Duchy Opera Trust Llmited (Limited by Guarantee) Annual report and unaudited financial ststements For the year ended 29 Febnwry 2024 Company registration number: 0163￿19 Charty registrabon number. 285212 REpoKf AND AcCOUP￿s 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 Tn￿tee5 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 ReS￿rEd 8 October 20T3 No council members have any beneficial inte￿t 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 ACCOLw￿s FOR DUCHY OPERA TRUST LIMITED FOR THE YEAR ENDED 29 FEBRUARY 2024 Report of the Council The Council wesenl their rep)rt t￿ether 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 Charit￿s.. Siaiement of RecommendgJ Practi￿ applicable lo charit￿S preparing their acwunts in ￿cOr￿anCe 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 pU￿1C benefit Objects and actlvltles of the Charlty The objects of the Ch￿lty are to edl￿te 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 aSsoCpt￿n 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 CoMmiss￿n'S general guidan￿ on public benefiiwhen reviewing aims and objeclrves and in planning future activib'es. In parti￿19r. Ihe Councl con*der 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 M￿bers. The Council m*ts 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 li￿￿ting funds and find thaL du8 to tho aVaila￿e interest rates on deposits. the current arrangett￿l 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 p￿duCtiOns. 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 miti￿e 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 D1￿Clor 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 FI￿e￿aUS. 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 re￿IVed 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 trUSt￿S in order to make themselves aware of any re￿vant 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 examinatK*n of the fnancial ststements of Duchy Opera Limited (the charity) for the year ended 29 February 2024. Responsibilities and b￿13 of rewt As the trustees of the L*anty (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 inde￿ndent 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 comp￿ted my examinath)n. I confimi that no matters have come to my attention in connection with the examinatK*n 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 RecoMmp￿ded 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 I￿land (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 ￿3C￿ed. Trevor Jam8s Da￿￿On 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 Charita￿e PdwAies 31.869 188 32.057 28,558 Totsl Expèndiiurn 31.869 32.057 28,558 Nel In￿Me for Ihe year and net rnoven￿nt 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 in￿ming 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 Desi￿ated Funds Funds Total 2024 2023 Current I5￿ts Cash at b￿k 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 en￿j 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 resour￿5 and appIl￿tIon 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 a￿rdan￿ 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.. 0163￿19 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 AC￿unt.r¥j arKI ReportsrvJ by Chariti8s.' Stat￿ent of Reccthmended Practice applicable to charitie5 prepariro their accounts In aCC￿d?￿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 charit￿S 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 funct￿1 currency cl the charity rounded to the nearest £. The signtficanl acccvnb.ng rolws apt4* in the prepara￿n of these finanoal statements are sel out low. wh￿h have b*n consislenity lo all years presented unless othe￿iSe 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