2022-12-31-accounts - British Youth Opera

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BRITISH YOUTH OPERA

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

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31[st] DECEMBER 2022

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

BRITISH YOUTH OPERA

Charity information

	Page
Trustees' report	3
Report of the auditors	12
Statement of financial activities	16
Balance sheet	17
Statement of cash flows	18
Notes to the financial statements	19

The Trustees present their annual report and audited accounts for the year ended 31 December 2022.

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: The London Coliseum, St Martin’s Lane, London, WC2N 4ES

Officers of the company

Patron His Majesty King Charles III President Dame Sarah Connolly CBE Vice Presidents Dame Janet Baker CH DBE Susan Bullock CBE Chevalier José Cura Timothy Dean Edward Gardner OBE Professor Dame 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

reg. company no. 2322037 | reg. charity no. 327927 | VAT no. 499317494

BRITISH YOUTH OPERA

Trustees’ report (continued) For the year ended 31 December 2022

Trustee Directors	Richard Greenhalgh – Chairman
	Jeremy Alun-Jones
	Claire Barnett-Jones
	Richard Brooman
	Julia Burbach
	Dr Andrew Higgins – resigned 3 May 2022
	Professor Dame Parveen J Kumar CBE
	Tessa Marchington
	James McNaught-Davis
	Elaine Padmore OBE
	Jennifer Smith
	John Sunnucks
Company Secretary	Nicola Candlish - resigned 31 March 2022
	Anna Patalong - appointed 1 April 2022
Employees	Nicola Candlish -Chief Executive- resigned 31 March 2022
	Anna Patalong -Chief Executive- appointed 01 April 2022
	Stuart Barker -Director of Training and Productions(Part time)
	Charles Lewis -Head of Communications
Independent Auditors	Saffery Champness LLP
	71 Queen Victoria Street
	London
	EC4V 4BE
Bankers	CAF Bank
	25 Kings Hill Avenue
	Kings Hill
	West Malling
	Kent ME19 4JQ

Trustees’ report (continued) For the year ended 31 December 2022

BRITISH YOUTH OPERA

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 further 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. Five new Trustees were appointed in 2021 and the opportunity was taken to increase the diversity of the Board.

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.

Trustees’ report (continued) For the year ended 31 December 2022

BRITISH YOUTH OPERA

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. This includes the ongoing monitoring of the risk from coronavirus.

Objectives and Activities

British Youth Opera aims to develop and launch the next generation of opera, particularly in the UK, enriching the future of opera, particularly in the United Kingdom. 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, for 35 years, been at the forefront of providing participants with valuable experience of working in a professional opera company and has been the launchpad for many eminent singers and stage professionals.

British Youth Opera’s main objectives for 2022 were to continue training young opera professionals through hands-on experience, combining the production processes of a major opera company and performances in a London theatre with coaching and training for participants. Performances of Ralph Vaughan-Williams’ Sir John in Love took place in August 2022, in the theatre of Opera Holland Park. 96 young people were trained by BYO, including singers, stage managers, conductors and repetiteurs, directors and young musicians, with over 1300 audiences. Singers were selected by a twostage audition process which, for the 2022 season, remained as pre-submitted video auditions and in-person recalls. Interviews for other trainee positions were held by video conference. 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.

In September 2022, BYO launched applications for its 2023 programmes, with full live auditions for singers taking place in venues across the country for the first time since the pandemic. BYO panellists heard over 350 singers, in London, Glasgow, Manchester and Cardiff. For the first time, all singers’ auditions were completed before Christmas.

BRITISH YOUTH OPERA

Trustees’ report (continued) For the year ended 31 December 2022

Strategy

With the change in executive leadership in the organisation, BYO entered a period of strategic review from April 2022. The subsequent new business plan was presented to Arts Council England and gained BYO entrance into the National Portfolio for 2023-2026.

BYO’s business plan comprises four pillars:

Creative Learning: In 2023 BYO will be conducting research and development into how we can best support the education sector in the UK, particularly incorporating recommendations from the new National Programme for Music Education. We will be using our strategic partners at United Learning to support our fieldwork in this area.
Digital: Learning from the lessons of the pandemic, in 2022, BYO successfully planned a new training programme to be delivered through a digital platform. This will cater for every sector of the industry (singers, directors, conductors and music staff, designers and stage managers) and extend to a younger audience than BYO has previously engaged with. It also aims to provide services to teachers and schools through this programme. At the end of 2022, BYO received notification from the Horizon Stitching Foundation of substantial support.
Serena Fenwick Programme: BYO will continue to train young singers who have not experienced the ‘usual’ route into the world of opera. Many will have experienced financial hardship, caring responsibilities or other personal situations that mean training in opera has been difficult. This programme has been remodelled to ensure that it is best preparing its participants for the modern industry. The Serena Fenwick Programme training will also now be extended to Stage Managers, recognising the shortage that this sector of the industry is facing, particularly since the pandemic.
Showcase: BYO will aim to mount a production each year to showcase the talent and hard work of those we train. This will be the pinnacle of our training and productions will be scaled depending on the funding we are able to raise to go towards this scheme.

Trustees’ report (continued) For the year ended 31 December 2022

BRITISH YOUTH OPERA

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.

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.

Fundraising activities

BYO is an Arts Council England (ACE) National Portfolio Organisation and in November received notification that we will

remain so for the new NPO period (2023-2026).

Grants were also received for activities in 2022 from the following Trusts and Foundations, to whom BYO is extremely grateful:

Vaughan Williams Charitable Trust

Idlewild Trust

Garfield Weston

Fenton Arts

G C Gibson Charitable Trust

As ever, BYO was fortunate in receiving support from many individuals whose ongoing commitment to the Charity

enables its work to continue.

Trustees’ report (continued) For the year ended 31 December 2022

BRITISH YOUTH OPERA

In 2022 the BYO continued to be generously supported by members of the Chairman’s Circle. Each member made a

significant contribution to BYO’s continued activities and we are very grateful for their support. At the end of 2022 the Chairman’s Circle members were:

Richard Brooman Clive and Helena Butler Richard and Annie Greenhalgh John and Jackie Rothenburg Julian Schild

Donations were also gratefully received from supporters through our ‘Adopt an Artist’ scheme, which aims to

connect donors with our participants to show how their support helps with our activities. These supporters in 2022 included:

Alexander Amos David Balcombe Gillian Laidlaw James McNaught-Davis Sue Norman Elaine Padmore Kathleen Roberts Julian Schild Jeremy and Sarah Sillem John Sunnucks Gerry Wakelin

Plans for Future Periods

All future work will centre around our four strategic pillars and, recognising global instability and financial

pressures, will be fully costed and funded before commencement.

BYO’s new digital platform will be launched in Q3 2023. This will also coincide with applications and auditions for our ‘live’ programmes.

Our ‘new look’ Serena Fenwick Programme has proved popular and financially sustainable, so we will look to continue this in the coming years, with the possible expansion to include training and mentoring of young

composers.

Trustees’ report (continued) For the year ended 31 December 2022

BRITISH YOUTH OPERA

In the face of widespread industry cuts, BYO believes it has a fundamental responsibility to continue its endeavours to mount operatic productions. It will be dynamic in the planning of these programmes to ensure best possible training to participants, as well as making best use of financial resources.

For its 2023 ‘Showcase’, BYO will be partnering with the internationally acclaimed Three Choirs Festival to mount a semi-staged performance of Vaughan-Williams’ Pilgrim’s Progress . We are excited that, for this, participants will also get the chance to work with the Royal Philharmonic Orchestra. BYO’s unrivalled progression routes will also be in focus during this performance, as we welcome back our outstanding trainee assistant-conductor from 2022 to lead the RPO.

Financial Review and Reserves Policy

As at 31 December 2022, the Charity held cash at bank and investments at market value totalling approximately £90,357 (2021: £178,542). This amount comprises both reserves and funds held, with which to initiate the 2023 activities. The Charity received notification of a legacy during the year, totalling approximately £240,000. £190,000 remained outstanding at the year end, with the principal share of this received in January 2023.

The Charity seeks to retain free liquid reserves of at least £60,000 (2021: £60,000), which represents approximately three months’ normal operating expenditure. Trustees are satisfied that the reserves policy is more than met.

The Trustees are aware of the fundraising guidance issued by the Institute of Fundraising and the Charities Commission and consider carefully the provenance of donations.

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).

BRITISH YOUTH OPERA

Trustees’ report (continued) For the year ended 31 December 2022

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;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

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:

there is no relevant audit information of which the charitable company’s auditor is unaware; and
the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Going concern

The Trustees have considered the ability of the Charity to continue as a going concern and have approved the new Business Plan.

The Trustees have reviewed the Charity’s financial activity since the 2022 year end and the forecasts to 31

December 2023 and 2024; they have concluded that the going concern basis of accounting remains appropriate.

BRITISH YOUTH OPERA

Trustees’ report (continued) For the year ended 31 December 2022

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: 14 June 2023

Independent auditors’ report to the trustees For the year ended 31 December 2022

BRITISH YOUTH OPERA

Opinion

We have audited the financial statements of the British Youth Opera for the year ended 31 December 2022 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:

give a true and fair view of the charitable company’s state of affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the Companies Act 2006.

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

BRITISH YOUTH OPERA

Independent auditors’ report to the trustees For the year ended 31 December 2022

or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent 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:

the information given in the Trustees’ Annual Report which includes the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Trustees’ Annual Report which includes the Directors’ Report has been prepared in accordance with applicable legal requirements.

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:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

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.

BRITISH YOUTH OPERA

Independent auditors’ report to the trustees For the year ended 31 December 2022

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 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.

Independent auditors’ report to the trustees For the year ended 31 December 2022

BRITISH YOUTH OPERA

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.

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: 16 June 2023

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

BRITISH YOUTH OPERA

Statement of financial activities incorporating the income and expenditure account For the year ended 31 December 2022

Unrestricted Funds £	Restricted Funds £	Total 2022 £	Total 2021 £
405,305 - 1,064 48,773 455,141 50,286 54,721 311,814 416,821 38,320 (8,872) 29,448 41,538 70,986 184,119 255,105	12,750 - - - 12,750 - - 12,750 12,750 - - - - - - -	418,055 - 1,064 48,773 467,891 50,286 54,721 324,564 429,571 38,320 (8,872) 29,448 41,538 70,986 184,119 255,105	163,800 4,109 1,015 75,542
			244,466
			48,516 56,125 367,529
			472,170

			(227,704) 7,766
			(219,938) 12,791
			(207,147)
			391,266
			184,119

The notes on pages 19 to 28 form part of these accounts

BRITISH YOUTH OPERA

Balance sheet At 31 December 2022

Fixed Assets Note 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	2022 £ £ 741 53,658 199,197 41,730 240,927 (40,221) 200,706 255,105 255,105 255,105	2021 £ 18,941 116,013	£ 1,669 62,529 119,921
		134,954 (15,033)

			184,119
			- 184,119
			184,119

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 Richard Brooman – Director and Trustee Date: Date: 14 June 2023 14 June 2023

Company No: 02322037

The notes on pages 19 to 28 form part of these accounts.

BRITISH YOUTH OPERA

Statement of cash flows

For the year ended 31 December 2022

2022 £ £ (99,622) (724) - 1,064 339 25,000 25,000 (74,283) 116,013 41,730 2022 £ 38,319 1,652 41,538 (1,064) (180,256) 188 (99,622)	2021 £ £ (228,277) (449) 475 1,015 1,041 (227,236) 343,249 116,013 2021 £ (227,704) 1,277 12,791 (1,015) (7,249) (6,377) (228,277)	2021 £ £ (228,277) (449) 475 1,015 1,041 (227,236) 343,249 116,013 2021 £ (227,704) 1,277 12,791 (1,015) (7,249) (6,377) (228,277)
25,000
		(227,236) 343,249
		116,013
	2021 £ (227,704) 1,277 12,791 (1,015) (7,249) (6,377) (228,277)

reg. company no. 2322037 | reg. charity no. 327927 | VAT no. 499317494

Notes to the Financial Statements For the year ended 31 December 2022

BRITISH YOUTH OPERA

1. Accounting policies

Charity Information

British Youth Opera is a charitable company limited by guarantee. The registered office is at The London Coliseum, St. Martin’s Lane, London, England, WC2N 4ES.

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 2022 year-end and the forecasts to 31 December 2023 and 2024; 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 performance before the charity is entitled to the funds, the income is deferred and not recognised

Notes to the Financial Statements For the year ended 31 December 2022

BRITISH YOUTH OPERA

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)

BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2022

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.

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 2022 2021 £ £ 49,000 2,000 43,210 43,405 9,643 16,754 4,358 416 240,000 21,457 71,844 78,365 - 1,403 418,055 163,800 2022 2021 £ £ - 4,109 - 4,109 2022 2021 £ £ 41,515 71,034 - 2,500 7,258 2,008 48,773 75,542	Total Total 2022 2021 £ £ 49,000 2,000 43,210 43,405 9,643 16,754 4,358 416 240,000 21,457 71,844 78,365 - 1,403 418,055 163,800 2022 2021 £ £ - 4,109 - 4,109 2022 2021 £ £ 41,515 71,034 - 2,500 7,258 2,008 48,773 75,542	Total Total 2022 2021 £ £ 49,000 2,000 43,210 43,405 9,643 16,754 4,358 416 240,000 21,457 71,844 78,365 - 1,403 418,055 163,800 2022 2021 £ £ - 4,109 - 4,109 2022 2021 £ £ 41,515 71,034 - 2,500 7,258 2,008 48,773 75,542

		-
		2022 £ 41,515 - 7,258 48,773
			75,542

BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2022

5. Analysis of Total Expenditure

Unrestricted funds Generating voluntary income Fundraising events Charitable activities Other costs Restricted funds Charitable activities Analysis of direct costs Freelance support Marketing costs Summer season Fundraising event costs Analysis of support costs Audit Audit – prior year Legal & professional Office costs	Staff costs £ 32,420 32,420 64,841 - - 129,681 Generating voluntary income - - - - - 2022 11,000 2,038 14,405 36,697 64,140	Direct costs £ - 4,435 218,565 - 12,750 235,750 Fundraising events - - - 4,435 4,435 2021 7,658 5,586 33,900 47,144	Support costs £ 15,314 15,314 30,629 2,883 - 64,140 Charitable activities 46,936 3,368 181,011 - 231,315	Total 2022 £ 47,734 52,169 326,785 2,883 -
				429,571
				Total 2022 46,936 3,368 181,011 4,435
				235,750

Notes to the Financial Statements For the year ended 31 December 2022

BRITISH YOUTH OPERA

5. Analysis of Total Expenditure (continued)

Staff costs £ 36,730 36,730 73,461 -	Total 2021 £ 48,516 56,125 358,841 8,688	Total 2021 £ 48,516 56,125 358,841 8,688
146,921	472,170
Generating voluntary income - - - - - -	Total 2021 46,045 3,137 8,972 190,651 9,591 12,102 7,609
		278,105

6. Net Incoming Resources

This is stated after charging	2022	2021
	£	£
Depreciation on owned assets	1,652	1,277
Auditors' remuneration- Audit Fees current year	11,000	7,658
- Audit fees prior year	2,038	-
Payments Under Operating Leases	18,524	24,000

BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2022

7. Theatre Tax Relief

Theatre Tax Relief
	2022	2021
	£	£
Theatre Tax Relief	41,538	12,791

8. Staff Costs and Numbers

Staff Costs and Numbers
Salaries Social security costs Pension costs	2022 £ 117,767 11,916 10,206 139,889	2021 £ 120,380 12,703 13,838
		146,921

No employee received emoluments of more than £60,000 (2021: £60,000). The average weekly number of employees during the year was 4 (2021: 5).

The Trustees received no remuneration nor had any expenses reimbursed during the year (2021: remuneration and expenses of £nil.

The total employee benefits (being salary, pension contributions and other benefits) of key management personnel of the charity were £48,884 (2021: £48,141).

9. Taxation

The Charitable Company is exempt from corporation tax on its charitable activities.

BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2022

10. Tangible Fixed Assets

Cost At 1 January 2022 Additions during the year Disposals during the year At 31 December 2022 Depreciation At 1 January 2022 Charge for the year Disposals At 31 December 2022 Net book value At 31 December 2022 At 1 January 2022		Office Equipment £ 4,371 724 -
		5,095
		2,702 1,652 -
		4,354
		741
		1,669

There were no commitments to capital expenditure at 31 December 2021 or 31 December 2022.

11. Fixed asset investments

Fixed asset investments
Market Value at 1 January Purchases Sales at opening market value Investment gains/ (losses) Market Value at 31 December Historical cost	2022 £ 62,529 78,429 (78,429) (8,871) 53,658 53,180	2021 £ 55,238 1,586 (2,061) 7,766
		62,529
		52,131

BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2022

12. Debtors

Accrued income VAT Other debtors and prepayments Creditors: Amounts Falling due within one year Accruals and deferred income Loans from trustees (see note 16)		2022 £ 190,000 857 8,340 199,197 2022 £ 15,221 25,000 40,221		2021 £ - - 18,941
				18,941
				2021 £ 15,033
				15,033

13. Creditors: Amounts Falling due within one year

14 Movement In Funds

Outgoing Resources £ 12,750 425,693	Transfer between funds £	At 31 December 2022 £ - 255,105
438,443		255,105
Outgoing Resources £ 8,688 463,482 472,170	Transfer between funds £ - - -

BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2022

15.	Analysis of Net Assets Between Funds
		Restricted	Unrestricted
		Funds	Funds
		2022	2022
		£	£
	Fixed Assets	-	54,399
	Current Assets	-	241,004
	Current Liabilities	-	(40,298)
		-	255,105
		Restricted	Unrestricted
		Funds	Funds
		2021	2021
		£	£
	Fixed Assets	-	64,198
	Current Assets	-	134,954
	Current Liabilities	-	(15,033)
		-	184,119
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 £9,069 (2021: £12,210). No	restricted donations were received from
	trustees in 2022 (2021: £1,000). A loan of £10,000 was received from Richard Brooman in 2022 and
	repaid in February 2023. A loan of £25,000 was received from Richard Greenhalgh in 2022, of which
	£10,000 was repaid in the year and the remainder was repaid in February 2023.

17. Analysis of Changes in Net Debt

Cash at bank	At 1st January 2022 £ 116,013	Cash-flows £ (74,283)	At 31 December 2022 £
			41,730

BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2022

18. Statement of Financial Activities for the year ended 31 December 2021

Unrestricted Funds £ 155,112 4,109 1,015 75,542 235,778 48,516 56,125 358,841 463,482 (227,704) 7,766 (219,938) 12,791 (207,147) 391,266 184,119	Restricted Funds £	Total 2021 £
155,112 4,109 1,015 75,542 235,778 48,516 56,125 358,841 463,482 (227,704) 7,766 (219,938) 12,791 (207,147) 391,266 184,119	8,688 - - - 8,688 - - 8,688 8,688 - - - - - - -	163,800 4,109 1,015 75,542
		244,466
		48,516 56,125 367,529
		472,170

		(227,704) 7,766
		(219,938) 12,791
		(207,147)
		391,266
		184,119