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2024-12-31-accounts

i

1

BYO is the UK’s national training opera company, with a 35-year history of helping young people to build careers in opera - not only as singers, but also as conductors, designers, directors and stage managers. More than 5,000 young people have benefitted from BYO’s training, so its alumni are everywhere – planning, creating and performing the work which keeps our opera scene vibrant and thriving.

Its alumni singers include: Christopher Maltman, Lucy Crowe, Nicky Spence, Mary Bevan, Natalya Romaniw, Rosemary Joshua, Katarina Karnéus, Sally Matthews, Claire Rutter, Mark Stone and many more. Alumni from its creative and technical programmes have gone on to work at the Royal Opera House, National Theatre, English National Opera and opera houses and theatres around the world. They all built the foundations of their careers at BYO.

2

Trustees’ report 1
Report of the independent examiner 8
Statement of fnancial activities 10
Balance sheet 11
Statement of cash fows 12
Notes to the fnancial statements 13

1

BYO has ambitiously grown, developed and expanded its work over the last four years. It was founded in 1987 – before the existence of young artist programmes – to provide real practical experience for singers, directors, designers, conductors and other young people on professional-level productions. However, an evolving industry and the changing needs of its participants have diversified its work. Since the Covid pandemic, BYO has undertaken a strategic review and developed a new strategy, which is based on four key ‘pillars’:

digital / online

BYO launched ‘BYO hub’ at the end of 2023 - a growing collection of virtual training and resources and an online applications portal. It receives tens of thousands of visitors every year and is an important part of BYO’s youth-led approach, to meet its participants where they are, and will be expanded to include a younger audience in 2025.

creative learning

The creative learning programme will also launch later this year, taking school-age children inside the magical world of opera and showing them the hundreds of different roles which bring the art form to life.

2

serena fenwick programmes

The Serena Fenwick programmes are personalised six-month courses which help participants to turbo-charge their careers, and specifically to target those who can demonstrate a specific need – previous participants include care leavers and those with disabilities. After the success of its singers’ programme, it was expanded to include stage managers and, for the first time in 2025, directors and conductors.

summer programmes

The summer programmes use the opera production process to help participants develop confidence and crucial practical experience, as well as offering them a chance to meet, and be seen by, representatives from the wider UK industry. Places are offered to singers, directors, designers, stage managers and conductors, as well as music and costume staff. Participants received mentorship and professional guidance from Mark Wigglesworth, Sir Richard Jones, Leslie Travers, Dame Sarah Connolly, David Parry and Julia Burbach, enhancing their skills and providing a platform to launch their careers in the opera industry.

3

“One of the most personal elements of the SFP is the individual coachings we received. We could organise individual coachings around our own schedules directly with the coach – mine was an incredible mentor, providing repertoire suggestions, technical guidance and someone I hope to keep working with in future. And the cherry on top was that were held at the Royal Opera House – it really expanded my mind to what is possible in this career and was an incredible space to learn in through BYO’s connections.”

julia solomon Serena Fenwick programme 2024

4

Photo: The Rape of Lucretia in the Thames Tunnel shaft

In August 2024, BYO presented Benjamin Britten’s chamber opera The Rape of Lucretia delivering a powerful and contemporary interpretation that resonated deeply with audiences and critics alike. The production was staged from August 12 to 15 2024, in the historic Thames Tunnel Shaft in Rotherhithe, London. This subterranean venue provided an intimate and atmospheric setting that enhanced the opera’s intense narrative. The production received critical acclaim, with The Guardian awarding it four stars, describing the experience as “physically shattering” and commending the production’s contemporary relevance.

This production was the culmination of BYO’s summer training programmes. It offered meaningful opportunities not only to singers, stage managers and repetiteurs, but for the first time in our history allowed a young director, designer and conductor to take full creative control of the process. Our ‘New Creatives Programme’ (as part of our summer courses) is a completely unique opportunity in the UK, designed in direct response to research, that BYO is planning to run again in 2026.

In Autumn 2023, BYO launched applications for its 2024 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. This process was repeated in 2024 for our 2025 programmes.

BYO’s Serena Fenwick Programme was once again a key feature of our work in 2024, with 8 singers and 5 stage managers 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 health and business skills. The singers’ course culminated in a relaxed ‘showcase’ to agents and casting directors and a 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.

5

Photo: The Rape of Lucretia in the Thames Tunnel shaft

Throughout 2024 we continued to grow our online training portal - the BYO Hub. 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.

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 2023-2026.

Grants were also received for activities in 2024 from the following Trusts and Foundations, to whom BYO is extremely grateful:

As ever, BYO was fortunate in receiving support from many individuals whose ongoing commitment to the Charity enables its work to continue. In 2024 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 2024 the Chairman’s Circle members were:

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.

The BYO Hub and Serena Fenwick Programme will continue to form the bedrock of our activity with room to expand their reach out impact.

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.

In 2025, BYO will mount two semistaged concert performances of Britten’s Peter Grimes to commemorate its 80th anniversary. In 2026 we aim to return to the hugely successful model trialled in 2024, where our young creatives will take the lead on a site-specific production.

6

The Trustees present their annual report and audited accounts for the year ended 31 December 2024. The Trustees are directors of the Company for the purposes of the Companies Act 2006.

reference and administrative information

officers of the company

Charity name

British Youth Opera

President Dame Sarah Connolly CBE

Charity registration number 327927

Company registration number 02322037

Registered office and operational address

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

Patron

His Majesty, King Charles III

Vice Presidents

Dame Janet Baker CH DBE Susan Bullock CBE Lucy Crowe OBE 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 Nicky Spence OBE Sir John Tomlinson CBE

Trustee Directors

Sir Richard Greenhalgh – Chair Claire Barnett-Jones Richard Brooman Julia Burbach Holiday Donaldson Vivek Haria – left 31/12/24 Tessa Marchington James McNaught-Davis John Richards John Rothenberg Jennifer Smith Simon Spence KC John Sunnucks Toby Young

Company Secretary

Anna Patalong

Employees

Anna Patalong - Chief Executive Charles Lewis - Head of Communications (part time) Emily Louise Palmer - General Manager (part time) Molly Bevan - Administrator (part time – left Sept 2024)

Independent Examiner

Cara Turtington FCA DChA

Bankers

CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

7

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 was reviewed and further amended 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. 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.

financial review and reserves policy

As at 31 December 2024, the Charity held cash at bank and investments at market value totalling approximately £170,702 (2023: £192,117). This amount comprises both reserves and funds held, with which to initiate the 2025 activities.

The Charity seeks to retain free liquid reserves of at least £50,000, which represents approximately three months’ normal operating expenditure. Trustees are satisfied that the reserves policy is more than met.

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:

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.

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 2024 year end and the forecasts to 31 December 2025 and 2026; 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: 20 June 2025

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).

For the year ended 31 December 2024

independent examiner’s statement

31 December 2024.

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in

and examiner

Wales, which is one of the listed bodies.

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are

accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of theCompany are not required to be audited under Part 16 of the 2006

other than any requirement that the accounts

Act.

basis of independent examiner’s report

examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes

undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair

considered as part of an independent

  1. the accounts have not been prepared in accordance with the methods and principles of

Standard applicable in the UK and Republic of Ireland (FRS 102)

I have no concerns and have come across no other . . . oo. . matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

the statement below.

Signed:

Saffery LLP 71 Queen Victoria Street London EC4V 4BE

18 July 2025

Statement of financial activities incorporating the income and expenditure account For the year ended 31 December 2024

Unrestricted
Funds
NOTE
£
Income from:
Donations, legacies and Grants
2
266,768
Fundraising events
3
9,289
Investments
3,292
Charitable activities
4
33,000
Total income
312,349
Expenditure on:
Raising funds
Generating voluntary income
41,626
Fundraising events
41,626
Charitable activities
313,129
Total expenditure
5
396,381
Net expenditure before investment
gains/ (losses)
6
(84,032)
Net (losses)/gains on investments
(815)
Net (expenditure)/income
(84,847)
Theatre Tax Relief
7
64,635
Net movement in funds
(20,212)
Reconciliation of Funds
Fund balances at 1 January
252,059
Fund balances at 31 December
14
231,847		 Unrestricted
Funds
NOTE
£
Income from:
Donations, legacies and Grants
2
266,768
Fundraising events
3
9,289
Investments
3,292
Charitable activities
4
33,000
Total income
312,349
Expenditure on:
Raising funds
Generating voluntary income
41,626
Fundraising events
41,626
Charitable activities
313,129
Total expenditure
5
396,381
Net expenditure before investment
gains/ (losses)
6
(84,032)
Net (losses)/gains on investments
(815)
Net (expenditure)/income
(84,847)
Theatre Tax Relief
7
64,635
Net movement in funds
(20,212)
Reconciliation of Funds
Fund balances at 1 January
252,059
Fund balances at 31 December
14
231,847		 Restricted
Funds
£		 Total
2024
£		 Total
2023
£
266,768
9,289
3,292
33,000
312,349
41,626
41,626
313,129
396,381
(84,032)
(815)
(84,847)
64,635
(20,212)
252,059
231,847		 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 266,768
9,289
3,292
33,000
312,349
41,626
41,626
313,129
396,381
(84,032)
(815)
(84,847)
64,635
(20,212)
252,059
231,847		 116,450
47,133
2,009
96,500
262,092
41,889
83,040
262,689
387,618
(125,526)
(119)
(125,645)
122,598
(3,047)
255,105
252,059

The notes on pages 12 to 21 form part of these accounts

Balance sheet At 31 December 2024

10

2024 2023
Note £ £ £ £
Fixed Assets
Tangible assets 10 3,598 580
Investments 11 49,185
-
Current Assets
Debtors 12 65,042 65,042 75,750
Cash at bank and in hand 121,517 121,517 192,177
186,560 186,560 267,927
Creditors: Amounts falling
due within one year 13 (7,496) (7,496) (16,448)
Net Current Assets 179,064 251,479
Net Assets 231,847 252,059
Funds 14
Restricted Funds
Unrestricted Funds 231,847 252,059
231,847 252,059

For the year ended 31 December 2024 the charitable company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.

The trustees acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. The Trustees have prepared the accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

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 ll, ………………………………………………………………. ………………………………………………………………. Richard Greenhalgh – Director and Trustee Richard Brooman – Director and Trustee Date: 20 June 2025 el {me

The notes on pages 12 to 21 form part of these accounts.

Statement of cash flows For the year ended 31 December 2024

11

CF 1
Cash flows from operating activities
Net income/ (expenditure) before investments and
exceptional items
Adjustments for:
Depreciation
Theatre Tax Relief
Investment Income
Movements in working capital:
Increase in debtors
Increase/(Decrease) in trade 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
Investing in CCLA
Interest Income
Reclassification of Brewin Dolphin as cash
Net cash (used in)/generated by investing
activities
Net cash used in financing activities
Short-term loans
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of year		 2024
£
(84,032)
980
64,635
(3,292)
10,708
(8,952)
(19,953)
2024
£
£
(19,953)
(3,998)
(50,000)
3,292
(50,706)
-
(70,659)
192,177
121,517		 2024
£
(84,032)
980
64,635
(3,292)
10,708
(8,952)
(19,953)
2024
£
£
(19,953)
(3,998)
(50,000)
3,292
(50,706)
-
(70,659)
192,177
121,517		 2023
£
(125,524)
302
122,598
(2,009)
123,447
(2,159)
116,653
2023
£
£
116,653
(141)
-
2,009
53,539
55,406
(25,000)
147,060
41,730
192,177		 2023
£
(125,524)
302
122,598
(2,009)
123,447
(2,159)
116,653
2023
£
£
116,653
(141)
-
2,009
53,539
55,406
(25,000)
147,060
41,730
192,177		 2023
£
(125,524)
302
122,598
(2,009)
123,447
(2,159)
116,653
2023
£
£
116,653
(141)
-
2,009
53,539
55,406
(25,000)
147,060
41,730
192,177
(25,000)
147,060
41,730
192,177
2023
£
(125,524)
302
122,598
(2,009)
123,447
(2,159)
116,653

Notes to the Financial Statements For the year ended 31 December 2024

12

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 2024 year-end and the forecasts to 31 December 2025 and 2026; 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

A new investment account was opened during the year. The SOFA includes the net realised & unrealised gains and losses arising on revaluation throughout the year. There was no income receivable on investments at 31[st] December 2024. Quoted securities and multi-asset funds comprise publicly quoted, listed securities including shares, bonds and units. These are stated at mid-market value at the balance sheet date. Realised and unrealised gains and losses on investments are accounted for in the Statement of Financial Activities.

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 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).

Notes to the Financial Statements For the year ended 31 December 2024

13

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)

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
Corporate Sponsorship
Friends Donations
Legacies
Other donations, sponsorship and Gift Aid
BYO Hub		 Total
2024
£
67,882
50,000
42,043
810
3,955
17,000
71,642
13,436
266,768		 Total
2023
£
12,500
48,351
4,416
-
7,306
6,236
27,977
9,665
116,450

3.

Fundraising
Gala events		 2024
£
9,289
9,289		 2023
£
47,133
47,133

Notes to the Financial Statements For the year ended 31 December 2024

14

4.
Incoming Resources from Charitable Activities
Summer Season and Workshops
Box Office
Donations and sponsorship
Trusts and Foundations
Other donations and sponsorship
Auditions		 2024
£
-
3,000
30,000
-
-
33,000		 2023
£
8,000
10,000
77,500
1,000
-
96,500

Notes to the Financial Statements For the year ended 31 December 2024

15

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
Hospitality
Summer season
Extension Programme (SF)
Other training (online and
workshops)
Auditions
Fundraising event costs
Analysis of support costs
Audit
Audit – prior year
Legal & professional
Independent examination fee
Office costs		 Staff costs
£
28,713
28,713
57,427
-
-
114,854
Generating
voluntary income
-
-
-
-
-
-
-
-
2024
-
1,675
7,434
3,950
38,593
51,652		 Direct costs
£
-
-
229,879
-
-
229,876
Fundraising
events
-
-
-
-
-
-
-
-
2023
12,700
5,455
8,893
-
9,652
36,700		 Support
costs
£
12,913
12,913
25,826
-
-
51,652
Charitable
activities
71,239
1,625
70
117,707
15,694
7,847
15,694
-
229,876		 Total 2024
£
41,626
41,626
313,129
-
-
396,381
Total 2024
71,239
1,625
70
117,707
15,694
7,847
15,694
-
229,876

Notes to the Financial Statements For the year ended 31 December 2024

16

5. Analysis of Total Expenditure (continued)

Unrestricted funds
Generating voluntary income
Fundraising events
Charitable activities
Other costs
Restricted funds
Charitable activities
Analysis of direct costs
Freelance support
Marketing costs
Hospitality
Summer season
Extension Programme (SF)
Other training (online and
workshops)
Fundraising event costs		 Staff costs
£
32,714
32,714
65,427
-
-
130,855
Generating
voluntary
income
-
-
-
-
-
-
-		 Direct costs
£
-
41,151
178,912
-
-
220,062
Fundraising
events
-
-
-
-
-
41,151
41,151		 Support costs
£
9,175
9,175
18,350
-
-
36,700
Charitable
activities
64,932
705
1,094
78,770
21,860
11,550
-
178,911		 Total 2023
£
41,889
83,040
262,689
-
-
387,618
Total 2023
64,932
705
1,094
78,770
21,860
11,550
41,151
220,063

6. Net Incoming Resources

This is stated after charging
This is stated after charging
Depreciation on owned assets
Auditors' remuneration Audit Fees current year
Audit fees prior year
Legal & Professional
Independent examination fee
Payments under operating leases
7.
Theatre Tax Relief
Theatre Tax Relief - 2024
Theatre Tax Relief - 2023
Theatre Tax Relief - 2022		 2024
£
980
-
1,675
7,434
3,950
-
14,039
2024
£
64,635
-
-
64,635		 2023
£
302
12,700
5,455
8,893
-
17,132
44,482
2023
£
73,732
48,866
122,598

Notes to the Financial Statements For the year ended 31 December 2024

17

8.
Staff Costs and Numbers
Salaries
Social security costs
Pension costs		 2024
£
100,607
10,223
4,024
114,854		 2023
£
117,701
9,445
3,708
130,854

No employee received emoluments of more than £60,000 (2023:none). The average weekly number of employees during the year was 3 (2023: 3).

The total employee benefits (being salary, pension contributions and other benefits) of key management personnel of the charity were £57,200 (2023: £51,308).

9. Taxation

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

Income from UK Corporation tax relates to a credit for Theatre Tax Relief.

Notes to the Financial Statements For the year ended 31 December 2024

18

10. Tangible Fixed Assets

Cost
At 1 January 2024
Additions during the year
Disposals during the year
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
Disposals
At 31 December 2024
Net book value
At 31 December 2024
At 1 January 2024		 Office
Equipment
£
5,236
3,998
-
9,234
4,656
980
-
5,636
3,598
580

There were no commitments to capital expenditure at 31 December 2023 or 31 December 2024.

11. Fixed asset investments

Market Value at 1 January
Purchases
Sales at opening market value
Investment gains/ (losses)
Market Value at 31 December
Reclassification to Cash at Bank
Total at 31 December
Historical cost		 2024
£
-
50,000
-
(815)
-
-
49,185
50,000		 2023
£
53,658
-
-
(119)
53,539
(53,539)
-
-

Notes to the Financial Statements For the year ended 31 December 2024

19

12. Debtors

Accrued income
VAT
Theatre Tax Relief Receivable
Other debtors and prepayments
13.
Creditors: Amounts Falling due within o
Accruals and deferred income
VAT
Other creditors
Loans from trustees (see note 16)
14
Movement In Funds
At 1st
January
2024
£
Funds
Restricted funds
-
Unrestricted funds
252,059
252,059
At 1st
January
2023
£
Funds
Restricted funds
-
Unrestricted funds
255,105
255,105		 Accrued income
VAT
Theatre Tax Relief Receivable
Other debtors and prepayments
13.
Creditors: Amounts Falling due within o
Accruals and deferred income
VAT
Other creditors
Loans from trustees (see note 16)
14
Movement In Funds
At 1st
January
2024
£
Funds
Restricted funds
-
Unrestricted funds
252,059
252,059
At 1st
January
2023
£
Funds
Restricted funds
-
Unrestricted funds
255,105
255,105		 Accrued income
VAT
Theatre Tax Relief Receivable
Other debtors and prepayments
13.
Creditors: Amounts Falling due within o
Accruals and deferred income
VAT
Other creditors
Loans from trustees (see note 16)
14
Movement In Funds
At 1st
January
2024
£
Funds
Restricted funds
-
Unrestricted funds
252,059
252,059
At 1st
January
2023
£
Funds
Restricted funds
-
Unrestricted funds
255,105
255,105		 ne year
Incoming
Resources
£
-
376,169		 Outgoing
Resources
£
-
396,381
252,059 376,169 396,381
At 1st
January
2023
£
-
255,105
255,105		 Incoming
Resources
£
-
384,572
384,572		 Outgoing
Resources
£
-
387,618
387,618

Notes to the Financial Statements For the year ended 31 December 2024

20

15. Analysis of Net Assets Between Funds

Fixed Assets
Current Assets
Current Liabilities
Fixed Assets
Current Assets
Current Liabilities		 Restricted
Funds
2024
£
-
-
-
-
Restricted
Funds
2023
£
-
-
-		 Unrestricted
Funds
2024
£
52,783
186,560
(7,496)
231,847
Unrestricted
Funds
2023
£
580
267,927
(16,448)
250,059

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 £29,805 (2023: £18,058). No restricted donations were received from trustees in 2024 (2023: £nil). Costs incurred by the Trustees for travel and subsistence on charity business and reimbursed to them amounted to £1,590 (2023: £1,519).

17. Analysis of Changes in Net Debt

Cash at bank: Current accounts
Longer term deposits
TOTALS		 At 1st
January
2024
£
38,578
53,539
192,117		 Cash-flows
£
(17,121)
(53,539)
(70,660)		 At 31
December
2024
£
121,517
-
121,517

Notes to the Financial Statements For the year ended 31 December 2024

21

18. Statement of Financial Activities for the year ended 31 December 2023

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 (expenditure)/income
Theatre Tax Relief
Net movement in funds
Reconciliation of Funds
Fund balances at 1 January
Fund balances at 31 December		 Unrestricted
Funds
£		 Restricted
Funds
£		 Total
2023
£
115,350
47,133
2,009
19,000
183,492
40,789
83,040
185,189
309,018
(125,526)
(119)
(125,645)
122,598
(3,047)
255,105
252,059		 1,100
-
-
77,500
78,600
1,100
-
77,500
78,600
-
-
-
-
-
-
-		 116,450
47,133
2,009
96,500
262,092
41,889
83,040
262,689
387,618
(125,526)
(119)
(125,645)
122,598
(3,047)
255,105
252,059