Leamington and Warwick Musical Society
Annual report for the year ended 31 May 2023
Governance & administrative details
Leamington and Warwick Musical Society, also known as LWMS, is a Charitable Incorporated Organisation (“CIO”), registered with the Charity Commission for England and Wales with registration number 1200030 on 11 August 2022. It supersedes the unincorporated association (“Former UA”) of the same name, which itself was renamed from Leamington and Warwick Operatic Society, originally founded in 1921.
The CIO has three Trustees responsible for its legal obligations in accordance with its Governing Document (the “Constitution”) which is based on the Charity Commission's ‘Association’ Model Constitution. Day-to-day management is delegated to a Management Committee (the “Committee”), which operates in accordance with the CIO's bye-laws and policies, as agreed by the Trustees. The Chair of Trustees is also the Chair of the Committee, and all Trustees are members of the Committee. The Committee routinely meets monthly, while the Trustees meet as required. Trustees and Committee members are elected from the membership of the CIO at an Annual General Meeting, or co-opted as required, in accordance with the Constitution.
The Trustees are responsible for preparing this Annual Report and the financial statements in accordance with applicable law and regulations in England, and the Charities Statement of Recommended Practice (SORP FRS 102).
Trustees
Dr Nicholas S Kaijaks, Chair of Trustees
Mrs Sarah R Phipps
Mr Samuel J Henshaw
Registered address
9 Lime Avenue, Leamington Spa CV32 7DE
Objectives
The Object of the CIO is to promote the advancement and improvement of general education in relation to all aspects of the art of drama and musical theatrical performance for all in the local community in and around Royal Leamington Spa and Warwick.
The Trustees are satisfied that the work of LWMS in this period has enabled members to experience training and performance opportunities in the theatrical arts, and provided public benefit by enabling the local community to experience live theatrical art performances, in line with its Object. In working to meet this Object, the Trustees have taken the Charity Commission’s public benefit guidance into account when making relevant decisions.
Activities, achievements & performance
In the year to 31 May 2023, LWMS produced the musical Our House in a six-performance run at the Royal Spa Centre, Leamington Spa. A cast of 32 was assembled through open audition in the locality, of whom 10 were members new to LWMS. The cast received voice, dance and acting training and support during rehearsals from September 2022, and performed to a audience of 2,637 people from 14–18 March 2023, providing public benefit to the local area.
LWMS – Registered Charity 1200030
Page of 1 7
The audience reaction was overwhelmingly positive, with both complimentary messages and positive press reviews received afterwards.
In the context of what is widely described as a cost of living crisis, the Committee sought to provide further public benefit by maintaining comparable ticket prices in spite of increased costs, and by introducing a much discounted rate for children. Although some production costs are substantially increased (compared to those of recent productions by the Former UA), the CIO has generated a surplus over the period, due to the benefits of charitable status, and the prudence of the Committee.
The Committee has recently secured the theatrical rights to perform 9 to 5 the Musical , with auditions planned for September 2023. Interest from potential performers has been excellent, and LWMS looks forward to staging this for the public in March 2024 at the Royal Spa Centre.
Financial review
This report covers the first period of operation for the CIO from its foundation on 11 August 2022 to 31 May 2023. This reporting date is chosen to align with the CIO's Annual General Meeting, scheduled for July each year. Therefore this reporting period is less than 12 months. In the Statement of Financial Activities (the “SoFA”), and balance sheet, figures are given for the previous reporting period of the Former UA, to help give a true and fair view of the financial position of the CIO in comparison.
On foundation in August 2022, the assets of the Former UA were transferred to the CIO as a donation. These assets consisted solely of cash at bank, of £54,196. This is recorded in the SoFA as the Founding Donation. Other income for the year consisted of charitable activities (primarily ticket and programme sales) and a comparatively small volume of donations through membership fees and fundraising. The Trustees anticipate that the principal source of funds will continue to be the CIO's charitable activities.
The Trustees aim to maintain free reserves in unrestricted funds at a level that provides sufficient funds to cover operational costs and that will allow the CIO to respond to any emergency funding requirements which may arise from time to time. Current reserves are £56,186, as recorded in the SoFA.
The CIO currently has no fixed assets, stocks, or investments, and no pension assets or liabilities. No remuneration was paid to the Trustees or members of the Committee during the current or previous year. The CIO has no employees. No expenses were paid to any Trustee by the CIO. No funds are held as custodian trustee on behalf of others, and all funds are considered to be unrestricted. All income is paid into such bank or building society accounts in the name of the CIO as the Committee directs.
The principal risk faced by the CIO is that ticket sales for productions do not provide enough income to cover expenditure. This is mitigated by prudent management of promotion, pricing, and costs. There are related risks in availability of theatrical rights for works which align appropriately with the CIO's Object, are appropriate for the profile of its membership, and are likely to be financially viable to produce in the locality. This is mitigated by care in show selection. There is a risk of changes in the membership, its skill and experience profile, and the availability of appropriately skilled people to engage in production. These are mitigated by promotion and continued engagement with the membership and local community. A final risk is the potential unavailability or financial non-viability of our normal rehearsal or performance venues. This is mitigated by seeking to secure facilities as early as
LWMS – Registered Charity 1200030
Page of 2 7
possible. The Trustees consider that none of these risks cast significant doubt on the CIO's ability to continue as a going concern.
Signed on behalf of the Trustees
Dr Nicholas Kaijaks Chair of Trustees
30 April 2024
LWMS – Registered Charity 1200030
Page of 3 7
Leamington and Warwick Musical Society Independent examiner's report to the Trustees
Period ended 31 May 2023
I report to the Trustees on my examination of the financial statements of Leamington and Warwick Musical Society (the “CIO”) for the year ended 31 May 2023.
Responsibilities and basis of report
The CIO’s Trustees are responsible for the preparation of the financial statements. The CIO’s Trustees consider that an audit is not required for the year (under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.
The CIO’s gross income exceeded £25,000 but was less than £250,000 and I am qualified to undertake the examination by being a Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW).
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the CIO as required by section 130 of the Act; or
-
the financial statements do not accord with those records.
I have no concerns and have come across no other matters in connection with the examination which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Ioanna Savvidou Montana ICAEW Membership # 1351552 23 The Greswoldes, Radford Semele, CV31 1TP
LWMS – Registered Charity 1200030
Page of 4 7
Leamington and Warwick Musical Society Statement of Financial Activities, period ended 31 May 2023
| Income Founding Donation Other donations Charitable activities Total income Expenditure Charitable activities Total expenditure Net income/(expenditure) Net income less extraordinary Founding Donation Reconciliation of funds Total funds brought forward Total funds carried forward |
Current year Former unincorporated association 2022–23 2021–22 Unrestricted funds Funds £ £ Note* 54,196 n/a 1 3,248 n/a 2 47,251 n/a 3 104,695 58,758 48,509 n/a 4 48,509 56,049 56,186 1,990 2,709 5 0 51,487 56,186 54,196 |
|---|---|
- As this is the first year of operation for the CIO, figures are given for the final year of operation of the former unincorporated association, purely for comparison
LWMS – Registered Charity 1200030
Page of 5 7
Leamington and Warwick Musical Society Balance sheet, as at 31 May 2023
| Fixed assets Total fixed assets Current assets Cash Total current assets Liabilities Total liabilities Total net assets/(liabilities) Funds Unrestricted funds Total funds |
Current year Former unincorporated association 2022–23 2021–22 £ £* 0 0 56,186 54,196 |
|---|---|
| 56,186 54,196 |
|
| 0 0 |
|
| 56,186 54,196 |
|
| 56,186 54,196 |
|
| 56,186 54,196 |
- As this is the first year of operation for the CIO, figures are given for the final year of operation of the former unincorporated association, purely for comparison
LWMS – Registered Charity 1200030
Page of 6 7
Leamington and Warwick Musical Society
Notes to the Statement of Financial Activities, period ended 31 May 2023
| Donation income Founding Donation (extraordinary item) Membership Fundraising Total membership and fundraising Total donation income Charitable activities income Theatre receipts Programme sales Programme advertisements Centenary book sale receipts Total charitable activities income Total income Expenditure for production activities Costume Hire Orchestra Performing Rights Spa Centre Ticket Sale Commission & Credit Card Fees Stage Expenses Honoraria Publicity Scenery Spa Centre Hire Show Deposits Audition / Rehearsal Expenses Cost of Programmes Scores & Librettos Stationary, Postage etc. Total expenditure for production activities Expenditure for administrative activities NODA subscription Insurance AGM Total expenditure for administrative activities Total expenditure for all charitable activities |
Current year 2022–23 £ Note 54,196 1 2,020 1,228 3,248 2 57,444 46,029 682 440 100 47,251 3 104,695 2,446 3,362 5,519 3,765 1,303 4,900 1,507 6,178 13,221 500 2,420 720 1,162 72 47,075 230 1,184 20 1,434 48,509 4 |
|---|---|
| 3,248 | |
| 57,444 | |
| 46,029 682 440 100 |
|
| 47,251 | |
| 104,695 | |
| 2,446 3,362 5,519 3,765 1,303 4,900 1,507 6,178 13,221 500 2,420 720 1,162 72 |
|
| 47,075 | |
| 230 1,184 20 |
|
| 1,434 | |
| 48,509 |
The Founding Donation is noted as an extraordinary item in the SoFA (a transaction that falls outside the CIO's ordinary activities, is abnormal in nature, and is not expected to recur). It is therefore appropriate to record the net income less that donation as a reflection of 'ordinary' income.
5
LWMS – Registered Charity 1200030
Page of 7 7