2021-12-31-accounts - Guildford Opera Company

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REGISTERED CHARITY NUMBER: 271484

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Guildford Opera Company

A J Bennewith FCA, FCPA, FFA, FFTA,
FIPA, DChA, FRSA
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU

Guildford Opera Company

`Contents of the Financial Statements for the Year Ended 31 December 2021`

		`Page`
`Report of the Trustees`	`1`	`to`	`2`
`Independent Examiner's Report`		`3`
`Statement of Financial Activities`		`4`
`Balance Sheet`		`5`
`Notes to the Financial Statements`	`6`	`to`	`10`

Guildford Opera Company

`Report of the Trustees for the Year Ended 31 December 2021`

Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December2021. The
trusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice
applicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableinthe UK
and Republic of Ireland (FRS 102) (effective 1 January 2019).

`OBJECTIVES AND ACTIVITIES`

Since the formationof the charitythe over-ridingobjects have been to provideentertainment,educationand appreciation
of opera,operettasand all forms of music, both in concertand fullystaged productionsto audiencesat reasonable prices.
Budgetarycontrolandstrictfinancialmanagementhavealwaysbeenofgreatestimportancetothemanagementof the
company.GuildfordOperaCompanyisevermindfulthatthesupportofaudiencescanonlybemaintainedby a
programmeof qualityandinterestpresentedat affordableprices.This is a continualchallengein the genreof performing
arts and particularly with opera.

`FINANCIAL REVIEW`

`Reserves policy`

The charityhas a low level of fixed overheadsand the trusteesthereforeconsiderthe holdingof substantialreserves to  be
unnecessary.However,the trusteesaim to maintaina level of reserves sufficientto ensure that the charitycould continue
to operateif it were to sufferlossesona particularproduction.The trusteesconsiderthatreserveswere maintainedat a
sufficient level throughout 2021.

`Financial review`

The results for the year are set out in the annexed Statement of Financial Activities.

`FUTURE PLANS`

Tocontinuethepresentationofoperas,operettasandmusicofawidevarietytolocalaudienceswithinthe prudent
management of our resources.

TocontinuethemusicaleducationofGuildfordOperaCompany'smembersinsinginganddramaticartandto actively
encouragethe recruitmentof new members.In addition,to give the opportunityof experienceto peopleto work behind
stage in a real 'live' theatre, learning the various crafts of scenery building, stage management, lighting etc.

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

- The charity is controlled by the trustees.

- The trustees consider that there are sufficient reserves. The charity's reserves policy is as set out above in this report.

All trustees are appointed when necessary and are given sufficient training upon appointment.

`REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number`

`Principal address`

30a Mountside
Guildford
Surrey
GU2 4JE

Page 1

Guildford Opera Company

`Report of the Trustees for the Year Ended 31 December 2021`

`Trustees`

`Trustees`
`P Melville-Smith`	`- Chairman`
`R Rowland`	`- Patronage Secretary`
`G Magill`	`- Publicity Officer`
`M Hughes`	`- Member`
`P Alfonso Riveiro`	`- Member (resigned 26 November 2021)`
`G Vincent`	`- Secretary`
`J Gooding`	`- Membership Secretary`
`C Garcia`	`- Treasurer`
`S Barrett`	`- Social Secretary`

`Independent Examiner`

A J Bennewith FCA, FCPA, FFA, FFTA, DChA, FRSA
A J Bennewith FCA, FCPA, FFA, FFTA,
FIPA, DChA, FRSA
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU

Approved by order of the board of trustees on 13 June 2022 and signed on its behalf by:

C Garcia - Trustee

Page 2

`Independent Examiner's Report to the Trustees of Guildford Opera Company`

`Independent examiner's report to the trustees of Guildford Opera Company`

IreporttothecharitytrusteesonmyexaminationoftheaccountsofGuildfordOperaCompany(theTrust)forthe year
ended 31 December 2021.

`Responsibilities and basis of report`

AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').

I reportinrespectof my examinationof theTrust'saccountscarriedoutundersection145of theActandincarrying out
myexaminationI havefollowedallapplicableDirectionsgivenbytheCharityCommissionundersection145(5)(b)of the
Act.

`Independent examiner's statement`

I havecompletedmyexamination.I confirmthatnomaterialmattershavecometomyattentioninconnectionwith the
examination giving me cause to believe that in any material respect:

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

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

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concernsand have come acrossno othermattersin connectionwith the examinationto whichattention should
be drawn in this report in order to enable a proper understanding of the accounts to be reached.

A J Bennewith FCA, FCPA, FFA, FFTA, DChA, FRSA
A J Bennewith FCA, FCPA, FFA, FFTA,

FIPA, DChA, FRSA
3 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
Date: .............................................

Page 3

Guildford Opera Company

`Statement of Financial Activities`

`for the Year Ended 31 December 2021`

				`31.12.21`	`31.12.20`
		`Unrestricted`	`Restricted`	`Total`	`Total`
		`fund`	`fund`	`funds`	`funds`
	`Notes`	`£`	`£`	`£`	`£`
`INCOME AND ENDOWMENTS FROM`
`Donations and legacies`	`2`	`28,876`	`-`	`28,876`	`8,253`
`Other trading activities`	`3`	`9,131`	`-`	`9,131`	`2,225`
`Total`		`38,007`	`-`	`38,007`	`10,478`
`EXPENDITURE ON`
`Raising funds`	`4`	`126`	`-`	`126`	`229`
`Charitable activities`	`5`
`Performances`		`18,869`	`-`	`18,869`	`2,853`
`Total`		`18,995`	`-`	`18,995`	`3,082`
`NET INCOME`		`19,012`	`-`	`19,012`	`7,396`
`RECONCILIATION OF FUNDS`
`Total funds brought forward`		`41,640`	`-`	`41,640`	`34,244`
`TOTAL FUNDS CARRIED FORWARD`		`60,652`	`-`	`60,652`	`41,640`

The notes form part of these financial statements

Page 4

Guildford Opera Company

`Balance Sheet 31 December 2021`

				`31.12.21`	`31.12.20`
		`Unrestricted`	`Restricted`	`Total`	`Total`
		`fund`	`fund`	`funds`	`funds`
	`Notes`	`£`	`£`	`£`	`£`
`FIXED ASSETS`
`Tangible assets`	`9`	`5,634`	`-`	`5,634`	`5,687`
`CURRENT ASSETS`
`Debtors`	`10`	`5,235`	`-`	`5,235`	`5,339`
`Cash at bank`		`56,113`	`-`	`56,113`	`33,253`
		`61,348`	`-`	`61,348`	`38,592`
`CREDITORS`
`Amounts falling due within one year`	`11`	`(6,330)`	`-`	`(6,330)`	`(2,639)`
`NET CURRENT ASSETS`		`55,018`	`-`	`55,018`	`35,953`
`TOTAL ASSETS LESS CURRENT LIABILITIES`		`60,652`	`-`	`60,652`	`41,640`
`NET ASSETS`		`60,652`	`-`	`60,652`	`41,640`
`FUNDS`	`12`
`Unrestricted funds`				`60,652`	`41,640`
`TOTAL FUNDS`				`60,652`	`41,640`

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon13June2022and were
signed on its behalf by:

C Garcia - Trustee

The notes form part of these financial statements

Page 5

Guildford Opera Company

`Notes to the Financial Statements for the Year Ended 31 December 2021`

`1. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,havebeenprepared in
accordancewith the CharitiesSORP (FRS 102) 'Accountingand Reportingby Charities:Statementof  Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicablein the UK and Republicof Ireland(FRS 102) (effective 1 January2019)', FinancialReportingStandard 102
'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'andtheCharitiesAct2011. The
financial statements have been prepared under the historical cost convention.

`Income`

All incomeis recognisedin the Statementof FinancialActivitiesonce the charityhas entitlementto the funds,it is
probable that the income will be received and the amount can be measured reliably.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlement and
the amountof the obligationcanbe measuredreliably.Expenditureis accountedforon an accrualsbasisand has
beenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbe directly
attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of
resources.

`Tangible fixed assets`

Assetscostingover£100purchasedforcontinuingusebythecharityarecapitalisedatcostandwrittenoff over
their useful economic lives.

Costumesarenotdepreciated,asitisconsideredbythetrusteesthattheusefuleconomiclifeofthecostumes is
so long that any depreciation charged would not be material to the accounts.
Equipment is depreciated on a straight line basis over 3 years.

`Taxation`

The charity is exempt from tax on its charitable activities.

`Fund accounting`

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restrictedfundscanonlybe usedforparticularrestrictedpurposeswithinthe objectsof the charity. Restrictions
arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

Page 6

Guildford Opera Company

`Notes to the Financial Statements - continued`

`for the Year Ended 31 December 2021`

`2. DONATIONS AND LEGACIES`

`2.`	`DONATIONS AND LEGACIES`
		`31.12.21`		`31.12.20`
		`£`		`£`
	`HR Taylor Charitable Trust grant`		`-`	`5,000`
	`Donations`	`3,336`		`2,011`
	`Gift aid`		`316`	`1,242`
	`Legacies`	`25,224`			`-`
		`28,876`		`8,253`
`3.`	`OTHER TRADING ACTIVITIES`
		`31.12.21`		`31.12.20`
		`£`		`£`
	`Ticket sales`	`6,132`			`-`
	`Costume hire`	`1,949`		`1,371`
	`Internal fundraising`		`83`		`554`
	`Programme advertising & sales`		`272`		`-`
	`Sundry income`		`10`		`300`
	`Rehearsal income`		`189`		`-`
	`Scores & libretti hire income`		`471`		`-`
	`Operas in English`		`25`		`-`
		`9,131`		`2,225`
`4.`	`RAISING FUNDS`
	`Other trading activities`
		`31.12.21`		`31.12.20`
		`£`		`£`
	`Hall hire`		`40`		`50`
	`Food & drink`		`20`		`179`
	`Band, transport, printing etc`		`10`		`-`
	`Operas in English`		`56`		`-`
			`126`		`229`

continued...

Page 7

Guildford Opera Company

`Notes to the Financial Statements - continued`

`for the Year Ended 31 December 2021`

`5. CHARITABLE ACTIVITIES COSTS`

`Performances` `SUPPORT COSTS` `Performances`	`Support` `Direct` `costs (see` `Costs` `note 6)` `Totals` `£` `£` `£` `15,636` `3,233` `18,869` `Management` `£` `3,233`

`6. SUPPORT COSTS`

`7. TRUSTEES' REMUNERATION AND BENEFITS`

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31December2021norforthe year
ended 31 December 2020.

`Trustees' expenses`

Therewerenotrustees'expensespaidfortheyearended31December2021norfortheyear ended
31 December 2020.

`8. INDEPENDENT EXAMINER'S FEE`

The Independent Examiner's fee charged to the Statement of Financial Activities in 2021 is £960 (2020 - £900).

`9. TANGIBLE FIXED ASSETS`

`TANGIBLE FIXED ASSETS`
	`Costumes`	`Equipment`	`Totals`
	`£`	`£`	`£`
`COST`
`At 1 January 2021 and 31 December 2021`	`5,634`	`474`	`6,108`
`DEPRECIATION`
`At 1 January 2021`	`-`	`421`	`421`
`Charge for year`	`-`	`53`	`53`
`At 31 December 2021`	`-`	`474`	`474`
`NET BOOK VALUE`
`At 31 December 2021`	`5,634`	`-`	`5,634`
`At 31 December 2020`	`5,634`	`53`	`5,687`

continued...

Page 8

Guildford Opera Company

`Notes to the Financial Statements - continued`

`for the Year Ended 31 December 2021`

`10.`	`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`
			`31.12.21`	`31.12.20`
			`£`	`£`
	`Accrued income`		`316`	`1,242`
	`Prepayments`		`1,359`	`3,702`
	`Other debtors`		`3,560`	`395`
			`5,235`	`5,339`
`11.`	`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`
			`31.12.21`	`31.12.20`
			`£`	`£`
	`Other creditors`		`16`	`76`
	`Advance receipts`		`130`	`1,723`
	`Accrued expenses`		`1,184`	`840`
	`Deferred grant`		`5,000`	`-`
			`6,330`	`2,639`
`12.`	`MOVEMENT IN FUNDS`
			`Net`
			`movement`	`At`
		`At 1.1.21`	`in funds`	`31.12.21`
		`£`	`£`	`£`
	`Unrestricted funds`
	`General fund`	`41,640`	`19,012`	`60,652`
	`TOTAL FUNDS`	`41,640`	`19,012`	`60,652`
	`Net movement in funds, included in the above are as follows:`
		`Incoming`	`Resources`	`Movement`
		`resources`	`expended`	`in funds`
		`£`	`£`	`£`
	`Unrestricted funds`
	`General fund`	`38,007`	`(18,995)`	`19,012`
	`TOTAL FUNDS`	`38,007`	`(18,995)`	`19,012`

continued...

Page 9

Guildford Opera Company

`Notes to the Financial Statements - continued`

`for the Year Ended 31 December 2021`

`12. MOVEMENT IN FUNDS - continued`

`Comparatives for movement in funds`

		`Net`
		`movement`	`At`
	`At 1.1.20`	`in funds`	`31.12.20`
	`£`	`£`	`£`
`Unrestricted funds`
`General fund`	`34,244`	`7,396`	`41,640`
`TOTAL FUNDS`	`34,244`	`7,396`	`41,640`
`Comparative net movement in funds, included in the above are as follows:`
	`Incoming`	`Resources`	`Movement`
	`resources`	`expended`	`in funds`
	`£`	`£`	`£`
`Unrestricted funds`
`General fund`	`10,478`	`(3,082)`	`7,396`
`TOTAL FUNDS`	`10,478`	`(3,082)`	`7,396`

The Orchestra Fund was set up to provide additional funds for a larger orchestra.

`13. RELATED PARTY DISCLOSURES`

There were no related party transactions for the year ended 31 December 2021.

Page 10