NATIONAL OPERA STUDIO (a company limited by guarantee and not having a share capltsl) Annual Report and A¢6, the Memorandum and Articles of Association, and Accounting and Reporting by Charities.. Statement of Recommended Practice, applicable to charities preparin9 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (second edition effective 1 January 20191. OBJECTIVES AND AcrivmES Charitable ob'ects The Company is e5tabl￿hed to provide ond carry on schoots and training estoblishments for advancing education by providing instrurtion in, ond resources for. the theory. prartice, performance, production, presentation, direction, composition. and adV0n￿ment of opera, music theatre, and the musical ond theatrical arts in all their forms ond to chorge ond receive fee5 therefor provided that all object5 of the Compony sholl be of o choritoble noture. 1.1 Objectives and Aims To deliver our charitable objertives effertivety. we devise long-term strategic plans. The aims and objectives below are drawn from our current Business Plan. and this report relates to these. In reviewing our aims and future obje(tives, the trustees have conSide￿d the Charity Commission's guidance on public benefil, including the guidance public benefit.. running o chority, (P82). The Studio relies on grants, donations and the incorne from hires, COUTses, tickets, and fees to cover its operaling costs. Keeping our 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. Similarly, we aim to provide the training on our new Academy Piogramme free of charge and to ensure that our other Iraining and oulreach initiatives have sufficient funding to achieve their aims. 1.2 Changes In leadershlp The 2023-24 season marked a significanl Iransition in leadership at the National Opera Studio, as both CEO Emity Gottlieb and Director of Artist Development David Sulkin OBE stepped down from their roles. Their departures, after many years of exceptional service, were bittersweet but unsurprising Emily has taken on the role of Executive Director at Longborough Festival Opera, while David has embarked on a well-desetved retirement. Under their leadership, NOS experienced a period of remarkable transformation, particularly in advancing the training of diverse talent through the pioneering Diverse Voices initiative. Their dedication and vision have left an indelible mark on the Studio, and we extend our deepest gratitude for their contributions. We wish them every success in their next endeavours and hope to collaborate with them again in the future. This leadership transition also ushered in a new chapter for NOS. with the introdurtion of a joint- leadership model. In July 2024, ioming from the Vienna Staatsoper, Eric Melear joined as Artistic Director, working alongside Execlrtive Director Nick Simpson. Together, they bring a dynamic and complementary approach to shaping the future of NOS. Their shared vision places the Studio at the heart of opera training in the UK, ensuring it remains at the forefront of artist development while building upon the achievements of recent yeaT5. National O era Studio Trustees, Re ort foi the Year Ended 30 June 2024 Eric and Nick are deeply engaged with the ev0￿1ng landscape of opera and the challenges facing both NOS and the wider sector. They are committed to sustaining and enhancing the Studio's impact, relevance, and artistic excellence while enriching the training experierKe for the next generation of opera talent. With their leadership, NOS is poised for an exciting and ambitious future. 1.3 Significant Activities The main areas of work a￿. Our main training programme remains our principal area of focus and continues to attract talented artists with an increased emphasis on those who intend to work extensively in the UK post-training. We maintain our position as a source of outstanding talent and a wodd-leader in artist training. We continued to promote and celebiate the wealth of UK-based and born talent, and to investigate ways of nurturing new talent from diverse communities. Locally, we focussed on embedding OUT work within our communities, creating new initiatives and opportunities within our building and locality for those who have benefitted from using our space5 and expertise. Organisationally, we highlighted our commitment to the care of our valuable resources,. our building, slaff, and our finances,. and gave prominence to the long-term health of our organisalion and our environment. STRATEGIC REPORT 2.1 Achlevement al￿ Perforniance 2023124 was another rewarding, innovative. and productive year. A diverse cohort of Young Artists from England, Wales, China, Croatia, New Zealand, Poland. South Africa, Spain, Switzerland, and the USA created a cohesive and vibrant ensemble and each Young Artist grew significantly during their training and, a5 a re5uIt, was able to thrive after they had left the Studio. The year included residencies with our partner companies in Cardiff, Glasgow, and Leeds,. a high.profile concert at Cadogan Hall with ihe Orchestra of English National Opera,. and our second recital at the prestigious Wigmore Hall. An innovation this year was a visit to Glyndebourne for an onstage masterclass. In Wandsworth we continued to give free recitals monthly and produced a set of opera scenes using an 'in the round, layout in OUT Studio's Blackburn Hall for the first time. During residencies and performances, the YAS worked with conductors Karen Kamensek, Rory Macdonald, and Christopher Moulds alongside directors Martin Duncan, Emma Jenkins, Adele Thomas, and Keith Warner. Masterclasses were given by Katarina Kaméus, Stephen Langridge, and Toby Spence. During the year we gave over 20 concerts. retitals. and masterclasses. attracting live audiences of over 3,0Tr). Our ￿entlY installed audio-wsual equipment enabled us to live-stream and record to a professional standard We saw considerable InC￿aSe5 in our digital audience. In 2023124 significant work was carried out evaluating and refining our Diverse Voices initiative. External research and evaluation concluded that although the broad range of initiatives that had been piloted had been highty valued by all who benefitted from them. the Studio was best placed to concentrate on those areas where it has the skills and resources to make a real difference. In May 2024 the Kirby Laing Foundation agreed to become the lead funder for this work for three years ensuring that it can continue in its new form. Financial￿ we have been able to consolidate and plan ahead,- we remain an Arts Council England National Portfolio Organisation for the forthcoming investment period 2023-26. In addition to the Kirby Laing grant labovel we also secured funding from the Linbury Trust to replace our lighting rig National O era Studio Trustees, Re ort foi the Year Ended 30 June 2024 with new energy-efficient lighting linstalled September 20241 and from the Foyle Foundation for other improvements to the building Iwinter 20241. Our highly successful year came at a timewhen the broader opera sector in the UK continued to reduce activity, thereby impacting the opportunities that are available for young artists. We have been delighted at the success of our 2023124 cohort in obtaining work both here in the UK and abroad since they left. In 2023/24 we took the bold decision to move to a new system of paying all our Young Artists a fixed stipend related to them taking part in performances, as well as offering additional subsistence support where needed. This has been well-received and allowed us to make the financial offer clearer to potential applicants, which we believe has led to an increase in the number of applicants, especially frorn the UK. ryoun Our 2023124 cohort of Young Artists arrived in September 2023. These were.. SOPRANOS Rosalind Dobson. Nikolina Hrkac, Kira Kaplan, Sofia KiNan-BaeL Heming Lee, With Moloko Lelsoalo and Shafali Jalota on the National Talent Programme MEZZOS Georgia Mae Ellis, Camilla Seale TENORS.. Robert Forrest, Rhydian Jenkins BARITONES.. Jonathan Eyers, Alexander Kaczuk-jagelnik BASS-BARITONE.. Smelo Mahlangu REPETITEURS.. Johanna Kvam, Blanca Garcia Rodriguel Jacob Swindells The cohort included artlsts from England. Wales, China. Croatia. Poland, New Zealand, South Africa. Spain, and the USA. Numbers of artists auditioning for us continued to rise over the period, and even more so since. Recent auditions for our 25126 cohort of 12 singers was more competitive than ever, seeing u5 breach 400 applicants for the fitst time with 436, an increase of l 58. or 56% on last year. This shows in what high regard training at NOS land indeed our general offering) is held. as well as the success of our recent marketing efforts. Training In 2023124 the Studio continued to offer outstanding. world-class music and language coaching from coaches who are long-standing sp￿lali5ts in their fields. Our continuing objective is 'integrated training,, combining musical and stagecraft development which challenges and develops individual artistry. This process was underpinned by regular meetings with each Young Artist to track progress. Young Artists were also exposed to rigorou5 language coaching during their time with us principally in Italian, German and French along with other languages such as Czech and Russian as and when requested or needed. The in-house coaching team was expanded with of our regular freelance coaches Allyson Devenish and Elizabeth Rowe becoming senior staff coaches. The stagecraft training programme focussed on role preparation, addressing questions of authenticity and internalisation. We invited Bence Kalo. a young director and physical training speiialist to work with us alongside long-standing Meisner spe(iali5L Kate Maravan and Stanislavsky Specialist, Seb Harcombe. In addition to the staff artistic team (David Sulkin OBE, Andrew Griffiths, Dearbhla Collins, Allyson Devenish and Elizabeth Rowel. all of whom give coaching and mnitor the progress of each Young National O era Studio Trustees, Re ort foi the Year Ended 30 June 2024 Artist, we continued to work with our Sounding Board (which is made up of current leading singers) and we were delighted that Susan Bullock CBE, Marie McLaughlin, Brindley Sherratt, and Nicky Spence OBE were able to coach during the year. In addition, the Young Artists worked with numerous specialist coaches. Our outstanding freelance vocal coaches who form the backbone of OUT work included in 2023124.. Music and voice cooches.. Chris Bucknall, David Cowan, Martin Fitzpatrick, Dawd Gowland, Michael Harper. Richard Hetherington, Jim Holmes, Alex Ingram. Della Jones, Sholto Kynoch, Fiona Macsherry, Rachel Nicholls, Martin Pacey, Martin Pickard, Michael Pollock, Peter Robinson, Hilary Summers, Ingrid Surgenor, Paul Wynne Griffiths Longuage cooches.. Florence Daguerre de Hureaux. Matteo Dalle Fratte. Dominik Dengler, Alessandra Fasolo, Florent Mourier, Isabella Radcliffe, Lada Valesova We were also fortunate to have Tobias Truniger visit us from the BayeriKhe Staatsoper Oper Studio to coach our cohort for a couple of days. The Young Artists introductory week focussed on recitative dramatic exercises, since we have consistently found that young artists benefit across the year, by exploring recitative techniques and their dramatic function early on. This is a skill thal many find daunting, which are often an add-on in opera rehearsals,. whereas they act as specific. e55ential. musiol, linking mechani5m5 throughout the classical genre. Professional resilience and preparedness are also essential part of our programme in order to adequately prepare artists for a freelance career. Areas covered this year included media relationships and Pl the digital self, contrac15 management, managing social media, diet and nutrition, and performance preparation. Intimacy training and working with camera and film were also included in the year. The Studio welcomed our new elite performance coach Cliodhna O'connor to the team at the start of the training year. Her professional impact had a profound effect on every young artist. Cliodhna's main field is professional sport, but she was trained as a musician. She is thus uniquely placed to offer a fascinating perspective on i55ues around performance. training and resilience, and her suggestions and observations have greatly informed the different approaches taken by the coaching team with each of the Young Artists. Building a personal brand is now an essential element for Young Artists in terms of helping them build tools to support their careers. During the year the Head of Marketing led personal branding talks with each Young Artist- challenging them to think about how they are and want to be perceived a5 artists and how they should go about managing that narTative. To complement this, the Digital Content Manager led one to one's with each Young Artist on social media strategy and how to build and develop websites. Installed in the Blackburn Hall is a self-record station that utilises our AV equipment. This gives our Young Artists the ability to record themselve5 on iheir own for free without input from lechnicians or NOS staff members. It offers them MO￿ opportunities for self-evaluation, content for their platforms or audition applications, as well as increasing the quantity of content being produced at the Studio. It has been extremety successful, not only with our Young Artists. but also external hires. Specialist training and support was given to the two members of the National Talent programme one of whom then joined the main programme for 2024 125. During the year we also supwrted seven singers with individual and group coaching sessions covering all disciplines as part of the Diverse Voices initiative. We organised two weeks of coaching sessions and these artists also attended other sessions throughout the year. National O era Studio Trustees, Re ort foi the Year Ended 30 June 2024 Summer courses 2024 During the summer we provided four short COUTsesfoT young singers and pianists, at all levels of ability and knowledge of opera. The courses mostly invofved young people who were already in training either on general singing, opera or music theatre courses- some individuals who had graduated and were seeking further advancement. These were= Exploring opero, led by Opera North s Heod of Music David Cowan.. On this introductory course. our specialist coaches worked with a cohort of young emerging singers to explore both musical and stagecraft aspects of being an opera singer, developing character, exploring vocal wJssibilities, delving into languages and ensemble working, culminating in a concert to family and friends that showcased the rema￿able joumey of the participants. Discovering Opeft7. led by Dovid Sulkin.. For the fourth yeai running this specialist course was aimed at undergraduates studying music-theatre degree courses with backgrounds underrepresented in opera. Sixteen young students from Mountview, CSSD, Trinity-Laban and ArtsEd. took part. The week was packed with language and Stylistic coaching, movemenl and vocal development skills by expert coaches and the feedback from students was unanimously positive. Demystifying Auditions, ledby Dearbhla Collin5 and Saroh-jane Davies, C05ting Direttor, Scottish Open7.' This was an intensive course for P05tgraduate or professional singers, concentrating on audition5 in the live, recorded, and digital space, with a focus on perfomance skills and audition techniques. Lifr 175 0 ￿petite￿r, led byAndrew Griffiths. For the second time we ran a short course specificalty targeted at would-be repetiteurs. Pianists were immersed in the operatic repertoire, were guided in the various facets of the rewarding and varied role of repetiteur, including how to make a piano sound like an orchestra. how to coach a singer, how to follow a condurtor, and how to accompany recitative. Resldencles and performances Wand5WOrth Wednesdays During the year we gave 13 Wandsworth Wednesday recitals which included two at 3.30pm to cope with overflow demand from lunchtimes. These were an outstanding success this year and we had to implement a waiting list. On those days where schools could attend we averaged 10% of the audience from schools. All the Young Artists look part in at least three recitals, mosl of which were live streamed and then made available on our YouTube channel. Myths and Legends Directed by Keith Wamer and conducted by Andrew Griffiths, Myths ond Legends was designed to explore, extend and develop knowledge of the repertoire by combining pieces from the Baroque repertoire with contemporary music, blending Baroque works with music by Sondheim, Errollyn Wallen, Harrison Birtwistle, and Gavin Higgins. The performances, given in November at our home in Wandsworth, were in-the-round which extended and developed the Young Artists, most of whom have always perfomied on a proscenium arch stage and for whom this was a new experience. National O era Studio Trustees, Re ort foi the Year Ended 30 June 2024 Wigmore Holl Song concert This January concert, titled 'Simple Gifts- Songs from across the globe,. was a selection of songs which drew on the nationality and backgrounds of the singers, creating a varied and moving programme in languages including Hebrew, Mandarin, Croatian, Welsh, Xhosa, as well as the more traditional French, German and English. Singing in their own language brought out an authentic performance that really captivated the audience, who gave the Young Artists a terrificalty warm reception at the end. Wetsh National Opero residency, Cardiff 'Et voilo!I' Our WNO residency took place in February 2024, with a WNO-presented perfomiance in the Donald Gordon Theatre and a re-worked performance ai Fi4DA Studios with piano later in the month. The Young Artists presented a fully-staged 75-minute programme of scenes from 19th and 20, century opera, with a particular emphasis on French and bel canto repertoire. The conductor was Karen Kamensek, and the director Adele Thomas. The experience of performing on a full stage, with an orchestra in ihe pit, Was hugely valuable for all involved.. crucial lessons were learned about how to interact with tonductor and audiente. The London showing. in a much smaller space, with piano and conducted by Andrew Griffiths, was also valuable. giving artists the chance to perform close to their audience, and giving the audience the opportunity to see every facial expression and the variety of their physical energies. Opera North residenry, Leeds Flights of Fon In April our Young Artists collaborated with Opera North with a residency focused entirely on the music of Mozart and R055ini. Conducted by Chris Moulds and directed by Martin Duncan, the programme allowed each artist to explore the work of boih composers. in both buffo and serio traditions and our repetiteurs to gain extensive experience of continuo and recitative playing on a fortepiano. The Howard Assembly Room performance was accompanied by the Oichestra of Opera North. We then staged a re-worked version of the programme with piano at Conway Hall in London. Scotttsh Opera residenry, Glosgow, ond ENO Codogon Hall concert. London. After a short rehearsal period at the Studio, the Young Artists spent a very busy week at Scottish Opera in Glasgow preparing the programme of work which was also presented at the concert with the ENO orchestra on 11 June. The programme was directed by Emma Jènkins and conducted by Rory Macdonald. Choreography was provided by Jack Webb. The programme was shown, with orchestra, to an invited audience at the Scottish Opera rehearsal rooms in Edington Street. It Was then publicty performed with the ENO Orchestra at Cadogan Hall in London, again conducted by Rory Macdonald. A large and enthusiastic audience attended. Mosterc1055e5 We have had the following artists deliver public masterclasses Wlth our Young Artists this year.. Katerina Kaméus, Stephen Langridge IGlyndeboume Masterclassl and Toby Spenie IROH Ma5ter£lass1. The KateTina Karneus masterclasses Wa5 filmed and then Made available on our YouTube channel. Other events During the year we also took part in events at Ognisko and Fulham Palace. Marketing. digital and social media This has been a year of consolidation and growth. We have built upon the digital initiatives and staff appointments last year and are delighted to see digital engagement continue to surge and the number National O era Studio Trustees, Re ort foi the Year Ended 30 June 2024 of opportunities offered to the Young Artists grow and become more consistent. There has also been a very positive impact for NOS as an organisation. Engagement with our brand on multiple plarforms has increased significantty and work continues to drive thi5 to ensure we remain relevant and maintain and build trust with our audiences. A crucial staff development over the year was the promotion of our Marketing and Fundraising Coordinator to Digital Content Manager. Creating this Tole for the organisation was essential to our future work and development. Dedicated filming days were offered to the Young Artists each month. using in-house equipment and led by a NOS technician. This initiative was devised and implemented last year and has now become a core and crucial part of what is offered to the Young Artists over the training year. The purpose of these days is to offer the Young Artists an OPF)Ortunity to Create a bank of high-quality video content for use in their own publicity and audition materials. The success of these days has resulted in numerous external filming days. The format is replicated and offered to the public. External filming days are offered each month and a￿ayS sell out. All masterclasses held at the Studio are now filmed and shared online. This year saw Katarina Karnéus lead a brilliant masterclass with some of the Young Artists. Filmed masterclasses are invaluable for us. This IS the content that receives by far the highest level of engagement for the Studio. The success of ihe per50nal branding talk5 led to our Head of Marketing and Digital being invited by the Oslo Conservatoire and Queen Sonja Competition to carry out a personal branding talk to their masters students and competition participants duiing the competition. A primary focus this year has been on building online plarforms and finding new ways to drive activity and engagement. During the year, we saw significant engagement on our social media platforms especially on Instagram. Our Digital Content Manager re-vamped our social mèdia strategy and presented our content in new and exciting ways - driwng engagement through high-quality content (both video and pholographyl and clear storytelling with our artists at the heart. This approach worked and the results have been very positive. On Instagram we have seen an 162% increase in followers. We are now starting to see our videos consistently going viral with Instagram Ree15 averaging I S-20K views. The 2024125 applications campaign launch post alone reached 30k Instagram accounts and it has been liked 1448 times. This work is positively impacting on application numbers and we've r￿W increased our reach with audiences around the world. Alongside Instagram, we have seen steady growth in followers on our other major online platfofflis including - Facebook lup 39%}, TikTok lup 199%) and our YouTube channel lup 45%). We continued our series of artist-focussed short films with soprano Ffion Edwards and barf(one Josef Ahn, and produced a third film with 2021122 Youro Artist, repetiteur Elli Welsh celebrating her time at the Studio and her journey on to The Royal Ballet in her role as Associate Pianist for their 2023/24 season. The film illustrates the skills she acquired at NOS and how we supported her to get on to the programme at the Royal Ballet. Following on from our Young Artist in focus films. we a150 created short films celebrating our work and partnerships Wlth Glyndebourne and Scottish Opera. 2023124 also saw us bring on board a PR specialist to support the delivery of our core messages into the press, enhance our brand and reputation and ensure all the good artistic achievements of the organisation and the Young Artists at the Studio are promoted. This has been a very positive move, and we are now getting featured regularly in the specialist press. National O era Studio Trustees, Re ort foi the Year Ended 30 June 2024 As part of our strategy to put in place a strong digital infrastructure for the organisation, during the year work began on integrating a new CRM and developing a new website. The CRM was a crucial first step in helping the organisation Te-think how it uses and manage5 Its data. The integration of the new CRM has driven positive change throughout the organisation. It has shifted the way the Studio works and supports our ambitions going forward. It has al￿ had 3 positive impact on how we process our data when it comes to applications and events. Alongside the new CRM, in May 2024. work began on the development of a new website for the organisation which was crucial to the Studio's future digital development. In October 2023 we hosted an Open Morning for singers and repetiteurs applying to the National Opera Studio for our 2024125 programme and beyond. We also livestreamed a 'mini' open morning frorn the Blackburn Hall, consisting of coaching sessions led by Rachel Nicholls and Andrew Griffiths, followed by a talk and Q&A session with the NOS senior team and NOS coach Rachel Nicholls. We successfully delivered our third livestreamed agent day using our 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 and Holland as well as those in the UK. Alongside this, we hosted a livestream audition for one our Young Artists who auditioned for the Dusseldorf and Hamburg Opera studios. Our hugely popular Wandsworth Wednesday series were all livestreamed and broadcast via our YouTube channel. All performances are bianded and edited and sent to each Young Artist after the performance for their own use. Concerts regulady sell out and are an opportunity foi the Young Artists to curate their own concert. Lèarnlng. Participatlon and Community Engagemènt DIVe￿e Voice5 The funding provided by ACE towards the Diverse Voices initiative ended in March 2024. We were keen to evaluate the programme and understand what impact our work had had. The research included questionnaires for all the participants and organisations we have worked with. We also held an Evaluation Forum evening to explore our findings further. the feedback from which was incredibly positive. Following from this research and evaluation we concluded that the Studio was best placed to concentrate on those areas where it has the skills and ￿$oUrceS to make a real difference, essentially its coaching to talented individuals, which would be expanded by the establishment of a new, additional, programme aimed at discovering younger, 11&251 talented, performers who had experienced barriers. In addition. the Studio evaluated its role in 5UPPOrting the local Wandsworth community and its valued work with schools and youth groups which would continue. Wond5WOrth Music Hub Our support for WMH focused in 2 areas.. SUPF)Ort foT theiryeaty concert at Fairfield Halls and support for older soloists at schools. The Fairfield Halls Concert was a huge concert involving children and young people from schools across Wandsworth_ We provided twelve workshops across five schools helping pupils with breathing and projection. Workshops were designed and lead by Tom Randle and Satoshi Kubo and involved Six singers from the Studio. The concert also featUTed some of our art15t5. National O era Studio Trustees, Re ort foi the Year Ended 30 June 2024 Support for locol schools We worked with eighteen pupils from St Cecilia's C of E School, Ashcroft Technology Academy, and Ark Bolingbroke Academy. Each pupil received th￿e hours of coaching from Tom Randle and Satoshi Kubo focusing on breathing, skills, and operatic repertoire_ These mini projects concluded with a recital in the Blackburn Hall where the pupils presented their arias alongside a Young Artist. Three year 13 pupils from Graveney Secondary School and three additional pupils from Ark Bolingbroke Academy also each received a 45 min 1.-1 coaching session with Julieth Lozano. 2020- 2021 alumna. All these pupils were working towards their A-level recitals. Wandsworth Youth Ch￿r 2024 In addition to supporting WMH. we helped the leader of the Wandsworth Youth Choir with its development assisting with its summer concert. Mountview Music Theotre College In July 2023 we held two workshops at Mountview for all second-year music theatre undergraduates. We introduced opera techniques and repertoire and engaged with issues of technique. The workshops were led by David Sulkin. Julieth Lozano. Smelo Mahlangu and Allyson Devenish. Hires The spaces at NOS are regularly hired oul we have hosted a variety of organisation5 and individuals looking to rehearse, record, teach, and host their own events or classes. Hirers have included The Sixteen, London Philharmonic Orchestra, Gaisington Opera, the Royal Liverpool Philharmonic Orchestra, and the Drake Calleja Trust. In addition to doing regular hires for practice and workshops, the Clore Building continued as a "Hub Venue" for the Wandsworth Arts Fringe, providing space for music, dance and performance art. In 24 This has been a year of consolidation. reflection, and planning. The staff changes during the year foretell a new joint-leadership structure. new initiatives and a Studio that 15 well positioned to deal with the challenges the industry currently faces. Our building, 2 Chapel Yard, is one of our greatest assets and so the summer of 2024 saw us under scaffolding as we did maintenance work on our faGade. We are also incredibly grateful to the Linbury Trust who have recently awarded us with a grant to replace our theatre lighting in the Blackburn Hall with new, energy-efficient LED larnps, which will cut our lighting emissions and energy usage by 94%. 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 companie& and to the Arts Council, without whom we simply could not deliver our work. Thank you for YOUT SUPPOrt. io National O era Studio Trustees, Re ort foi the Year Ended 30 June 2024 2.2 Financial Review The Statement of Financial Activities for the year is on pages 23 to 39. Excluding the endowment, there was an overall deficit of £19,118 after depreciation. 2.2.1 Financial Position In min Arts Council Englond.. London The NOS is a National PortFolio Organisation INPOI funded by Arts Council England.. London IACEI. 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 23124 was £171,316, which will remain the same for 24125 and 25126. We are waiting to hear whether our application for the 26124 NPO extension will be granted. Opera Componie5 The financial contribution of the opera companies to the NOS in 2023124 was £125,(X)O. The companies are English National Opera, Glyndebourne. Opera North. the Royal Ballet and Opera, 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 2023124 covered 25% of total non- endowment income. Each year, the NOS needs to attract substantial funds to meet the balance of these costs. The Studio is immensely grateful to our many loyal dor￿rS for their continued support. Income from individual donations and grants from Trusts and Foundations for the 2023/24 reporting period was £487,027, or 51% of voluntary income. In addition, the Studio is thankful to those who have donated in kind and especially to those who left legacies. The Studio's fundraising approach is based around the cultivation of individuals and Trus15 and Foundations who demonstrate an interesi in opera and our work. Increasingly we are focused on providing financial support to our Young Artists who are particularly susceptible to the rising costs of living in London. In addition to its public performances the studio hosts a small number of small, targeted, events each year which are used to demonstrate its work and to cultivate new donors. There 15 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 keep5 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 cornpliant 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 202412023: no complabnts}. 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 23/24 period saw a sustained rise in earned income levels of 17% year on year to £265,41512023.. £227,538). li National O era Studio Trustees, Re ort foi the Year Ended 30 June 2024 Expenditure to Support the Objertives of the Charity Total expenditure also increased, rising to £1.324.631 119% higher than 221231 for the period, which reflects our increased charitable activity, especially in relation to our Diverse Voices programme, and to the general rise in costs due to inflation. 2.22 Reserves Policy eN At the financial year end, the National Opera Studio had overall reseNes of £3,220,206 122123 £3,178,852). This includes £1,476,468 in tangible fixed assets, the majority of which is our premises, The Clore Building at 2 Chapel Yard, and £997,067 in endowment funds, which is our Nicholas John Scholarship Fund. Free and available reserves comprise our general fund of £199,419. 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 support1£997,067 at year endl Restricted Fund5 Diverse Voices.. this fund is for the linal elements of our Diverse Voices programme of activity 1£14,529 at year endl Queen Anne's Gate Foundation SiThJing Lesson Fund.. this fund is for our Young Artists to receive ongoing singing lessons during their time at NOS1£20.626 at yeai endl Young Artist Audition Travel Fund.. this fund is to subsidise our Young Artists, overseas travel for auditions1£8,772 at year endl Kirby Laing Foundation.. Digital Resource5 Fund.. this fund is for a range of digital resources aimed at making opera singing a more accessible career I£SO,OC(J at year endl The Linbury Trust.. this fund is a grant towards replacing our theatre lights with eco-friendly, LED theatre lights. These were installed in July/August 2024 and are working very well1£49,419 at year endl Talent Pathways Fund.. this fund is for our follow-on work to the Diverse Voices programme (£25,000 at year endl The Idlewild Trust.. this fund is for Young Artist training1£5,LKK) at year endl Rights and Royalties Fund.. this fund is for paying for rights and royalties to stream and live- stream modern and contemporary works1£2.624 at year endl Designoted Fund.. Copitol This represents the value of the charity's fixed assets1£1,476,4681, the majority of which is our premises. The Clore Building at 2 Chapel Yard Other Designated Fund5 Capital Expenditure Fund.. funds designated to capital expenditure {£85,000 at year endl 12 National O era Studio Trustees, Re ort foi the Year Ended 30 June 2024 Systems and Infrastructure Fund.. fijnds designated to expenditure in improving efficiencies, primarily through SOf￿are and other infrastTuciuTe upgrades1£70,(X)O at year endl Strategic Projects Fund". funds designated to expenditure helping support key strategic transition points and events1£70,(MJ) at year end) Young Artist Support Fund.. this fund is a reserve fund which enables the Studio to provide much-needed assistance in living costs for Young Artists in upcoming Years(£112,6￿ at year endl Singing Lesson Designated Fund- funds designated to continue the success of the Queen Anne's Gate Foundation Singing Lesson Fund when those funds run out. To allow our Young Artists to receive ongoing singing lessons during their time at NOS1£I0,0(J) at year endl Alumni Support Fund.. funds designated to expenditure that supports alumni as required, primarily ihrough providing work opportunities1£20.(XK) at year endl SingersResound this is a fund for working with SingersResound, which is now a charity separate from NOS. This work is focused on supporting mid-career artists undergoing significant change in their lives1£3,592 at year endl Geneml Fund This is the money available for unrestricted use by the Charity. The totsl of the General Fund is £199,419. The target is 6 months, core expenditure less confirmed income 1£200,OCQI to retain for General Funds. This targel was set alongside assessing our ongoing risks and ha5 been kept at the current level due to the levels of uncertainty caused by various factors including the short- and long- term impacts of inflation, and other geopolitical events. Resetve5 POSltion We believe that the National Opera Studio is in a stable position financially, with reserves and designated funds at a satisfactory level. Whilst we have not yet fully met our general fund target, we are only a few hundred pounds away from achieving it. Additionalty, we feel confident that our designated funds are sufficient to help us navigate the challenges ahead. Our non-capital designated funds fall into two groups- those that support the evolution of the Studio operationally and those that allow us to support the ongoing development of our current and recent artists in training. From both angles, we can continue to invest in and improve ourtraining programmes It also gives us the ability to begin addressing some of the more complex challenges facing NOS, such as strengthening our collaboration with the wider opera sector and making our work as open and accessible as possible. To support these efforts, we have initiated a talent pathway mapping research project to explore the full range of learning opportunities available to singers and pianists to help us and the broader sector to better understand how to adapt and evolve to serve the next generation of artists in the UK and beyond. 13 National O era Studio Trustees, Re ort foi the Year Ended 30 June 2024 sTRU￿URE. GOVERNANCE AND MANAGEMENT 3.1 Goveming Document The NOS is a company limited by guarantee registered in England (company number 13329551 whose governing document is the Memorandum and Articles of Association. These were last amended on 21st June 2023. It is registered as a Charity with the Charity Commission (charity number 2747551. 3.2 Appointmenl of Directors The Company The Board of 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, Glyndeboume. Royal Ballet and Opera, Opera North, Scottish Opera and Welsh National Opera. The representatives are the General Directors lor 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 a5 General Director lor equivalentl of the partner opera company terminates. A new General Director lor equivalentl of a partner opera company automatically becomes a NOS Diiector on appointment into their Opera Company. This appointment is ratified by a letter to NOS by the relevant Opera Company Secretary. Other Trustees Not including the Chair, up to six Trustees who are not Members of the Company may be appointed, and removed, by Ihe Board. When considering appointing non-company trustees, the Board has regard io the requirement of any specialisl skills needed and to the diversity of the makeup of the Board and has due regard to the NOS Board Divetsity Policy of 2022. Chair The Chair of the Board is appointed by resolution of the Trustees, with the agieement of Arts Council England. 3.3 Organisation The governing body of 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, cvrrently Nicholas Allan. There are currently five sub-committees. reporting to the Board, formed of tTU5tee5 and ex-officio members. These are.. Audit, Finance, Nominations. Remunerations, and Wellbeing. The day-to-day management of NOS is the task of the management team, led by the Artistic Director and Executive Director, who are appointed by the Trustees, and comprise the senior management team. NOS has a small staff. some of whom are part time. NOS engage5 external coaches and other freelance industry experts who. together with the peTmanent rnU5iC Staff, deliver the training programmes. 14 National O era Studio Trustees, Re ort foi the Year Ended 30 June 2024 3.4 Director induction and remuneration Indurtion and Troining 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. Remuner¢7tion Trustees are not remunerated for their roles on the Board. Tnjstees may be paid all reasonable expenses properly incurred by them, and expenses may onty 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 31, 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 ihe highest benchmarked salary for a comparable role. The identified Key Management Personnel are the Executive Director and Artistic Director. 3.6 Equallty and Incluslon The NOS has an ongoing commitment to promoting diversity throughout its work. We report annually to Arts Council England on our progress, which is monitored by the Board of Trustees. 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. maritsl 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, artlsts. workers, inlerns, suppliers and contractor5 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 obseNe. The￿ are at least two trained first aiders in the office and two fire marshals for the building. A report on Health and Safety is considered at each Board meeting. 3.8 Environment NOS is committed to environmental sustainability arKI works towards ways of reducing our environmental impact in everything we do. from staging scenes to what financial products we're invested in. NOS reports annualty on its progress towards its goa15 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 15 National O era Studio Trustees, Re ort foi the Year Ended 30 June 2024 measLJres to mitigate the risks identrfied wherever practicable and continue to monitor risk on an ongoing basis through the Finance and Audit Committees. orRi 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 staius of trusts and foundations and ensure effective cultivation and stewardship of existing and prospective supwrters. 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 and adequate resetves including an endowment. Govemance: The risk of a reduction in income to NOS due to funding cuts of partneropera companies is mitigated by strong links and pioactive 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 objective5. The risk that 1055 of key staff to this small organisalion would have Significant impact is mitigated by clear job description5 which overlap to ensure conslstency of delivery, adequate notice periods, succession plans, regular appraisals to monitor progress, and staff welfare. Reputstional.. Risks relating to changes in the UK opera labour market including the inability to attract EU talent,10ss of work opportunity for UK artists and international reputational loss.. mitigations include maintaining a strong industry voice and connections within Europe, helping build a UK industry voice, maintaining strong relationships with ACE and industry bodies, and maintaining our high standard of work to attract talent. The risk of failing to make change in terms of diversity and inclusion in the sector is mitigated by a focused programme of work and business and equality plans that have clear targets which are set and monitored at board level. The risk of incident5 related to safeguarding issues is mitigated by clear policies and organi5ational procedure5, a culture of continuous improvemenl and feedback, and regular reviews with our new Wellbeing Committee. in We are confident that the National Opera Studio represents a going concern for the 12 months after the date of this reFK)rt. The Trustees would refer to.. The continuing support of Arts Council England Iwith NPO funding granted for 2023-261, and of our partner Opera Companies., Our success in securing support from trusts and fovndalions, 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 month5., Adequate free reserve5,' and Our endowment. 16 National O era Studio Trustees, Re ort foi the Year Ended 30 June 2024 REFERENCE AND ADMINISTRATIVE D￿AlL5 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 Haysmac LLP 10 Queen Street Place London EC4R 1AG 4.5 Bankers Coutts & Co 440 Strand London WC2R OQS 4.6 Investment M•nagers Cazenove Capital 1 London Wall Placè London EC2Y SAU 4.7 Solicitors Broadfield Law UK LLP 18artholomew Close London EC1A 7BL 4.8 Trustees Directots who seNed during the year and up to the date of thls report: Nicholas Allan Chair Christopher Barron (appointed 08 January 2024,. resigned 27 September 20241 Laura Canning (appointed 04 December 20231 Sarah Crabtree lappointed 01 Jan 20251 Dori Dana-Haeri Gini Gabbertas Paul Gilluley Diane Henry Lepart Antje Hensel-Roth Aidan Lang Stephen Langridge Richard Manile Oliver Mears Jan Michaelis lenny Mollica Stuart Murphy Loma Parker Alex Reedijk (resigned 31 (ktober 20241 (resigned 31 December 2023} (Co Vice-chair resigned 04 December 2023 from Board) Ico Vice-chair from 04 December 20231 (appointed 01 October 2024,. resigned 31 December 20241 lappointed 01 September 20231 (resigned 01 September 20231 Co Vice-chair 17 National O era Studio Trustees, Re ort foi the Year Ended 30 June 2024 4.9 Board subcommittees Audit Committee: Nicholas Allan Dori Dana-Haeri Diane Henry Lepart Mindy Kilby Lorna Parker Chair (appointed 05 June 20241 Chair (resigned 05 June 2024} Ilndependentl Flnance Commlttetr. Nicholas Allan Diane Henry Lepart Lorna Parker Alex Reedijk Chair Remuneratlon Commlttee: Nicholas Allan Gini Gabbertas Antje Hensel-Roth Richard Mantle Oli Mears Lorna Parker lappointed 04 November 20241 Iresigned 31 October 20241 (resigned 04 Decembei 20231 lappointed 04 December 20231 Chair Chair Nominations Committee: Nicholas Allan Chair Gini Gabbertas Antje Hensel-Roth Richard Manile Oli Mears Lorna Parker lappointed 04 November 20241 Iresigned 31 October 20241 Iresigned 04 December 20231 lappointed 04 Decembèr 20231 Wellbelng Commlttee: Gini Gabbertas Paul Gilluley lappointed 19 June 20241 lappointed 19 June 20241 4.10 Company Secretary Nicholas Simpson 4.11 Key Management Personnel Erni￿ Gottlieb Chief Executive Officer Eric Melear Artistic Director Nicholas Simpson Executive D1￿ctOr David Sulkin Director of Artist Development (resigned 31 Dec 20231 (resigned 12 March 20241 (appointed 01 July 20241 IB National O era Studio Trustees, Re ort foi the Year Ended 30 June 2024 Trustees. r onsibili 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. obsetve 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 5tatement5 comply with the Companies Act 2Crf)6. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detsdion of fraud and other irregularities. vi finf Each of the persons who are trustees at the time when this report is approved has confirmed that.. so far as each trustee is aware, there 15 no relevant audit information of which the company's auditors are unaware-, and each trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information. On 18 November 2024, the company's auditor changed its name from Haysmacintyre LLP to Haysmac LLP. This report has been prepared in accordance with the special provisions for small companies under part 15 of the Companies Act 2(M)6. The Trustees, Annual Report was approved by the Board of Trustees and signed on 13th March 2025 Nicholas Allan, Chair 19 Opinion We have audited the financial statements of National Opera Studio for the year ended 30 June 2024 which comprise the Statement of Financial Actiwties (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 Stondord opplicoble 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'5 affair5 as at 30 June 2024 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 2CQ6. Basls for oplnion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standaTds 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 re5pon5ibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis loi our opinion. Concluslons relatlng to golng concem In auditing the financial statements, we have concluded that the trustees, use of the going concern basi5 of accounling in ihe preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to event5 or condilions that, individually or collectively, may cast significant doubt on the charitable company's ability lo continue as a going concem for a period of at least ￿e1ve month5 from when the financial statement5 are authorised for issue. Our responsibilities and the responsibilities of the trustees with ￿SpeCt to going concern are described in the relevant sections of this report. Other infomiation The trustees are responsible for the other infomation. 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 infomiation 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 infomation. 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. 20 Oplnlons on other matters prescrlbed by the Companles Acl 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report Iwhich includes the directors, report prepared for the purposes of company lawl for the financial year for which the financial statements are prepared is consistent with the financial ststements." and the directors, report included within the Tnjstees. Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by txceptlon 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 direclors, report). We have nothin9 to report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report to you if, in oui opinion.. adequate accounting records have not been kèpt by the charitable company,. or the charitable company financial statements are not in agreement wilh ihe accounting records and returns,. or certain disclosures of trustees. remuneration Sp￿lfied 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 enliiled 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. Responsiblllties of tr￿le?5 for ihe fi￿n¢la1 stsiements As explained more fully in the trustees. responsibilities slatement on page 19 the tTUStees Iwho are also the directors of the charitable company for the purposes of company lawl 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 truslees determine is necessary to enable the preparation of financial statements thal 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 concem, disclosing. as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statemtnts Our objectives are to obtsin 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 condurted in accordance with ISAS IUKI will alway5 detect a material mi55tatement 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 statement& 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. 21 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 201 l and the Companies Act 2(K)6, 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 tsx. 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 5U5pected 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 judgement5 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 mole that compliance with a law or iegulation is removed from the events and transactions refle(ted 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 raiher than error, as fraud involves intentional ¢oncealmen( forgery, collusion, omission or misrepresentalion. 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 forrn5 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 wilh 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 pemiitted 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 Isenior Statutory Audrtorl For and on behalf of Haysmac LLP, Statlrtory Auditor Date.. 14 March 2025 10 Queen Street Place London EC4R 1AG 22 f Fin Includin Income and Ex enditure Account for the ear ended 30 June 2024 De￿gnated Lknie#iirted FLYK15 Deygnaied Fu￿5 Restricied Fu￿S Endowment FU￿15 Totaljune 2024 Total June 2023 tes Incom• Irom 615.095 55.954 209.461 21.530 87.1Q) 259319 961.514 55,954 209.461 64,470 820.926 3&666 1￿.671 Othei trading Income Irr*stment income yo Tot•1 2.040 87.11h) 301259 1.075,674 Exp•Trdhur•on'. Rèislry lunds.. C05t of fiJndrai5iry GpMratin9 rental irtom* Investment fees Jnd chjiges 54.549 2&924 54.549 2%924 5&253 23.863 13.095 550 353.356 70&293 71.541 I￿>.247 Tpt•l 78&766 71.541 l(K).247 353.9)6 ,111842 1943 TO,643 74.586 N•t 1Trrgm￿I1xp1nd￿ur¢Tr 147.7041 60.472 41.354 159M611 Trahsfer between funds IA32 111.69J 6&539 16&539) 17Q1091 9&513 2Q835 I8.(￿￿ 41.354 159.4611 Total fu￿5 brovghi I0￿9rd 199267 l.54&577 271739 15SIJS 1LN)5.I34 3.17&852 323&313 Tvt•l lunds ny Generatiw rentsi Iticoi Investmeni feesoryj cN•ryes 786 17.042 17.763 54.Y9 2%924 56253 23￿6> 13.095 1A)19.631 1.111842 81&553 870,361 417.434 454.250 1.233.987 1.324631 Prioryear Direct SLPPDrt Total nE 2023 Total re 2022 Cosi ol lundraisw GeneraiiNJ rental Income Investment fees aNJ chèryes Chaiitable actswties 17.413 %5 11095 323.878 361.351 Son36 21.326 21863 13.09S 695,753 75IA91 857.8 929.162 1.111842 Analysls of Support Costs 2024 stslf Profe5510r41 fee5 Premises Olliie cost& finance. and wjrnin Travel In￿lance GovematKe Deprèciation 103.474 4&253 21702 79702 543 3&014 26.925 37.624 1188 11527 69￿9 1.491 361351 14.$28 10%847 71.S42 Support Costs are allocated acTOSS the different areas of expenditure on the basis of staff time and other costs expended. 30 rEn 24 Govemance Costs 2024 2023 A￿1tfee5 Legal fees 15.660 53.379 69.039 93.047 109.847 Legal fees were higher than the previous year for fv40 reasons. The first is that we required visa guidance to bring in our new Artistic Directoi, Eric Meleai. We also had an employment tribunal in December 2023. Staff Cost5 and Number5 2024 2W3 Grosssalary Social secLYitycosts Pensions Redundancies and setdemeNs Governmerrt EmploymEnl Grant 285.748 25.679 7.024 33.￿0 15.( 353.211 7.130 1S.(OJ 314.764 Average number ol emplo￿$1$ as follow> Charitsble Actiwtie5 Co 2024 2023 7.13 6A0 4J 10A0 2024 2Q3 salary. Natignal Insuonce. and pensions ol Key Marbagemert IS1.174 175 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 at the start of the period were the Chief Executive, the Director of Artist Developrnent. and the Executive Director. At the end of the period, the Key Management Personnel was just the Executive Director. In Juty 2024, our new Artistic Director started, since which the Key Management Personnel are the Artlstic Director and the Executive Director. No employee received over £60,C((l in the year ended June 202412023: One employee ￿CeiVed between £70,(XXJ and £79.9991. 31 rEn 24 10 Net Income Is stated after charging 2024 2023 Audit Fees Depreciation Operatin9 lease rentals 16.8Crt) 71.542 9,936 15.6 80A91 Tangible Assets Fwnitwe Fixtwes fillirMJs FTeelK)Itl Propety Musical Irsinments Equipment Total As at 1st July 2023 Additio As at 3thh June 2024 I.￿2A IS1149 239.754 1.432 241.186 7S,600 2369,963 1.432 1371,395 1.9)2.4 IS1149 7S.600 As at 1st July 2023 Charge for year As at 3thh June 2024 523.204 31.875 SSS.079 126.646 9.149 135.795 173.53S 30.518 204.OS3 823,385 71.542 894,927 Net bookvalue 30th June 2024 Net bookvalue 30th June 2023 1.347.381 1.379.256 16.354 25.503 37.133 66.219 75.600 75.600 1,476.468 1,$46,578 Included in Propety is freehold land value £575,¢XQ12023.' £575,CWI which is not depreciated. The Charity holds a numbei of musical instruments which are held at their value at the point of donation and are subject to an annual impairment rewew. (Jving to the frequent maintenance of these assets and their resale value, depreciation over an estimated useful life is not considered appropriate. 32 rEn 24 12 Flxed Asset Investments 2024 2023 Openiry b3larKe Additions l.(X)S134 81.(W 154A¥J81 79.722 1.021.￿3 1.(KYJ365 1947.7361 17&4781 l.(M15.134 Revaluation5 aTKI cash mo¥emert5 Clo&ng balance Mulii-Assei Fu￿5 terDativts Cash I.OB4.326 935.766 27.612 14.702 I.LY)5.134 13 Debtors 2024 2023 Stock Trade debtors Prepayments and accrued Income Expen5e5 floats given ro Staff 3.115 259 21.577 2S7A52 272.329 285.013 279288 14 Cr•dltors 2024 202J Trède creditors Accwals and deter￿d I￿orne Taxe5, social security. and Pe￿On% 10.933 11&633 5.2 134.766 51.221 81.746 9.399 141366 2024 2023 Defer￿J ir￿¢Me br¢v9ht fowiard Defe￿ed income utilised dunry period Income deferred in period Defer￿d irwme carried f¢rwa¥ 23.8fl 23.8 14.2(I) 14.2 22.987 21987 Deferred income carried forward from 23124 relates to income already received by 30 June 24 for venue hires and short courses in the 24125 period. 33 rEn 24 15 Endowment Funds 2024 Nkh¢ksJthnStht4avship Endtswment hjnd Openiry knlance Investment Income Feesand charges Realised 9air61110s5psI Unrealised gair￿(lossesI Transfers a0￿ng balarK@ I￿5.134 1.021.9B3 1&539 113.(rJs1 12&7Y)) 4￿31 13.567 S7￿76 If&5391 ty)7ffi7 1.(XX.134 Nicholas John Scholarship Endowment Fund is an expendable endowment with both capital and income restricted to the training and SUPF)Ort of nominated Young Artists. or Nicholas John Scholars. Income received on the endowment investments are recognised in the Nicholas John Endowment Income Fund, which is restricted. It is also expected that £50,CM)O of endowment capitsl be drawn down each year to the same restrirted fund. This year also includes a transfer of £18,539, which is the income received in 22/23 which should have gone into the restrirted income accounL 16 Restrlrted Funds ufferrt Yoèr IrKty ExpeThlitur• Tra￿￿*[5 8alancè 30rh lune 2024 14.529 20,626 8.772 50.wo 49,419 25.( 1st ILIY 2023 119.045 2&130 Dlwis• Voices Fu eenAnne's Gate Fdn Siryirg Lesson Young Artist AL￿1¢10￿ Travel FLWKI Ki￿YLa1ng F¢undiiion.' Digiial The Linbury Trust Talent Pathway5 FuThJ 1&40J 12Q916 S504 49.419 21(ts) Rights ènd Royaltiès FuThJ CAFAmeriG3n DoMrsFur 1876 2.624 25. 16.rtsi 940 2%fXY) CHK FO￿datIOn E￿0￿ment Incorne/Drawdown Fur 68,539 68,539 302259 351 175.970 Prioryear IrKom Ex￿lture TrarGlers Balance 30th Iyne 2023 119.045 26.130 1SiJ￿Y 2￿2 145.546 gaiW11055È$1 Diverse Voices Fu ee￿An￿'SGaie Fdn &ryiry Les50n FtXKI Young Artist A￿rtion Trtb*l Nicholasjohn Trust UrKJenwood Trust Amar-Ftan5E5 and FO5ter-jEnknrt5Tt￿t Phlip Carne Liond and ma1￿y￿nA￿tr￿ryl colw1n5tonTt￿t KI￿yLain9 Foundation Bamess Ctroritable TNst Lisa Newickaro Alison Thwai*5 Cld P055ums PTactical Tt Tait Memorial Trust 24.680 1870 50.CO) 25.IM) 24.IAYJ 17.IMKI 15.1 25.(¥)J 24.r 17.r 15.(KlJ io.(D) 10.r y) 6246 SW A246 14S.$46 237.426 227037 34 Notes to the Accounts for the Year Ended 30 June 2024 Diverse Voices Fund.. funds restricted to the final elements of our Diverse Voices programme Queen Anne's Gate Foundation Singing Lesson Fund.. funds restrided for Young Artists to pay for singing lessons outside the National Opera Studio Young Artists Audition Travel Fund.. funds restricted to supporting Young Artists in costs of travelling abroad for auditions Kirby Laing Foundation.. Digital Resources Fund funds for a new series of digital resources aimed at making opera a more accessible career The Linbury Trust.. funds for a new energy efficient LED theatre lighting rig Talent Pathways Fund.. funds for work that supersedes our Diverse Voices programme The Idlewild Trust funds that supported activities related to Young Artist5 to help them in the early stages of their Career Rights and Royaltie5 Fund.. funds to pay for rights and royalties of streamin9 and livestieaming contemF)orary repertoire CAF American Donors Fund- funds ihal supported activities related to our American Young Artists to help them in the early stages of their career The Underwood Trust.. funds that supported activities related to Young Artists to help them in the eady sta9es of their career CHK Foundation.. funds that supported masterclasses, Wandsworth Wednesdays, and recording days with our Young Artists through the period Nicholas John Endowment Income Fund.. income from the Nicholas John Endowment investments restricted to supporting activities related to our Nicholas John Scholars Barness Charitable Trust.. funds that SUPPOrted activities related to Young Artists to help them in the earty stages of their career 35 rEn 24 17 Designated Fund5 CuThpnt Year Bala[￿e 3￿h IL 202A Fixed ￿SetsF￿d Youry Artist SwpDrtFurKI &ryersAp50wd Capitèl Exp•hlitwe Fu $y￿eMs￿nd InlTastrwture Fw Sttate9ic Ptoiects Fw Alum Support Fund ryiry Lessons Deygnated F￿* 1.Yfi578 113 71.542 1,47W 111 3.592 85A 85.r 551 87.1 225 61N98 73BY 23.188 ss 87.1 171.789 113.122 I,e47.750 oryear ome TrarsfeTS BaLl￿e 3QlhJw 2023 Fixed A￿ett F Youry Art15t SwpDrt AWKI ryersResowd Capital ExpeThYitwe ￿nd syl￿5¥￿￿ In1r4￿l￿￿￿iw FLY 1.568319 1.54fi578 113. 3h17 8IA98 73*14 115Q) 23mS 17.933 21010 117.362) &1351 115OJ 121Ky 55 Fixed Assets Fund.. this represents the value of the tangible fixed assets of the Studio minus any valuation gains. The transfers into this fund represent fixed asset additions in the year. this is a fund that enables the Studio to provide ass1Stance in living costs lor Young Artisis should individual circumstances arise, to be held in ieseThe otherwise. Support Fund Young Artists.. SingersResound'. this is a fund for spending on work with SingersResound over the coming years. this is a fund for capital expenditure. primarily on the Clore Building, 2 Chapel Yard, London, SW184HZ. Transfers into the fund are funds designated for futu￿ capital expenditure. Systems and Infrastructure Fund.. this is a fund for improving internal systems, equipment, and software to increase the efficiency and effectiveness of our work. funds designated to expenditure helping support key strategic tran51tion points and events this is a fund for supporting artists in the years after their time as Young Artists at the Studio Singing Lessons Designated Fund.. this is a fund to top-up and ensure the continuation of the restricted theen Anne's Gate Foundation Siroing Lesson Fund. Capital Expenditure Fund.. Strategic Projects Fund.. Alumni Support Fund.. 36 National O era Studio Notes to the Accounts for the Year Ended 30 June 2024 18 General Fund Current Year BalarKe 1st July 2023 IrKome ÉKperylitu￿ TraI￿re1$ BalarKe 30th june 2024 General 199.267 199,267 2.040 2.040 788.766 788,766 199.419 199A19 1113.122) Prior Year Bala￿e 1st July 2022 Ir￿oMe ExpeTrJiture Tfansfers BalarKe 30th lune 2023 General 197.271 197.271 807.209 807.209 750.182 750.182 155.0291 155.029) 199,267 199.267 General Fund.. Unrestricted funds available for general use. 19 Analysls of Assets Between Funds Current Year ur￿eStricted Re5rn'cted Ervjowmert Total Tangible Fixed A55ets Long-term Investments Debto Short-term Investments Cash and cash equivalents Creditors 1.476.468 1.476.468 1,111,938 285.013 65.015 416.538 1134.7661 3.220.206 997,067 268.613 6S.015 251.291 1129,C491 2,ts17.169 1&400 165.247 15.677} 175.970 997.067 Prior Year Ur*estric￿d ReAricted EtThJo%*rnerrt Total Fixed assets Debtors Short Term Investrnents Cash and cash equivalents Creditor5 1.546.578 279.288 317.643 13.171 1138.0961 2.018.584 1mS,134 2.551.712 279,288 317.643 172.576 1142.3661 3.178.853 159.405 14.2701 155.135 1.￿5.134 37 National O ern Studio Notes to the Accounts for the Year Ended 30 June 2024 20 Operating Lease Commtlments Operating lease commitments relate to the lease of office and administrative equipment. The future commitments at each year end were.. 2024 2023 Annual c05t of oper3tiry lease5 due within l year 9.936 9.936 Cost for 2-5 yea 21356 31292 C05t lor S+ yea 21 Comparatlve Statement of Flnanclal Artlvllles Degorywed Qlyr LtrnstiKt4d C4>itd D•#y*t4d ￿li￿•é EThj￿r•nt Tot&lkn* Tatslknb rvr4J GTrnts. dOf￿110r6orn1 Otk*rtrndiry I￿£¥11¢ 571,1)Xl 11y)) 237N 82Q9 1,723,721 51923 159.326 l.B16 1￿871 a672 1￿871 27.211 In¥*stft*ntirLom 18.539 Tgt•l 23?.426 l.0?4G74 1,93%7&5 Iwil￿rIY lund coAoI Gveratiryj renul In￿￿Trent lee5•fKlth•rqes ritab￿ ￿￿5111e$ *253 *253 5aU3b 21.326 11095 1,019.631 227.837 Total 791182 41.3 227.837 13.C95 1,111842 929.162 Net 9airslOoww) ¢32￿3} 12U S7.fQ7 (Th.A4R) 116.A4ql 149.4611 Trarderbth*enfLf 15S(Q9J {3fi19) 121.742> 132.4571 116.8491 159.4611 l.C(6.624 Totsl fwdskntyJhiforw4 197.2 1￿19 14%546 1A121 12x313 222&689 154AS?7 2n.7>J 15&lJS 11x6.134 lin852 3239.J1J 38 rEn 24 22 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. 23 Capitsl Commilments The company has entered into no capital commitments during the financial year12023.' none). 24 Charye There is no charge on any of the assets of the company12023.. £nil}. 25 Related Party Transaitions The National Opera Studio received financial and other support from the English National Opera, Glyndebourne, the Royal Ballet and Opera. Scottish Opera, Opera North and Welsh National Opera. Core funding from these partner companies totalled £135,1KK) 12023.. £135,000). Under the Memorandum and Article5 of Association, the holders of the p05t of General Director lor equivalentl of each of the companies are automatically mèrnbeTS 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 tolalled £56.910 for the year12023'. £52,7￿). The truslees were not remunerated for iheir services lo the charity and did not receive any reimbursement of expenses in the year12023.. £Nill. As part of the residencies, money occasionally changes hands betsveen partner companies and NOS. Within the financial year, there were payments made to partner companies totalling £7,41 I relating to residencies, commitments of £29,839. and receipts of £3,302. In addition, there was a paymenl to one partner company for a member of their team working on one of our short courses1£885}. There were no other related paty transaction& 39