REGISTERED CHARITY NUMBER: 271484
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 December 2022
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 2022
|
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 2022
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31December 2022.
ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:Statementof Recommended
PracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancialReporting Standard
applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Sincetheformationofthecharitytheover-ridingobjectshavebeentoprovideentertainment,education and
appreciationof opera,operettasandallformsof music,bothinconcertandfullystagedproductionsto audiences at
reasonableprices.Budgetarycontroland strictfinancialmanagementhave alwaysbeen of greatestimportanceto the
managementofthecompany.GuildfordOperaCompanyisevermindfulthatthesupportofaudiencescanonly be
maintainedby a programmeof qualityandinterestpresentedat affordableprices.This is a continualchallengein the
genre of performing arts and particularly with opera.
FINANCIAL REVIEW
Reserves policy
Thecharityhasa lowlevelof fixedoverheadsandthetrusteesthereforeconsidertheholdingof substantial reserves
to be unnecessary.However, the trustees aim to maintaina level of reserves sufficientto ensure that the charity could
continuetooperateifitweretosufferlossesonaparticularproduction.Thetrusteesconsiderthatreserves were
maintained at a sufficient level throughout 2022.
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.
To continuethe musicaleducationof GuildfordOpera Company'smembers in singingand dramaticart and to actively
encouragetherecruitmentofnewmembers.Inaddition,togivetheopportunityofexperiencetopeopleto 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
271484
Principal address
4 Epsom Place
Cranleigh
Surrey
GU6 7ET
Page 1
Guildford Opera Company
Report of the Trustees for the Year Ended 31 December 2022
Trustees
Trustees |
|
M Hughes |
- Chairwoman (appointed 13 April 2022) |
P Melville-Smith |
- Chairman (resigned 13 April 2022) |
R Rowland |
- Patronage Secretary |
G Magill |
- Publicity Officer |
G Vincent |
- Secretary |
J Gooding |
- Membership Secretary |
C Garcia |
- Treasurer |
S Barrett |
- Social Secretary |
A Joseph |
- Member (appointed 13 April 2022) |
J Joseph |
- Member (appointed 4 May 2022) |
E Bellett-Travers |
- Member (appointed 4 May 2022) |
Independent Examiner
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 16 March 2023 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)for the
year ended 31 December 2022.
Responsibilities and basis of report
AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsinaccordancewith the
requirements of the Charities Act 2011 ('the Act').
I reportin respectof my examinationof the Trust'saccountscarriedoutunderSection145 of the Act andin carrying
out my examinationI have followedall applicableDirectionsgiven by the CharityCommissionunderSection 145(5)(b)
of the Act.
Independent examiner's statement
I havecompletedmyexamination.I confirmthatnomaterialmattershavecometomyattentioninconnection with
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.
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
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,
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 2022
|
|
|
|
|
31.12.22 |
31.12.21 |
|
|
Unrestricted |
Restricted |
|
Total |
Total |
|
|
fund |
fund |
|
funds |
funds |
|
Notes |
£ |
£ |
|
£ |
£ |
INCOME AND ENDOWMENTS FROM |
|
|
|
|
|
|
Donations and legacies |
2 |
11,235 |
185 |
|
11,420 |
28,876 |
Other trading activities |
3 |
17,500 |
|
- |
17,500 |
9,131 |
Total |
|
28,735 |
185 |
|
28,920 |
38,007 |
EXPENDITURE ON |
|
|
|
|
|
|
Raising funds |
4 |
94 |
|
- |
94 |
126 |
Charitable activities |
5 |
|
|
|
|
|
Performances |
|
38,290 |
185 |
|
38,475 |
18,869 |
Total |
|
38,384 |
185 |
|
38,569 |
18,995 |
NET INCOME/(EXPENDITURE) |
|
(9,649) |
|
- |
(9,649) |
19,012 |
RECONCILIATION OF FUNDS |
|
|
|
|
|
|
Total funds brought forward |
|
60,652 |
|
- |
60,652 |
41,640 |
TOTAL FUNDS CARRIED FORWARD |
|
51,003 |
|
- |
51,003 |
60,652 |
The notes form part of these financial statements
Page 4
Guildford Opera Company
Balance Sheet
31 December 2022
|
|
|
|
31.12.22 |
31.12.21 |
|
|
Unrestricted |
Restricted |
Total |
Total |
|
|
fund |
fund |
funds |
funds |
|
Notes |
£ |
£ |
£ |
£ |
FIXED ASSETS |
|
|
|
|
|
Tangible assets |
9 |
5,634 |
- |
5,634 |
5,634 |
CURRENT ASSETS |
|
|
|
|
|
Debtors |
10 |
1,047 |
- |
1,047 |
5,235 |
Cash at bank |
|
50,421 |
- |
50,421 |
56,113 |
|
|
51,468 |
- |
51,468 |
61,348 |
CREDITORS |
|
|
|
|
|
Amounts falling due within one year |
11 |
(6,099) |
- |
(6,099) |
(6,330) |
NET CURRENT ASSETS |
|
45,369 |
- |
45,369 |
55,018 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
51,003 |
- |
51,003 |
60,652 |
NET ASSETS |
|
51,003 |
- |
51,003 |
60,652 |
FUNDS |
12 |
|
|
|
|
Unrestricted funds |
|
|
|
51,003 |
60,652 |
TOTAL FUNDS |
|
|
|
51,003 |
60,652 |
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon16March2023 and
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 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsof thecharity,whichis a publicbenefitentityunderFRS 102,havebeenprepared in
accordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhasentitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountof theobligationcanbe measuredreliably.Expenditureis accountedforonanaccruals basis
andhas been classifiedunderheadingsthataggregateall costrelatedto the category.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
Tangible fixed assets
Assetscostingover£100purchasedforcontinuingusebythecharityarecapitalisedatcostandwritten off
over their useful economic lives.
Costumesare not depreciated,as it is consideredby the trusteesthat the useful economiclife of the costumes
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.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
2. DONATIONS AND LEGACIES
DONATIONS AND LEGACIES |
|
|
|
31.12.22 |
31.12.21 |
|
£ |
£ |
HR Taylor Charitable Trust grant |
5,000 |
- |
Donations |
6,234 |
3,336 |
Gift aid |
186 |
316 |
Legacies |
- |
25,224 |
|
11,420 |
28,876 |
continued...
Page 6
Guildford Opera Company
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
3. OTHER TRADING ACTIVITIES
Ticket sales
Costume hire
Internal fundraising
Programme advertising & sales
Sundry income
Rehearsal income
Scores & libretti hire income
Operas in English
4.
RAISING FUNDS
Other trading activities
Hall hire
Food & drink
Band, transport, printing etc
Operas in English
5.
CHARITABLE ACTIVITIES COSTS
Performances
6.
SUPPORT COSTS
Performances |
31.12.22
31.12.21
£
£
11,791
6,132
3,568
1,949
299
83
582
272
2
10
362
189
832
471
64
25
17,500
9,131
31.12.22
31.12.21
£
£
46
40
20
20
15
10
13
56
94
126
Support
Direct
costs (see
Costs
note 6)
Totals
£
£
£
34,461
4,014
38,475
Management
£
4,014 |
|
|
continued...
Page 7
Guildford Opera Company
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees'remunerationor other benefitsfor the year ended 31 December 2022 nor for the year
ended 31 December 2021.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31December2022norfortheyear ended
31 December 2021.
8. INDEPENDENT EXAMINER'S FEE
TheIndependentExaminer'sfeechargedtotheStatementofFinancialActivitiesin2022is£1008(2021 -
£960).
9. TANGIBLE FIXED ASSETS
9. |
TANGIBLE FIXED ASSETS |
|
|
|
|
|
|
|
Costumes |
|
Equipment |
|
Totals |
|
|
£ |
|
£ |
|
£ |
|
COST |
|
|
|
|
|
|
At 1 January 2022 and 31 December 2022 |
5,634 |
|
|
474 |
6,108 |
|
DEPRECIATION |
|
|
|
|
|
|
At 1 January 2022 and 31 December 2022 |
|
- |
|
474 |
474 |
|
NET BOOK VALUE |
|
|
|
|
|
|
At 31 December 2022 |
5,634 |
|
|
- |
5,634 |
|
At 31 December 2021 |
5,634 |
|
|
- |
5,634 |
10. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
|
|
|
|
|
31.12.22 |
|
31.12.21 |
|
|
|
|
£ |
|
£ |
|
Accrued income |
|
|
|
- |
316 |
|
Prepayments |
|
|
|
703 |
1,359 |
|
Other debtors |
|
|
|
344 |
3,560 |
|
|
|
|
1,047 |
|
5,235 |
continued...
Page 8
Guildford Opera Company
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
11. |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
|
|
|
31.12.22 |
31.12.21 |
|
|
|
£ |
£ |
|
Other creditors |
|
- |
16 |
|
Advance receipts |
|
50 |
130 |
|
Accrued expenses |
|
1,049 |
1,184 |
|
Deferred grant |
|
5,000 |
5,000 |
|
|
|
6,099 |
6,330 |
12. |
MOVEMENT IN FUNDS |
|
|
|
|
|
|
Net |
|
|
|
|
movement |
At |
|
|
At 1.1.22 |
in funds |
31.12.22 |
|
|
£ |
£ |
£ |
|
Unrestricted funds |
|
|
|
|
General fund |
60,652 |
(9,649) |
51,003 |
|
TOTAL FUNDS |
60,652 |
(9,649) |
51,003 |
|
Net movement in funds, included in the above are as follows: |
|
|
|
|
|
Incoming |
Resources |
Movement |
|
|
resources |
expended |
in funds |
|
|
£ |
£ |
£ |
|
Unrestricted funds |
|
|
|
|
General fund |
28,735 |
(38,384) |
(9,649) |
|
Restricted funds |
|
|
|
|
Orchestra fund |
185 |
(185) |
- |
|
TOTAL FUNDS |
28,920 |
(38,569) |
(9,649) |
|
Comparatives for 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 |
continued...
Page 9
Guildford Opera Company
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
12. MOVEMENT IN FUNDS - continued
Comparative 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 |
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 2022.
Page 10