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2025-03-31-accounts

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 2025

OPERA RARA

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees A Freud OBE (Appointed 9 December 2024)
A Laurenti
A Nicol
C Alexander CBE
G Hurstfield
I Oliva Salinas
N Thomas
P Eisenbeiss
P Mauleverer KC
S Mortimore KC
T Sinclair
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
HW Fisher Professional Services Limited
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 - 7
Independent examiner's report 8
Statement of financial activities 9 - 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 24

OPERA RARA

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s Memorandum and Articles of Association, the Companies Act 2006, FRS 102 and the Charities SORP (FRS102) effective 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 and Chief Executive, Henry Little, 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. But, Opera Rara is not simply a recording label; it is a multifaceted arts charity dedicated to bringing rare and neglected operatic masterpieces to life in various ways. In addition to its acclaimed studio recordings, Opera Rara presents world-class concert performances in prestigious venues such as the Royal Opera House, Covent Garden; the Royal Festival Hall; the Barbican; and venues outside of London. Helping to further the careers of emerging artists, cast alongside the world’s finest singers in our studio recordings, the Salon Series presents new talent in specially curated concerts on intimate stages in London. Beyond the stage, the charity engages audiences in the UK and around the world through a wide range of educational and engagement initiatives, including through digital resources such as in-depth documentaries and video series, scholarly research articles, a long-standing Opera Insider series of events, curated playlists and a new podcast “Lives in Song”—all offering deeper insight into the stories, artists, music, and historical context of the works we champion.

“ 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 19th century to 21st 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

Over the past year, Opera Rara has continued to fulfil this charitable purpose in its 54th season of live operatic archaeology — bringing back to life music that has been lost and forgotten, while ensuring that a global public can enjoy it through performances, recordings, educational initiatives and digital resources. Over the year, Opera Rara’s recordings and educational videos were streamed, downloaded or viewed over 2 million times, and we reached a total audience of 32,231 concert goers, online followers and subscribers through our concerts, recordings and digital offerings.

Achievements and performances

Restore

At the heart of Opera Rara’s work is the act of musical restoration: uncovering and reviving operatic treasures that have been overlooked, forgotten or lost. This is perhaps best illustrated through the current Donizetti Song Project—a multi-year initiative to rediscover nearly 200 rarely, if ever, heard solo songs by Gaetano Donizetti.

Working with leading Donizetti scholar Roger Parker and editor Ian Schofield, Opera Rara has painstakingly restored these works discovered in archives around the world, giving them new life both on stage and in the studio. This project not only enriches the bel canto song repertoire, but also serves as a vital act of cultural preservation—ensuring that this music is made accessible to audiences and musicians today and into the future. It also creates a wider understanding of how we think of this period in music history, making a powerful argument for the importance of the Italian “school” of song in a field long dominated by German and French composers.

“A titanic endeavor to bring together some 200 songs by Gaetano Donizetti (1797–1848)—mostly unknown—whose scores, sometimes unpublished, had been scattered across numerous European libraries. A collection that certainly draws from the composer’s operatic writing, but also contains beautiful stylistic discoveries across a wide emotional spectrum.” Le Monde

Over this same period, work on opera score restorations, an undertaking that can take several years, has commenced, including an opera by Mercadante and the final 1921 version of Puccini’s La rondine. Both operas are intended for recording in future seasons.

OPERA RARA

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Record

Opera Rara’s recording work—central to its charitable mission—has seen five recording releases this year. In September 2024, Opera Rara released the first two volumes in a series of eight volumes of Donizetti Songs. Volumes 1 and 2 featured tenor Lawrence Brownlee and bass-baritone Nicola Alaimo, both accompanied by pianist and Opera Rara’s Artistic Director Carlo Rizzi. The Donizetti Song series continued in February 2025 with the releases of Volumes 3 and 4, featuring tenor Michael Spyres and mezzo-soprano Marie-Nicole Lemieux with pianists Carlo Rizzi and Giulio Zappa respectively. The first half of the series has been received well, receiving praise in the press across many international outlets.

“Listening to these songs highlights the fallacy of claiming that German art song - and German music in general -was inherently superior to its Italian counterpart. This cliché is akin to the still-widespread belief among German music enthusiasts that Italian and especially French operas are more superficial than German ones…” Opus Klassiek

Further recording periods took place with sopranos Ermonela Jaho and Rosa Feola for future volumes of Donizetti Songs, with the final volume, with bass-baritone Nicola Alaimo, to be recorded in a future season.

In April 2024, Opera Rara returned to the studio for the world premiere studio recording of Verdi’s original 1857 version of Simon Boccanegra. Conducted by Sir Mark Elder with The Hallé and a distinguished, young cast, this monumental project not only brought an important version in a new edition by Roger Parker, of Verdi’s opera to light but earned widespread acclaim for many emerging artists at the beginnings of their careers. The project also was the centre of new relationships for Opera Rara with Opera North and the Royal Northern College of Music, giving many musicians in the greater Manchester area, including current students at RNCM, the opportunity to be a part of an in-studio opera recording project. The recording was released in March 2025, and has already been named Editor’s Choice by many publications and was named Record of the Week by BBC Radio 3 Record Review.

“The strength of this performance from Mark Elder and the Hallé is the way everything comes off the page with such vigour and immediacy, you believe in it from beginning to end. Especially remarkable is that two of the leads I gather were late replacements, and it’s a fairly young cast… Germán Enrique Alcántara is singing his first major Verdi role as the Doge, and his final scene with William Thomas as his adversary Fiesco in Act III is a marvellous piece of theatre.” BBC Radio 3 Record Review

Perform

Opera Rara’s commitment to live performance remains a vital part of its public engagement. In April 2024, the company presented the original Simon Boccanegra in concert at Manchester’s Bridgewater Hall following the recording of the opera. This performance offered audiences a rare opportunity to hear Verdi’s 1857 version of this beloved opera performed to a very high standard. With more than 150 musicians on stage including The Hallé, The Chorus of Opera North and students from the Royal Northern College of Music, critics from The Times, The Telegraph, and Bachtrack awarded it five stars, calling the night “monumental” and “transformative.” It was a clear demonstration of Opera Rara’s ability to combine scholarship with compelling artistry on the world stage. It was also a powerful illustration of how the charity can broker world-class artistic partnerships; in this case with two of Europe’s finest ensembles (the Hallé and the Chorus of Opera North) with a prestigious internationally renowned conservatoire (the Royal Northern College of Music).

Alongside large-scale performances, the company also continued its Donizetti & Friends series of song recitals at Wigmore Hall. Ermonela Jaho and Carlo Rizzi gave the second concert in the multi-year series in May 2024, performing rare repertoire that connected not only with audiences in the hall but also around the world via Opera Rara’s first-ever live-streamed recital, which was broadcast on Opera Rara’s YouTube channel. In November 2024, Rosa Feola and Carlo Rizzi performed a concert of rediscovered gems, with the final mainstage concert in Opera Rara’s 54th Season taking place in March 2025 at Cadogan Hall with Marie-Nicole Lemieux, Michael Spyres and Giulio Zappa. Opera Rara continued to broadcast the recitals for the season, all with informed commentary by music historian Flora Willson, furthering the charity’s engagement mission through public access and education. The concerts all received four and five-star reviews being described as “fascinating” and “rewarding”.

OPERA RARA

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Continuing our commitment to nurturing the next generation of operatic talent, our Salon Concert Series continued with four concerts during the financial year. These intimate performances provide a platform for emerging artists to explore rare and often unpublished repertoire in a supportive, yet artistically rigorous environment. With programmes curated by leading musicologist and Opera Rara’s Repertoire Consultant Roger Parker, the series not only fosters professional development but also deepens engagement with the rich legacy of 19th-century vocal music. In doing so, Opera Rara ensures that its charitable mission extends beyond preservation—actively investing in the future of opera through education, mentorship, and performance. The year saw performances by mezzo-soprano Katia Ledoux with pianist Anna Tilbrook; Royal Welsh College of Music & Drama graduates soprano Jessica Robinson and baritone Lluís Calvet i Pey both with pianist James Southall; and soprano Ellie Neate and pianist Florent Mourier. Broadcast on Opera Rara’s YouTube channel, these performances in small venues reached far more than just the hundreds of audience members in attendance in person, reaching thousands of viewers online, further raising the profile of young artists at the beginning of their careers.

Promote

Opera Rara’s charitable work extends far beyond performance and recording—it is also about promoting awareness of neglected repertoire and sharing it widely. In 2024, this work was recognised at the highest level when Opera Rara was named Gramophone Label of the Year—a prestigious honour that speaks to the organisation’s impact and excellence over five decades since our foundation in 1970. This accolade as well as the many accompanying collaborations with the magazine throughout the year, highlighted the charity’s 54 years of operatic discoveries.

In addition, Opera Rara was featured on the cover of Opera Now, with Artist Ambassadors Michael Spyres and Ermonela Jaho representing the current generation of globally recognised artists committed to our mission. Their dedication mirrors Opera Rara’s values: artistry in service of a broader mission to create performances and recordings that inspire, captivate and endure, creating a lasting legacy for current and future generations of opera lovers.

The company also embraced digital platforms with free YouTube livestreams of both its Donizetti & Friends recitals and Salon Series. Opera Rara’s online concert broadcasts attracted a total of 35,470 views, with the YouTube channel attracting 475,886 views in total over the year with more than 17,000 hours of content viewed. In addition, Opera Rara created a new online Opera Insider series and podcast titled “Lives in Song: Donizetti”. The series featured music historian and host Flora Willson in conversation with Donizetti expert Roger Parker telling the story of Donizetti’s life through his songs and operas. Both the streamed concerts and Lives in Song series were made available to anyone, anywhere, reinforcing Opera Rara’s charitable goal of removing barriers to access and creating a truly global audience for rare opera. Through these efforts, Opera Rara saw its overall digital following grow by 14% from 1 April 2024 to 31 March 2025 from 25,773 to 29,445 – an addition of 3,672 online followers. Over the year, Opera Rara’s recordings were streamed a total of 1,562,871 times on various streaming platforms, with 34,754,665 streams of Opera Rara’s recordings on social media platforms.

Looking Ahead

This year has demonstrated that Opera Rara’s work goes far beyond that of a recording label—it is about reviving lost operatic masterpieces, championing overlooked composers, supporting emerging and world-class artists, and making rare operas and songs accessible to audiences and musicians everywhere through live performance, studio recordings, continued education and digital access. The 55th Season will see the conclusion of the Donizetti Song Project, with the release of the final four volumes in the series, the restoration, recording and performance of the 1921 version of Puccini’s La rondine, another set of salon concerts for emerging artists and the continued expansion of our digital offerings through new partnerships.

Looking to our 60th Anniversary in 2030, and with a new vision and plan, Opera Rara remains steadfast in its charitable commitment: to restore the forgotten, record the unheard, perform the extraordinary, and promote a living legacy of operatic discoveries.

Sales and other income

Earned revenue for the year was £189,146 (2024: £181,433), which is made up of £56,337 (2024: £85,623) in sales from recordings, £37,976 (2024: £16,638) in ticket sales, and £94,833 (2024: £79,172) from other revenue from interest, royalties and theatre tax relief.

Sales from our recordings were budgeted to achieve £59,500, and the final income for the year was £56,337 including physical CD’s and digital downloads and streaming. This was 95% of budget, which Opera Rara considers to be a creditable result given the challenging environment of decline and contraction in the wider market for physical CD sales of classical music.

OPERA RARA

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Ticket sales from concerts were budgeted to achieve £42,450, and the final income for the year was £37,976. This was 89% of budget primarily due to lower-than-expected revenue from our salon series.

Other revenue from interest, royalties and theatre tax relief was £94,832.

In the upcoming year, we have set a budget of total earned revenue of £112,444, which is made up of £34,800 in sales from recordings, £13,480 in ticket sales, and £64,164 from other income

Fundraising

As a charity, Opera Rara is reliant on fundraising to enable us to achieve our charitable outcomes.

Fundraising income for the year was £806,406 (2024: £714,433).

Opera Rara’s accomplishments in the financial year ending 31 March 2025 reflect a period of remarkable resilience, artistic achievement, and strategic development. With a clear vision for the future—focused on expanding its digital reach, strengthening fundraising efforts, and continuing its internationally recognised work in the restoration, recording and performance of rare operatic repertoire—Opera Rara is well-positioned to grow its impact in the years ahead. The organisation’s ability to deliver on its mission is made possible by the generosity of its donors and partners, whose support is vital to enriching the cultural landscape through this unique charitable endeavour.

With the end of an ambitious five-year fundraising strategy, the Trustees have approved a new artistic plan through to 2030, the charity’s 60th anniversary. This plan is dependent on the successful continuation current fundraising growth trends performance in recent years. Growth in individual giving, new funding relationships from trusts and foundations, and successful fundraising campaigns have all contributed to this upward trajectory. As Opera Rara’s level of activity and reach is dependent primarily on the generosity of all its supporters, the Trustees recognise the necessity of securing new relationship with a wide range of donors giving at various levels internationally as well as within the UK to provide crucial stability and investment in Opera Rara’s future.

Within this financial year, Opera Rara received £30,400 in funding from various trusts and foundations including £15,000 from the Colwinston Charitable Trust; £8,000 from the Cockayne Grants for the Arts; £4,900 from the Reed Foundation; and £2,500 from the Garrick Charitable Trust.

The majority of Opera Rara’s funding comes from a generous group of individual donors, with a total of £776,006 given by individuals in this financial year. Opera Rara is deeply grateful to its Guardian Society donors, who give leadership gifts and make multi-year commitments, creating the possibility for the charity to fulfil its long-term plans. Providing major support for Opera Rara’s work, the Circle Members’ support underpins our annual artistic programme, with many members enjoying close relationships with the projects they support. At the same time, Opera Rara is thankful for its committed community of Patron and Friend supporters. Through meaningful engagement with its donors, Opera Rara continues to foster a vibrant and growing network of donors—each playing a valued role in supporting the charity’s mission to bring rare opera to life and share it with audiences across the world.

Trustees review the delivery of our fundraising targets against budget at each quarterly Board meeting, paying close attention to ensure that the costs of our fundraising are accurately explained and managed. Further to this, Opera Rara’s Development Committee provides 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.

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 also Chief Executive of Orchestras Live, a National Portfolio Organisation of Arts Council England. Aurelie Baujean, Production and Label 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 who joined us from Lyric Opera of Chicago in January 2021 is now our Development and Communications Director. Supporting the charity’s fundraising efforts is a Philanthropy Manager and a Development and Events Coordinator.

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.

OPERA RARA

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 £995,552 (2024: £895,866) of which £806,406 (2024: £714,433) was from fundraising, £16,187 (2024: £14,127) from bank interest and £172,959 (2024: £167,306) from sales and other income. Total resources expended were £1,163,707 (2024: £851,621) of which £33,198 (2024: £19,414) was spent on raising funds, £85,504 (2024: £54,319) on marketing and publicity and £1,045,005 (2024: £777,888) on charitable activities. Net outgoing resources for the year amounted to £168,155 (2024: Net incoming resources of £44,245).

Total funds carried forward at the balance sheet date amounted to £553,488 (2024: £721,643), divided into restricted funds of £2,570 (2024: £2,570) and unrestricted (including designated) funds of £550,918 (2024: £719,073).

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 goal is to maintain sufficient unrestricted funds at a minimum level of £500,000, equivalent to twelve months of core overhead costs. Free unrestricted funds (unrestricted funds excluding designated funds, stock and fixed assets) of £500,000 on 31 March 2025 is sufficient to meet this 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 artistic costs only. The allocation of the funds, for any charitable purpose, remains at the discretion of Opera Rara’s trustees. On 31 March 2025, the Production Fund balance was £4,314 (2024: £186,150).

The trustees have set a target of raising a £918,875 in fundraising by 31 March 2026. At the date of the signature of this report, we have already received sums and pledges amounting to £630,483.

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.

We ensure that our data, name, image logo and intellectual property are protected.

OPERA RARA

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

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:

A Freud OBE (Appointed 9 December 2024) A Laurenti A Nicol C Alexander CBE G Hurstfield I Oliva Salinas L Watt (Resigned 24 April 2024) N Thomas P Eisenbeiss P Mauleverer KC S Mortimore KC T Sinclair

None of the trustees has any beneficial interest in the company. All the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

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

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

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:

Asset cover for funds

Note 18 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 31[st] March 2026, 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

Charles Alexander

..............................

C Alexander CBE

Trustee 29 Sep 2025 Dated: .........................

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 2025.

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:

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 Professional Services Limited Chartered Accountant Acre House 11-15 William Road London NW1 3ER

29 Sep 2025 Dated: .........................

OPERA RARA

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Current financial year
Unrestricted
Designated
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
538,659
-
Charitable activities
4
172,959
-
Investments
5
16,187
-
Total income
727,805
-
Expenditure on:
Raising funds
6
118,702
-
Charitable activities
7
777,258
-
Total resources expended
895,960
-
Net (outgoing)/incoming resources before
transfers
(168,155)
-
Gross transfers between funds
181,836
(181,836)
Net income for the year/
Net movement in funds
13,681
(181,836)
Fund balances at 1 April 2024
532,923
186,150
Fund balances at 31 March 2025
546,604
4,314		 Restricted
funds
2025
£
267,747
-
-
267,747
-
267,747
267,747
-
-
-
2,570
2,570		 Total
2025
£
806,406
172,959
16,187
995,552
118,702
1,045,005
1,163,707
(168,155)
-
(168,155)
721,643
553,488		 Total
2024
£
714,433
167,306
14,127
895,866
73,733
777,888
851,621
44,245
-
44,245
677,398
721,643

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.

OPERA RARA

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Prior financial year
Unrestricted
Designated
Restricted
funds
funds
funds
2024
2024
2024
Notes
£
£
£
Income from:
Donations and legacies
3
655,345
-
59,088
Charitable activities
4
167,306
-
-
Investments
5
14,127
-
-
Total income
836,778
-
59,088
Expenditure on:
Raising funds
6
73,733
-
-
Charitable activities
7
718,800
-
59,088
Total resources expended
792,533
-
59,088
Net (outgoing)/incoming resources before transfers
44,245
-
-
Gross transfers between funds
(44,478)
44,478
-
Net income for the year/
Net movement in funds
(233)
44,478
-
Fund balances at 1 April 2023
533,156
141,672
2,570
Fund balances at 31 March 2024
532,923
186,150
2,570		 Total
2024
£
714,433
167,306
14,127
895,866
73,733
777,888
851,621
44,245
-
44,245
677,398
721,643

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.

OPERA RARA

BALANCE SHEET

AS AT 31 MARCH 2025

2025
Notes
£
Fixed assets
Tangible assets
11
Current assets
Stocks
12
43,278
Debtors
13
112,477
Cash at bank and in hand
520,823
676,578
Creditors: amounts falling due within one year
14
(126,416)
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
16
Designated funds
Unrestricted funds		 2024
£
£
3,326
30,114
144,704
748,489
923,307
(204,473)
550,162
553,488
2,570
4,314
546,604
553,488		 £
2,809
718,834
721,643
2,570
186,150
532,923
721,643

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 2025.

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.

29 Sep 2025

The financial statements were approved by the Trustees on .........................

Charles Alexander .............................. C Alexander CBE

Trustee

Company Registration No. 00982535

OPERA RARA

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from operations
21
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		 2025
£
£
(241,575)
(2,278)
16,187
13,909
-
(227,666)
748,489
520,823		 2024
£
(2,168)
14,127		 £
76,552
11,959
-
88,511
659,978
748,489

OPERA RARA

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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.

The unrestricted fund in excess of free unrestricted funds is to be transferred annually to the designated fund at the discretion of the trustees.

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.

OPERA RARA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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.

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.

OPERA RARA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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.

OPERA RARA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 Donations and legacies

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Donations and gifts
533,759
242,247
Grants
4,900
25,500
538,659
267,747		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
776,006
580,345
26,088
30,400
75,000
33,000
806,406
655,345
59,088		 Total
2024
£
606,433
108,000
714,433

4 Charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
CD Sales and downloads 56,337 85,623
Royalties 890 712
Events income 37,976 16,638
Theatre tax relief income 77,756 63,726
Other income - 607
172,959 167,306

OPERA RARA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

5
6		 Investments
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Interest received
16,187
14,127
Raising funds
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Costs of generating voluntary income
Staging fundraising events
27,773
13,989
Staff costs
5,425
5,425
Costs of generating voluntary income
33,198
19,414
Marketing and publicity
Other activities
85,504
54,319
118,702
73,733		 Investments
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Interest received
16,187
14,127
Raising funds
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Costs of generating voluntary income
Staging fundraising events
27,773
13,989
Staff costs
5,425
5,425
Costs of generating voluntary income
33,198
19,414
Marketing and publicity
Other activities
85,504
54,319
118,702
73,733
19,414
54,319
73,733

OPERA RARA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

7 Charitable activities

Opera Opera
production production
costs costs
2025 2024
£ £
Staff costs 342,452 286,427
Depreciation and impairment 1,761 1,453
CD Manufacturing 67,836 32,582
Travelling 72,559 41,735
Bank charges 1,722 1,792
Performers and coaches 331,575 231,295
Engineers and editing 36,212 27,465
Hire of studios 21,048 22,191
Music preparation 66,058 54,126
Artwork and photography 37,500 9,639
Royalties paid 6,983 788
Opera Rara Direct 7,070 7,667
Stock movement (13,164) 948
979,612 718,108
Share of support costs (see note 8) 52,684 46,408
Share of governance costs (see note 8) 12,709 13,372
1,045,005 777,888
Analysis by fund
Unrestricted funds 777,258 718,800
Restricted funds 267,747 59,088
1,045,005 777,888

OPERA RARA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8
Support costs
Support costs
Governance
costs
£
£
Rent & rates
22,752
-
Insurance, light & heat
5,545
-
Repairs & maintenance
-
-
Printing, postage &
stationery
2,231
-
Telephone & website costs
13,133
-
Travelling
1,549
-
Subscriptions
1,979
-
Bank charges
459
-
General expenses
5,036
-
Accountancy fees
-
6,279
Legal and professional fees
-
500
Independent examination
fees
-
5,930
52,684
12,709
Analysed between
Charitable activities
52,684
12,709		 2025
Support costs
Governance
costs
£
£
£
22,752
21,116
-
5,545
5,388
-
-
74
-
2,231
1,723
-
13,133
10,288
-
1,549
3,093
-
1,979
1,917
-
459
339
-
5,036
2,470
-
6,279
-
3,340
500
-
3,221
5,930
-
6,811
65,393
46,408
13,372
65,393
46,408
13,372		 2024
£
21,116
5,388
74
1,723
10,288
3,093
1,917
339
2,470
3,340
3,221
6,811
59,780
59,780

Governance costs includes payments to the independent examiners of £5,930 (2024: £6,811) for independent examination fees, and £2,946 (2024: £519) for other services.

Support costs include operating lease payments in respect of the property of £17,000 (2024: £17,000).

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or reimbursed expenses during the year.

10 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
Management and fundraising 6 5

OPERA RARA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

10 Employees (Continued)
Employment costs 2025 2024
£ £
Wages and salaries 306,236 257,815
Social security costs 25,444 20,113
Other pension costs 16,197 13,924
347,877 291,852
The number of employees whose annual remuneration was £60,000 or more were:
2025 2024
Number Number
£80,000 - £90,000 1 1
The chief executive officer received a total remuneration of £93,824 (2024: £91,821).
11 Tangible fixed assets
Plant and Fixtures, fittings Total
machinery & equipment
£ £ £
Cost
At 1 April 2024 10,096 43,720 53,816
Additions 2,278 - 2,278
At 31 March 2025 12,374 43,720 56,094
Depreciation and impairment
At 1 April 2024 7,385 43,622 51,007
Depreciation charged in the year 1,663 98 1,761
At 31 March 2025 9,048 43,720 52,768
Carrying amount
At 31 March 2025 3,326 - 3,326
At 31 March 2024 2,711 98 2,809
12 Stocks
2025 2024
£ £
Finished goods and goods for resale 43,278 30,114

Stock comprises of CDs held for sale.

OPERA RARA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

13 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2025
£
8,551
16,290
87,636
112,477		 2024
£
17,802
20,454
106,448
144,704

14 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2025
£
9,484
28,926
-
88,006
126,416		 2024
£
7,253
9,282
1,448
186,490
204,473

The income deferred in the current year is £8,000 (2024: £108,000).

15 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 £16,197 (2024: £13,924).

OPERA RARA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

16 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:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 April 2023 resources expended 1 April 2024 resources expended 31 March 2025
£ £ £ £ £ £ £
CD Re-pressings 2,570 - - 2,570 - - 2,570
Backstage Trust - 10,000 (10,000) - - - -
Salon Concerts - - - - 2,500 (2,500) -
Donizetti Songs - 49,088 (49,088) - 265,247 (265,247) -
2,570 59,088 (59,088) 2,570 267,747 (267,747) 2,570

The restricted funds represent grants and individual donations to finance specific aspects of our work.

17 Designated funds

Balance at
1 April 2023
£
Production fund
141,672
141,672		 Transfers
Balance at
1 April 2024
Transfers
Balance at
31 March 2025
£
£
£
£
44,478
186,150
(181,836)
4,314
44,478
186,150
(181,836)
4,314		 Transfers
Balance at
1 April 2024
Transfers
Balance at
31 March 2025
£
£
£
£
44,478
186,150
(181,836)
4,314
44,478
186,150
(181,836)
4,314
4,314

The unrestricted fund in excess of free unrestricted funds is to be transferred annually to the 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.

OPERA RARA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

18 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
Designated
funds
Restricted
funds
2025
2025
2025
£
£
£
Fund balances at 31 March 2025 are represented by:
Tangible assets
3,326
-
-
Current assets/(liabilities)
543,278
4,314
2,570
546,604
4,314
2,570		 Total
Unrestricted
funds
Designated
funds
Restricted
funds
2025
2024
2024
2024
£
£
£
£
3,326
2,809
-
-
550,162
530,114
186,150
2,570
553,488
532,923
186,150
2,570		 Total
2024
£
2,809
718,834
721,643

OPERA RARA

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

19 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		 2025
£
17,000
49,583
66,583		 2024
£
-
-
-

20 Related party transactions

Income received from Trustees to the charity during the year amounted to £18,227 (2024: £19,780) including donations, fundraising income and ticket sales.

21
Cash generated from operations
2025
£
(Deficit)/surpus for the year
(168,155)
Adjustments for:
Investment income recognised in statement of financial activities
(16,187)
Depreciation and impairment of tangible fixed assets
1,761
Movements in working capital:
(Increase)/decrease in stocks
(13,164)
Decrease in debtors
32,227
(Decrease)/increase in creditors
(78,057)
Cash (absorbed by)/generated from operations
(241,575)		 2024
£
44,245
(14,127)
1,453
948
12,901
31,132
76,552

22 Analysis of changes in net funds

The charity had no debt during the year.