REGISTERED CHARITY NUMBER: 1089254
Report of the Trustees and
———E—E—ATmUnaudited Financial eH ChtatementsStatements forTor the the Yearyear EndedEnded 3151 AugustAugust 20232023 for
Bridgwater Operatic Society
Maxwells Chartered Accountants 4 King Square Bridgwater Somerset TA6 3YF
Bridgwater Operatic Society
:
Contents of the Financial Statements for the Year Ended 31 August 2023
| Page | |||
|---|---|---|---|
| Report ofthe Trustees | lL | to: | 2 |
| Independent Examiner's Report | 3 | ||
| Statement ofFinancial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | ll |
| Detailed Statement ofFinancial Activities | 12 | to | 13 |
| Productionaccount | 14 |
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Bridgwater Operatic Society
Report of the Trustees for the Year Ended 31 August 2023
The trustees present their report with the financial statements of the charity for the year ended 31 August 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 Society's objectives are to advance the education of the public in dramatic and operatic arts and to further the development of public appreciation and taste in the said arts.
Public benefit
The Society provides opportunities for members to experience training and also performance opportunities in the theatrical arts. The public benefit from having the opportunity to experience live theatrical art performances in the local area.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
This has been another highly successful year for the society. In December we were fortunate to receive a much sought after 'Rose bowl’ award from the Bristol evening news for best supporting actress from our production of Little Women the previous Autumn, and this was followed again this Spring when we were fortunate to win the much-coveted NODA award for 'Best large production’ from the 2022 performance of Priscilla, Queen of the desert. Credit and testimony indeed to all those involved in these outstanding shows.
This Spring we staged our production of Cole Porters 'Anything Goes' again to exceptionally favorable reviews and I am delighted that despite worries that the show would again run at a loss, we not only broke even, but made a very small profit which is truly excellent news.
The Committee has remained unchanged and is steadfast in its commitment to the society and its productions, thanks in no small part to our Treasurer and Business manager Mr. Tony Edwards who continues to keepa 'firm hand on the tiller’ making sure that our income potential is developed to its maximum and that show budgets are firmly established prior to expenditure.
This Spring we are delighted to have secured the rights to Ian Flemings outstanding stage show, Chitty, Chitty, Bang, Bang. The production team has been established and auditions will be taking place shortly. This will undoubtedly be an expensive show to stage and tight budgets will be required as well as near full-house ticket sales needed in order to achieve its full potential, but this is a very popular, perennial musical and we are confident of its success.
In conclusion, I am pleased to report that the society remains in a strong position and is financially stable as well as being able to continue to provide the local communities with high class and affordable theatre.
FINANCIAL REVIEW
Reserves policy
All monies received by the treasurer shall be paid into the Society accounts as directed by the committee. All funds which in the opinion of the committee are available for investment shall be transferred or paid into the account of the Society at such bank or building society as the committee direct. The account shall hold a sufficient reserve so that any possible loss on future productions can by fully funded and that in addition, the society is able to meet its financial commitments for the following twelve months.
The reserves held at the year-end were £116,563 (2022 £126,429)
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Society is governed by its constitution, which was adopted on 24 October 2001. The society is a registered charity number 1089254.The charitable status of the society was established on 7 November 2001.
The Society is run by the committee of management. All persons elected to the committee at the AGM become trustees of the Society. Further members may be co-opted but would not become trustees.
Page |
Bridgwater Operatic Society
Report of the Trustees for the Year Ended 31 August 2023
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 1089254
Registered office C/O 16 Esplanade Burnham On Sea Somerset TA8 1BG
Trustees
ME Peters Chair : Miss G A Mear Trustee A M Edwards Trustee L White Trustee J Tucker Trustee Miss O Handal Trustee DR Baker Trustee Ms S I Jenkins Trustee Miss L E Edwards Trustee A Pomeroy Trustee Ms K Williams Trustee Mrs C Creedy Trustee Mrs S Creswick Trustee Mrs J Baker Trustee Ms K Warren Trustee T Louisiopoulos Trustee
Independent Examiner Maxwells Chartered Accountants 4 King Square Bridgwater Somerset TA6 3YF
Bankers
Lloyds Bank ple 25 Cornhill Bridgwater Somerset TA6 3AY
Approved by order of the board of trustees on 8" December 2023 and signed on its behalf by:
ME Peters - Trustee
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Page 2
" Independent Examiner's Report to the Trustees of Bridgwater Operatic Society
Independent examiner's report to the trustees of Bridgwater Operatic Society (‘the Charity’)
I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 August 2023.
Responsibilities and basis of report
The trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Statement of Recommended Practice.
Having satisfied myself that the accounts of the Charity are not required to be audited 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
Ihave completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Statement of Recommended Practice; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of Statement of Recommended Practice 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
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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.
Gavin Roberts (ACA FCCA)
Maxwells Chartered Accountants 4 King Square Bridgwater Somerset TA6 3YF
Date: 08/12/2023.
Page 3
Bridgwater Operatic Society
Statement of Financial Activities for the Year Ended 31 August 2023
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||||||
|---|---|---|---|---|
|31.8.23|31.8.22|
|Unrestricted|Total|
|funds|funds|
|Notes|£|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Donations|and|legacies|15|70|
|Charitable|activities|
|Presentation|of musical|shows|36,483|49.489|
|Other trading|activities|2|3,705|4,684|
|Investment income|3|173|5|
|Total|40,376|54,248|
|EXPENDITURE|ON|
|Charitable|activities|
|Presentation|of|musical shows|50,242|59,671|
|NET INCOME/(EXPENDITURE)|(9,866)|(5,423)|
|RECONCILIATION|OF FUNDS|
|Total funds|brought|forward|126,429|131,852|
|TOTAL FUNDS|CARRIED FORWARD|116,563|126,429|
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The notes form part of these financial statements
Page 4
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Bridgwater Operatic Society
Balance Sheet 31 August 2023
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||||||
|---|---|---|---|---|
|31.8.23|31.8.22|
|Unrestricted|Total|
|funds|funds|
|Notes|£|£|
|FIXED ASSETS|
|Tangible|assets|7|74,307|75,505|
|CURRENT ASSETS|
|Stocks|8|250|2,028|
|Debtors|||4,710|9,082|
|Cash|at bank|37,881|40,444|
|42,841|51,554|
|CURRENT|LIABILITIES|
|Accruals|10|585|630|
|585|630|
|NET CURRENT ASSETS|42,256|50,924|
|TOTAL ASSETS|LESS|CURRENT|
|LIABILITIES|116,563|126,429|
|NET ASSETS|116,563|126,429|
|FUNDS|10|
|Unrestricted|funds|116,563|126,429|
|TOTAL FUNDS|116,563|126,429|
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The charity is entitled to exemption from audit for the year ended 31 August 2023.
The members have not required the charity to obtain an audit of its financial statements for the year ended 31 August 2023.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charity keeps accounting records and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charity as at the end of each financial year and of its surplus or deficit for each financial year.
These financial statements have been prepared in accordance with the provisions applicable to small charities.
The financial statements were approved by the Board of Trustees and authorised for issue on 8" December 2023 and were signed on its behalf by:
A M Edwards - Trustee
‘
The notes form part of these financial statements
Page 5
Bridgwater Operatic Society
:
Notes to the Financial Statements for the Year Ended 31 August 2023
- ACCOUNTING POLICIES
Basis of preparing the financial statements The financial statements of the charity, 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’. The financial statements have been prepared under the historical cost convention.
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.
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||||||||
|---|---|---|---|---|---|---|
|Improvements|to property|-|10%|on reducing balance|
|Plant and machinery|-|12.5%|on reducing|balance|
|Fixtures|and|fittings|-|10%|on reducing|balance|
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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.
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Bridgwater Operatic Society
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|---|---|---|---|---|---|---|
|Notes|to|the|Financial|Statements|-|continued|
|for the|Year Ended|31|August|2023|
|2:|OTHER TRADING|ACTIVITIES|
|31.8.23|31.8.22|
|£|£|
|Membership|subscriptions|1,704|2,023|
|Covid-19|Grant|-|2,667|
|Net proceeds|on previous|shows|-|(6)|
|Fundraising|2,001|-|
|3,705|4,684|
|3.|INVESTMENT|INCOME|
|31.8.23|31.8.22|
|£|£|
|Investments|=|5|
|Interest|receivable|-|trading|173|-|
|173|5|
|4,|NET|INCOME/(EXPENDITURE)|
|Net|income/(expenditure)|is|stated|after|charging/(crediting):|
|31.8.23|31.8.22|
|£|£|
|Depreciation|- owned|assets|1,198|1,308|
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- TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.
Trustees' expenses
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|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|There|were no|trustees'|expenses|paid|for the year ended 31|August 2023|nor for|the|year ended 31|August|2022.|
|6.|COMPARATIVES FOR THE STATEMENT|OF|FINANCIAL ACTIVITIES|
|Unrestricted|
|funds|
|£|
|INCOME AND ENDOWMENTS|FROM|
|Donations|and|legacies|70|
|Charitable|activities|
|Presentation|of musical|shows|49,489|
|Other trading|activities|4,684|
|Investment|income|5|
|Total|54,248|
|EXPENDITURE|ON|
|Charitable|activities|
|Presentation|of musical|shows|59,671|
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Bridgwater Operatic Society
;
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
- COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued
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||||||
|---|---|---|---|---|
|Unrestricted|
|funds|
|£|
|NET INCOME/(EXPENDITURE)|(5,423)|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought|forward|131,852|
|TOTAL FUNDS CARRIED FORWARD|126,429|
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||||||||||
|---|---|---|---|---|---|---|---|---|
|Ts|TANGIBLE|FIXED|ASSETS|
|Improvements|Fixtures|
|Freehold|to|Plant|and|and|
|property|property|machinery|fittings|Totals|
|£|£|£|£|£|
|COST|
|At|1|September|2022|and|
|31|August|2023|64,169|10,538|1,745|361|76,813|
|DEPRECIATION|
|At|1|September 2022|-|1,054|218|36|1,308|
|Charge|for year|-|948|218|32|1,198|
|At|31|August|2023|-|2,002|436|68|2,506|
|NET BOOK VALUE|
|At|31|August 2023|64,169|8,536|1,309|293|74,307|
|At|31|August 2022|64,169|9,484|1527|325|75,505|
|8.|STOCKS|
|31.8.23|31,8.22|
|£|£|
|Stocks|250|2,028|
|9:|DEBTORS:|AMOUNTS FALLING DUE|WITHIN|ONE|YEAR|
|31.8.23|31.8.22|
|£|£|
|Trade|debtors|160|1,150|
|Prepayments|and accrued|income|4,550|7,932|
|4,710|9,082|
|10.|CREDITORS:|AMOUNTS|FALLING DUE|WITHIN|ONE YEAR|
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Accruals
585
630
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Bridgwater Operatic Society
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
11. MOVEMENT IN FUNDS
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||||||||||
|---|---|---|---|---|---|---|---|---|
|Net|Transfers|
|movement|between|At|
|At|1.9.22|in|funds|funds|31.8.23|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|126,429|(7,088)|(5,060)|114,281|
|Production|-|Priscilla|-|(1,020)|1,020|-|
|Anything Goes|-|(1,758)|(10)|(1,768)|
|Chitty|Chitty Bang Bang|-|-|4,050|4,050|
|126,429|(9,866)|-|116,563|
|TOTAL FUNDS|126,429|(9,866)|-|116,563|
|Net movement|in|funds,|included|in the|above|are|as|follows:|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|Unrestricted|funds|£|si|£|
|General fund|4,747|(11,835)|(7,088)|
|Production|- Priscilla|(1,020)|-|(1,020)|
|Anything Goes|36,649|(38,407)|(1758)|
|40,376|(50,242)|(9,866)|
|TOTAL FUNDS|40,376|(50,242)|(9,866)|
|Comparatives|for|movement|in|funds|
|Net|
|movement|At|
|At|1.9.21|in|funds|31.8.22|
|£|£|£|
|Unrestricted|funds|
|General|fund|130,614|(4,185)|126,429|
|Production|-|Priscilla|(5,047)|5,047|-|
|Production|-|Little Women|6,285|(6,285)|-|
|131,852|(5,423)|126,429|
|TOTAL FUNDS|131,852|(5,423)|126,429|
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Bridgwater Operatic Society
;
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
- MOVEMENT IN FUNDS- continued
Comparative net movement in funds, included in the above are as follows:
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|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|4,809|(8,994)|(4,185)|
|Production|-|Priscilla|41,292|(36,245)|5,047|
|Production|-|Little Women|8,147|(14,432)|(6,285)|
|54,248|(59,671)|(5.423)|
|TOTAL FUNDS|54,248|(59,671)|(5,423)|
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A current year 12 months and prior year 12 months combined position is as follows:
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||||||||
|---|---|---|---|---|---|---|
|Net|Transfers|
|movement|between|At|
|At|1.9.21|in funds|funds|31.8.23|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|130,614|(11,273)|(5,060)|114,281|
|Production|-|Priscilla|(5,047)|4,027|1,020|-|
|Production|-|Little Women|6,285|(6,285)|-|-|
|Anything Goes|-|(1,758)|(10)|(1,768)|
|Chitty|Chitty Bang Bang|-|-|4,050|4,050|
|131,852|(15,289)|-|116,563|
|TOTAL FUNDS|131,852|(15,289)|-|116,563|
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A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
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|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|9,556|(20,829)|(11,273)|
|Production|-|Priscilla|40,272|(36,245)|4,027|
|Production|-|Little Women|8,147|(14,432)|(6,285)|
|Anything|Goes|36,649|(38,407)|(1,758)|
|94,624|(109,913)|(15,289)|
|TOTAL FUNDS|94,624|(109,913)|(15,289)|
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Bridgwater Operatic Society
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2023.
Page 11
Bridgwater Operatic Society
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|---|---|---|---|
|:|
|Detailed|Statement|of Financial|Activities|
|for the Year Ended|31|August 2023|
|31.8.23|31.8.22|
|£|£|
|INCOME|AND ENDOWMENTS|
|Donations|and|legacies|
|Donations|15|70|
|Other|trading|activities|
|Membership|subscriptions|1,704|2,023|
|Covid-19|Grant|
|Net|-|2,667|
|proceeds on previous|shows|-|(6)|
|Fundraising|2,001|-|
|3,705|4,684|
|Investment|income|
|Investments|-|5|
|Interest receivable|- trading|173|-|
|173|5|
|Charitable|activities|
|Production income|35,628|49,439|
|Hire of|clubroom|855|50|
|36,483|49,489|
|Total incoming resources|40,376|54,248|
|EXPENDITURE|
|Charitable|activities|
|Rates|and water|258|108|
|Insurance|1,966|1,864|
|Light and|heat|1,451|329|
|Production|costs|38,407|50,677|
|Legal|fees|120|-|
|NODA|492|129|
|Admin|21|323|
|Award Expenses|240|70|
|Donation|260|-|
|Cleaning|530|743|
|Equipment|10|163|
|Fundraising|-|1,596|
|Repairs and maintenance|202|485|
|Stock purchased|2,588|792|
|Hospitality|432|-|
|Membership|25|25|
|Newsletters|56|209|
|Website|1,250|108|
|Carried forward|48,308|57,621|
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This page does not form part of the statutory financial statements
Page 12
Bridgwater Operatic Society
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|||||||
|---|---|---|---|---|---|
|Detailed|Statement|of Financial|Activities|
|for the Year Ended|31|August 2023|
|31.8.23|31.8.22|
|£|£|
|Charitable|activities|
|Brought|forward|48,308|57,621|
|Depreciation|of tangible|fixed|assets|1,199|1,308|
|;|49,507|58,929|
|Support|costs|
|Governance|costs|
|Accountancy|and|legal|fees|735|742|
|Total|resources expended|50,242|59,671|
|Net expenditure|(9,866)|(5,423)|
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This page does not form part of the statutory financial statements
Page 13
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Bridgwater Operatic Society
Production Account
for the Year Ended 31 August 2023
| Anything | ||||
|---|---|---|---|---|
| Goes | Priscilla | Total | 2022 | |
| Income | ||||
| Box office | 29,673 | 29,673 | 41,928 | |
| Raffle profit | 1,023 | 1,023 | 1,047 | |
| Programme sales and adverts | 2,683 | 2,683 | 1,789 | |
| Show fees | 1,850 | 1,850 | 2,725 | |
| Sponsorship | 1,020 | (1,150) | (130) | 1,950 |
| Set | 400 | 400 | ||
| Wardrobe | 100 | 100 | ||
| Props | 30 | 30 | ||
| Totalproduction income | 36,649 | (1,020) | 35,629 | 49,439 |
| Expenditure | ||||
| Expenses/contingency | 279 | 279 | 750 | |
| Props | 798 | 798 | 937 | |
| Lighting | 2,869 | 2,869 | 650 | |
| Insurance | 238 | 238 | 400 | |
| Bank/orchestra | 5,355 | 5,355 | 6,450 | |
| Royalties | 4,748 | 4,748 | 7,784 | |
| Musical director expenses | 1,610 | 1,610 | 2,065 | |
| Hire ofhall/theatre | 6,672 | 6,672 | 7,635 | |
| Publicity and advertising | 1,821 | 1,821 | 1,161 | |
| Sound | 2,200 | 2,200 | 1,000 | |
| Hire/purchaseofbooks | 913 | 913 | 2,208 | |
| Set | 3,680 | 3,680 | 9,107 | |
| Rehearsal pianist | 1,025 | |||
| Wardrobe | 2,811 | 2,811 | 7,201 | |
| Wigs and make-up | 2,248 | 470 | 1,630 | |
| Audition material | 579 | |||
| Cast/green room refreshments | 141 | 141 | 95 | |
| Ticket sales commission | 1,424 | 1,424 | ||
| Choreographer | 300 | 300 | ||
| Costumes | 300 | 300 | ||
| Total production costs | 38,407 | 38,407 | 50,677 | |
| Net income (expenditure) on | ||||
| production | (1,758) | (1,020) | (2,778) | (1,238) |
This page does not form part of the statutory financial statements
Page 14