Duchy Opera Trust Llmited (Limited by Guarantee) Annual report and unaudited financial ststements For the year ended 29 Febnwry 2024 Company registration number: 016319 Charty registrabon number. 285212
REpoKf AND AcCOUPs FOR DUCHY OPERA TRUST LIMTED FOR THE YEAR ENDED 29 FEBRUARY 2024 Contents Pag8 Reference and administratrve infomiation Report ofthe Council Independent Exafflnerfs Rewrt Statement of financial activities Balan Sheet Notes 7-10
REPORT AND Accoup¥fs FOR DUCHY OPERA TRUST LIMITED FOR THE YEAR EPXED 29 FEBRUARY 2024 Reference and administrative infonnation Forthe yeararKJed 29 Febw8ry 2024 Duchy Opera Trusl Lirnrt is a Company limited by guarantee and a registered Charity govemed by its memorandum and artic$ of association. Cornpany registration nuffi1[ Charity Wlstration number 01639019 285212 Artlstlc ConsultanL' Richard Jackson Directors and Tntee5 The directors of the charitable Company (-the Charity") are its trustees lor the purpose of Charrty Low and throughout this report ate collectivety referred to as ts Council. Council memters must also be members of the Charity. New Council memters are appointed by the Council but tfEir appoinbnent is confinned by members at the first annual general meeting followiw their apFointrnent. NevAy appointed council members are induct&l into the workings of the Charty. The Council members serving during the year and Sin the yearthend. unless otherwise noted were as follows: Paul Collins Karen Harris {Chair) Peter Heywoc Andrew Lancaster Karen Smith-Abbott June Stevenson Georgina Walkey Reappointed 1 November 2020 Reappointed 8 Odober 2023 Reappofftt 8 October 2023 Reappointed 1 November 2020 Appointed 25 September 2022 ApF>ointed 19 Septernber 2021 Reappointed 1 Novefflber 2020 Dina Gallick Maggy Lamb Appoint 8 October 2023 App)int&l 8 October 2023 Jenny Cuthill ReSrEd 8 October 20T3 No council members have any beneficial intet in the Company. Registered Office Hanas an Mor, Drosty) Point, PeThanporth. Corrwall TR6 OGS Bankers Lloyds Bank Plc, Blackheath London Branch. 15 Blackhealh Village, London SE3 9LH So16citors Hine Downing, 8110 Berkeley Vak, Falmouih. Comwall. TR113PH Accountants Balme Kitchen & PearGe Ltd. 25 Lemon Sl. Truro TR12LS
REPORT AND ACCOLws FOR DUCHY OPERA TRUST LIMITED FOR THE YEAR ENDED 29 FEBRUARY 2024 Report of the Council The Council wesenl their rep)rt tether with the finanrial slatetrents of the Charity for the year ended 29 February 2024 Referen and administrative infomiats'c setouton page1 forn ofthe rewrt. The financial statements comply wlh the Charities Act 2011, the Memoramlum and Articks of As¢lation sel up on 28 May 1982, and Ac(xiunb"ng and RepM)rting for Charits.. Siaiement of RecommendgJ Practi applicable lo charitS preparing their acwunts in cOranCe Ihe Financkql Reports"ng Standard applicable In UK and RepubliG of Ireland IFRS102). The Charity is a public benefit entity and the Trusiees have had due regard to the Charity Commission's guidance on pU1C benefit Objects and actlvltles of the Charlty The objects of the Chlty are to edlte the public in the dramatic and OFEratic arls. to further development of public appreck8tion a tsste in the sak1 arts, to assist and fvrther suth charitsble insb'tutK)ns and charitable purposes as the Counol of the aSsoCptn shall frw) time to b'nE determine. The Council remew the aims, objectives and actm.ties of Ihe Chanty at least once each year lo look at what has been achiev&l in the previous 12 months The CwrrAI refer5 to the guidance contsined in the Charity CoMmissn'S general guidan on public benefiiwhen reviewing aims and objeclrves and in planning future activib'es. In parti19r. Ihe Councl conder how PLann &tivilie5 11 contribLrte to the airns and objeGtive set. Organlsatlon There are currently 9 members of the C¢nCil with a maxTmum limit set in the consts"tution of no more than 10 Mbers. The Council mts on a [drIven bags according io the work required lo achyève th8 Chanty's objectives, usually on a monthly ba%s. There are three frjnctioning sutrpcommittees., Production & Design, Publicity & Communications and Educalion. All report to the Council as required. The Strategic Committee consists of the Councrl and Chorus Master. with input from the Music and Arb'sb'c Directors as Tequired. Investment powers and policy The Council have conshyered the moslappropriate w)licy for liting funds and find thaL du8 to tho aVailae interest rates on deposits. the current arrangettl of utilising current attcAJnts only meets the requirement to maintain easy 2ccegs trj fvjnds fcK OFErational purposes. Reserves policy The Council aims to hold reserves in fund5 at an adequate level to support the Chartty's currenl and future aclivities. The charity's fiJrKJS are prinap31ty deTive(J from IrKome from pduCtiOns. however it al relles on donations and small grants to fvnd its activities. Risk management The Council has assessed the major risks bthtch they have identified and to Ithich the Charity 15 exposed and is satisfied that systems are in pkce to mitie exp)sure to these. As referred to above the C<)unul is seeking to improve the Charity's overall financial tron. Flnanclal revlew The results for the year are shown in the statement of financial activities on page 5, and slThJw net incoming resources of £7,656 (2023.. 608). And we are grateful again to the generous ¢tribUt)n made by ttr Friends of Duchy Opera.
REPORT AND ACCOUNTS FOR OUCHY OPERA TRUST LIMITED FOR TFE YEAR ENDED 29 FEBRUARY 2024 Report of the Council (continued) Achievements and perfonnance In June and beginning ol July 2023 we put on Cavalleria Ruslicana and Trial By Jury - 2 nights at FalmoLrth Princess PavilK)n and 4 nights at Park House Jane Anderson-Brown rejoined us as Must D1Clor and Angela Agutter Thomas joined as producer. Again we were lucky viith the w82ther. During the Auknrnn hekl our third °Come and Sing" Gilbert and Sullrvan. In¢dIng Champagne Chorus from our forthcnming 2024 production of Die FIeaUS. Russell Pascoe again led the aftemoon with Clive Ellison accompanying. We also held a concert in Mevagissey in November- Around the Worhj in 18 songs. with a mixture of solos and rousing choruses. We are pleased our work has resulted in a net income of £7,6 for 2024 {2023 '. loss £608) aided by generous fijnding reIVed from :_ Friends of Duchy Opera. Foyle Foundation and Falmuth Town Council Statement of disclosure to independent examiner So far that the trustees a aware. there is no rekvant infomialB)n of vthich the charity's independent examiner is unaware. Addrf(ionally, the trustees have taken all the steps that they ought to have taken as trUStS in order to make themselves aware of any revant infomiation and to establish that the charity's independent examiner is avRre of thal infonnats'on. By order of the Council Chair
REPORT AND ACCOUNT8 FOR DUCHY OPERA TRUST LIMITED FOR THE YEAR ENDED 29 FEBRUARY 2024 I ndependent Examiner's report to the trustees of Duchy Opera Limited I report to the trustees on my examinatKn of the fnancial ststements of Duchy Opera Limited (the charity) for the year ended 29 February 2024. Responsibilities and b13 of rewt As the trustees of the Lanty (and its directors fr)r the wrposes ot company law) you are r85w)nsible for the preparation of Ihe financial statements in accordance wrth the r4uiremenls of the Chari"es Act 2011 (the 2011 Act) and the Companies Act 20C6 (the Act). Having satisfied myself thatthe financial statements of the charity are not required to be audited under Part 16 oftFE 2006 Act and are eligible for indendent examination, I report in respect of my examination of the charty's financial statements carried out under section 145 of the Charities Act 2011. In Carrying out my examinatb)n I have follob%pd t DirectKJns gNen by the Charity Commission under seclion 14515>(b) of Ihe 2011 ALt. Independent examlnerfs statement I have compted my examinath)n. I confimi that no matters have come to my attention in connection with the examinatKn gNing me cause to believe that in any material resFe¢L" accounting records were not kept in respect of the charity as required by sectK)n 386 of the 2006 Act, seclFon 130 ofthe 2011 ACL or 2. the financial statements do not accord vath those records. or 3. the financial statements do not with the accountirw requirements of section 396 of the 2006 Act other than any requirwnent that the accounts grve a true and fair view which is not matter considered as part of an ind8pendent examination,. or 4. the financial statements have not been prepared in accordan with the melhods principles of Ihe Ststement of RecoMmpded Practice for accounting and reporting by charities applicable to charf(ies preparing their accounts in accordan with the Financial Reporting Stsndard applicable in the UK and Republic of Iland (FRS 102). I have no conGems and have come across no other matters in connection with the examination to which attention shoukl be drawn in this report in order to enable a proper understanding of the financial ststements to be 3Ced. Trevor Jam8s DaOn FCA 8alme Kitchen & Pearce Ltd 25 Lemon Street Truro TR12LS
REPORT AND ACCOUNTS FOR DUCHY OPERA TRUST LIMITED FOR YEAR ENDED 29 FEBRUARY 2024 Statement of Financial Activities Forthe yearended 29 Febwary 2024 Not•s Unrestrlcted Deslgnated Funds Funds 2024 Total Funds 2023 Total Funds Incorn• Donations and Legacies Other Tradlng ktivi1Ses Income from Charitsble Nth"wtses 10.033 13.565 16. 10,033 13,565 16.115 4,780 9,714 13.456 Total Incom 39.663 39,713 27.950 Expenditure Charitae PdwAies 31.869 188 32.057 28,558 Totsl Expèndiiurn 31.869 32.057 28,558 Nel InMe for Ihe year and net rnovennt in funds 7.794 1138} 7.656 16081 Transfer bètwéen funds Roconclllatlon of Funds Fund balances brought lorward 17.811 690 18.501 19.109 Fund balan$ carri forward 25.605 552 26.157 16,501 There were no ao]uisitions or dtscontinued acliviks in the year to 29 February 2024. The Charity has no recognised gains or losses in the year or previous year other than the net inming resources as shown above.
REPORT AND ACCOUNTS FOR DUCHY OPEPA TRUST LIMITED FOR THE YEAR ENDED 29 FEBRUARY 2024 Balance sheet As at 29 Febniary 2024 Unrestrctsd Desiated Funds Funds Total 2024 2023 Current I5ts Cash at bk and in haThJ 27,469 28,021 20,376 Total curr•nl Asuts 27,469 28,021 20,376 Credilor5.' amounts falling due within one year (1.8641 {1,864} {1,8751 N•t currenl Awts 25.flJ5 26,157 18,501 Net Assets 25,605 552 26,157 18,501 Th¢ funds of the Charity io 25.elJ5 ,157 18,501 Totsl Charlty Funds 25.605 552 26,157 18.501 The company is entiued to the exemption from the audit requirement contai)ed in section 477 of the Companies Acl 2006. for the year enj 29 Febwary 2024. No member of the company has deposited a notice. pursuant to seclion 476. requiri an audit of these financial statements. The trustees, responsibilities for ensuring that the charity keeps accounting records vthich comply with section 386 of the Act and for preparing accounls which gNe a true and fair view of the state of affairs of the company as at the end of the financsal year and of its incoming resour5 and appIltIon of re50urres. including its income and expendrture. for financial year in accordan with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the company. These financial statements have been prepared in ardan with the provisions applicable to companies subject to thn small companies, iegrne. The finan¢ial statements were approved by the Council . &l ..J4j * Chair Tmstee Karen Harris Peter Company Number.. 016319
REPORT AND ACCOUNTS FOR DUCHY OPERA TRUST LIMITED FOR THE YEAR ENDED 29 FEBRUARY 2024 NOTES TO THE FINANCIAL STATEMENTS A¢¢ountin ollcles 1 1 Basis ofpwrndon The Gharty conslilutes a public terbefil emty as defined ty FRS 102. The financial siatements have been prepared in accordance wrth ACunt.r¥j arKI ReportsrvJ by Chariti8s.' Statent of Reccthmended Practice applicable to charitie5 prepariro their accounts In aCCd?l wth the Financial Reporting Standard apFArable in the UK and Repui4K of IreLgThJ IFRS 1021. the Financial Rerorbng Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021. the charitS Act 2011 and UK Generally Accepled Prathe. ffinancial statements are prepared on a gcmng CA)nwn basis urKler the hislorKal cost convention. The financial statements are prepwed in sterfing is funct1 currency cl the charity rounded to the nearest £. The signtficanl acccvnb.ng rolws apt4 in the preparan of these finanoal statements are sel out low. whh have bn consislenity lo all years presented unless otheiSe stated. 1.2 Comynystatus The Charity is a ComFdny limr(ed by guarantee. The members crf the Charity are the trustees named on page 1. In the event of the Charty trHng w). the liabilty in respect of the guar8nlee is limited lo £5 per member. 1.3 Fun<ts Restricted funds are lo be used fc sFEcth wse$ as laKI do•m by the doror. Expenditure whth meets these cAiteria is identified lo the lund. Unrestri¢ted fur$ are donati¢J)S and other income reived generated for the objects of Charity without further specified purpose and are avaiLgble as neral funds. Investment ino)me. gains and losses are alkM2ted to Ihe ar4)ropriate fund. 1.4 Incoming Tr$oU¢S Al incoming rosour¢es are included In the statement of financial activities when the Charity is legally entitl8d the inccne and the amount can be quantrfd w.rth msonable axurxy Voluntary inc£me is credited lo the statwnent d financial acvibe¥ acwding to the period in which il is received. Income from productwjns is IrU1 in irtcmirYJ reWr¢e5 in the year in whith the relevant shthv takes pla. Inveslwent inc£bme is recogni5wJ a reCaVab basis. 1.5 Resources expermled All expenditure is acccmjnted for on an arualS basis and has been included urer exknse Categ(leS that aggregate all costs for alltIOn lo Whtre eAnnot be direcuy attributed to parb"cular 8clivib.es they have been a1kn12ted on a basis cnnsista)I wilh ts use cl the resources. Supp¢yt ore thosecosts incAJrred in eonfi&l with manement and lMinIStration ofthe Company. Govemance cost5 are th¢J5e Incur in complw* with ¢stil(rtionaI and statutory requirements.
REPORT AND ACCOUTrs FOR DUCHY OPERA TRUST LIMITED FOR TFE YEAR ENDED 29 FEBRUARY 2024 NOTES TO ThE FINANCIAL STATEMENTS {Cont) 1.6 D•btots Trade and other debtors are recogn1 at the Sethnent anount due after any trade discount offered. Prepayments are ValUj * amcKJnt rKerAKI nei crf 2ny Irade dscounts due. 1.7 Cash atbank and In Imnd Cash al bank and cash in hand includes cash SI tem hJhIY Ip4uid investments with a sht matunty of thoe months or less from the date of acquisit cpening of the deposit or similar account 1.8 Crndftors Creditors are T(JI5ed whete tFE Chty ha5 a Fwnt oblKJatw rosultiThJ from a pasl ev8nt that wll prctsbly result in the trarfer of fur5 to a thitd rty ar the amount due lo settle the ol4igatl can be measured or estimated reliabty. Creditor5 are recoJnised at their settlement amount afteralknvNig for any trade discounts due. 1.9 R•sorves The Charty maintains generdl reserves in excess of 6 rrhjnths of Ce, non pycrfjuclion expenditure whh Is held in the bank. The reserves are used purety for an1[j operatK)n of the charitls objeGtve 1.10 Flnanclal Instruments Tlk Iwstonly has financial assets finarKial IkglJ"h"tEs of a kn-nd that qualfy as basicfinancial instruments. Basic fin8ncBI instruments are initi81ty reccJnised al tranSacn value subseqLntly me8sured al their settlement value wth the except of bank thns whth are subsequently rneasud al amortised cost using the effectNe Inte$t 1.11 Stat8m8nt of cash Ilows The Charity has cpt8d to prepare the fina1 Statem15 uThler Charities SORP IFRS102} and is exempted from preparing a cash statement on the grounds that it is a sm811 charity. 1.12 Ta¥ The Charty B an exempt chty wrthin the meaning of FLhedule 3 of the Charities Art 2011 arKI 15 ennsid@r to pass the le5ts sel out in Paragraph 1 edu 6 Finance Act 2010 snd therèfora m88ls the definition of a Charitab ecfftpany for UK eatIOn tax purwges.
REpoi¥f AND ACcOUs FOR DUCHY OPERA TRUST LIPTED FOR THE YEAR ENDED 29 FEBRUARY 2024 NOTES TO THE FINANCIAL STATEMEMfs {Ct) Donatlon8 and Le acbe8 2024 2023 Don811ons from Indivlduals Amazon Smlle & Easy Funtjralslng Friends of Duchy Opera Grants 350 183 3.800 5.700 80 100 4.000 600 Othèr Tradln Membership subscriptions Sponsorship Theatre Tax Relief 3.469 865 7.802 4.028 780 3,980 Gift Other Income 1.379 50 541 385 13.565 9.714 Income from Charltable Acllvlll•s Income from pro<luctions ." Concert Income Production Sponsorshop 62 16.003 13,421 16.065 Designat8d .. 50 35 Total Ex Unrestricted." Production Music Direclor's Fees SuppDrt C05ts (see Note 6) Gov8mance costs (see Note 6) 25,968 2,769 2.022 1,110 21,752 3.760 2.136 810 31.869 Desi9n¥ted.. Singing léssons Donation - Come and Sing 88 100 100 Anal sls of Governance and Su ort costs Support costs ." Rent and Rates Insurance Making Music Membership Websita ¢osts Sundry Expenses 1.260 190 391 105 76 1,485 190 200 188 73 Govèrnanc8 Costs." Accountant's fees - annual accounts other 375 735 420 390 810
REPORT AND ACCOUNTS FOR DUCHY OPERA TRUST LIMtTED FOR THE YEAR ENDED 29 FEBRUARY 2024 NOTES TO THE FINANCLAL STATEMENTS {Cont) 7 Ro13t•d Pa Transaction5 During the year no Ttuslee5 received any reThnatiC tN effits in kind12023:NLI. 8 Cr•dltorn . arnounts falli due withln one •ar 2tr24 2D23 AeLruals and deferred incLM* 1.875 9 Anal is of n•t ass•ts b•tw••n fvnds Tdal Funds F9 Current assets Cuffent Itabililies 27.469 552 28.021 1,864 26,157 552 10 Anal sls of movèmènt b•tw•¢n funds Tolal 2023 Brought Forward 17,811 18.501 Inn Ewenditure 39.663 131.8691 50 {1881 39,713 {32,0511 Balance urried fonvard 25.605 552 26,157 10