**Charity Registration No. 261403** **Company Registration No. 00982535 (England and Wales)** ## **OPERA RARA** ## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2023** ## **OPERA RARA** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|G Hurstfield|| |---|---|---| ||A Nicol|| ||I Oliva Salinas|| ||N Thomas|| ||L Watt|| ||A Laurenti|| ||T Sinclair|| ||P Eisenbeiss|(Appointed 12 June 2023)| ||S Mortimore KC|| ||C Alexander CBE|| |**Chief executive officer**|H Little|| |**Secretary**|H Little|| |**Charity number**|261403|| |**Company number**|00982535|| |**Registered office**|Studio 11 Cloisters House|| ||8 Battersea Park Road|| ||London|| ||SW8 4BG|| |**Independent examiner**|Joel Courts|| ||c/o HW Fisher LLP|| ||Chartered Accountant|| ||Acre House|| ||11-15 William Road|| ||London|| ||NW1 3ER|| |**Bankers**|National Westminster Bank|| ||218 Upper Street|| ||London|| ||N1 1SA|| ## **OPERA RARA** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 6| |Independent examiner's report|7| |Statement of financial activities|8 - 9| |Balance sheet|10| |Statement of cash flows|11| |Notes to the financial statements|12 - 23| ## **OPERA RARA** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ The trustees present their report and financial statements for the year ended 31 March 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and the Charities SORP (FRS 102) (effective from 1 January 2019). ## **Objectives and activities** Opera Rara’s mission is to restore, record, perform and promote the forgotten operatic masterpieces of the 19th and early 20th centuries. Led by our Artistic Director, Carlo Rizzi our commitment to excellence is achieved through the highest musical standards. With every project, Opera Rara creates a new permanent work of art via a studio recording of the highest artistic and technical quality. Opera Rara is not simply a recording label; it is also a company that presents first class concert performances in major concert halls and opera houses including the Royal Opera House, Covent Garden, Royal Festival Hall, the Barbican and the Royal Albert Hall. Beyond the concert hall, we provide educational opportunities for UK and international audiences through our online events, documentaries, research articles and Opera Insider series. “ _Any lover of opera should be grateful for the existence of Opera Rara. This unique organisation provides an indispensable service, bringing neglected gems of the 19[th] century to 21[st] century audiences. Without Opera Rara, countless musical treasures would remain essentially lost, unheard and unappreciated by contemporary and future audiences”._ Renée Fleming, soprano and Opera Rara’s Honorary Artist Patron. “ _Opera Rara is virtually the only company still making studio recordings of complete operas while still seeking technical perfection in respect of vocal, stylistic and textual authenticity”._ The Financial Times ## **Achievements and performances** During the year we recorded and performed two operas; Mercadante’s _Il proscritto_ and Jean-Christophe Keck’s new critical edition of Offenbach’s _La Princesse de Trébizonde._ We also had two releases; Leoncavelli’s _Zingari_ , which we recorded In December 2021 and the third of Opera Rara Classics box sets _Celebrating Offenbach._ We mentioned in our annual report last year that we had planned to release _Il proscritto_ in March 2023, but this was postponed and will be released in April 2023. _Il proscritto_ a once-thought-lost opera was recorded in June 2022 and heard by an audience for the first time in nearly 200 years with a performance at the Barbican Hall on the 28[th] June 2022. The manuscript of _Il proscritto_ was found in a library in Milan during lockdown in 2020 by Opera Rara’s Artistic Director Carlo Rizzi, who led the restoration of the score from the original manuscript. A new performing edition was completed in May 2022 by Opera Rara’s Repertoire Consultant Roger Parker and Ian Schofield. The opera was conducted by Carlo Rizzi in partnership with the Britten Sinfonia and featured Ramón Vargas, Iván Ayón-Rivas, Irene Roberts and Elizabeth DeShong singing the four principal roles. They were joined by Sally Matthews, Goderdzi Janelidze, Susana Gaspar, Niall Anderson and Alessandro Fisher. The concert received a 5-star review in _The Times_ and was one of our bestattended concerts with an audience of 1,078. _“The Opera Rara company has recently been blowing the dust off parts of its output, and Il proscritto (“The Outlawed”), charmingly set in Scotland during the English Civil War, proved a most worthy rediscovery, especially when singers and musicians generated enough gusto, electricity and brute force to loosen the Barbican’s foundations. Look out for the forthcoming recording… The really winning touches, however, were the subtle colorations wending through atmospheric solos for horn and harp — the most obvious of the incisive beauties served up by Britten Sinfonia, conducted by Carlo Rizzi with quite adorable passion.” – 5 stars – The Times_ ## _“Musical archaeology is seldom as successful as this…” - Seen and Heard International_ _La Princesse de Trébizonde,_ was recorded in September 2022 and had its UK première performance at the Southbank Centre’s Queen Elizabeth Hall on 16[th] September 2022 _._ Conductor Paul Daniel led the London Philharmonic Orchestra and an all-star cast which included Anne-Catherine Gillet, Virginie Verrez, Christophe Gay, Antoinette Dennefeld, Josh Lovell, Katia Ledoux, Christophe Mortagne and Loïc Félix. Dame Harriet Walter narrated the evening’s performance in a script written by Jeremy Sams. Recorded in studio in the week before the performance, the opera featured reduced spoken dialogue also by Sams. The recording will be released in September 2023. - 1 - ## **OPERA RARA** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ _A stylish revival from Opera Rara boasts a brilliant aria about a toothache, a temper tantrum in waltz time and a hilarious plate spinning quintet... Its outings remain infrequent, though Opera Rara have now revived it in concert, with Paul Daniel conducting the London Philharmonic and an excellent, largely francophone cast… Opera Rara have by and large done the piece proud… Daniel conducted with great brio and panache… The singing was terrific, too… A hugely enjoyable evening, and a great fun. – 4 stars – The Guardian_ In September 2022, we released our recording of Leoncavallo’s one act opera _Zingari_ which was recorded in studio at Fairfield Halls and performed at the Barbican in December 2021. The vocal score was reconstructed from the composer’s original version of the score which premiered in London in 1912. This was Carlo Rizzi’s first recording with Opera Rara since joining as our Artistic Director in 2019 and marked a return to our collaboration with the Royal Philharmonic Orchestra. _Zingari_ received a Supersonic Award from Pizzicato and was nominated for an International Classical Music Award and Opus Klassik Award as well as listed as one of the top 100 recordings of the year by Presto Music. _That the performance ultimately comes across as so dramatic and gripping, often with electrifying tension, is also due to the absolutely right sense with which Carlo Rizzi conducts. He spurs his ensemble on to dramatic, powerfully breathed and intense music-making, whereby, in addition to the performances of the soloists, those of the chorus and above all the orchestra, make a positive impression. – Pizzicato_ Our second release in February 2023, was Celebrating Offenbach, the third box set in our new ‘Opera Rara Classics’ line which includes Robinson Crusoe, Vert-Vert and Entre Nous. Opera Rara Classics was an initiative undertaken in response to the government’s Covid 19 pandemic restrictions surrounding recordings and live performances. Our aim was to remaster to the best audio quality and release limited editions of our most cherished recordings, many of which have been unavailable in CD format for over a decade. This year’s release garnered international praise. Also during the Covid-19 pandemic, we shifted our focus to widen our digital offerings and online presence, engaging with a larger, international audience. We consolidated our growing digital library in a new online donor portal called My Opera Rara. Launched in May 2021, this new hub gives our members a frictionless way to access our digital materials such as documentary films, events, interviews and discussions, connecting them further with our work of live operatic archaeology. In our 2022/23 Season, we increased our events programme, offering more educational opportunities for our audience and further performance opportunities for artists. In addition to our Opera Insider series, we launched a salon concert series, which included two concerts featuring tenors Alessandro Fisher and Loïc Félix with pianists Anna Tilbrook and Florent Mourier. Both concerts, intimate in their structure, sold out, and we plan to expand this series in future. Also in 2022/23, with the aim of connecting further with our international audience and to widen the opportunities for donors outside the UK, we began an American Friends programme and established funds with Chapel & York’s US and Hong Kong Foundations. We continued our digital events and began to offer them at a variety of times to offer maximum engagement from our global audience over the year. Our online events, educational in nature, include Reading with Roger, Carlo Talks, and American Friends Connection Events as well as our recording launches. We will be working over the upcoming summer on a digital strategy with the consultants White Label Productions to help guide us further in this area. Also during the year, we undertook an evaluation of our Equality, Diversity and Inclusion (EDI) policy and strategy. The new policy and statement, approved by our Board of Directors in March 2023, is bespoke to our organisation’s needs. As a part of our EDI plan, we have developed actions to diversify our artistic roster and will be speaking with our casting consultant as well as artist agents to make them aware of our goal to provide opportunities for historically underrepresented voices on our internationally recognised recordings and performances. We will also be working with our consultants on our communications in order to make sure we are using the most optimally accessible language. In addition to this, we will begin to survey our audiences in order to better measure and understand our work and our impact. As a part of our work in this area, we have decided to not produce one of our formerly scheduled projects, Donizetti’s Il furioso all’isola di San Domingo due to reasons surrounding the subject matter. ## **Future plans** In April 2023 we will release our recording of Mercadante’s _Il proscritto_ and in September 2023 we will release our recording of Leoncavelli’s _La Princesse de Trébizonde_ . In March 2024 we will release the recording of Donizetti’s _L’esule di Roma._ We recently completed the new critical edition of the score of _L’esule di Roma_ , which was completed by Roger Parker and Ian Schofield. This new score will become a part of Ricordi Publishers’ Donizetti Critical Edition. - 2 - ## **OPERA RARA** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ L’esule di Roma will be recorded in May 2023 with a performance on the 11th of May 2023 at Cadogan Hall in partnership with the Britten Sinfonia. This opera is part of a year-long celebration of Donizetti’s 225th anniversary, which will also see the beginning of our Donizetti Song Project. A three-year project to record and perform all of Donizetti’s songs, nearly 200 in total. The songs, recently collected and restored by Roger Parker, will be the centre of our Salon Concert series that will see four emerging artists perform in intimate venues across London. The songs will also be a focus of two lunchtime concerts at the Royal Welsh College of Music and Drama in partnership with the college and the BBC Cardiff Singer of the World Competition. This will be paired with tours of the Foyle Opera Rara Collection housed at the College. Our mainstage and recording activities this year will be paired with a curated set of online events, providing further connection and educational opportunities to our audience outside of London. The first of these recordings will be in September 2023 with a concert on 9 September 2023 at the Wigmore Hall: Featuring Lawrence Brownlee and Carlo Rizzi. The concert will feature songs by Donizetti, many never heard by modern audiences, alongside songs by Donizetti’s contemporaries, giving audiences a better understanding of this period in music. This year, we also announced new partnerships including the addition of two artist ambassadors, Ermonela Jaho and Michael Spyres, and the Ambassador of Italy Inigo Lambertini as Opera Rara’s Donizetti Patron. In May 2023, we will announce a project to record and perform the original 1857 version of Verdi's Simon Boccanegra with Manchester's Halle Orchestra conducted by Sir Mark Elder. This will be the first studio recording of the new critical edition recently completed by Opera Rara's Repertoire Consultant, Roger Parker. The performance will take place on 18 April 2024 at The Bridgewater Hall in Manchester. Further to this, we will continue our series of Donizetti Song recordings and performances, and we are currently in conversations with our partner orchestras to solidify plans beyond this for our next full-opera restoration, recording and performance. ## **Sales** Sales from our recordings were budgeted to achieve £69,575 and the final income for the year was £38,420 including physical CD’s and digital downloads and streaming. A disappointing 55% of budget partly due to the postponed release of Il proscritto but also to lower than expected sales on our new releases and the high level of returns from our back catalogue during the year, which accounted for 17% of sales. Physical sales of CD’s decreased on the previous year and achieved 48% of budget. Digital sales (streaming and downloads) continued the trend of the previous year, being ahead of budget. However, digital sales currently account for just 20% (17% in 2021-22) of total sales revenue. We have set a budget of £55,800 for the year to 31st March 2024. ## **Fundraising** As a charity, Opera Rara is reliant on fundraising to enable us to achieve our charitable outcomes. Fundraising income for the year was £560,461 (2022: £632,101). In 2021 we opened a tier of higher level giving called the Guardian Society. The Guardian Society consists of annual donors of £100,000 or more. Opera Rara was successful in maintaining relationships with two members of our Guardian Society, and both have made multi-year pledges. During the year, this tier of giving generated £350,000 in contributed revenue. Opera Rara is grateful for the generosity of its Guardian donors, who are at the heart of our fundraising and development. Alongside that, our strategy is to broaden and deepen support from as wide a pool of enthusiasts as possible. To that end we build mutually rewarding relationships with our Patrons and Friends and engage with a growing number of donors within these levels of support. Support from Trusts and Foundations included the scheduled drawdown of £85,000 from the award from The Foyle Foundation (for the transfer of our archive to the Royal Welsh College of Music & Drama) and £40,000 from the John Ellerman Foundation, the second payment of a three-year award that was made of £120,000, paid in three annual equal instalments, which started in April 2021. Trustees review the delivery of our fundraising targets against budget at each quarterly Board meeting. Trustees pay close attention to ensure that the costs of our fundraising are accurately explained and managed. In April 2023, Opera Rara’s Development Committee and American Friends Committee were founded to provide further oversight to the charity’s fundraising and is made up of Trustee and non-Trustee members. Trustees would like to express their thanks to all our supporters who donated to the Opera Rara during the year. - 3 - ## **OPERA RARA** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **Staff and operational structure** Henry Little continued to serve the charity as its Chief Executive, reporting to the Board of Trustees. Henry comes from a varied background in the opera industry, working initially as a Resident Director at Glyndebourne, The Royal Opera and English National Opera, an Artist Manager and Company Administrator and a ten-year period as Head of Opera at Arts Council England. He was Chief Executive of Orchestras Live, a National Portfolio Organisation of Arts Council England. Aurelie Baujean, Production Director, whose extensive experience of the classical recording industry is an asset to Opera Rara. Irene Cook is our experienced Finance Director and, Zachary Vanderburg joined us from Lyric Opera of Chicago in January 2021 is now our Development and Communications Director. The charity engages the services of several consultants on a freelance basis. These include a PR and Social Media consultant, Development Consultant, a Repertoire Consultant, Casting Consultant and an Artistic Director. ## **Public Benefit** Trustees of a charity have a duty to report in their Annual Report on their charity’s public benefit. Opera Rara’s work benefits the general public through its expertise at rediscovering, recovering, restoring, recording and performing the forgotten operatic heritage of the 19th and early 20th centuries. The trustees have considered the charity’s public benefit and concluded: 1. That the aims of the organisation continue to be charitable; 2. That the aims and the work done give identifiable benefits to the charitable sector and both indirectly and directly to individuals in need; 3. That the benefits are for the public, are not unreasonably restricted in any way and certainly not by ability to pay; and 4. That there is no detriment or harm arising from the aims or activities. ## **Financial review** Total incoming resources amounted to £710,255 (2022: £732,034) of which £560,461 (2022: £632,101) was from fundraising, £8,220 (2022: £1,523) from bank interest and £141,574 (2022: £98,410) from sales and other income. Total resources expended were £913,934 (2022: £546,042) of which £31,381 (2022: £52,303) was spent on raising funds, £34,023 (2022: £28,172) on marketing and publicity and £848,530 (2022: £465,567) on charitable activities. Net outgoing resources for the year amounted to £203,679 (2022: Net incoming resources for £185,992). Total funds carried forward at the balance sheet date amounted to £677,398 (2022: £881,077), divided into restricted funds of £2,570 (2022: £5,633) and unrestricted (including designated) funds of £674,828 (2022: £875,444). ## **Policy on Reserves:** As a registered charity, Opera Rara does not attempt to generate profits. The majority of its funding, from individual funders and Trusts and Foundations is received in advance of expenditure. Opera Rara is reliant on income streams over which it has limited control and therefore needs to ensure that its core operational costs can be covered for an appropriate period, should any of the income streams be unexpectedly reduced or delayed. A further policy is to maintain sufficient unrestricted funds to cover a minimum of twelve months of overhead costs. Free unrestricted funds (unrestricted funds excluding designated funds, stock and fixed assets) of £533,156 on 31 March 2023 is sufficient to meet this policy objective. In addition, Opera Rara’s trustees have established a designated fund, the Production Fund, which can be drawn from within any financial year for project costs only. The allocation of the funds, for any charitable purpose, remains at the discretion of Opera Rara’s trustees. On 31 March 2023, the Production Fund balance was £141,672. The trustees have set a target of raising £672,120 in fundraising by March 2024. At the date of the signature of this report, we have already received sums and pledges amounting to £601,797. - 4 - ## **OPERA RARA** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **Risk management** The Board is responsible for the overseeing of the risks faced by the charity. Detailed considerations of risk are delegated to the Senior Management Team. Risks are identified, assessed and controls established throughout the year. A formal review of the charity’s risk management processes is undertaken on an annual basis. Risk is managed under the headings of artistic reputation, financial sustainability and project planning and delivery. - **Artistic Reputation** : The charity’s success is built on its reputation for the excellent quality of its recordings and public performances. We manage the risk of a decline in artistic quality which in turn would compromise our ability to raise funds through an advance planning process, usually several years before an actual project begins, when we identify works that we believe merit rediscovery, restoration, recording and performance. We work closely with our Repertoire Consultant, who is acknowledged worldwide as a leading figure in 19th and early 20th century opera, who advises us on our planning. Our casting consultant is engaged to help us secure the services of the world’s leading opera singers to work with us. We ensure that our data, name, image logo and intellectual property are protected. - **Financial sustainability** : Annual budgets are developed and presented to the Board for approval. A detailed analysis of actual financial performance against budget is reported to the Board at each quarterly trustee meeting. As a charity, which is very strongly reliant on private donations to support its work, we pay particularly close attention to our fundraising performance against budget and plan contingency measures to deal with any shortfall. We have effective systems in place to ensure that we follow the Code of Fundraising Practice and that our fundraising aims and achievements are clearly communicated to the public and to our family of donors and supporters. - **Project planning and delivery** : Our projects are planned usually several years in advance and are regularly reviewed by the Senior Management Team to ensure that they are on target and achievable. As a small team, we are able to react quickly to issues that arise with our projects and are able to make alternative plans at very short notice. Through the risk management processes established for the charity, the Board are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognized that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. The trustees do not feel any further actions or provisions are required at the present time. ## **Structure, governance and management** The charity is a company limited by guarantee and was incorporated on 19 June 1970 and is governed by a Memorandum and Articles of Association which were amended on 1 September 1998, 1 September 1999, 16 May 2001 and 14 December 2020. The charity’s objects are the advancement of public awareness of the study of operatic art – in particular, by encouraging and promoting the lesser-known works in that field, and the broadening of the training of singers and artists by presenting them in the performance of operatic and orchestral recordings and concerts. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: G Hurstfield A Nicol I Oliva Salinas N Thomas L Watt A Laurenti T Sinclair P Eisenbeiss (Appointed 12 June 2023) S Mortimore KC C Alexander CBE None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. - 5 - ## **OPERA RARA** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ A Board of Trustees who provide their services to the charity on a voluntary basis manages the charity. The Board of Trustees has appointed a Chief Executive Officer who is responsible for the day-to-day operation of the company and leads the management team. The Chief Executive reports directly to the Board of Trustees. The existing trustees have the power to appoint new trustees. At the end of each period of office, trustees are eligible for reelection. The minimum number of Trustees is three. Opera Rara operates with a lean and efficient senior management team led and managed by the Chief Executive. The Board, none of whom is remunerated for their services to the charity, set the pay and remuneration of the senior staff, which is kept under annual review. The key criteria used in setting pay are: - nature of the role and responsibilities - competitor salaries benchmarked against other similar charities - performance measured by regular review meetings ## **Asset cover for funds** Note 17 sets out an analysis of the assets attributable to the various funds and a description of the trusts. These assets are sufficient to meet the charity's obligations on a fund-by-fund basis. ## **Going Concern** Our trustees are confident that the organisation can continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. Furthermore, based on our most recent set of Management Accounts and Cash Flow forecasts to 31st March 2024, the trustees have a reasonable expectation that Opera Rara has adequate resources to continue in operation for the foreseeable future. On behalf of the Board of Trustees ## C E Alexander .............................. **C Alexander** Trustee 02 Oct 2023 Dated: ......................... - 6 - ## **OPERA RARA** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF OPERA RARA** I report to the trustees on my examination of the financial statements of Opera Rara (the charity) for the year ended 31 March 2023. ## **Responsibilities and basis of report** As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies. 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 that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements 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 financial statements 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 financial statements to be reached. ## Joel Courts Joel Courts c/o HW Fisher LLP Chartered Accountant Acre House 11-15 William Road London NW1 3ER 02 Oct 2023 Dated: ......................... - 7 - ## **OPERA RARA** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**Current financial year**
**Unrestricted**
**Designated**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**2023**
**2023**
**2023**
**2023**
**Notes**
**£**
**£**
**£**
**£**
**Income from:**
Voluntary Income
**3**
702,035
-
-
702,035
Investments
**4**
8,220
-
-
8,220
**Total income**
710,255
-
-
710,255
**Expenditure on:**
Raising funds
**5**
65,404
-
-
65,404
Charitable activities
**6**
848,530
-
-
848,530
**Total resources expended**
913,934
-
-
913,934
**Net (outgoing)/incoming resources before**
**transfers**
(203,679)
-
-
(203,679)
Gross transfers between funds
(138,609)
141,672
(3,063)
-
**Net (expenditure)/income for the year/**
**Net movement in funds**
(342,288)
141,672
(3,063)
(203,679)
Fund balances at 1 April 2022
875,444
-
5,633
881,077
**Fund balances at 31 March 2023**
533,156
141,672
2,570
677,398|Total
2022
**£**
730,511
1,523| |---|---| ||732,034| ||80,475| ||465,567| ||546,042| ||185,992
-| ||185,992
695,085| ||881,077| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 8 - ## **OPERA RARA** ## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **Prior financial year** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**Notes**
**£**
**£**
**Income from:**
Voluntary Income
**3**
645,511
85,000
Investments
**4**
1,523
-
**Total income**
647,034
85,000
**Expenditure on:**
Raising funds
**5**
78,567
1,908
Charitable activities
**6**
241,132
224,435
**Total resources expended**
319,699
226,343
**Net (outgoing)/incoming resources before transfers**
327,335
(141,343)
Gross transfers between funds
(88,622)
88,622
**Net (expenditure)/income for the year/**
**Net movement in funds**
238,713
(52,721)
Fund balances at 1 April 2021
636,731
58,354
**Fund balances at 31 March 2022**
875,444
5,633|**Total**
**2022**
**£**
730,511
1,523| |---|---| ||732,034| ||80,475| ||465,567| ||546,042| ||185,992
-| ||185,992
695,085| ||881,077| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. - 9 - ## **OPERA RARA** ## **BALANCE SHEET** ## _**AS AT 31 MARCH 2023**_ |**Notes**
**Fixed assets**
Tangible assets
**10**
**Current assets**
Stocks
**11**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due within one year**
**13**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**15**
Designated funds
Unrestricted funds|**2023**
**£**
31,062
157,605
659,978
848,645
(173,341)|**£**
2,094
675,304
677,398
2,570
141,672
533,156
677,398|**2022**
**£**
49,203
71,657
969,336
1,090,196
(211,429)|**£**
2,310
878,767| |---|---|---|---|---| |||||881,077| |||||5,633
-
875,444| |||||881,077| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023. The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 02 Oct 2023 The financial statements were approved by the Trustees on ......................... .............................. C E Alexander C Alexander **Trustee** ## **Company Registration No. 00982535** - 10 - ## **OPERA RARA** ## **STATEMENT OF CASH FLOWS** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**Notes**
**Cash flows from operating activities**
Cash (absorbed by)/generated from operations
**20**
**Investing activities**
Purchase of tangible fixed assets
Investment income received
**Net cash generated from investing activities**
**Net cash used in financing activities**
**Net (decrease)/increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2023**
**£**
**£**
(316,745)
(833)
8,220
7,387
-
(309,358)
969,336
659,978|**2022**
**£**
-
1,523|**£**
123,298
1,523
-| |---|---|---|---| ||||124,821
844,515| ||||969,336| - 11 - ## **OPERA RARA** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** ## **Charity information** Opera Rara is a private company limited by guarantee incorporated in England and Wales. The registered office is Studio 11 Cloisters House, 8 Battersea Park Road, London, SW8 4BG. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's Memorandum & Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. 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. ## **1.4 Incoming resources** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. ## **1.5 Resources expended** Expenditure is recognised on an accruals basis, inclusive of value added tax. Costs of generating funds are those costs incurred in attracting voluntary income, in particular grant funding and the costs of maintaining the charity's profile within the sector. Expenditure relating to Opera production costs are those elements of expenditure directly incurred in performing these activities. Governance costs include those costs incurred in the governance of the charity's assets and are primarily associated with constitutional and statutory requirements. - 12 - ## **OPERA RARA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** **(Continued)** ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Plant and machinery 33% reducing balance basis Fixtures, fittings & equipment 15% straight line basis The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year. ## **1.7 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. ## **1.8 Stocks** Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. ## **1.9 Cash and cash equivalents** Cash and cash equivalents include cash in hand and deposits held at call with banks. - 13 - ## **OPERA RARA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **1 Accounting policies** **(Continued)** ## **1.10 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## **1.11 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.12 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. ## **1.13 Foreign exchange** Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All differences are included in net outgoing resources. - 14 - ## **OPERA RARA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **2 Critical accounting estimates and judgements** In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ## **Critical judgements** The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. ## **Stocks** Stocks of CDs are valued at the lower cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast consumer demand and the promotional, competitive and economic environment. ## **3 Voluntary Income** |**Unrestricted**
Unrestricted
Restricted
**funds**
funds
funds
**2023**
2022
2022
**£**
£
£
Donations and gifts
560,461
547,101
85,000
Incoming resources from charitable activities
141,574
98,410
-
702,035
645,511
85,000|Total
2022
£
632,101
98,410| |---|---| ||730,511| ## **4 Investments** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2023**|2022| ||**£**|£| |Interest received|8,220|1,523| - 15 - ## **OPERA RARA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **5 Raising funds** |**Unrestricted**
Unrestricted
Restricted
**funds**
funds
funds
**2023**
2022
2022
**£**
£
£
Costs of generating voluntary income
Staging fundraising events
24,381
18,968
975
Staff costs
7,000
32,360
-
Costs of generating voluntary income
31,381
51,328
975
Marketing and publicity
Other activities
34,023
27,239
933
65,404
78,567
1,908|Total
2022
£
19,943
32,360| |---|---| ||52,303| ||28,172| ||80,475| - 16 - ## **OPERA RARA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **6 Charitable activities** ||**Opera**|**Opera**| |---|---|---| ||**production**|**production**| ||**costs**|**costs**| ||**2023**|**2022**| ||**£**|**£**| |Staff costs|231,907|181,683| |Depreciation and impairment|1,049|1,107| |CD Manufacturing|35,121|19,637| |Travelling|52,226|20,533| |Bank charges|919|1,029| |Performers and coaches|367,406|136,452| |Engineers and editing|24,000|5,680| |Hire of studios|21,730|6,810| |Music preparation|18,175|35,067| |Artwork and photography|16,948|2,300| |Royalties paid|1,380|2,225| |Opera Rara Direct|2,557|3,998| |Stock movement|18,141|1,343| ||791,559|417,864| |Share of support costs (see note 7)|45,827|39,176| |Share of governance costs (see note 7)|11,144|8,527| ||848,530|465,567| |**Analysis by fund**||| |Unrestricted funds|848,530|241,132| |Restricted funds|-|224,435| ||848,530|465,567| - 17 - ## **OPERA RARA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**7**
**Support costs**
**Support costs**
**Governance**
**costs**
**£**
**£**
Rent & rates
21,265
-
Insurance, light & heat
5,090
-
Repairs & maintenance
152
-
Printing, postage &
stationery
1,253
-
Telephone & website costs
10,253
-
Travelling
1,883
-
Subscriptions
2,005
-
Bank charges
394
-
General expenses
3,532
-
Accountancy
-
4,304
Legal and professional
-
927
Independent examination
fees
-
5,913
45,827
11,144
Analysed between
Charitable activities
45,827
11,144|**2023**
Support costs
Governance
costs
**£**
£
£
21,265
20,695
-
5,090
4,208
-
152
149
-
1,253
1,244
-
10,253
8,459
-
1,883
1,074
-
2,005
2,140
-
394
390
-
3,532
817
-
4,304
-
3,147
927
-
-
5,913
-
5,380
56,971
39,176
8,527
56,971
39,176
8,527|2022
£
20,695
4,208
149
1,244
8,459
1,074
2,140
390
817
3,147
-
5,380| |---|---|---| |||47,703| |||47,703| Governance costs includes payments to the independent examiners of £5,913 (2022 : £5,380) for independent examination fees, and £4,304 (2022: £3,147) for other services. Support costs include operating lease payments in respect of the property of £17,000 (2022: £17,000). ## **8 Trustees** None of the trustees (or any persons connected with them) received any remuneration or reimbursed expenses during the year. ## **9 Employees** The average monthly number of employees during the year was: ||**2023**|**2022**| |---|---|---| ||**Number**|**Number**| |Management and fundraising|4|4| - 18 - ## **OPERA RARA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ |**9**|**Employees**|||**(Continued)**| |---|---|---|---|---| ||**Employment costs**||**2023**|**2022**| ||||**£**|**£**| ||Wages and salaries||212,239|190,978| ||Social security costs||15,982|14,161| ||Other pension costs||10,686|8,904| ||||238,907|214,043| ||The number of employees whose annual remuneration was £60,000 or more were:|||| ||||**2023**|**2022**| ||||**Number**|**Number**| ||£70,000 - £80,000||1|1| ||The chief executive officer received a total remuneration of £85,251 (2022: £82,875).|||| |**10**|**Tangible fixed assets**|||| |||**Plant and**|**Fixtures, fittings**|**Total**| |||**machinery**|**& equipment**|| |||**£**|**£**|**£**| ||**Cost**|||| ||At 1 April 2022|7,095|43,720|50,815| ||Additions|833|-|833| ||At 31 March 2023|7,928|43,720|51,648| ||**Depreciation and impairment**|||| ||At 1 April 2022|5,081|43,424|48,505| ||Depreciation charged in the year|949|100|1,049| ||At 31 March 2023|6,030|43,524|49,554| ||**Carrying amount**|||| ||At 31 March 2023|1,898|196|2,094| ||At 31 March 2022|2,014|296|2,310| |**11**|**Stocks**|||| ||||**2023**|**2022**| ||||**£**|**£**| ||Finished goods and goods for resale||31,062|49,203| ||Stock comprises CDs held for sale.|||| - 19 - ## **OPERA RARA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **12 Debtors** |**Debtors**||| |---|---|---| |**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**2023**
**£**
25,945
13,242
118,418
157,605|**2022**
**£**
23,034
7,531
41,092| |||71,657| ## **13 Creditors: amounts falling due within one year** |Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income|**2023**
**£**
6,306
38,736
141
128,158
173,341|**2022**
**£**
5,936
13,558
3,700
188,235| |---|---|---| |||211,429| The income deferred in the current year is £69,088 (2022: £120,000). ## **14 Retirement benefit schemes** ## **Defined contribution schemes** The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The charge to profit and loss in respect of defined contribution schemes was £10,686 (2022: £7,491). - 20 - ## **OPERA RARA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **15 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**
**1 April 2021**

**£**
Il Furioso
concert
-
Zingari
-
Zingari concert
-
Rosini in 1819
-
Le Princesse de
Trebizode
-
L'Ange de
Nisida
-
Semiramide
3,063
Repressed
2,570
Il Paria
-
Royal Welsh
College of
Music and
Drama
52,721
Ermonela
Recitals
-
Il Furioso
-
Donizetti 1830's
-
Il Proscritto
-
58,354|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**Balance at**
**1 April 2022**
**£**
**£**
**£**
**£**
-
(300)
300
-
-
(156,809)
156,809
-
-
(19,037)
19,037
-
-
(10,825)
10,825
-
-
(1,131)
1,131
-
-
(2,225)
2,225
-
-
-
-
3,063
-
-
-
2,570
-
(1,500)
1,500
-
85,000
-
(137,721)
-
-
(15)
15
-
-
(7,692)
7,692
-
-
(4,556)
4,556
-
-
(22,253)
22,253
-
85,000
(226,343)
88,622
5,633|**Transfers**
**Balance at**
**31 March 2023**
**£**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
(3,063)
-
-
2,570
-
-
-
-
-
-
-
-
-
-
-
-
(3,063)
2,570|**Transfers**
**Balance at**
**31 March 2023**
**£**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
(3,063)
-
-
2,570
-
-
-
-
-
-
-
-
-
-
-
-
(3,063)
2,570| |---|---|---|---| ||||2,570| Following a review of the funds held by the charity, all those that have been transferred out have been previously categorised incorrectly as restricted funds. ## **16 Designated funds** |**Balance at**
**1 April 2022**
**£**
Production fund
-
-|**Transfers**
**Balance at**
**31 March 2023**
**£**
**£**
141,672
141,672
141,672
141,672|**Transfers**
**Balance at**
**31 March 2023**
**£**
**£**
141,672
141,672
141,672
141,672| |---|---|---| |||141,672| The unrestricted fund in excess of free unrestricted funds is to be transferred annually to designated fund at the discretion of the trustees. The Production fund is intended to be used solely for productions costs and can be drawn on in any financial year. However, the purpose of this fund remains at the discretion of the Trustees and can be used for any charitable purpose. - 21 - ## **OPERA RARA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **17 Analysis of net assets between funds** |**Analysis of net assets between funds**||| |---|---|---| |**Unrestricted**
**funds**
**Designated**
**funds**
**Restricted**
**funds**
**2023**
**2023**
**2023**
**£**
**£**
**£**
Fund balances at 31 March 2023 are represented by:
Tangible assets
2,094
-
-
Current assets/(liabilities)
531,062
141,672
2,570
533,156
141,672
2,570|**Total**
Unrestricted
funds
Restricted
funds
**2023**
2022
2022
**£**
£
£
2,094
2,310
-
675,304
873,134
5,633
677,398
875,444
5,633|Total
2022
£
2,310
878,767| |||881,077| - 22 - ## **OPERA RARA** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MARCH 2023**_ ## **18 Operating lease commitments** At the reporting end date the charity had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows: |Within one year
Between two and five years|**2023**
**£**
15,583
-
15,583|**2022**
**£**
17,000
15,583| |---|---|---| |||32,583| ## **19 Related party transactions** Income received from Trustees to the charity during the year amounted to £22,129 (2022: £22,100) including Donations, Fundraising income and Ticket sales. |**20**
**Cash generated from operations**
**2023**
**£**
(Deficit)/surpus for the year
(203,679)
Adjustments for:
Investment income recognised in statement of financial activities
(8,220)
Depreciation and impairment of tangible fixed assets
1,049
Movements in working capital:
Decrease in stocks
18,141
(Increase)/decrease in debtors
(85,948)
(Decrease) in creditors
(38,088)
**Cash (absorbed by)/generated from operations**
(316,745)|**2022**
**£**
185,992
(1,523)
1,107
1,343
10,294
(73,915)| |---|---| ||123,298| 21 **Analysis of changes in net funds** The charity had no debt during the year. - 23 -