REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Wells Operatic Society Limited |
Company Limited by Guarantee |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Wells Operatic Society Limited |
Company Limited by Guarantee |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
Wells Operatic Society Limited |
Company Limited by Guarantee |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Report of the Trustees | 1 | to | 2 |
Independent Examiner's Report | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 13 |
Wells Operatic Society Limited |
Company Limited by Guarantee (Registered number: 01377655) |
Report of the Trustees |
for the year ended 31 December 2023 |
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 31 December 2023. 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 primary purpose of the charity is to promote, maintain, improve and advance education by the production of educational plays, and the encouragement of the arts. |
Public benefit |
The trustees are mindful of the Charity Commission guidance on public benefit. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
This has been another very successful year for the theatre with a variety of successful shows all of which sold well and made significant profits. |
Our first production, entitled Forget-Me-Knot, was a farce set in the early 1990s in the days before email had become commonplace and smartphones had not yet been invented. It proved very popular with our audiences and made an excellent profit of £4,700. |
Our Spring musical production was not the typical show we usually put on including, as it did, the usual singing, dancing and acting together with some rather large puppets. It was a very technical show and was also rather expensive, costing more than £9,000 to stage. However, with 86% of the seats being sold we made a profit of nearly £4,000. |
The play in the autumn was a far simpler affair with low costs partly because it was Shakespeare’s The Tempest and there were no royalties to pay! It made a very creditable profit of £2,700. |
Our wonderful Pantomime team produced another winner with Puss in Boots at Christmas. With minimal expenses, even with a live band, and 100% ticket sales they made a magnificent profit of £16,405. |
Subscriptions, bar sales and theatre hire have continued to make valuable contributions to the running costs of the theatre. |
Overall the charity reported a net deficit of £4,802 (2022 profit of £19,990) due to substantial planned refurbishment costs. |
FINANCIAL REVIEW |
Financial position |
The trustees consider that the unrestricted reserves of £249,923 (2022 =£254,725) are adequate to meet the future requirements of the charity. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Recruitment and appointment of new trustees |
The trustees review the needs of the charity to ensure that new trustees are recruited with the necessary skills. |
Wells Operatic Society Limited |
Company Limited by Guarantee (Registered number: 01377655) |
Report of the Trustees |
for the year ended 31 December 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
They have reviewed the Safe Guarding policy of the charity. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
Barry Davidson |
Webb & Co Ltd |
Accountants and Business Advisers |
One New Street |
Wells |
Somerset |
BA5 2LA |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Wells Operatic Society Limited |
Company Limited by Guarantee |
Independent examiner's report to the trustees of Wells Operatic Society Limited Company Limited by Guarantee ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. |
Barry Davidson |
Webb & Co Ltd |
Accountants and Business Advisers |
One New Street |
Wells |
Somerset |
BA5 2LA |
26 March 2024 |
Wells Operatic Society Limited |
Company Limited by Guarantee |
Statement of Financial Activities |
(Incorporating an Income and Expenditure Account) |
for the year ended 31 December 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | - |
Charitable activities |
Box Office | 43,177 | - | 43,177 | 38,250 |
Theatre hire | 2,352 | - | 2,352 | 4,245 |
Other trading activities | 3 | - |
Investment income | 4 | - |
Total |
EXPENDITURE ON |
Raising funds | - |
Charitable activities |
Box Office | 20,822 | - | 20,822 | 16,973 |
Theatre costs | 9,163 | - | 9,163 | 11,351 |
Support costs | 1,144 | - | 1,144 | 4,403 |
General costs | 25,686 | - | 25,686 | 9,660 |
Show costs | 226 | - | 226 | - |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 254,725 |
Wells Operatic Society Limited |
Company Limited by Guarantee (Registered number: 01377655) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
ACCRUALS AND DEFERRED INCOME | 13 | ( |
) | ( |
) | ( |
) |
NET ASSETS |
FUNDS | 14 |
Unrestricted funds | 254,725 |
TOTAL FUNDS | 254,725 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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. |
Wells Operatic Society Limited |
Company Limited by Guarantee (Registered number: 01377655) |
Balance Sheet - continued |
31 December 2023 |
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 |
Wells Operatic Society Limited |
Company Limited by Guarantee |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
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 financial statements are prepared in sterling, rounded to the nearest £, which is the functional currency of the entity |
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. |
Freehold property | - |
Plant and machinery | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
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. |
Wells Operatic Society Limited |
Company Limited by Guarantee |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
3. | OTHER TRADING ACTIVITIES |
2023 | 2022 |
£ | £ |
Bar takings |
4. | INVESTMENT INCOME |
2023 | 2022 |
£ | £ |
Deposit account interest |
5. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
6. | INDEPENDENT EXAMINER'S REMUNERATION |
2023 | 2022 |
£ | £ |
Independent examiners fee | 2,221 | 2,274 |
7. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
Wells Operatic Society Limited |
Company Limited by Guarantee |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | fund | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Box Office | 38,250 | - | 38,250 |
Theatre hire | 4,245 | - | 4,245 |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Charitable activities |
Box Office | 16,973 | - | 16,973 |
Theatre costs | 11,351 | - | 11,351 |
Support costs | 4,403 | - | 4,403 |
General costs | 9,660 | - | 9,660 |
Total |
NET INCOME |
Transfers between funds | 10,000 | (10,000 | ) | - |
Net movement in funds |
RECONCILIATION OF FUNDS |
Total funds brought forward | 234,735 | - |
TOTAL FUNDS CARRIED FORWARD | 254,725 | - | 254,725 |
Wells Operatic Society Limited |
Company Limited by Guarantee |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
9. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
VAT | 850 | - |
Wells Operatic Society Limited |
Company Limited by Guarantee |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
13. | ACCRUALS AND DEFERRED INCOME |
2023 | 2022 |
£ | £ |
Accruals and deferred income | 4,226 | 3,837 |
Deferred income recognizes the value of subscriptions relating to post year end activities. |
14. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1/1/23 | in funds | 31/12/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 254,725 | (4,802 | ) | 249,923 |
TOTAL FUNDS | (4,802 | ) | 249,923 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 59,879 | (64,681 | ) | (4,802 | ) |
TOTAL FUNDS | ( |
) | (4,802 | ) |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1/1/22 | in funds | funds | 31/12/22 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 234,735 | 9,990 | 10,000 | 254,725 |
Restricted funds |
Michaelstone Trust | - | 10,000 | (10,000 | ) | - |
TOTAL FUNDS | 234,735 | 19,990 | - | 254,725 |
Wells Operatic Society Limited |
Company Limited by Guarantee |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
14. | MOVEMENT IN FUNDS - continued |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 59,147 | (49,157 | ) | 9,990 |
Restricted funds |
Michaelstone Trust | 10,000 | - | 10,000 |
TOTAL FUNDS | 69,147 | (49,157 | ) | 19,990 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net | Transfers |
movement | between | At |
At 1/1/22 | in funds | funds | 31/12/23 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 234,735 | 5,188 | 10,000 | 249,923 |
Restricted funds |
Michaelstone Trust | - | 10,000 | (10,000 | ) | - |
TOTAL FUNDS | 234,735 | 15,188 | - | 249,923 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 119,026 | (113,838 | ) | 5,188 |
Restricted funds |
Michaelstone Trust | 10,000 | - | 10,000 |
TOTAL FUNDS | 129,026 | (113,838 | ) | 15,188 |
The unrestricted fund is to be used to meet the charity objectives, as the trustees see fit, in accordance with the Memorandum and Articles of Association and the trust deed. |
Wells Operatic Society Limited |
Company Limited by Guarantee |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
15. | RELATED PARTY DISCLOSURES |