REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 30 April 2024 |
for |
The Bohemians Lyric Opera Company |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 30 April 2024 |
for |
The Bohemians Lyric Opera Company |
The Bohemians Lyric Opera Company |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Report of the Trustees | 1 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 |
Notes to the Financial Statements | 8 |
The Bohemians Lyric Opera Company (Registered number: SC294415) |
Report of the Trustees |
for the Year Ended 30 April 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 April 2024. The trustees have adopted the provisions of 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) (effective 1 January 2019). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The principle objective of Bohemians Lyric Opera Company ("the charity", "the company") is to promote the advancement and improvement of general education in relation to all aspects of the study, rehearsal and public performance of light opera, choral and dramatic works with such professional assistance which may be necessary to achieve the highest possible standards. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
In August 2023, the Company staged our concert 'Absolutely Iconic' as part of the Edinburgh Festival Fringe at St Andrew's and St George's West (13 George Street, Edinburgh, EH2 2PA). A Scottish AIDS charity (Waverley Care) was granted front-of-house facilities to make daily cash collections and together with assistance from charity volunteers, £570 was realised. |
In December 2023, the Company staged another 'Proper CrimBoh' Christmas concert, with 3 performances at Stockbridge Parish Church, (7b Saxe Coburg Street, Edinburgh, EH3 5BN), Craigsbank Church (19 Craigs Bank, Edinburgh, EH12 8HD) and St Matthew's Church (Tay Street, Perth, PH1 5LQ) where £90 from the interval drink proceeds was donated to the Perth Food Bank. We raised £216.48 for the local charity The Rock Trust over the 3 performances and donated an additional £283.52 from our interval drinks donations from our Edinburgh performances to them. |
For our main show, under the tutelage of professional Musical and Stage Directors, 36 people (including students) auditioned, rehearsed and finally took part in 6 performances of the stage musical 'Sunshine of Leith' at the Church Hill Theatre in Edinburgh. Waverley Care was granted front-of-house facilities to make cash collections with £729.62 was realised. |
FINANCIAL REVIEW |
Financial position |
During the year Bohemians Lyric Opera Company had income of £70,223 (2023: £50,658) and expenditure of £57,872 (2023: 43,552). This has led to a net surplus of £12,351 (2023: 7,106). |
Reserves policy |
Reserves are currently £88,509 (2023: 76,158), all reserves are free and unrestricted with no reserves held as fixed assets. |
The Bohemians Lyric Opera Company has a reserves policy to meet the on-going needs of the charity, as well as keeping six months of costs and winding up costs provided for. The trustees are satisfied that the current level of reserves is appropriate to meet this policy. |
FUTURE PLANS |
Arrangements similar to those above will be put in place for our Edinburgh Fringe and Christmas concerts and a production of 'Priscilla Queen of the Desert' in the Festival Theatre, Edinburgh. A review of the arrangements with Waverley Care and The Rock Trust will take place in a spirit of mutual assistance. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The Charity is a Company Limited by Guarantee and is governed by its Memorandum and Articles of Association, dated 13 December 2005. |
Recruitment and appointment of new trustees |
Trustees are recruited through club members, there are currently nine Trustees who are elected annually at the Charity's Annual General Meeting. |
The Bohemians Lyric Opera Company (Registered number: SC294415) |
Report of the Trustees |
for the Year Ended 30 April 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Organisational structure |
Executive Committee: This consists of the Trustees. The Committee oversees all aspects of the charity's interests. |
Production Committee: This consists of a number of the Trustees nominated by the Executive Committee, a professional Musical Director, Director and Choreographer appointed by the Executive Committee plus an unspecified number of specialised technical assistants, the number of which depends upon the nature of the work being performed. |
Induction and training of new trustees |
An induction programme for new Trustees is in place. Training on particular aspects of governance is provided for by the existing Board of Trustees. |
Risk management |
The Trustees have done their duty in identifying and reviewing the risks to which the charity is exposed and have ensured that appropriate controls are in place to provide reasonable assurance against fraud and error. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Mrs A M T Duncan | Resigned 01.08.2024 |
Mr G D Lamb |
Miss A E Mcrae | Appointed 04,07,2023 |
Mrs A M McKay |
Miss G S Reilly |
Miss S C Sandison |
Mrs K J Tomassi |
Ms P Walinck |
Miss K Williamson |
Company Secretary |
Independent Examiner |
Mathew R J Gillies LLB(Hons) ACPA FCIE |
Cowan & Partners Limited |
60 Constitution Street |
Edinburgh |
EH6 6RR |
Approved by order of the board of trustees on |
The Bohemians Lyric Opera Company (Registered number: SC294415) |
Report of the Trustees |
for the Year Ended 30 April 2024 |
Independent Examiner's Report to the Trustees of |
The Bohemians Lyric Opera Company |
I report on the accounts for the year ended 30 April 2024 set out on pages five to thirteen. |
Respective responsibilities of trustees and examiner |
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
Basis of the independent examiner's report |
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. |
Independent examiner's statement |
In connection with my examination, no matter has come to my attention : |
(1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
- | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
- | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations |
have not been met; or |
(2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
Mathew R J Gillies LLB(Hons) ACPA FCIE |
Full member of the Association of Charity Independent Examiners |
Cowan & Partners Limited |
60 Constitution Street |
Edinburgh |
EH6 6RR |
27 January 2025 |
The Bohemians Lyric Opera Company |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the Year Ended 30 April 2024 |
30.4.24 | 30.4.23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities | 4 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Charitable activities | 5 |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 76,158 |
CONTINUING OPERATIONS |
All income and expenditure has arisen from continuing activities. |
The Statement of financial activities includes all gains and losses recognised in the year. |
The Bohemians Lyric Opera Company (Registered number: SC294415) |
Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 12 |
Unrestricted funds | 76,158 |
TOTAL FUNDS | 76,158 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
The Bohemians Lyric Opera Company (Registered number: SC294415) |
Balance Sheet - continued |
30 April 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
The Bohemians Lyric Opera Company |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The accounts are presented in sterling which is the charity's functional currency, and rounded to the nearest pound. |
No changes have been made to the basis of preparing the financial statements this year or to the previous year's financial statements. |
Going Concern |
The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern, and reserves held are in line with the reserves policy on page 1 of the accounts, and therefore the accounts are prepared on a going concern basis. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements conforms with the requirements of the Charities SORP and general accepted accounting principles. The only area in which it is considered that accounting estimates and areas of judgement have been applied is depreciation, the policy on which is outlined below. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures and fittings | - |
The policy is to capitalise assets where they have an expected useful life of over one year. All assets in the current year have been fully depreciated and have a net book value of nil. |
Impairment |
Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
The Bohemians Lyric Opera Company |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
1. | ACCOUNTING POLICIES - continued |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Measurement of debtors |
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net or any trade discounts due. |
Cash at Bank and on Hand |
Cash at bank and cash in hand includes cash and any 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. |
Creditors and Loans |
Creditors and loans are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and loans are normally recognised at their settlement amount after allowing for any trade discounts due. |
VAT |
The Bohemians Lyric Opera Company is not VAT registered and therefore expenditure is recognised gross of VAT. |
2. | DONATIONS AND LEGACIES |
30.4.24 | 30.4.23 |
£ | £ |
Sponsors and donations |
Gift aid |
Tuck shop income |
Theatre tax credits |
Subscriptions |
Social fundraising | 829 | 889 |
Raffle | 1,062 | 557 |
Scores and libs | 259 | 228 |
Tea sales | 333 | - |
Noda reward refund | 30 | - |
Sale of hoodies | - | 350 |
The Bohemians Lyric Opera Company |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
3. | INVESTMENT INCOME |
30.4.24 | 30.4.23 |
£ | £ |
Deposit account interest |
4. | INCOME FROM CHARITABLE ACTIVITIES |
30.4.24 | 30.4.23 |
Activity | £ | £ |
Charitable activities | Theatre | 48,955 | 34,002 |
5. | CHARITABLE ACTIVITIES COSTS |
Direct |
Costs (see | Support |
note 6) | costs | Totals |
£ | £ | £ |
Theatre | 56,792 | 1,080 | 57,872 |
6. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
30.4.24 | 30.4.23 |
£ | £ |
Sundries | 1,054 | - |
Sales commission | - | 142 |
Concert expenses | 6,251 | 3,337 |
Costume hire and transport | 1,241 | 1,526 |
Scenery hire and transport | 3,129 | 1,745 |
Theatre props and labour | 1,354 | - |
Stage and sound management | 1,750 | 1,500 |
Acting rights and royalties | 8,285 | 3,671 |
Theatre catering | 243 | 176 |
Xmas show expenses | 1,404 | 933 |
Hire of hall and theatre | 12,141 | 8,330 |
Insurance | 860 | 852 |
Director, music director etc | 16,108 | 15,307 |
Purchase of hoodies | - | 426 |
Printing, posts and stationery | 907 | 1,072 |
Advertising and marketing | - | 2,081 |
Sundry expenses | 426 | 451 |
Repairs and renewals | 401 | - |
Subscriptions | 245 | 230 |
Professional fees | 793 | 13 |
Donations | - | 500 |
Tuck shop expenses | 200 | 50 |
56,792 | 42,342 |
The Bohemians Lyric Opera Company |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
7. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 30 April 2024 nor for the year ended 30 April 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 30 April 2024 nor for the year ended 30 April 2023. |
8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Investment income |
Total |
EXPENDITURE ON |
Charitable activities |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 76,158 |
The Bohemians Lyric Opera Company |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 May 2023 and 30 April 2024 |
DEPRECIATION |
At 1 May 2023 and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Other debtors |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Other creditors |
12. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.5.23 | in funds | 30.4.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 76,158 | 12,351 | 88,509 |
TOTAL FUNDS | 12,351 | 88,509 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 70,223 | (57,872 | ) | 12,351 |
TOTAL FUNDS | ( |
) | 12,351 |
The Bohemians Lyric Opera Company |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
12. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.5.22 | in funds | 30.4.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 69,052 | 7,106 | 76,158 |
TOTAL FUNDS | 69,052 | 7,106 | 76,158 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 50,658 | (43,552 | ) | 7,106 |
TOTAL FUNDS | 50,658 | (43,552 | ) | 7,106 |
13. | RELATED PARTY DISCLOSURES |
There were no related party transactions for the year ended 30 April 2024 nor the year ended 30 April 2023. |