2023-12-31-accounts

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

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31° DECEMBER 2023

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

BRITISH YOUTH OPERA

Contents

	Page
Trustees’ report	3
Report ofthe auditors
Statement of financial activities	15
Balance sheet	16
Statement of cash flows	18
Notestothefinancialstatements	19

The Trustees present their annual report and audited accounts for the year ended 31 December 2023.

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

Patron His Majesty, King Charles III

Officers of the company

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

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BRITISH YOUTH OPERA

For the year ended 31 December 2023

Trustee Directors Richard Greenhalgh Chairman Jeremy Alun-Jones - resigned July 2023 Claire Barnett-Jones Richard Brooman Julia Burbach Holiday Donaldson - appointed 5th December 2023 Professor Dame Parveen J Kumar CBE - retired 5th December 2023 Vivek Haria - appointed January 2024 Tessa Marchington James McNaught-Davis Elaine Padmore OBE - retired 5th December 2023 John Richards - appointed 5th December 2023 John Rothenberg - appointed 5th December 2023 Jennifer Smith Simon Spence KC - appointed 5th December 2023 John Sunnucks Toby Young - appointed 5th December 2023 Company Secretary Anna Patalong Employees Anna Patalong - Stuart Barker - - left August 2023 Charles Lewis - Independent Auditors Saffery 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

For the year ended 31 December 2023

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. The Memorandum of Association is being reviewed in 2024.

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 a director in consultation with other board members. 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. In 2023 one director resigned and two retired from their post. The opportunity was taken to increase the diversity of the Board by appointing six new trustees.

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

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.

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BRITISH YOUTH OPERA

For the year ended 31 December 2023

Objectives and Activities

British Youth Opera aims to develop and launch the next generation of opera practitioners, 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 over 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.

-on

experience, as well as to build on diversifying our programme offerings to young people.

1. Creative Learning: In 2023 BYO began research and development into how it can best support the education sector in the UK. The addition of two new trustees with expertise in this area has allowed us to form a task force, through which we will develop our offering to young people throughout 2024/25.

2. Digital: Learning from the lessons of the pandemic, in September 2023, BYO successfully launched a new industry (singers, directors, conductors and music staff, designers and stage managers) and extends to a younger audience than BYO has previously engaged with. Work on the HUB will continue throughout 2024.

3. Serena Fenwick Programme:

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.

1. Showcase: BYO will aim to mount a live 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.

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BRITISH YOUTH OPERA

For the year ended 31 December 2023

In 2023 BYO combined with the Three Choirs Festival and the Royal Philharmonic Orchestra to mount a semi-staged production of Ralph Vaughanin Gloucester Cathedral. This was the first time BYO had performed outside the capital in the UK for many years. 32 young people were trained by BYO in this programme, including singers, stage managers, conductors and repetiteurs and directors with an audience of over 1500 people.

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, Mancheste This process was repeated in 2023 for our 2024 programmes.

selected to take part in the programme. Singers were given weekly 1:1 coaching sessions from January - May with weekend group workshops focusing on acting, vocal technique, mental health and performance psychology, vocal recording weekend whereby each member of the course was given an opportunity to record their audition arias to take away with them as a showreel. Five young people joined our stage management strand of the Serena Fenwick Programme, with bespoke and flexible online technical training offered. The stage management strand was conceived as a response to the exodus of stage managers from the industry, to encourage more young people to consider a career in this area. All participants are completely new to this area of work and are trained to diploma level before putting their practical skills to work in workshops environments. Two participants went on to join our summer programme to implement their newly acquired learning.

which will be steadily added to the HUB over the next 12 months, offer training and advice on entering the various professions within the opera industry. The hub has seen 3,900 users since launch across 6,000 different active sessions. We now have 563 members who have signed up for an account, 400 of whom are on our paid-for, premium plan. This also includes five free memberships for people from our priority groups.

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BRITISH YOUTH OPERA

For the year ended 31 December 2023

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

Fundraising activities

BYO is an Arts Council England (ACE) National Portfolio Organisation 2023-2026.

Grants were also received for activities in 2023 from the following Trusts and Foundations, to whom BYO is extremely grateful:

Foyle Foundation Garrick Charitable Trust Horizon Stichting Trust

Idlewild Trust

The Rowlands Trust

Vaughan Williams Charitable Trust

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

Circle. Each member made a signifi

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

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BRITISH YOUTH OPERA

Trustees’ report (continued) For the year ended 31 December 2023

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.

Work will continue on our new programmes ~~-~~ BYO HUB and the Serena Fenwick Programme ~~-~~ to embed them into our yearly activity and grow their outcomes.

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 the 2024 ‘Showcase’, BYO has radically transformed its positioning, ensuring that our participants are front and centre of its full scale production in August 2024. In 2024 the roles that have historically been taken by professionals (Director, Conductor, Designer) are being trusted to participants. They will be mentored and guided by leading industry figures: Richard Jones, Mark Wigglesworth and Leslie Travers. We are also happy that all singers will also be given an industry mentor throughout their time with us. Our participants will be trained to mounta full scale production of Britten’s The Rape of Lucretia in the tunnel shaft of the Brunel Museum in Rotherhithe.

Financial Review and Reserves Policy

As at 31 December 2023, the Charity held cash at bank and investments at market value totalling approximately £192,117 (2022: £41,730). This amount comprises both reserves and funds held, with which to initiate the 2024 activities.

The Charity seeks to retain free liquid reserves of at least £50,000 (2022: £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.

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BRITISH YOUTH OPERA

Trustees’ report (continued) For the year ended 31 December 2023

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:

• e select suitable accounting policies and then apply them consistently;

• e observe the methods and principles in the Charities SORP;

• e make judgements and estimates that are reasonable and prudent;

• e state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• e@ 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:

• e there is no relevant audit information of which the charitable company’s auditor is unaware; and

• e 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.

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BRITISH YOUTH OPERA

Trustees’ report (continued) For the year ended 31 December 2023

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 2023 year end and the forecasts to 31 December 2024 and 2025; 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: 9th July 2024

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BRITISH YOUTH OPERA

Independent auditors’ report to the trustees Opinion For the year ended 31 December 2023

We have audited the financial statements of the British Youth Opera for the year ended 31 December 2023 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:

• e give a true and fair view of the charitable company’s state of affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e 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 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

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BRITISH YOUTH OPERA

Independent auditors’ report to the trustees Opinion For the year ended 31 December 2023

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:

• e 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

• e 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:

• e adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• e the financial statements are not in agreement with the accounting records and returns; or

• e certain disclosures of trustees’ remuneration specified by law are not made; or

• e 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 10, 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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BRITISH YOUTH OPERA

Independent auditors’ report to the trustees Opinion For the year ended 31 December 2023

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 non-compliance 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.

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12 July 2024

BRITISH YOUTH OPERA

Statement of financial activities incorporating the income and expenditure account For the year ended 31 December 2023

			Unrestricted	Restricted	Total	Total
			Funds	Funds	2023	2022
	NOTE		£	£	£	£
Income from:
Donations, legacies and Grants		2	115,350	1,100 116,450		418,055
Fundraising events		3	47,133		- 47,133	-
Investments			2,009		- 2,009	1,064
Charitable activities		4	19,000	77,500 96,500		48,773
Total income			183,492	78,600 262,092		467,891
Expenditure on:
Raising funds
Generating voluntary income			40,789	1,100 41,889		50,286
Fundraising events			83,040		- 83,040	54,721
Charitable activities			185,189	77,500 262,689		324,564
Total expenditure	5		309,018	78,600 387,618		429,571
Net expenditure before
investment gains/ (losses)		6	(125,526)		- (125,526)	38,320
Net (losses)/gains on investments			(119)		- (119)	(8,872)
Net (expenditure)/income			(125,645)		- (125,645)	29,448
Theatre Tax Relief		7	122,598		- 122,598	41,538
Net movement in funds			(3,047)		- (3,047)	70,986
Reconciliation of Funds
Fund balances at 1 January			255,105		- 255,105	184,119
Fundbalancesat31December	14		252,059		- 252,059	255,105

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

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BRITISH YOUTH OPERA

Balance sheet At 31 December 2023

			2023		2022
	Note	£	£	£	£
Fixed Assets
Tangible assets	10		580		741
Investments	11		-		53,658
Current Assets
Debtors	12	75,750		199,197
Cash at bank and in hand		192,177		41,730
Creditors:Amounts falling		267,927		240,927
due within one year	13	(16,448)		(40,211)
Net Current Assets			251,479		200,706
Net Assets			252,059		255,105
Funds	14
Restricted Funds
Unrestricted Funds			252,059		255,105
			252,059		255,105

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

ApprovedPP by the Board and signed on its behalf by ‘A ADA, Richard Greenhagh — Director and Trustee Richard Brooman — Director and Trustee Date: 9th July 2024 Date: gth July 2024

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

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BRITISH YOUTH OPERA

Statement of cash flows

For the year ended 31 December 2023

		2023	2023		2022	2022
	Note	£	£	£		£
Net cash flowfrom operating activities:
Net cash provided by (used in) operating	CF1
activities			116,653			(99,622)
Cash flowsfrom Investing activities
Purchase oftangible fixed assets		(141)		(724)
Proceeds on disposal of investments		-			-
Interest Income		2,009		1,064
Reclassification of Brewin Dolphin as cash		53,539
Net cash generated from investing
activities			55,406			339
Net cash used in financing activities
Short-term loans			(25,000)			25,000
Net decrease in cash and cash equivalents			147,060			(74,283)
Cash and cash equivalents at beginning of
the year			41,730			116,013
Cash and cash equivalents atend ofyear			192,177			41,730
CF 1			2023			2022
Cash flowsfrom operating activities			£			£
Net income/ (expenditure) before investments			(125,524)			38,319
and exceptional items
Adjustments for:
Depreciation			302			1,652
Theatre Tax Relief			122,598			41,538
Investment Income			(2,009)			(1,064)
Movements in working capital:
Increase in debtors			123,447			(180,256)
Increase/(Decrease) in trade creditors			(2,159)			188
Net cash flowfrom operating activities			116,653			(99,622)
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BRITISH YOUTH OPERA

Notes to the Financial Statements

For the year ended 31 December 2023

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. The Trustees have reviewed the Charity’s financial activity since the 2023 year-end and the forecasts to 31 December 2024 and 2025; 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 were reclassified during 2023 to Cash at Bank, so the balance at the balance sheet date is nil. The SOFA includes the net gains and losses arising on revaluation throughout the year. There was no income receivable on investments (in 2022 this was 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

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BRITISH YOUTH OPERA

Notes to the Financial Statements

For the year ended 31 December 2023

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.

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BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2023

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

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, legaciesand Grants	Total			Total
		2023			2022
		£			£
	Trusts and Foundations	12,500			49,000
	Arts Council England	48,351			43,210
	Friends Membership	4,416			9,643
	Friends Donations	7,306			4,358
	Legacies	6,236			240,000
	Other donations, sponsorship and Gift Aid	27,977			71,844
	Government Grants (Furlough Scheme)	-			-
	BYO Hub	9,665			-
		116,450			418,055
3.	Fundraising		2023		2022
	Gala events		£ 47,133		£ -
			47,133		-
4.	Incoming Resourcesfrom Charitable Activities SummerSeason and Workshops Box Office Donations and sponsorship Trusts and Foundations Other donations and sponsorship Auditions		2023 £ 8,000 10,000 77,500 1,000 - 96,500		2022 £ 41,515 - 7,258 48,773

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BRITISH YOUTH OPERA

Notes to the Financial Statements

For the year ended 31 December 2023

5. Analysis of Total Expenditure

	Staff costs Direct	costs	Support costs	Total 2023
	£ £		£	£
Unrestricted funds
Generating voluntary income	32,714	-	9,175	41,889
Fundraising events	32,714	41,151	9,175	83,040
Charitable activities	65,427	178,912	18,350	262,689
Other costs	-	-	-	-
Restricted funds
Charitable activities	-	-	-	-
	130,855	220,062	36,700	387,618
Analysis ofdirectcosts	Generating Fundraising voluntaryincome events		Charitable activities	Total2023
Freelance support	-	-	64,932	64,932
Marketing costs	-	-	705	705
Hospitality	-	-	1,094	1,094
Summer season	-	-	78,770	78,770
Extension Programme (SF)	-	-	21,860	21,860
Other training (online and
workshops)			11,550	11,550
Fundraising event costs	-	41,151	-	41,151
Analysis ofsupportcosts	- 2023	41,151 2022	178,911	220,063
Audit	12,700	11,000
Audit— prior year	5,455	2,038
Legal & professional	8,893	14,405
Office costs	9,652	36,697
	36,700	64,140

22

BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2023

5. Analysis of Total Expenditure (continued)

			Staffcosts		Direct	costs	Support costs	Support costs		Total 2022	Total 2022	Total 2022
			£		£		£				£
	Unrestricted funds
	Generating voluntary income		32,420			-		15,314				47,734
	Fundraising events		32,420			4,435		15,314				52,169
	Charitable activities		64,841		218,565			30,269				314,035
	Other costs							2,883				2,883
	Restricted funds
	Charitable activities			-	12,750			-				12,750
			129,681		235,750			64,140				429,571
	. . Analysis of direct costs		Generating voluntary . income		wos Fundraising events		. Charitable activities				Total2022
	Freelance support			-		-		46,936				46,936
	Marketing costs			-		-		3,368				3,368
	Summer season			-		-	181,011					181,011
	Fundraising event costs			-		4,435		-				4,435
						4,435	231,315					235,750
6.	Net Incoming Resources
	This is stated after charging								2023			2022
	Depreciation on owned	assets							£	302		£ 1,652
	Auditors' remuneration	-	Audit Fees	current year					12,700			11,000
	-	-	Audit fees prior year Legal & Professional							5,455 8,893		2,038 14,405
	Payments under operating		leases						17,132			18,524
7.	Theatre Tax Relief
	Theatre Tax Relief - 2023								2023 £ 73,732			2022 £
	Theatre Tax Relief - 2022								48,866
	Theatre Tax Relief - 2021											41,538
									122,598			41,538
												23

BRITISH YOUTH OPERA

Notes to the Financial Statements

For the year ended 31 December 2023

8.	Staff Costs and Numbers
		2023	2022
		£	£
	Salaries	117,701	117,767
	Social security costs	9,445	11,916
	Pension costs	3,708	10,206
		130,854	139,889

No employee received emoluments of more than £60,000 (2022:none). The average weekly number of employees during the year was 3 (2022: 4).

The Trustees received no remuneration nor had any expenses reimbursed during the year (2022: remuneration and expenses of fnil.

The total employee benefits (being salary, pension contributions and other benefits) of key management personnel of the charity were £51,308 (2022: £48,884).

9. Taxation

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

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BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2023

10. Tangible Fixed Assets

----- Start of picture text -----
|||||| |---|---|---|---|---| |Office| |Equipment| |£| |Cost| |At|1|January|2023|5,095| |Additions|during the|year|141| |Disposals|during|the|year|-| |At|31|December|2023|5,236| |Depreciation| |At|1|January|2023|4,354| |Charge|for the|year|302| |Disposals|-| |At|31|December|2023|4,656| |Net|book|value| |At|31|December|2023|580| |At|1|January|2023|741|

----- End of picture text -----

There were no commitments to capital expenditure at 31 December 2022 or 31 December 2023.

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Fixed|asset|investments| |(Derecognised|as|an|Investment|and|reclassified|as|Cash| |11.|at|bank and|in|hand|during 2023)|

----- End of picture text -----

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2023|2022| |£|£| |Market|Value|at|1|January|53,658|62,529| |Purchases|-|78,429| |Sales|at|opening|market|value|-|(78,429)| |Investment|gains/|(losses)|(119)|(8,871)| |Market|Value|at|31|December|53,539|53,658| |Reclassification|to|Cash|at|Bank|(53,539)| |Total|at|31|December|"| |Historical|cost|53,180|53,180|

----- End of picture text -----

25

BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2023

12.	Debtors
			2023		2022
			£		£
	Accrued income		58,404		190,000
	VAT		3,386		857
	Other debtors and prepayments		13,960		8,340
			75,750		199,197
13.	Creditors:Amounts Falling due within one year
	Accruals and deferred income		2023 £ 16,448		2022 £ 15,221
	Loans from trustees (see note 16)			-	25,000
			16,448		40,221
14	~=Movement In Funds
	Funds	Atist Incomin Outgoin January Reso ae Roceae 2023 4 u £ £ £	Transfer between funds £		At31 December 2023 £
	Restricted funds	- - -	-		-
	Unrestricted funds	255,105 384,572 387,618	-		252,059
		255,105 384,572 387,618	-		252,059
	Funds	At 1st . . January Incoming Outgoing 2022 Resources Resources £ £ £	Transfer between funds £		At31December 2022 £
	Restricted funds	- 12,750 12,750	-		-
	Unrestricted funds	184,119 496,680 425,693	-		255,105
		184,119 509,430 438,443	-		255,105

26

BRITISH YOUTH OPERA

Notes to the Financial Statements For the year ended 31 December 2023

15. Analysis of Net Assets Between Funds

Analysis of NetNet Assets Between Funds
	Restricted	Unrestricted
	Funds	Funds
	2023	2023
	£	£
Fixed Assets	-	580
Current Assets	-	267,927
Current Liabilities	-	(16,448)
	-	252,059
Fixed Assets	Restricted Funds 2022 £ -	Unrestricted Funds 2022 £ 54,399
Current Assets	-	241,004
Current Liabilities	-	(40,298)
	7	255,105

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 £18,058 (2022: £9,069). No restricted donations were received from trustees in 2023 (2022: £nil). A loan of £10,000 which was received from Richard Brooman in 2022 was repaid in February 2023. The remainder (£15,000) of a £25,000 loan which was received from Richard Greenhalgh, and partly repaid (£10,000) in 2022, was repaid in February 2023. Costs incurred by the Trustees for travel and subsistence on charity business and reimbursed to them amounted to £1,519 (2022:fnil).

17. Analysis of Changes in Net Debt

		At 1st January 2023 £	Cash-flows £	At 31 December 2023 £
Cash at bank: Current accounts		41,730	150,447	138,578
	Longer term deposits			53,539
TOTALS		41,730	150,447	192,117

27

BRITISH YOUTH OPERA

Notes to the Financial Statements

For the year ended 31 December 2023

18. Statement of Financial Activities for the year ended 31 December 2022

	Unrestricted Restricted	Total
	Funds Funds	2022
	£ £	£
Income from:
Donations, legacies and grants	405,305 12,750 418,055
Fundraising events	-	- -
Investments	1,064	- 1,064
Charitable activities	48,773	- 48,773
Total income	455,141 12,750 467,891
Expenditure on:
Raising funds
Generating voluntaryincome	50,286	- 50,286
Fundraising events	54,721	- 54,721
Charitable activities	311,814 12,750 367,529
Total expenditure	416,821 12,750 429,571
Net expenditure before investment
gains/ (losses)	38,320	- 38,320
Net gains/ (losses) on investments	(8,872)	- (8,872)
Net (expenditure)/income	29,448	- 29,448
Theatre Tax Relief	41,538	- 41,538
Net movement in funds	70,986	- 70,986
Reconciliation of Funds
Fund balances at 1 January	184,119	- 184,119
Fund balances at 31 December	255,105	- 255,105
			28