MIDSUMMER OPERA
(LIMITED BY GUARANTEE)
Company registration 2023661
Charity registration 294591
FINANCIAL STATEMENTS
31 DECEMBER 2023
MIDSUMMER OPERA
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
| Contents | Page |
|---|---|
| Company information | 1 |
| Trustees and Directors Report | 2-3 |
| Independent Examiner Report | 4 |
| Statement of financial activity | 5 |
| Statement of other recognised gains | 6 |
| Balance Sheet | 7 |
| Notes to the accounts | 8-10 |
MIDSUMMER OPERA FINANCIAL STATEMENTS TO 31 DECEMBER 2023 COMPANY INFORMATION
Trustees: C. Hollis G Mizner D. Roblou Dr B. Fine C. Fine J. Upperton Company Secretary J Upperton Companies House: Registration No. 2023661 Charity Commission: Registration No. 294591 Registered Office: 109, Algernon Road London SE13 7AP Accountants: Adrian C Mansbridge & Co. Chartered Accountants 28 Watford Road Northwood Middlesex HA6 3NT Bankers: CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
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MIDSUMMER OPERA TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors & Trustees present their report and audited financial statements for the year to 31 December 2023.
Objects of the charity, principal activities and organisation of our work
Midsummer opera is constituted as a company limited by guarantee; registration number 2023661 and is therefore governed by a memorandum and articles of association. The company is also registered as a charity with the Charity Commission: number 294591.
Activities
The charity's primary object is to promote mainstream and unusual operatic repertoire in both fully staged and concert performances; in addition building audiences for opera via education work and small-scale concerts.
The charity is organised so that the trustees meet regularly to oversee its affairs.
Directors and Trustees
The Directors who were also Trustees of the Society during the year were:
- C. Hollis, D. Roblou, J. Upperton, C Fine, B Fine, G Mizner
The Board has the power to appoint additional directors and trustees as it considers fit to do so.
Directors and Trustees responsibilities
Company Law requires the directors and trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the directors and trustees are required to:
-
select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The trustees and directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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MIDSUMMER OPERA REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
Directors and Trustees responsibilities (cont’d)
The directors and trustees are aware of their responsibilities to external creditors under the Insolvency Act 1986 and undertake to ensure funding levels are adequate for the foreseeable future.
Tax status
In the opinion of the directors, the Society is exempt from tax on its principal activities by virtue of its charitable status.
Audit
The directors and trustees have decided to take advantage of the rules that allow a Charity of the size of Midsummer opera to no longer have its accounts audited. Instead the accounts will be “examined” by an appropriately qualified person, but not audited.
Approval
This report was approved by the Board of Directors and Trustees on the date shown below and signed on its behalf
Mr Christopher Hollis Director & Trustee Date: 9 September 2024
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MIDSUMMER OPERA REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
Independent Examiner’s Report to the trustees of Midsummer opera (Charity number 294591)
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.
Respective responsibilities of trustees and examiner
As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”).
Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:
• accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
• the accounts do not accord with such records; or
• the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
•the accounts have not been prepared in accordance with the Charities SORP (FRS102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed………………………………………… Date: 10 September 2024
Adrian Mansbridge FCA, FCCA, CTA Adrian C Mansbridge and Company
Half Oak House 28 Watford Road Northwood Middx HA6 3NT
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MIDSUMMER OPERA STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD TO 31 DECEMBER 2023
NOTES RESTRICTED UNRESTRICTED TOTAL TO TOTAL TO
| INCOMING RESOURCES Donations and gifts 2 Covenanted income Gift aid reimbursements Fund-raising ventures 4 Investment income Total income RESOURCES EXPENDED Direct charitable expenditure Performance fees 6 Other expenditure Fund-raising Management and administration 7 Total Expenditure NET INCOME/ (EXPENDITURE) FOR THE YEAR |
£ £ - 2,620 2,568 26,783 18 |
31.12. 2023 £ 2,620 2,568 26,783 18 |
31.12. 2022 £ 7,267 - 14,245 12 |
|---|---|---|---|
| - 31,989 |
31,989 | 21,524 | |
| 12,503 16,140 4,135 |
12,503 16,140 4,135 |
7,896 11,655 3,520 |
|
| - 32,778 |
32,778 | 23,071 | |
| - -789 |
-789 | -1,547 |
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MIDSUMMER OPERA STATEMENT OF OTHER RECOGNISED GAINS FOR THE PERIOD TO 31 DECEMBER 2023
| Net (Expenditure)/income for the year Investment gains Net movement in funds for period Funds brought forward Funds carried forward |
PERMANENT ENDOWMENT RESTRICTED INCOME UNRESTRICTED INCOME TOTAL 2023 TOTAL 2022 £ £ £ £ £ -789 -789 -1,547 - - - |
|---|---|
| -789 -789 -1,547 360 10,904 11,264 12,811 |
|
| 360 10,115 10,475 11,264 |
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MIDSUMMER OPERA BALANCE SHEET AS AT 31 DECEMBER 2023
| Current Assets Debtors Cash at bank and in hand Total current assets Creditors : amounts due within one year Net Current Assets Net Assets Capital Permanent Endowment Restricted income funds Unrestricted funds |
NOTES 8 9 9 9 |
2023 £ - 11,603 |
2023 £ 10,475 |
2022 £ - 12,320 |
2022 £ 11,264 |
|---|---|---|---|---|---|
| 11,603 (1,128) |
12,320 (1,056) |
||||
| 10,475 | 11,264 | ||||
| - 360 10,115 |
- 360 10,904 |
||||
| 10,475 | 11,264 |
For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
• No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the FRS 102 SORP.
Approved and signed on behalf of the Board of directors and Trustees on 9 September 2024
Mr Christopher Hollis Director and Trustee
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MIDSUMMER OPERA REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. Accounting policies
1.1 Basis of preparation of accounts
The accounts are prepared under the historical cost convention and includes the results of the charity's operations which are described in the Directors and Trustees Report and all of which are continuing. The accounts have been prepared in compliance with the Statement of Recommended Practice on Charity Accounts.
The company has taken advantage of the exemption in Financial Reporting Standard No. 1 from producing a cash flow statement.
1.2 Tangible fixed assets and depreciation
There were no fixed assets held.
1.3 Income
Voluntary income and donations are accounted for as received by the charity. The income from fundraising ventures is shown gross, with any associated costs included in fund raising costs. No permanent endowments have been received in the period, but these are dealt with through the Statement of Financial Activities if any arose.
1.4 Investments
The company currently hold no investment.
1.5 Value added tax
Value added tax is not recoverable by the charity and is therefore included as a cost in the statement of financial activities.
1.6 Finance leases
There were no Finance leases.
1.7 Operating leases
There were no Operating leases.
1.8 Fundraising costs
Fundraising costs comprises expenditure incurred in inducing people and organisations to contribute financially to the charity's work. This includes the cost of advertising for donations and the staging of special fundraising events.
1.9 Expenditure on management and administration of the charity.
Administration expenditure includes all expenditure not directly related to the charitable activity of fundraising ventures. This includes cost of renting and running office premises, staff salaries for administrative staff and accountancy and audit fees.
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MIDSUMMER OPERA
NOTES TO THE ACCOUNTS FOR THE YEAR TO 31 DECEMBER 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| 2. DONATIONS & GIFTS | ||
| Donations from individuals | 2,620 | 7,267 |
| Gift aid reimbursements | 2,568 | - |
| 3. GRANTS RECEIVED | nil | nil |
| 4. FUND-RAISING VENTURES | ||
| Concert tickets, programmes, interval refreshments, adverts, CD’s | 26,783 | 14,245 |
| 5. INVESTMENT INCOME | ||
| Interest received | 18 | 12 |
| 6. PERFORMANCE FEES | ||
| Direct concert costs | 28,643 | 19,551 |
| 7 MANAGEMENT AND ADMINISTRATION | ||
| The deficit on activities is after charging: | ||
| Accountants remuneration including VAT | 1,128 | 1,056 |
| Printing postage and stationery | 150 | 110 |
| Bank Charges | 60 | 169 |
| Insurance | 297 | 392 |
| Administration costs | 2,500 | 1,790 |
| ------- | ------- | |
| 4,135 | 3.520 | |
| ==== | ==== | |
| 8. CREDITORS | ||
| Accountancy fees | 1,128 | 1,056 |
| -------- | -------- | |
| 1,128 | 1,056 | |
| ===== | ===== |
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MIDSUMMER OPERA
NOTES TO THE ACCOUNTS FOR THE YEAR TO 31 DECEMBER 2023
9. RESERVES
No permanent endowment fund providing ongoing investment income currently exists. The charity will be encouraging the provision of such an endowment. There were no restricted reserves arising during the year. Fund balances analysed between assets comprise:
| Unrestricted Restricted £ £ Fixed assets Investment Net current assets 10,115 360 10,115 360 |
Total £ 10,475 |
|---|---|
10,475 |
10. LOAN FROM BENEFACTORS
There were no loans at 31 DECEMBER 2023.
11. DIRECTORS & TRUSTEES REMUNERATION
No remuneration was paid to trustees in the capacity of trustee during the year.
12. The company is limited by guarantee. Each director has guaranteed £1.
13 . Related party Transaction
The following directors/trustees completed transactions with the company in the capacity of performers J Upperton - performance fee £3,100 reimbursed expenses £NIL B Fine-performance fee £NIL, reimbursed expenses £117.
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