Charfty reglslralk)n number 1173896 (EngkJnd and Woles) THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr J M Gould MrNJHDore MrAMHau MrGPRWhile Ms P A Roome MSEMKC Ms K B Langslafl (Appointed 23 May 20241 {Appoinfed 29 May 20251 (Appoinled 29 May 20251 Charlty nvmb•r (England and Wales) 1173896 Prfnclpal address 9 Poddington Slreel London WIU 5QJ Ind•p•nd•nl •xamln•r Perys Audit Limited 41h Noor 399401 Slrond London United Kingdom WC2R OLT Bankers Lloyds Bank plc 39 Threadneedle Sl London EC2R 8AU
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY CONTENTS Page Annvol Report Trustees. report 6-10 stalement of trustees, responsibilties Independenl examinerfs report 12 Slatement of finonclol oclivilies 13 Bolonce sheet 14 Notes to the financial slatemenls 15-24
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Sedos was founded in 1905 by a group of senior members of the Stock Exchange and since that date we have strived to provide on opportunity for people within the City of London to have a crealive oullet or to experience good quality theatre wilhin the City. We have been the residenl theatre company at The Brideweu Theatre in the City of London since 2012. Most of our productions ore staged Ihere, ensuring a continued connection between the society ond its roots in the City. The 2024 Sedos season comprised seven shows made up of four musicals ond three plays, all of which were critically svccessful and showcased o range of styles and opportunilies for soclely members. This was an Increase on Ihe number of shows perfomed in 2023, demonstrating our abilily to increase the number of shows and opportunities for OUT members ond the wider performing community, having reduced the nvmber of shows Ihol we put on after we lost ¢XJT pemanent reheatsol and build space. Whilst Six of the shows were performed ol The Bridewell Theatre. we were delighled to perform one of our shows, Sundoy in the Pork with George ol Whealsheaf HOU and lake il on lour for two performances al Thorington Ouldoor Theatre in Suffolk. We were delighled lo be recognised by NODA. receiving four Dislrict Awards: Afope Rochelle Ojorno as Celie in The Color Purple Ibest female choracler in a musicall, Sam Sugarman 0$ the title character in Rlchard 111 (best mole charocter in a playl. Sunday in the P¢Jk wilh George Ichonjs workl and The Color Purple Ibest production of a musical), Our commitment to welcoming new members and encouroging the diver5ily of people involved in our show5 remains undimmed and we were porticularly delighted to produce The Color Purple which feotvred an oll block cast and creolive teom. certainly a first for any Central London amateur dromatics company. The lock of ovr own rehearsal spoce, meaning Ihat we hove lo hire reheorsal and build space. plus10slng access to much of our coslume ond prop store hos increased the costs of pulting on shows. The Board of Truslees and the Management Committee worked very closely logelher lo ensure that a very close eye wos kepl on show expenditure. but afvoys 8ndeavouring for this not lo resull in a reduction in the quality of our prodvcllons. We look the difficull decision to increase tickel prices and porticipation fees but Ihot difficult decision led to the creotion of o financial assistonce scheme. funded by donations, through which members con apply for the scheme lo cover all or port of their fees. as we ore Gommltted to minlmising obslocles lowards people loking port in our shows. Membership fees remain unchanged al £30 for direcl debit and £40 for non-direct debit. Membership fees have nol been increased since 3XI7. Partlcipation fees have been increased to: I week play = £80 I week musical= £103 2 week musical= £120
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Membership numbers sleadily rose in 2024 following the dip in 2022 0$ a result of Sedos ending the policy of automolic renewol of membership wilhoul paymenl of fees Ihol existed over the COVID-19 period; and the membership fee direct debil mechanism being changed. It has risen as more people hove retumed to oudilion and porticipate in sociely oclivities ond Iherefore have renewed their membership. As at the dole of Ihe 2024 AGM. membership stood at 197 lup from 165 al the same time the previous yearl. Membership nvmbers grew through the lolter part of 2024 ond cuffently stand at 247 - growth of over 25%. Losing ovr regular home in 2022 ond the costs associated with that - in particular slorage and rehearsal spoce, as well 0$ one-off costs associated with the move - covsed a droin on our reserves. Significant effort5 were laken in 2023 lo stop the continued drain on the reserves, including addilional focus on operationol costs Idiscvssed in detail ol o joinl Monogement Committee and Trustees away-day at which dlfficult decisions were taken. porticularly ¢yound increasing income and reducing coslsl. Those eff orts hove poid off. Despile hoving to poy for rehearsol and build space. o cosl historically Ihat we did nol hove to beor, the onnval loss wos limiled to On £1.864. This is a lesloment to the real focus of the Trustees, the Monagement Committee ond prodvclion teoms ond means thol Ihe Trustees are hlgh positive obovt our longer-lem obility to mointain the financiol health of the society. The Boord of Trustees closely rnonilored Sedos, investment of reseNes wilh Rathbones and It was land contlnues to bel a slanding agenda item for Board meetings. Afler much discussion at each meellng il wa5 determined that the moximum reseTve5 ovailable should be relained as invesled with Rathbones. This proved lo be a series of decisions Ihot were rewarded, os overoll for Ihe yeor ended 2024 Ihe funds Invested ore al £379,049, representing an increase in the investment ndS of £28,597 for the year, going a long way to miligote the operational losses of Sedos. The Board of Trustees consider the continued investment wilh Rolhbones to be the cwect strategy for managing Sedos, resetves bvt will continue to review the fund5 invested on a quarterty b05151o see whether they should be redvced or a portion thereof should be redirecled lo working capilol or lower risk term deposil. As well as on-sloge opportunilies, our members perform backstage tasks, as well as box office and front of house, We remoin a highly vibrant sociely pulting on o wide ronge of prodvclions and are proud of our continued svccess. Ouf thanks The Trustees would like to extend a warm thanks to oll those who contribvted to the society's actlvities over the period. or whose generous support made it P055ible, especially the Management Commitlee, which continues to ensure we deliver a remarkable number of pr¢Jdvclions on o predominontly volunteer basis. Porticulor thanks go to: Doniel Saunders who stood down os Chair of Trustees after five years of service as o Trustee including two as Chair and who sleered Sedos through the 1055 of ovr rehearsal, build and storage space and reshaped the charity's views lo focus on Ihe botlom line and realty drove Ihe stemming of the losses in the previous two years. following the loss of ovr reheorsal and storage spoce. Dan remains very active wsth the Society having directed this year's producfrion of Violel. Sara Rojeswaran ond Jack Brown who slepped down as Trustees ofler a number of years of service but who intend lo remain inVoed in the society going forword. - The members of Ihe Managemenl Commitlee and Ihe supporting groups who tirelessly woth doy In and day out to pul on great production5 and provide opportunitie5 for our member5 and other people interested in theatro in Central London v4ho want to find an outlel for Iheir enjoymenl of Iheotre. Bul above oll. we would like to thonk our members as they reolty do remain the bockbone of Sedos.
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Whal people or• saylng aboul Sedos Sedos ond Ihe leom behind The Color Purple hove a huge am¢nI lo be proud of with this show. not only for being a society to pul block stories front and centre bul for doing so with such success, from the tickels sales through lo the talent on stage ond Ihe creative leom vision. The Color Putple is a stunning production and Ihe fact that it focuses on under represented voices in amoteur Iheatre is Ihe chery on lop of the cake. The Color Purple, 2024, Musicol Thealre Mvsings Sed05 hos achieved something remarkoble with this production of The Color Purple. With fanla51ic performonces, Ihoughtful direction and on obundonce of energy. Ihis wos a moving and inspiring piece of theotre Ihat l om gralefvl to hove wolched. The Color Purple. 2024, Rachel Reviewed I Th15 ploy is charm personified, an absolutely deghtfUl. whimsical ond hilarious prodvclion that manages to be simplislic bul olso extreme clever. If you've even Ihe vogue5t fondness for musical Ihealre this Is a must see, ond Sedos have once agoin proven that they're more than capable of producing professionol quality theatre of Ihe highest order. You're A Good Man, Charlie Brown. 2024. Everylhing Theatre I Dlrector Mark Slddall hod cleverty creoled a 2D wodd to echo the origins of the musical, enhanced by o clever set design by Andrew Laidlaw ond Mark Sleward.. The casl were unwovering in thelr commilmenl and had really undetslood the brief that Ihey were not only playing children but playing chlldren from a comic book... Overall Sedos understood the brief for ths show well, embrace the inner child that we all have and lel that ploy out on slage.. Ihe creativily and commitment from the cast and production team really helped moke Ihls a fun night (fiscovering a show for the firsl lime. You're A Good Mon. Charlie Brown, 2024. Musical Theatre Musings This produclion was blessed with Iwo oulslonding leods in Wll de Renry-martin (George) and Sadle Kempner (Dotl.. Sunday In the Park with George was an excellent production overall which should salisty the most ordenl fans of Stephen Sondheim whilst engoging onyone for whom il will be a fir51 lime vlew. Sunday in the Park with George, 2024, Musicol Theotre Musings Sedos remolns a shining example of anylhing good obovl theotre... Everything about the setup is done with a professional stondard of opprooch. Sundoy in Ihe Park with George. 2024, Performing Pilchard51 If you go INTO THE WOODS on Sundoy. you're sure of o blg suriSe1 No leddy bears picnlcking there bvt a most stupendous show, the best produclion of a Sondheim musical I have ever seen. Sunday in the Park with George, 2024. The Cambridge Crilique utterly inspired In its execulion.... The OTiginol text has been brovghl up to date with exceptional creativity.. This production feels olive ond present Richord111, 2024, London Theotre Reviews •**** It's standing ovotion time for Sugarmon [05 Richard]..- leading o very lolented cost of greol ployers. Summing up, Sedos hove done it again with Richord111. Every time I see ths compony I leave the theolre impressed. ond this w05 no exception Richard111, 2024, Last Minute Theatre rickets {
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The choice of reoccurring news bullelins being flashed up... reolly helps lo hammer home important plot point5 and makes this ploy much more occessible lo those that moy not typically be a fon of the Bard... very interesting lake on it. performed by occomplished octors... well worth seeing. Rlchard111. 2024. Musical Theotre Musings A striking ond bold reimagining of one of Shakespeare's most enduring histories. Richard111. 2024. Broadway Boby I I don'l speak ony ancient longuoges. bul in my mind. the word Sedos doesn't stand for the Slock Exchange Dromotic and Operatic Society but is. in fact, the Greek word for 'Really Delivers, because thot's whal they hove done once agoin. I really loved Ihis produclion of Just So from start to finish.. Wos there anything about the show I didn't like. or thought could be improved? Well. no. The show worked on every level and hearing one of Ihe few pieces of poetry I like "If" being put lo music wos reolly the icing on the cake. Another superb production and a fobulous nighl oul brought lo you by thls most unomateur of Amdram companies. Just So, 2024. London Theolre I I
I never fail lo nole the strong ensemble WOTk ol Sedos, shows ond Ihis is no exception. There i5n'l o single weak link in the cost.. The produclion is also blessed wilh some simple but clever design work.. Whilst some crilics delight in subtracting stors for their personal reservolions with 'books'. I prefer to concenlrote on the qvality of, In Ihis case. o highty inventive. chaTming ond polished revival of an unusual British muslcal. Just So, 2024. Sardines I Overall Just So wa5 another Sedos success. on incredibly strong cast combined with a well execvled creative vislon ensur8d Ihat I lefl the theatre grfnning from ear to ear. Jvsl So, 2024, Mvsicol Theotre Musings.
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY ANNUAL REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Looknng ohead- our 2025 season VIOLE[ Music by Jeanine Tesori; Book and Lyrics by Brian creY 2&29 March 2025 HAIRSPRAY Book by Marc O'Donnell and Thomas Meehan: Music by Morc Shaimon; Lyrlcs by Scotl Whitman ond MArc 5haiman 7-17 Moy 2025 THE PIRA TE QUEEN {to be performed ol The Minack Thealre. Porthcumo. Comwalll Book by Alain Boublil and Claude Michel-schonberg and Rhard Mallby Jr. Music by Claude-michel Schonberg; Lyrics by Alain 8oublil. Richard Mallby Jr. and John Dempsey 30 June-3 July 2025 HEDDA GABLER y Henry Ibsen in a new version by Polrlck Marber &12 July 2025 THE CRUCIBLE By Arthur Miller 16-20 September 2025 ASSASSINS Music and Lyrics by Slephen Sondheim; Book by John Weidman 23-27 September 2025 DREAMGIRLS Music by Henry Krelger: Book and Lyric5 byTom Eyen 19-29 November 2025 The society wlshes to conlinue to improve ils already high stondords in both performance ond production by prOdIng skill focused developmenl opportunities for members workshops and ils regular classes including dance c10$5es Isedancel, improv closses IsimFxovI and acling classes Isedos Acting Group). 2025, 4.'01prnl Chalr of Trvste•s Dale: .
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Irustees presenl their annual report ond financiol statemenls for the year ended 31 December 2024. The financiol stolemen15 have been prepored in accordance wlh the accounting policies set out in nole I to the finonciol slatements and comply wilh the Charitys goveming documenl. the Charities Act 2011. FRS 102 'The Financial Reporting Standord applicable in the UK and Republic of Ireland" ond the Chorilles SORP "Accounling and Reporting by Chorities: Slotement of Recommended Praclice applicable to charities preparing Iheir accounts in accordance with the financial Reporting Standard oppllcable in the UK and Republic of Ireland IFRS 1021" Objectlves and actlvllles To educole Ihe public in the fields of dramotic and musical Ihealre. ond to further the development of public appreciolion of and taste in ld fields. To give opportunilies for persons interested in dramotic and musical thealre to participate whether on or off 5toge in theotricol productions of high quality. In planning ovr aclivilies for the year the Irustees kept In mind the Charity Commission's guldance on public benefit. In the year to 31 December 2024 the society perfonned fovr musicals and three plays at the 8rfdewell Theatre London. Over 130 people were engaged in on-slage roles and over 75 hod the opportvnily to be Involved in backstage roles and technical workshops. In oddition, the society offered members a number of social and edvcolional evenls. including workshops, showcoses and seasonal porties. Our Sedance closs continued to be well oltended with Week numbers remoining high. Our weekty improvisolion workshops Simprov- hove also continued lo see high roles of participation. Our Acting Group also retvmed under new leadership and continues to be extremety popular wilh our members.
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 AchIeveMer and performance In Ihe year lo 31 December 2024 our main prodvctions were: JUST SO Music by GEORGE STILES Lyrics by ANTHONY DREWE Insplred by Ihe slories of RUDYARD KIPLING &9 March 2024 RICHARD111 By WILLIAM SHAKESPEARE 9-18 Moy 2024 YOLJ'RE A GOOD MAN CHARLIE BROWN Book, music ond tyTiCS by CLARK GESNER 9-13 July 2023 SUNDAY IN THE PARK WtTH GEORGE Music and lyrics by STEPHEN SONDHEIM Book by JAMES LAPINE 230 June. 28 Juty & 4 August 2024 AUTOBAHN By NEIL LABUTE 17-21 Seplember 2024 [BLANK] By ALICE BIRCH 2¥28 September 2024 THE COLOR PURPLE Book by MARSHA NORMAN Music and Lyrics by BRENDA RUSSELL ALLEE WILLIS and STEPHEN BRA Y 20-30 November 2024
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal revlew The society'5 income is primority Ihrough the sales of tickels to public perfonnance5. Additional income typically come5 from membership subscriptions and donations from individvols and ¢porateS. Operating costs conlinved lo be higher Ihon hisloricol figures due to the lock of a bose of operolions, generating additional rehearsal. build, storage and procurement costs, however overall spend was greatly reduced from 2022 and through careful managemenl the budget set ol the start of 2023 was largely achieved. Operatlng income for the period was £156,933. In addition. Ihere were goin5 on investments of £18,252. This is a signlflcanl increase on 2023. Overall expenditure for the period was £177,049. Key oreos of income were tickels sales1£103.8291. cloues fees (£18,763), membership fees1£7.4401 and donations l£1,2501. Key oreos of expenditure were prodvclion costS1£146.1)). whh includes rehaorsol and performanc space costs ond usual centrol costs such os box office. insuronce. card processing and financlal software 1£20,9091. The 50clety had an operotional loss of1£20.1661. This represenls a greot improvement from 2023, which Itself was o great improvement on 2022. The Trustees set o level ol operationol loss of £30.C4X) for the Managemenl Commiltee to work to, given expeclalions of inveslment and inleresl gains. The overall loss was sub5tonlially reduced to only l£1.8641 which demonstrates thal o line has been drawn vnder the two previous years of significant losses. The society holds reserve funds in crfder to bolh cover any vnforeseen expenditure. and to support our strateglc objective of securing long lenn reheorsol and performonce spaces in the Interim period between the expiry of our lease of rehearsol room spoce and finding new, cosl-neutral occommodotion for a Sedos conlrolled rehearsal. storage and build spoce. Sedos reserves as of 31 December 2024 sot ot approximotely £300,C(Q (which does not include the Jeremy Lewis beqvestl o similar amount to 31 December 2023. Plans lor fvlvre perfods The society wishes to continue to put on excellent shows and lo encourage as wide o membershlp os possible- and lo provide opportunities for people who wont lo be involved in making amoleur theatre In Central London. We have maintained the same number of productions for the 2025 season as for 2024, continuing to off er numerous opportunities for members ond non-members olike to take port, achievlng our choritabie aims. Thls year's season includes the slaging of The Pirote Queen ot Ihe Minock Theatre in Porthcumo. Comwall. As our finances setlle down after the losses incurred when we first losl our home, we hope lo increose further the number of shows we perfonn eoch year ond continue to moke bold programming choices. The Trustees are awore Ihat in order to both meet its choritoble objeclives and Its Commilment to Change. the overall woy decisions are mode and implemenled needs to be scrutinised lo ensvre the society remains forward thinking and not ju51 reactive to the social challenges of the day. We were delighted lo slage The Color Purple as our end of yeor fvi(>week musicol and significant oulreoch work was undeTloken to attract on appropriole casl. This helped demonstrate the inclusive nature of Sedos and ha5 encouraged members of a wider range of backgrounds to become regular member5 and audience members. We are delighled Ihal a number of new members who joined through The Color Purple are performing in other shows in 2025. We know Ihat Ihi5 is only the beginning. but is a tangible result of Ihe conversations we have had and conlinue lo have about how we can make ourselves more welcoming ond more inclusive to new members. from all background5 ond all wolks of life.
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Slnjctvre. govemonc• and managemenl The charity is o Charitable Incorporated Organisotion ICIOI ond was enlered on the Register of Charili8S on 21 Juty 2017. This followed a decision at an EGM held on 8th June 2017 where it was agreed to Ironsfer the assets and vndertakings of ' Old Sedos" to o newly incorporated CIO of the same nome. "Old Sedos" (Charity number 10994431 wos formalty removed from Ihe register in November 2022. Under the "New Sedos" Ihe charity is run by on decled Boord of Trustees which delegales most day-l04ay lasks to a number of sub-committees. most importanlly the Management Committee. the chair of which is dlrectly elected by Ihe soclety member5 and the other members of which are oppointed by the members under consultation wilh the Board of Trustees ol eoch AGM. The CIO is govemed by ils constitulion. This provides for o Board of Tnjslees comprising no more than twelve Trustees: nine elected Trustees; Ihe elected Chair of the Management Commitlee lon ex-officio member): ond up to Iwo c(>opled Trustees. 11 further provides that trustee5 may be elected by the members of the sociely. thot one third of trustees by rotolion should rellre each year ond may offer themselves for reelection without limil. The Truslees hove established six sub<ommiltees lo assist wilh Ihe effective functning of the Board: A Monogement Committee. wilh devolved responsiblty for the doy-to-doy running of the society: A Governance Committee. lo help establish effective operating processes and procedures and odwse the Boord on govemonce SueS. A Finonce Commitlee, to manoge ond monltor the society's finances: An Investment Committee. lo invesl and manage the charity's reserves: A D&1 Commillee. to focus on Ihe developmenl of D&1 policy ond Implemenlatlon of that policy in the doy lo day operation of the society: and A Spoces Commiltee. to assisl the Monogemenl Commillee in finding cost*ffectlve short tem solutions after leaving BHG as well as developing ond implemenling a slralegy for long term spac8 solutions. Durfng 2024, the Twstees held fNe ordinory Trustee me8tings. The Trvstees hove discussed the mojor slralegic, bvsiness ond operotionol risks to which the chorIty Is exposed. and on assessment of risks will be kept vnder review. The CIO inherited syslems that had been established to mitigole any such risks. and ore in the process of implemenling new syslems. Insurance cover has been obtained to cover slrolegic risks. There Is on informol Induclion for new Truslees t)ul no formal pOrY for training thereof. The tru51ees who served during the year and up to Ihe dale of signature of Ihe financiol statemenls were: MrJEGBrown (Resigned 23 May 20241 Mr J M Gould Ms S R Gobbilos Mr D Saunders MrNJHDore MrAMHov MrGPRWhite Ms P A Roome MsEMKC Ms K B Longstoff (Resigned 23 May 20241 IResigned 22 Juty 20241 (Appointed 23 Moy 20241 IAppointed 29 May 20251 (Appointed 29 May 20251
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 At every onnuol general meeting of Ihe members of the CIO. one-third of the elected charity trustees shall retire from office. If the number of elected charity Irustees is nol threg or a multiple of Ihree, then the number nearest to one-third shall relwe from office. bvt if there is only one chority trustee. he or she will retire. The charity Iwstees lo retire by rotation will be Ihose who have been longest in office slnce their lasl appointment or reappoinlment. If ony Irustees were last appointed or reappoinled on the some day those to retire shall lunless they otherwise agree omong Ihemselvesl be detemined by lot. The vacancie5 so arising moy be filled by the decision of the members ol the annual general meellng. The members or the charity Iruslees may al any time decide lo oppoint a new charity Injstee. whether In place of o charity tnJstee who has retired or been removed or as on addilional chority twslee. provided that the limit on the nvmber of charity InJslees would nol be exceeded. The truslees. rep¢)rt was opproved by Ihe Boord of Trustees. l 2025, 4..oipml Trustee 19 Augusl 2025 10-
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY STATEMENT OF TRUSTEES. RESPONSIBIUTIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responsible for prep¢Jing the Annual Report ond Ihe finonciol statements in occordance with applicable low and regvlations. Low opplicable to choTbties in Englond ond Wales requires the Truslees to prepare financial stolements for each financial year which give a Inje and fair view of the state of offoir5 of the Chority and of the incoming resovrces ond application of resources of the Charity for that period. In preporing these finonciol statements. the Trustees are Tequired to: selecl suitoble accounling policies ond Ihen oppty them consistent. observe Ihe methods and principles of the Charities SORP: moke judgements and accounting estimoles Ihal ore reasonable and prudent: prepare Ihe financial statemenls on the going concem basis unless It is inapproprfale to presume that the Charity will continue in business. The Truslees are responsible fcrf keeping adequate accounling records Ihot are sufficient to show and explain Ihe company's tronsactions and disclose with reasonable accvracy al ony time the finoncial position ol Ihe Charity and enable them lo ensure Ihal the finonciol stolamenls comply with the Charities Act 2011. The Tnjslees are olso responsible for safeguarding the osse15 of the Charity and hence for taking reosonable sleps for the prevenlion ond deleclion of fraud ond other irregulorilies. It is confirmed thot the major risks to which the chorily is exposed, as idenlified by the Tnjslees. hove been reviewed and systems or procedvres have been established lo manoge those risks. The Truslees, Report was approved by Ihe 8oord of Trustees.
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY I report to the tnjstees on my exominalion of the financiol slolemenls of The Stock Exchange Dramolic and Operolic Society Ilhe Chorityl for the year ended 31 December 2024. Responslblllll•s and basls ol report As the trustees of Ihe Charity you are responsible for the preparation of the financlal stalemenls in accordance wilh the requirements of the Charities Acl 2011. I report in respecl of my examination of Ihe Charity's financial slotemenls corned out under section 145 of the Chorities Act 2011. In corying out my examinotion I have followed Ihe tjrectlons given by the Chorlty Commission vnder seclion 14515llbl of the Chorities Act 2011. Indep•nd•nl •xamlnerfs stat•m•nt Your ottenlion is drown to the fact thot the charily has prepared the financial slatemenls in accordance with the relevanl version of the Slatement of Recommended Practice opplicoble lo charities preparing their finonciol statements in accordance wilh Ihe Finoncial Reporting Standard opplicablo in the UK and Republic of Irelond IFRS 1021 in preference lo the Accovnling ond Reporting by Chorities: Statement of Recommended Practice issved on l April 2CA)5 which referred to in Ihe extonl regulations but has now been withdrawn. I vnderslond that this hos been done in order for the financial slalements to provide a true and fair view in accordance with UK Generoltyl Accepled Accounling Practice. I have compleled ry examination, I confim thot no matters hove come fo my atlentlon In connecllon wllh the examinollon giving me couse to believe that in ony material respect: accounting records were not kepl in re5pecl of the Charity as required by section 130 of the Chorilies Act2011. the financial slotements do nol accord with those records: OT Ihe financial slolements do not comply wilh the applicoble requirements concemlng the form ond contenl of flnancial stolements sel ovl in the Charities (Accounts and Reports} Regulotlons 2008 other than ony requirement thal Ihe finoncial stalements give o twe and foir view, whlch is nol a matter considered os part of an independent examinalion. I have no concems and hove come across no other motlers in conneclion with the examination to whlch ottention 5hovld be drawn in thls report in order lo enoble a proper vnderslanding of the finonciol statements to be reached. Stephen Hale FCA FCCA Perys Audil Limiled 4th Floor 399401 Strand London WC2R OLT Uniled Kingdom 12-
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unreslrlcled Ivnds 2024 R•slrlcled lunds 2024 Total Uniesmcled funds 2023 2024 Notes Incom• from: Donotions ond legacies Charitable aclivilies Investments 1.250 144.037 10.926 1,250 144.757 10,926 1,376 105,892 11,360 720 Tolal Income 156.213 720 156,933 118.628 Expendlture on; Raising funds 737 737 670 Chariloble aclivites 175.952 360 176,312 157,127 Tolal •xp•ndllur• 176,689 360 177.049 157.797 Net golnslllos5e$l on inveslmen15 12 18.252 18.252 12,676 Net Incom•l(•xpendttur•) and movemenl In lund$ 12,2241 360 11.864} 126,4931 R•concllTatlon ol funds: Fund bolonces al l January 2024 407.824 407,824 434.317 Fvnd balances al 31 December 2024 405,6Crt) 360 405,960 407,824 The stalement of finonclal activities includes all gains ond losses recognised in the year. All Income and expendilvre derive from continuing aclivilies. 13-
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Nol•s Flxed assets Tangible a55e15 Investment5 14 15 179 379.049 1,405 350.452 379.228 351.857 Current ossets Debtors Cash ol bonk and in hond 16 X1,705 16.122 11,489 55.352 36,827 66.841 Cr•dllor$: amounts falllng due wllNn one yeai 17 110.095) 110,8741 current assets 26.732 55,967 Total ass•ts less Cu0n1 Ilablllll•s 405,960 407,824 The funds of Ihe Chorlty Restricted incom& fvnds Unrestricted fvnds 18 19 360 405.6LX) 407,824 405,960 407.824 The flnancial statements were approved by the trvstees on 19 Augusl 2025 2025. 4..01pml Truste• 14-
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accovnllng pollcles Charlty Informallon The Slock Exchange Dramatic and Operatic Society s o charilable incorporated orgonlsalion reglslered in England ond Woles. 1.1 Accovnllng convenHon The finonciol statements hove been prepared in occordonce with Ihe Charity's governing documenl. the Charities Acl 2011. FRS 102 'The Finonciol Reportlng Slandard appllcable in the UK and Republic of Ireland" and the Charities SORP "Accovnling and Reporting by Charitles: Statemenl of Recommended Practice appficoble to charilies preparing Iheir accounts in occordance wllh the Flnanciol Reporting Stondard applicoble in the UK and Repvblic of treland IFRS 1021" The Charity Is a Public Benefit Enlily as defined by FRS 102. The Charity has taken advontoge of the provisions in the SORP for chorities not to prepare a stolemenl of cash flows. The finonclal stolemenls hove dep¢ted from Ihe Chorities (Accounls ond Reportsl Regulations 2C>J8 only lo the extent required lo provide a true and fair view. This departure has involved following the statemenl of Recommended Praclice for charities opptying FRS 102 rather thon the version of the statement of Recommended Praclice which is referred to in the Regvlalions but which has since been withdrawn. The flnoncial slolements are prepared in slerting. which is the functional cuffency of the Charily. Monetory amoun15 In these finandol statements are rounded to the nearest £1. The finonciol statements hove been prepored under Ihe hislorical cost convenllon. modified lo Include the revoluallon of certoin financiol instrvments ol fair value. The princlpal accounting policles adopled ore set oul below. 1.2 Golng concem At the lime of approving the financiol statements, Ihe Injslees hove a reasonable expectation thot Ihe Charity has adequote resovrces to continue in operational e$tenCe for Ihe foreseeable future. Thus the trustees conlinve to odopt the going concern basis of accounllng in preparing the financial statements. 1.3 CharSlable Ivnds Unrestricted funds are ovoilable for use al the discretion of the trustees in furtherance of their charitable objectives. Designoted funds comprise funds which have been sel aside ot Ihe discrelion of the tnjstees for specific purposes. The purposes ond uses ol the designaled fund5 are set out in the notes to Ihe financioS statements. 1.4 Income Income is recognised when the Charity is legal entitled lo il atter ony performance Conditions have been met. the amounts can be measvred reliab. and it is probable that income will be received. Cash donations are recognised on receipt. other donolions ore recognised once the Charity ha5 been notified of the donation, unless performance conditions require defe01 of the amount. Income lax recoverable in relolion to donations received under Gifl Aid or deeds of covenont Is recognised at the time of the donolion. 15-
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accovnllng pollcl•s (Contlnued) Legocies are recognised on receipt otheiSe if Ihe Chority has been notified of an impending dislribution. the amount is known. and receipt is expected. It the amounl Is not known, the legacy is trealed as o contingent ossel. l.S Expendllvre Expenditure is recognised once Ihere is a legol or conslructive obligalion lo transfer economic benefil lo a third porty. it is probable that a transfer of economic benefits will be required in settlement, ond the amount of the obligation can be meosured reliably. Expenditure is classified by activity. The costs of each octivity ore made vp of the lotal of direct costs and shored costs. including support costs involved in undertaking eoch activity. Direct cost5 attributoble to a single activity are ollocoted direct lo thot aclivity. Shared costs which contribule lo more thon one octivity ond sUPPOrt cosls which ore not ottribuloble to a slngle oclivity are apportioned between those octivilbes on o basis Consistent wilh Ihe use of resources. Cenlral staff costs are allocated on the basis of lime spent. and depreciation charges are allocated on the portlon of Ihe asset's use. 1.6 Tanglbl• fixed assets Tangible red 05sets are initiolly meosvred at cost and svbsequentw measvred at cost. net of deprecialion and any impairment losses. Depreciatlon is recognised so os Io v4rite off the cosl of ossels less Iheir residual values over their useful lives on the following bases: Plant ond equipment 20% stroighl line The gain or loss arising on the disposal of an osset is detemined os the difference belween the sale proceeds and the corying vae of the asset. ond is recognised in the slolement of financial activities. 1,7 Flx•d assel Invements Flxed asset investments are initiolly measured at tronsoction price excluding Iransaction costs, and are subsequenlly measured ol fo value ot each reporting dale. Changes in foir value are recognised in nel incomellexpendilurel for the year. Tronsoclion costs ore expensed as Incurred. 1.8 Impalmient of Ilxed assets At each reporting end dole, the Charity rewew5 the carying amounts of ils tangible assets to detemine whelher there is any indicotion that those assets hove suffered an impairment loss. If any such indicolion exisls. the recoverable omount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.9 Cash and cash equlvalents Cash and cash equivolents include cosh in hand. deposils held at call with banks. other short-term liquid investments with original matvrilies of three monlhs C less. ond bank overdrafts. Bonk overdrofls are shown within boThowings in CUent liabilitie5. 16-
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounllng pollcl•$ (Contlnued) l.l O Flnonclal Instrum•nts The Charily has elected lo opply Ihe provisions of Section I I 'Bosic Financiol Instwments, and Section 12 '01her Financiol Inslrumenls Issues, of FRS 102 to oll of its financial inslruments. Financial Inslwmenls are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the inslrumenl. Financiol assets and liabilities ore offset. wilh the net amounts presented in the financial statemenls. when Ihere is a legolly enforceable right to sel off the recognised omounts and there Is an intention to sellle on a nel bosis or to reolise Ihe os5el and seltle Ihe liability simultoneovsly. Bask Ilnanclal assets Basic financial assels. which include deblors ond cosh and bonk bolonces. are initially measured ol transaclion price including tronsaclion costs ond ore subsequently corried al amortised cost using Ihe effective inlerest method unless the arrangemenl conslilules a finoncing transaction, where the Ironsaction Is measured at the present valve of the future receipls discounted at a market rate of Snteresl. Financlal assets clossified as receivable within one yeor ore nol amortised. Bailc Ilnanclal Ilabllmles Basic financial liabililies. including creditors ond bank loons are Initialty recognlsed al transaction price unless the arrangement conslitules a finoncing transaclion. where the debt instnjment is measvred ol the present volue of Ihe fulure poyments discounted ol a market rate of Interesl. Finonclol liobilities classified as payoble within one year are not amortised. Debl instruments ore subsequently carried ol omortised cost, Using the effective interesl role method. Trode credllors are obllgations to pay for goods or services thot hove been acquired In the ordinary course of operations from suppliers. Amounts poyoble are clossified os CUent liobililies if payment Is due within one year or less. If nol, they ore presented as non<vrrent liobilitles. Trade creditors ore recognised inilialty al transoclion prfce and 5vbsequentty measured ot omortised c051 using the effective inleresl method. DerecognlHon of Ilnonclal Ilablllffes Financial liabilities ore derecognised when the Chority's contractual obligotlons expire or ore discharged or cancelled. Crfll¢al accounllng estlmale$ and Judgements In Ihe opplicotion of the Chority's occounting policies. the trustees ore required to moke judgements, estimates and assumptions about the carying omount of ossets and liabililies thot ore not reodily opparenl from olher sources. The estimales ond associoled ossumplions are based on historical experience and other faclors thal ore considered to be relevant. Actual resvlls may differ from these eslimotes. The e51imales ond underfying ossvmplions are revrewed on an ongoing basis. Revisions to accounting eslimates are recogni5ed in the period in which the eslimote is revised where the revision affects On that period. or in Ihe period of the revision ond future periods where the revision affects both current ond fulure periods. 17-
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donallons and legacles Unrestrkled funds 2024 Unr•strlct•d funds 2023 Donations and gifts Olher 1,250 982 394 1,250 1,376 Incom• from charllable aclfvlll•s Unreslrfcl•d R•sMct•d lundi funds 2024 2024 Tolal Unrestrlct•d R•thlcted funds fundi 2023 2023 Totol 2024 2023 Charllabl• In¢om• Membership fees Classlworkshopslshow fees TicketlProgramme soles other income 7.440 7.440 5.415 5,415 18,763 103.829 13.285 18.763 103.829 14.C4)5 8.702 86,790 4.985 8,702 86.790 4.985 720 Olh•r Incom• Olher income 720 720 144,037 720 144,757 105.892 105.892 Income from Investments Unrethlcl•d Unresmcted lunds fvnds 2IY24 2023 Other income 10,926 11,360 18-
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIErY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expendllur• on ralslng funds UnresMcl•d Urw•sMct•d funds funds 2024 2023 Inveslmenl management 737 670 Expendllvre on chaillable actfvlmes Ch<wltrabl• Charllabl• admles actlvlt•$ 2024 2023 Dlrect cosls Prodvctions Workshopslclasses Rehearsollbuildlstoroge spoces Admin ond othercosts 119.629 6.644 26,374 20,909 92,938 5,378 36.481 19.976 173.556 154,773 Grant fundlng of activities Isee nole 81 360 Share of support and governance costs (se• not• g) Governance 2.396 2.354 176.312 157.127 Anolysls by Ivnd Unreslrfcted funds Restrlcled funds 175.952 360 157.127 176.312 157,127 Grants payable Charltabl• acllvlt•s 2024 Gron*s to individvals 360 19-
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs allocaled to actlvltles Charllable actlvlles 2024 Total 2023 Governonce 2,396 2,354 l O Truslees None of the trustees lor any persons connected with them) received ony remunerotion or benefit5 from the Charity during the year. I l Employees Th& average monlhty number of employees during the year was: 2024 Number 2023 Numb Tolal There were no employees whose annval remunerotlon was more than £*.0. 12 Galns and k+SS•S on Inv•stm•nls Vnr•strlcl•d Unrethlcl•d lunds Ivnds 2024 2023 Gainslllossesl arising on: Revalvation of inveslments Sale of investments 18.239 13 12,672 18.252 12,676 13 Taxollon The charity is exempt from toxotion on ils activilies because all its income is oppfied for charitable purposes. -20-
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Tan9lble flxed assets Plant and •qvlpm•nl Cosl Al l January 2024 25,527 At 31 December 2024 25,527 D•preclallon and Impalrmenl At l Jonuory 2024 Depreciation charged in the year 24,121 1,227 Al 31 December 2024 25.348 CaTrylng amount At 31 December 2024 179 Al 31 December 2023 1,405 15 Flxed asset Inveslments Llsted InVements Cost or valuallon At l Janvary 2024 Additions Reali5ed goin Unrealised goin Disposals 350,452 13 18.198 17751 Al 31 December 2024 379,049 Carrylng amount At 31 December 2024 379,049 Al 31 December 2023 350,452 21
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 D•blor4 2024 2023 Amovnls falllng du• wllhln one year. Trade deb*ors Prepayments and accrued Income 200 20.505 4.561 6,928 20,705 11.489 17 Credllors: amounts falllng due wllhln on• y•ai 2024 2023 Trade creditors Other creditors Accruals ond deferred income 1.173 2,251 6.671 5,772 230 4.872 10,095 10.874 18 R•%trlcted funds The restrfcted funds of the charity complse the unexpended t>alances of donotions and grants held on tru51 subject to specific conditions by donoTS as lo how they may be used. Specilicolly. the restricted fund is the Finoncial Assistance Scheme. o fund that collects donallons to be used lo the restricted purpose of assisling any occepted oppficonls wilh covering the cost of membershlp ond participation fees. At l Janvary 2024 Incomlng iesovrces Reiourc•i At31 •xpend•d Dec•mb•r 2024 720 13601 360
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 l? Unreslrtcted funds Included in the unreslricled funds is the Jeremy Lewls designoled fund. The purpose of the fund 15 furtheronce of Ihe artistic oims of the society by supportlng productions or produclion volues that we might nol otheMise be able to achieve. Al l January 2024 Incomlng resovrces Resources expended Galns and loss•s A131 Decemb 2024 Jeremy Lewis Genoral funds 3,321 404.503 3,321 402,279 156,213 (176.6891 18.252 407.824 156,213 {176.6891 18.252 405,6LKI Pr•vlous year. At l Janv(Yy 2023 Incomlng r•sovrc•s Resovrc•s expended Galns and loss•i At31 D?cemb•r 2023 Jeremy Lewis General funds 84.483 349,834 {3.3211 1154,4761 81.162 326,662 118,628 12,676 434.317 118.628 1157.7971 11676 407,824 20 Anotysls ol n•1 assets b•lw••n Ivnds Unreslrlcled lunds 2024 Restrlct•d Ivnds 2024 Total 2024 Al 31 December 2024: Tongible assets Investments Current a$5etsllliobililiesl 179 379.049 26,372 179 379,049 26,732 360 405.6(KJ 360 405.960
THE STOCK EXCHANGE DRAMATIC AND OPERATIC SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Analysls of nel assets belwe•n Ivnds (Contlnued) Unieslrfcled funds 2023 Reslrfcted Ivnds 2023 Total 2023 Al 31 December 2023: Tangible assets Investmenls Currenl asselsllllobilitiesl 1.405 3X),452 55,967 1,405 350.452 55,967 407,824 407,824 21 Related party transacNons Transacllons wlth related parti During the year the Charity entered inlo the following transactions wllh related parties.. the trustees donated £150 to the charity during the year. There were no other related party transactions and the hvstees received no benefits or expenses during the year12023: £NILI -24-