Registered number: N1601681 Charity number: NIC101771 Nl Opera (A Company Limited by Guarantee) Trustees. Report and Financial Statements For the year ended 31 March 2024
Nl 0ra IA Company Limited by Guarantso) Contents Page Reference and Admlnlstratlve Details of Nl Opera. its Trustees and Advisers Trustees. Report Independent Auditors. Report on the Flnancial Statements 10-13 ststement of Financial Actlvltles 14 Balance Sheet 15 Statement of Cash Flows 16 Not8S to the Financial Statsments 17-26
Nl Opera IA Company Limited by Guarantee) Reference and Administrative Details of Nl Opera, its Trustses and Advisers For the year ended 31 March 2024 Trustees Mr R E Balie CBE, Chair Dame F Jay-O'Boyle DBE. Deputy Chair Mr K G Lindsay. Secrelary Mr S lQngon CBE (resigned 30 June 2024) Mr R J McBride Mr J Hunt (resigned 18 September 2023) Professor D O'Reilly {resigned 30 September 2024) Mrs J Wells MBE Ms M Regan Mr G Boyd (appointed 21 June 2023) Ms K Shearer, Treasurer (appointed 27 Juty 2023) Company secretary Mr K G LirKlsay Company reglstered number N1601681 Charlty reglstered number NIC101771 Reglstered office Carnegie Building Studio J 121 Donegall Road Belfast Northem Ireland BT12 5JL Independent auditors Sumer Auditco Nl Ltd SlatLrtory Auditors 4th Floor Glendinning House 6 Murray SAreet Belfast BT16DN SUMER NORTHERN IREL4NO Page 1
Nl Opera IA Company Llmlted by Guarantee) Trustees. Report For the year ended 31 March 2024 The Trustees present their Annual Report together with the audited financial statements of Nl Opera for the year from 1 April 2023 to 31 March 2024. The Annual R8POrt serves the purposes of both a Trustees. Report and Directors, Report under company Law. The Trustees confirm that the Annual Report and financkql statements of the Charitable Company comply with the current ststutory requirements, the requirements of the Charitable Companys governing document and the provisions of the Statement of R8commended Practice (SORP) applicable to charities preparing their accounts in accordan with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS102). Since Nl 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 (stte9C Report and Directors. Report Regulations 2013} has been omFited. Objectives and activities a. Policies and objectives We have referred to the guidance contained in Charity Cormiission's general guidance on public benefit when reviewing our aims and obJe¢ttves and in planning our future actNities. 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 publr appreciation and taste in opera and the said arts. Founded in 2010, Northem Ireland Op8ra is North8m Irelands a4vard-winning national opera company, widely acclaimed as one of the most exciiing operatic start-ups in UK and Irish history. With a philosophy of artistic excellenc8 and risk-taking, underpinned by a bokl and imaginatNE approach to programming and productions, Northern Ireland Opera is committed to the idea of opera as a unNuely eniithing lotal, art form and one which should be open to everyone. Through a modem but accessible production style, an emphasis on l¢xal participation and young people, and inexpensive ticket prices. the Company has broadened the audience for opera in a regKin where there has been historic under-provision and where the arts are uniquely placed to foster relattons between communities. In only thirteen years. the Compan5ls energy, ideas and high artistic standards have led to both national critical acclaim and an intemational profile. Mission - To provide the huhest-qualty opera to the widest possible audien. Vision Northern Ireland Opera aims to prorrK)te the best of Northem Irish talent, engaging wth local communities and young people. closely collaborating with other Northem Ireland arts organisations and using some of the province's most icontc spaces for its perfomances. It is determined to build up an intemational profile for the company, recognising the unKiue source of pride an opera company can be fo any region and the beneffts that are generated in global partnerships. SUMER NORTHERN IRELAND Page 2
Nl Opera (A Company Llmlted by Guarantee) Trustees, Report (contlnued) For the year ended 31 March 2024 Objectlves and adlvltles {continued) b. Strategies for achlevlng oblectlv Nl Opera have the following aims: AIM 1 (ARTISTIC) REPERTOIRE & PRODUCT DEVELOPMENT Maintain and develop our unique prOdtIOn aesthetic and identty whilst expanding our product rang8 across scale and repertoire. AIM 2 IARTISTIC) TALENT DEVELOPMENT Continue to promote and develop young and Irish tslent whikt integrating this function into wider business objectives. AIM 3 (ARTISTIC and ORGANISATIONAL) AUDIENCE DEVELOPMENT Identfy and nurture core supporters. and build awareness. loyalty and engagement amongst a broader netrrk of supporters. AIM 41ORGANISATIONAL) RESOURCE DEVELOPMENT Develop and expand current and future revenue streams with a particular emphasis on fundraising and box office revenues. AIM 5 IORGANISATIONAL) SUSTAINABILITY AND GOVERNANCE Slrengthen and stabilise the companws structures, policies and practices lo deliver a more secure and sustainable financial and operational m¢Jdel. c. Activities for achieving objeclives Nl Opera will achieve its objectpies by continuing to provKle artistic exllen. ccxnmunty engagement and an artist training and devek)pment prograrnme for Northem Ireland and the island of Ireland as a whole. The programme wll be delivered throughout each calendar year centred on the opportunities created by Nl Opera studio training programme for young singers. the annual Festival of Voice vocal competrtion in Glenami. Co. Antrim. the outreach and educatiorkql project5. and the main scale production in the Grand Opera House. d. Main actlvltles undertaken to further the charity's purposes for the public benefit Cullural provision in Northem Ireland has been hugety underfunded compar8d to other UK règions. However. current circumstances offer Nl Opera a once in a generation opportunty to address soaal, regenerative. cultural and economic imperatives via the medium of opera through unique educational experiences, training schemes and career pathways for potential artists, musicians and Ih8atre practitioners. SUMER ORTHERN IRELAND Page 3
Nl Opera IA Company Llmlted by Guarantee) Trustees. Report (continued) For the year ended 31 March 2024 Achlevements and perforniance a. Revlew of actlvltles Northern Ireland Opera has had another busy year and y are delghted to have once again engaged so many freelance musicians and uew to make it a successful year. In April 2023, the Northem Ireland Opera Chorus began their season with rehearsals for our main produdion 'Tosca' and other upcoming chorus event5. The chorus enjoyed sessions wtth renowned conductor Jac van Steen, Coach Bryan Evans and Nl Opera's Artist in Development, Matthew Quinn. Soloists Mary Mccabe and Catherine Donnelfy plus the female voices from the chorus were invited to perfonn in Mendelssohn's Midsummer Nighys Dream alongside the Ulster Orchestra in May 2023 at the Ulster Hall. The Chorus then perfomied their own sold-oul concert a week later in the beautiful surroundings of the Harbour Commissioneff s Room. This was a showcase concert where the audience could enjoy opera chorus, throughout the ages. We were once again delighted to be able to perform in the Throne Room at Hillsborough Castle. The Salon Series, Les Nulls d'Été and A Chloris and other melodies by Hahn were performed by soprano Mary Mccabe and accompanied by Bryan Evans. The summer season started with a performan at Flowerfields Arts Centre in Portstewart wtth soprano Anna Gregg, mezzo Jenny Bourke accompanied by Frasier HicklarKI. The company were once again inwted to take part in a series of Sunday perfomianc8s on the Mariiime Mile 0r th8 summor period and this also included main stage perfomances across the weekend of the Marltime Festtval. All these events were free tc the general public to attend. As a fundraiser for Tosca, we hosted a trivia quiz night called 'Tosca and a Tipple, in The Black Box, Belfast which was great fun for all who t(x>k part. The Rosemary Street Presbyierian Summer Recital Series retumed once again and we were delighted to participate in two these concerts. Throughoui the summer months, we were delighted to host a series of workshops for those in school years 8-14 at Duncaim Arts Centre. The 6 yek workshops were to gNe an insight to the different elements of an opera Company from singing to niake up, dance to set design. Wth thanks to the Arts Council of Northem Ireland, we were able to offer these workshops free of charge and with thanks to the Garfield Weston Foundation, we were able to provide breakfast, snacks and lunch ftjr those who attended. Rehearsals for our main stsge opera, Tosca, began in August 2023 with cast coming from Northem Ireland and also further afield and we were delighted to have many international perfomiers making their Northern Ireland debut. Our Tosca Chorus Yre also invited to perfonn at the Ulster Rugby Gala Dinner in the ICC Belfast. Our annual Festival of Voic6 retumed at the end of August to the village of Glenami On again. This included the masterclasses and finale for fNe singers and also thre8 BBC Radio 3 recitals. September 2023 saw rehearsals ramp up towards Tosca taking to the Grand Opera Housé stage. We were once again delighled to be abje to hire the Ulster Orchestra to perform this alongside with us and it was wonderful to see the auditorium sold out for all ft>ur perfonnances. Alongside the main opera, we held our ouireach week at the Grand Opera House with a varied programme of song. dance, recitals and a v8ry popular Come and Sing. We opened our dress rehearsal up to around 600 audience members made up of communty groups. schools and yOLrth music organi&3tions. In late September. soloists Mary Mccabe, ManJaret Bridge, Aaron O'Hare and Brendan Collins perfomied alongside pianist Tristan Russcher as part of the Merchanfs Gala Dinner. Guests were treated to soothing haTP on arrival. brass fanfare a5 a call to dinner and opera in between )urSeS. SUMER NORTHERN IRELAND Page 4
Nl Opera (A Company Llmited by Guarantee) Trustees. Report Icontinued) For the year ended 31 March 2024 Achi8Voments and perfomiance {continu8d) From October 2023, the company partnered with the MAC Theatre. Beffast and The Playhouse, Dery to perform the six Salon Series events (which premiered in early 2023) over a period of at least 6 months. This was an amazing opportunty for the music and performers to be heard in different parts of Northem Ireland. We were delighted to send facilitator. Connie McGrath. to deliver a workshop on stsge make up with members from Springboard in North Belfast. This workshop Ivas held close to Halloween so the theme of the make up was very easy to establishl In early November, we were tnvtied to perform at the Synagogue in North BeWast. This included a lunchlime performance for the older members and then an evening Cabaret dinner. These events were very successftjl and brought all genres of music together. Christmas began early in Belfast with a Chrislrnas Sing-Along at the MAC Theatre Vth members of our chotus. This was a very popular event and put audien member5 in the Christmas spirit early in the season. The company also had a visii to the offices from the Minister for Northem Ireland. Minister Stéve Baker. who was treated to a perf0rrnan from soloists and m8mbers of the chorus. 2024 began with our annual perfonnance at the annual 'Out lo Lunch. festival at The Black Box This was cabaret style event to a fvll house who also enjoyed th8ir lunch. Rehearsals also began in early January 2024 for Iwo chamber SIZ events which would be performed in February 2024 in the Grand Operd House Studio. The first chamber event called 'CupKI's Bow, was based around the heartache and loves of opera and then the second chamber event was a rarely perfom18d piec8 by Philip Glass and Robert Moran called 'The Juniper Tr8e'. This piece to giv8 choru5 members a solo role in a smaller scale production to help devebp thair SklS and singing. The Juniper Tree was rehearsed and conducted by Artist in Development répétiteur, Frasier Hickland and he did a wonderful job with the whol8 production and his 6-piece orchestra. b. Factors relevant to achleve objectlves Nl Opera have a small dedicated team and a committed Board of Twstees who are passionate aboul the art fonn of opera. Financial review a. Going concern The net surplus for the year was £152.022 which resulted in positNe trjtal funds at the year end of £168,591. Appropriate enquiries have been made of Ihe Trustees in regards adopting the going conrn basis. Due to the continued grant support of the Arts Council of Northem Ireland, Trusts plus anticipated further Theatre Tax Relief credits, tha Trustees have a reasonable expectation that the company has adequate reSoUrS to continue in operational existence for a period of at least 12 months fr<)m the date when the financial statements ar8 authorised for issue. For this reason, the company continues to adopt the going concern basis in preparing the financial ststements. SUMER NORTHERN IRELAND Page 5
Nl Opera (A Company Limited by Guarantse) Trustees, Report Icontsnued) For the year ended 31 March 2024 b. Reserves policy FLrture reserves held by the charty are for the use of achieving objective of advancing the education of the general public and furthering the development of public appreciation in opera through the presentation of operd and other dramatic, musical and perfonning arts. c. Prfnclpal rlsks and uncertainties As Nl Opera's main funder, the Arts Council of Northem Ireland continue to 5UPPOrt the company f1nancially. Partnerships wrth key stakeholders, the Ulster Orchestra and the Grand Opera House, continue to devdop. structure, governance and management a. Constitution The company is registered as a chariiable company limited by guarantee and was set up by a Memorandum of Association on 17 December 2009. The company is a registered charity number NIC1017T1. The Trustees are responsible ft)r the strategic management of the company. Trustees ar6 not paid and generally do not receive out of pocket expenses. b. Methods of appolntment or election of Trustees The management of Nl Opera rs the responsibilty of the Trustees who are elected and cwited 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 finan of the company, and are satisfied that systems and procedures are in pla to mrtigate our exposure to the majcy risks. SUMER NORTHERN IRELAND Page 6
Nl Opera (A Company Limited by Guarantee) Trustees. Report (continued) For the year ended 31 March 2024 Plans for future periods Our plans for th8 2024r25 year and bepnd are detailed below. Chorus Concert at the Ulster Hall May 2024 In May we showcased the new intake chorus members in a cdebration of the great choruses from opera through the ages. The singers worked wrth acclaimed condudor and language coach James Grossmith. The chorus presented all of the chorus momenls in concert format frorn our opera for 2024 Eugene Onegin. Mary Mccabe, who was cast as the lead soprano in the mainstage opera. Tatyana, perfomied a part of her famous letter scene aria for audiences as way of exposing them to t1 musical world of Onegin. This concert also featured the chorus singing in Russian. as they are Tequired to perfomi in the full production later in the year from memory for the fully staged production. Music and Creativ8 Skills Workshops June 2024 In June 10-14 we hosted and created education events for secondary schtsjl music students. We invited Senior music students to participate in an outreach week at the Grand Opera House. We provided a unique educational experience tsilored for students and included vmrks by Tchaikovsky, Mozart. Hump8rdinck. Puccini, BEet. Verdi and Britten. These sessions are d8sign8d for students. Arniagh - Salon Event, Palace Demesne. Arnwgh June 2024 As part of the SOnd round of The Salon Series. we presented as a premiere at the Bishops Palace in Amiagh, a nevly curated salon event called The Stars. The Moon and The Georgian Sky. We performed two P8rformanc8s at the Palace showcasing music composed in the Georgian era and about Ihe heavens above. Starring Downpatrick's Mary Mccabe arKI Holywood's Anna Gregg. This VRS a premiere of the new series of salon events. Springtime, Summertlme and Mlschlef - Red Sams Festlval - Flowetheld Juty 2024 We presented an hour of arias and songs on a theme of 'Springtime. Summertime and Mischiefl., performed by soprano Petra Wells. mezzo Jenny Bourke and pianist Frasier Hickland. Nl Opera appeared at th8 Saturday Lunchtimes al Flowerfield Park where Nl Opera soloists Serenaded in the beauirful surroundings of the park as part of The Red Sails Festival. The 14th Glenami Fe$Val of Volce August 2024 Nl Opera presented the 14th fests'val from August 23rd - 25th. This included three free BBC Radbo 3 recitals to experience, recorded live at the festival for national broadcast in September as four 'Lunchtimè Concerts,, an afternoon recital in The Londonderry Ams in Camlough, and the weekend culminated in a Ihrilling vocal competition featuring fve young opera singers selected from across the island of Ireland. Our Competition Finale. which was again hosted by our Patron, BBC Radio 3 broadcaster Sean Rafferty. showcased five singers selected from entrants from across the island of Ireland who competed in front of a live jury panel to win the Deborah Voigt Opera Prize and become the Nl Opera Young Opera Voic8 of 2024. There was also a Song Priz8 award and the Kathryn Harries Audience Priz8, Voted for by the audience during a short intetV81 on the night. Eugene Onegln - Grand Opera House BelFast Sept 2024 For the mainstage season, produced a wonderful Tchaikovsky opera called Eugene Onegin at Ihe Grand Opera House. This saw the casting of the four main female roles 1th all singers from Northern Ireland. a first for th8 company. In another first for the company. we also launched our own orchestra made up of players all from the island of Ireland. We taunched the Orchestra of Northem Ireland Opera. these 43 amazing local SUMER NORTHERN IRELAND Page 7
Nl Opera IA Company Limited by Guarantee) Trustees, Report (contlnued) For th8 year 8nded 31 MarGh 2024 Plans for future periods Icontlnued) instrumentalists were led by the Kapellmeisler from the Deutsche Oper Bèdin. Dominic Limburg. This was a very pivotal production for the company and allowed us to exlend on our already much acclaimed work and keep being abl8 to premiere new grand opera in Northern Ireland. Pop up and reglonal events for 24125 The next year will see the company also remain open and flexible to being able to respond to the sector and to continue working with our community partners and sectoral partnets such as Derry Play House, The MAC. Big Telly Theatre Company. This will also allow us to produ and perfom residencies at Stunning venues across Northern Ireland such as the Palace Demesn8 wi Am)agh, The Merchant Hotel. The Harrison Chambers of Distinction and to present pop up works across Northem Ireland from the Marttime Mile to the Botanic Gardens and to regional festivals in Newry and along the North Coast from Castlerock to Glenami. Statement of Trustees. responsibilities The Trustees (who are also the Directors of Nl Opera for the purposes of coffpany law) are responsib18 for preparing the Trustees. Report and the financial statements in accordan with applicable and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare fin¢la1 statements for each financial . Under company law. the Trustees must not approve the financial ststements unless they are satisfied that they give a true and fair view of the state of affairs of Nl Opera and of ils incoming resources and application of resources, including its income and expenditure. for that period. In preparing these fancIal statements, the Trustees are required to: S81ect suttable accounting policies and then apply them consistently. obseNe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that aTe reasonable and prudent" state whether applbcable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disdosed and explained in the financial statements" and prepare the financial ststements on the going concem basis unless it is inappropriate to presum8 that Nl Opera will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain Nl Opera's transactions and disdose with reasonable accuracy at any time the financial poSitn of Nl Opera and enable them to ensure that the financial statements comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of Nl Opera and hence for taking reasonable steps for the prevention and d8tection of fraud and other irregularities. Disclosure of infomiation to audltors Each of the persons who are Trustees at the time when this Ttees, Report is approved has confirmed that: so far as that Trustee is re. there is no rdvrfant audit inf0Mtion of lch the charivs auditors are unaware, and 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 charivs auditors are aware of that infomation. SUMER NORTHERN IRELAND Page 8
Nl Opera (A Company Llmited by Guarantee) Trustees. Report (¢ontinuedl For the year ended 31 March 2024 Auditors The audrtors. Sumer Auditco Nl Ltd. have indtcaed their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors al 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 CBE Chair Date: 2 December 2024 SUMER NORTHERN IRELAND Page 9
Nl Opera (A Company Limited by Guarantee) Independent Auditors. Report to the Members of Nl Opera Opinion We have audited the financial statements of Nl Opera for the year ended 31 March 2024 which comprise the ststement of Financial Adivities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of signiFicant accounting policies. Th8 finanaal reporting framework that has been applied in their preparation is applicable kaw and Untied Kingdom Accounting Stsndards, including Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom General Accepted Accounting Practice). In our opinion the financial slatemenls: give a true and fair view of the state of the charitable companls affairs as at 31 March 2024 and of ils incoming resources and application of resources, including its income and expenditure for the year then ended; have been property prepared n accorda WIUI Uniied Kingdom Generalty Accepted Accounting Practice., and have been prepared in accordance wfth the requirements of the Companies Act 2008. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are further described in the Audrtors, responsibililies for the audit of the financial statements sedion of our report. We are independent of the charitable company in accordance with the ethical requirements that a relevant to our audit of the financial statements in the United Kingdom, including th8 FinanGial Reporting Council's Elhal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit ewdence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In audib'ng the financial staternents, have conduded that the Trustees, use of the going concern basis of accounting in the preparatIn of the financial statements is appropriate. Based on the work we have performed, we have not identffied any material UnrtaIntieS relating to events or Conditions th*, individualty or collectively, may cast significant doubt on the charitable companys ability to continue as a going conrn for a period of at least twelv8 months from when the financial statements are authorised for issue. Our responsibilities and the responsiblities of the Trustees wilh respect to gcing concern are described in the relevant sections of this report. SUMER NORTHERN IREL4ND Page 10
Nl Opera IA Company Llmlted by Guarantee) Indendant Auditors. Report to the Membors of Nl Opera (continued) Other information The other infonnation compnses the infomiation included in the Annal Report other than the financial statements and our Auditors, Report thereon. The Trustees are responsible for the other inf0m1atn contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, exp1 to the eyxent Otherlse explicrtly stated in our report. we do not express any fomi of assuran conclusion thereon. Our responsibilty is to read the other infonnation and, in doing so, consider whether the other infonnation is materially inconsistent wtth the financial ststements or our knowledge obtained in the course of the audit, or otherwise appears to be materialty misstated. If we identTfy such material inconsistencies or apparent material misstatements. we are required to determine whether this grves rise to a material misstatement in the financial statements themselve5. If, based on the work we have p8rfonned. we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companles Act 2006 In our opinion. based on the vrfork undertaken in the course of the audit: the infomiation given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and. the Trustees, Report has been prepared in accordan 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 ils environment obtained in the course of the audit, we have not identif1 material misstatements in the Trustees. ReporL We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you rf, in our opinion: 18quate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us" or the financial statemerrts are not in agreement with the accounting records and retums" or certain disclosures of Trustees, remuneration specffied by law are not made; or we have not received all the infomiation and explanations we require frjr our audit. or the Trustees were not ented to Fryare the finanaal ststements in accordance wrth th8 small companies regime and take advantage of the small companies. exeffptions in preparing the Trustees, ReF)Ort and from the requirement to prepare a Strategic Report. SUMER NORTHERN IRELAND Page11
Nl Opera (A Company Limited by Guarantee) Independent Auditors. Report to the Members of Nl Operd {contlnued) Responsibilitles of trustsos As explained more fully in the Trustees. Responsbi ilities Statement. the TnEtees (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 wiew, and for such intemal control as the Trustees deterniine 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 tharrtable company's abilty to conkn'nue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accountj'ng unless the Trustees erther intend to liquidate the charitable company or to cease operations, or have no realist altemative but to do so. Auditors, SPonSibl11t1es for the audit of the financial ststements Our objectives are to obtain reasonable assurance abotrt whether the financial ststements as a whole are free from material misstatement. whether due to fraud or error. and to issue an Auditors, Report that indudes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wrth ISAS {UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in the aggregate. they could reasonably b8 expected to Infjuen the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws arKI regulations. We design procedures in line with our responsibilities. ouuined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, induding fraud is detailed below.. We considered the opportunities and incentNes that may exist wilhin the organisation foT fraud and identified the greatest potential for fraud in the following areas.. timing of recognition of income; and posting of unusual joumals along with complex transactions. We dis¢uped Ihese risks wrth client management, designed audit prolUreS to test the timing of income, tested a sample of joumals to Gonfimi they were appropriate and reviewed areas of judgement ft)r indicators management bias to address these risks. A further description of our responsibilities for the dit of the financial slatements 15 locatéd on the Financial Reporting Council's website at.. www.frc.o .uklauditorsres nsibilities. This description forms part of our Auditors, Report. Use of our report This report is made solely to the charitable companvs members, as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our aLKIrt work has been undertaken so that we might state to the charitable companrfs members those matters VR are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent pemiitted 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 r8POrt. or for th8 opinions we have fomied. SUMER NORTHERN IRELAND Page 12
Nl Opera (A Company Limited by Guarantee) Independant Auditors. Roport to the Members of Nl Opera (continued) Amanda Mcmaw (Senior Statutory Audltor) for and on behalf of Sumer Auditco Nl Ltd statutory Audrtors 4th Floor Glendinning House 6 Murray Street Belfast BT16DN 2 December 2024 Sumer Auditco Nl Ltd are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. SUMER NCRTHERN IRELAND Page 13
Nl Opera (A Company Limited by Guarantee) Statsment of financial activities (incorporating income and expenditure account) For the year ended 31 March 2024 Unrestrf¢ted funds 2024 Restrlcted funds 2024 Total funds 2024 Total funds 2023 Nots Income from: Donations and legacies Charitable activitEs Investrnents Other income 88.911 170,179 2,524 109,575 700.603 789,514 170.179 2.524 109,575 1,089,745 133,249 517 Total income 371.189 700.603 1.071,792 1,223,511 Expenditure on: Charitable activities 172.690 747,080 919.770 1,185,066 Total expendlture 172,690 747.080 919,770 1.185,066 Net Incomel(expenditure} Transfers between funds 198,499 146.477) {46A77) 46.477 152,022 38,445 12 Net movement In funds 152,022 162,022 38,445 Reconclllatlon of funds.. Total funds brought forward Net movement in funds 16,569 152,022 16,569 152,022 (21,876) 38,445 Total funds carried forward 168,591 168.591 16,569 The Statement of Financial Activitses indudes all gains and losses rwnised in the year. The notes on pages 17 to 26 form part of Ihese financial statements. SUMER NORTHERN IRELAND Page 14
Nl Opera (A Company Limited by Guarantee) Registered number: N1601681 Balance Sheet As at 31 March 2024 2024 2023 Note Fixed assets Tangible asset8 17,429 21,658 17A29 21,658 Current assets Debtors Cash at bank and in hand 10 15 110,350 91.701 24,867 60,120 202.061 84,987 Creditors: amounts falling due within one year 11 (50,889) {90,076) Nel current assets I Ilabllltes 151.162 (5.089) Total assets less current Ilablllttes 168.591 16,589 Total n8t assets 168,591 16,569 Charity funds Restricted funds Unrestricted funds 12 12 168,591 16,569 Total funds 168,591 16.569 The Trustees acknowledge their responsibilities for complying wilh the requirements of the Act with respect to accounts'ng records and preparation of financial slatements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements Vre approved and authorised for issue by the Trustees and signed on their behalf by.. Mr R E Ballle CBE Chair Date: 2 D8c8mber 2024 The notes on pages 17 to 26 form part of these financial statements. SUMER NORTHERN IRELAND Page 15
Nl Opera (A Company Limited by Guarantee) Statement of Cash Flows For the year ended 31 March 2024 2024 2023 Cash flows from operating actlvltles Net cash from operating activities 33.162 49.668 Cash flows from investing activities Purchase of tangible fixed assets (1,581) (21,658) Net cash used in investing activities (1.581) (21.658) Cash flows from financing adivities Repayments of borrowing {50,000) Net cash provlded byl(used In) financing activities (50.000) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 31.S81 (21.990) 82,110 60.120 Cash and cash equlvalents at the end of the year 91.701 60,120 The notes on pages 17 to 26 fomi part of these finarKial slatements SUMER NORTHERN IRELANO Pag8 16
Nl Opera (A Company Llmited by Guarantee) Notes to the Flnanclal Statements For the year ended 31 March 2024 Accountlng pollcles 1.1 Basls of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charrties.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wikh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102), the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Nl Opera meets the definrtion of a wblic beneff( entty under FRS 102. Assets and liabilrttes are initialty recognised at historical cost or transaction value unless Othe¥1$e stated in the relwant accounting policy. 1.2 Golng concern The trustees of Nl 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 eStence for a period of at feast 12 months from the date when the financial statements are authorised for issue. Accordingly, the trustees believe that it is approprtate lo continue to adopt the going concern basis in preparing the financial statements. 1.3 Income All income is recognised once Nl Opera has entttlement to the income. it is probable that the income will be received and the amount of income receivable can be measured reliabty. Grants are included in the Statement of Financial ActiV5ties on a receivable basis. Th8 balanc8 of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balants Sheet. Where income is reiVed in advance of entiuement of receipt. its reccKJnrtion is deferred and included in creditors as defeThed income. Where enlitlement occurs before income is received. the income is accwed. SUMER NORTHERN IRELAND Page 17
Nl Opera (A Company Llmlted by Guarantee) Notes to the Financial Statements For the year ended 31 March 2024 Accounting policie5 (contlnued) 1.4 Expenditure Expenditure is recognis8d once there is a legal or ¢onstru¢tive obligation to transfer economic benefrt to a third party, it is probable that a transfer of economic benefts will be required in settlement and the amount of the obligatK)n Can be measured reliably. Expenditure on charitable actiwlies is InCued on directy undertaking the aGtivities which further Nl Opera's objectrves, as well as any associated support costs. Expenditure is anatysed between restricted and unrestricle(l experKltture. 1.5 Tangibl8 fixed assets and depreciation Tangible fixed assets are caprtalised and recognised when future economic benefits are probable and the cost or value of the asset can be measur8J reliabty. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at C05t less accumulated depreciation and any accumulaled impairment losses. All costs incurred to bring a tangible red asset into tts intended working condition should be induded in the measurement of cost. Deprecialion is provided on the folloving bases: Fixtures and fittings Offica equipment 250A slTaight line 25% straight line 1.6 Debtors Trade and other debtors are recognised at the settlement amount after any trade dcoUThl offered. PrepayTnents 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-tetm highty liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or sinwlar account. 1.8 Liabllltles and provlsions Liabilities are recognised when there is an ct)ligation at the Balance Sheet date as a result of a past event. it is probable that a transfer of economic benefii will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount thal Nl Opera anticipates rt will pay to settle the debt or the amount it has receNed as advanced paJThents for the g(X)ds 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 refiects the risks specific to the liabilty. The unwinding of the discount 15 recognised in the Stment of Financial Activities as a finan cost SUMER NORTHERN IRELAND Page 18
Nl Opera (A Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 March 2024 Accounling policie5 Icontinued) 1.9 FinanGial instruments Nl Opera only has financial assets and financial liabilrties of a kind that qualfy as basic financial instruments. Basic financial inslruments are initially recognised at transaction value and subsequent measured at their settlement value. 1.10 Fund accounting General funds are unrestrictad funds which are available for use at the discretion of the Trustees in fijrtherance of the general objectives of Nl Opera and which have not been designated for other purposes. Restricted funds are funds vthich are to be used in accordance with specific restrictions imposed by donors or which have been raised by Nl 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 th8 notes to the financial statements. Grants. donations and legacies Unrestricted Restricted funds funds 2024 2024 Totsl funds 2024 Total funds 2023 Grant incorre Partnership fundinglcontributions Donations Trusts 700,603 700.603 1.152 13.759 74,000 994.167 2.157 3,421 90,000 1,152 13.759 74.000 Total 2024 88,911 700.603 789.614 1,089,745 Total 2023 93.421 996,324 1,089,745 SUMER NORTHERN IRELAND Page 19
Nl Opera (A Company Llmlted by Guarantee) Notes to the Financial Ststements For the year ended 31 March 2024 Income from charltable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Box office reiptS Programmes Miscellaneous income I(.700 106,700 92,005 4rJo 40,844 63,479 63.479 170,179 170,179 133,249 Investment income Unrestricted funds 2024 Totsl funds 2024 Total funds 2023 Bank interest receivable 2.524 2,524 517 Analysis of expenditure on chartlabl8 activiti89 Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Core costs Support costs Other support costs - staff 572,242 174.838 572.242 198.603 148.925 702.333 321,983 160,750 23.765 148.925 Total 2024 172.690 747.080 919.770 1,185.066 Total 2023 164.889 1,020,177 1,185.066 SUMER NORTHERN IRELAND Page 20
Nl Operd IA Company Limited by Guarantee) Notes to the Financial Statements For the year ended 31 hlarch 2024 Auditors. remuneration 2024 2023 Fees payable to Nl Opera's auditor for the audit of Nl Operd's annual accounts (including VAT> Fees payable to Nl Opera's auditor in respect ofr. All non-audit services not included above 6,000 5.700 7,200 7,100 Staff costs 2024 2023 Wages and salaries Social securty costs Pension contributicms 134,692 12,586 1,647 142,180 16,346 2,224 148,926 160,750 The average number of persons employed by Nl Opera during the year as fdlows.. 2024 2023 No employee received remuneration amounting to more than £60,000 in either year. Remuneration paid to key management personnel totalled £52.500 (2023 - £50,000>. SUMER NORTHERN IREL4ND Page 21
Nl Opera (A Company Llmlted by Guarantee) Notes to the Financial Statements For the year ended 31 March 2024 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefts (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL>. Tangible red assets Fixiures and fittings Office equlpment Total Cost or valuation At 1 April 2023 Addttions 275 33.909 34,184 1,581 At 31 Mah 2024 275 35,490 35,765 Depreciation At 1 April 2023 Charge for the ye2* 275 12,251 5,810 12,526 5,810 At 31 March 2024 275 18.061 18.336 Net book value At 31 March 2024 17.429 17.429 At 31 March 2023 21.658 21.658 SUMER NORTHERN IRELAND Page 22
Nl Opèra (A Company Limited by Guardntee) Notes to the Financlal Statements For the year ended 31 March 2024 10. Debtors 2024 2023 Due within one year Other debtors Prepayments and ac¢nEd inco£ 24.867 110,350 110,350 24.867 11. Creditors= Amounts falling du8 within one year 2024 2023 Trade credrtors Other taxation and social security Other credttors Accruals and deferred income 40.624 257 3,768 6,240 83,927 549 5,600 50.889 90,076 SUMER NORTHERN IRELAND Page 23
NE Opera (A Company Limlted by Guarantee) Notes to the Financial Ststements For the year ended 31 March 2024 12. Ststement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure Unrestricted funds General Funds - all furyjs Other income - theatre tax relief credit 16,569 261,594 (172,690) (46.477) 58.996 109,595 109.595 16.569 371,189 (172,690) (46.477) 168,591 Restricted funds R8Stricted Funds- all funds 700,603 1747,080) 46,477 Total of funds 16.569 1.071.792 {919,770) 168.591 Statement of fund5 - prlor year Balance at 31 March 2023 Balance at 1 April 2022 Transfers inlout Income Expendrture Unrestricted funds General Funds - ai furKIs (13,547} 227.187 {164,889) (32,182} 16.569 Restricted funds R8Stricted Funds - all funds (8,329) 996.324 (1,020,1 32,182 Total of funds {21,876) 1.223,511 (1.185,066) 16,569 SUMER NORTHERN IRELAND Page 24
Nl Opera IA Company Llmlted by Guarantee) Notes to the Financial Statements For the year ended 31 March 2024 13. Analysis of net assets between funds Analysls of net assets between funds - current period Unrestrlcted funds 2024 Total funds 2024 Tangib red assets Current assets Credttors due within one year 17,429 202.051 (50,889) 17.429 202,051 {50.889) Total 168,591 168,591 14. Reconclllatlon of net movement in funds to net cash flow from operating activities 2024 2023 Net income for the period (as per Statement of Financpl ActMti8s) 152,022 38.445 Adjustments for: Depreciation charges Increase in debtors Decrease in creditors 5.810 {85A831 (39,1871 2,000 TT,536 (68,313) Net cash provided by operallng actlvltles 33,162 49.868 16. Anatysis of cash and cash equivalents 2024 2023 Cash in hand 91,701 60,120 Total eash and cash equivalents 91,701 60,120 SUMER NORTHERN IREL4ND Page 25
Nl Opera (A Company Limited by Guarantee) Notes to the Financial Statements For Ihe year ended 31 March 2024 16. Anatysis of changes in net debt At 1 Aprll 2023 Cash flows At 31 March 2024 Cash at bank and tn hand 60,120 31,581 91.701 60,120 31,581 91.701 17. Related party transactions The Nl Opera has not entered into any rel*d party transaction during the year, nor are there any outstanding balances owing belween related parties and th8 Nl Opera at 31 March 2024. SUMER NORTHERN IRELAND Page 26