REGISTERED CHARITY NUMBER: 271484
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2023
for
Guildford Opera Company
Bennewith 2018 Limited t/a A J Bennewith & Co Upper Ground Floor 18 Farnham Road Guildford Surrey GU1 4XA
Guildford Opera Company
Contents of the Financial Statements for the Year Ended 31 December 2023
| 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 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
Guildford Opera Company
Report of the Trustees for the Year Ended 31 December 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Since the formation of the charity the over-riding objects have been to provide entertainment, education and appreciation of opera, operettas and all forms of music, both in concert and fully staged productions to audiences at reasonable prices. Budgetary control and strict financial management have always been of greatest importance to the management of the company. Guildford Opera Company is ever mindful that the support of audiences can only be maintained by a programme of quality and interest presented at affordable prices. This is a continual challenge in the genre of performing arts and particularly with opera.
FINANCIAL REVIEW
Reserves policy
The charity has a low level of fixed overheads and the trustees therefore consider the holding of substantial reserves to be unnecessary. However, the trustees aim to maintain a level of reserves sufficient to ensure that the charity could continue to operate if it were to suffer losses on a particular production. The trustees consider that reserves were maintained at a sufficient level throughout 2023.
Financial review
The results for the year are set out in the annexed Statement of Financial Activities.
FUTURE PLANS
To continue the presentation of operas, operettas and music of a wide variety to local audiences within the prudent management of our resources.
To continue the musical education of Guildford Opera Company's members in singing and dramatic art and to actively encourage the recruitment of new members. In addition, to give the opportunity of experience to people to work behind stage in a real 'live' theatre, learning the various crafts of scenery building, stage management, lighting etc.
STRUCTURE, GOVERNANCE AND MANAGEMENT
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The charity is controlled by the trustees.
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The trustees consider that there are sufficient reserves. The charity's reserves policy is as set out above in this report.
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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 2023
| Trustees | ||
|---|---|---|
| M Hughes | - Chairwoman | |
| C Garcia | - Treasurer | |
| R Rowland | - Patronage Secretary | |
| G Magill | - Publicity Officer | |
| J Gooding | - Membership Secretary | |
| S Barrett | - Social Secretary | |
| A Joseph | - Member | |
| J Joseph | - Member | |
| E Bellett-Travers | - Member | (resigned 12 April 2023) |
| G Vincent | - Secretary | (resigned 5 September 2023) |
| Independent Examiner | ||
| A J Bennewith FCA, FCPA, FFA, FFTA, FIPA, DchA, FRSA | ||
| Bennewith 2018 Limited | ||
| t/a A J Bennewith & Co | ||
| Upper Ground Floor | ||
| 18 Farnham Road | ||
| Guildford | ||
| Surrey | ||
| GU1 4XA | ||
| Approved by order of the board of trustees on ............................................. 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
I report to the charity trustees on my examination of the accounts of Guildford Opera Company (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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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 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 accounts to be reached.
A J Bennewith FCA, FCPA, FFA, FFTA, FIPA, DchA, FRSA
Bennewith 2018 Limited t/a A J Bennewith & Co Upper Ground Floor 18 Farnham Road Guildford Surrey GU1 4XA
Date: .............................................
Page 3
Guildford Opera Company
Statement of Financial Activities
for the Year Ended 31 December 2023
| 31.12.23 | 31.12.22 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | fund | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | ||||||
| Donations and legacies | 2 | 10,538 | - | 10,538 | 11,420 | |
| Other trading activities | 3 | 19,227 | - | 19,227 | 17,500 | |
| Total | 29,765 | - | 29,765 | 28,920 | ||
| EXPENDITURE ON | ||||||
| Raising funds | 4 | 1,778 | - | 1,778 | 94 | |
| Charitable activities | 5 | |||||
| Performances | 46,035 | - | 46,035 | 38,475 | ||
| Total | 47,813 | - | 47,813 | 38,569 | ||
| NET INCOME/(EXPENDITURE) | (18,048) | - | (18,048) | (9,649) | ||
| RECONCILIATION OF FUNDS | ||||||
| Total funds brought forward | 51,003 | - | 51,003 | 60,652 | ||
| TOTAL FUNDS CARRIED FORWARD | 32,955 | - | 32,955 | 51,003 | ||
The notes form part of these financial statements
Page 4
Guildford Opera Company
Balance Sheet 31 December 2023
| 31.12.23 | 31.12.22 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| fund | fund | funds | funds | |||
| Notes | £ | £ | £ | £ | ||
| FIXED ASSETS | ||||||
| Tangible assets | 9 | 5,634 | - | 5,634 | 5,634 | |
| CURRENT ASSETS | ||||||
| Debtors | 10 | 1,408 | - | 1,408 | 1,047 | |
| Cash at bank | 33,618 | - | 33,618 | 50,421 | ||
| CREDITORS | 35,026 | - | 35,026 | 51,468 | ||
| Amounts falling due within one year | 11 | (7,705) | - | (7,705) | (6,099) | |
| NET CURRENT ASSETS | 27,321 | - | 27,321 | 45,369 | ||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 32,955 | - | 32,955 | 51,003 | ||
| NET ASSETS | 32,955 | - | 32,955 | 51,003 | ||
| FUNDS | 12 | |||||
| Unrestricted funds | 32,955 | 51,003 | ||||
| TOTAL FUNDS | 32,955 | 51,003 | ||||
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. 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 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Assets costing over £100 purchased for continuing use by the charity are capitalised at cost and written off over their useful economic lives.
Costumes are not depreciated, as it is considered by the trustees that the useful economic life 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.
Restricted funds can only be used for particular restricted purposes within the objects of 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 2023
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 31.12.23 | 31.12.22 | |
| £ | £ | |
| HR Taylor Charitable Trust grant | 5,000 | 5,000 |
| Donations | 4,792 | 6,234 |
| Gift aid | 746 | 186 |
| 10,538 | 11,420 | |
| OTHER TRADING ACTIVITIES | ||
| Ticket sales | 31.12.23 £ 10,981 |
31.12.22 £ 11,791 |
| Costume hire | 3,378 | 3,568 |
| Internal fundraising | 2,963 | 299 |
| Programme advertising & sales | 599 | 582 |
| Sundry income | 66 | 2 |
| Rehearsal income | 404 | 362 |
| Scores & libretti hire income | 836 | 832 |
| Operas in English | - | 64 |
| 19,227 | 17,500 | |
| RAISING FUNDS | ||
| Other trading activities | ||
| Hall hire | 31.12.23 £ 721 |
31.12.22 £ 46 |
| Food & drink | 809 | 20 |
| Band, transport, printing etc | 248 | 15 |
| Operas in English | - | 13 |
| 1,778 | 94 | |
3. OTHER TRADING ACTIVITIES
4. RAISING FUNDS
continued...
Page 7
Guildford Opera Company
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
5. CHARITABLE ACTIVITIES COSTS
| Performances SUPPORT COSTS Performances |
Support Direct costs (see Costs note 6) Totals £ £ £ 42,021 4,014 46,035 Management £ 4,014 |
|---|---|
6. SUPPORT COSTS
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
8. INDEPENDENT EXAMINER'S FEE
The Independent Examiner's fee charged to the Statement of Financial Activities in 2023 is £1,020 (2022 - £1,008).
9. TANGIBLE FIXED ASSETS
| COST | Costumes Equipment Totals £ £ £ |
Costumes Equipment Totals £ £ £ |
|---|---|---|
| At 1 January 2023 and 31 December 2023 | 5,634 | 474 6,108 |
| DEPRECIATION | ||
| At 1 January 2023 and 31 December 2023 | - | 474 474 |
| NET BOOK VALUE | ||
| At 31 December 2023 | 5,634 | - 5,634 |
| At 31 December 2022 | 5,634 | - 5,634 |
continued...
Page 8
Guildford Opera Company
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 31.12.23 | 31.12.22 | ||
| £ | £ | ||
| Prepayments | 1,289 | 703 | |
| Other debtors | 119 | 344 | |
| 1,408 | 1,047 | ||
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| Other creditors | 31.12.23 £ 135 |
31.12.22 £ - |
|
| Advance receipts | 50 | 50 | |
| Accrued expenses | 1,020 | 1,049 | |
| Deferred grant | 6,500 | 5,000 | |
| 7,705 | 6,099 | ||
| 12. | MOVEMENT IN FUNDS | ||
| Unrestricted funds | Net movement At 1.1.23 in funds £ £ |
At 31.12.23 £ |
|
| General fund | 51,003 (18,048) |
32,955 | |
| TOTAL FUNDS | 51,003 (18,048) |
32,955 | |
| Net movement in funds, included in the above are as follows: | |||
| Unrestricted funds | Incoming Resources resources expended £ £ |
Movement in funds £ |
|
| General fund | 29,765 (47,813) |
(18,048) | |
| TOTAL FUNDS | 29,765 (47,813) |
(18,048) | |
continued...
Page 9
Guildford Opera Company
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
12. MOVEMENT IN FUNDS - continued
Comparatives for 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 | |
| Comparative net movement in funds, included in the above are as follows: | ||||
| Unrestricted funds | Incoming resources £ |
Resources expended £ |
Movement in funds £ |
|
| General fund | 28,735 | (38,384) | (9,649) | |
| Restricted funds | ||||
| Orchestra fund | 185 | (185) | - | |
| TOTAL FUNDS | 28,920 | (38,569) | (9,649) | |
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 2023.
Page 10
Guildford Opera Company
| INCOME AND ENDOWMENTS Donations and legacies HR Taylor Charitable Trust grant Donations Gift aid Other trading activities Ticket sales Costume hire Internal fundraising Programme advertising & sales Sundry income Rehearsal income Scores & libretti hire income Operas in English Total incoming resources EXPENDITURE Other trading activities Hall hire Food & drink Band, transport, printing etc Operas in English Charitable activities Accompanist fees Costumes Lighting, stage and scenery Rehearsal costs Scores and libretti Travel Venue hire Sundry production costs Carried forward |
Detailed Statement of Financial Activities for the Year Ended 31 December 2023 31.12.23 31.12.22 £ £ 5,000 5,000 4,792 6,234 746 186 10,538 11,420 10,981 11,791 3,378 3,568 2,963 299 599 582 66 2 404 362 836 832 - 64 19,227 17,500 29,765 28,920 721 46 809 20 248 15 - 13 1,778 94 3,708 3,140 1,459 1,877 773 611 3,469 2,639 1,708 1,994 4,125 2,753 6,365 6,365 - 828 21,607 20,207 |
|---|---|
This page does not form part of the statutory financial statements
Page 11
Guildford Opera Company
Detailed Statement of Financial Activities
for the Year Ended 31 December 2023
| 31.12.23 | 31.12.22 | |
|---|---|---|
| £ | £ | |
| Charitable activities | ||
| Brought forward | 21,607 | 20,207 |
| Orchestra & band | 17,994 | 13,054 |
| Stage director's fees | 1,000 | - |
| Stage manager's fees | 1,000 | 1,000 |
| Set designer's fee | 420 | 200 |
| Support costs | 42,021 | 34,461 |
| Management | ||
| Auditions | 68 | 120 |
| Insurance | 594 | 569 |
| Office costs | - | 12 |
| Publicity | 1,428 | 1,528 |
| Program and ticket printing | 262 | 301 |
| Subscriptions and memberships | 240 | 173 |
| Accountancy | 1,020 | 1,008 |
| Sundry support costs | 306 | 256 |
| Fees on card transactions | 96 | 47 |
| 4,014 | 4,014 | |
| Total resources expended | 47,813 | 38,569 |
| Net expenditure | (18,048) | (9,649) |
This page does not form part of the statutory financial statements
Page 12