Trustees' Annual Report for the period
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Period start date Period end date
Day Month Year Day Month Year
From 01 04 2021 To 31 03 2022
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Section A Reference and administration details
Charity name The Leatherhead Operatic Society CIO
Other names charity is known by LOS, Leatherhead Musical Theatre
Registered charity number (if any) 1153904
Charity's principal address Redlands Mount
Redlands, Holmwood, Dorking
Surrey Postcode RH5 4LE
Names of the charity trustees who manage the charity
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Dates acted if not for whole Name of person (or body) entitled
Trustee name Office (if any)
year to appoint trustee (if any)
Robert Jordan Chairman of Appointed by trustee body
Trustees
Philippa Stone Treasurer Appointed 18-Jan-22 Ex Officio Treasurer of the
Society
Richard Coveney Chairman of the Ex Officio Chairman of the
Society Society
Laura Barnes Secretary Appointed 01-Dec-21 Appointed by trustee body
Ian Watson Trustee Resigned 22.8.2021 Appointed by trustee body
Miranda Harris Trustee Appointed 14-Feb-22 Appointed by trustee body
Louise Wilson Trustee Appointed by trustee body
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Names of the trustees for the charity, if any, (for example, any custodian trustees)
Name Dates acted if not for whole year
Names and addresses of advisers (Optional information)
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Type of adviser Name Address
Name of chief executive or names of senior staff members (Optional information)
Section B Structure, governance and management
| Section B Structure, governance and management | Section B Structure, governance and management |
|---|---|
| Description of the charity’s trusts | |
| Type of governing document | Constitution of the CIO adopted on 5 May 2015 and effective as of registration on 4 June 2015 |
| How the charity is constituted | A Charitable Incorporated Organisation (CIO) established on the Foundation model whereby the Trustees are the only Members. |
| Trustee selection methods | The elected Chairman and Treasurer of the Society are ex officio trustees plus up to four other trustees appointed by the body of trustees. |
| Additional governance issues (Optional information) | |
| Youmay chooseto include additional information, where relevant, about: |
Arrangements are in place to provide a personal briefing to any newly appointed trustees and to provide them with a pack of information about the duties of a charity trustee (if the appointee is not already experienced) and about the CIO, its constitution, aims and activities. |
| policies and procedures adopted for the induction and training of trustees; the charity’s organisational structure and any wider network with which the charity works; |
The Trustees have established a set of ‘Membership Rules’ to create a class of associate membership that has certain rights to meet to elect a Management Committee (under the supervision of the Trustees) and to decide on certain matters concerning the administration of rehearsals and performances. The Chairman and Treasurer, subject to their suitability and acceptance of the associated duties, are automatically ex officio Trustees of the CIO. |
| relationship with any related parties; |
The elected Management Committee has devolved responsibility for the day to day running of the CIO which is largely for the production of musical |
| trustees’ consideration of | and theatrical performances. The body of charity trustees has |
| major risks and the system | responsibility for the CIO’s adherence to legal, charitable and financial |
| and procedures to manage | laws and regulations and for the longer term well being of the charity. |
| them. | |
| The Tugwell Trust Fund is a restricted charitable fund to be used for the | |
| benefit of the Leatherhead Operatic Society. The Trustees have opened a | |
| special deposit account in which to retain its cash balances separate from | |
| day to day monies. The Trustees as a whole are responsible for the | |
| management of the investments but under the terms of the Restriction, | |
| only appointed trustees may vote and decide on dispensation of its funds. | |
| The Trustees have adopted an Investment Policy which is kept under | |
| review. | |
| The Trustees have considered the risks faced by the CIO and have | |
| documented their conclusions in a Risk Register. |
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Section C Objectives and activities
| Summary of the objects of the charity set out in its governing document Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit) |
The objects of the CIO are the Advancement of the Arts for public benefit, in particular the study and performance of musical and operatic works and theatrical productions, and for the benefit of the public to make donations out of surplus funds from time to time as the CIO in general meeting shall consider warranted by the size of the surplus for such charitable purposes whether connected with the amateur stage or not as the CIO shall determine in general meeting. |
|---|---|
| The CIO’s activities centre on staging near professional standard performances of light opera and musical shows using a professional theatre venue and musical production. The main beneficiaries of the CIO’s work are its audiences and its members, who develop their skills and gain opportunities to perform on stage in the chorus and to audition for lead roles. Numerically, it is the audiences that receive the most public benefit and as interest in live theatre, especially musical shows, wanes, the work of the CIO is increasingly important in providing outlets for those that wish to perform and quality entertainment for those that wish to watch. The CIO intends to support other local charities, whatever the cause, through performances where the profits are pledged to the charity concerned. |
Additional details of objectives and activities (Optional information)
You may choose to include further statements, where relevant, about:
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policy on grantmaking;
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policy programme related investment;
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contribution made by volunteers.
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Section D Achievements and performance
Summary of the main achievements of the charity during the year
In mid-2021 Covid restrictions were eased, and LOS were allowed to restart rehearsals etc.
Having had a period of no activity and due to the continued uncertainties of the pandemic, we decided not to stage a full musical, and chose a ‘review’ style show which we called ‘Raise the Curtain’.
The style of the show enabled us to include a larger number of cast members to make this a more inclusive production and had approximately 800 audience members across the 3 performances. We also decided to make this a charity fund raiser and raised £1,250.00. We donated this money to Yorda Adventures, a local charity for handicapped children.
Early 2022 showed that things were better on the pandemic front, so we were able to go ahead and stage ‘Evita’ at the Epsom Playhouse, a show with a cast of all ages which was very well received and supported. We had 991 audience members across the 5 performances.
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Section E Financial review
Brief statement of the charity’s policy on reserves Details of any funds materially in deficit
At 31 March 2022, the CIO’s free reserves stood at £2,942 and given a typical cost of around £30,000 to stage a show and the uncertainty of ticket income, it is the CIO’s policy to increase that level of reserves.
None
Further financial review details (Optional information)
You may choose to include additional information, where relevant about:
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the charity’s principal sources of funds (including any fundraising);
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how expenditure has supported the key objectives of the charity;
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investment policy and objectives including any ethical investment policy adopted.
The CIO’s main income stream is ticket sales and other show income (£8,939 in this period) - the CIO does not undertake separate fundraising activities. Membership fees (£850 in this period) cover just a portion of the CIO’s administration costs and are not significant when compared to ticket sales.
The Tugwell Trust Fund was valued at £106,032 as at 31 March 2021 and its value at 31 March 2022 was £101,752 of which £47,134 was held as cash and the remainder in a short dated bond fund.
Restricted interest was received and amounted to £719 in the 12 months ending 31 March 2022.
Almost all of the CIO’s expenditure is on the staging of its shows (£16,829 in this period). Small sums, normally about 4% of total costs are used for administration, including insurance and information technology – the figure for this year was £937.
The CIO only holds investments within The Tugwell Trust Fund and seeks to produce the best financial return within an acceptable level of risk.
The investment objective for the short to medium term reserves is to preserve the capital value with a minimum level of risk while generating a return that inflation-proofs the capital - assets should be readily available to meet unanticipated cash flow requirements. The CIO has no long-term reserves.
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Section F Other optional information
Section G Declaration
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
| Signature(s) Full name(s) Position (eg Secretary, Chair, etc) Date |
Louise E Wilson (Jan 24, 2023 11:47 GMT) PStone (Jan 25, 2023 20:18 GMT) PStone |
Louise E Wilson (Jan 24, 2023 11:47 GMT) PStone (Jan 25, 2023 20:18 GMT) PStone |
|---|---|---|
| Louise Wilson | Philippa Stone | |
| Trustee | Treasurer | |
Jan 24,2023 |
Jan 24,2023 |
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LEATHERHEAD OPERATIC SOCIETY
THE TUGWELL TRUST
BALANCE SHEET 31st MARCH 2021
Investments: at cost less amounts written of
| 2,021 | 2,020 | ||||||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | ||||
| Nominal Value | |||||||
| 4,832 | M&G Short Dated Corporate Bond Fund | 50,000 | 50,000 | ||||
| 20 | M&G Short Dated Corporate Bond Fund | 207 | 207 | ||||
| 19 | M&G Short Dated Corporate Bond Fund | 200 | 200 | ||||
| 20 | M&G Short Dated Corporate Bond Fund | 205 | 205 | ||||
| 19 | M&G Short Dated Corporate Bond Fund | 193 | 193 | ||||
| 18 | M&G Short Dated Corporate Bond Fund | 190 | 190 | ||||
| 20 | M&G Short Dated Corporate Bond Fund | 206 | 206 | ||||
| 23 | M&G Short Dated Corporate Bond Fund | 233 | 233 | ||||
| 24 | M&G Short Dated Corporate Bond Fund | 250 | 250 | ||||
| 27 | M&G Short Dated Corporate Bond Fund | 277 | 277 | ||||
| 28 | M&G Short Dated Corporate Bond Fund | 291 | 291 | ||||
| 31 | M&G Short Dated Corporate Bond Fund | 318 | 318 | ||||
| 27 | M&G Short Dated Corporate Bond Fund | 274 | 274 | ||||
| 24 | M&G Short Dated Corporate Bond Fund | 250 | 250 | ||||
| 24 | M&G Short Dated Corporate Bond Fund | 241 | 241 | ||||
| 24 | M&G Short Dated Corporate Bond Fund | 257 | 257 | ||||
| 18 | M&G Short Dated Corporate Bond Fund | 191 | 191 | ||||
| 18 | M&G Short Dated Corporate Bond Fund | 185 | 185 | ||||
| 18 | M&G Short Dated Corporate Bond Fund | 173 | |||||
| 16 | M&G Short Dated Corporate Bond Fund | 169 |
| 5,250 M&G Short Dated Corporate Bond Fund Amount in Virgin Money Charity Deposit Account representing Accumulated Fund brought forward from last year Plus/Less Surplus/Defcit for the year |
54,310 53,968 54,310 53,968 52,065 52,065 . . 106,374 106,032 104,904 104,904 342 1,128 105,246 106,032 |
53,968 |
|---|---|---|
| 53,968 52,065 . |
||
| 106,032 | ||
| 106,032 |
TRUST INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDING 31 MARCH 2022
| Interest on investments and other interest received Investment income Operating costs Distribution to LOS Surplus/Defcit for year |
2022 2021 £ £ £ £ 342 1,128 0 0 0 0 0 0 0 0 342 1,128 |
2022 2021 £ £ £ £ 342 1,128 0 0 0 0 0 0 0 0 342 1,128 |
|---|---|---|
| 1,128 |
| Tugwell Trust from the beginning Summary Initial value in 1989 Income Administration Given to LOS Given to others Net increase in value Total fund as at 31 March 2022 Tugwell Trust Current Value of Investments Valuation at 31 March 2022 Nominal Value £ 5,250 M&G Short Dated Corporate Bond Fund Market value at 31 March 2021 Market value at 31 March 2022 |
from 1st November 1989 £ £ 66,379 223,005 -90 -181,920 -1,000 -183,010 39,995 106,374 Book Value Price per Market Value £100 nominal £ £ £ 54,310 0 |
from 1st November 1989 £ £ 66,379 223,005 -90 -181,920 -1,000 -183,010 39,995 106,374 Book Value Price per Market Value £100 nominal £ £ £ 54,310 0 |
|---|---|---|
| 54,527 |