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2021-12-31-accounts

THE WAGNER SOCIETY

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2021

Registered Charity No: 266383

CONTENTS

Pages
Report of the Trustees 1 - 6
Report of the Independent Examiner 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10-14

INTRODUCTION

THE WAGNER SOCIETY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their report with the financial statements of the charity for the year ended 31 December 2021. The Trustees have adopted the provisions of the Accounting and Reporting for Charities: the Statement of Recommended Practice (SORP) 2019 applicable to charities preparing their accounts in accordance with the FRS102(1A) and the Charities Act 2011.

LEGAL AND ADMINISTRATIVE INFORMATION

Registered charity no:

266383

Inland Revenue FICO ref:

XN38219

Date of registration:

25 April 1975

Governing instrument:

Constitution and Rules adopted 12 May 2014

Trustees

Officers

Chairman: Treasurer: Secretary:

A Ridgewell Vacant R J Miles

Committee members

T Brown J Cousins M Hatzihrysidis H R Kennedy I Pitman

Registered and correspondence address:

Flat 77, Dryden Court, Renfrew Road, London SE11 4NH

Website:

www.wagnersociety.org

Independent examiner:

Mr Tim Fulker BSc(Econ) FCA Seymour Taylor Limited 57 London Road High Wycombe Buckinghamshire HP11 1BS

Bank:

National Westminster Bank Plc Westminster Branch P.O. Box 3038 57 Victoria Street London, SW1H 0HN

STRUCTURE, GOVERNANCE AND MANAGEMENT

1

THE WAGNER SOCIETY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

Governing Document

The Society registered as a charity on 25 April 1975 under registration number 266383. The charity is governed by its constitution, which was adopted on 12 May 2014.

The Society is affiliated to the Richard Wagner Verband International, the International Association of Wagner Societies.

Officers and Committee Members

The Committee comprises the Officers and Committee Members.

Those who served during the year and at the report approval date were as follows:-

Officers:
Chairman: A Ridgewell
Treasurer: N G King (resigned 7thNovember 2021)
Secretary: R J Miles
Committee Members: T Brown
J Cousins
M Hatzihrysidis
H R Kennedy
I Pitman

Officers are elected for one-year terms at each annual general meeting and are all eligible to stand for re-election each year. Committee Members are elected for three-year terms at annual general meetings by rotation with at least one-third resigning each year and who are also eligible to stand for re-election.

In the above list, dates of appointment (if any) are all the dates of Committee meetings or the AGM; those of resignation are the date of the last Committee meeting attended, the date of the formal notification of resignation (if any), or the date upon which the Chairman notified the Committee of such resignation, depending on the specific circumstances of any resignation.

The following table shows the number of committee meetings, as well as the AGM, that each Officer and Committee Member could have attended during his or her period of membership during 2021 and the number of meetings actually attended.

Officer or Committee
Member		 Number of
Committee
meetings during
year or (if shorter)
period inoffice		 Committee
meetings attended		 AGM
(if falling during
period in office)		 AGM
(attended)
T Brown 8 3 1 1
J Cousins 8 6 1 1
M Hatzihrysidis 8 8 1 1
H R Kennedy 8 8 1 1
NGKing 8 8 1 1
RJMiles 8 5 1 1
I Pitman 8 5 1 1
A Ridgewell 8 8 1 1

Equal opportunities policy

Membership of the committee is open to any person from any background who is able to contribute to the running of the society or any special project undertaken by the charity, and to all lovers of Wagner’s music. No person is excluded from membership of the Wagner Society or of its committee on the grounds of sex, sexual orientation, race, colour, religion or disability.

OBJECTIVES AND ACTIVITIES

Principal objectives

2

THE WAGNER SOCIETY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

The principal objectives of the charity are as follows:-

  1. To advance education in and appreciation of the life and work of Richard Wagner.

  2. To promote and organise public performances anywhere in the world of the works of Richard Wagner by the Society from time to time and for special purposes include in the Society’s programmes suitable works by other composers.

  3. To promote and organise other cultural and educational activities relevant to the study and appreciation of the music of Richard Wagner.

Activities

To achieve the above objectives the Society:-

  1. Arranges meetings, events and study days to enable members to further their understanding and appreciation of the life and works of Richard Wagner. It also arranges events at which singers, directors, conductors etc. of Wagner productions talk about and discuss their work.

  2. Publishes at regular intervals the magazine, Wagner News , which is distributed free of charge to members.

  3. Provides financial help to fund the coaching of young singers of Wagner and provides a bursary to enable young musicians to visit Bayreuth each year for its Scholarship Programme (“Stipendienstiftung”).

  4. Provides opportunities for young singers to perform Wagner in public and to take part in competitions.

ACHIEVEMENTS AND PERFORMANCE

Chairman’s Report

2021 proved to be very much the same as 2020. Our activities have been very much governed by the COVID situation, as well as the views of our members on acceptable social interaction. This year we moved from restrictions and zoom events, to more freedom and live events. However, events still overtook us.

We started 2021 once again only able to offer zoom events, but the success of the programme was beyond everyone’s imagination. As well as a series on the history of Wagnerian performances at the Metropolitan opera in New York right up to the current lockdown, we spoke with some of the greatest names in operatic history past and present, from new superstar Lise Davidsen to Grace Bumbry, the first black artist to sing Venus at Bayreuth in 1961.

These zoom events continued through the year and are continuing now. They have allowed us to speak to artists who we would never have been able to meet in person at a live London event, as well as to reach out to old and new members across the globe.

But the situation in the country was changing. In September we decided that we could begin to hold live events again. We moved to a new venue, Rudolf Steiner House, for our first talk with Dr. Mark Berry. The event was a success, but also began to highlight two problems that would de-rail our event calendar for the rest of the year and would carry over into 2022. First, that members were still not completely happy travelling, or attending events. This was a situation that was mirrored throughout the artistic world. The second was that our speakers, some travelling from abroad, were also unwilling or unable to travel, especially as the situation with the Omicron variant worsened. As a result, our annual Eva Turner Memorial Lecture with Stephen Johnson was scheduled as usual, but an event which would have filled a hall with 130 people barely attracted a fraction of that. People were still not ready.

That has meant that we, again, cannot report on our Annual Dinner or Singing Competition as they simply could not take place. The Christmas Party in Gibson Square also was cancelled, as Neil King, our long-standing Treasurer and Membership Secretary decided to step down from the Committee in November. Neil has played a vital role in the Society for many years, and we thank him for that. We also cannot report on the Bayreuth Ballot for 2021 because the situation in Germany led to reduced tickets availability, which in addition to the reduced ability of members to travel internationally meant we could not take part in the allocation for 2021. We could also not send anybody to the Bursary

3

THE WAGNER SOCIETY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

programme but could still support students from Eastern European countries who cannot afford to enter the scheme.

All we can do is hope that in 2022 we can return to some form of ‘normal’. The signs so far are good, but we will have to watch events in 2022 very closely.

FINANCIAL REVIEW

Treasurer’s Report

It is an ill wind that blows no good and during the two years in which Covid has hampered our activities, Society finances have improved considerably: level membership income, increased dividend income, buoyant investment performance, and lack of expenditure on events and activities (such as reducing the number of editions of Wagner News ) have all combined to increase Society resources significantly in 2021. Importantly, Society investments have fully regained the losses reported for 2020 and substantial additional investments have been made.

Elsewhere the progress made last year on claiming backdated Gift Aid has continued and, for the first time, these financial statements include the full reclaimed amount (c£7,400) for the current year. This is an important source of income for the Society and maintaining this up-to-date position will enhance financial performance in future years.

Membership – in another difficult year – has been maintained at levels similar to last year aiding financial stability and it remains a stated aim to increase Society income by expanding the membership numbers rather than increasing subscription levels.

The Committee and Trustees therefore believe that The Wagner Society is amply funded and has a balance sheet strong enough to permit resumption of a full range of activities in 2022 and beyond.

Neil King (Treasurer, 2014 to 2021) resigned as a Committee member and Trustee on 7[th] November 2021 but remains charge of the Society finances and accounting until around Easter 2022 to ensure the prompt and accurate preparation of these financial statements, day-to-day bookkeeping, management accounting and so on, and to provide an orderly and constructive handover to any new treasurer.

Financial summary of events

So numerous were the zoom events in 2021 that space precludes listing the results of these individually; notes 3 & 6 show the overall income and costs relating to these events.

Donations received

Monetary donations are accounted for under Donations and Legacies in the Statement of Financial Activities. The Wagner Society thanks all Members who made donations during 2021.

Donations made

Donations were made as follows:-

Membership

The membership numbers of The Wagner Society are given below:-

2021

2020

4

THE WAGNER SOCIETY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

1 January

Net movement
31 December

Of which:
Honorary
Individual
Joint
Institutional
Alumni
Under 30s
Student
Total
 1,294
1,250
12
44
1,306
1,294
14
15
674
654
400
404
13
13
18
19
111
96
76
93
1,306
1,294

(Note that the legal deposit libraries are not included in the total of institutional members.)

Joint membership is available for two individuals living at the same address but sharing mailings, in particular, only receiving one copy of Wagner News . The number of 400 joint members shown above therefore represents 200 joint membership subscriptions received.

Wagner News

There were three editions of Wagner News edited by Alan Ridgewell, Chairman.

Financial review and investment policy

The principal sources of income were membership subscriptions received, donations, and sale of tickets for events.

Members of the Committee and others, including professionals, give their time voluntarily to the charity and often bear some of the incidental postage, stationery, entertaining and travelling expenditure personally. No member of the Committee received any remuneration in respect of their duties (2020: £nil).

Income received is spent on the principal objectives and the running costs of the charity; total income during the year amounted to £83,241 and direct charitable expenditure amounted to £53,620 making net incoming resources for the year of £29,621. The amount of £11,203, being an unrealised gain on investments held, is added to this surplus giving a final net surplus of £40,824 to be carried forward. Funds brought forward from previous years totalled £115,830 and therefore total funds carried forward at 31 December 2021 are £156,654.

There are no restrictions on the charity’s power to invest.

Full details of the financial results of the year are shown in the statement of financial activities on page 8 and the relevant notes on pages 10 - 14.

Reserves policy

It is the policy of the charity to maintain funds at a level sufficient to finance all future planned activities.

Risk management

The Trustees actively review the major risks which the charity may face on a regular basis and believe that reducing reserves slightly from current levels, combined with regular reviews of the controls over key financial systems, will provide sufficient resources to cover future commitments as well as headroom for unforeseeable events. The Trustees have also examined other operational and business risks faced

5

THE WAGNER SOCIETY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2021

by the charity and confirm that they have established systems to mitigate the significant risks.

Statement of Trustees' responsibilities

The Trustees of the Wagner Society are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the movement of funds for that year. In preparing those financial statements, the trustees are required to:-

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and for safeguarding its assets. The Trustees have had regard to guidance issued by the Charity Commission on Public Benefit and we are within this guidance by virtue of our advancement of Richard Wagner and activities.

Independent examiner

Mr Tim Fulker being eligible offers himself for re-election at the forthcoming annual general meeting.

Approved by the trustees on 1 April 2022 and signed on their behalf by:

ALAN RIDGEWELL RICHARD MILES

A. Ridgewell Chairman

R. J. Miles Secretary

6

THE WAGNER SOCIETY

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE WAGNER SOCIETY

FOR THE YEAR ENDED 31 DECEMBER 2021

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2021 which are set out on pages 8 to 14.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

TIM FULKER

.............................................

Mr Tim Fulker BSc(Econ) FCA

Seymour Taylor Limited 57 London Road High Wycombe Buckinghamshire HP11 1BS

Date: 8[TH] APRIL 2022

7

THE WAGNER SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
Incoming and endowments from:
Donations and legacies
2
Charitable activities
3
Investments
4
Other
5
Total Incoming Resources
Expenditure on:
Charitable activities
Other
6, 7, 8
10
Total resources expended
Net income before investment
gains/(losses)
Net investment gains/(losses)
Net movement in Funds
Balances brought forward
At 1st January
Balances carried forward
At 31st December		 Year Ended 31
December 2021
Unrestricted
funds
Total
funds
£
£

39,626
39,626
19,755
19,755
5,754
5,754
18,106
18,106
£83,241
£83,241
53,420
200
53,420
200
£53,620
£53,620
29,621
29,621
11,203
11,203
£40,824
£40,824
115,830
115,830
£156,654
£156,654		 Year Ended 31
December 2020
Unrestricted
funds
Total
funds
£
£
53,946
53,946
8,767
8,767
3,135
3,135
20,158
20,158
£86,006
£86,006
54,150
-
54,150
-
£54,150
£54,150
31,856
31,856
(12,638)
(12,638)
£19,218
£19,218
96,612
96,612
£115,830
£115,830		 Year Ended 31
December 2020
Unrestricted
funds
Total
funds
£
£
53,946
53,946
8,767
8,767
3,135
3,135
20,158
20,158
£86,006
£86,006
54,150
-
54,150
-
£54,150
£54,150
31,856
31,856
(12,638)
(12,638)
£19,218
£19,218
96,612
96,612
£115,830
£115,830
£86,006
54,150
-
£54,150
31,856
(12,638)
£19,218
96,612
£115,830

The notes form part of these financial statements

8

THE WAGNER SOCIETY

BALANCE SHEET

AS AT 31 DECEMBER 2021

Notes
Fixed assets
Tangible fixed assets
Investments
10
11
Total fixed assets
Current assets
Stock
Debtors
12
13
Cash at bank and in hand
14
Total current assets
Creditors due less than one year
15
Net current assets
Total net assets
Represented by:
Unrestricted funds
16
Total funds		 As at 31 December 2021
£
£
800
133,430
134,230
3,262
8,613
21,287
33,162
(10,738)
22,424
£156,654
156,654
£156,654		 As at 31 December 2020
£
£
-
74,227
74,227
5,921
10,316
37,207
53,444
(11,841)
41,603
£115,830
115,830
£115,830		 As at 31 December 2020
£
£
-
74,227
74,227
5,921
10,316
37,207
53,444
(11,841)
41,603
£115,830
115,830
£115,830
£115,830
115,830
£115,830

Approved by the Trustees on 1 April 2022 and signed on their behalf by:

ALAN RIDGEWELL RICHARD MILES

A. Ridgewell Chairman

R. J. Miles Secretary

The notes form part of these financial statements

9

THE WAGNER SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention, and in compliance with the Accounting and Reporting for Charities: the Statement of Recommended Practice (SORP) 2019 and in accordance with the Financial Reporting Standards applicable in the UK (FRS102 1A) and the Charities Act 2011.

Voluntary income

All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Members’ subscriptions are spread over the period of their membership, which could straddle two financial years; donations and gifts are accounted for when they are received.

Income tax recoverable on members’ subscriptions and donations is recognised only when a valid Gift Aid return is completed and submitted to HMRC.

Legacies are accounted for as soon as the Committee is notified of the amount of any bequest.

Income from investments

Dividends and interest are accounted for when receivable. Tax recoverable, if any, on such income is recognised in the same accounting year.

Gains and losses on investments

Realised gains or losses are recognized when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at 31 December each year.

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Depreciation

Depreciation is provided at 20% per annum on a straight-line basis on all asset classes.

Stock

Stock comprises CDs. Stock is valued at the lower of cost or net realisable value.

Value added tax

Costs are inclusive of input value added tax, which is not recoverable by the charity

Taxation

The charity is exempt from tax on its charitable activities and is not registered for VAT.

Fund accounting

Funds held by the charity are either:-

Unrestricted funds – these are funds which can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Currently the charity has no restricted funds.

2. Donations and legacies

10

THE WAGNER SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Members’ subscriptions
Bequests, gifts and legacies
Donations
3. Charitable activities
Meetings and events
4. Investments
Interest receivable
Dividends receivable
5. Other
Gift Aid tax reclaimed
Other income
6. Charitable activities
Meetings and events
Annual Dinner (see note 7)
Donations and grants
_Wagner News_production and postage
RWVI and Gesellschaft der Freunde von Bayreuth
subscriptions
Bayreuth Bursary costs
Marketing and advertising
Support costs (see note 8)
Other items		 2021
£
30,498
-
9,128
39,626
2021
£
19,755
19,755
2021
£
87
5,667
5,754
2021
£
17,513
593
18,106
2021
£
9,973
-
7,640
17,202
2,475
-
5,219
10,481
430
53,420		 2020
£
28,692
6,267
18,987
53,946
2020
£
8,767
8,767
2020
£
97
3,038
3,135
2020
£
20,091
67
20,158
2020
£
9,471
4,811
5,235
14,823
2,315
4,537
4,172
8,386
400
54,150

7. Annual Dinner

2020

2021

11

THE WAGNER SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Venue and catering
Flowers
Performers’ Fees
Flights for Norman Bailey
Contributions to costs of accompanying family members		 £
-
-
-
-
-		 £
1,170
820
-
1,321
1,500
4,811

In 2020, one member made a donation towards the costs of flights for Norman Bailey and a donation was received from a member to cover the costs of flowers. All donations are included in Note 2.

8. Support Costs

Postage, printing, stationery and sundry
Website Development and Zoom costs
Independent examiner’s fee and other accountancy costs
Bank Charges		 2021
£
2,106
4,327
2,466
1,582
**10,481 **		 2020
£
2,938
2,578
2,292
578
8,386

9. Committee remuneration and related party transactions

No committee officers or members received any remuneration during the year ended 31 December 2021 or for the year ended 31 December 2020. Legitimate expenses, supported by the appropriate receipts, were paid to some Committee Members during both years.

There were no related party transactions in the year ended 31 December 2021 or in the year ended 31 December 2020.

10. Tangible fixed assets

Cost
As at 1 January 2021
Additions
Disposals
As at 31 December 2021
Depreciation
As at 1 January 2021
Depreciation in year
Disposals
As at 31 December 2021
Net Book Value
As at 31 December 2021
As at 31 December 2020		 Website
£
-
1,000
-		 Total
£
-
1,000
-
1,000 1,000
-
200
-		 -
200
-
200 200
800 800
- -

11. Fixed Asset Investments

£ 74,227

Market value as at 31 December 2020

12

THE WAGNER SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Additions
Revaluation
Market value as at 31 December 2021
Stock
CDs, DVDs etc
Postage		 2021
£
3,262
-
3,262		 48,000
11,203
133,430
2020
£
5,233
688
5,921

12. Stock

Stocks of postage stamps were negligible at 31 December 2021 (2020: £688).

13. Debtors

General Debtors
Dividends receivable
Gift Aid receivable
Prepayments		 2021
£
-
1,217
7,396
-
8,613		 2020
£
7,736
613
1,717
250
10,316

The amount shown for General Debtors includes (a) an amount of £nil (2020: £5,061) held by the Gesellschaft der Freunde von Bayreuth (GdF) in respect of Bayreuth tickets allocated to and paid for by the Society but cancelled following the cancellation of the 2020 Bayreuth Festival; and (b) a legacy of £nil (2020: £2,500) to the Society resulting from the death of a member in 2020 that had not yet been received at 31 December 2020.

14. Cash at bank and in hand

Cash at bank and in hand
Current account
Deposit account
PayPal account
Stripe account		 2021
£
508
20,000
118
661
21,287		 2020
£
6,326
30,000
-
881
37,207

In addition to normal bank accounts, the Society also maintains accounts with PayPal (secure online payments from members) and Stripe (a merchant acquiring platform that allows us to accept debit and credit cards on the Society’s website).

15. Creditors

Provision for subscriptions received in advance
Accrued expenses and other creditors		 2021
£
8,848
1,890
10,738		 2020
£
9,346
2,495
11,841

16. Unrestricted funds

Balance Incoming Outgoing Gains and Balance 1 January 2021 Resources Resources Losses 31 December 2021

13

THE WAGNER SOCIETY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

£115,830 83,241 53,620 11,203 £156,654

The unrestricted funds are used for the purpose of funding the activities and management costs of the charity.

17. Control

In the opinion of the Trustees, the charity is controlled by the Committee Members and Trustees.

14