			1,585
Opera Rara Direct			2,593
Opera research			417
Stock movement		2,589	7,595
		223,690	549,913
Share ofsupport costs (see note 7)		38,767	45,101
Share ofgovernance	costs (see note 7)	8,366	8,641
		270,823	603,655
Analysis by fund
Unrestricted funds		236,676	492,199
Restncted funds		34,147	111,456
		270,823	603,655

7	Support costs
		Support costs	Governance	2021	Support casts	Governance	2020
			costs			costs
	Rent &,rates	20,744		20,744	24,438		24,438
	Insurance, light &heat	2,025		2,025	1,811		1,811
	Repairs & maintenance	68		68	1,252		1,252
	Printing, postage &
	stationery	2,731		2,731	4,412		4,412
	Telephone & website costs	8,637		8,637	8,204		8,204
	Travelling	14		14	1,695		1,695
	Subscriptions	2,359		2,359	1,522		1,522
	Bank charges	390		390	229		229
	Generalexpenses	1,799		1,799	3,015		3,015
	Bad debts				(1,477)		(1,477)
	Accountancy		2,526	2,526		3,491	3,491
	Legal and professional		500	500
	Independent examination
	fees		5,340	5,340		5,150	5,1.50
		38,767	8,366	47,133	45,101	8,641	53,742
	Analysed between
	Charitable activities	38,767	8,366	47,133	45,101	8,641	53,742

The average monthly num	ber ofemploye	es during the	year was:
				2021	2020
				Number	Number
Management and fundraising
Employment costs				2021	2020
				f	f
Wages and salaries				164,127	159,644
Social security costs				11,399	11,873
Other pension costs				7,205	6,946
				182,731	178,463
The number ofemployees	whose annual	remuneration	was f60,000or more were:
				2021	2020
				Number	Number
f70000- 680000				1	1

Tangible fixe	d assets
			Plant and	Fixtures, fittings	Total
			machinery	&equipment
			f	f
Cost
At 1April 2020			4,603	43,720	48,323
Additions			2,492		2,492
At 31March	2021		7,095	43,720	50,815
Depreciation	and impairment
At 1April 2020			2,740	43,224	45,964
Depreciation	charged	in the year	1,334	100	1,434
At 31March	2021		4,074	43,324	47,398
Carrying amount
At 31March	2021		3,021	396	3,417
At 31March	2020		1,863	496	2,359