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2020-12-31-accounts

BRITISH YOUTH OPERA

(Company Limited by Guarantee, not having a share capital) (Registered Charity)

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31[st] DECEMBER 2020

Charity No: 327927 (England and Wales) Company No: 02322037

BRITISH YOUTH OPERA

Contents

Page
Trustees' report 3
Report of the auditors 9
Statement of financial activities 13
Balance sheet 14
Cash flow statement 15
Notes to the financial statements 16

BRITISH YOUTH OPERA

Charity information

The Trustees present their annual report and audited accounts for the year ended 31 December 2020.

The Trustees are directors of the Company for the purposes of the Companies Act 2006.

Reference and Administrative Information

Charity name: British Youth Opera Charity registration number: 327927 Company registration number: 02322037 Registered office and operational address: Until 30 June 2020: 2 Spare Street London SE17 3EP From 1 July 2020: 2 Chapel Yard London SW18 4HZ

Officers of the company Patron HRH The Prince of Wales President Dame Felicity Lott CBE Vice Presidents Dame Janet Baker CH DBE Dame Sarah Connolly CBE Chevalier José Cura Timothy Dean Edward Gardner OBE Dr Jane Glover Sir John Hannam Valerie Masterson CBE Hugh Merrill MVO Rt Hon Baroness Perry of Southwark Peter Robinson Sir Bryn Terfel CBE Sir John Tomlinson CBE Trustee Directors Richard Greenhalgh – Chairman Jeremy Alun-Jones Richard Brooman Susan Bullock CBE (resigned 9 March 2020) Dr Genevieve Davies (resigned 30 June 2020) Dr Andrew Higgins Professor Dame Parveen J Kumar CBE Graham McGregor-Smith Elaine Padmore OBE Ellie Patsalos Dipesh Shah OBE FRSA Michael Simmons John Sunnucks

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BRITISH YOUTH OPERA

Charity information

Company Secretary Nicola Candlish
Staff Nicola Candlish -Chief Executive
Stuart Barker -Director of Training and Productions(Part time)
Charles Lewis -Head of Communications
Rosie Burgering -Administrator
Freya Dawes -Office Assistant, from April 2020_Development &_
Communications Assistant
Anna Patalong -Development Consultant(Part time)
Carla Pannett -Development Consultant(Part time)
Laurie Slavin -Bookkeeper
Lionel Friend -Music Director(Part time) contract ended September 2020
Independent Auditors Saffery Champnes LLP
71 Queen Victoria Street
London
EC4V 4BE
Bankers CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent ME19 4JQ

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BRITISH YOUTH OPERA Trustees’ report (continued) For the year ended 31 December 2020

Structure, governance and management

Governing document

The organisation is a charitable Company limited by guarantee and incorporated on 28 November 1988. The Company was established under a Memorandum of Association which established the object and powers of the charitable Company and is governed under its Articles of Association. An amended Memorandum and revised Articles were adopted by the Company on 19 September 2002 and amended on 15 January 2008.

Recruitment and appointment, induction and training of Trustees

Under the revised Articles, the Company in general meeting may appoint any member of the Company as director. The board of directors may itself appoint a member of the Company to act as director until such time as the next annual general meeting when the member will be eligible for appointment. The Articles require there to be at least 5 directors at any time. At each annual general meeting one third of the board members retire by rotation and may offer themselves for reappointment.

The Board Nominations Committee in consultation with Board and other Committee members will review membership and propose new Trustee Directors as appropriate following the agreed procedure set out by this Committee. Most Trustee Directors are already familiar with the work of the charity and are given an induction pack on appointment following a rigorous procedure of identification.

Organisational structure

The Board of Management, consisting of the Trustees and Officers, meets regularly to decide matters of policy and strategy and to monitor the charity’s activities. Day to day management is delegated to the Chief Executive.

Risk management

Trustees regularly monitor and consider the risks to which the charity is exposed and implement procedures to minimise the potential impact of those risks.

A note on the management of BYO during the COVID-19 pandemic is at the end of this report.

Objectives and Activities

British Youth Opera aims to develop and launch the next generation of opera professionals, enriching the future of British Opera. It does this by providing coaching, rehearsal, performance and production opportunities for singers, instrumentalists, repetiteurs, conductors, directors and other artistic and production staff. British Youth Opera has been at the forefront of providing participants with valuable experience of working in a professional opera company for more than 30 years and has been the launchpad for many eminent singers and stage professionals.

British Youth Opera’s main objectives for 2020 were to continue its annual ‘Summer Season’, combining the production processes of a major opera company and performances in a London theatre with coaching and training for participants, and its annual ‘Opera Workshops’, providing opportunities for singers to develop critical artistic skills without the pressure of performance.

Autumn 2019 saw the launch of the Serena Fenwick training extension programme. Six months of training aimed at singers who had experienced (either in the form of a workshop or summer Season activity), who were not enrolled at a conservatoire or music college, and who had a serious ambition and the potential to pursue a career in opera. Training took the form of six intensive weekends, designed in order for participants to maintain employment, caring or other responsibilities.

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BRITISH YOUTH OPERA Trustees’ report (continued) For the year ended 31 December 2020

Singers are selected by a two-stage audition process, with first round auditions taking place across the UK; other participants are selected by interviews and/or auditions as appropriate. This process aims to ensure that participants are of a suitable standard to benefit from British Youth Opera’s activities. Trainees for other roles are selected by interview or audition carried out by skilled professionals from the appropriate field.

Strategy

In February 2020 a revised strategy was adopted, with the principal aim of continuing to offer high quality training while closing the gap between income and expenditure.

Intended events in the 2020 calendar comprised:

Prior to Coronavirus pandemic British Youth Opera’s activity plans for 2020 were to:

The Trustees have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charity Commission in determining the charity’s objectives and activities.

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BRITISH YOUTH OPERA Trustees’ report (continued) For the year ended 31 December 2020

2020 Activities

Coronavirus

Coronavirus which was declared a pandemic on 11 March 2020 has had a significant impact on the work of British Youth Opera and caused the Board to review all activities, costs and sources of income.

At the outset of the pandemic the Serena Fenwick Programme training weekends were complete, but no other training activity had taken place. Immediate steps were taken to postpone the Serena Fenwick Showcase and Easter Workshops. As the longevity of the pandemic became clear this activity, along with the Summer Season and Summer Workshops were cancelled.

Infrastructure and software upgrades enabling remote working paid dividends during 2020. These include, Google Suite, Raiser’s Edge database and Sage Cloud accounting software. During 2020 upgrades were made to enable taking donations and payments via credit card and direct debit. The online applications portal YAP tracker was used for the second year.

In May 2020 BYO cancelled the lease on the office space at Hotel Elephant and moved to a new space at The National Opera Studio. This move was not only practical but strategic as use of rehearsal and workshop space is included in the rental fee. This is a long term solution for BYOs office space, though a return to full-time officebased work is not intended.

Fundraising activities have been diminished, partly due to cancelled events, and partly due to supporters unwilling to part with money during the pandemic. Many trusts and foundations have closed temporarily, or have diverted funding to those hardest hit by the pandemic. Investments suffered an immediate hit, but have started to pick up. The Brewin Dolphin investment portfolio was valued at £56,878 on 31/12/2019; £45,472 on 05/04/2020; and £55,238 on 31/12/2020.

BYO took advantage of a number of Government schemes including the Covid-19 job retention scheme and business rates relief.

BYO is underpinned by financial reserves, which will support the charity through the immediate future and enable the charity to work through its revised strategy.

Auditions and interviews

446 singers applied to participate in British Youth Opera during 2020; 419 were auditioned, from which 76 were selected for Workshops and 52 for the Summer Season. Throughout its application process, British Youth Opera works with the country’s music colleges, who actively encourage students to apply. Auditions take place in Birmingham, Cardiff, Glasgow, London and Manchester. At the outset of the pandemic this process was complete and singers had been informed of the outcome.

At the outset of the pandemic trainee positions were advertised but had not closed, and no interviews held except in the case of Assistant Conductors and Repetiteurs. Due to the timing and uncertainty of the situation, auditions for these positions were held by video and four appropriate candidates selected.

At the outset of the pandemic applications for all other training roles was paused and subsequently cancelled.

During Summer 2020 applications were received for the Serena Fenwick Programme. As all singers had already been auditioned by BYO in January interviews were held via video link and 13 candidates selected. The Serena Fenwick Programme began in October 2020 and has been held largely via video link.

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BRITISH YOUTH OPERA Trustees’ report (continued) For the year ended 31 December 2020

Summer Season & Singer’s Workshops

The intended Double Bill of The Breasts of Tiresias (Poulenc) and Gianni Schichhi (Puccini) at the Hackney Empire Theatre in September 2020 did not go ahead. Six planned singer’s workshops were cancelled.

Online Summer Festival

In response to the pandemic BYO created an online Summer Festival combining workshops, masterclasses and lectures for singers, stage managers, directors and production assistants and. Taking place entirely via video link, over an intensive two week period in August this was a huge success. Big name leaders such as Sarah Connolly, Brindley Sherratt, Felicity Lott and Thomas Allen were welcomed as well as seasoned industry professionals. The Festival was welcomed by trainees, some of whom had not worked or received training since March. In all 172 trainees benefitted over 250 online training hours.

Fundraising activities

British Youth Opera is an Arts Council England (ACE) National Portfolio Organisation.

Grants were also received for activities in 2020 from the following Trusts and Foundations, to whom the Company is extremely grateful:

The GC Gibson Trust 26th May 1961 Charity
The Garrick Trust The D’Oyly Carte Charitable Trust
The Leche Trust The Reed Foundation (the Big Give)

As ever, BYO was fortunate in receiving support from many individuals whose ongoing commitment to the company enables its work to continue. Due to the timing of the pandemic, only a small amount of fundraising had been completed. BYO is grateful to those supporters who unrestricted their Summer Season donations, enabling the company to move its work online during the pandemic.

Other donations and sponsorship from individuals continue to be major sources of income and with the absence of the Summer Season a Reconstruction Fund was launched. Taking advantage of the new ability to take online donations and process direct debits it was possible to run this campaign during the pandemic. This was coupled with a successful match funding campaign through the Big Give at the end of the year.

A new sponsorship scheme was launched in 2020 to support trainees on the Serena Fenwick Programme. BYO is grateful to the following for adopting Serena Fenwick artists:

Peter Heath David Speller
Davina Hodson John Sunnucks
Peter Rosenthal John Wates
Sue Sheridan

In March 2020, prior to the pandemic, a new Membership scheme was approved. This intends to streamline levels and ensure compliance with updated Gift Aid and VAT requirements. During 2020 initial indications are favourable with friends choosing to renew, and in some cases move up the membership ladder.

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BRITISH YOUTH OPERA

Trustees’ report (continued) For the year ended 31 December 2020

Plans for Future Periods

Strategic decisions for 2021 recognised the ongoing nature of the pandemic, and the need to preserve public and industry confidence in the work of BYO. To ensure the highest possibility of delivery BYO opted to hire an outdoor theatre venue for the 2021 Summer Season. Strategic objectives were achieved by the creation of two industry partnerships with Opera Holland Park and Silent Opera, for the venue hire and creation of a new training production respectively.

Following on from the success, and now normality, of online working, efforts are underway to incorporate this into training going forward, recognising however that online working does not replace face to face training in its entirety.

Singer’s workshops are planned for April and August 2021 and can be moved online if required. At the time of writing, conditions look favourable for August and possible for April. This will benefit up to 72 singers.

Singer applications continue to be via YAP tracker, and for 2021 auditions took place entirely by video submission. Recognising that this is not an ideal scenario, it is the intention to return to face to face or blended auditions in 2022. Trainee applications will take advantage of a new online portal for 2021.

For Summer Season 2021 BYO intends to stage Rossini’s L’occasione fa il ladro (in Italian) and Humperdinck’s Hansel and Gretel (in English). For the first time, both productions will be double cast and will work entirely in isolation from each other, in separate coronavirus-secure “bubbles”. Hansel and Gretel is in partnership with Silent Opera, an innovative company combining the use of microphones and pre-recorded orchestral accompaniment where the audience hear the performance through headphones.

The decision was taken to produce operas without chorus, in order to reduce numbers of personnel in limited spaces.

Many decisions for 2021 were taken to ensure the maximum possibility of success in times where virus restrictions are likely to be in place.

The Serena Fenwick Programme has run largely online between October 2020 and March 2021. The showcase intended for April 2021 has been postponed until July, when the Government roadmap indicates that this will be possible. BYO are in the process of selecting a suitable outdoor venue for this.

The Coronavirus situation in relation to the performing arts is constantly monitored and decisions for 2022 will be made based on the likelihood of success. As a small organisation BYO, is able to be relatively fleet of foot and the strong team is able to respond quickly and creatively to challenges.

Financial Review and Reserves Policy

As at 31 December 2020, the charity held cash at bank and investments at market value totalling approximately £398,487 (2019: £311,074). This amount comprises both reserves and funds held, with which to initiate the 2021 activities. At 31 December 2020, the charity held total unrestricted reserves of £391,266 (2019: £464,069).

The Charity seeks to retain free liquid reserves of at least £60,000 (2019: £50,000), which represents approximately three months’ normal operating expenditure. The charity holds a surplus for the year of £338,487 (2019: £261,074). As at 31 December 2020, British Youth Opera held cash at bank and realisable investments at market value totalling almost £400,000. While some of this will be applied in the execution of BYO’s plans in 2021, the Trustees are satisfied that the reserves policy is more than met.

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BRITISH YOUTH OPERA

Trustees’ report (continued)

For the year ended 31 December 2020

Statement of Trustees’ Responsibilities

The Trustees (who are the directors of British Youth Opera for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and on the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure to auditors

In so far as the Trustees are aware:

Going concern

The Trustees have considered the ability of the Charity to continue as a going concern, particularly in the context of the uncertainties surrounding the Coronavirus pandemic.

The Trustees have reviewed the Charity’s financial activity since the 2020 year end and the forecasts to 31 December 2021 and 2022; they have concluded that the going concern basis of accounting remains appropriate.

This report has been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006.

Approved by the Trustees and authorised to sign on their behalf:

……………………………………………………………….

Richard Greenhalgh – Chairman

Date:

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BRITISH YOUTH OPERA

Independent auditors’ report to the trustees For the year ended 31 December 2020

Opinion

We have audited the financial statements of the British Youth Opera for the year ended 31 December 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent

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BRITISH YOUTH OPERA

Independent auditors’ report to the trustees For the year ended 31 December 2020

material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 8, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that

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Independent auditors’ report to the trustees For the year ended 31 December 2020

BRITISH YOUTH OPERA

includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include the Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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BRITISH YOUTH OPERA

Independent auditors’ report to the trustees For the year ended 31 December 2020

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Claire Wills (Senior Statutory Auditor) for and on behalf of Saffery Champness LLP

Chartered Accountants 71 Queen Victoria Street Statutory Auditors

London EC4V 4BE

Date: 12 May 2021

Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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BRITISH YOUTH OPERA

Statement of financial activities For the year ended 31 December 2020

Unrestricted
Funds
NOTE
£
Income from:
Donations, legacies and Grants
2
167,461
Fundraising events
3
504
Investments
1,482
Charitable activities
4
19,094
Total income
188,541
Expenditure on:
Raising funds
Generating voluntary income
49,210
Fundraising events
50,509
Charitable activities
171,328
Total expenditure
5
271,047
Net expenditure before
investment gains/ (losses)
6
(82,506)
Net gains/ (losses) on
investments
(949)
Net (expenditure)/income
(83,455)
Theatre Tax Relief
7
10,652
Net movement in funds
(72,803)
Transfer Between Funds
14
3,500
Reconciliation of Funds
Fund balances at 1 January
460,569
Fund balances at 31
December
14
391,266		 Unrestricted
Funds
NOTE
£
Income from:
Donations, legacies and Grants
2
167,461
Fundraising events
3
504
Investments
1,482
Charitable activities
4
19,094
Total income
188,541
Expenditure on:
Raising funds
Generating voluntary income
49,210
Fundraising events
50,509
Charitable activities
171,328
Total expenditure
5
271,047
Net expenditure before
investment gains/ (losses)
6
(82,506)
Net gains/ (losses) on
investments
(949)
Net (expenditure)/income
(83,455)
Theatre Tax Relief
7
10,652
Net movement in funds
(72,803)
Transfer Between Funds
14
3,500
Reconciliation of Funds
Fund balances at 1 January
460,569
Fund balances at 31
December
14
391,266		 Restricted
Funds
£		 Total
2020
£		 Total
2019
£
167,461
504
1,482
19,094
188,541
49,210
50,509
171,328
271,047
(82,506)
(949)
(83,455)
10,652
(72,803)
3,500
460,569
391,266		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
(3,500)
3,500
-		 167,461
504
1,482
19,094
188,541
49,210
50,509
171,328
271,047
(82,506)
(949)
(84,455)
10,652
(72,803)
464,069
391,266		 203,601
61,330
4,362
22,323
291,616
67,639
132,853
567,560
768,053
(476,437)
22,941
(453,496)
145,000
(308,496)
772,565
464,069

The notes on pages 16 to 25 form part of these accounts

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BRITISH YOUTH OPERA

Balance sheet At 31 December 2020

Note
Fixed Assets
Tangible assets
10
Investments
11
Current Assets
Debtors
12
Cash at bank and in hand
Creditors: Amounts falling
due within one year
13
Net Current Assets
Net Assets
Funds
14
Restricted Funds
Unrestricted Funds		 2020
£
£
2,497
55,238
11,693
343,249
354,942
(21,411)
333,531
391,266
-
391,266
391,266		 2019
£
£
2,714
56,878
165,118
254,196
419,314
(14,837)
404,477
464,069
3,500
460,569
464,069		 2019
£
£
2,714
56,878
165,118
254,196
419,314
(14,837)
404,477
464,069
3,500
460,569
464,069
354,942
(21,411)		 419,314
(14,837)
464,069
3,500
460,569
464,069

These accounts are prepared in accordance with the special provisions for the small companies under Part 15 of the Companies Act 2006.

Approved by the Board and signed on its behalf by

……………………………………………………………….

Richard Greenhalgh – Director and Trustee Date:

Company No: 02322037

The notes on pages 16 to 25 form part of these accounts.

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BRITISH YOUTH OPERA

Cash flow statement For the year ended 31 December 2020

CF 1
Cash flows from operating activities
Net incoming resources before investments and
exceptional items
Adjustments for:
Depreciation
Theatre Tax Relief
Investment Income
Movements in working capital:
Decrease in debtors
Increase/(Decrease) in creditors
Net cash flow from operating activities
Note
Net cash flow from operating activities:
Net cash provided by (used in) operating
activities
CF1
Cash flows from Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of investments
Interest Income
Net cash used in investing activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of
the year
Cash and cash equivalents at end of year		 2020
£
(82,506)
901
10,652
(1,482)
153,425
6,574
87,564
2020
£
£
87,564
(684)
691
1,482
1,489
-
89,053
254,196
343,249		 2020
£
(82,506)
901
10,652
(1,482)
153,425
6,574
87,564
2020
£
£
87,564
(684)
691
1,482
1,489
-
89,053
254,196
343,249		 2019
£
(476,437)
1,363
145,000
(4,362)
362,370
(8,999)
18,935
2019
£
£
18,935
(1,988)
200,572
4,362
202,946
-
221,881
32,315
254,196

Page | 15

Notes to the Financial Statements For the year ended 31 December 2020

BRITISH YOUTH OPERA

1. Accounting policies

Charity Information

British Youth Opera is a charitable company limited by guarantee. The registered office is 2 Chapel Yard, London, England, SW18 4HZ.

A summary of the principal accounting policies, all of which have been applied consistently throughout the year and the preceding year, is set out below.

1.1

Basis of preparation

The financial statements have been prepared in accordance with accounting and reporting by Charities’ Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 Jan 2019) Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and republic of Ireland (FRS 102) and the Companies Act 2006.

The British Youth Opera meets the definition of a public benefit entity under FRS 102. Assets and liabilities are wholly recognised at historical costs or transaction value unless otherwise stated in the relevant accounting policy note(s). The financial statements are presented in pounds sterling.

1.2

Going Concern

The Trustees have considered the ability of the Charity to continue as a going concern, particularly in the context of the uncertainties surrounding the Coronavirus pandemic.

The Trustees have reviewed the Charity’s financial activity since the 2020 year end and the forecasts to 31 December 2021 and 2022; they have concluded that the going concern basis of accounting remains appropriate.

1.3 Tangible Fixed Assets

Fixed assets initially recognised at cost less depreciation.

Depreciation is calculated so as to write off the cost of tangible fixed assets over their estimated useful lives at the following annual rates:

Office Equipment 25%

1.4

Investments

Investments are stated at mid-market value at the balance sheet date. The SOFA includes the net gains and losses arising on revaluation and disposals throughout the year. Income receivable on investments is recognised in the SOFA on the accruals basis.

1.5

Income

All income is included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income

Donations are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of

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Notes to the Financial Statements For the year ended 31 December 2020

BRITISH YOUTH OPERA

performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator for the estate has communicated in writing both the amount and the settlement date.

Income generated from the supply of goods or services is included in the Statement of Financial Activities in the period in which the supply is made.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

1.6 Grants

Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are receivable.

1.7 Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments (i.e. debtors and creditors).

1.8 Critical estimates and judgements

Judgements and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In making these estimates the Trustees make assumptions concerning the future. The Trustees do not believe that there is significant risk of a material adjustment being made to the carrying amounts of assets and liabilities included in these financial statements within the next financial year.

1.9 Expenditure

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to applicable expenditure headings.

Support and governance costs have been allocated between generating voluntary income, costs of fundraising events and charitable activities.

Support costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs related to statutory audit and legal fees together with an apportionment of overhead and support costs. Support costs relating to charitable activities have been apportioned on the basis of salaries or area occupied, whichever being the most appropriate.

Staff costs are allocated to activities on the basis of staff time spent on those activities.

Costs of charitable activities include governance costs and an apportionment of support costs (shown in note 5)

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BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2020

1.10 Funds

Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

Restricted funds are used for specific purposes determined at the time of the appeal/donation.

2.
Donations, legacies and Grants
Trusts and Foundations

Arts Council England

Friends Membership

Friends Donations

Legacies

Other donations, sponsorship and Gift
Aid
Government Grants (Furlough
Scheme)

3.
Fundraising
Gala events
4.
Incoming Resources from Charitable
Activities
Summer Season and Workshops
Box Office
Trusts and Foundations
Auditions		 Total
Total
2020
2019
£
£
35,500
9,720
43,405
42,621
14,108
16,519
-
34
-
63,000
59,381
71,707
15,067
-
167,461
203,601
2020
2019
£
£
504
61,330
504
61,330
2020
2019
£
£
-
15,089
12,500
1,000
6,594
6,235
19,094
22,323		 Total
2019
£
9,720
42,621
16,519
34
63,000
71,707
-		 Total
2019
£
9,720
42,621
16,519
34
63,000
71,707
-
203,601
2019
£
61,330
61,330
2019
£
15,089
1,000
6,235
22,323

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BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2020

5. Analysis of Total Expenditure

Unrestricted funds
Generating voluntary income
Fundraising events
Charitable activities
Restricted funds
Charitable activities
Analysis of direct costs
Freelance support
Marketing costs
Hospitality
Summer season
Extension programme
Online training
Fundraising event costs
Analysis of support costs
Audit
Legal & professional
Office costs		 Staff costs
£
37,135
37,135
74,270
-
148,540
Generating
voluntary
income
-
-
-
-
-
-
-
2020
7,050
10,830
30,420
48,300		 Direct costs
£
-
1,299
72,908
-
74,207
Fundraising
events
-
-
-
-
-
-
1,299
1,299
2019
10,064
9,190
54,087
73,341		 Support
costs
£
12,075
12,075
24,150
-
48,300
Charitable
activities
43,165
2,654
-
6,450
8,956
11,683
-
72,908		 Total 2020
£
49,210
50,509
171,328
-
271,047
Total 2020
43,165
2,654
-
6,450
8,956
11,683
1,299
74,207

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BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2020

5. Analysis of Total Expenditure (continued)

Staff costs
£
Unrestricted funds
Generating voluntary income
49,304
Fundraising events
49,304
Charitable activities
98,608
Restricted funds
Charitable activities
-
197,215
Analysis of direct costs
Generating
voluntary
income
Freelance support
-
Marketing costs
-
Hospitality
-
Summer season
-
Extension Programme
-
Fundraising event costs
-
-
6.
Net Incoming Resources
This is stated after charging
Depreciation on owned assets
Auditors' remuneration- Audit Fees
Auditors’ Remuneration- Other Services
7.
Theatre Tax Relief
Theatre Tax Relief		 Direct costs
£
-
65,214
393,012
39,271
497,497
Fundraising
events
-
-
-
-
-
65,214
65,214		 Support
costs
Total 2019
£
£
18,335
67,639
18,335
132,853
36,670
567,560
-
-
73,341
768,053
Charitable
activities
Total 2019
24,492
24,492
14,111
14,111
372
372
391,567
391,567
1,741
1,741
-
65,214
432,282
497,497
2020
2019
£
£
901
1,363
7,050
6,000
-
4,064
2020
2019
£
£
10,652
145,000		 Support
costs
Total 2019
£
£
18,335
67,639
18,335
132,853
36,670
567,560
-
-
73,341
768,053
Charitable
activities
Total 2019
24,492
24,492
14,111
14,111
372
372
391,567
391,567
1,741
1,741
-
65,214
432,282
497,497
2020
2019
£
£
901
1,363
7,050
6,000
-
4,064
2020
2019
£
£
10,652
145,000
2019
£
145,000

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BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2020

8. Staff Costs and Numbers

Staff Costs and Numbers
Salaries
Social security costs
Pension costs		 2020
£
129,570
8,475
10,495
148,540		 2019
£
170,050
14,929
12,236
197,215

No employee received emoluments of more than £60,000 (2019: none). The average weekly number of employees during the year was 5 (2019: 5).

Contributions to defined contribution pension schemes were £8,295 (2019: £11,036).

The trustees received no remuneration nor had any expenses reimbursed during the year (2019: remuneration and expenses of £nil).

The total employee benefits (being salary and pension contributions) of key management personnel of the charity were £50,000 (2019: £74,133).

9. Taxation

The charitable company is exempt from corporation tax on its charitable activities.

Page | 21

BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2020

10. Tangible Fixed Assets

Cost
At 1 January 2020
Additions during the year
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 1 January 2020		 Office
Equipment
£
16,443
684
17,127
13,729
901
14,630
2,497
2,714

There were no commitments to capital expenditure at 31 December 2019 or 31 December 2020.

11. Fixed asset investments

Listed Investments:
Market Value at 1 January
Purchases
Sales at opening market value
Investment gains/ (losses)
Movement in investment cash
Market Value at 31 December
Historical cost
12.
Debtors
VAT
Other debtors and prepayments		 2020
£
56,878
30,224
(28,262)
(3,602)
-
55,238
53,234

2020
£
-
11,693
11,693		 2019
£
234,510
8,780
(172,687)
7,307
(21,032)
56,878
48,488
2019
£
11,834
153,284
165,118

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BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2020

13. Creditors: Amounts Falling due within one year

Accruals and deferred income
VAT		 2020
£
16,043
5,368
21,411		 2019
£
14,837
-
14,837

14. Movement In Funds

Funds
Restricted funds
Unrestricted funds		 At 1st
January
2020
£
3,500
460,569
464,069		 Incoming
Resources
£
-
198,243
198,243		 Outgoing
Resources
£
-
271,046
271,046		 Transfer
between
funds
£
(3,500)
3,500
-		 At 31
December
2020
£
-
391,266
391,266

Restricted funds in respect of the 2020 Summer Season were transferred to unrestricted funds following the cancellation of the summer season activities through agreement with the original benefactors.

Funds
Restricted Funds
Unrestricted funds		 At 1st
January
2019
£
-
772,565
772,565		 Incoming
Resources
£
42,771
416,786
459,557		 Outgoing
Resources
£
39,271
728,782
768,053		 Transfer
between
funds
£
-
-
-		 At 31
December
2019
£
3,500
460,569
464,069

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BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2020

15.
Analysis of Net Assets Between Funds
Fixed Assets
Current Assets
Current Liabilities
Fixed Assets
Current Assets
Current Liabilities		 Restricted
Funds
2020
£
-
-
-
-
Restricted
Funds
2019
£
-
3,500
-
3,500		 Unrestricted
Funds
2020
£
57,735
354,942
(21,411)
391,266
Unrestricted
Funds
2019
£
59,592
415,814
(14,837)
460,569

16. Related Party Transactions

No Trustees have been paid any remuneration or received any benefits from their association with British Youth Opera. The following amounts were received from trustees throughout the year as unrestricted donations £7,354 (2019: £2,333). No other related party transactions took place in the year (2019: none).

17. Analysis of Changes in Net Debt

Cash at bank At 1st
January
2020
£
254,196
254,196		 Cash-
flows
£
89,053
89,053		 At 31
December
2020
£
343,249
343,249

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BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2020

18. Statement of Financial Activities for the year ended 31 December 2019

Income from:
Donations, legacies and Grants
Fundraising events
Investments
Charitable activities
Total income
Expenditure on:
Raising funds
Generating voluntary income
Fundraising events
Charitable activities
Total expenditure
Net expenditure before investment
gains/ (losses)
Net gains/ (losses) on investments
Net income/(expenditure)
Theatre Tax Relief
Net movement in funds
Reconciliation of Funds
Fund balances at 1st January 2019
Fund balances at 31st
December 2019		 Unrestricted
Funds
£		 Restricted
Funds
£		 Total
2019
£
160,830
61,330
4,362
22,323
248,845
67,639
131,938
528,289
728,782
(479,937)
22,941
(456,996)
145,000
(311,996)
772,565
460,569		 42,771
-
-
-
42,771
-
-
39,271
39,271
3,500
-
3,500
-
3,500
-
3,500		 203,601
61,330
4,362
22,323
291,616
67,639
132,853
567,560
768,053
(476,437)
22,941
(453,496)
145,000
(308,496)
772,565
464,069

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