## **THE WAGNER SOCIETY** **CHARITY REGISTRATION NUMBER: 266383 TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023** ## **CONTENTS** ||**Pages**| |---|---| |**Report of the Trustees**|**1 - 4**| |**Report of the Independent Examiner**|**5**| |**Statement of financial activities**|**6**| |**Balance sheet**|**7**| |**Notes to the financial statements**|**8-13**| **THE WAGNER SOCIETY** ## **TRUSTEES ANNUAL REPORT** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **INTRODUCTION** The Trustees present their annual report and independently examined financial statements of the Wagner Society for the year ended 31 December 2023. The Trustees confirm they comply with the requirements of the Charities Act 2011, the trust deed and the Charities SORP (FRS 102). ## **OBJECTIVES AND ACTIVITIES** ## **Purposes** The objectives of the Wagner Society are to: 1. Advance education in, and appreciation of, the life and work of Richard Wagner. 2. Promote and organise public performances of the works of Richard Wagner. 3. Promote and organise other cultural and educational activities relevant to the performance, study and appreciation of the music of Richard Wagner. ## **Activities** The main activities in relation to those purposes are: 1. Arrange meetings, events and study days to enable members to further their understanding and appreciation of the life and works of Richard Wagner. 2. Arrange events at which singers, directors, conductors etc. of Wagner productions talk about and discuss their work. 3. Publish at regular intervals the magazine, _Wagner News_ , which is distributed free of charge to members. During 2023 there were three editions published, all edited by Alan Ridgewell, the Society’s Chairman. 4. Provide 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”). 5. Provide opportunities for young singers to perform Wagner in public and to take part in relevant competitions. 6. Make donations to third party opera companies and others to support the performance of Wagner operas. The trustees confirm that they have had regard to the guidance issued by the Charity Commission on public benefit. ## **ACHIEVEMENTS AND PERFORMANCE** In 2023, the 70[th] Anniversary of its founding, the Society has been able to expand many of the activities that were prevented by the COVID epidemic. Arts organisations have found it difficult resuming activity after the pandemic as audiences seem to have adopted different attendance habits, and the Society has also found this to be true. Audiences have tended to book later for events, and some members have not returned to the habit of attending events at all. However, the Society has managed to resume live events with a mixture of talks with performers and academics, but currently with a reduced audience size. The pandemic and the resulting limitation to online events led to an increase in membership outside of London, and post pandemic the need has become clear to provide events to both live and online audiences and our events programme has been modified accordingly. The Society has also begun to record live events, and is reviewing how to livestream events, tested with the livestreamed 2023 AGM. The Society has also decided that after a period of building reserves, it is now appropriate to use these to advance the Society’s objectives. The Society website has finally been completely redesigned and is now much easier to navigate, easier to join and renew membership, and to book tickets for events. In 2024 we will work to make all online resources available to Society members. ``` 1 ``` **THE WAGNER SOCIETY** ## **TRUSTEES ANNUAL REPORT** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** 2024 will give us the possibility to expand these activities in terms of funding for both organisations and individual performers as detailed below. We also decided that it was correct to subsidise our 70[th] Anniversary dinner, which was a highly successful event at the Royal Over-Seas League, allowing a full hall to experience singers from Regents opera promoting their performance of _Siegfried_ in 2024. These resources have also been used to fulfil the Society’s responsibilities in promoting young singers, and performances of Wagner’s works. The Society has built ongoing relationships with performing organisations such as Regents Opera and the London Opera Company to help them stage both concert and fully staged performances. The Bayreuth Bursary scheme allows us to give young singers, conductors, and directors the chance to visit the Bayreuth Festival to attend performances and talks on the works of Wagner, as well as to build professional relationships for the future. Every year we send six recipients of the Bursary, as well as helping fund Wagner Societies in Eastern Europe who cannot afford to join the scheme with their own resources. In 2023 one recipient described their time in Bayreuth as ‘best week of their life’. Our relationship with the Bayreuth Festival also provides us the possibility to obtain tickets for the Bayreuth festival to offer to our members. As detailed in the accounts, this has created problems as the traditional form of a ticket ballot for members needs to keep pace with changing circumstances of how to obtain tickets for the festival, and Society must review our processes to be able to offer the same services in a post pandemic, online world. ## **FINANCIAL REVIEW** The net deficit for the year was £11,081 resulting in reserves at the year-end of £136,973. The principal sources of funds were membership subscriptions, donations received, sale of Bayreuth ballot tickets, tickets meetings / events and Charifund investment income. In 2023, income from subscriptions fell. It is currently the Committee’s aim to increase the Society’s income by expanding the membership and controlling costs rather than by increasing subscription levels. The principal categories of expenditure were Bayreuth ballot tickets, donations made, Wagner News (production, printing and distribution costs), subscriptions (Richard Wagner Verband International and Gesellschaft der Freunde von Bayreuth), six Bayreuth Bursaries, meeting / event costs (including the Society’s 70[th] Anniversary dinner) and various support costs, including costs to build a new external website. We were unable to sell or return all the 2023 Bayreuth tickets allocated to us which resulted in a net loss of £4,983 as no refund was possible. The Trustees have taken steps to avoid this situation in future years, for example by requesting fewer tickets and ensuring earlier payment collection. The Society aims to hold reserves sufficient to meet any forecast cash flow requirements for the following two years. On 31[st] December 2023 the Society had £136,973 total net assets, all represented by unrestricted funds. Cash at bank and in hand was £42,235 and the M&G Equities Investment Fund for Charities (“Charifund”) holding was £101,558. During the year £20,000 was transferred from the Charifund Investment to the Current bank account to cover short term cash flow needs caused by the additional 2024 Bayreuth ballot ticket costs (as the Society had to pay for the tickets before receiving receipts from members who were successful in the ballot). The Trustees believe that The Wagner Society is amply funded and has a balance sheet strong enough to allow for a full range of activities in 2024 and beyond. The Trustees are willing to run individual years at a deficit if this is necessary to meet the Society’s charitable aims, so long as the reserves policy is maintained. ``` 2 ``` **THE WAGNER SOCIETY** ## **TRUSTEES ANNUAL REPORT** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing Document** The Society registered as a charity on 25 April 1975 under registration number 266383. The Society is an unincorporated association, 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 management of the Society is in the hands of a Committee, consisting of the Chair, the Secretary and the Treasurer ("the Officers") and a minimum of four, and a maximum of nine, other members. The Officers shall be appointed either by the Committee by the Members, with a resolution passed at a duly convened General Meeting of the Society. Officers shall serve until the next Annual General Meeting following their appointment. The other Committee members are elected by, and out of, the Society's Members at an Annual General Meeting. They hold office until no later than the date of the third next Annual General Meeting following their election. A minimum of one third of the members of the Committee must retire at each Annual General Meeting of the Society. Members so retiring may stand for re-election. ``` 3 ``` ## ## ## ## ## **THE WAGNER SOCIETY** ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE WAGNER SOCIETY** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023 which are set out on pages 6 to 13. ## **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. ## **`Paxton Independent Examiners`** Paxton Software Ltd t/a Paxton Independent Examiners 61a High Street South Rushden Northants NN10 0RA ## **Date:** 25 May 2024 ``` 5 ``` **THE WAGNER SOCIETY** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 DECEMBER 2023** **----- Start of picture text -----**
Year Ended 31 Year Ended 31
December 2023 December 2022
Notes Total funds Total funds
Incoming resources: £ £
Donations and legacies 3 26,613 28,139
Charitable activities 4 55,475 28,758
Investments 5 7,245 6,674
Other 6 4,148 4,199
Total 93,481 67,770
Resources expended:
Charitable activities 7,8,9 99,104 68,738
Other (depreciation) 10 1,018 200
Total 100,122 68,938
Net (expenditure) before (6,641) (1,168)
investment (losses)
Net (losses) on investments (4,440) (7,432)
Net movement in funds (11,081) (8,600)
Reconciliation of funds:
Total funds brought forward 148,054 156,654
Total funds carried forward 136,973 148,054
**----- End of picture text -----**
**The notes form part of these financial statements** ``` 6 ``` ## ## |||Asot3lDecember2a23|Asct3l|Decernber2022| |---|---|---|---|---| ||Notes|€|r|t| |Fixed ossels||||| |Tongible fixedcssets|t0|3,650|600|| |lnvestments|'il|r0r.558|t25,998|| |Iofolfixedssseis||10s208||U4-529| |Currenlessets||||| |Debtrors|12|r,390|1R9?|| |Cosholbonkondinhond|l3|4?.23s|30,5ts|| |fotolcurrenfossels||43,625||32,407| |Creditors:qmountsfolling
duewithinone yeor|l4|{tI.8601||r10.95rl| |Nel currenfossels||3t265||2_1_457| |fofslnelossels||1l{323||ue4s4| |FundsoftheChority||||| |fololfunds|t5|!36tzi||l4Q n(/
I'IU,VJ+| THE WAGNER SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2023 Basls of preparcrtlon 1.1 Basis of occounling These occount5 hove been prepared under the historicol c05t convenlion with ilem5 recognised ol cost or transaction value. The accounts have been prepared in accordance with Ihe Stotemenl ol Recommended Practice: Accounting and Reporting by Chorities preporing their occounts in occordonce wilh the Finonciol Reporling Stondord opplicoble in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 and wilh the Charities Acl 2011. The charity conslitules a public benefit entity as defined by FRS 102. 1.2 Going Concem There are no materiol uncertainties related to events or conditions thol casl significant doubl on Ihe chorily 5 obility to continue os o going concem. 1.3 Change of accountlng pollcy The occounls present a true and lair view and the accounting policies odopled are Ihose outlined in note 2. There hove been no changes in accounting policies from the prior period. 1.4 Changes lo accounting èstimotès No changes lo accounting estimates have occurred in the reporting period. 1.5 malerial prior year errors No material prior year errors have been identified in the reporting period. Accovnling policies 2.1 Income Recognltlon of Income These are included in the Statement ol Financial Activities I'SOFA I when the charity become5 entitled to the resources. it is more likely than not Ihot the tfU51ees will receive the resources ond the monetary value can be measured with sufficient reliability. Income from membership subscriptions Membership 5ubscriplions received in the noture of o gift ore recognised in Donalion5 and Legacies. Other donation5 and gifts are accounted forwhen they are received. Tox recloims on don¢Jlions and gitts Gift Aid receivable is included in income when Ihere is a valid declaralion from the donor. Income from interest. royollies ond dividends This is included in Ihe occounts when receipt is proboble and the omounl receivoble con be measured reliably. Investment gain5 and losses This includes ony realised or unreoli5ed gains or losses on the sale of investments ond any goin or loss resulting from revaluing investments lo market value at the end of the year. THE WAGNER SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2023 2.2 Expenditure and Ilabllitles Liobilily recognition Liabilities are recognised where it is more likely than not that there is o legol or con51ructive obligalion committing the charity to pay oul resources ond Ihe omounl of the obligotion con be meo5ured wth reosonoble certointy. Governance and support costs Support C0515 hove been ollocoted belween govemonce cosls ond other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. Grants payable Where the chority gives a grant with conditions lor its poyment. such grants are only recognised in the SOFA once Ihe recipient ol the grant hos provided the specified serdice or oulpul. Where there are no conditions allaching to the grant a liability for the full funding obligation is recognised. Resources expended Expenditure is accounted for on an accruals basis and has been classified under headings thot oggregote oll costs reloled lo the cotegory. Where costs connol be directly ottributed to porticulor heoding5 they hove been allocoted lo octivilies on a basi5 consistent with the use of resources. Deferred income Deferred income relates to membership subscriptions that extend into the following occounling period. Members, subscriptions ore spreod over the Iwelve-month period of their membership, storting trom Ihe month Ihe poymenl is received. Credllors The charity h05 creditors which are measured at selllement amounts less any trade discounts. Basic finonciol instruments The charily occounls lor basic financial instruments on initial recognition as per parograph 11.7 FRS102 SORP. Subsequent measurement is as per parogrophs 11.17 10 11.19. FRS102 SORP. 2.3 Assets Tongible fixed ossels for vse by chori These ore copitalised if they can be used lor more thon one year. They are valued al cost. Depreciation Depreciation is provided at 20% per annum on a slraight-line basis on all asset classes. Investments Fixed asset investments in quoted shores. traded bonds and similar investments are valued initially at cost and subsequently al fair value (their market voluel al the year end. THE WAGNER SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2023 Debtors Debtors (including trade debtors and loans receivoblel are measured on inilial recognition al 5elllement omount ofler ony Irode discounts or omovnl odvanced by the chorily. Subsequently, they are measured al the cash or other consideralion expecled to be received. Current o$set investments The charity has investments which it holds for resale or pending their sale and cosh and cash equivolenls with o moturily dote less thon one yeor. These include cosh on deposit and cosh equivolents wth o motvrily dote of less Ihon one yeor held lor inveslmenl purposes rolher Ihon lo meet short term cash commitments as they fall due. VAT Cost5 are inclusive ol input V A T, which is not recoverable by the charity. Taxatlon The charity 15 exempt from tox on it5 charitable aclivities ond 15 not registered for V A T. Fund accountlng All fund5 held by the chorily are unrestricted funds which can be used in accordance ￿1th the choritable objectives at the discretion of the Iruslees. 3. Donatlons and legacles 2023 2022 Membership subscriptions Donations and gilts 24,430 26.537 All income is unrestricted. 4. Choritable oclivilies 2023 2022 Meetings ond events Bayreuth bollol incorne120221 Boyreulh ballot income120231 Bayreuth ballot income 120241 7.050 1,570 27.188 28,105 During 2023 the Society received income lor tickets lor both the 2023 and 2024 Bayreuth Ballots. 'Meelings and evenls, include income of £5.145 relating to the 701h Anniversary Dinner. io THE WAGNER SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2023 5. Inveslmenls 2023 2022 Interest receivable Dividends ieceivoble IM&G Chorilundl 20 30 6. Olher 2023 2022 Gilt Aid other income 4,148 4,158 7. Charitable oclivities 2023 2022 Bayreuth ballot tickets 2022 Boyreulh ballot lickets 2023 Bayreuth bollol lickets 2024 Meetings and events Donotions ond gronts (see below) Wagner News production and posloge R WVI and Gesellschaft der Freunde von Bayreuth subscription5 Bayreulh Bursary Morketing and advertising Support costs (see note 81 other items 28,375 33,088 20,801 12,523 9,000 8,400 2,627 7,270 1,346 3.682 1.400 12,500 2.487 2,057 1.332 7,586 Donalions during 2023 were given lo.. Regent's Opera1£5,OWI The London Opera Company1£3.0001 The Mohler Ployers l£l.0001 During 2023 the Society incurred costs lor tickets lor both the 2023 and 2024 Bayreuth Ballots. 'Meetings ond evenls, include costs of £1 0.064 reloting lo Ihe 70th Anniversory Dinner. li THE WAGNER SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2023 8. Support Costs 2023 2022 Postage, printing. stationery. storage and sundry Website Development and Zoom Independent examiner's lee other accountancy cost5 Bank charges 115 1,963 510 628 466 1.308 3.248 2,040 609 Transactlons wlth trustees and related partles None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a reloled entity 12022.. none). There were no related porly transactions in the year ended 31 December 2023 or in the year ended 31 December 2022. The charity paid trustees expenses for fulfilling their duties os follow5.' refund of expenses incurred by the Secretary1£4821 in attending the RWWI 2023 Delegates Meeting in Brussels. l O. Tangible fixed assets Website Cost A5 at l January 2023 Additions A5 Qt 31 December 2023 1,000 Deprecialion As at l Jonuary 2023 Depreciotion in yeor A5 at 31 December 2023 400 Net Book Value As at 31 December 2022 As at 31 December 2023 I l. Investments M&G Charifund Market value as at 31 December 2022 Withdrawals Revoluotion Market volue as at 31 December 2023 125,998 20,000 The withdrawol during the year wos used to monoge the short-term cash flow arising from Ihe timing of the 2024 Bayreuth ballot lickel purchoses and receipts. 12 THE WAGNER SOCIETY BALANCE SHEET AS AT 31 DECEMBER 2023 12. Debtors 2023 2022 Dividends receivable Prepayment5 received for fulure events Gilt Aid receivable 637 390 363 743 13. Cash at bank and In hand 2023 2022 Current account Dep0511 account PayPol occount stripe account 40,000 40 2,195 19.088 10,023 .179 225 In addition to normal bank accounts, the Society also maintains accounts wilh PayPal Isecure online payments from members) ond Stripe la merchant acquiring platform that allows us to occepl debil ond credil cords on Ihe Society's website). 14. Credltors: amounts falllng due wlthln one year 2023 2022 Provision lor subscriptions received in odvonce Accrued expenses and other creditors 6,486 37 7.611 340 15. Total funds l January 2023 Income Expenditure Revaluation 31 2023 December 148,054 93,481 100,122 4,440 136,973 All funds are unrestricted funds. They ore used for funding the octivilies and costs of the charify. 16. Events after the end ol the reportlng perlod No events requiring odjustment to the accounts hove occurred after Ihe end of Ihe reporling period but before the accounts were authorised which relate lo conditions that arose after the end of the reporting period. 13