INTERNATIONAL GILBERT AND SULLIVAN ASSOCIATION FINANCIAL STATEMENTS 31 DECEMBER 2024 CONTENTS Page Charity referencc & administrative details Trustees, annual report 24 Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 8-12 Registered charity number: 1103178 INTERNATIONAL GILBERT AND SULLIVAIS ASSOCIATION CHARITY REFERENCE AND ADIVIINISTRATIVE DETAILS Reference and administrative information Charity name: International Gilbert and Sullivan Association Charity registration number: 1103178 Registered office and operational address.. The Old Vicarage All Souls Road Haley Hill Halifax HX3 6DR Trustees/Executive committee N Smith (Chairman) J L Smith (Secretary) P Barton P Crichton B Lockett S Overvoorde Independent examiner Wheawill & Sudworth Limited Chartered Accountants 35 Westgate Huddersfield HDI IPA Bankers Lloyds TSB Bank plc 27 Commercial Street Halifax HXI IBB INTERNATIONAL GILBERT AND SULLIVAN ASSOCIATION TRUSTEES, ANNUAL REPORT The trustees present their report and the financial statements of thc charity for the year ended 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity. Trustees The trustees who have served during the year and since the year end were as follows.. N Smith (Chairnian) J L Smith (Secretary) P Barton P CrÈchton S Overvoorde All of the trustees served upon the Executive Committee during the year. Statement of trustees, responsibilities The trustees are responsibl¢ for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdoni Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare f￿anCIaL statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the cbarity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP 2015 (FRS 2015). make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the fwancial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Structure? governance and management The charity is registered as a charity with the Charity Commission. The affairs of the charity are governed by its constitution which was adopted on 24 March 2004. All major decisions concerning the charity are made by the executive committee, however the day to day management of the charity is delegated to the chairman. INTERNATIONAL GILBERT AND SULLIVAN ASSOCIATION TRUSTEES, ANNUAL REPORT (continued) Objectives and princlpal activities The principal activity of the Association is to promote the knowledge, understanding and appreciation of the works of W S Gilbert and Sir Arthur Sullivall, primarily through support for the annual International Gilbert & Sullivan Festival. RevieTrv of activities and achievements The year 2024 marked the 30 anniversary of the International Gilbert & Sullivan Festival, which returned to the Buxton Opera House- its original venue in 1994. Support from the Friends of the International Gilbert & Sullivan Futival continues to be instrLunental in the Festival's enduring success and long-term sustainability. Key highlights during the year illcluded: Outstanding ticket sales: Twenty-four perfonnances took place across the two-week Festival, with average Opera House attendance exceeding 80%. Critical acclaim: The National Gilbert & Sullivan Opera Company presented tl]ree new productions- The Pirates of Penzance, HMS Pinafore, and The Gondoliers, which received five-star reviews in national publications. Youth participation.. The Festival's youth production programme remains a source of ￿eat pride, having introduced hundreds of young people over the years to the world of Gilbert & Sullivan and fostering a lasting appreciation for their work. Charitable sUPPOrt: The Association was especially grateful to receive a donation of £8,900 from the Rose Hill Music Society following the closure of their charity. This generous contribution will be used to support youth-focused activities. Inclusive engagement: Bus P￿3 Opera, an amateur group comprising perforn]ers aged 60 and over, once again staged a full-scale production at the Buxton Opera House to a full house. This initiative, supported by the Friends of the Festival, provides valuable perforniance opportunities for older participants and enhances community involvement. Plans for the Future: The Board of Trustees remains con]mitted to furthering charitable objectives of the Association by continuing to promote the works of W. S. Gilbert and Sir Arthur Sullivan to the widest possible audience. Looking ahead, the Trustees will focus on: Ensuring the long-tenn sustainability of the Festival and the Association through strategic fundraising including applications for appropriate grant funding. Expanding the Friends of the Festival scheme to increase supporter engagement. The Board remains optin]istic about the future and is dedicated to ensuring tbat the Festival continues to flourish as a unique cultural event that preserves and celebrates the legacy of Gilbert & Sullivan. Acknowledgements The Board of Trustees expresses its sincere thanks to all members, donors, and commercial supporters for their generosity and ongoing commitment to the aims of the Association. INTERNATIONAL GILBERT AND SULLIVAN ASSOCIATION TRUSTEES, IINNUAL REPORT (continued) Financial review The attached accounts show the results for the year with a surylus of income over expenditure of £14,325 (year ended 31 December 2023: surplus of income over expenditure of £76,096). Reserves During the year the trnstees have considered, in line with Charity Conllnission guidelines, what the reserve requirements of the charity are. The charity has set a policy whRch reflects the wish to maintain and develop its programme of services. In this regard, the trustees consider that reserves of a minimum of £ 100,000 are sufficient to provide for the ongoing financial stability of the Festival. Risk management The trustees have reviewed the major risks to which the charity is exposed and consider suitable systems are in place to mitigate these risks. This report was approved by the trustees on 25 July 2025 and signed on their behalf by: J L SMITH Trustee INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE INTERNATIONAL GILBERT AND SULLIVAN ASSOCIATION report to the charity trust¢es on my examination of the accounts for the charity for the year ended 31 December 2024 which are set out on pages 6 to 12. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the "Act"). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my exatnination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Kndependent examiner's statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: Accounting records were not kept in respect of the charity as required by section 130 of the Act. or The accounts do not accord with those records- or The accounts do not comply with the applicable requirements concerning the forni and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts givc a 'true and fair view, which is not a matter considered as part of an independent examination. 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. 35 Westgate Huddersfield HDI IPA 25 July 2025 Wheawill & Sudworth Limited Chartered Accountants INTERNATIONAL GILBERT AND SULLIVAN ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 DECEMBER 2024 Total fl￿dS Total funds Year ended Year ended 31 December 31 December 2024 2023 Notes INCOMIING RESOURCES Donations Subscription income Fundraising activities Sponsorship income Other incoming resources 22,260 32,173 5,920 84,938 27,136 13,293 10,959 979 Total incoming resources 71,312 126,346 RESOURCES EXPENDED Activities in fi￿hcranC¢ of the charity's objects Accountancy fees General expenses Interest and charges 50,696 900 4,113 1,278 47,536 900 547 1,267 Total resources expended 56,987 50,250 Net income/{deficit) for the year 14,325 76,096 Total funds brought fonvard 187,490 111,394 12 Total funds carried forivard 201,815 187,490 The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive frorn continuing activities. The notes on pages 8 to 12 fomi part of these financial statements. INTERIYATIONAL GILBERT AJYD SULLIVAN ASSOCIATIO BALANCE SHEET 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets Current assets Debtors Cash at bank 10 34,275 168,140 34.3lO 153,780 202,415 188.090 Creditors: amounts falling due within one year (600) (600) Net current assets 201,815 187,490 et assets 201,815 187.490 Funds Unrestricted funds 12 201,815 187,490 The financial statements were approved by the tnistees on 25 July 2025 and signed on their behalf by: J L SMITH Trustee The notes on pages 8 to 12 fomi part of these accounts. INTERINATIONAL GILBERT AND SULLIVAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS 31 DECEIIIBER 2024 Accounting policies General inforn]ation and basis of preparation The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) issued on 16 July 2014 (as updated through Update Bulletin I published on 2 February 2016), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice. The fll]ancial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation of these f￿anCIaL statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. The charity adopted SORP (FRS 102) in the Cll￿ent year and an explanation of how transition to SORP (FRS 102) has affected the reported financial position and perfonnance is given in note 15. b) Fund accounting Unrestricted fijnds are ￿ndS which are available for use at tbe discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are ￿llds which are used for a particular purpose as required by the funding body or donor or which have been raised by the charity for particular purposes. Incoming recognition All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Income received by way of donations and sponsorship is included In incoming resources when notified and the amount is known. The financial value to the charity of volunteers in the day to day running is not calculated. Bank and other deposit interest are credited to the accounts on an accruals basis. Incoming resources from grants, where entitlement is not conditional on the delivery of a specific perfonnance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. INTERNATIONAL GILBERT AND SULLIVAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (continued) 31 DECEMBER 2024 d) Resources expended Expenditure is recognised on an accrual basis as a liability is incurred. The charity is not registered for VAT and accordingly expenditure is shown gross of 1￿ccoVerabLe VAT: Costs of activities in furtherance of the objects of the charity are those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project Management. Management and administration costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Tangible f￿ed assets Tangible fixed assets are included at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided at the following rates in order to write off the assets over their estimated useful lives. In the year of acquisition tangible fixed assets are depreciated from l January. Fixtures, fittings and equipment IOO/o on a straight line basis. Taxation As a registered charity, the charity is generally exempt from corporation tax but not from VAT. g) Fknancial instruments Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instnllnents. An equity instnjment is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. **INTERNATIONAL GILBERT AND SULLIVAN ASSOCIATION** ## **NOTES TO THE FINANCIAL STATEMENTS** (continued) ## **31 DECEMBER 2024** |2|**Donations**|2024|2023| |---|---|---|---| |||£|£| ||Unrestricted donations|22,260|84,938| |3|**Subscription income**|2024|2023| |||£|£| ||Membership income|32,173|27,136| |4|**Fundraising activities**|2024|2023| |||£|£| ||Fundraising|5,920|13,293| |5|**Sponsorship income**|2024|2023| |||£|£| ||Sponsorship||| |6|**Other incoming resources**|2024|2023| |||£|£| ||Tax reclaimable|7,714|| ||Interest received|3,245|979| |||10,959|979| |7|**Costs of activities in furtherance of the objects of the charity**|2024|2023| |||£|£| ||Payments in support of the Gilbert & Sullivan Festival|50,696|47,536| |8|**Management and administration**|2024|2023| |||£|£| ||Accountancy f**e** s|900|900| ||General expenses|4,113|547| ||Interest and charges|1,278|1,267| |||2,909|2,714| INTERNATIONAL GILBERT AND SULLIVAN ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (continued) 31 DECEMBER 2024 Tangible r￿ed assets Fixtures, fittings and equipment Total Cost: At l January 2024 and 31 December 2024 1,095 1,095 Depreciation: At l January 2024 and 31 December 2024 1,095 1,095 Net book values: At 31 December 2024 At 31 December 2023 10 Debtors 2024 2023 Other debtors Gift aid tax reclaimable 34,157 3,500 30,810 3,500 37,657 34,310 I I Creditors: amounts falling due within one year 2024 2023 Accruals 600 600 600 600 Incoming Outgoing resources resources for the year for the year 12 Unrestricted funds AtlJan 2024 31Dec 2024 Membership and general unrestricted funds 187,490 71,312 (56,987) 201,815 13 Transactions with trustees and connected persons No trustee or connected person received any remuneration or were reimbursed for expenses either directly or indirectly in either of the current or the preceding year. 12 INTERNATIONAL GILBERT AND SULLIVAN AsSOc￿TION NOTES TO THE FINANCIAL STATEMENTS (continued) 31 DECEMBER 2024 14 Analysis of net assets between funds 2024 Unrestricted Restricted Funds Funds 2023 Total Funds Total Funds Tangible fixed assets Current assets cu￿ellt liabilities 202,415 (600) 202,415 (600) 188,090 (600) 201,815 201,815 187,490 15 Transltion to FRS 102 These are the f￿st f￿anCIal statements that comply with FRS 102. The charity transitioned to FRS 102 on l July2015. No transitional adjustments were required for the year.