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and accounts 2025
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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.
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Photo: The Rape of Lucretia in the Thames Tunnel shaft
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## **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 at its annual general meeting may appoint any member of the Company as a director. The board of directors may at any time appoint a member of the Company to act as director until the next annual general meeting when the member will be eligible for election. At each annual general meeting one third of the board members retire by rotation and may offer themselves for reappointment.
The Articles require there to be at least 5 directors at any time.
The Board Nominations Committee will review membership and propose new Trustee Directors as appropriate following the agreed procedure. Most Trustee Directors are already familiar with the work of the Charity and all are given an induction pack on appointment.
## **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.
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## **objectives and activities**
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: Louise Alder, Mary Bevan, Lucy Crowe, Rosemary Joshua, Katarina Karnéus, Christopher Maltman, Huw Montague-Rendall, Nicky Spence and Mark Stone. 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.
BYO has continued to grow ambitiously over recent years, evolving in response to a changing industry and the needs of the artists it serves. Founded in 1987—before the emergence of formal young artist programmes—BYO was established to provide meaningful, practical experience for singers, directors, designers, conductors and other young creatives through professional-level productions. Today, that founding mission remains at its core, while its work has diversified to reflect a broader and more inclusive vision for training and development. Following a strategic review in the wake of the Covid pandemic, BYO has refined its activity around four key pillars:
## **summer programmes**
The summer programmes remain central to BYO’s offer, using the process of mounting an opera production to develop participants’ confidence, skills and professional readiness. They provide vital, hands-on experience and create opportunities for participants to connect with, and be seen by, leading figures from across the UK opera industry. Opportunities are offered across a wide range of disciplines, including singers, directors, designers, stage managers, conductors, and music and costume staff.
## **serena fenwick programme**
The Serena Fenwick Programme offers intensive, personalised training designed to accelerate participants’ careers. These six-month programmes are targeted at individuals who can demonstrate a clear need for support, including those from under-represented backgrounds. Building on the success of the singers’ strand, the programme has expanded to include stage managers and, in 2025, directors and conductors for the first time - reflecting BYO’s commitment to supporting the wider creative ecosystem of opera.
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## **digital / online (byo hub)**
Since its launch at the end of 2023, the BYO Hub has become an increasingly important part of the organisation’s work. As a growing digital platform for training, resources and applications, it now reaches a global audience and attracts tens of thousands of users each year. The Hub reflects BYO’s commitment to accessibility and its youth-led ethos, meeting participants where they are. In 2025, its offer will continue to expand, including new content aimed at younger audiences. Participants also benefit from mentorship and professional insight from leading industry figures, helping to build skills, confidence and career pathways.
## **creative learning**
BYO’s Creative Learning programme will launch in 2026, opening up the world of opera to school-age children and young
people. Designed to demystify the art form, the programme will introduce participants to the wide range of roles involved in creating opera, inspiring the next generation and broadening access to the sector.
## **progress in year**
In August 2025, BYO presented Benjamin Britten’s Peter Grimes in Cambridge and at Cadogan Hall in London, bringing together a cast of outstanding young artists and BYO alumni. The production was widely praised by critics, who lauded its “remarkable impact and immediacy.” These performances marked a significant artistic milestone for the organisation and demonstrated the exceptional calibre of talent that has emerged and continues to emerge from BYO’s programmes.
This production was the culmination of BYO’s summer training programme, which continues to offer comprehensive, industry-focused development across all aspects of an operatic career. Alongside singers, the programme provided training opportunities for directors, conductors, repetiteurs and stage managers, ensuring a fully integrated and collaborative learning environment. By expanding its scope in this way, BYO continues to address the evolving needs of the industry and to nurture the next generation of opera professionals.
The Serena Fenwick Programme remained a central pillar of BYO’s work in 2025. Running from January to July, the programme supported singers and stage managers, and for the first time included dedicated training for conductors and directors. Participants benefited from a structured combination of individual coaching, group workshops and practical experience. The programme culminated in a performance of operatic scenes at Smith Square, presented in collaboration with Sinfonia Smith Square, providing participants with a valuable opportunity to perform in a professional setting.
BYO also continued to expand its digital offer through the BYO Hub. In 2025, the platform saw significant growth, with more than 11,000 users worldwide engaging with its resources. The Hub remains a vital tool in widening access to high-quality training and supporting artists at all stages of their development, regardless of geographical location.
In preparation for its 2026 programmes, BYO undertook an extensive national auditions process, holding auditions
6
across the UK and engaging with a wide and diverse pool of applicants. More than 500 individuals were auditioned and interviewed, reflecting both the growing reach of the organisation and the continued demand for its training opportunities.
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.
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.
## **fundraising activities**
BYO is an Arts Council England (ACE) National Portfolio Organisation 2023-2026. Grants were also received for activities in 2025 from the following Trusts and Foundations, to whom BYO is extremely grateful:
- Asamaa Charitable Trust
- D’Oyly Carte Foundation
- Horizon Stichting Trust
- Idlewild Trust
- Laidlaw Opera Trust
- Rank Foundation
- The Rothenberg Charitable Foundation
- The Tobacco Pipe Makers & Tobacco Trade Benevolent Fund
- 19th May 1961 Charitable Trust
As ever, BYO was fortunate in receiving support from many individuals whose ongoing commitment to the Charity enables its work to continue. In 2025 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 2025 the Chairman’s Circle members were:
- Jeremy Amos
- Richard Brooman
- Clive and Helena Butler
- Richard and Annie Greenhalgh
- John and Jackie Rothenberg
- Enrique Sacau
- Julian Schild
The Trustees were advised during the year that BYO was to receive a legacy. Accordingly, probate having been granted, £130,000 has been accrued in these accounts. The Trustees are most grateful.
## **plans for future periods**
All future work will continue to centre around our four strategic pillars and, recognising ongoing global instability and financial pressures, will be fully costed and funded before commencement. The BYO Hub and Serena Fenwick Programme will remain the bedrock of our activity, with a continued focus on expanding both their reach and impact. In 2026, BYO will form a new partnership with Garsington Opera to further strengthen the Serena Fenwick Programme through the sharing of resources, expertise and professional networks.
In the face of continued industry pressures, BYO believes it has a fundamental responsibility to sustain its commitment to mounting operatic productions. It will remain dynamic in planning these
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programmes, ensuring the highest quality training for participants while making the most effective use of available resources.
Following the success of recent productions, BYO will return in 2026 to its youth-led ‘New Creatives’ model, with a new production of Stravinsky’s The Rake’s Progress at Battersea Arts Centre. This approach places emerging artists at the heart of the creative process, providing a unique and vital platform for the next generation of opera-makers.
Alongside this, BYO will continue to strengthen its digital provision through the Hub, further developing its content and accessibility. The organisation will also launch a pilot Creative Learning programme in Essex, expanding its educational reach and creating new pathways for engagement with young people and communities.
## **financial review and reserves policy**
As at 31 December 2025, the Charity held cash at bank and investments at market value totalling approximately £187,068 (2024: £170,702). 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.
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).
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.
## **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 2026 and 2027; 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 Brooman – Interim Chair
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
Date: 9/7/26
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The Trustees present their annual report and audited accounts for the year ended 31 December 2025. 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, retired 28 July 2025 Jan Younghusband - Chair, joined 28 July 2025, resigned 12 March 2026
Claire Barnett-Jones Richard Brooman – Interim Chair 12 March 2026 Julia Burbach – resigned 26 February 2026 Holiday Donaldson Tessa Marchington James McNaught-Davis John Richards John Rothenberg Enrique Sacau - joined 26 June 2025 Jennifer Smith Simon Spence KC John Sunnucks - retired 6 December 2025 Toby Young
## **Company Secretary**
Anna Patalong
## **Employees**
Anna Patalong - Chief Executive (FT) Charles Lewis - Head of Communications (PT) Emily Louise Palmer - General Manager (PT) - left February 2025 Laura Neem Burnett - Administrator (FT) - joined April 2025
## **Independent Examiner**
Cara Turtington FCA DChA
## **Bankers**
CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
## **BRITISH YOUTH OPERA**
## **Independent Examiner’s report to the Trustees For the year ended 31 December 2025**
## **______________________________________________________________________________________**
I report to the trustees on my examination of the accounts of British Youth Opera (‘the Company’) for the year ended 31 December 2025.
## **Respective Responsibilities of trustees and examiner**
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An 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 consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures 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 view’ and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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## **BRITISH YOUTH OPERA**
**Independent Examiner’s report to the Trustees For the year ended 31 December 2025**
**______________________________________________________________________________________**
4. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
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13 July 2026
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Cara Turtington FCA DChA
For and on behalf of Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
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## **BRITISH YOUTH OPERA**
## **Statement of financial activities incorporating the income and expenditure account For the year ended 31 December 2025**
## **__________________________________________________________________________________**
|**NOTE**
**Income from:**
Donations, legacies and Grants
**2**
Fundraising events
**3**
Investments
Charitable activities
**4**
**Total income**
**Expenditure on:**
**Raising funds**
Generating voluntary income
Fundraising events
**Charitable activities**
**Total expenditure**
**5**
**Net expenditure before**
**investment gains/ (losses)**
**6**
Net (losses)/gains on investments
**Net (expenditure)/income**
Theatre Tax Relief
**7**
**Net movement in funds**
**Reconciliation of Funds**
Fund balances at 1 January
**Fund balances at 31 December**
**14**|**Unrestricted**
**Funds**
**£**|**Restricted**
**Funds**
**£**|**Total**
**2025**
**£**|**Total**
**2024**
**£**|
|---|---|---|---|---|
||328,989
-
2,815
30,542
362,346
73,581
-
204,427
278,008
84,338
(2,354)
81,984
44,000
125,984
231,847
357,831|83,184
-
-
-
83,184
-
-
73,184
73,184
10,000
-
10,000
-
10,000
-
10,000|412,173
-
2,815
30,542
445,530
73,581
-
277,611
351,192
94,338
(2,354)
91,984
44,000
135,984
231,847
367,831|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|
The notes on pages 1 4 to 2 3 form part of these account
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## **BRITISH YOUTH OPERA**
## **Balance sheet At 31 December 2025**
|**Note**
**Fixed Assets**
Tangible assets
**10**
Investments
**11**
**Current Assets**
Debtors
**12**
Cash at bank and in hand
**Creditors: Amounts falling**
**due within one year**
**13**
**Net Current Assets**
**Net Assets**
**Funds**
**14**
Restricted Funds
Unrestricted Funds|**2025**
**£**
**£**
4,749
46,831
200,409
140,237
340,646
(24,395)
316,251
367,831
10,000
357,831
367,831|**2024**
**£**
**£**
3,598
49,185
65,042
121,517
186,560
(7,496)
179,064
231,847
-
231,847
231,847|**2024**
**£**
**£**
3,598
49,185
65,042
121,517
186,560
(7,496)
179,064
231,847
-
231,847
231,847|
|---|---|---|---|
||340,646
(24,395)|186,560
(7,496)||
|||||
||||-
231,847|
||||231,847|
For the year ended 31 December 2025 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.
Approved by the Board and signed on its behalf by
……………………………………………………………….
9 July 2026
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## **BRITISH YOUTH OPERA**
## **Statement of cash flows For the year ended 31 December 2025**
|**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
Investment in CCLA
Interest Income
Reclassification of Brewin Dolphin as cash
**Net cash generated from 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**|**2025**
**£**
94,339
1,418
44,000
(2,815)
(135,367)
16,899
18,474
**2025**
**£**
**£**
18,474
(2,569)
-
2,815
-
246
-
18,720
121,517
140,237|**2025**
**£**
94,339
1,418
44,000
(2,815)
(135,367)
16,899
18,474
**2025**
**£**
**£**
18,474
(2,569)
-
2,815
-
246
-
18,720
121,517
140,237|**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|**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|
|---|---|---|---|---|---|
|||||||
||||||-
(70,659)
192,177|
||||||121,517|
||||||**2024**
**£**
(84,032)
980
64,635
(3,292)
10,708
(8,952)
(19,953)|
|||||||
1 3
## **BRITISH YOUTH OPERA**
## **Notes to the Financial Statements For the year ended 31 December 2025**
## **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 the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (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 2025 year-end and the forecasts to 31 December 2026 and 2027; 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 market value in the balance sheet. The SOFA includes net gains or losses arising on revaluations throughout the year.
## **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
14
**Notes to the Financial Statements For the year ended 31 December 2025**
## **BRITISH YOUTH OPERA**
wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator for the estate has communicated in writing both the amount and the settlement date.
Income generated from the supply of goods or services is included in the Statement of Financial Activities in the period in which the supply is made.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
## **1.6 Grants**
Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are receivable.
## **1.7 Financial instruments**
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments (i.e. debtors and creditors).
## **1.8 Critical estimates and judgements**
Judgements and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In making these estimates the Trustees make assumptions concerning the future. The Trustees do not believe that there is significant risk of a material adjustment being made to the carrying amounts of assets and liabilities included in these financial statements within the next financial year.
## **1.9 Expenditure**
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to applicable expenditure headings.
Support and governance costs have been allocated between generating voluntary income, costs of fundraising events and charitable activities.
Support costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs related to statutory audit and legal fees together with an apportionment of overhead and support costs. Support costs relating to charitable activities have been apportioned on the basis of salaries or area occupied, whichever being the most appropriate.
Staff costs are allocated to activities on the basis of staff time spent on those activities.
Costs of charitable activities include governance costs and an apportionment of support costs (shown in note 5)
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## **BRITISH YOUTH OPERA**
**Notes to the Financial Statements For the year ended 31 December 2025**
## **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 & Gift Aid
BYO Hub|**Unrestricted**
**Funds**
**2025**
**£**
9,652
50,805
53,633
31,603
2,813
133,286
47,197
-
**328,989**|**Restricted**
**Funds**
**2025**
**£**
41,000
-
-
-
-
-
42,184
-
**83,184**|**Total**
**Funds**
**2025**
**£**
50,652
50,805
53,633
31,603
2,813
133,286
89,381
-
**412,173**|**Total**
**Funds**
**2024**
**£**
67,882
50,000
42,043
810
3,955
17,000
71,642
13,436|
|---|---|---|---|---|
|||||**266,768**|
**3. Fundraising**
||||||
|---|---|---|---|---|
|**Fundraising**
Gala Events|**Unrestricted**
**Funds**
**2025**
**£**
-|**Restricted**
**Funds**
**2025**
**£**
-|**Total**
**Funds**
**2025**
**£**
**-**|**Total**
**Funds**
**2024**
**£**|
|||||**9,289**|
16
## **BRITISH YOUTH OPERA**
## **Notes to the Financial Statements**
**For the year ended 31 December 2025**
## **4. Incoming Resources from Charitable Activities**
|Box Office
Donations & Sponsorship
Trusts and Foundations
BYO Hub|**Unrestricted**
**Funds**
**2025**
**£**
13,158
-
-
17,384
30,542|**Restricted**
**Funds**
**2025**
**£**
-
-
-
-
-|**Total**
**Funds**
**2025**
**£**
13,158
-
-
17,384
30,542|**Total**
**Funds**
**2025**
-
3,000
30,000
-|
|---|---|---|---|---|
|||||33,000|
## **5. Analysis of Total Expenditure**
|**Unrestricted funds**
Generating voluntary income
Fundraising events
Charitable activities
**Restricted funds**
Charitable activities
**Analysis of direct costs**
Freelance support
Marketing costs
Hospitality
Summer Programme
Serena Fenwick Programme
BYO Hub|**Staff costs**
**£**
30,682
-
92,045
-
**122,727**
**Generating**
**voluntary**
**income**
**£**
32,900
-
-
-
-
-
**32,900**|**Direct costs**
**£**
32,900
-
82,385
68,184
**183,469**
**Fundraising**
**events**
**£**
-
-
-
-
-
-
**-**|**Support**
**costs**
**£**
9,999
-
29,997
5,000
**44,996**
**Charitable**
**activities**
**£**
33,700
831
695
65,746
31,143
18,454
**150,569**|**Total 2025**
**£**
73,581
-
204,427
73,184|
|---|---|---|---|---|
|||||**351,192**|
|||||**Total 2025**
**£**
66,600
831
695
65,746
31,143
18,454|
|||||**183,469**|
17
## **BRITISH YOUTH OPERA**
## **Notes to the Financial Statements For the year ended 31 December 2025**
|Audit – prior year
Legal & professional
Independent Examination Fee
Independent Examiner’s renumeration: Legal & Professional
Office costs
**Unrestricted funds**
Generating voluntary income
Fundraising events
Charitable activities
**Restricted funds**
Charitable activities
**Analysis of direct costs**
Freelance support
Marketing costs
Hospitality
Summer Season
Serena Fenwick Programme
Other Training
Audition|**Total 2025**
**£**
-
34
3,500
10,795
30,667
**44,996**
**Staff costs**
**£**
28,713
28,713
57,427
-
**114,853**
**Generating**
**voluntary**
**income**
**£**
-
-
-
-
-
-
**-**|**Total 2024**
**£**
1,675
7,434
3,950
38,593
**51,652**
**Direct costs**
**£**
-
-
229,876
-
**229,876**
**Fundraising**
**events**
**£**
-
-
-
-
-
-
**-**|**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**|
18
## **BRITISH YOUTH OPERA**
## **Notes to the Financial Statements For the year ended 31 December 2025**
|**6.**
**Net Incoming Resources**
**This is stated after charging**
Depreciation on owned assets
Auditors' remuneration - Independent Examination Fee
-
Audit fees prior year
-
Legal & Professional
**7.**
**Theatre Tax Relief**
Theatre Tax Relief - 2024
Theatre Tax Relief - 2025
**8.**
**Staff Costs and Numbers**
Salaries
Social security costs
Pension costs|**2025**
**£**
1,418
3,995
10,300
34|**2024**
£
980
3,950
1,675
7,434|
|---|---|---|
||**15,747**
**2025**
**£**
-
44,000|**14,039**
**2024**
**£**
64,635
-|
||**44,000**|**64,635**|
||**2025**
**£**
112,050
3,545
7,132
122,727|**2024**
**£**
100,607
10,223
4,024|
|||114,854|
No employee received emoluments of more than £60,000 (2024: none). The average weekly number of employees during the year was 3 (2024: 3).
The Trustees received no remuneration, nor had any expenses reimbursed during the year (2024: remuneration and expenses of £nil.
The total employee benefits (being salary, pension contributions and other benefits) of key management personnel of the charity were £60,417 (2024: £57,200).
## **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.
19
## **BRITISH YOUTH OPERA**
## **Notes to the Financial Statements For the year ended 31 December 2025**
## **10. Tangible Fixed Assets**
|**Cost**
At 1 January 2025
Additions during the year
Disposals during the year
At 31 December 2025
**Depreciation**
At 1 January 2025
Charge for the year
Disposals
At 31 December 2025
**Net book value**
At 31 December 2025
At 1 January 2025|**Office**
**Equipment**
**£**
9,234
2,569
-|
|---|---|
||**11,803**|
||5,636
1,418
-|
||**7,054**|
||**4,749**|
||**3,598**|
There were no commitments to capital expenditure at 31 December 2024 or 31 December 2025.
## **11. Investments**
|Market Value at 1 January 2025
Purchases
Sales at opening market value
Investment gains/ (losses)
Market Value at 31 December
Historical cost||**2025**
**£**
49,185
-
-
(2,354)
**46,831**
50,000||**2024**
**£**
-
50,000
-
(815)|
|---|---|---|---|---|
||||||
|||||**49,185**|
|||||50,000|
20
## **BRITISH YOUTH OPERA**
## **Notes to the Financial Statements**
## **For the year ended 31 December 2025**
|**12.**
**Debtors**
Accrued income
VAT
Theatre Tax Relief Receivable
Other debtors and prepayments|**2025**
**£**
149,656
-
44,000
6,753
200,409|**2024**
**£**
-
408
64,635
-|
|---|---|---|
|||65,042|
Accrued income includes £18,000 for Corporate Fundraising and a legacy of £130,0000
|**13.**
**Creditors: Amounts Falling due within one year**
Accruals and deferred income
Other Creditors
VAT|**2025**
**£**
4,158
19,424
813
24,395|**2024**
**£**
4,070
3,426
-|
|---|---|---|
|||7,496|
## **14. Movement In Funds**
|**Funds**
**Unrestricted Funds**
**Restricted Funds**
Summer Programme 25
Summer Programme 26
Serena Fenwick
Programme
BYO Hub
Operational
**Restricted Funds**
**Total funds**|**At 1st**
**January**
**2025**
**£**
**231,847**
-
-
-
-
-
**-**
**231,847**|**Incoming**
**Resources**
**£**
**403,992**
11,000
10,000
32,184
25,000
5,000
**83,184**
**487,176**|**Outgoing**
**Resources**
**£**
**(278,008)**
(11,000)
-
(32,184)
(25,000)
(5,000)
**(73,184)**
**(351,192)**|**Transfer**
**between**
**funds**
**£**
**-**
-
-
-
-
-
**-**
**-**|**At 31**
**December**
**2025**
**£**|
|---|---|---|---|---|---|
||||||**357,831**|
||||||-
10,000
-
-
-|
||||||**10,000**|
||||||**367,831**|
21
## **BRITISH YOUTH OPERA**
## **Notes to the Financial Statements For the year ended 31 December 2025**
|**Funds**
Restricted funds
Unrestricted funds|**At 1st**
**January**
**2024**
**£**
-
252,059
**252,059**|**Incoming**
**Resources**
**£**
-
376,169
**376,169**|**Outgoing**
**Resources**
**£**
-
(396,381)
**(396,381)**|**Transfer**
**between**
**funds**
**£**
-
-
**-**|**At 31**
**December**
**2024**
**£**
-
231,847|
|---|---|---|---|---|---|
||||||**231,847**|
**15. Analysis of Net Assets Between Funds**
|Fixed Assets
Current Assets
Current Liabilities
Fixed Assets
Current Assets
Current Liabilities|**Restricted**
**Funds**
**2025**
**£**
-
10,000
-
10,000
**Restricted**
**Funds**
**2024**
**£**
-
-
-
-|**Unrestricted**
**Funds**
**2025**
**£**
51,580
330,646
(24,395)
357,831
**Unrestricted**
**Funds**
**2024**
**£**
52,783
186,560
(7,496)
231,847|
|---|---|---|
22
## **BRITISH YOUTH OPERA**
## **Notes to the Financial Statements For the year ended 31 December 2025**
## **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: £31,185 (2024: £29,805). Costs incurred by the Trustees for travel and subsistence on charity business and reimbursed to them amounted to £2,000 (2024: £1,590).
## **17. Analysis of Changes in Net Debt**
|**Cash at bank:**Current accounts
Longer term deposits
**TOTALS**
**Cash at bank:**Current accounts
Longer term deposits
**TOTALS**|**At 1st January**
**2025**
**£**
121,517
-
**121,517**
**At 1st January**
**2024**
**£**
138,638
53,539
**192,177**|**Cash-flows**
**£**
18,720
-
**18,720**
**Cash-flows**
**£**
(17,121)
(53,539)
**(70,660)**|**At 31 December**
**2025**
**£**
140,237
-|
|---|---|---|---|
||||**140,237**|
||||**At 31 December**
**2024**
**£**
121,517
-|
||||**121,517**|
23