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REGISTERED COMPANY NUMBER: 01377655 (England and Wales)
REGISTERED CHARITY NUMBER: 276308














Wells Operatic Society Limited
Company Limited by Guarantee

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2024

Wells Operatic Society Limited
Company Limited by Guarantee






Contents of the Financial Statements
for the year ended 31 December 2024




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 11

Wells Operatic Society Limited
Company Limited by Guarantee (Registered number: 01377655)

Report of the Trustees
for the year ended 31 December 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 31 December 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 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
We have had four extremely successful productions this year beginning with The Glass Menagerie, directed by Kevin Hardacre which won the Rose Bowl award for best Shakespeare, Classic or Restoration play. This was followed by Sister Act, Witness for the Prosecution and Nativity:The Musical all of which were total sell-outs!

Subscriptions and bar sales have increased substantially and, together with theatre hire, continue to make valuable contributions to the running costs of the theatre.

We have received a considerable increase in donations over the year, some of which enabled us to purchase a defibrillator for outside the building. The introduction of sponsorship for shows has also added to the total.

An inspection of all our electrical and fire safety systems brought to light some quite considerable and necessary improvements. The most urgent of these have been undertaken and further work is planned for the coming year.

Overall the charity reported a net surplus of £4,608 (2023 - deficit £4,802).

FINANCIAL REVIEW
Financial position
The trustees consider that the unrestricted reserves of £254,531, (2023 - £249,923) 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.

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
01377655 (England and Wales)

Wells Operatic Society Limited
Company Limited by Guarantee (Registered number: 01377655)

Report of the Trustees
for the year ended 31 December 2024

Registered Charity number
276308

Registered office
Little Theatre
Chamberlain St
Wells
Somerset
BA5 2PS

Trustees
R E Bass
G A Brown (resigned 22/3/2024)
E J Carey (resigned 22/3/2024)
T E Creswick
K Edmonds (Chair)
J R Hartley Scammell
N J Hope
P Perrin
M J Scammell
C S Hoare
D M Palmer (resigned 22/3/2024)
S Marshall (appointed 22/3/2024)
E Hardy (appointed 22/3/2024)
C Munckton (appointed 22/3/2024)
V Orman (appointed 22/3/2024)
J Holwill (appointed 22/3/2024)
A Watts (appointed 22/3/2024)

Independent Examiner
Barry Davidson - FCA, FCCA
Webb & Co Ltd
Accountants and Business Advisers
One New Street
Wells
Somerset
BA5 2LA

Approved by order of the board of trustees on 28 March 2025 and signed on its behalf by:





P Perrin - Trustee

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 2024.

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 - FCA, FCCA

Webb & Co Ltd
Accountants and Business Advisers
One New Street
Wells
Somerset
BA5 2LA

7 April 2025

Wells Operatic Society Limited
Company Limited by Guarantee

Statement of Financial Activities
(Incorporating an Income and Expenditure Account)
for the year ended 31 December 2024

2024 2023
Unrestricted Restricted Total Total
fund funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 12,501 1,345 13,846 7,725

Charitable activities
Box Office 59,163 - 59,163 43,177
Theatre hire 2,285 - 2,285 2,352

Other trading activities 3 9,705 - 9,705 4,528
Investment income 4 2,665 - 2,665 2,097
Total 86,319 1,345 87,664 59,879

EXPENDITURE ON
Raising funds 9,417 - 9,417 7,640

Charitable activities
Box Office 40,702 - 40,702 20,822
Theatre costs 14,229 - 14,229 9,163
Support costs 10,674 - 10,674 1,144
General costs 8,034 - 8,034 25,686
Show costs - - - 226
Total 83,056 - 83,056 64,681

NET INCOME/(EXPENDITURE) 3,263 1,345 4,608 (4,802 )
Transfers between funds 13 1,345 (1,345 ) - -
Net movement in funds 4,608 - 4,608 (4,802 )

RECONCILIATION OF FUNDS
Total funds brought forward 249,923 - 249,923 254,725

TOTAL FUNDS CARRIED FORWARD 254,531 - 254,531 249,923

Wells Operatic Society Limited
Company Limited by Guarantee (Registered number: 01377655)

Balance Sheet
31 December 2024

2024 2023
Unrestricted Restricted Total Total
fund funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 142,443 - 142,443 146,526

CURRENT ASSETS
Stocks 9 1,645 - 1,645 1,530
Debtors 10 5,701 - 5,701 6,957
Cash at bank and in hand 114,845 - 114,845 101,315
122,191 - 122,191 109,802

CREDITORS
Amounts falling due within one year 11 (6,752 ) - (6,752 ) (2,179 )

NET CURRENT ASSETS 115,439 - 115,439 107,623

TOTAL ASSETS LESS CURRENT
LIABILITIES

257,882

-

257,882

254,149

ACCRUALS AND DEFERRED INCOME 12 (3,351 ) - (3,351 ) (4,226 )

NET ASSETS 254,531 - 254,531 249,923
FUNDS 13
Unrestricted funds 254,531 249,923
TOTAL FUNDS 254,531 249,923

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.


Wells Operatic Society Limited
Company Limited by Guarantee (Registered number: 01377655)

Balance Sheet - continued
31 December 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 28 March 2025 and were signed on its behalf by:





P Perrin - Trustee

Wells Operatic Society Limited
Company Limited by Guarantee

Notes to the Financial Statements
for the year ended 31 December 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 - 2% on cost
Plant and machinery - 33.3% on cost and 10% on cost

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 2024

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
2024 2023
£    £   
Bar takings 9,705 4,528

4. INVESTMENT INCOME
2024 2023
£    £   
Deposit account interest 2,665 2,097

5. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 5,537 5,885

6. INDEPENDENT EXAMINER'S REMUNERATION
2024 2023
£    £   
Independent examiners fee 2,272 2,221

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.



Wells Operatic Society Limited
Company Limited by Guarantee

Notes to the Financial Statements - continued
for the year ended 31 December 2024

8. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 January 2024 136,135 100,393 236,528
Additions - 1,454 1,454
At 31 December 2024 136,135 101,847 237,982
DEPRECIATION
At 1 January 2024 20,180 69,822 90,002
Charge for year 2,169 3,368 5,537
At 31 December 2024 22,349 73,190 95,539
NET BOOK VALUE
At 31 December 2024 113,786 28,657 142,443
At 31 December 2023 115,955 30,571 146,526

9. STOCKS
2024 2023
£    £   
Stocks 1,645 1,530

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 2,574
VAT 106 -
Prepayments and accrued income 5,595 4,383
5,701 6,957

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 6,752 1,329
VAT - 850
6,752 2,179


Wells Operatic Society Limited
Company Limited by Guarantee

Notes to the Financial Statements - continued
for the year ended 31 December 2024

12. ACCRUALS AND DEFERRED INCOME
2024 2023
£    £   
Accruals and deferred income 3,351 4,226

Deferred income recognizes the value of subscriptions relating to post year end activities.

13. MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1/1/24 in funds funds 31/12/24
£    £    £    £   
Unrestricted funds
General fund 249,923 3,263 1,345 254,531

Restricted funds
Refurbishment fund - 1,345 (1,345 ) -

TOTAL FUNDS 249,923 4,608 - 254,531

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 86,319 (83,056 ) 3,263

Restricted funds
Refurbishment fund 1,345 - 1,345

TOTAL FUNDS 87,664 (83,056 ) 4,608


Comparatives for 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 254,725 (4,802 ) 249,923

Wells Operatic Society Limited
Company Limited by Guarantee

Notes to the Financial Statements - continued
for the year ended 31 December 2024

13. 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 59,879 (64,681 ) (4,802 )

TOTAL FUNDS 59,879 (64,681 ) (4,802 )

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.

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2024.