Duchy Opera Trust Limited (Limited by Guarantee) Annual report and unaudlted flnanclal Statements For the year ended 28 Fobruary 2025 Company registratlon nwnber. 01639019 Chanty registratlon numbor.. 285212
REPORT AND ACCOUNTS FOR DUCHY OPERA TRUST UMITED FOR THE YEAR ENDED 28 FEBRUARY 2(125 Contents Reference and administrative informatK>n Report of the Counal Independent Examinerfs Report Statement of finanaal aLINities Balance She¢1 Notes 7-10
REPORT AND ACCOUNTS FOR DUCHY OPERA TRUST UIAITED FOR THE YEAR EPa)ED 28 FEBRUARY 2025 Reference and administrative information For the yearended 28 February 2025 Duchy Opera Trust Limit is a Company limit•J by guarantee aj a registared Charity govemed by rts memorandum ar¥J artides of assoaation. Company registration number Charity registration number 01639019 285212 Artlstlc Consultant: Rlchanl Jackson Dlrectors and Trust The directors of the charitable Company {Ihe Charity.) are its trustees for the purpose of Charty law and throughout this report are Collects'vety referred to as the Councrl. Council members musl also be members of the Charity. Now Council members are appointed by the Council but th8ir appointment is confirmed by member3 at the first annual 98n8ral meeting followiThJ their appOintMt. Newly appointsd council members are Inducted into th8 wothings ot the Charity. The Council members serving durirvJ the year arKI si6 the yearénd, unless othenvise noted were as follows= Tim Boggis P8uI Collins Peter Hewood Maggy Lamb Christine Pomeroy Karen Smtth-Abbott Appointed 13 October 2024 Reappolnted 1 November 2020 Reappointed 8 October 2023 Appointed 8 October 2023 Appointed 13 October 2024 Appoirrted 25 September 2022 Eruce Cro88 Karen Harrfs Ana Gallick Andrew Lancaster June Stevenson Georgina Walkey Resigned 13 August 2025 {Appoint8d 13 0¢)ber 2024) Resigned 31 July 2024 Resigned 13 October 2024 Re$igned 13 October 2024 Resigned 13 October 2024 Resigr1 31 August 2025 No Gouncll members have any beneficial interest in the Company. RegIstsd Offlce Han85 an Mor, Droskyn Pcmnt. Perranporth, Comw811 TR6 (s BankerJ Lloyds Bank Plc, Blackheath Lthxlon Branch. 15 Blackhealh Village, London SE3 gLH Accountants Balm8 Kikhen & Pearce Ltd, 25 Lemon St. Tfuro TR12LS
Report of the Council Th¢ Council present thr report together wilh the financial statements of the Charity for the year ended 28 February 2025 Reference and adminislrative information setouton page 1 fonns part ofthe report The finanGial stalements comply with the Charitiés Act 2011, the Memorandum and Artides of Assooation set up on 28 May l 982, and Accounting and Reporting for Chariti'es.. Ststomont of Recommonded Pracb'Go appIable lo ¢haritie$ preparing their accounts in acrdanCe with the Financlal Reporting Stsndard applicable in the UK and Republ of Ireland IFRS1021. The Ch8rTty is a public neffl enoty and the Trustees have had due r¥4rd to the Charlty Commlssion's guidancé on public benef Objects and actlvltles of the Charlty The objects of the Charity are to educate the pui w) the dranatic and operatic arts, to further devewnenl of public appwiakn'on and taste in the ld arts, to a55isI and further such charitable InstKutlons and charitsble purposes as the Council of the association shall from time to time determine. The Council revi6w the alms, objectives and adivities of the Charity 8t le8St once each year to look at what has been achieved in the previous 12 monlhs. The Council refers to the guidance contained in th8 Charty Commission'5 general guidance on publi¢ benefrt when reviewin9 aims and oLyectives and in planning future activits'e8. In P8Cular, tha Gounal consider h(M FdanneAI atIeS will contribute to t aim$ and obj'ective8 set. Organlgatlon There are Gurrently 8 memb6rs of tho Coumcil Twrth a maximum limit set in the conslitL¢tion of no more than l Q memberyJ. The CnCIl meels on a need4rrrf6n b88is according lo th8 work requir8d to xhi8v8 th8 Charity's obieclNes, usually On a monthty basis. There are three fUnGtKIng sub0Mmittee3', Production & Design, Publiuty & Communutions and Education. Al r8wt lo Ihe Councd as required. Tha Strategic Commlttee consists of the Council and Chorus Mast•r. wth input from the Music and Artistic Oirectorg as required. Investment powerg and pollcy The Council have consldered the most appropriate p)licy for investing funds and find Ihat, due lo the pr8S8nt available interest rates on deposits, the current arrangement of utilising cuffent acwunts only meets the requlrement lo maintain easy acctss to funds for oFeralional purposes. Resorv8s pollcy The Council aims to ho reserves In fundg al an •Jequate le%EI irt Support the Charity's curroftt and future 8Ctivities. The Charity's funds are principally derived from inwme from produclionJ. however it relS on donation8 and Small grant8 to fund its lU&S. Rlsk management The Council has assessed the major risks whth they have tdentified and to whi¢h the Charty Is exposed and Is satisfie¢J that Systems are in plac to miligate exposure lo these. As r8ferreO to above the Council ig seeking lo irnprove the Charity's overall firbanci81 positK)n. Flnancial revlow The resu5ts for the year are shown in the statement of fir81 &tNities on page S, and show net In¢oming resoLtrces of £2,435 (2024: £7,6%). And we are grateful agn to the 9]efOuS contributi• made by the Friends of Duchy Opera.
Report of the Council (contfnued) Achlevements and perfomiance In Jurp and Juty 2024 put FdMoUs- 2 nights at Falmoh Princéss Pavilion arKI 4 nights at Park HoLtse. patri Baw was eTr3aged as MUBIC t)ir¥A(K arvj Glan Gewi(xn&l as pIrn. Two &Jucational sesgons were organiwj. a ¥aJeuaft in March arKI a Slnging Masterdass in July run by Rith¥d JacKsffi arvj Rus88M SMe. We alg) on two concerts ttle,mUr#1 in 18 sor- in Aprd. la sellout) and May, as we as a Chrithas corert in Dember vh a mixture off&se cLtal 8cAos exhilarating During the autumn w8 ourfr1h 'kne ¥KI SI GiK)eAt KI SullNan, rrludirg the Drinklng Song and t Chorus of Matad(xs frcm our fld 2025 IlKI]0n of L8 Traviata. Russell Pascoe agan led the aftemoon wth CVe Ellison a(y)Jnp.Tha. We are plèased our wcffk has resulted in a rd irKcme Of£2,4 2025 {2024 .' £7,656) aijed by genarws furvJiTr3 recei¥vl frIKn Frrnts of OLthI OFWa. Statement of dl8clo8ure to Independent examln So far that the trustees are aware, there Is no rethant infomiathjn of which the charty's indeFendent examiner Is unaware. Addltionally, the trustees have taken all the steps that tlw ougm to have takon as trustees In order to make themselves aware of any re18vant infomwtion and to establlsh that the chanty's independent examiner is aware of that infomiation. By order of the Council
Independent Examinerfs report to the trustees of Duchy Opera Lirnited I report to the Irustees on my examlnation of the flnanclal SLitents of Duchy Opera Limlted (the charity) for the year ended 28 February 2025. Rasponslbllllle8 and ba813 of report As the trustees of the ¢harty {and rts directors for the purposes crf company law) you are responsible for the preparation of the financial 5tatemenls in accordance wtth requirements of the Charities Act 2011 (the 2011 Act) and the C7panIeS Act 2006 (the Act). Having sati5figd myself th the finanfial statements of Charity are not requir•d to be audited under Part 16 of the 2cK Act and are eligibk for indepermjenl examination. I report in respect of my examination of the charity's financial statements carried OLrt undef seCtn 145 of the Charities AGt 2011. In carylng out my examination I have fdlcwed U)e Dirti.Ons given by the Charity Commisslon under section 145(5){b) of the 2011 Act. Independent examlnèfs statement I have CMpleted my examinati. I confiryn that no matters have come to my attention in connection with th8 examination giving me cause to belreve th* in any matarial respect.. accounting records were not kept in rts of Ihe char4 as reque by section 386 of t 20C6 Act, seclion 130 of the 2011 Act: or 2. the flnanclal statements do not accord with those rewds.. or 3. the fin8ncial statements do not comply wrth accounting requirements of section 396 Of the 2006 Acl other than ary requirement that the accounts give a true and fair view which is not matter considered as part of an independent examination. or 4. the financial statements have rt been prepared wi accordan with the methods and principles of the Statement of Recommended Prathce for accounting and reporting by charities applicabl• lo charities preparing th&r accounts in accordan wlh the Fin8ncial Reporting Standard appllcable in the UK and Republlc of Irelarml (FRS 102). I have no wncems and have come across other matters in conrEction wllh the examination to whlch attention should be drawn in this report In order to enable a proper understanding of thè financial stateme to be rhed. Trevor Jame8 Dawson FCA Balme Krtchen & Pearce Ltd 25 Lemon Street Truro TR12LS
Statement of Financial Activities For the yearend8d 28 Fg1)mary 2025 Notes Unrestricted Deslgnat•d 2025 Total Fund• Fund• Funds 2024 Total Funds Donatt¢Jns and L8CleS Other Trading ktivitts Income frcffi Chrtable klThitEs 4 5,093 14,352 17.891 5.093 14,352 18,235 10,033 13,565 16.115 Tot•1 In 37,336 37,680 Expendlture Charitable ktsviti8S 701 35,245 32,D57 Total Exp•ndlturo 701 35.245 32,7 Net ine¢Jm6 for the year rnt movement In funds {3571 2,435 7,658 Transfer btheen fiJrJs R•con¢illatlon of Fund• Fund bdances browJhl ft>TrY8rd $52 26,157 18.501 FurKI balan¥ carrled forw•fd 28.397 195 28.592 26.167 There were no acquisitions or discontinued actP4thes in the year to 28 February 2025. The Charity has no recognised gains or losse8 in the year or prevlous year other than Ihe net ineoming resources as shown above.
Balance sheet As at 28 Febjuary 2025 Unr•strlcted D88lgnatod Fund Funds Totsl 2025 2024 Current a88ets Cash at bank afwy 32.773 195 28.021 Totsl Gurrenl /wts 32,773 195 32.9S8 28,Ir21 Credltor8: aUnts lalllng du• fjthln on• y•ar 14.3761 (4,378) (1,884) N•t current AJ8•ts 28,397 195 28,592 26,157 Net IA••t• 28,397 28.592 26,157 Th• fund8 01 tho Chartty 10 28.397 195 28,592 28,157 Total Charlty Fund• 28,397 195 28,592 26,157 The company is entitled to the exempts'on from the audrt requ1ment contained in section 477 of thg Companies Act 2006, for the year erKled 28 February 2025. No member of the company has deposlted noti, pursuant to section 476, rulring an audit of Ihese finanaal statements. The trustees, responsibilities for ensuring that the charty keeps accounb'ng records which comply with section 386 of the Act and for weparing accounts whKh give a true and fair view of the state of affair5 of tho company a5 at the end of the financial year and of tts incoming resouets and application of resources, induding its income and expenditure. for th& financial year in accordan¢e with the requirements of sertions 394 and 395 and which otheThvise comply with the requirnents of the Companies Act 2006 relalirwj to financial statements. so far as applicable to the company. These financial statements have been prepared in accordance with the proMsion$ applicable to companies subject to the small Compan$, lMe. The financial statements were approved by the Counc41 ....&.. 5. ¥ 2 01 Y Trust60 Tn18? IK44LSALfrf- LAM6 Conpany Number." 01639019
NOTES TO THE FINANCIAL STATEMENTS ntin 1.1 Basls olprep8ratlon The Chanty constilutes a public benefft enlty as defined by FRS 102. The finan¢ial slatoments have been prepared in accordance with Accounting and Reportir@ by Chariti'8s.' Statement of Recommended Practice Èpplicabkn lo charities preparing their a¢¢ounts in accordance with the Financial Reportin9 Standard applicab in the UK and Republic of Ir81and IFRS 1021, the Financial Reporting Standard appliGabl& in thÉ United Kingdom and Republic of Ireland {FRS 102), the Charitses Acl 2011 and UK Generally Accepted Praclice. The finan¢i4 ¥t•tements are prepared a going eAinwn basis under the hi6todcal cost conventlon. Th8 fin8ncial Stslements are wépared tn slerfing whith is the fvncth)nal currww of the charity and rounded to the nearest £. The signllicpnt 8ceounting poucles appli in the preparation ol these finencial 8talement8 are sét out belrhy. whh have been cOnslent appli8d to all years presented un1888 Otherwise staled. 1.2 Company status The Challty a Company limited by guaranteè. Ttte of the Ch•rty are the trustees named on pagt 1. In the event of the Ch8rity bel wound up, the Ikqbilty in resp1 of the guarantee ¢s liffliled lo £5 per member. 1.3 Funds Re81rictéd fuThls to be used fcf specttl¢ purp0888 a¥ lald dv•m by the donor. Experidilurè which meets these criteria is idèntrfied lo the fund. Unreslrthd funds are donat¥Jn8 and other Incrfft rVed or genefat for the obj•Gt8 of Charity wllhout further Specified F)urpose and aré availaNe as g8ner81 fuThJ$. Investment income, gain8 8nd losses are allcuted lo the opprcprlale fund. 1.4 Incomln9 resourc•8 All incoming resource8 aro Includ in IM 8t8twnenl of finaal a¢livitioswh8n the Charity is legalty enlitltrd to thè income and the amount can be quantifEd with reasonab accuracy. Voluntary irtome is credited to the 8t•m&nt of fThncig1 xtwilies xcording to the period in which il 18 recefved. Income from produdions is in¢luded in irK(Nning resour in lh8 year in r•lèvant shcm lak88 place. Investment income i¥ recch3r3ed on a receivablo b880. 1.5 Resouw •xpended All expenditure 18 accounted lor on an ruaL8 basis has been induded undorexpense categori88 that aggregate all costs fcy alltscation lo acMs. Wheie costs Cannol be directly attrtbut8d lo partUlar octivities they have been allated on a basis consstentwilh the use of th8 rosources. Support costs are those costs incurred in COnlon with manageffÉnl arKI administration ofthe Compary. GUvernan Gosts a th08e c03ts Incur in comp&ance vrith cLThliiulk)nal •vJ ststulory requlrements.
NOTES TO THE FINANCIAL STATEMENTS (Cont) 1.6 Debtors Trado and othw debtcn a rwni5ed at the salleml av1Kt due after arry trade discount offered. Prepayments are vald 8t the anount prepaKf net crf any trade dKounls due. 1.7 Cash atlmnk and In Iw Cash at bank and cash in hand includes cash 8nd short temi Ilquld inveglmenls with 8 short maturfty of Ihreo months or sS frcTh the d8te of acquisit or woning of the deposit or similar aGcounl. 1,8 Cmlfto Creditors we recognised whar8 the Charty ha8 a pre oblwjatK resulting frprn 8 past evenl Ih8t will probably resutt in the Iransf¢r of funds to a thd paty and the amount due to settle the cligallon can be measured or eslwnated reliabty. Cr&Jitofs are nmlty ro¢ognised at th&'r settkniont amounl after allLiwing for any trade discounts due. 1.9 R•s•M8 The Gharity maintalns ganer81 reserves in excess of 6 months ol core, n¢)n productton expendlture whlch is held In the bank. The reserves 8r¢ used PUTety ftx tha ongoir¥J cy8ration of the Char5 Obltives. 1.10 Plnanclalln•trun The trust only has financlal assets and finoncial lbIlit of 8 klnd that qualfy as basi¢ financl81 InslTumenl$. Bawc financial Instruments are Initlty rncc8ni5ed at tranSln va&x and subsequentty measured at their settlement valu8 with the exceplon of bank 108n8 whh am 8ubsequenlty measured al wnortised cosl using the 8h¢tive interest melFvJd. 1.11 Statomont of eash Ilows The Charity ha8 opted lo prepare the financial statements under chariti SORP {FRS1021 and is empted from Fyeparing ¥ cash flow $talennt on the grounds Ihal it is a sm811 charity. 1.12 T•x The Chanty is an exempl charity withMI th• m&anin9 CA schedula 3 of the Chartties Act 2011 and 18 considere(I to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore meets the deh'nilion of a charitable company for UK corporatn tax purposes.
NOTES TO THE FINANCIAL STATEMENTS (Ccmt) 2 Donatlons and Lè 2026 2024 D(ationS from tndividualB Amazon Smile & Easy FurKlrai$tsYJ Friends of Duchy Opera Grants 1.570 23 350 183 3.800 5,700 10.033 3 Oth•r Tradin £th1111•8 bership subscril1C Sponsorship Theatre Tax Rdl Gift N4d 3.106 705 7.9S3 2.518 3.469 885 7,802 1.379 50 ome from C rltab Inctvna from prodtAlS .' Concert Incomo Productlon Sponsorshlp 1,490 18,401 16,003 17,891 16,C65 D8slgn8ted.' 344 so UnwtnGted.' Production Jsic Dlrectc¢s Fees Support Costs (see We 6) Governance costs (see 61 28.C)70 3,50Q 2.254 720 25,968 2.769 2,022 1,110 5torclas8 and choru¥ stagecraft ar sirgirKJ Singing lessons Donati¢x- Come and Sir 581 88 100 188 120 701 8 Ana IsofG anco an Support oosts .' Rent and Rates hsurance hlAking Music Vembership Website costs Sundry Expere5 1,260 289 313 1,260 190 391 105 76 254 Gov8mance c(Ysts .' Accountant's fees - annual acc¢KYts - other 360 360 735 720 1470
NOTES TO THE FINANCIAL STATEMENTS (Gont) 7 Related Pa Transactlonts Duting the year no Ttustees rec1 runerth or in knrKJ (2024.'NLI. 8 Creditors . aTrunts fallln due lthln one 2025 2024 cruals and deferred income 4,376 9 Anal Is of net assets betw•en funds lthrnlet•d Fund• Dedgnat•d Fund¥ TotAI 2D26 Cuirert assets Curr&tt lIa'litieS 32.773 195 32,968 4376 28,592 28,397 195 10 Anal Is ol nw)veThnnt beteTr fun iw•rfctsd Fund• D•qlgnits Fund8 Total 2025 Brought Fofvard 25,EQ5 552 26,157 hcome Expendrture 37,336 (34.544) 37,680 (35,245) (701) Balance carrled fontsBrd 28.397 195 28.592 10