Charlly reglslrallon numb•r l 173896 (England and Wal•s} THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION Trusle•$ Mr J M Gould MrNJHDore MrAMHau MrGPRWhite Ms P A Roome IAppoinled 8 June 20231 (Appointed 23 Moy 20241 Chorlty number (Englund and Wales) 1173896 Prlnclpal adthess 9 Paddinglon Street London WIU5QJ Independent examlner Perrys Audit Limited 4th FIooT 399-401 Slrond London United Kingdom WC2R OLT Bankers Lloyd5 Bonk plc 39 Threodneedle Sl London EC2R 8AU
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY CONTENTS Page Annuol Report Trustees, report 6- 11 Independenl examinerf5 report 12 statement of financial activitie5 13 Bolance sheel Notes to the financial slalemenls 15-22
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Sedos was founded in 1905 by a group ol senior members of the Stock Exchange ond since thot dole we hove strived to provide an opportunity lor people within the City ol London lo have o creative outlet or lo experience good quality theatre wlfhin the City. We hove been the resident Iheolre company al The Bridewell Theolre in the City of London since 2012. Most ol our production5 are staged there, ensvrin9 a Continued connection between the sociely ond its roo15 in Ihe City. The 2023 Sedos season Comprised live shows mode up ol three musica15 and two ploys, all of which were Critical successfLJI ond 5howcosed o ronge ol slyl65 ond opportunilies lor society members. We also held a varied "Open Week" which included various lechnicol workshops, performance opportunities and sociol events. All were very well reviewed ond ollered o wide range ol onstage and backsloge opportunities for existing ond new members. £5,CPJO was aworded to the production of 'Tilonic'. The Musicol, from Ihe Jeremy Lewis fund to reconfigure the sealing Take in the Bridewell Theatre lo allow lor on entronce from under the audience. This worked very well lor the produclion ond olso provided o polenliol revenue generoling proposition for societies by renting out Ihe conliguralion lo olhei produclions. Given the large rise in overoll c051s for Sedos, the Boord of Trustee5 and Management Committee have continved spending considerable lime 5¢rvlinising occounls and forward looking budgets, not only for Sedos, productions bul for Ihe sociely os o whole. The Boord ol Trustees recognise Ihot Ihe society operoled al a substanliol loss lor 2022 ond worked with the Management Committee lo hav& a clear budget lor 2023 lo ensure1055es do not overrun Ihose expected. In August 2023. the Board of Tru51ees and Monogemenl Commillee held o holl-day joint strolegy ses510ll Ihot wos locussed primorily on the finances ol Sedos. The session commenced wilh on overrfiew by the Chair ol the Board of Trustees (Doniel Saunders) ol Ihe Boord's financial slrotegy of working towards the gool o break-even budget by the end ol the 2025 financial year with an interim goal of reslricting10sses lu Ihe 2024 year to £30,0 Ilemed, "Project Zero'l. Prior lo August 2023 most of Ihe locus wa5 Flaced on cost saving exerci585 ond these have been very succesgful in reducing overall annual spend. The overoll strategy session was therefore designed to look at revenue generating oreos ol Sedos, linonces and w05 broken down inlo live Iopic5-. An overview and discussion ol the lirnoncial considerolions of finding o new Tehearsal spoce.. A review ol membership ond participation fees Ilhe resul* ol which 15 outlined below).. A blue-sky thinking session regurding income generolion.. A discussion on how we could morry our educalionol charitable purpose on a budget neutral ba5i5,' A discussion regording raising r&venue by growing the membership numbers. Since Ihen, many ol the strategies ond ideas discu55ed al the session have been implemented including the Management Committee ¢rofting a budget lor 2024 which oims at an increased 5eoson size bul o Teduclion ol Ihe annual1055e510s compared lo 20231 lo c.£32,(W on the assvmplion Ihal a C0St/lOW- cost rehear501 space is not louné.
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Sedos reintroduced membership and parlicipolion lees in 2022 but look the bold position lo not incTease these from the pre-COV17 9 omovnts (being £301£35 for membership lees. £30 lor participolion in a doy and £40 lor partieipalion in a mu5icoII. In 2023 however o decision was mode lo rae these lees in line with rising c0515. With respect lo membership fees it was decided that from 2024 the direct debit price wll remain at £30 and the nOdireCt debil price be roised lo £40. The hope 15 Ihol this will encourage people lo sign up to dlrecl debil instead of direct payment whilst not raising Ihe lowest price point for members.11 should be noted that Ihe membership lees have not been roised since al lea512007 and thol inllolion over thol lime has been 156% and Iherelore we are glill about £15 behind inflation anyway. With respect to participolion lees th was decided that they should go up from the fitst show in 224 to the following orvounts. I week play= £50 2 week play= £60 I week musicol= £70 2week musicol= In oddilion, it wos decided thol from the first show 012024 an Audilion Deposit Inol a feel be introduced. This is in response lo a large number ol drowvls lor auditions in 2023 shows. It was noted that oudilion lee5 (which were at £51 were dropped in previous years 0$ il was felt.. (al il did not see 05 an ellective deterrent for10st minute droFuls,. and Ibl il wos seen a5 0 possible barrier to entry. Sinc8 not hoving a no<osl reheaTsalloudilion space ovoilable however, significant dropouts have o cost consequence lor Sed05 os we now have lo book and poy for audition space. not to mention the drag on production teams. It wos discussed os lo whether thi5 oudilion deposit would 0150 cr&ale a burrier lo people auditioning and 05 Such the PToposoI for ovoiding this is lo provide simple and cleor wording thol 51 be a deposit that will be returned once the avdilionee had ollended their oudilion land Ihis should be the delaull posiliork any further orrangemenls fike using il lo ollsel your membership or porticipalion lee or leaving il os a donolion should be by exception and not the noml. As such the Iruslees resolved on Audition Deposit be introduced on the following lerms.. To be introduced in the firsl show 012024. Upon booking on oudilion all non-member5 will need lo lodge on 'Audilion Deposit. of £10 which is refundable providing eilher ol the following conditions ore mel., The oudilionee allends Iheir oudilion 5101 or The auditionee provides notice lo cancel more than 72 hovrs before their original oudilion slol. The audition deposit is considered forleil il the following conditions ore mel., The auditionee does not allend their audition slot ond does not cancel their oudilion 5101 providing 72 hours advance notice. The audilionee provides advance nolice of cancellolion bul within 72 hours of Iheir oudilion slot. There shall be no deposil lo audition lor Sed05' members. thus providing o membeT benefit. Succe551vl ovdilionees shall be allowed to Ibul 5holl not be required lol apply their deposil towords their show lee. The Manogement Committee shall have the right of discretion lo issue refunds ol o forfeited deposit in circumstances Ihot warrant a common sense opproach.
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Overall rrembership numbers Steadily rose in 2023 following Ihe dip in 2022 05 0 result ol Sed05 ending Ihe policy ol aulomotic renewal ol membership wilhoul paymenl ol fee5 Ihol exisled over the COVID-19 period: and the mernber5hip lee direct debil mechanism b8ing chonged. 11 has risen 0$ more people have relumed to audition and porticipate in society aclivilie5 and therefore hove renewed their membership. As al the dole ol the 2024 AGM, membership stood ol 197 lup from 165 al the same lime the previous yearl. We furlher reduced ovr storoge costs by winding up our arrongements with Atlic Storage in Kings cross, meaning our only formal storage orrongements remoining are the container al A5hwell ond ad hoe Storage al the Bridewell Theatre. This reduces our annual ffxed storage cos15 from c.£IO,OCQ per ye(Y to c. £2,0 per year. In terms ol finding a low cost replocemenl rehearsal space. the 5eorch is ongoing. Sedos engaged Gryphon Properly Agents on o n&fee vplronl bosis. Multiple localions were viewed during 2023 and negotiation5 were enlered into with o number ol landlords to see il a mvlually beneficial leose lo Sedos would be possible. None of the negolialions resulted in an orrongemenl which worked financially f¢x Sedos however the Spoces 5ub<ommillee members ore conlinLJing the search. The Board ol TFu51ees c105ely monitored Sedos. investment ol reserves with Ralhbone5 ond il wos ld continues lo bel a slanding ogenda item lor Board meetings. Aller much discussion at each meeling it was determined ofler such discussion that the moximum reserves ovoilable should be reloined as invesled with Ralhbones. This proved lo be a series of decisions that w05 rewarded as over011 lor the year ended 2023 the funds inve51ed are al £3,257 which repre5en15 an inei8ase in the investment fund5 by arn omounl of £23,367 for the year, going o long way lo mi119ale the operolional 1055es of S¢dos. The Board ol Truslees consider Ihe continued inveslmonl with Ralhbones lo be the correct strategy lor managing Sedos, reserves but will continue to Teview the funds invesled on a quarterly basis to see whether they should be reduced or a portion Ihereol shovld be redirected lo working copitol or lower fisk term deposil. Sedos has continued lo ensure that in oddilion lo the lomal produclions Ihol we oller our members opportunities lo acquire new skills - lor example. through allordabl& workshop5 njn by professiona15 such 05 those oHered in lighling ond direction. All members, il they $0 wish, con gain experienco in Nnning elemenls of o creative enterprise. Moreover, we oller opporlunilios for our members lo see oui Sho lor free through our Box OIFice & Front ol House Volunteers Programme. Our thank5 The Trustees would like to extend a warm thanks to all those who contributed lo the sociely's oclwitie5 over the period, or whose generous support mode il possible especialky the Munogemenl Committee, which continues lo ensure we deliver o remorkable number ol PToduclions on o predomlnontly volunteer basis. Particvlar Ihonks go 10.. Matt Gould who stood down from Chair ol the Management committee ot Ihe 2023 AGM. His contribution 05 o member and Choir of the Monogemenl Commitlee leader has been immense and we are happy thol he has decided lo continue on 0$ a Iruslee having been independently elected lo svch role ol the 2023 AGM. Stephen Beeny who steps down from the Manogemenl Commitlee arter over o decade ol service. He hos promded a gieol deal ol his lime ond wom mony hols over the year5, not leos1 of which 45 his hord work helping coordinale our marketing strategy. - Alex Boker, Robert J. 5tonex ond Jessie Dovidson who all stepped down 0$ Itustees otter mony yeu5 01 service and who all inlend lo iemain involved in the society going forward. Above oll. we would like to thonk our membets os they really do remain the bockbone ol the Sedos.
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY ANNUAL REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 What Peop ar• $aylng abovl Sedos As you lake your seal forget the word "amolevr" It has no place here. A small cast ol five lake on the full weighl ol this powertul play and ils complex topics giving us a piesenlalion as good os any prolessonol Iheolre. The Ellecl. 2023, Hub Pages Within reviews there are ollen smoll moment5 in Ihe show, ranging from the book, the pertormances or the technical side ol Ihings that I try to prowde some sort ol con51ruclive criticism on where oppropriale. However in Sedos, prodvclion of The Ellecl there ore no oreas ol Ihe show that I could legilimole Suggest on improvement on. on unusual thing in prolessionol work. let alone amoleur Iheolre. The Ellect is a rare treat where th& book, the performonce ond the lechnicol elements merge together perfectly lo creole an ou151anding night ot the Ihealre. The Ellecl, 2023, Musical Theatre Musings Sedos have really succeed?d in gelling across the theme ol community in Sunshir)e on Leilh. with rh hofmonies ond strong performances. this is a great chance lo see this underperfoimed show. Sunshine on Leith, 2023. Musical Thealre Musings As we've come lo expect from Sedos. the Show is slickly and imagin0live staged Sunshlne on Leilh. 2023, Sordines I It wa5 a pleasur& lo relurn lo the Bridewell fhealre with a friend to enjoy th¥r cvrrent production ot Sondheim on Sondheim... The band were excellent, they souncled so good.. The minimalist sel with use ol a split level sloge ond multiple entrances all conlribvled lo smooth tronsilions between rnumbers... Lighting was ellective ond worked very well- there were many lighting cues which musl hove been very hard work for the technical crew. .This wos a IS strong cost. ond they all had omple opportunity to shine, both in ensemble and individually. There were no weak links in the cast...This wos a high quality production with a strong ensemble cast who blendèd very well. Sondheim on Sondheim, 2023. Sardines I
A triumph. Somehow. Directors Louise Roberts and Rob Archibold hove manoged to move their 33 slrorwJ cost oround thi5 small spoce with great slag&croll and not a little ingenuity, making good use ol an entrance Creoted from an opening in the sealing block.. There are no weok performances here.. 11 is a privilege lo heor this score sung and ployed $0 well, and lo see the piece produced so impre55ively in o smoll space. Highly recommended. rilonic. 2023, Sardinos I With a 5prowling cast ol over 30, cralling indiwdual charocters Ihol strongly resonate is no easy feol. Yel. the talented ensemble manages the exlraordinory. making you core deeply about choracler5, regardless ol Iheir social class and lime spent on stage. The cast's singing skills ore obsolulely astounding, mastering intricate harmonies and lighlning-losl lyrics Ihol elevate the musicol score lo remorkoble heights... The Icylenl on display is nothing short ol insane.. "rilonic: The Musicol" is well-deservedly almost gold out for Ihi run, bul il you monage lo book one ol the lickets still lell, theTe's o possibility this moy just become yovr new favourile musical. Don't tell me I didn't wom youl Titanic. 2023, West End Evenings I
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 L¢oklng ahwd - ovr 2W14 s•oson The 2024 season continue5 our run ol having o reduced 5ea50n compared lo previous years in ordef to ollset the overoll costs of reheors01 spoces bul still provides o brood voriely ol opportunities lorpertormers a5 well as chances lor lir51 time production leom members. JUSTSO Music by GEORGE STILES Lwics by ANTHONY DREWE Inspired by the slorie5 of RUDYARD KIPLING &9 March 2024 RICHARD111 by WILLIAMSHAKESPEARE 9-18 Moy 2024 YOU'RE A GOOD MAN CHARLIE BROWN Book. Music ond lyrics by CLARK GESNER 9-13 July 2023 SUNDAY IN THE PARK WITH GEORGE Music & Lyric5 STEPHEN SONDHEIM Book by JAMES LAPINE 2(>30 Jvne, 28 July & 4 August 2024 AUTOBAHN By NEIL LABUTE 17-21 September 2024 IBLANKI By ALICE BIRCH 24-28 September 2024 THE COLOR PURPLE Book by MARSHA NORMAN Musi¢ and Lyrics by 8RENDA RUSSELL, ALLEE WILL ond STEPHEN BRAY 2(0 November 2024 The society wishes lo continue to improve ils olready high standards in both perfcmance ond prodtIOn by prowding skill focused development opportunities lor members via workshops ond ils r&gular classes including dance closses Isedoncel, improv classes (Simprovl ond acting classes Isedos Acting Grovpl. 1.44 J &aJ 1 2025, 12'05pTI Chalr ol TTVSlees Dole.. 8 April 2025
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Irustee5 present their onnuol report ond finaneiol slalemenls lor the year ended 31 December 2023. The financial statements have been prepored in OCCOTdance wilh Ihe occounling poticies sel out in nole I lo the linonciol 51olemenls and compty with the Charilvs goveming document. the charit5 Act 2011, FRS 102"The Finoncial Reporting Standard applicoble in the UK and Repubfic ol Irelancl" ond the ChaNlies SORP "Accounling and Reporting by Charilie5.' Slolement ol Recommended Practice opplicable lo chorilies preparing their accounts in occordance with the Financi¢Jl Reporting Standard applicable in Ihe UK and Republic ol trelond IFRS 1021" ObJedlv•5 ond actfvttles To educale the public in the field5 01 dramalic and musica5 Ihealre. and lo further the development ol public appTeciolion ol and losle in said fields. To give opportunities for persons interested in dromolic and mvsicol theatre to participate whelher on or off stage in Iheatricol prodvclions ol high quality. In planning our aclivilies lor the year the trustees kept in mind the Charity Commission's guidance on public benefit. In the year to 31 December 2023 the society performed three musicals ond two ploys al Ihe Bridewell Theatre London. In oddilion. SEDOS atso held a varied "Open Week" which included various lechnicol workshop5. performance opportvnilie5 and 50eial events. Over 9S paople were engaged in orFstage roles and oveT 60 had the opportunity lo be involved in bockslage roles and technical workshops. In addilion, the society ollered members a number ol sociol and educational even15, including workshops, showcoses and seasonal porties. Our Sedance closs continued lo be well attended wilh weekly numbers remaining high. Our weeY Improvi501ion Workshops Simprov- have also continued lo see high roles ol participation.
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achlevemenls and perfoman¢e vi In the year to 31 December 2023 our moin productions were.. THE EFFECT by LUCY PREBBLE 21-25 March 2023 SUNSHINE ON LEITH by STEPHEN GREENHORN I20 Moy 2023 SONDHEIM ON SONDHEIM Music & Lyrics STEPHEN SONDHEIM Conceived by JAMES LAPINE 4-8 Jvty 2023 CLUE Bosed on the screenplay by JONATHAN LYNN written by SANDY RUSTIN 26-30 September 2023 TANIc Music & Lyrics MAURY YESTON Slory and Book by PETER STONE 14-24 September 2022 11 should be noled thol Sedos ond ils members received a number ol Zone l London NODA owords and nominolions lor ils 2023124 seoson including.. 'Just So, shortli5ted lor the SHINFIELD PLA YERS SCENIC DESIGN A WARD Sorrel Brown awarded the Zono l London NODA SYBIL CONWAY AWARD FOR BEST FEMALE CHARACTER IN A PLA Y for her role 05 Mrs While in Clue Katie SleHond oworded the Zone l London NODA ERIC WATSHAM AWARD FOR BEST CAMEO PERFORMANCE IN A PLA Y OR MUSICAL IOT her role as Eilidh in Svn5hine on Leilh In oddilion. Production Teom leod Adom Coppord wos nominoled lor THE SHELLY LEMESH A WARD FOR THE'UNSUNG HERO"
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY YRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Flnanclal revlew The society's income is primarily through the sales ol ticke15 to public performances. Additional income fypically corne5 from rnembership 5ub5criplions and donalions from iridividuols ond corporotes. Operoling cos15 continued lo be higheT thon historical figure5 due to the lack of a base ol operalions, generating addilionol rehearsol, build, sloroge ond procurement costs. however overall spend was greatly reduced from 2022 and through careful management the budget Set al the Start 012023 wos lorgeP¥ achieved. Overoll income lor the period wos £106,875. This figure is exclusive ol income on investments, £1 1,360. gain5 on inve51men15, £12,676, and interest, 94 BUT inclusiv& ol costs rechorged lo Geoids and Cerrtre stage, £4,562 Iwhich will ultimate likety be expenditure relieving rather than income generalingl. Accounting for Ihese tokes th& income figure for the period lo £126.742. Overoll expenditure for the period wos £157.127. This figure is exclusive of costs of investment management, £670, BUT inclusive of costs recharged lo Geoids and Centre Sloge, £4,562. Accounting IOT these toke5 the figure lor the period lo £153,235. Key areas of income were tickets sale5, £85,439 membership lees, £5,415. classes fees, £5,147, porticipolion lees, £3,390 and donations, £983. Key ore¢Js of expendilure were producllon costs, £1 11,281. storage and transport C051s, £15,270. and usual centrol c051s such as box office, insurance, card proce$5ing ond linoncial soflware. £1 1,495. The 50ciely had an operational Ios5 01 £50,251. Allhovgh this is subslanlial, thi5 represents o great improvement from 2022 and a5 11 beats the budget sel ot lh6 slort of 2023 by over £4.OW, the Boaid ol Trvslees view this levd ol operoling loss as occeplable. 11 you include the goins on investments OTr inleresl this drops lo an overall loss of £26,493. During 2022 0 number of Steps were loken lo ensure Ihol Sedos continues lo limit Its annual losses whilst there is no fixed low cost rehearsol space. A5 such lh8 budgeted operolional loss lor Sedos lor 2024 15 largeled al £32,{ wilh on ongoing aim lo reduce this further in 2025 to o ngor breok-even budget. The society holds reserve funds in order lo both cover any unforeseen expenditure, and to 5UPPOrt ovr strategic objective of securing long term rehearsal and performonce spoces in the interim period befv¢een the expiry ol the le05e with BHG ond finding new, c05t-neutral accommodation lor o Sedos conlrolled reheorsal, storage and build space. Sedos reseNes as 01 31 December 2023 sal al opproximalely £300,(W (which does nol include the Jeremy Lewi5 bequesll.
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Plans lorlulvre perlods The Society wishes lo consolidole it5 P05ilion as one ol the premier omateur theatre companies in the country, by rnainlaining o strong, varied programme of theatrical work with high prodvclion value5 o Strong core membership. We have increased the number ol production5 foT Ihe 2024 season in order lo increase the opportunlie5 for members ond non-members alike lo take part in achieving our charitable aims. This Include5 the sloging ol 'Sundoy in Ihe Park with George, in two differenl venue5 oway frorr the Bridewell Theatre. This will be performed with a lorge cast and in locations new lo Sedos performonces ond we hope this will introduce o new audience lo our productions. As our revenue inilioliv6s continue lo be rolled out. we hope to be able lo susloin a seven show seoson, with Ihe goal. over time. being to return lo an 8+ show season. The Tru51ees are owore that in order to both meel ils ehariloble objectives ond ils Commitment to Change, the overall way decisions are made ond implemented need lo be scnJlinised lo ensure the 50ciely remoins forward thinking ond nol jusl reoctive to th8 50cioI challenge5 of the day. Part of this is the bold decision lo stoge 'The Color Purple. a5 the end of year Iwtrweek musical. Care has and wil continue lo be loken to en5vre we engage in oul-reach lo the wider theatre community in order lo ensure this 15 C051. produced and staged in o sensitive and thou9hllul way ond the hope is Ihal this will help demonslrale the inclusive nolure of Sedos ond encouroge members of a wider range ol backgrounds lo become regulor members ond audience members. The Trv51ee5 ore awore that the expiry of the leose al BHG has creoled a significant budget deficit lor Sedos that continued throughout 2023. Although careful cost culling and revenve raising iniliolives hos ensured thi5 can be adequately covered lor Ihe next 6-7 Yea ol operations al the current projected expenditure role lincreosed from 4-5 year5 a5 e51imoted al the 2023 AGM due to said cost cutting and revenve generating initialivesl. it remain5 a priority for Sed05 to dedicate lime to ensuring that any short term solutions are cost elleclive 05 well as commence plonning to ensure next 10- Xi yeors lo ensure the 5usloinobility ol the society. Sedos continue lo engoge Gryphon property ogenls in the seorch for a new home and finding a 5uilable space is the number one priority for the 5pace5 SULKOMrr1tee.
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, govemance and man¢Jgemenl The chorily is o Chariloble Incorporated Organisalion ICIOI ond wos entered on the Registw of Charilies on 21 July 2017. Thi5 followed o decision ol an EGM held on 8th June 2017 where il was agreed to tr¢sfer the ossets ond undertokings ol "Old Sedos" lo a newly incorporoled CIO ol the some name. "Old Sed05" (Charity number 10994431 wos formolly removed from the register in November 2022. Under the 'New Sedos" the charity is run by an el8cled Boord ol Trvslees which delegates m051 dapto-doy losks lo o number of sub-commillees, most importantly the Monogomenl Subcommillee, the chair ol which 15 direclly elected by the members ond the rest ol which are appointed by the members under ¢onsullalion with the Boord of Trvslees al each AGM. The CIO is govemed by it5 constitution. This provides for a Board ol Trustees compTising no more than twelve Tw51ees'. nine elected Trustees- the elecled Choir of the Managemenl Committee lon ex-ofFicio memberl- and up lo trwo co-opted Ttuslees. 11 further provides thol Iruslees may be elected by the members ol the Society, thol one third ol Iruslee5 by rolalion should r&liro each yeor and may offer themselves for ie-eleclion wilhoul Iimil. The Trustee5 have established Six 5ub-commiltees to Q551sI with the effective nCtIOnIng of the Board: A Manogemenl Committee. with devolved responsibility lor Ihe day-to-day running of the society.. A Govornonce Commitlee. lo help establish elleclive operaling processes ond procedures and odvise the Board on governonce i55ues', A Finance Committee, lo manage ond monitor the society's finances.. An Inveslmenl Committee. lo invest and monoge the charity's reserves.. A D&1 Commitleg, to locus on the development of D&1 policy and implemenlalion ol Ihol policy in the doy lo day operation ol the sociely., ond A Spoces Committee, to a551sI the Manogemenl Committee on findin9 ¢osI-ellective short lem 501ulions after leaving BHG as well as developing ond implementing a slrolegy lor long lern space 501ulion5. During 2023, the Twslee5 held six ordinary Tru51ee meetings and one joint slralegy day with the Monagement Committee. The Tru51ees have discussed the mojor strategic, business and operolionol risks lo which the chorty is exposed. and an 055essmenl of risks will be kept under review. The CIO inherited system5 that hod been esloblished lo miligole any such risks. and are in the proces5 of implemenling new systems. Insurance cover hos been obloined lo cover strategic ri5k5. There is an informal inducfion for new Trustees bvl no formal policy lor Iroining thereof. The Irvslees who Served during the yeor ond up lo the dale of signature ot the financiol stalements were.. MrJEGBrown (Resigned 23 May 20241 Mrj M Gould M5 S R Gobbilas Mr D Saunders MrNJHDore MrA MHau MrA J Baker Mr J Dovidson Mr R J Slanex MrGPRWhile Ms P A Roome (Resigned 23 May 20241 (Resigned 22 July 20241 (Appointed 8 June 20231 (Resigned 8 June 20231 (Resigned 8 June 20231 (Resignad 8 June 20231 IAppoinled 23 Moy 20241 10-
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY TRUSTEES, REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 At every annuol general meeting ol the members ol the CIO, onev1hd ol the elected charity trustee5 sholl relire from ollice. 11 the number of elected charity Iruslees is nol IhTee or a multiple ol Ihree. then the number neare51 to one-third shall retire from ollice, bul il there is only one charity Iruslee. he or she will retire. The charity ttustees to relire by rolalion will be those who have been longest in office since their last oppoinlmenl or reappointment. 11 any trustees were lost appoinled or reappointed on the some doy those lo retire shall (unless they otherwise ogree among Ihemselvesl be determined by lol. Tha voconcles 50 arising may be filled by the deci510n ol the members al the onnual general meeting. The membor5 or the charity Iruslees may ol ony timo decide lo appoint a new charity Iruslee. whether in ploce ol o charity Iruslee who hos retired or been removed or as an additional chority trustee. promded Ihot the limit on the number of chorily tsuslees would not be exceeded. The trustees. report was opproved by the Boord ofTrv5tees. A4.44 J GaJ 2025, 12."05prnl Trustee 8 April 2025
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY I report lo the trustees on my exominotion of Ihe linonciol slolements ol The Stock Exchange Dromotic and Operotic Society Ilhe Chorityl for the year ended 31 December ?023. Resporntbllllles and bosls of report As the Iruslees ol the Charity you are re5pon5ible lor the preporotion ol the flnonciol slolemenls in accordance with the requirement5 of the Charities Acl 2011. I report in respecl ol my exomSnolion of the Charily's finonciol slotements corried ovl Under Section 145 of the Charitie5 Act 2011. In catrying out my examination I have followed the Directions given by the Chority Commission under section 14515llbl of the Charities Act 2011. Independent examlneI5 glulemenl Your allenlion is drown lo Ihe locl that the chorily ha5 prepared the financial 51olement5 in accordance with the relevant version ol the Slalement ol Recornmended Practice opplicoble lo chorilies rxeparing their financial 51olemenls in accordance with the Finonciol Reporting Standard applicable in the UK and Republic ol Irelond (FRS 1021 in preference lo the Accounting and Reporting by Chorities.. Slotemenl of Recommended Practice i5sved on l April 2005 which is referred lo in the exlanl regulolions bul hos now been withdrawn. l Undeland that this hos been done in order for the linanctal slalemenls to provide a Inje and lair view in accordance with UK General Accepled Accounting Proclice. I have completed my examination. I confim that no motters hove come lo my ollenlion in connection with Ihe exominolion giving me cause lo believe that in any muterial respect: occovnling records were not kepl in ie5p8cI of the Chorily os required by section 130 of Ihe Charilies Ac12011. the financial slalemenls do not accord with those records., or the financial slalemenls do not Comp with the applicable requirements concerning the fonn ond conlenl ol linonciol slalemen15 sel out in the Charities (Accounls ond Reportsl Regulolion$ 2LYJ8 other thon ony requirement Ihol Ihe financial statements give a Irve and fair view. whlch is not a matter consideTed os port of on independent examinolion. I have no concern5 and have come across no other matters in connection wilh the exarrinalion lo which ollenlion should be drawn in this report in order lo enoble a proper undeTslonding ol the financial slotements lo be reoched. Stephen Hale FCA FCCA Perys Audit mited 4th Floor 399-401 strand London WC2R OLT United Kingdom
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unre5Mded unlerIcted fvnds lunds 2023 Noles Income from: Donation5 and legacie5 Choriloble activities Inveslmenls 1,376 105,892 11,360 245 111.QYJ6 10.247 Tolal Income 118,628 121,498 Expendllvie on: Roising funds 670 Choriloble aclivites 157.127 207,299 Total expencmture 157.797 207,985 Net gainslllossesl on investments 12,676 138.9971 Nel expendltvre and movement In fvnds 126,4931 1125.4841 ReconcHlallon of funds.. Fund balances al l January 20rJ 434,317 559,801 Fvnd balances at 31 December 2ff23 407,824 434,317 The slalemenl ol finonciol aclivilies includes oll goin5 and losse5 Tecognised in Ihe yeor. All income ond expenditur& derive from conlinving oclivilies. 13
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 Notes Ftxed ossels Tangible as5els Inve51ments 13 14 1.405 350,452 4.878 326.850 351.857 331,728 event a55els Debtors Cash at bank and in hand 15 11.489 55,352 7,647 99,756 66,841 107,403 Credllor3: omounls lalllng due wlthln one year 16 110,8741 14,8141 Nel current assets 55,967 102,589 Total ai$ets less cuffent Ilubllllles 407.824 434,317 The Ivnd5 01 th• Charlly Unrestricted fund5 17 407,824 434,317 407,824 434,317 The linanciol slalemenls were approved by the Iru51ees on 8 April 2025 M.44 a G_IJ gE(W(M)yfvJ 202S. 12..0$) Trvsl•• 14-
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounllng pollcles Charlly Inlormollon The Stock Exchange Dramolic and Operatic Society is a choriloble incorporaled organi5alion registered in England and Wales. 1.1 Accovntlng ¢onv•nHon The financial slalemenls have been prepared In occordance with the Chorivs goveming document, the Charities Act 2011. FRS 102 'Yhe Financial Reporting Slondard applicable in the UK ond Republic ol Ireland" and the Charities SORP"Accounling and Reporting by Chorilies.. Stolemenl ol Recommended Practice applicable lo charities preporing their occounls In accordance with the Financial Reportin9 Standard opplicoble in the UK ond Republic ol Ireland IFRS 1021 The Charity a Public Benefit Enlify 0$ defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charllies not lo prepare a Statement ol cash flows. The financial slolemenls hove departed from the Chorities IAcc¢unls ond Reportsl Regulations only lo th& exlent requiied lo provide a true and lair view. This departure has involved fdlowing the Slolement of Recommended Proclice for charities applying FRS 102 rolher than Ihe version of Ihe Slolement ol Recommended Praclice which is referred lo in the Regulations but which has since been wilhdrown. The finoncial stalemenls ore prepared in sterling, which the functional currency ol the Chorlly. Monetary amounts in these finoncial slalemenls are rounded lo the neoresl £1. The finoncial slolement5 hove been prepored under the hlsloricol cost convention. modifled lo include the revalualion ol certain financial instruments al foir value. The principol accovnlin9 policies adopted are sel out below. 1.2 Golng ¢on¢ern Al the lime of approving the financial slalemenls. the Iru51ee5 have a reasonable expectation that the ChaThty ha5 adequate re50urce5 to continue in operational existence lor the foreseeable lulure. Thus the trustees continue lo odopl the going concern bosis of accounting in preporing Ihe linonciol 51alemenls. 1.3 Chartlable Ivnds Unrestricted funds are avali oble lor use ol the discretion ol the trustees in furtherance of their chariloble objectives. Designaled fund5 comprise lund5 which have been set aside al the discretion of the trustees fry specific purposes. The purpose5 and uses ol th& de5ignoled funds are Sel out in the note5 to the rinancial statements. 1.4 Income Income 15 recognised when the Charity 15 legally enlilled lo il aller any performance condition5 have been met, the omounls con be measured reliably, and il is probable that income will be received. Cash donations are recognised on receipt. Other donotions are iecognised once the Charity ha5 been notified ol the donation, unless performonce conditions require delerrol ol the omounl. Income lox recoveroble in relolion lo donations received under Gill Aid or deeds ol covenonl is recognised al the lime of the donation. 15-
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Ac¢ovnllng poNcl•s (Contlnved) Legacies are recognised on receipt or olherwise il the Charity hos been notified of an impending distribution. the amount is known, ond receipt is expected. 11 th¢ omtsunl is not known. the legocy is treated 05 a conlingenl 05sel. 1.5 Expendllur• Expenditure is recognised once there is a legal or constructive obfigalion lo Iransler economSc benelil lo a third party. it is proboble thul o Iransfer of economic benefits wiw be required in settlement, and Ihe amount of the obligation can be meosured reliably. E¥penditure is classified by oclivity. The costs ol each activity are mode up of the tolol ol direel cosf5 and shared costs. including support costs involved in undertoking eoch activity. Direct C051s allribuloble lo o single activity are allocated directly lo Ihol oclivily. Shared cost5 which conlribvle lo more than one activity and support costs which ore not allribulable lo a single o¢livily ore apportioned between those oclivities on a basis con5151enl with the use of resources. Central 5taH costs ore ollocaled on the basi5 01 lime spent. and depreciolion charge5 are allocated on the portion ol Ihe asset's use. 1.4 TangSble IExed ts$5ets Tangible fixed as5els ore inilialw measured ot cost and subsequently meosured at cost, net ol depreciation and any impairment Iosso5. Depreciation is recognised $0 os lo write off the c0510l a55els le55 their residval volues over their useful lives on the following boses: Plant ond eqvipmenl 20% straight line The gain or loss arising on the disposol of on osset is detenrgned as the difference between the le woceeds and Ihe carTrqng value ol the a5sel, and is recognised in the slalemenl of financial aclivilie5. 1.7 Flxed ossel Investments Fixecl o5sel inve51menls are iniliolly measured al tronsoclion price excluding transaction costs. and are subsequently measured ol lair volue al each r$porting date. Changes in loir value are reCOgned in net incomellexpenditurel lor the year. Transaction c0515 are expensed as incvrred. 7.8 Impofrmenl ol Ilxed assels At eoch reporting end dale, the Charity reviews Ihe corrying omovnls ol its tangible as5els lo delennine whether there is any indication that those a55els have sullered an impairment loss. 11 ony such indicotion exists, the recoverable omounl ol the asset estimated in order to determine the gxlenl ol the impoirmenl loss lif any). 1.9 Cash and cash equlyalenls Cosh ond cash equivalent5 include cash in hand, dep05I1s held af call with bank5, other short-lerm liquid inve51menls with original malurilies of three months or less. and bank overdrolls. Bank overdro115 are shown within botTowings in cutTenl liaknlilies.
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles (Contlnved) 1.10 Flnanclal Instrvmenls The Charily has elected lo apply the provSsions of Section I I 'Bosic financiol In51rumen15' and Section 12 '01her Financial Inslrumenlslssves. of FRS 102 lo all ol ils linonciol inslrumenl5. Finoncial in51rumenls ara recognised in Ihe Charify's balance sheet when the Charity becomes porty to the conlroctual provisions ol the inslrvm&nt. Financial a55et5 and liobilities are offset, with the nel omoun15 presented in Ihe financiol slolement5. when there 15 a leg01 enforceable right 10 Sel off the recognised omounls and there is on inlenli¢ lo sellle on a nel basi5 or lo reolise the ossel and 5ellle the liobilily simulloneously. 8a51c financlol ossets Bosic financial a55els, which include debt0 ond cash and bonk balances. ore initially measvred ol transaction price including Iransaclion costs ond are subsequently carried al amortlsed cost using the elleclive intere51 method unless the arrangemenl conslilules a financing Iransoclion, where the transaction is meagured al the present volue ol the future receipts discounted al a market rote of intere51. Iinancial ossels clossilied as receivoble w51hin one year are not amortised. Ba$lc Ilnanclal IlabNllles Basic financial liobililies, including creditors ond bank loans ore iniliolly recognised ol tronsoclion price unless Ihe orrangemenl constitute5 0 financing transaction, where the debt in5tnJment i8 meosured al the present volue ol the lulure poymenls discounted al a morkel rate ol interest. Financiol liobilities classified as payoble within one year are not omortised. Debt instruments are subsequently carried al omortised cost. using the effective intere51 rote method. Trade credilors are obllgalions to pay for goods or seNices Ihal hove been acquired in the ordSncry cOue ol operations from suppliers. Amoun15 poyoble ore classified as current liobililie5 if poyment i% dve within one year or le55. 11 not, they are presented 0$ non-currenl liabilities. Trade creditors are Tecognised initially al transaction price and Subsequent measured ol amortised cost using the effective interest method. DerecognlHon olflnanclal Ilublllmes Inancial liabilities ore derecogned when the Chority's contracluol obBgalions expire or ore di5chorged or concelled. Crfllcal accounllng esWmule¥ ond judgements In the application of Ihe Chorily's accounting policles, the Irusleès ore required lo make ludgemenls, eslimales ond ossumplions abovl Ihe Carrying amount ol 055ets ond liabilities that ale not readily apporent from other source5. The estimoles and associated ossvmplions are based on historical experience ond other laclors that are considered to be relevant. Actual results may diller from these eslimale5. The estimates ond underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision ollecls only Ihot period, or in the period ol the revision and future period5 wher& the reusion olle¢t5 both cuffenl and future periods.
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donatlons and legaclei Unrestrlcled Vnrestrlcted funds fund5 2023 2022 Donations and gilts OlheT 982 394 245 1,376 245 Income from charElable ucllvllSe$ Unrestrlcled lunds 2023 Unreslrtcled Ivnds Charfluble Income Membership fees Class/WotkshopslShow fees rickellProgramme soles Other income 5.415 8.702 86,790 4,985 3.645 3,826 97.441 6.094 105,892 Income from Investments Unreslrfcled Unretheled funds funds 2023 2022 Other income 11.360 10,247 18
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Expendtlure on ra151ng Ivnds Unrestrlcted Unl?r[cl•d fundi lunds 2023 2022 Fundralslng and publlclty Seekin9 donation5, gran15 and legacies Investment management 670 Totol cost5 670 ExpetKlllvr• on charlTrable acHvMles Charltobl• actlvlles 2023 Charftable a¢llvEtes 2022 Dk•ct ¢osts Production5 Workshopslclosses Reheatsol/build/slorage space5 Admin and other c0515 92,938 5,378 36,481 19.976 109,393 5,505 66,152 22,762 154,773 203.812 Share ol support und gov•mance cos15 (see nole 8} Governonce 2.354 3,487 157,127 207,299 Analy515 by fund UnTeslrict&d funds 157.127 207,299 Support cosls oll¢xaled to acllvllles Charlloble acttte3 2023 Total 2022 Govemance 2,354 3,487 19
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Twsl• None ol the InJslees lor ony persons connected with Iheml received any remunerolion or benefits from the Charity during the yeor. 10 Employees Th& ovoro9e monthly number ol employees during the yeorwas.. 2023 Number 2022 Nvrnber Totol There were no employees whose annual remuneration was more thon £60,(Y)D. I l Golns and IoM•s on Investments UnTeslrlcled Unrestrfcled Ivnds funds 2023 2022 Gain5lllosse51 orising on.. Revoluolion ol investments Sale ol investments 12.672 138,9601 1371 12,676 138,9971 12 Taxalton The charity is exempl from laxalion on ils oclivilies because all ils income is opplied for charitable purposes. -20-
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Tonglbl• fflxed assets Plunt ond •qvlpmtnl Co At l January 2023 Addilions 25,298 228 Al 31 December 2023 25,526 Depreclallon and Impalrmenl Al l January 2023 Depreciolion chorged in the year 20.420 3,701 At 31 Oecember2023 24,121 Corylng amount Al 31 December 2023 1,405 At 31 December 2022 4.878 14 Ftxed as$et Investrner LIed Investmen15 Cost or valuollon Al l Jonuory 2023 Additions Reali5ed goin Unreali5ed gain Disposals 326,850 11,577 12,599 15781 Al 31 December 2023 350,452 Carylng amount Al 31 December2023 350.452 Al 31 December 2022 326,850 21
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 15 DebtOTS 2023 2022 Amounls falllng due wSlhln one year. Trade debtors other debloTS Prepoyments ond ocoved income 4,561 356 2.244 5.047 6,928 11,489 7,647 16 CredlloTS: amounts lang dve wlthln one year 2023 Trade creditors Other creditors Accwals and deferred income 5.772 230 4,872 474 520 3.820 10.874 4,814 17 UNèslrfd•d funds Included in the vnreslricled funds is the Jeremy Lewis designated fund. The purposo ol the fund is lurtheronce of the artistic aims ol the society by supp¢)rting productiS or production value5 that we mighl nol olhewise be oble to ochieve. At l Janvary 21Y23 Incomlng re50wces Resovr¢o$ expended Golns and losses A131 D•c•mbeT 2023 Jeremy Lew15 General fund5 84,483 349,834 13.3211 1154,4761 81.162 326.662 118,628 12.676 434.317 118,628 157,7971 12.676 407.824 Prevlovs yeor Al l January 2022 Incomlng resources ReSOUTces expended Gulns und losses At31 De¢èmber 2022 Gengrol funds 559,801 121.498 1207.9851 138.9971 434,317 18 Relal•d party Iransacllons There were no disclosoble reloled porty tron50clion5 during the year12022- none). 22-