2022-06-30-accounts - National Opera Studio

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(a company limited by guarantee and not having a share capital)

Annual Report and Accounts for the Year ended

30[th] June 2022

Company number: 1332955 Charity number: 274755

National Opera Studio Trustees’ Report for the Year Ended 30 June 2022

Introduction and Timescale for this report

The Trustees are pleased to present their annual report together with the independently examined financial statements of the National Opera Studio for the year ended 30 June 2022. These are also prepared to meet the requirement for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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 (FRS102) (second edition – effective 1 January 2019).

1. OBJECTIVES AND ACTIVITIES

Charitable objects

Our Charitable objects, as stated in the National Opera Studio governing document from 1977, are:

The National Opera Studio is engaged by the UK’s leading opera companies and Arts Council England to provide individually designed, high quality professional training for singers and repetiteurs who have the potential to become the leading artists of their generation.

1.1 Objectives and Aims

To deliver our charitable objectives effectively, we devise long-term strategic plans. The aims and objectives below are drawn from the 2018-22 Business Plan, and this report relates to these.

In shaping and reviewing our aims, strategies and future objectives, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity’ (PB2) . The Studio relies on grants, donations and the income from hires, courses, tickets and fees to cover its operating costs. Keeping our Global Talent Training Programme free to young artists is essential in order to achieve the diversity of talent to which we aspire, and to ensure there is no barrier to our training on grounds of cost.

1.2 Significant Activities

We have five Strategic Aims which inform our activity, and against which our objectives are measured.

These are:

To develop resilient and appropriately-skilled artists through our world-class training programmes
To find diverse artists of talent for our emerging and exceptional promise programmes
To support our community, our alumni and artists in transitional phases of growth
To lead the conversation on opera training through partnerships and an annual forum
To sustain an imaginative, resilient and recognised organisation that delivers relevant and tangible benefits for the industry we serve.

National Opera Studio Trustees’ Report for the Year Ended 30 June 2022

2. STRATEGIC REPORT

2.1 Achievement and Performance

Despite significant global events having an impact on all of us this year, the NOS has had a hugely rewarding and impactful year in 2021/22. A diverse cohort of Young Artists from England, Wales, South Africa, Australia, America, South Korea, Latvia, Ukraine, Russia, Brazil and Belgium created a cohesive ensemble that saw them blossom during their training and thrive since leaving NOS. Our Associate Artists, who suffered a displaced year amid Covid lockdowns, were offered coaching and performance opportunities that they missed, including a high-profile concert at Cadogan Hall with the orchestra of English National Opera.

Though Covid continues to have an impact on artists and audiences, we have been able to hold all our national residencies and performances and events as planned, presenting 32 performances in London and nationally, with nine livestreamed to audiences around the world, with an average capacity of 85%.

In February 2022 Ukraine was invaded by Russia, marking the beginning of a conflict that has global consequences. Along with many arts organisations we have played our part in raising money for those affected, with our artists, especially our Ukrainian ones, participating in NOS-led fundraisers as well as those by our partner companies, helping to raise in excess of £150,000 for the Disasters Emergency Committee.

Our new AV equipment, installed during the previous year’s lockdown, has been utilised to extend our reach to audiences, expand our training offer and give artists valuable opportunities to film and record their repertoire for a new digital age of auditions.

Financially this has been a year of consolidation and embedding ourselves as a nationally significant organisation. We are this year the fortunate recipients of a Nicholas John Trust Endowment, a huge show of support in the ongoing value of our work, and since the year end have been granted further funding by Arts Council England as a coveted National Portfolio Organisation for the forthcoming investment period 2023-26, on top of our Extension Year funding granted for 2022-23.

This show of support has come against a particularly challenging time for NOS and the broader opera sector in the UK. We are facing an increase in costs at the same time as having to increase our Young Artist support to help them through the cost-of-living crisis. Coupled with this are the broader funding cuts to our partner companies, especially English National Opera, and the impact that is having on their work across the UK.

Summer Courses 2021

This summer we provided four short courses for young singers and pianists, at all levels of ability and knowledge of opera. The courses included mostly young people who are already in training – either on general singing, opera or music theatre courses, and some who had graduated and were seeking further advancement. These were:

Stagecraft in Opera , directed by David Sulkin:

National Opera Studio Trustees’ Report for the Year Ended 30 June 2022

This was a deep dive into stage presence, physicality and role preparation, with a focus on acting, text analysis, movement and character. This course highlighted the role of the physical acting self on the opera stage, giving weight and focus to this as central to the success of an opera performance.

Reimagining Auditions, directed by Emma Jenkins and Alex Ingram:

This was an intensive course concentrating on auditions, in the live, recorded and digital space, with a focus on performance skills and audition techniques, where participants could learn both from team coaching and from one another, were given the opportunity to perform in front of a distinguished live panel of casting specialists as well as an online ‘Zoom’ panel of experts, and were each given a professionally produced video to take away with them.

Exploring Opera, directed by Dearbhla Collins:

Over six days, our specialist coaches worked with a cohort of singers to explore both musical and stagecraft aspects of being an opera singer, developing character, exploring vocal possibilities, delving into languages and ensemble working, culminating in a concert to family and friends that showcased the remarkable journey of the participants.

Discovering Opera, directed by David Sulkin:

As part of our Diverse Voices programme, and following the outstanding success of the 2019 course, we ran a second this year, for undergraduates studying music-theatre degree courses with backgrounds underrepresented in opera. We worked closely with several key organisations: Mountview, Royal Central School of Speech and Drama, Trinity Laban, ArtsEd and British Youth Music Theatre.

Sixteen young student volunteers were asked to bring a favourite music-theatre piece which showed their enthusiasm for music and highlighted their individual skills. They were each asked to prepare a specific opera aria. All participants arrived at the course well-prepared and motivated, the week was packed with language and stylistic coaching, movement and vocal development skills by expert coaches, and the feedback from students unanimously positive.

Hospital Rooms summer arts week:

In spring 2021 we connected with a national visual arts charity based in Wandsworth called Hospital Rooms (HR). HR works in the NHS Mental health estate improving the environment for patients sectioned under the Mental Health Act. HR works with the NHS Springfield Mental Health hospital in Tooting, which also runs a Recovery College supporting patients returning to the community to live. The College has students who study the progress of their own recovery and in turn learn better how to manage their own fragile mental health before crises occur. Students can attend the College for a year, which is open for a wide range of activities, advice and guidance. The College is funded by the NHS.

In August, the College, with advice and guidance of HR, ran a Summer Arts Festival; a week of creative activities for recovering students. The NOS ran two half day workshops on physical and mental calm, on breath, humming, droning, improvising vocalisation and harmonising. The workshop concluded with learning the theme of and improvising around the Humming chorus from Madam Butterfly . Opera was mentioned towards the end of the workshop with the primary theme being that

National Opera Studio Trustees’ Report for the Year Ended 30 June 2022

music can enhance physical and mental serenity achieved through a ‘free’ and balanced body, the breath and different ways of using the using the voice.

Feedback from the workshops was overwhelmingly positive resulting in ongoing discussions with the Recovery College and HR and a second set of workshops planned for next year. We are now discussing providing similar services for patients in secure units, prior to joining the Recovery College.

Young Artist Training Programme

Our 2021/22 cohort of Young Artists arrived in September 2021. These were:

SOPRANOS: Aleksandra Chernenko, Ffion Edwards, Inna Husieva, Laura Lolita Perešivana MEZZOS: Sian Griffiths, Joanna Harries, Shakira Tsindos COUNTERTENOR: Logan Lopez Gonzalez TENORS: Philip Clieve, Monwabisi Lindi BARITONES: Josef Ahn, Kamohelo Tsotetsi REPETITEURS: Chloe Kim, Nadia Kisseleva, Alexsander Ribiero de Lara, Elli Welsh

Young Artist Training Programme (Global Talent Programme)

The theme and thread of this year was ‘integrated training’. Led by the artistic team, input from coaches and creative teams merged to create an informed and relevant pathway for each individual singer. The introduction of development points were followed by the setting of repertoire for all concerts and residencies thorough the year. This process was underpinned by regular meetings with each Young Artist to track progress.

Our Young Artists were exposed to a wide range of musical and language coaching during their time with us. Our pianist/repertoire coaches included representatives from our partner companies - amongst them David Gowland and Susanna Stranders (ROH) and David Cowan (ON), as well as leading freelance coaches such as Alex Ingram, Martin Pacey, Allyson Devenish and Elizabeth Rowe. Conductor Jim Holmes and alumna Erika Gundesen lent particular expertise in the repertoire of Sondheim, as we prepared for our Sondheim: Before and After performances at Hoxton Hall. We also believe it is important for our Young Artist singers to work with vocal experts; last year these included members of our Sounding Board, as well as Della Jones, Andrew Watts, Michael Harper, Rachel Nicholls and Andrew Greenan. Our YA pianists also benefited greatly from the expertise of both our pianist and singer coaches, who supported their development both as repetiteurs and coaches in their own right. All our Young Artists worked regularly with leading Italian, German and French coaches as their own needs and our repertoire dictated.

Physical development continues to play a vital part in our training, and we have expanded the number of specialists we work with in this area, to develop practice, integrate skills and stay relevant, working with those in the field in their areas of specialism. Alongside movement and physical skills we worked with specialists in Feldenkrais, Meisner and Stanislavsky, integrating other areas of professional need, such as intimacy training, to support the work of both artists and directors, creating the safe space to negotiate intimate scenes that is good contemporary practice.

National Opera Studio Trustees’ Report for the Year Ended 30 June 2022

Professional resilience and preparedness is an essential part of our programme, to adequately introduce YAs to the world of work. Areas covered this year included media relationships and PR, the digital self, contracts management, CV and Biography sessions, diet and nutrition, and mental performance preparation.

Residencies:

Four orchestral residencies with our partner companies took place this year.

ENO: a highly successful concert with the Orchestra of ENO at Cadogan Hall, conducted by ENO Mackerras Fellow Olivia Clarke and directed by Amy Lane, which showcased Young Artists and Associate Artists to a 90% capacity house. This performance included scenes from Jonathan Dove’s Flight, Massenet’s Werther, Britten’s Albert Herring, Bizet’s Carmen, Handel’s Orlando, and Verdi’s Falstaff.

A joint residency with Scottish Opera and Welsh National Opera was a highlight of creativity and dramatic vision, joyous and uplifting. Emma Jenkins’ show, Anarchy at the Opera , conducted in Glasgow by Derek Clark and in Cardiff by Wyn Davies, was a real ensemble piece, where scenes from Poulenc’s Les Mamelles de Tiresias mixed with Handel’s Alcina, Martinu’s Julietta, Britten’s A Midsummer Night’s Dream, Offenbach’s Le roi Carotte and Shostakovich’s Cheryomushki.

Our Leeds residency was a Mozart project directed by Matthew Eberhart, with Anthony Hermus conducting the Orchestra of Opera North. YAs were supported by Opera North’s Head of Music David Cowan and welcomed warmly by Richard Mantle who made everyone feel included in the life of the company in their newly renovated buildings. The residency was followed by a London showing at Hoxton Hall restaged by young director Finn Lacey and conducted by NOS’s Head Coach Andrew Griffiths.

Our contemporary scenes project was a homage to a great master who died this year. Sondheim: Before and After, directed by Keith Warner and conducted by Andrew Griffiths. It was demanding and challenging for our Young Artists, as the text is fast-paced and complex, and much of the material unfamiliar- which is exactly why we do this work as part of our training. The objective of the programme was to represent composers who influenced Sondheim and those composers Sondheim influenced. They included Britten, Berg, Ravel, Jake Heggie, Nico Muhly, Janine Tesori, and Missy Mazzoli. As this was the final project of the year, the YAs were able to take up the challenge with style and skill, a symbol of the success of our changing and developing programme and the support we provide to enable Young Artists to find their creative feet.

External events and other festivals and partnerships

We participated in a number of external festivals and events this year, and hosted a number of other performing companies in our building. These included Wandsworth Arts Fringe, Fulham Palace, RAM Quarter, Earlsfield Christmas Lights, MAX (Musician and Artist Exchange) Masterclass and a private recital for the Franco-British Society.

Hires

The spaces at NOS are regularly hired out to a variety of people. Over the past year we have hosted organisations and individuals for everything from antenatal classes to private recording sessions and general rehearsals. Hirers have included Opera Holland Park, the Sixteen, the London Philharmonic Orchestra, and Opera North. In addition to doing regular hires for practice and workshops, the Clore

National Opera Studio Trustees’ Report for the Year Ended 30 June 2022

Building acted as a “Hub Venue” for the Wandsworth Arts Fringe. Similar plans are in place for next year.

New work development

As part of our commitment to the development of opera as an artform and to support our Young Artists’ abilities to explore new work and participate in creative practice, we have started regularly supporting new works – operas in development – for composers and librettists. With composer, David Matthews and in association with Faber Music we created a testing and development environment for the second act of Anna , an opera about Communist Czechoslovakia to a libretto by the late Roger Scruton. The first act of this opera was workshopped in February 2020, just before the first Covid lockdown.

Sounding Board

The NOS Sounding Board is a group of highly-regarded working British singers who will help guide, advise, support and train our Young Artists. Gerry Finley OC OBE, Sue Bullock CBE, Elizabeth Llewellyn CBE, Nicky Spence, Brindley Sherratt and Marie Mclaughlin are on the board and this year have helped in a variety of ways from delivering coaching, to masterclasses to individual advice and support.

Masterclasses

We have had the following artists deliver public masterclasses with our Young Artists this year: Danielle de Niese, Sarah Connolly, Brindley Sherratt, Nicky Spence and Angel Blue. Almost all these masterclasses were filmed and then streamed, enabling other young artists and audiences to see these incredible masters at work.

A digital revolution at NOS

This year has seen a surge in activity on our digital platforms and what is offered to our Young Artists, as we respond to the changing landscape post-Covid and the opportunities it presents for our artists and for NOS as an organisation.

We introduced dedicated filming days each month for our Young Artists, using our in-house equipment and led by a dedicated NOS technician. This initiative, devised and implemented by our Head of Marketing and Digital in consultation with the Artistic team, is to make artist content creation more structured and embedded, ensuring a high quality library of filmed and recorded work for each artist to use for their own publicity and audition materials.

We successfully delivered our first ever livestreamed agent day using our new in-house AV equipment. This was livestreamed privately and then a link sent to any agents / contacts not able to attend. This enabled us to showcase our artists to a wide variety of industry contacts and this day was attended online by casting specialists in Germany, Italy and the USA as well as those in the UK.

Another first this year was the production of an artist-focussed short film. As part of our strategy to professionalise our content and promote the work of the Studio around the world, we commissioned videographer Alisdair Kitchen to create a short Young Artist profile film that delves into the life of a 2021/22 Young Artist during a typical day at the Studio. We chose soprano Ffion Edwards as the artist for our pilot film, focussing on the artist musician, her journey to NOS and the impact the Studio has had on her personally and professionally.

National Opera Studio Trustees’ Report for the Year Ended 30 June 2022

This year we also launched NOS on TikTok. The response has been fantastic and our followers have grown very quickly. We have adapted video content captured on filming days and posted highlights on TikTok –alongside rehearsal footage and artist-created content. Each post gets on average 500 views and followers are from around the world – the primary being USA at 42%.

In November 2021, we hosted an Open Morning for singers and repetiteurs applying to the National Opera Studio for our 2022/23 programme and beyond. For the very first time, we also livestreamed a ‘mini’ open morning from the Blackburn Hall, consisting of coaching sessions led by Della Jones and Andrew Greenan, followed by a talk and Q&A session with the NOS senior team and Sounding Board member Brindley Sherratt.

Our hugely popular Wandsworth Wednesday series is now livestreamed and broadcast via our YouTube channel. All performances are branded and edited and sent to each Young Artist after the performance for their own use. Concerts regularly sell out and are an opportunity for our Young Artists to curate their own concert.

Diverse Voices

The most important step ahead with Diverse Voices this year was the appointment of Patricia St Hilaire to the role of Project Manager. Patricia is an HR professional, life coach and arts management tutor, who was the Co-Founder of the progressive and much-admired Theatre of Black Women along with the Booker Prize winning author, Bernadine Evaristo.

With new resource and the ability to make in-person connections with partners, activity planned in 2019 was finally able to proceed against our operating framework model, which includes working with schools, faith choirs, youth groups, opera companies and artist agencies. We deepened our relationship with the Wandsworth Music Hub, with activity planned across seven schools. A new relationship with the Ealing Music Service using the model for singing at Twyford School and its associated academy trusts is being developed.

We established a link with a London youth faith-group choir in Canning Town, East London and progressed links in Birmingham in association with RBC and BOC and in Leeds. We are continuing our relationship with New Young Voice Collective in Newham, East London. This involves a junior choir and training for leadership in the senior choir.

We significantly deepened our relationships with four under-graduate degree courses run by specialist music-theatre colleges, delivering a third Discovering Opera short course and planning further opera training opportunities for the following year in London and Leeds.

Progress since June 2022

Four short courses in the summer of 2022 were all sold out, and this year we involved senior staff from our partner companies in co-leading these courses, further deepening our collaboration throughout the year. David Cowan, Head of Music at Opera North, led our Exploring Opera course along with director Matthew Eberhart, and Sarah-Jane Davies, Casting Director at Scottish Opera, coled the Demystifying Auditions short course with Dearbhla Collins and singer Jonathan Lemalu. NOS Head Coach Andrew Griffiths led the first ever Life as a Repetiteur course, with three other repetiteur coaches: Brenda Hurley, Susanna Stranders and Liz Rowe. David Sulkin led the third Discovering

National Opera Studio Trustees’ Report for the Year Ended 30 June 2022

Opera course with coaches Michael Harper and Allyson Devenish. A second ten-day course in collaboration with Hospital Rooms was run by David Sulkin, working collaboratively with a group of students in recovery from mental illness and specialists who bring contrasting skills in the creative arts. This course included composer Alex Mills, cellist Lucas Robson, mezzo-soprano and recent NOS alumna Joanna Harries and Feldenkrais teacher Jenny Hill along with eleven people, students of the Recovery College whose ages ranged from 25 – 72.

In December 2022 we appointed our first artist and co-programme-curator, Natasha Agarwal, to our Diverse Voices National Talent Programme. This programme is being developed to support British singers from all backgrounds currently underrepresented in opera.

During the summer we refreshed our building with new bathrooms, which now feel fresh and classy. We also installed a self-record station in the Blackburn Hall for artists to easily record coaching sessions or audition materials. We produced a new Hires brochure and an ‘About Us’ brochure to inform stakeholders and the public about our work and our spaces.

We supported two new operas in development; Ademdai by composer Robert Hugill and librettist Dario Salvi and Rosalind , by composer Peter Hugh White and librettist Clare Heath.

As the war in Ukraine continues, we have found extra help and support for those of our artists affected beyond their time at the Studio.

In November 2022 we were informed of the success of our application to Arts Council England’s National Portfolio 2023-26. Against the backdrop of funding cuts across the arts and particularly in London, this is a huge achievement, for which we are very grateful.

On behalf of my fellow trustees, as well as the staff and artists of the NOS, particular thanks must go to all of our valued donors, to our partner opera companies, and to the Arts Council, without whom we simply could not deliver our work. Thank you for your support.

2.2 Financial Review

The Statement of Financial Activities for the year is on pages 22 to 39. Excluding the new endowment, there was an overall deficit of £12,359 after depreciation.

2.2.1 Financial Position

Incoming Resources

Arts Council England: London

The NOS is a National Portfolio Organisation (NPO) funded by Arts Council England: London (ACE). The support of ACE is vital for the continuing success of the NOS and we are very grateful to ACE for this support. The ACE NPO grant for 2021/22 was £168,221. We are delighted that the NOS was granted a further £171,316 for 2022/23 under the NPO Extension and has been successful in remaining in the portfolio for 2023-26 at the same level of funding.

National Opera Studio Trustees’ Report for the Year Ended 30 June 2022

Opera Companies

The financial contribution of the opera companies to the NOS in 2021/22 was £125,000. The companies are English National Opera, Glyndebourne, Opera North, the Royal Opera House, Scottish Opera and Welsh National Opera. We are grateful to our partner companies for their continued support despite the current difficult funding landscape for opera in the UK.

Fundraising

ACE NPO funding and the opera companies’ contributions in 2021/22 covered 32% of total nonendowment income. Each year, the NOS needs to attract substantial funds to meet the balance of these costs. The NOS is immensely grateful to our many donors for their continued support. Income from donations, corporate support, and grants from Trusts and Foundations for the 2021/22 reporting period was £347,688, or 50% of voluntary income, excluding the gift of an expendable endowment (£1,021,983) from the Nicholas John Trust. In addition, the Studio is grateful to those who have donated in kind.

The Studio’s fundraising approach is based around the cultivation of individuals and Trusts and Foundations who demonstrate an interest in opera and our work in particular. Increasingly we are focussed on providing financial support to our Young Artists who are particularly susceptible to the rising costs of living in London. The studio holds a small number of small, targeted cultivation events each year and these are used to demonstrate its work. There is one part-time member of staff responsible for fundraising. The Studio does not use direct mail or telephone canvassing nor are third party fundraisers employed. The Studio keeps in regular touch with its donors to update them on the progress of the Young Artists but does not contact donors or potential donors in regard to fundraising on a regular basis. We do not contact any individuals who may be deemed vulnerable.

The National Opera Studio is compliant with the Code of Fundraising Practice set by the Fundraising Regulator and is registered with the Fundraising Standards Board. No complaints were received about our fundraising practices in 2022 (2021: no complaints).

Earned Income

The National Opera Studio raises money via activities such as short courses, the hire of our spaces, and external performances, which support the charitable objects of the charity and provide opportunities for artists. The beginning of the 21/22 period was still being affected by the Covid-19 pandemic, with audiences and hirers taking a while to return. Over the course of the year, however, we brought in £198,558, which was a 55% increase on 20/21.

Expenditure to Support the Objectives of the Charity

Expenditure increased, rising to £929,162 (24% higher than 20/21) for the period, which reflects our increased activity following extended periods of lockdown in the previous year.

National Opera Studio

Trustees’ Report for the Year Ended 30 June 2022

2.2.2 Reserves Policy

Reserves

At the financial year end, the National Opera Studio had overall reserves of £3,238,312 (20/21 £2,228,689). This includes £1,568,320 in fixed assets, the majority of which is our premises, The Clore Building at 2 Chapel Yard, and £1,021,983 in endowment funds, which is entirely our new Nicholas John Scholarship Fund. Free and available reserves comprise our general fund of £197,269.

We are stating our balances as follows:

Endowment Funds

Nicholas John Scholarship Endowment Fund: this fund is held as a portfolio of investments with our investment manager, Cazenove. Both capital and income derived from it are restricted to Young Artist training and support.

Restricted Funds

Diverse Voices: this fund is for our Diverse Voices programme of activity (£145,546 at year end)

Designated Fund: Capital

This represents the value of the charity’s fixed assets (£1,568,319), the majority of which is our premises, The Clore Building at 2 Chapel Yard

Other Designated Funds

Support Fund Young Artists: this fund is a reserve fund which enables the Studio to provide much-needed assistance in living costs for Young Artists in upcoming years (£124,175 at year end)
SingersResound initiative (£21,810 at year end)
Capital Expenditure Fund: funds designated to capital expenditure (£98,860 at year end)
Systems and Infrastructure Fund: funds designated to expenditure in improving efficiencies, primarily through software and other infrastructure upgrades (£60,351 at year end)

General Fund

This is the money available for unrestricted use by the Charity. The total of the General Fund is £197,269. The target is 6 months’ core expenditure less confirmed income (£200,000) to retain for General Funds. This target was set alongside assessing our ongoing risks and has been kept at the current level due to the levels of uncertainty caused by various factors including the short- and longterm impacts of rising inflation, and other geopolitical events.

National Opera Studio Trustees’ Report for the Year Ended 30 June 2022

3. STRUCTURE, GOVERNANCE AND MANAGEMENT 3.1 Governing Document

The NOS is a company limited by guarantee (company number 1332955) whose governing document is the Memorandum and Articles of Association. These were last amended on the 23[rd] of September 2015. It is registered as a Charity with the Charity Commission (charity number 274755).

3.2 Appointment of Directors

The Company

The Board of the NOS consists of a representative of each member of ‘The Company’. The members of The Company are the six named Opera Companies in the Memorandum and Articles of Association: English National Opera, Glyndebourne, Royal Opera House, Opera North, Scottish Opera and Welsh National Opera. The representatives are the General Directors (or equivalent position) of the six named Opera Companies. The Board may also comprise no more than six other Directors who are not members of The Company, excluding the Chair.

A representative of The Company automatically ceases to be on the Board when their position as General Director (or equivalent) of the Opera Company terminates. A new General Director (or equivalent) of an Opera Company automatically becomes a NOS Director on appointment into their Opera Company. This appointment is ratified by a letter to the Chair of the NOS by the relevant Opera Company Secretary.

Other Trustees

Up to six Trustees who are not Members of the Company may be appointed, and removed, by the Board. When considering appointing non-company trustees, the Board has regard to the requirement of any specialist skills needed and to the diversity of the makeup of the Board and has due regard to the NOS Board Diversity Policy of 2022

Chair

The Chair of the Board is appointed by resolution of the Trustees, with the agreement of Arts Council England.

3.3 Organisation

The governing body of the NOS is the Board of Trustees which comprises the heads of the six main opera companies, up to six appointments drawn from the business and charitable sectors, and an independent chair, currently Nicholas Allan.

There are currently four sub-committees, reporting to the Board, formed of trustees and ex-officio members. These are: Finance, Audit, Remunerations, and Nominations.

The day-to-day management of the NOS is the task of the management team, led by the Chief Executive, who is appointed by the Trustees. The senior management team comprise the Chief Executive, the Director of Artist Development and the Executive Director. The NOS has a small staff, some of whom are part time. The NOS engages external coaches and other freelance industry experts who, together with the permanent music staff, deliver the training programmes.

National Opera Studio Trustees’ Report for the Year Ended 30 June 2022

3.4 Director induction and remuneration

Induction and Training

New Trustees are inducted by the Company Secretary and are guided by the NOS Board Manual. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Remuneration

Trustees are not remunerated for their roles on the Board. Trustees may be paid all reasonable expenses properly incurred by them, and expenses may only be claimed if agreed in advance by the Chair.

3.5 Pay Policy for Senior Management

The pay and remuneration of staff is set and reviewed by the Remunerations Committee, who meet annually. Pay of the Senior Management Team, as set out on page 30, is normally increased in accordance with average earnings. The directors benchmark against levels of pay in other organisations of a similar size and nature. The pay is not greater than the highest benchmarked salary for a comparable role. The identified Key Management Personnel are the Chief Executive, the Director of Artist Development, and the Executive Director.

3.6 Equality and Inclusion

The NOS has an ongoing commitment to promoting diversity throughout its work. We report annually to Arts Council England on our progress against an action plan, which is monitored by the Board of Trustees. An Inclusion Group was set up during the year led by a member of staff, with representation from Young Artists, staff, coaches and trustees. This group met online twice this year.

The NOS has an Equality Policy which it aims to implement in all aspects of its work. The aim of this policy is to ensure that no job applicant or member of staff receives less favourable treatment on the grounds of age, race, sex, sexual orientation, marital or family status, pregnancy, disability, gender reassignment or religion, or is disadvantaged by conditions or requirements which cannot be shown to be justifiable. The Equality Policy applies to all employees, artists, workers, interns, suppliers and contractors working for the National Opera Studio. The National Opera Studio adheres to the policies and guidance of the Equality Act 2010.

3.7 Health and Safety

All new employees, visiting staff and Young Artists are issued with the NOS Health and Safety Policy which they have a contractual obligation to observe. There are at least two trained first aiders in the office and two fire marshals for the building. Our caretaker, who looks after external hires out of office hours, is a member the Security Industry Authority. A report on Health and Safety is considered at each Board meeting.

National Opera Studio Trustees’ Report for the Year Ended 30 June 2022

3.8 Environment

The NOS is committed to environmental sustainability and works towards ways of reducing our environmental impact. The NOS reports annually on its progress towards its goals through Julie’s Bicycle to Arts Council England.

3.9 Risk management

In accordance with recommended practice, the Board has approved a Risk Assessment Report, which identifies potential risks to the organisation, their management and control. The Board will implement measures to mitigate the risks identified wherever practicable, and continue to monitor risk on an ongoing basis through the Finance and Audit Committees.

Major Risks

The Board discussed the following high and medium impact risks to the organisation and assured themselves of the adequacy of the controls and mitigations in place.

Financial: The risk of cash flow shortfalls and costs being in excess of budget are mitigated by ensuring that the general financial condition remains satisfactory through regular cash flow monitoring and projections, regular reporting and staff awareness. To ensure fundraising targets are met we have realistic fundraising plans, monitor the status of trusts and foundations and ensure effective cultivation and stewardship of existing and prospective supporters. ACE continues to be a key stakeholder and we work closely to meet our mutual objectives. Risks associated with increases in the cost of living and young artist support are mitigated by prudent financial planning, adequate reserves and a new endowment.

Governance: The risk of a reduction in income to NOS due to funding cuts of partner opera companies is mitigated by strong links and proactive communication with our partners at board level, effective and resourced strategic planning, a continued standard of excellence and relevance, and the fulfilment of our mission and objectives. The risk that loss of key staff to this small organisation would have significant impact is mitigated by developing succession plans, clear job descriptions which overlap to ensure consistency of delivery, adequate notice periods and regular appraisals to monitor progress and staff welfare.

Reputational: risks relating to changes to movement of people in Europe and in the UK opera labour market include the inability to attract EU talent, loss of work opportunity for UK artists and international reputational loss,: mitigations include maintaining a strong industry voice and connections within Europe, maintaining strong relationships with ACE and industry bodies, maintaining our high standard of work to attract talent. The risk of failing to make change in terms of diversity and inclusion in our organisation is mitigated by a focussed programme of work supported by a strategic grant, Diverse Voices, and business and equality plans that have clear targets which are set and monitored at board level. The risk of incidents related to safeguarding issues is mitigated by clear policies and organisational procedures, a culture of continuous improvement, feedback and regular reviews.

National Opera Studio Trustees’ Report for the Year Ended 30 June 2022

Going Concern

We are confident that the National Opera Studio represents a going concern for the 12 months after the date of this report. The Trustees would refer to:

The continuing support of Arts Council England (with NPO funding granted for 2023-26), and of our partner Opera Companies;
Our success in securing support from trusts and foundations, businesses and individuals;
The cash balances as shown in the Balance Sheet and the Statement of Cash Flow, with healthy cash balances since year end, and no cash flow difficulties anticipated in the next 12 months;
Adequate free reserves; and
Our new endowment.

National Opera Studio Trustees’ Report for the Year Ended 30 June 2022

4. REFERENCE AND ADMINISTRATIVE DETAILS

4.1 Registered charity number

274755

4.2 Registered company number

01332955

4.3 Registered office

National Opera Studio

2 Chapel Yard Wandsworth High Street London SW18 4HZ

4.4 Independent Auditors

4.5 Bankers

Haysmacintyre LLP Coutts & Co Chartered Accountants 440 Strand 10 Queen Street Place London London WC2R 0QS EC4R 1AG

4.6 Investment Managers

4.7 Solicitors

Cazenove Capital BDB Pitmans LLP 1 London Wall Place 1 Bartholomew Close London London EC2Y 5AU EC1A 7BL

4.8 Trustees

Directors who served during the year and up to the date of this report:

Nicholas Allan Chair Dori Dana-Haeri (appointed 8 December 2022) Gini Gabbertas Diane Henry Lepart Antje Hensel-Roth (appointed 8 December 2022) Aidan Lang Stephen Langridge Co Vice-Chair (from 9 March 2022) Peter Maniura Richard Mantle Oliver Mears Stuart Murphy Co Vice-Chair (until 9 March 2022) Gillian Newson (retired 8 December 2021) Lorna Parker Co Vice-Chair Alex Reedijk

National Opera Studio Trustees’ Report for the Year Ended 30 June 2022

4.9 Board subcommittees

Audit Committee:

Nicholas Allan Diane Henry Lepart Chair Mindy Kilby (Independent) Aidan Lang (for February 2022 only) Lorna Parker

Finance Committee:

Nicholas Allan Diane Henry Lepart Lorna Parker Chair Alex Reedijk (from July 2022)

Remuneration Committee:

Nicholas Allan Richard Mantle Chair Lorna Parker

Nominations Committee:

Nicholas Allan Chair Richard Mantle Lorna Parker

Business Planning Committee:

Nicholas Allan Diane Henry Lepart Peter Maniura Stuart Murphy Lorna Parker Alex Reedijk Chair

Company Secretary Emily Gottlieb (until April 2022) Nicholas Simpson (from April 2022)

Key Management Personnel

Emily Gottlieb Chief Executive Officer Nicholas Simpson Executive Director David Sulkin Director of Artist Development

National Opera Studio Trustees’ Report for the Year Ended 30 June 2022

Trustees’ responsibility statement

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources of the charity, including the income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small Company Provisions

This report has been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2006.

The Trustees’ Annual Report was approved by the Board of Trustees and signed on 16[th] March 2022.

Nicholas Allan, Chair

Independent auditor’s report to the members of National Opera Studio

Opinion

We have audited the financial statements of National Opera Studio for the year ended 30 June 2022 which comprise the Statement of Financial Activities (including the income and expenditure account), the Balance Sheet, the Cash Flow Statement, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the charitable company’s affairs as at 30 June 2022 and of the charitable company’s net movement in funds, including the income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude

that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees’ Report (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report included within the Trustees’ Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the charitable company; or
the charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement on page 18 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011 and the Companies Act 2006, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, Theatre Tax Relief legislation, income tax, payroll tax and sales tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to revenue recognition from donations and charitable activities. Audit procedures performed by the engagement team included:

Inspecting correspondence with regulators and tax authorities;
Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Evaluating management’s controls designed to prevent and detect irregularities;
Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions;
Challenging assumptions and judgements made by management in their critical accounting estimates; and
Reviewing supporting calculations for theatre tax relief claims and testing a sample of items to supporting documentation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Askew (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditor Date: 22 March 2023

10 Queen Street Place London EC4R 1AG

National Opera Studio Statement of Financial Activities (Including Income and Expenditure Account) For the Year Ended 30 June 2022

Unrestricted Funds notes £ Income from Grants, donations and legacies 3 473,193 Other trading income 4 53,923 Charitable activities 5 159,326 Investment income 1,816 Total 688,258 Expenditure on: 6 Raising funds: Cost of fundraising 50,036 Generating rental income 21,326 Charitable activities 548,135 Total 619,497 Net income (expenditure) 68,761 Transfer between funds (66,993) Net movement in funds 1,768 Total funds brought forward 195,501 Total funds carried forward 197,269	Designated Capital Fund £ - - - -	Other Designated Funds £ 17,500 - - -	Restricted Funds £ 211,045 - - -	Endowment Funds £ 1,021,983 - - -	Total June 2022 £ 1,723,721 53,923 159,326 1,816	Total June 2021 £ 1,010,041 41,042 156,376 390
688,258	-	17,500	211,045	1,021,983	1,938,786	1,207,849
50,036 21,326 548,135 619,497	- - 84,776	- - 44,065	- - 180,824	- - -	50,036 21,326 857,800	45,292 23,847 677,231
	84,776	44,065	180,824	-	929,162	746,370
68,761 (66,993)	(84,776) 45,622	(26,565) 21,371	30,221 -	1,021,983 -	1,009,624 -	461,479 -
1,768 195,501	(39,154) 1,607,473	(5,194) 310,390	30,221 115,325	1,021,983 -	1,009,624 2,228,689	461,479 1,767,210
197,269	1,568,319	305,196	145,546	1,021,983	3,238,313	2,228,689

All transactions are derived from continuing activities. All recognised gains and losses are included in the Statement of Financial Activities.

The notes form part of these financial statements.

National Opera Studio

Balance Sheet at 30 June 2022

notes Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 13 Investments Cash in bank and in hand Creditors(due within 1 year) 14 Net current assets Total assets Funds Endowment Funds 15 Restricted Funds 16 Designated fund: Capital 17 Other Designated Funds 17 General fund 18	2022 £ 208,988 200,906 344,952 754,846 (106,835)	2022 £ 1,568,319 1,021,983 648,011 3,238,313 1,021,983 145,546 1,568,319 305,196 197,269 3,238,313	2021 £ 134,962 - 567,190 702,152 (80,936)	2021 £ 1,607,473 - 621,216

				2,228,689
				- 115,325 1,607,473 310,390 195,501
				2,228,689

These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with The Charities SORP (FRS102).

The financial statements were approved and authorised for issue by the Board of Trustees on 16[th] March 2023 and signed on their behalf by: -

Nicholas Allan, Chair of Trustees, on behalf of trustees.

The notes form part of these financial statements.

Company No. 1332955

National Opera Studio Statement of Cash flow

For the Year Ended 30 June 2022

	Year	Year
	to June	to June
	2022	2021
	£	£
Cash flows from operating activities	22,474	505,464
Cash flows from investing activities
Dividends and interest	911	390
Purchase of property, plant and equipment	(45,623)	(177,740)
Purchase of investments	(200,000)	-
Net cash provided by investing activities	(244,712)	(177,350)
Change in cash and cash equivalents in the reporting period	(222,238)	328,114
Cash and cash equivalents at the beginning of the reporting period	567,190	239,076
Cash and cash equivalents at the end of the reporting period	344,952	567,190

NOTES TO THE CASH FLOW STATEMENT

Reconciliation of net movement in funds to net cash flow from operating activities Net movement in funds Net movement in investments Depreciation charges (Increase)/decrease in debtors Increase/(decrease) in creditors Interest and dividends Net cash provided by operating activities Analysis of cash and cash equivalents Cash at bank and in hand	1,009,624 461,479 (1,021,983) - 84,776 65,136 (74,026) 35,550 25,899 (56,311) (1,816) (390) 22,474 505,464 344,952 567,190

National Opera Studio Notes to the Accounts for the year ended 30 June 2022

1 Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation and uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP Second Edition, effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Trust is a Public Benefit Entity as defined by FRS102.

The Charity is a Public Benefit Entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

b) The financial statements have been prepared on a going concern basis as the Trustees are confident that the Charity will continue to meet its obligation and continue as a going concern for the foreseeable future. This conclusion was reached after considering the cash flow forecasts looking at least one year from the date of approving these financial statements, as well as taking into considerations the factors described in the Trustees’ report on page 11.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) have been met and it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income from grants (whether capital of revenue) is recognised when the charity has entitlement to the funds, any performance conditions to the grant met and it is probable that the income can be received and the amount can be measured reliably and is not deferred.

Income is deferred if there is a delay between the receipt of the money and the criteria for receiving it being met.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control of the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity is probable and that economic benefit can be measured reliably.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

National Opera Studio

Notes to the Accounts for the year ended 30 June 2022

e) Interest Receivable

Interest receivable on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is usually upon notification of the interest paid or payable by the bank.

f) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the Trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for the particular areas of the Studio’s work or for specific projects it undertakes.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following headings:

Cost of generating voluntary income Cost of generating rental income

Charitable activities

Other expenditure - representing those items not falling into any other heading

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support costs

Support costs are those functions that assist the work of the charity, but are not directly related to undertaking charitable activities. These have been allocated between the various classes of expenditure.

i) Governance

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity, and include the independent examiner/audit fees and other costs linked to strategic management of the charity. These are allocated in line with other support costs.

j) Operating leases

Various items are held by the Charity under operating leases; the title to the items remains with the lessor and equipment is normally replaced every 10 years, rental charges are charged on a straightline basis.

k) Tangible fixed assets

Fixed assets costing £1,000 or more are capitalized and depreciated over their estimated useful economic lives on a straight line basis as follows:

National Opera Studio

Notes to the Accounts for the year ended 30 June 2022

Freehold Land	Not depreciated
Buildings, major remodelling	2%
Building other improvements	10%
Equipment (not including Pianos)	25%
Fixtures and Fittings	25%

Fixed assets held at cost less impairment: Musical instruments:

The Charity holds a number of musical instruments which are held at their value at the point of donation and are subject to an annual impairment review. Owing to the frequent maintenance of these assets and their resale value, depreciation over an estimated useful life is not considered appropriate.

l) Debtors

Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

m) Cash at Bank and in hand

Cash at bank is stated at the reconciled values in the bank accounts and cash in hand is stated on the basis of the money held at the time.

n) Creditors and Provisions

These are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. This is usually after allowing for any discounts due.

o) Financial Instruments

The only instruments held by the charity are cash in bank and hand, as described in note m).

p) Pensions

The charity makes contributions to personal pension schemes and came under the scope of Autoenrolment in April 2017. There are no pension funds held by the charity.

q) Employee Benefits

Short-term benefits

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.

2 Legal Status

The National Opera Studio is a Company Limited by Guarantee and has no share capital. In the event of the Charity deciding to cease its operations, all assets would be transferred to another charity whose aims and objectives are closest to that of the Studio.

National Opera Studio

Notes to the Accounts for the year ended 30 June 2022

3 Grants, Donations and Legacies

Current Year Arts Council Donations Trusts and foundations Corporate donations Opera companies In-kind income Legacies Prior Year Arts Council Donations Trusts and foundations Corporate donations Opera companies In-kind income Legacies	Unrestricted Funds £ 172,090 93,061 50,000 10,000 117,000 11,040 20,002 473,193 Unrestricted Funds £ 168,221 57,332 21,000 74,235 118,000 1,735 639 441,161	Designated Capital Fund £ - - - - - - - - Designated Capital Fund £ - - - - - 67,880 - 67,880	Other Designated Funds £ - 7,500 10,000 - - - - 17,500 Other Designated Funds £ - 56,000 109,000 - - - - 165,000	Restricted Funds £ 45,920 19,625 137,500 - 8,000 - - 211,045 Restricted Funds £ 82,000 4,000 243,000 - 7,000 - - 336,000	Endowment Funds £ - - 1,021,983 - - - - 1,021,983 Endowment Funds £ - - - - - - - -	Total June 2022 £ 218,010 120,186 1,219,483 10,000 125,000 11,040 20,002 1,723,721 Total June 2021 £ 250,221 117,332 373,000 74,235 125,000 69,615 639 1,010,041	Total June 2021 £ 250,221 117,332 373,000 74,235 125,000 69,615 639
							1,010,041 Total June 2020 £ 171,316 204,265 203,250 22,000 122,000 - 8
							722,839

4 Other Trading Income

Rental income Long term rental income	Unrestricted Funds £ 29,923 24,000 53,923	Designated Capital Fund £ - - -	Other Designated Funds £ - - -	Restricted Funds £ - - -	Endowment Funds £ - - -	Total June 2022 £ 29,923 24,000 53,923	Total June 2021 £ 16,042 25,000
							41,042

National Opera Studio

Notes to the Accounts for the year ended 30 June 2022

5 Charitable Activities

Audition fees Other income Box Office receipts Short Course fees Coronavirus Job Retention Scheme Grants Theatre Tax Credit	Unrestricted Funds £ 8,284 10,224 14,314 25,073 14,691 86,740	Designated Capital Fund £ - - - - - -	Other Designated Funds £ - - - - - -	Restricted Funds £ - - - - - -	Endowment Funds Total June 2022 £ £ - 8,284 - 10,224 - 14,314 - 25,073 - 14,691 - 86,740 - 159,326	Total June 2021 £ 9,850 38 260 - 69,105 77,124
	159,326	-	-	-		156,376

6 Analysis of Total Expenditure

Current Year Raising funds: Cost of fundraising Generating rental income Charitable activities Prior Year Raising funds: Cost of fundraising Generating rental income Charitable activities	Direct Costs £ 34,994 15,309 578,021 628,324 Direct Costs £ 32,234 18,624 434,342 485,200	Support Costs £ 15,042 6,017 279,779 300,838 Support Costs £ 13,058 5,223 242,889 261,170	£ 50,036 21,326 857,800 929,162 £ 45,292 23,847 677,231 746,370 Total June 2022 Total June 2021	£ 45,292 23,847 677,231 Total June 2021
				746,370 £ 70,819 17,271 723,560 Total June 2020
				811,650

National Opera Studio

Notes to the Accounts for the year ended 30 June 2022

7 Analysis of Support Costs

2022 £ Staff 89,098 Professional fees 43,704 Premises 21,138 Office costs, finance, and admin 30,282 Travel 2,028 Insurance 10,630 Governance 19,182 Depreciation 84,776 300,838	2021 £ 98,237 30,702 19,023 26,999 419 9,154 11,500 65,136
	261,170

Support costs are allocated across the different areas of expenditure on the basis of staff time and other costs expended.

8 Governance Costs

2020 Independent Examination fees Audit fees Legal fees	2022 2021 £ £ - 400 14,610 11,100 4,572 - 19,182 11,500

National Opera Studio

Notes to the Accounts for the year ended 30 June 2022

9 Staff Costs and Numbers

Gross salary Social security costs Pensions costs Government Employment Grant Average number of employees is as follows Charitable Activities Core Total Salary, National Insurance, and pensions of Key Management Personnel	2022 £ 266,689 25,939 6,667 (5,000) 294,295 2022 5.35 3.75 9.10 2022 £ 160,635	2021 £ 278,880 26,898 8,388 (4,000)
		310,166 2021 6.71 2.63
		9.34 2021 £ 158,535

The pay and remuneration of staff is set and reviewed by the Remunerations Committee, who meet annually. Pay of the Senior Management Team is normally increased in accordance with average earnings. The directors benchmark against levels of pay in other organisations of a similar size and type. The pay is not greater than the highest benchmarked salary for a comparable role.

The identified Key Management Personnel are the Chief Executive, the Director of Artist Development, and the Executive Director.

One employee received over £60,000 in the year ended June 2021, in the banding of £60,000-£69,999 (2021: One employee received between £60,000 and £69,999).

National Opera Studio Notes to the Accounts for the year ended 30 June 2022

10 Net Income is stated after charging

	2022	2021
	£	£
Audit Fees	14,610	11,500
Depreciation	84,776	65,136
Operating lease rentals	8,209	8,520

11 Tangible Assets

Cost As at 1st July 2021 Additions Disposals Revaluations Transfers As at 30th June 2022 Depreciation As at 1st July 2021 Charge for year On disposals Transfers As at 30th June 2022 Net book value 30th June 2022 Net book value 30th June 2021	Freehold Property £ 1,848,755 28,980 - - - 1,877,735 462,833 28,672 - - 491,505 1,386,230 1,385,922	Furniture Fixtures and fittings £ 126,654 4,055 - - - 130,709 100,566 16,272 - - 116,838 13,871 26,088	Equipment £ 214,684 12,587 - - - 227,271 94,821 39,832 - - 134,653 92,618 119,863	Musical Instruments £ 75,600 - - - - 75,600 - - - - - 75,600 75,600	Total £ 2,265,693 45,622 - - -
					2,311,315
					658,220 84,776 - -
					742,996
					1,568,319
					1,607,473

Included in Property is freehold land value £575,000 (2021: £575,000) which is not depreciated.

National Opera Studio

Notes to the Accounts for the year ended 30 June 2022

12 Fixed Asset Investments

Listed Securities at Market Value Opening balance Additions Disposals Revaluations and cash movements Closing balance Held with Investment managers: Equities Bonds Multi-Asset Funds Alternatives Cash	2022 £ - 1,021,983 - - 1,021,983 263,188 308,793 80,923 300,236 68,843 1,021,983	2021 £ - - - - - - - - - -
		-

13 Debtors

Trade debtors Prepayments and accrued income	2022 £ 2,948 206,040 208,988	2021 £ 5,461 129,501
		134,962

National Opera Studio Notes to the Accounts for the year ended 30 June 2022

14 Creditors

14 Creditors
	2022	2021
	£	£
Trade creditors	43,602	15,802
Accruals and deferred income	55,336	56,219
Taxes, social security, and pensions	7,897	8,915
	106,835	80,936
	2022	2021
	£	£
Deferred income brought forward	32,707	109,270
Deferred income utilised during period	30,707	109,270
Income deferred in period	20,987	32,707
Deferred income carried forward	22,987	32,707

Deferred income carried forward from 21/22 relates mostly to income already received by 30 June 22 for venue hires and short courses in the 22/23 period. The final £2,000 relates to long-term rental income that was received before 30 June 2021 and deferred until recognition in August 2022.

15 Endowment Funds

Current Year Nicholas John Scholarship Fund Prior Year Nicholas John Scholarship Fund	Balance 1st July 2021 - - Balance 1st July 2020 - -	Income 1,021,983 1,021,983 Income - -	Expenditure - - Expenditure - -	Transfers - - Transfers - -	Investment Gains - - Investment Gains - -	Balance 30th June 2022 1,021,983
						1,021,983 Balance 30th June 2021 -
						-

Nicholas John Scholarship Fund:

an expendable endowment with both capital and income restricted to the training and support of nominated Young Artists, or Nicholas John Scholars.

National Opera Studio

Notes to the Accounts for the year ended 30 June 2022

16 Restricted Funds

Current Year Diverse Voices Restricted Fund Ukraine YA Support Fund Nicholas John Trust (1) Nicholas John Trust (2) Amar-Franses and Foster-Jenkins Trust Lional Anthony Charitable Trust The Carne Trust Colwinston Trust Tait Memorial Trust Barness Charitable Trust Old Possums Practical Trust Philip Carne Prior Year Nicholas John Trust (3) Nicholas John Trust (4) Steinway Restoration Fund Help Musicians CHK Foundation Amar-Franses and Foster-Jenkins Trust Lionel Anthony Charitable Trust The Carne Trust Kirby Laing Foundation Colwinston Charitable Trust Diverse Voices Restricted Fund Rausing Trust Linbury Trust	Balance 1st July 2021 115,325 - - - - - - - - - - - 115,325 Balance 1st July 2020 10,000 - - - - - - - - - 26,000 - - 36,000	Income 62,420 15,625 50,000 10,000 15,000 15,000 10,000 10,000 9,000 5,000 5,000 4,000 211,045 Income - 50,000 4,000 21,000 15,000 15,000 15,000 11,000 10,000 5,000 95,000 45,000 50,000 336,000	Expenditure 32,199 15,625 50,000 10,000 15,000 15,000 10,000 10,000 9,000 5,000 5,000 4,000 180,824 Expenditure 10,000 50,000 4,000 21,000 15,000 15,000 15,000 11,000 10,000 5,000 6,675 - - 162,675	Transfers - - - - - - - - - - - - - Transfers - - - - - - - - - - 1,000 (45,000) (50,000) (94,000)	Balance 30th June 2022 145,546 - - - - - - - - - - -
					145,546 Balance 30th June 2021 - - - - - - - - - - 115,325 - -
					115,325

National Opera Studio Notes to the Accounts for the year ended 30 June 2022

Diverse Voices Restricted Fund: Ukraine YA Support Fund:

funds restricted to our Diverse Voices programme

funds restricted to supporting Young Artists directly affected by the war in Ukraine

Nicholas John Trust (1):

funds that supported activities related to Young Artists to help them in the early stages of their career

funds that supported the ENO/Cadogan Hall concert

Nicholas John Trust (2): funds that supported the ENO/Cadogan Hall concert Amar-Franses and Foster-Jenkins Trust: funds that supported Young Artists living costs and audition travel

Lionel Anthony Charitable Trust: funds that supported activities related to Young Artists to help them in the early stages of their career

The Carne Trust: Colwinston Trust:

funds that supported Young Artists living costs

funds that supported activities related to Young Artists to help them in the early stages of their career

Tait Memorial Trust: Barness Charitable Trust:

funds that supported Young Artists living costs

funds that supported activities related to Young Artists to help them in the early stages of their career

Old Possums Practical Trust: funds that supported the Sondheim: Before and After production

Philip Carne: funds to pay for assistant directors on productions through the period

National Opera Studio

Notes to the Accounts for the year ended 30 June 2022

17 Designated Funds

Current Year Fixed Assets Fund Support Fund: Young Artists SingersResound (ReSound) Capital Expenditure Fund Systems and Infrastructure Fund Prior Year Fixed Assets Fund Support Fund: Young Artists ReSound (Singers in Transition) Capital Expenditure Fund Systems and Infrastructure Fund	Balance 1st July 2021 £ 1,607,473 162,650 17,400 100,340 30,000 1,917,863 Balance 1st July 2020 £ 1,494,869 60,000 25,000 70,000 - 1,649,869	Income £ - - 10,000 7,500 - 17,500 Income £ 67,880 165,000 - - - 232,880	Expenditure £ 84,776 38,475 5,590 - - 128,841 Expenditure £ 65,136 62,350 7,600 - - 135,086	Transfers £ 45,622 - - (8,980) 30,351 66,993 Transfers £ 109,860 - - 30,340 30,000 170,200	Balance 30th June 2022 £ 1,568,319 124,175 21,810 98,860 60,351
					1,873,515 Balance 30th June 2021 £ 1,607,473 162,650 17,400 100,340 30,000
					1,917,863

Fixed Assets Fund:

Support Fund Young Artists:

SingersResound:

this represents the value of the tangible fixed assets of the Studio minus any valuation gains. The transfers into this fund represent fixed asset additions in the year.

this is a reserve fund which enables the Studio to provide extra assistance in living costs for Young Artists should individual circumstances arise, to be held in reserve otherwise.

this is a fund for spending on the SingersResound project (formerly ReSound). SingersResound has become a separate charity and the majority of this fund will be transferred to that charity when it has a bank account.

Capital Expenditure Fund:

this is a fund for capital expenditure, primarily on the Clore Building, 2 Chapel Yard, London, SW18 4HZ. In 2021/2022 the majority of transfers out of this fund related to the installation of new climate control units around the building. Transfers into the fund are funds designated for future capital expenditure.

Systems and Infrastructure Fund: this is a fund for improving internal systems and software to increase efficiency. This is likely to be spent over the next couple of years. In 2021/22 the transfers out related to new IT equipment. Transfers into the fund are designated for spending on upgrading out software, notably integrating our CRM, accountancy software, and website.

National Opera Studio

Notes to the Accounts for the year ended 30 June 2022

18 General Fund

Current Year General Prior Year General	Balance 1st July 2021 £ 195,501 195,501 Balance 1st July 2020 £ 81,341 81,341	Income £ 688,258 688,258 Income £ 638,969 638,969	Expenditure £ 619,497 619,497 Expenditure £ 448,609 448,609	Transfers £ (66,993) (66,993) Transfers £ (76,200) (76,200)	Balance 30th June 2022 £ 197,269
					197,269 Balance 30th June 2021 £ 195,501
					195,501

General Fund: Unrestricted funds available for general use.

19 Analysis of Assets Between Funds

Current Year Tangible fixed assets Long term investments Debtors Short term investments Cash in bank and in hand Creditors Prior Year Fixed assets Debtors Cash in bank and in hand Creditors	Unrestricted £ 1,568,319 - 193,163 200,906 215,231 (106,835) 2,070,784 Unrestricted £ 1,607,473 132,862 453,965 (80,936) 2,113,364	Restricted £ - - 15,825 - 129,721 - 145,546 Restricted £ - 2,100 113,225 - 115,325	Endowment £ 1,021,983 - - - - 1,021,983 Endowment £ - - - - -	Total £ 1,568,319 1,021,983 208,988 200,906 344,952 (106,835)
				3,238,313 Total £ 1,607,473 134,962 567,190 (80,936)
				2,228,689

National Opera Studio Notes to the Accounts for the year ended 30 June 2022

20 Operating Lease Commitments

	2022	2021
	£	£
Annual cost of operating leases
due within 1 year	11,006	10,286
Cost for 2-5 years	39,744	27,394
Cost for 5+ years	2,484	-

21 Taxation

The company is a registered charity and is therefore not liable to income tax or corporation tax on incomes or gains derived from its charitable activities.

22 Capital Commitments

The company has entered into no capital commitments during the financial year (2021: none).

23 Charge

There is no charge on any of the assets of the company (2021: £nil).

24 Related Party Transactions

The National Opera Studio received financial and other support from the English National Opera, Glyndebourne, the Royal Opera House, Scottish Opera, Opera North and Welsh National Opera totalling £135,000 (2021: £126,735). Under the Memorandum and Articles of Association, the holders of the post of General Director (or equivalent) of each of the companies are automatically members of the Board of the National Opera Studio. Donations are often received from Trustees and other related parties, but no material benefits are given in return. These totalled £20,825 for the year (2021: £16,000). The trustees were not remunerated for their services to the charity and did not receive any reimbursement of expenses in the year (2021: £Nil).

There was one related party transaction of £780 to the partner of a senior management team member for providing coaching services. This was in line with the rates of the other coaches on the course. There were no other related party transactions.