Company registration number N1668395 (Northern [￿land) BELFAST OPERATIC COMPANY LIMITED (CHARITABLE COMPANY LIMITED BY GUARANTEE UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Registered with the Charity Commission for Northern Ireland NIC108133 BELFAST OPERATIC COMPANY LIMITED CONTENTS Page Company information Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements The following pages do not form part of the statutory financial statements Detailed statemeni of financlal activtties 10 BELFAST OPERATIC COMPANY LIMITED COMPANY INFORMATION Directors Mr Colin Boyd Mrs Elizabeth Boyd Ms Jordan Rainey Mr Gary Redpalh Mr Joseph Steele Mr Taylor Clarke Ms Jessica Clouting Ms Megan Hamilton Mr Kevin Mcllhennon Ms Sarah Kerr Mr Donald Montgomery-Bugel MrAdam Callender Ms Carol Sykes {Appointed 16 January 2025) (Appointed 30 June 2024) Company number N1668395 Registered office 22 Heron Road Belfast BT3 9AE Independent accountants Johnston Kennedy DFK Chartered Accountants 10 Pilots View Heron Road Belfast BT3 9LE BELFAST OPERATIC COMPANY LIMITED (CHARITABLE COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE DIRECTORS OF BELFAST OPERATIC COMPANY LIMITED FOR THE YEAR ENDED 31 DECEMBER 2024 I report on the accounts of the charity for the year ended 31 December 2024 set out on pages 3 to 4. Respective responsibillties of directors and examiner As the charity's directors you are responsible for the prearation of the accounts in accordance with the Charities Act {Northern Ireland) 2008. It is my responsibility to.. examine the accounts under section 65 ofthe Charities Act; follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 6519){b) of the Chartities Act., and state whether particular matters have come to my attention. Basis of independent examiner's report I have examined your accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b} of the Charities Act. My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe.. {1} That accounting records were not kept in accordance with section 386 of the Companies Act 2006., {21 That the accounts do not accord with those accounting records., {3} That the accounts do not comply with the accounting requirements of Ihe Charities Act., 14) That there is further information needed for a proper understanding of the accounts to be reached. Independent examiner's statement I have completed my examination and have no concerns in respect of the matters {1) to (4) listed above and, in connection wilh following the Directors of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. Duncan Graham FCA Johnston Kennedy DFK Chart8r8d Accountants 10 Pilots View Heron Road Belfast BT3 9LE Date.. BELFAST OPERATIC COMPANY LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Restricted funds 2024 Total 2024 Total 2023 Income from: Chartitable activities 37,880 75,148 113,028 Other income 14 14 37,894 75,148 113,042 Expenditure on: Charitable activities (46,569) {77,470) (124,0391 Net incomel(expenditure) for the year (8,675) (2,322) (10,997} Fund balances transferred: From unincorporated charity 69,287 57,501 126,788 Fund balances at 31 December 2024 60,612 55,179 115,791 Total recognised gains and losses The statement of financial activities includ8s all gains and losses recognised in the year. Continulng operatlons The statement of financial activities has been prepared on the basis that all operations are continuing operations. Companies Act 2006 The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. The notes on pages 5 to 9 form part of these financial statements. BELFAST OPERATIC COMPANY LIMITED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand 15,734 101,557 117,291 Credltors: amounts falling due within one year 10 (1,500> Net curront assets 115,791 Total assets less current liabilities 115,791 Reserves Restricted funds Unrestricted funds 12 13 55,179 60,612 Total equity 115,791 Belfast Operatic Company Limited is a private company limiled by guarantee incorporated in Northern Ireland. The registered office is 22 Heron Road, Belfast, BT3 9AE. For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 479A of the Companie5 Act 2006 relating to subsidiary companies. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the trustees and authorssed for issue on on its behalf by.. 15 and are signed Mrs Elizabeth Boyd Trustee Company registration number N1668395 (Northern Ireland) The notes on pages 5 to 9 form part of these financial statements. BELFAST OPERATIC COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Principal accounting policies Charity information Belfast Operatic Company Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 22 Heron Road, Belfast, BT3 9AE. 1.1 Basis of preparation These accounts have been prepared in accordance with the Companies Act 2006 and "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 1021 (effective 1 January 2019)" The charitable company is Public Benefit Entity as defined by FRS 102. The charitable company has taken advantage of the provislons in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearesl £. The financial stalements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the accounts, the trustees have a reasonable expectalion that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of Ihe trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or granlors as to how they may be used and specifically the conditions for cultural exemption from VAT. 1.4 Income Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. other donalions are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Legacies are recognised on receipt. 1.5 Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that ajgregate all costs related to the category. The majority of costs are directly attributable to specific activities. Vvhere costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the resources. 1.6 Tangible fixed assets Tangible fixed assets have been treated as written down to nil value on transfer to the corporate entity. Future policy on depreciation will be considered when other fixed assets are acquired. BELFAST OPERATIC COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Principal accounting policies (Continued) The gain or loss arising on the disposal of an asset is detemiined as the difference belween the sale proceeds and the Carrying value of the asset, and is credited or charged to profit or loss. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial instruments The charitable company has elected to apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net arnounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receiv8ble within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at tr8nsaction price unless the arrangement constilutes a financing transaction, where the debl instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. BELFAST OPERATIC COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Critical accounting estimates and judgements In the application of the charitable company's accounting policies, the trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Charitable activities - income 2024 2023 Members subscriptions Fund raising Event income 7,446 622 104,974 113,042 Analysis by fund Unrestricted funds Reslricted funds 37,894 75,148 113,042 Charitable activities - expenses 2024 2023 Ground rent Event costs Repairs and maintenance Bank charges Insurance and professional fees Subscriptions Administration expenses Promotions and advertising costs Fund raising expenses 11,637 84,967 6,809 630 5,183 408 5,394 776 8,235 124,039 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year. BELFAST OPERATIC COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employees The average monthly number of persons (including directors) employed by the company during the year was.. 2024 Number 2023 Number Total Employment Costs 2024 2023 Wages and salaries Pension costs Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. Tangible fixed assets Flxtures and flttings Building Total Cost Transfer from unincorporated company on 1 January 2024 5,422 487,116 492,538 At 31 December 2024 5,422 487,116 492,538 Depreciation and impairment At 1 January 2024 5,422 487,116 492,538 At 31 December 2024 5,422 487,116 492,538 Carrying amount At 31 December 2024 At 31 December 2023 BELFAST OPERATIC COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Debtors 2024 2023 Amounts falling due within one year: Due from trade debtors 15,734 10 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 1,500 11 Retlrement benefit schemes The charity had no pension obligations at 31 December 2024. 12 Restricted funds The restricted funds of the charity comprise the unexpended balances of the show account. These funds are subject to specific conditions by HMRC in respect of relaining the cultural exemption from Value Added Tax on show receipts. At 1 January (Outgoing)I 2024 Incoming resources At31 December 2024 Show bank balances 57,501 (2,322) 55,179 13 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors abd grantors as to how they may be used. These include designated funds which have veebset aside out of unrestricted funds by the trustees for specific purposes Debtors less liabilities Reserves transferred 1 January 2024 Incoming Resources resources expended At31 December 2024 General funds 69,287 37,894 (46,569) 60,612 BELFAST OPERATIC COMPANY LIMITED MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024 BELFAST OPERATIC COMPANY LIMITED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2024 2023 2023 Income Members Subscriptions- unrestricted Miscellaneous - unrestricted Fund Raising - unrestricted Sales of services - restricted 7,448 29,810 622 75,148 113,028 Expenses Royalties payable - restricted Event expenditure - restricted Advertising - restricled Costumes - restricted Orchestra - restricted Printing Programmes - restricted Lighting - restricted Sounds - restricted Props - restricted Various Directors of Production - restricted Future Show Expenses - restricted Bank Fees - restricted Rent re operating leases - unrestricted Cleaning - unrestricted Power, light and heat - unrestricted Property repairs and maintenance - unrestricted Premises insurance- unrestricted Fund Raising and Advertising Expenses- unrestricted Professional subscriptions - unrestricted Accountancy - unreslricted Bank charges - unrestricted Website costs - unrestricted Telecommunications- unrestricted Sundry expenses - unrestricted 8,678 4,007 776 7,438 8,645 1,135 8,180 6,378 17.930 5.600 8,449 274 11,637 3,490 3,356 6,810 2,883 8,235 408 1,830 357 586 421 6,556 (124,039) (11,011) Interest receivable and similar income Bank Interest Receivable No 1 Account 14 14 Net expenditure for the year (10,9971 10-