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 He￿Ood
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 fr*ms 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 Commlssk*n's
guklance on publ1¢ benefiL
ObJ•ct8 and actfvlt]•A of th Charity
The otyéCt8 of the Cha￿ty 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 a￿1
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 donatic￿8 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 aCt￿lIeS 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 nb*ts at P&
House.
Patrlth Bailey was engaged as MUS￿ [*re¢￿ aTKI W fv4u1terjl￿￿d as p￿dUCer.
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 2￿25. 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 T￿t incjyne of £3.164 2026 (2￿25.. £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 theM￿1ve8 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 t￿ChY Opera Limlted (the
charity) for the year ended 28 February 2026.
R8spon$lbllftles and basls of weport
As th8 trustees of the charity (and its directors for the purpos8s of company law) you are responslble
for the preparatlon of the flnanaal statements In accordance with the requirements of the Charities
Act 2011 (the 2011 Act) and the Companies Act 2006 {th8 Act).
Havlng satisfied myself that the ffinancial slatements of the charfty ar8 not requlre(I to b8 audlted
under Part 16 of the 2006 Act and are èliglble for independenl examination, I report In respect of my
exarnination of the charity's financial ststwnents carried out under sedion 145 of the Charit18s Act
2011. In carrying out my examination I have frllowed the Directions given by the Charity Commission
under Section 145(5Xb) af the 2011 Act.
Indepondant •xamIn￿l statoment
I have completed my examinallon. I conflmi that no matters Iwe come to my 8ttènilon In ￿nneCtIon
th the examination giving rn8 cause to believe that in any matorial respecL'
accounJng re¢ord8 v￿e not kept in respect of the chartty as requlred by Sectlon 386 of the
2008 Acl, section 130 of the 2011 Act; or
2. tho financi81 slatements do nol accord those recorrls: or
3. the financial statements do not comply with the accounting requirements of sectbon 396 of the
2006 Act other than any requw6m•nt th8t the accounts give 8 true and fair vièw whlch is not 8
matter considered as part of an independent examin8tlon', or
4. the financial statements have not bean prep8red In accordanc8 Wth the methods and prfn¢iple5
of the Ststement of Recommended Practice for acrA)unting and rep¢yting by charit￿$ 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 C￿neCtIon wlth the exarnination to
which attenticn sh￿jId 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 Acti￿lIeS 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 activi￿8 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 ar*d 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 occ￿￿anCe 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$Wly appf*d kn all yéars presented (Aherwi6e Stat￿1.
1.2 Comp•ny ¥l•lus
Tho Charfty Is • Company Ilmffted by gu8r8ntèe. Th8 members ol thts Ch8rty are the truste88 n8m•d on
page 1. In tha event of the Charity being up, the fabdlty in resp8cl of the guarantee is Ilmlled lo £5
per mernbor.
1.3 Fund•
Restnct8d fvr￿S are lo b8 used for specffic purposes as lahj down by the donor. Expendrturo which mwts
th880 crrt•ri• 18 idènirfiod to th• fund.
Unrestdcted lunds ar• donauons other ￿n￿me recelved or g•norated for th• objects of Ch8dty wltFtr)ul
further speGlfi¢d purpose and are ¥4VaIlab￿ a$ general fund5.
Investment income, gains and108ses are 8llc¢8ted to the aFwwl8te fund.
1.4 Ineomlng
I Incomlng ro$our￿8 ar• Indudod In the st8tomont ¢yfln•nu•l 8ctlvttles vthen the Ch8rty 1$ 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•I￿an1 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 Catego￿e8 Ihal
aggr￿al6 all costs lor ￿locAtIOn to activitie5. Where costs Gannol be direc￿Y attributed to partlwlar
ac*v¢ties they have been allocaled on a basis ca￿sIstent %wlh Ihe use of ihe resources.
SuppLYt(￿ts are those costs incuThed wlth management and administration oflhe Company.
Govem*nce 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 am￿nI 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 open￿g of the deposit ￿ $im118r acoount.
1.8 cr￿¢•￿$
Creditors we recognisthl where the Chwity h86 8 I￿eSent ¢)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$tion can be
measured or estimated rellabty. Credit(Ys we nomially rociwised al thwr 8etUement amount after allowlng
for any trade discounts due.
1.9 R•s•rv•s
T￿0 Charty m￿nI81n$ g•nwo1 rgserves in •xc*ss 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 In￿0HY 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 ffC*n pr•podng a cash lkni sL*ement 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 coMp￿Y for UK corpor8tlon tax purposes.

REPORT AND Accoupifs FOR DUCHY OPERA TRUST LIMftED
FOR THE YEAR ENDED 28 FEBRUARY 2026
NOTES TO THE FINANCIAL STATEmE￿rs (c￿1)
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 aCc￿nts
- 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*
Unrn*l¢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¥)ven*nl 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