Registered number: NI601681 Charity number: NIC101771
NI Opera
(A Company Limited by Guarantee)
Trustees' Report and Financial Statements
For the year ended 31 March 2023
NI Opera
(A Company Limited by Guarantee)
Contents
| Page | |
|---|---|
| Reference and Administrative Details of NI Opera, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 8 |
| Independent Auditors' Report on the Financial Statements | 9 - 12 |
| Statement of Financial Activities | 13 |
| Balance Sheet | 14 |
| Statement of Cash Flows | 15 |
| Notes to the Financial Statements | 16 - 25 |
NI Opera (A Company Limited by Guarantee)
Reference and Administrative Details of NI Opera, its Trustees and Advisers For the year ended 31 March 2023
| Trustees | Mr R E Bailie OBE, Chair |
|---|---|
| Dame F Jay-O'Boyle, Deputy Chair | |
| Mr K G Lindsay, Treasurer | |
| Mr S Kingon CBE | |
| Mr R J McBride | |
| Mr J Hunt | |
| Professor D O'Reilly | |
| Mrs J Wells MBE | |
| Ms M Regan | |
| Mr Gavin Boyd (appointed 21 June 2023) | |
| Ms Karen Shearer (appointed 27 July 2023) | |
| Company secretary Mr K G Lindsay Company registered number NI601681 Charity registered number NIC101771 Registered office Carnegie Building Studio J 121 Donegall Road Belfast Northern Ireland BT12 5JL Independent auditors ASM (B) Ltd 4th Floor Glendinning House 6 Murray Street Belfast BT1 6DN |
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NI Opera
(A Company Limited by Guarantee)
Trustees' Report For the year ended 31 March 2023
The Trustees present their Annual Report together with the audited financial statements of NI Opera for the year from 1 April 2022 to 31 March 2023. The Annual Report serves the purposes of both a Trustees' Report and a Directors' Report under company law. The Trustees confirm that the Annual Report and financial statements of the Charitable Company comply with the current statutory requirements, the requirements of the Charitable Company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Since NI Opera qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
The principal objects of the company as per the Articles of Association are to advance the education of the general public through the presentation of opera and other dramatic, musical and performing arts; and to further the development of public appreciation and taste in opera and the said arts.
Founded in 2010, Northern Ireland Opera is Northern Ireland’s award-winning national opera Company, widely acclaimed as one of the most exciting operatic start-ups in UK and Irish history. With a philosophy of artistic excellence and risk-taking, underpinned by a bold and imaginative approach to programming and productions, Northern Ireland Opera is committed to the idea of opera as a uniquely enriching ‘total’ art form and one which should be open to everyone. Through a modern but accessible production style, an emphasis on local participation and young people, and inexpensive ticket prices, the Company has broadened the audience for opera in a region where there has been historic under-provision and where the arts are uniquely placed to foster relations between communities. In only thirteen years, the Company’s energy, ideas and high artistic standards have led to both national critical acclaim and an international profile.
Mission - To provide the highest-quality opera to the widest possible audience.
Vision - Northern Ireland Opera aims to promote the best of Northern Irish talent, engaging with local communities and young people, closely collaborating with other Northern Ireland arts organisations and using some of the province’s most iconic spaces for its performances. It is determined to build up an international profile for the company, recognising the unique source of pride an opera company can be to any region and the benefits that are generated in global partnerships.
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NI Opera
(A Company Limited by Guarantee)
Trustees' Report (continued) For the year ended 31 March 2023
Objectives and activities (continued)
b. Strategies for achieving objectives
NI Opera have the following aims:
AIM 1 (ARTISTIC) REPERTOIRE & PRODUCT DEVELOPMENT
Maintain and develop our unique production aesthetic and identity whilst expanding our product range across scale and repertoire.
AIM 2 (ARTISTIC) TALENT DEVELOPMENT
Continue to promote and develop young and Irish talent whilst integrating this function into wider business objectives.
AIM 3 (ARTISTIC and ORGANISATIONAL) AUDIENCE DEVELOPMENT
Identify and nurture core supporters, and build awareness, loyalty and engagement amongst a broader network of supporters.
AIM 4 (ORGANISATIONAL) RESOURCE DEVELOPMENT
Develop and expand current and future revenue streams with a particular emphasis on fundraising and box office revenues.
AIM 5 (ORGANISATIONAL) SUSTAINABILITY AND GOVERNANCE
Strengthen and stabilise the company’s structures, policies and practices to deliver a more secure and sustainable financial and operational model.
c. Activities for achieving objectives
NI Opera will achieve its objectives by continuing to provide artistic excellence, community engagement and an artist training and development programme for Northern Ireland and the island of Ireland as a whole. The programme will be delivered throughout each calendar year centred on the opportunities created by NI Opera Studio training programme for young singers, the annual Festival of Voice vocal competition in Glenarm, Co. Antrim, the outreach and educational projects, and the main scale productions in the Grand Opera House and the Lyric Theatre.
d. Main activities undertaken to further the charity's purposes for the public benefit
Cultural provision in Northern Ireland has been hugely underfunded compared to other UK regions. However, current circumstances offer NI Opera a once in a generation opportunity to address social, regenerative, cultural and economic imperatives via the medium of opera through unique educational experiences, training schemes and career pathways for potential artists, musicians and theatre practitioners.
Achievements and performance
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NI Opera (A Company Limited by Guarantee)
Trustees' Report (continued) For the year ended 31 March 2023
Achievements and performance (continued)
a. Review of activities
Northern Ireland Opera has had a wonderfully busy year and we are delighted to have engaged so many freelance musicians and crew to make it a successful year.
In April 2022, the company held open chorus auditions which attracted over 90 singers auditioning over one weekend. This was a great insight to the level of singing post covid. We were invited to take part in a series of Sunday performances on the Maritime Mile. These were free to the general public to attend and we performed weekly from April through to September. In June, the company chorus attended workshops with language coach, Thomas Johnson and choreographer Isabel Baquero. This was in preparation for La Traviata. We also had the opportunity to send two facilitators to Seaview Integrated PS in Glenarm for a day of music and fun. As a fundraiser for La Traviata, we hosted a trivia quiz afternoon called ‘La Triviata’ in the New Orpheus, Belfast.
The summer season started with a performance at the Stendhall festival with soprano Ellen Mawhinney accompanied by Andrew Robinson. There was also an afternoon performance at DalFest in Glenarm Castle. The Rosemary Street Presbyterian Summer Recital Series returned once again and we were delighted to participate in these. In August 2022, International star, Meow Meow performed to a full house at The Empire Music Hall, Belfast. Rehearsals for our main stage opera, La Traviata, began with cast coming from Northern Ireland and also further afield featuring star soprano Siobhan Stagg in the title role.
Our annual Festival of Voice returned at the end of August to the village of Glenarm once again. This included the masterclasses and finale for five singers and also three BBC Radio 3 recitals.
September 2022 saw the build up to La Traviata and we performed a ‘pop up’ style event with our chorus at St. George’s Market, Belfast. Our sold-out performance of La Traviata in the Grand Opera House, Belfast gained a five-star review from The Guardian and many other positive reviews. We were once again delighted to be able to hire the Ulster Orchestra for this well received return to the Grand Opera House since covid. Alongside the main opera, we held our outreach week at the Grand Opera House with a varied programme of song, dance, recitals and a very popular Come and Sing. We opened our dress rehearsal up to around 700 of our community partners and they attended free of charge with many audience members attending opera for the first time.
As part of a Halloween festival in Sailortown, we sent make up artist, Connie McGrath to St. Joseph’s Church for a workshop on SFX make up with the young people of the community.
In early November, we were invited to the Ulster Reform Club to present a Cabaret Dinner for their members. This was a successful night which brought all genres of music together.
Christmas began early in Belfast with the switching on of the Christmas Lights and we were delighted to send singers to two locations in the city centre.
In partnership with the Belfast Buildings Trust, we facilitated two workshops on theatre skills in Crumlin Road Gaol for those who are interested in more than just being a performer on stage.
Our company CEO and General Manager met with potential youth counterparts at ‘Springboard’ for our youth opera ‘Nobody/Somebody’. These roles would be paid positions to shadow professionals in their related field. Our early Christmas performances continued with a recital in Rosemary Street Presbyterian, Belfast at the end of November.
The new year started with the annual ‘Out to Lunch’ festival at The Black Box. This was a cabaret style event to a full house who also enjoyed their lunch. This was followed by the launch of the Belfast Children’s Festival at The Lyric Theatre and those in attendance got a snippet of our upcoming youth opera ‘Nobody/Somebody’.
In February 2023, we were delighted to open our Salon Series with La Voix Humaine in the Throne Room at
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NI Opera (A Company Limited by Guarantee)
Trustees' Report (continued) For the year ended 31 March 2023
Achievements and performance (continued)
Hillsborough Castle. This concert was a launch for our six series tour of smaller works lasting no longer than an hour. Other events in the series included Bewitched, Bothered and Bewildered in St. Columb’s Hall, Derry; Sea Wrack in St. Joseph’s, Belfast; The Lost Boy in The New Orpheus, Belfast and then two more in March. February also saw rehearsals begin for the newly commissioned youth opera Nobody/Somebody featuring score by Neil Martin and libretto by Finn Kennedy.
To round off the year, we had the premier weekend of youth opera ‘Nobody/Somebody’ as part of the Belfast Children’s Festival in Elmwood Hall. Two more Salon Series events took place – Songs and Dances of Death and Kindertotenlieder in Crumlin Road Gaol and then Les Nuits d’Été in The Courthouse, Newtownabbey.
The company staff had the opportunity to travel to Perth, Australia as part of professional development and the remount of Into the Woods which was first performed in Belfast in February 2022. There were many opportunities to meet with similar arts organisations and discuss how opera and the arts is perceived in Perth and beyond. The creative team from the Belfast production was hired by West Australian Opera to remount Into the Woods and this has given them an international accolade. March also saw nominations from The Irish Times Theatre Awards 2022 and NI Opera was nominated for Best Set, Best Director and Best Production for Into the Woods and subsequently won Best Production 2022 for Into the Woods.
b. Factors relevant to achieve objectives
NI Opera have a small dedicated team and a committed Board of Trustees who are passionate about the art form of opera.
Financial review
a. Going concern
The net surplus for the year was £38,445 which resulted in positive total funds at the year end of £16,569. Appropriate enquiries have been made of the Trustees in regards adopting the going concern basis. Due to the continued grant support of the Arts Council of Northern Ireland, Trusts plus anticipated further Theatre Tax Relief credits, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date when the financial statements are authorised for issue. For this reason, the company continues to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
Future reserves held by the charity are for the use of achieving the objective of advancing the education of the general public and furthering the development of public appreciation in opera through the presentation of opera and other dramatic, musical and performing arts.
c. Principal risks and uncertainties
As NI Opera’s main funder, the Arts Council of Northern Ireland continue to support the company financially and partnerships with key stakeholders the Ulster Orchestra, the Grand Opera House and the Lyric Theatre continue to develop.
Structure, governance and management
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NI Opera
(A Company Limited by Guarantee)
Trustees' Report (continued) For the year ended 31 March 2023
Structure, governance and management (continued)
a. Constitution
The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 17 December 2009.
The company is a registered charity number NIC101771.
The Trustees are responsible for the strategic management of the company.
Trustees are not paid and generally do not receive out of pocket expenses.
b. Methods of appointment or election of Trustees
The management of NI Opera is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
c. Risk management
The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
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NI Opera (A Company Limited by Guarantee)
Trustees' Report (continued) For the year ended 31 March 2023
Plans for future periods
Our plans for the 2023/24 and beyond are detailed below.
We will once again be performing along the Maritime Mile and this will also include performances at the Maritime Festival which returns after a short hiatus.
A chorus concert is scheduled for May 2023 with conductor Jac van Steen and will include music across all periods of music. Auditions will be held in autumn 2023 to allow the company to expand the chorus development programme and hear new talent.
The Festival of Voice will once again return to Glenarm in August 2023 and will feature five finalists and a piano intern. The BBC will record three recitals to broadcast on Radio 3 in September.
Our main stage opera, Tosca, will be in early September at the Grand Opera House with rehearsals beginning in early August. NI Opera will once again be performing with the Ulster Orchestra and will run a subsequent programme of outreach events for schools and community groups.
The well received Salon Series will take another tour of Northern Ireland with interest from The Playhouse, Derry and the MAC, Belfast.
Two smaller works will take place in the Studio of the Grand Opera House in February 2024, Cupid’s Bow for Valentines Day and The Juniper Tree to showcase a the more contemporary compositions of Philip Glass and chamber opera.
A chorus concert will be held in The Ulster Hall in May 2024 and will feature the newly auditioned artists from our development programme and also our wonderful chorus.
We will continue to work with community groups to provide workshops and performances. We also plan to develop and increase our schools outreach programme across a wider geographical stretch within Northern Ireland in 2024.
The main stage opera will once again return to The Grand Opera House in September 2024.
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NI Opera (A Company Limited by Guarantee)
Trustees' Report (continued) For the year ended 31 March 2023
Statement of Trustees' responsibilities
The Trustees (who are also the Directors of NI Opera for the purposes of company law) are responsible for preparing the Trustees' 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of NI Opera and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that NI Opera will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain NI Opera's transactions and disclose with reasonable accuracy at any time the financial position of NI Opera and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of NI Opera and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, ASM (B) Ltd, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Mr R E Bailie OBE
Chair Date: 12 December 2023
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NI Opera (A Company Limited by Guarantee)
Independent Auditors' Report to the Members of NI Opera
Opinion
We have audited the financial statements of NI Opera for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of 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:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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NI Opera (A Company Limited by Guarantee)
Independent Auditors' Report to the Members of NI Opera (continued)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and.
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the Trustees' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our 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' Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
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NI Opera (A Company Limited by Guarantee)
Independent Auditors' Report to the Members of NI Opera (continued)
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the 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 but to do so.
Auditors' responsibilities for the audit of the financial statements
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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income; and posting of unusual journals along with complex transactions. We discussed these risks with client management, designed audit procedures to test the timing of income, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
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NI Opera
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of NI Opera (continued)
Mr Brian Clerkin (Senior Statutory Auditor)
for and on behalf of
ASM (B) Ltd
Chartered Accountants and Statutory Auditors 4th Floor Glendinning House 6 Murray Street Belfast BT 1 6DN
12 December 2023
ASM (B) Ltd are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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NI Opera
(A Company Limited by Guarantee)
Statement of financial activities (incorporating income and expenditure account) For the year ended 31 March 2023
| Note Income from: Grants, donations and legacies Charitable activities 3 Investments 4 Theatre Tax Relief Credit Total income Expenditure on: Charitable activities Total expenditure Net income/(expenditure) Transfers between funds 12 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 93,421 133,249 517 - 227,187 164,889 164,889 62,298 (32,182) 30,116 (13,547) 30,116 16,569 |
Restricted funds 2023 £ 996,324 - - - 996,324 1,020,177 1,020,177 (23,853) 32,182 8,329 (8,329) 8,329 - |
Total funds 2023 £ 1,089,745 133,249 517 - 1,223,511 1,185,066 1,185,066 38,445 - 38,445 (21,876) 38,445 16,569 |
Total funds 2022 £ 622,722 154,860 16 70,567 848,165 908,036 908,036 (59,871) - (59,871) 37,995 (59,871) (21,876) |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 16 to 25 form part of these financial statements.
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NI Opera
(A Company Limited by Guarantee) Registered number: NI601681
Balance Sheet As at 31 March 2023
| Note Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand 15 Creditors: amounts falling due within one year 11 Net current liabilities Total assets less current liabilities Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
24,867 60,120 84,987 (90,076) |
2023 £ 21,658 21,658 (5,089) 16,569 16,569 - 16,569 16,569 |
102,403 82,110 184,513 (208,389) |
2022 £ 2,000 2,000 (23,876) (21,876) (21,876) (8,329) (13,547) (21,876) |
|---|---|---|---|---|
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Mr R E Bailie OBE
Chair Date: 12 December 2023
The notes on pages 16 to 25 form part of these financial statements.
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NI Opera (A Company Limited by Guarantee)
| Statement of Cash Flows For the year ended 31 March 2023 Cash flows from operating activities Net cash from operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities Cash inflows from new borrowing Repayments of borrowing Net cash (used in)/provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 16 to 25 form part of these financial statements |
2023 £ 49,668 (21,658) (21,658) - (50,000) (50,000) (21,990) 82,110 60,120 |
2022 £ (115,262) (245) (245) 50,000 - 50,000 (65,507) 147,617 82,110 |
|---|---|---|
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NI Opera (A Company Limited by Guarantee)
Notes to the Financial Statements For the year ended 31 March 2023
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
NI Opera meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Going concern
The trustees of NI Opera have reviewed the appropriateness of the going concern assumption in light of the financial position at the year end.
Due to the continued grant support of the Arts Council of Northern Ireland, Trusts, plus further Theatre Tax Relief credits, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date when the financial statements are authorised for issue.
Accordingly, the trustees believe that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.
1.3 Income
All income is recognised once NI Opera has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
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NI Opera (A Company Limited by Guarantee)
Notes to the Financial Statements For the year ended 31 March 2023
1. Accounting policies (continued)
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further NI Opera's objectives, as well as any associated support costs.
Expenditure is analysed between restricted and unrestricted expenditure.
1.5 Tangible fixed assets and depreciation
Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is provided on the following bases:
- Plant and machinery 25% straight line - Fixtures and fittings 25% straight line - Office equipment 25% straight line
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that NI Opera anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
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NI Opera (A Company Limited by Guarantee)
Notes to the Financial Statements For the year ended 31 March 2023
1. Accounting policies (continued)
1.9 Financial instruments
NI Opera only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of NI Opera and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by NI Opera for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
2. Grants, donations and legacies
| Unrestricted funds 2023 £ Grant income - Partnership funding/contributions - Donations 3,421 Trusts 90,000 Total 2023 93,421 Total 2022 39,986 |
Restricted funds 2023 £ 994,167 2,157 - - 996,324 582,736 |
Total funds 2023 £ 994,167 2,157 3,421 90,000 1,089,745 622,722 |
Total funds 2022 £ 581,536 1,200 5,986 34,000 |
|---|---|---|---|
| 622,722 |
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NI Opera (A Company Limited by Guarantee)
Notes to the Financial Statements For the year ended 31 March 2023
3. Income from charitable activities
| Unrestricted funds 2023 £ Box office receipts 92,005 Programmes 400 Miscellaneous income 40,844 133,249 |
Total funds 2023 £ 92,005 400 40,844 133,249 |
Total funds 2022 £ 141,475 - 13,385 |
|---|---|---|
| 154,860 |
4. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Bank interest receivable | 517 | 517 | 16 |
5. Analysis of expenditure on charitable activities
| Unrestricted funds 2023 £ Core costs - Support costs 4,139 Other support costs - staff 160,750 164,889 Total 2022 150,449 |
Restricted funds 2023 £ 702,333 317,844 - 1,020,177 757,587 |
Total funds 2023 £ 702,333 321,983 160,750 1,185,066 908,036 |
Total funds 2022 £ 623,830 149,507 134,699 |
|---|---|---|---|
| 908,036 |
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NI Opera (A Company Limited by Guarantee)
Notes to the Financial Statements For the year ended 31 March 2023
6. Auditors' remuneration
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to NI Opera's auditor for the audit of NI Opera's annual | ||
| accounts (including VAT) | 5,700 | 5,700 |
| Fees payable to NI Opera's auditor in respect of: | ||
| All non-audit services not included above | 7,100 | 4,406 |
7. Staff costs
| Wages and salaries Social security costs Pension contributions |
2023 £ 142,180 16,346 2,223 160,749 |
2022 £ 121,249 12,321 1,129 |
|---|---|---|
| 134,699 |
The average number of persons employed by NI Opera during the year was as follows:
| 2023 | 2022 |
|---|---|
| No. | No. |
| 5 | 5 |
No employee received remuneration amounting to more than £60,000 in either year.
Remuneration paid to key management personnel totalled £50,000 (2022 - £49,833).
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NI Opera (A Company Limited by Guarantee)
Notes to the Financial Statements For the year ended 31 March 2023
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL).
9. Tangible fixed assets
| Cost or valuation At 1 April 2022 Additions At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Fixtures and fittings £ 275 - 275 275 - 275 - - |
Office equipment £ 12,251 21,658 33,909 10,251 2,000 12,251 21,658 2,000 |
Total £ 12,526 21,658 |
|---|---|---|---|
| 34,184 | |||
| 10,526 2,000 |
|||
| 12,526 | |||
| 21,658 | |||
| 2,000 |
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NI Opera (A Company Limited by Guarantee)
Notes to the Financial Statements For the year ended 31 March 2023
10. Debtors
| Due within one year Trade debtors Other debtors |
2023 £ - 24,867 24,867 |
2022 £ 87,723 14,680 |
|---|---|---|
| 102,403 |
11. Creditors: Amounts falling due within one year
| Loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
2023 £ - 83,927 - 549 5,600 90,076 |
2022 £ 50,000 59,805 8,768 3,266 86,550 |
|---|---|---|
| 208,389 |
A short-term loan was provided to NI Opera in March 2022, and was fully repaid in May 2022. The loan was non-interest bearing.
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NI Opera (A Company Limited by Guarantee)
Notes to the Financial Statements For the year ended 31 March 2023
12. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | Transfers | 31 March | |||
| April 2022 | Income | Expenditure | in/out | 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | (13,547) | 227,187 | (164,889) | (32,182) | 16,569 |
| Restricted funds | |||||
| Restricted Funds - all funds | (8,329) | 996,324 | (1,020,177) | 32,182 | - |
| Total of funds | (21,876) | 1,223,511 | (1,185,066) | - | 16,569 |
| Statement of funds - prior year | |||||
| Balance at | |||||
| Balance at | 31 March | ||||
| 1 April 2021 | Income | Expenditure | 2022 | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General Funds - all funds | (128,527) | 194,862 | (150,449) | (84,114) | |
| Other income - theatre tax relief credit | - | 70,567 | - | 70,567 | |
| (128,527) | 265,429 | (150,449) | (13,547) | ||
| Restricted funds | |||||
| Restricted Funds - all funds | 166,522 | 582,736 | (757,587) | (8,329) | |
| Total of funds | 37,995 | 848,165 | (908,036) | (21,876) | |
Page 23
NI Opera (A Company Limited by Guarantee)
Notes to the Financial Statements For the year ended 31 March 2023
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Tangible fixed assets 21,658 Current assets 84,987 Creditors due within one year (90,076) Total 16,569 |
Total funds 2023 £ 21,658 84,987 (90,076) 16,569 |
|---|---|
14. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operating activities 15. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents |
2023 £ 38,445 2,000 77,536 (68,313) 49,668 2023 £ 60,120 60,120 |
2022 £ (59,871) 3,157 (61,280) 2,732 (115,262) 2022 £ 82,110 82,110 |
|---|---|---|
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NI Opera (A Company Limited by Guarantee)
Notes to the Financial Statements For the year ended 31 March 2023
16. Analysis of changes in net debt
| Cash at bank and in hand Debt due within 1 year |
At 1 April 2022 £ 82,110 (50,000) 32,110 |
Cash flows £ (21,990) 50,000 28,010 |
At 31 March 2023 £ 60,120 - |
|---|---|---|---|
| 60,120 |
17. Related party transactions
The NI Opera has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the NI Opera at 31 March 2023.
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