Duchy Opera Trust Limited (Limited by Guarantee) Annual report and unaudltsd flnanclal statoments For the year •nded 28 F•bruary 2026 Company registrati¢Jn numbèr. 01639019 Charity registration number: 285212
REPORT AND ACCOUPITS FOR DUCHY OPERA TRUST LIMITED FOR ThE YEAR ENDED 28 FEBRUARY 2026 Contents Pag8 RefeFenc8 and administrative irrfomiation Rèport of the Coundl Ind8pendent Examinerf8 Report Stat8m8nt of financial activities 8818n¢e Sheet Notes 7-10
REPORT AND ACCOUNTS FOR DUCHY OPERA TRUST LIMrrED FOR THE YEAR ENOED 28 FEBRUARY 2026 Reference and administrative information For the year erKled 28 February 2026 Duchy Opera Trust Limited is a Company limited by guarantee and a registered Charily governed by its merniyandum and articles of association. Company registration Trumber Charity registration number 01639019 285212 Artistlc Consultant: Rlchard Jackson Dlrectors and Trustees The directors of the tharit8ble Company llhe Chariif) arg its Irustees the purpose of Charity18W and throughout this report ar8 lLeCtIve1Y referred to as the Council. Gounal members must al80 be members of the Charlty. N8w Council members are appointed by lh8 Council but their appointment 15 confirmed by members at the first annual general rn8eting following their appointment. Newly appointed council members are Inducted Inlo the workings of the Charity. The Councll members serving during the year wore 88 follows: Paul ColHn$ Jenny Cuthlll Karen Harrls Nick Harrop Maggy Lamb Karon SrnRh-Abbott Re8Fpointed 1 November 2020 Appointed 26 October 2025 Appointed 26 October 2025 Appointed 26 October 2025 Appoinled 8 October 2023 Appolnl8d 25 September 2022 Peter HeOod Bruce Cross Georgina Walkey Tim Boggis Chrlstlne Pomaroy Deceased 16 February 2026 Resign 13 August 2025 Resigned 31 August 2025 Resigned 26 October 2026 RefAgned 28 oct¢er 2025 No coundl membeTS have any beneficral interest in the C(xnpany. Rog14tored lThlce Hana8 an Mor, Dro8kyn Point, Perranporth, Comwall TR6 OGS Bankers Uoyds Bank Plc, 81ackheath London Branch, 15 8lackheath VIMage, London SE3 9LH Accountant• Balme Kltchen & Pearce Ltd, 25 Lemon SC Tnjro TR12LS
REPORT AND ACCOUNTS FOR DUCHY OPERA TRUST LIMITED FOR THE YEAR ENDED 28 FE8RUARY 2026 Report of the Council The Cwncll present thelr report togather with the finandal statements of the Charlty for th8 year 8nded 28 February 2026 Reference and admln16traUve Information set out un page 1 frms part of the report. Thefin8nc181 stslements comply with th@ Charikn'es Act 2011, the Memordndum and Aiticlas of AsgoclatlDll Set LIP on 28 May 1982, and Accounting and Rewrtlng for Charities: Statement of Recomm8nded Practsce applicable to charrtles preparing their accounts in accordance with th8 FinanrAal Réporting Standard applicable in th8 UK and Ropablic of lrnland (FRS1021. The Charlty Is a public benttfit enty'ty end the Trusl88s have had dua regard to the Charity Commlsskn's guklance on publ1¢ benefiL ObJ•ct8 and actfvlt]•A of th Charity The otyéCt8 of the Chaty are to educate Ihe public in the drama¢ and operatic arts. to furthér d8v8lopm@nl of public appredauon and taste in the said arts, to a8818t and rther such charit8ble instSlutions a1 arit8ble purposes a5 Ihe Counol of the assoGiatlM Shall from dme to tlmo datennlne. The Council rewew the aims, objectives and activllies oflhe Charfty at least ¢8 each ye8r to It>Jk at that has be8n achieved in th8 PTOVIOUS 12 months. The Council refers to the guidance contained in the Chadty Commlsslon's general guldance on public baneflt 4then revlewlng aims and cty'eclive5 and In plannlng futur actlvltlos. In particular. Iha CourKil consider planned acts.11¢3 will contribute to the aim6 and oblactiv SOL Orgonlsatlon There are currentty 6 memlms ol Ihe Coundl with a maxlnwm Imil In the constitution ol no more than 10 mombers. The Counol meets M a need4rlven basis according to the required to achleve the Charity'$ objectives, usually on a monthly basb8. There are thr8e functionino su&cornmittees'. Production & Design, Publicity & Ccfflmunications and Eéucation. All pOrt lo the Council as required. The Strateglc Commltt88 conslstx of the Councll and Mastor, wlth input from Ihe MJslc and Artistlc Dtroctor8 as requlred. Inv••tm•ni POW and poll¢y The Counal h8ve considered the most appropriate policy lor investlng ftjnés and find that, due to the pr?5ent avallable Intorest rates on deposltg, the current arrangernent of 118¢ng rJJrr•nl acojunts only meets the requlrement to maintain easy access funds for operational purposes. R•Aerv•s pollcy The Counc51 alms to hold reserves in fvnds al an adequ8te18vel to support the Ch8ritVs current and fvture 8Ctivitlfs. The Charity's fund8 are pnncipally derived from income from produGtions, hDwever it also relles on donatic8 and small grants lo fund rts actNitie5. Rl6k manag•m•nt The Coundl has assessed the rna1 rtsk8 whk* Ihey have Identfflèd and to which Ih Charity is exposed and is satisfied that systems are in place to mitigate exposure to these. As réfèTred to 8bove th• Council 1$ seeklng to improv8 the Charity's overall financ481 posltion. Flnoncial revlew The results for th8 year are shown in the ststement of financial aCtlIeS on page S. and show net incoming resources of £3.16412025: £2,435). And we are grateful again to the generous contribution made by the Friends of Duchy Opera.
REPORT AND ACCOUNTS FOR DUCHY OPERA TRUST LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2026 Report of the Council (cL)ntinued) Achlevernonts and rfornianCe In June and th 2025 PLrt cffi La Traviats- 2 nws at Fathxth ThvKess Pa¥fflion ar 4 nbts at P& House. Patrlth Bailey was engaged as MUS [re¢ aTKI W fv4u1terjld as pdUCer. We held our first open reh8ats81 was 21 2025. 11 extra people 18. 4 swig8rs went on lo attend wbsequént rehearsals, 1h 2 d th llying on lo be kn the rytsjucticm. 3 attendees were dancers J(xned the pr0dud[. vthh one Lts (troFy'ng (xrt due lo ill tEalth. Ancther Lc$ith1el DJKert 23 Novwnbw 225. Y)pwa in Full VoKe'_ raised appreciated fvrKI5. There were thonjses ¥#J sok>S IrNn fAthy (xwa wcMJuctwM Mthh (20191 to wesw)t day. We are pleased our vKYk tss resulted wi a Tt incjyne of £3.164 2026 (225.. £2,435) aKled ty generous funding recAved frcttn FrferKls d txthy Owa. Slat•m•nt of dl4Glg8ur• to Ind•p•nd•nt •xamln•r So far that the Iru81ee8 are aware, ther6 18 no relevant infomation of vthiL* the charfty's ind8pendent •xamlner ig un8ware. Addltlonally, the trustees have taken all Ihe steps thal they ought ID have taken as trusteos in order to meke theM1ve8 aware of any relevant information and to est8bllsh that the ch8rlty's Independènt éX8miner Is aware 01 that information. y order of th8 Council
REPORT AND ACCOUNTS FOR DUCHY OPERA TRUST LIMITED FOR THE YEAR ENDED 28 FE8RUARY 2026 Independent Examiner's report to the trustees of Duchy Opera Lirnited I report to the tnJstO8s on my examlnation of Ihe finandal statements of tChY Opera Limlted (the charity) for the year ended 28 February 2026. R8spon$lbllftles and basls of weport As th8 trustees of the charity (and its directors for the purpos8s of company law) you are responslble for the preparatlon of the flnanaal statements In accordance with the requirements of the Charities Act 2011 (the 2011 Act) and the Companies Act 2006 {th8 Act). Havlng satisfied myself that the ffinancial slatements of the charfty ar8 not requlre(I to b8 audlted under Part 16 of the 2006 Act and are èliglble for independenl examination, I report In respect of my exarnination of the charity's financial ststwnents carried out under sedion 145 of the Charit18s Act 2011. In carrying out my examination I have frllowed the Directions given by the Charity Commission under Section 145(5Xb) af the 2011 Act. Indepondant •xamInl statoment I have completed my examinallon. I conflmi that no matters Iwe come to my 8ttènilon In nneCtIon th the examination giving rn8 cause to believe that in any matorial respecL' accounJng re¢ord8 ve not kept in respect of the chartty as requlred by Sectlon 386 of the 2008 Acl, section 130 of the 2011 Act; or 2. tho financi81 slatements do nol accord those recorrls: or 3. the financial statements do not comply with the accounting requirements of sectbon 396 of the 2006 Act other than any requw6m•nt th8t the accounts give 8 true and fair vièw whlch is not 8 matter considered as part of an independent examin8tlon', or 4. the financial statements have not bean prep8red In accordanc8 Wth the methods and prfn¢iple5 of the Ststement of Recommended Practice for acrA)unting and rep¢yting by charit$ 8pplicable to charities proparlng iheir account$ in accordance with the Financial Reportlng Standard applicable in the UK and Republic of Ireland (FRS 1021. I have no concerns and have come across no other matters in CneCtIon wlth the exarnination to which attenticn shjId be drawn in this In order to enable a proper understanding of the financial statemgnts to b ed. Trevor Jame8 Dawson FCA Balme Kitchen & Pearce Ltd 25 Lomon Str88t Truro TR12LS
REP( AND AccouKfs FOR DUCHY OPERA TRUST LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2026 Statement of Financial Activities For the year ended 28 February 2026 Notss unfe¢trd Designated 2026 Total Funds Funds Funds 2025 Totsl Funds Inco DI)nati and Legacies 0th8r Trading ktNitses kncomÈ from Charitable ActilIeS 4 5,107 15,035 17,708 5.107 15,1)3S 17,7( S,093 14,352 18,235 T¢)t•l Inc(wrn 37,850 37,850 37,680 Exp•ndltur• Charitable Actswbes 34,686 35,245 Total Expndlluro 34,686 35,245 Net lor the ar net movement in funds 3,164 3,184 2,436 Tran51w fAtW8en funds Reconclllatlan of Funds Fund balances trwghl fiyward 28.397 195 28,592 26,157 Fund balanc•s rArrled forward 31,561 195 31,756 28,592 There werg no acquisillons or disconllnued activi8 in the year to 28 F81)ruary 2026. The Charity has no recognised gains or1088es in ts year or prevkxjs year oth8r than the net incoming resources as shown above.
REPORT AND AccouKfs FOR DUCHY QPERA TRUST LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2026 Balance sheet As at 28 Febmary 2026 Unr•8trlGtsd D•signat•d Funds Fund8 Total 2028 2025 Current ass•ts Cash at bank and in harrtl 33,146 195 33.341 32,968 Totsl currnnt Ats8•ts 33,146 195 33,341 Creditor¥: anM>unts lalllng due vAthln on• s•ar (1,585) {1,585) 14,376) N•t ¢urr•nt 4••t8 31.561 195 31,756 28,592 Net Assets 31,561 31.756 28.592 Th• fund• of th• Charlty 10 31,561 195 31.756 28,592 Tglal Charlty Funds 31,561 195 31,756 28,592 The company Is entitied to the exemptlm the audit requirement o)ntsined in section 477 of the Companles Act 2006. for the year ended 28 February 2026. No member ol the company has deposited a notice, PUTsuanl to section 476, rBquiring 8n audit of these financial statements. Th8 trustees. responslbllltle5 f¢x ensurfng that the chaTIty keeps accountlng records whlch comply th seclion 386 of the Act and for pr8paring accounts wthich give a true ard fair view of the 5tat8 of affairs of the company as at the eThY of the financlal year and of ils Incoming resources and appllcation of resources. includlng its income and expenditure. for the financial year in accordance with the requirements of sections 394 and 395 and which olherwis8 comply vlith th8 r8quirement8 of the Comp8niee Aci 2006 relating to fin8nci818tatements. 80 fw 80 applicable to the company. These flnancial statwnents have been prepared in accordance with the prnvisions applicable to companies subject to the small companies. regime. The financial stalements were approved by Ihe Councli ..k%..W. Tmste8 Maggy Lamb Karen Harris CDrnpany Numb8r .' 01639019
REPORT AND AccOUP FOR DUCHY OPERA TRUST LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2026 NOTES TO THE FINANCIAL STATEMENTS Accountln 1.1 B•sis of prnwrntlon The Charliy consliiute3 B publiG benefft entity as defimd by FRS 102. Tho ffinsncial statèments have been prapared in accordance wth Accounting arKI ReportiNJ by Ch8rltie8: Slalemenl of Recommencled Practlce 8pplicabl8 to charities pr•paring their owts in occanCe vthh th8 FinaflGial Reporbng Standard applicable In the UK and RepubliG of Ireland IFRS 1021, Ihe Financial Repjrtlng St8ndard appllcablo in the Unil6d Kingdom and Republic of Ireland IFRS 1021. the Chariti8s Act 2011 and UK G8n•ralty AG¢epl8d Practice, The financial statements aro pryred on • going concwn b88is under the historkal c051 conventTron. The flnanclal slalements are prepared In sterfing whith Is Ihe lunctlonal curr8ncy of the eharlty and roundeé to the near8St £. The 8lgnifi¢8nt a¢untIng pollues 8ppiled In the prepara1K of those fflnancial tstslem8nts ar¢ set out below. which have been con8i$Wly appfd kn all yéars presented (Aherwi6e Stat1. 1.2 Comp•ny ¥l•lus Tho Charfty Is • Company Ilmffted by gu8r8ntèe. Th8 members ol thts Ch8rty are the truste88 n8m•d on page 1. In tha event of the Charity being up, the fabdlty in resp8cl of the guarantee is Ilmlled lo £5 per mernbor. 1.3 Fund• Restnct8d fvrS are lo b8 used for specffic purposes as lahj down by the donor. Expendrturo which mwts th880 crrt•ri• 18 idènirfiod to th• fund. Unrestdcted lunds ar• donauons other nme recelved or g•norated for th• objects of Ch8dty wltFtr)ul further speGlfi¢d purpose and are ¥4VaIlab a$ general fund5. Investment income, gains and108ses are 8llc¢8ted to the aFwwl8te fund. 1.4 Ineomlng I Incomlng ro$our8 ar• Indudod In the st8tomont ¢yfln•nu•l 8ctlvttles vthen the Ch8rty 1$ legally en11tt0d to the income and the amount Gpn be quanbfied with r8asonaLI8 8cAwro0y. Volvnt8ry In¢ome Is crgdited to the Stalemenl of finoncBI aclfviU88 according to th8 wriod in wthich 11 rec8lv8d. Income from producalons 18 Included In IncA)mlng resourc48 In 1h8 year In whkh thè r•Ian1 Shcw take¥ place. Inve8tment InCc 18 r8cognised M 8 re¢eNthe basis. 1.5 R•sour¢•8 •xpend•d l expenditure Is accounted lor cn 8n accruals basis and has been Included under expens8 Categoe8 Ihal aggral6 all costs lor locAtIOn to activitie5. Where costs Gannol be direcY attributed to partlwlar acv¢ties they have been allocaled on a basis casIstent %wlh Ihe use of ihe resources. SuppLYt(ts are those costs incuThed wlth management and administration oflhe Company. Govemnce costs are thosa costs In¢urred in complianc *ith ¢onstRutional and slatutory rnqulrémonts.
REPORT AND ACCOUNTS FOR DUCHY OPERA TRUST UMrrED FOR THE YEAR ENDED 28 FEBRUARY 2026 NOTES TO THE FINANCiAL STATEMENTS (C(Nrt) 1.6 Debtors Trade and othar dobtcrt are r8¢ognlsed at thé 8ettlemgnt amnI due After any traole discount offereé. Prepayments are valued at the amwni prepavj net of any trade discounts due. 1.7 Ca$h •t b•nk and In h•nd Cash at bank and cash in h8nd Ineludos cash and short term hlghty liquMI investmenlB wlth e short malurlty of Ihrge months or sS from the d8te of 8CqUISit or openg of the deposit $im118r acoount. 1.8 cr¢•$ Creditors we recognisthl where the Chwity h86 8 IeSent ¢)blwJatvJn r•$ultirvJ from a pAsl ev8nl trat wlll probably result in the Iran5far of lund$ to a third paty and the 8mount due lo setue the oblig$tion can be measured or estimated rellabty. Credit(Ys we nomially rociwised al thwr 8etUement amount after allowlng for any trade discounts due. 1.9 R•s•rv•s T0 Charty mnI81n$ g•nwo1 rgserves in •xcss d 6 month8 of C@, non production 8xpendf(ure which 1$ hèld in th• bank. The reseNo5 ar8 uged purely for the on9olng oporgtion of the charity's obSe¢liv•$. 1.10 Fln•nclal IMtrum•nts The trust onty hos financial assets and fln8ncial Ilabililles of a kind Ih8t qU81fy 85 basic fln8nc181 Instruments. Bas1¢ flnanclal In8trum•nts are In0HY recDgniged at trantsactlon value and subsequently measured at IhelT Settlement value wlth the exceplion of bank loar which arn tsubsequenty measurnd at amortl8ed ¢08t using the •ffedlv• intwe81 m•thod. 1.11 Stst•m•nt of c•¥h ffo The Charity ho8 Opted to waparn th• fingncial 8latem•nts undgr Chariti88 SORP IFRS102) and Is exernpted ffCn pr•podng a cash lkni sLement on tho grwnds that it a Smal charlty. 1.12 f•x Th8 Charity is an exernpl charity the meanlng of Sthodule 3 of the Charttl•8 Act 2011 •n¢J 18 con5idwad to P8S5 th8 tasls sat out in P8r8graph 1 Sch8dut8 6 Financ* Act 2010 and th•r8forn m88ts tho defin115 of a Charllable coMpY for UK corpor8tlon tax purposes.
REPORT AND Accoupifs FOR DUCHY OPERA TRUST LIMftED FOR THE YEAR ENDED 28 FEBRUARY 2026 NOTES TO THE FINANCIAL STATEmErs (c1) Don lon• ond Lo aci•s 2025 Donatlons from hidivlduals Amazon Smile & Easy Fundraislng Friends of Duchy opera (3rants 1.0(K) 107 1.570 23 5.107 5,093 th r Tradln *£tlv mb8Jrship 8ubscriptitin8 Sponsorshlp Theatre Tax Relief Glft Ad Other knGome 3,304 3.106 705 7.963 2.518 9,000 1,951 harlt• Incom8 from productA)ns .' Concert kncorne Producdon SponBof8hlp 1,490 16,401 17,051 17.708 17.891 D•slgn8ted." al UnTestiYcted.' Produ¢tlon 81c Dlrectpvs Fees Support Costs (see Ncrta 6) Governance costs (gee tht8 6) 28.071 3.500 2,395 720 28.070 2.254 Deslgn8t8d.. Masterclass and chorus sta9ocraft and slnglng Donatlon - Come and Sing 581 120 701 6 knal Is of Oovomanco and Su Support costs .' Rent and R•tes Insurance aklng Mjsic Vembwship Webslte costs Sundry Expensès 1,260 289 313 138 254 289 325 200 321 Govemance costs .' countarrt'8 fees - anrwal aCcnts - other 360 720 720
REPORT AND ACCOUNTS FOR DUCHY OPERA TRiIST LIM(TED FOR THE YEAR ENDED 21 FEBRUARY 2026 NOTES TO THE FINANCIAL STATEMENTS (Curt) 7 Related Pa Transactiws During the year rn Trustees Ved remuwatim LBpfils in kind {2025.'NILI, 8 Creditors . any)unts falmn due vAlhin om 2025 cruals and dekned wiccme 1,585 4,376 9 kna Is of nei as80ts b•twe•n fvnd Unrnl¢l•d Fund¥ 0•4gnat•d Funds Totsl 2026 Cwrent assets Current labilliles 33,147 195 33,341 31,562 195 31,756 10 l¥ of rr¥)vennl betw••n fund Unr•lct•d Fund• D¢dgn•t•d Fund• Total 2026 Broutht Forwd 28,397 195 2B,5g2 come Expenditure 37,89) (34,686> 37,850 134,686) Balanu carrled fornvd 31,561 795 31,756 io