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 a￿j 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 appOintM￿t. Newly appointsd
council members are Inducted into th8 wothings ot the Charity.
The Council members serving durirvJ the year arKI si￿6 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
Resigr￿1 31 August 2025
No Gouncll members have any beneficial interest in the Company.
RegIsts￿d 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 th￿r 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 appI￿able lo ¢haritie$
preparing their accounts in ac￿rdanCe 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 P8￿Cular, tha Gounal consider h(M FdanneAI a￿*￿tIeS 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 C￿nCIl meels on a need4rrrf6n b88is according lo th8 work requir8d to xhi8v8 th8
Charity's obieclNes, usually On a monthty basis. There are three fUnGtKIn￿g sub￿0Mmittee3', 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 rel￿S
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 fir￿81 &tNities on page S, and show net
In¢oming resoLtrces of £2,435 (2024: £7,6%).
And we are grateful ag￿n 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 F￿d￿MoUs- 2 nights at Falmo￿h Princéss Pavilion arKI 4 nights at
Park HoLtse.
patri￿ Baw was eTr3aged as MUBIC t)ir¥A(K arvj G￿lan Gewi(xn&l as p￿Irn.
Two &Jucational sesgons were organiwj. a ¥aJeuaft in March arKI a Slnging Masterdass in
July run by Rith¥d JacKsffi arvj Rus88M SM￿e.
We alg) on two concerts ￿ttle￿,￿mUr#1 in 18 sor￿￿- in Aprd. la sellout) and May, as we
as a Chrithas cor￿ert in D￿ember v￿h a mixture off&s￿e cL*￿tal 8cAos exhilarating
During the autumn w8 ourf￿r1h 'kne ¥KI SI￿ GiK)eAt *KI SullNan, rrludirg the Drinklng Song
and t￿ Chorus of Matad(xs frcm our f￿l￿d 2025 ￿IlKI]0n of L8 Traviata. Russell Pascoe
agan led the aftemoon wth C￿Ve 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 Fr￿rnts 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 SLite￿nts 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 C￿7panIeS 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 seCt￿n 145 of the Charities AGt
2011. In carylng out my examination I have fdlcw*ed U)e Dir￿ti.Ons given by the Charity Commisslon
under section 145(5){b) of the 2011 Act.
Independent examlnèfs statement
I have C￿Mpleted 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 char￿4 as requ￿e￿ 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 r￿t 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 r￿hed.
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 L￿8CleS
Other Trading ktivitts
Income frcffi Ch*rtable 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 fiJr*Js
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: a￿Unts 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 requ1￿ment 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, r￿ulring 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 resou￿ets 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 requi￿rnents 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
Tn￿18?
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. wh￿h have been cOns￿lent￿ 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 resp￿1 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 r￿Ved 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 fina￿al 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¥ recch3r￿3ed 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 acM*s. Wheie costs Cannol be directly attrtbut8d lo part￿Ular
octivities they have been all￿ated on a basis consstentwilh the use of th8 rosources.
Support costs are those costs incurred in COn￿lon 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 sallem￿l av1K￿￿t due after arry trade discount offered.
Prepayments are val￿d 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 th*d paty and the amount due to settle the c*ligallon 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 Char￿￿5 Obl￿tives.
1.10 Plnanclalln•trun
The trust only has financlal assets and finoncial l￿bIlit￿ of 8 klnd that qualfy as basi¢ financl81 InslTumenl$.
Bawc financial Instruments are Init￿lty rncc8ni5ed at tranS￿l￿n va&x and subsequentty measured at their
settlement valu8 with the exceplon of bank 108n8 wh￿h 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 $talen￿nt 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 corporat￿n 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 subscril￿1C
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 prod￿tA￿lS .'
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 Exper￿e5
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 rec￿1 r￿unerth or in knrKJ (2024.'NLI.
8 Creditors . aTr￿unts fallln
due *lthln one
2025
2024
cruals and deferred income
4,376
9 Anal Is of net assets betw•en funds
lthrn*let•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 bet￿eTr fun
i*w•*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