REGISTERED COMPANY NUMBER: 03657599 (England and Wales) REGISTERED CHARITY NUMBER: 1076508
Unaudited Financial Statements for the Year Ended 31 December 2024
for
Mastersingers (1998) Limited (A Company Limited by Guarantee)
The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP
Mastersingers (1998) Limited (A Company Limited by Guarantee)
Contents of the Financial Statements for the Year Ended 31 December 2024
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 4 |
| Independent Examiner's Report | 5 to 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 to 9 |
| Notes to the Financial Statements | 10 to 16 |
| Detailed Statement of Financial Activities | 17 to 18 |
Mastersingers (1998) Limited (A Company Limited by Guarantee) Reference and Administrative Details for the Year Ended 31 December 2024
TRUSTEES B Rivers (Trustee) M A Bousfield (Trustee) REGISTERED OFFICE 44 Merry Hill Mount Bushey Watford Hertfordshire WD23 1DJ
REGISTERED COMPANY NUMBER 03657599 (England and Wales) REGISTERED CHARITY NUMBER 1076508 INDEPENDENT EXAMINER The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP BANKERS Santander UK Plc Bridle Road Bootle Merseyside L30 4GB
Page 1
Mastersingers (1998) Limited (A Company Limited by Guarantee)
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).
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Companies Act 2006, the Charities Act 2011 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 102) published in October 2019.
OBJECTIVES AND ACTIVITIES Objectives and aims
The objects of the charity are as follows:
-To advance the musical education of young people in the appreciation of the works of Richard Wagner. -To promote and organise public performances of the works of Richard Wagner.
-To promote and organise other cultural and educational activities relevant to the study and appreciation of the music of Richard Wagner.
Public benefit
The trustees have had regard to the Charity Commission guidance covering public benefit. As demonstrated in the principal objects the public benefit has been achieved by holding numerous events, which have allowed many young performers to work on repertoire with access to coaching from established performers.
Page 2
Mastersingers (1998) Limited (A Company Limited by Guarantee)
Report of the Trustees for the Year Ended 31 December 2024
ACHIEVEMENTS AND PERFORMANCE
During this 12 months of activities with a change of focus on coaching getting our singers roles in major opera we have succeeded in helping their careers progress for further national and international roles. 2025 has started in similar positive way.
In spite of reservations previously expressed and the drastic cuts to the Arts recently we have produced a very full programme of coaching in roles for performances plus overall guidance and advice to a more than usual quota of young artists, as can be seen by the below:
June 2024. Wagner Ring Cycles. Longborough Festival Opera.
June 2024. Wagner Ring Cycles. Longborough Festival Opera.
July 2024. Wagner Ring Cycles. Longborough Festival Opera.
July 2024. The Flying Dutchman. Bradshaw Hall.
September 2024. Die Meistersingers von Nuerenberg. Saffron Opera. Saffron Walden.
October 2024. Mastersingers 25th Anniversary Awards Day and Concert. St John's Waterloo.
Of necessity this has needed a huge financial and artistic commitment from us that we are hoping to carry forward into our next phase of operations in creating support for young artists.
FINANCIAL REVIEW
Financial position
The statement of financial activities shows total income for the year of £26,866 (2023: £57,051), a decrease of £30,185. The total expenditure for the period ended 31 December 2024 was £41,164.
This leaves a deficit for the year of £14,298.
Reserves policy
The charity is dependent on income from donations, all of which are unrestricted funds; consequently the trustees regularly review the level of reserves in line with the guidance issued by the Charity Commission. They consider that unrestricted funds are necessary to cover the management and administration of the charity, as well as costs of activities in the furtherance of the charity's objects and the costs of generating funds.
At 31 December 2024 the level of reserves amounted to £9,261 (2023: £23,559) which is considered sufficient to meet the short term costs of the management and administration of the charity, as well as the costs of the planned activities. The trustees' objective is to increase the donations and ticket sales by organising desirable recitals and by managing and reducing costs where possible.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is constituted as a company limited by guarantee and is therefore governed by a memorandum and articles of association dated 28 October 1998, as amended by a special resolution as amended on 24 January 2019. In the event of the company being wound up the directors' are required to contribute an amount not exceeding £10.
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Mastersingers (1998) Limited (A Company Limited by Guarantee)
Report of the Trustees for the Year Ended 31 December 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
The trustees received no remuneration or benefits for their contribution to the charity. The Board of Trustees incurred no governance costs in the running of the charity.
The trustees are selected by the other members of the trustee board.
In selecting the new trustees, they seek to identify people who regularly attend events and functions organised by the charity and are willing to volunteer to help to raise funds on behalf of the charity. Potential trustees are invited to attend trustees' meeting as observers and are given more details of the charity's aims and activities, and if all agree, they are then proposed as new trustees at a subsequent trustees' meeting. This process allows due consideration of the persons eligibility, personal competence, specialist knowledge and skills.
Induction and training of trustees
The new trustees are introduced to their new roles and given copies of the memorandum and articles of association and guide to the policies and procedures adopted by the charity. Publications from the Charity Commission are also provided including the guidance on charities and public benefit, thus ensuring that the new trustees are aware of the scope of their responsibilities under the Charities Act. The process adopted by the charity is that the new trustees work with the existing trustees assisting on particular activities and projects run by the charity. Once the new trustees has gained enough experience then they are given the task of leading a particular activity and project and accordingly reporting progress at the trustees' meeting.
Risk management
The trustees have reviewed the major risks which the charity faces and are satisfied that there are adequate systems in place to mitigate those risks. These procedures will be periodically reviewed to ensure that they continue to meet the needs of the charity.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
20/10/2025
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
Barr Rivers y
~~..........................................~~ B Rivers - Trustee signed on 20/10/2025, 14:27:46 BST ........
Page 4
Independent Examiner's Report to the Trustees of Mastersingers (1998) Limited (A Company Limited by Guarantee)
Independent examiner's report to the trustees of Mastersingers (1998) Limited (A 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:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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.
crai shevas g
signed on 20/10/2025, 16:36:09 BST
C E Shevas FCCA FCA
The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP 20/10/2025 Date: .............................................
Page 5
Mastersingers (1998) Limited (A Company Limited by Guarantee)
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2024
| Period | |||
|---|---|---|---|
| 1.7.22 | |||
| Year Ended | to | ||
| 31.12.24 | 31.12.23 | ||
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 2 | 26,866 | 55,827 |
| Charitable activities | |||
| Ticket sales | - | 1,224 | |
| Total | 26,866 | 57,051 | |
| EXPENDITURE ON | |||
| Charitable activities | 3 | ||
| Production Costs | 38,493 | 56,487 | |
| Other | 2,671 | 2,745 | |
| Total | 41,164 | 59,232 | |
| NET INCOME/(EXPENDITURE) | (14,298) | (2,181) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 23,559 | 25,740 | |
| TOTAL FUNDS CARRIED FORWARD | 9,261 | 23,559 |
The notes form part of these financial statements
Page 6
Mastersingers (1998) Limited (A Company Limited by Guarantee) (Registered number: 03657599)
Balance Sheet 31 December 2024
| 2024 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 10 485 CURRENT ASSETS Debtors 11 4,425 Cash at bank and in hand 8,739 13,164 CREDITORS Amounts falling due within one year 12 (4,388) NET CURRENT ASSETS 8,776 TOTAL ASSETS LESS CURRENT LIABILITIES 9,261 NET ASSETS 9,261 FUNDS 13 Unrestricted funds 9,261 TOTAL FUNDS 9,261 |
2024 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 10 485 CURRENT ASSETS Debtors 11 4,425 Cash at bank and in hand 8,739 13,164 CREDITORS Amounts falling due within one year 12 (4,388) NET CURRENT ASSETS 8,776 TOTAL ASSETS LESS CURRENT LIABILITIES 9,261 NET ASSETS 9,261 FUNDS 13 Unrestricted funds 9,261 TOTAL FUNDS 9,261 |
2023 Total funds £ - 4,372 21,627 25,999 (2,440) 23,559 23,559 23,559 23,559 23,559 |
|---|---|---|
| 13,164 (4,388) 8,776 9,261 9,261 9,261 9,261 |
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.
The notes form part of these financial statements
continued...
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Mastersingers (1998) Limited (A Company Limited by Guarantee) (Registered number: 03657599)
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 ............................................. and were signed on its behalf by:
20/10/2025
Barr Rivers y
~~..........................................~~ ... B Rivers - Trustee signed on 20/10/2025, 14:27:46 BST
The notes form part of these financial statements
Page 8
Mastersingers (1998) Limited (A 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 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.
Mastersingers (1998) Limited is a private company limited by guarantee registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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 - 25% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities. Expenses are inclusive of VAT where applicable.
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.
continued...
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Mastersingers (1998) Limited (A Company Limited by Guarantee)
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
1. ACCOUNTING POLICIES - continued
Fund accounting
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and cash on deposit.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| Period | ||
| 1.7.22 | ||
| Year Ended | to | |
| 31.12.24 | 31.12.23 | |
| £ | £ | |
| Donations | 19,567 | 46,607 |
| Gift aid | 7,299 | 9,220 |
| 26,866 | 55,827 |
3. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |
|---|---|
| Direct | |
| Costs (see | |
| note 4) | |
| £ | |
| Production Costs | 38,493 |
continued...
Page 10
Mastersingers (1998) Limited (A Company Limited by Guarantee)
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
4. DIRECT COSTS OF CHARITABLE ACTIVITIES
| 4. | DIRECT COSTS OF CHARITABLE ACTIVITIES | ||||
|---|---|---|---|---|---|
| Period | |||||
| 1.7.22 | |||||
| Year Ended | to | ||||
| 31.12.24 | 31.12.23 | ||||
| £ | £ | ||||
| Telephone | - | 792 | |||
| Postage and stationery | 1,706 | 2,270 | |||
| Advertising | 154 | 293 | |||
| Sundries | - | 527 | |||
| Artistes costs & Expenses | 23,512 | 32,540 | |||
| Travelling & Accommodation | 7,912 | 17,176 | |||
| Sponsors expenses | 266 | 1,118 | |||
| Hire of halls | 4,923 | 1,748 | |||
| Dues & subscriptions | 20 | 23 | |||
| 38,493 | 56,487 | ||||
| 5. | SUPPORT COSTS | ||||
| Governance | |||||
| Management | costs | Totals | |||
| £ | £ | £ | |||
| Other resources expended | 161 | 2,510 | 2,671 | ||
| Support costs, included in the above, are as follows: | |||||
| Period | |||||
| 1.7.22 | |||||
| Year Ended | to | ||||
| 31.12.24 | 31.12.23 | ||||
| Other | |||||
| resources | Total | ||||
| expended | activities | ||||
| £ | £ | ||||
| Depreciation of tangible assets | 161 | - | |||
| Insurance | 652 | 328 | |||
| Accountancy & bookkeeping | 1,864 | 2,342 | |||
| Bank charges | (6) | 75 | |||
| 2,671 | 2,745 |
continued...
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Mastersingers (1998) Limited (A Company Limited by Guarantee)
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
6. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Period | |||
|---|---|---|---|
| 1.7.22 | |||
| Year Ended | to | ||
| 31.12.24 | 31.12.23 | ||
| £ | £ | ||
| Depreciation - | owned assets | 161 | - |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the period ended 31 December 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the period ended 31 December 2023.
8. STAFF COSTS
There are no employees.
9. AMOUNTS PAYABLE TO INDEPENDENT EXAMINER
The amount paid to the independent examiner for the independent examination was £1,380 (2023: £1,254).
continued...
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Mastersingers (1998) Limited (A Company Limited by Guarantee)
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
10. TANGIBLE FIXED ASSETS
| COST At 1 January 2024 Additions At 31 December 2024 DEPRECIATION At 1 January 2024 Charge for year At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Accruals and deferred income |
Fixtures and fittings £ 3,358 646 4,004 3,358 161 3,519 485 - 2024 2023 £ £ 4,425 4,372 2024 2023 £ £ 2,553 - 1,835 2,440 4,388 2,440 |
|---|---|
continued...
Page 13
Mastersingers (1998) Limited (A Company Limited by Guarantee)
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
13. MOVEMENT IN FUNDS
| Net | ||||
|---|---|---|---|---|
| movement | At | |||
| At 1.1.24 | in funds | 31.12.24 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 23,559 | (14,298) | 9,261 | |
| TOTAL FUNDS | 23,559 | (14,298) | 9,261 | |
| Net movement in funds, included in the above | are as follows: | |||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 26,866 | (41,164) | (14,298) | |
| TOTAL FUNDS | 26,866 | (41,164) | (14,298) | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1.7.22 | in funds | 31.12.23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 25,740 | (2,181) | 23,559 | |
| TOTAL FUNDS | 25,740 | (2,181) | 23,559 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 57,051 | (59,232) | (2,181) |
| TOTAL FUNDS | 57,051 | (59,232) | (2,181) |
continued...
Page 14
Mastersingers (1998) Limited (A Company Limited by Guarantee)
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
14. RELATED PARTY DISCLOSURES
During the year, one trustee made personal donations to the Charity amounting to £2,000 (2023: £2,000). No benefits were received as a result of these donations.
During the year, M Rivers was paid £13,830 (2023: £18,500) for providing artist musician coaching services. M Rivers is a brother of B Rivers who is a trustee of the charity.
At the year end B Rivers a trustee of the charity had an outstanding loan due to him from the charity of £105 (2023: £105).
Page 15
Mastersingers (1998) Limited (A Company Limited by Guarantee)
Detailed Statement of Financial Activities for the Year Ended 31 December 2024
| Period | ||
|---|---|---|
| 1.7.22 | ||
| Year Ended | to | |
| 31.12.24 | 31.12.23 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 19,567 | 46,607 |
| Gift aid | 7,299 | 9,220 |
| 26,866 | 55,827 | |
| Charitable activities | ||
| Ticket sales | - | 1,224 |
| Total incoming resources | 26,866 | 57,051 |
| EXPENDITURE | ||
| Charitable activities | ||
| Telephone | - | 792 |
| Postage and stationery | 1,706 | 2,270 |
| Advertising | 154 | 293 |
| Sundries | - | 527 |
| Artistes costs & Expenses | 23,512 | 32,540 |
| Travelling & Accommodation | 7,912 | 17,176 |
| Sponsors expenses | 266 | 1,118 |
| Hire of halls | 4,923 | 1,748 |
| Dues & subscriptions | 20 | 23 |
| 38,493 | 56,487 | |
| Support costs | ||
| Management | ||
| Fixtures and fittings | 161 | - |
| Governance costs | ||
| Insurance | 652 | 328 |
| Accountancy & bookkeeping | 1,864 | 2,342 |
| Bank charges | (6) | 75 |
| 2,510 | 2,745 |
This page does not form part of the statutory financial statements
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Mastersingers (1998) Limited (A Company Limited by Guarantee)
Detailed Statement of Financial Activities for the Year Ended 31 December 2024
| Period | ||
|---|---|---|
| 1.7.22 | ||
| Year Ended | to | |
| 31.12.24 | 31.12.23 | |
| £ | £ | |
| Total resources expended | 41,164 | 59,232 |
| Net expenditure | (14,298) | (2,181) |
This page does not form part of the statutory financial statements
Page 17