THE WAGNER SOCIETY
CHARITY REGISTRATION NUMBER: 266383
TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024
INTRODUCTION
The Trustees present their annual report and independently examined financial statements of the Wagner Society for the year ended 31 December 2024. 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:
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Advance education in, and appreciation of, the life and work of Richard Wagner.
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Promote and organise public performances of the works of Richard Wagner.
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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:
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Arrange meetings, events and study days to enable members to further their understanding and appreciation of the life and works of Richard Wagner.
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Arrange events at which singers, directors, conductors etc. of Wagner productions talk about and discuss their work.
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Publish at regular intervals the magazine, Wagner News , which is distributed free of charge to members. During 2024 there was one edition published, edited by Alan Ridgewell, the Society’s Chairman.
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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”).
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Provide opportunities for young singers to perform Wagner in public and to take part in relevant competitions.
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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
As with many Arts Organisations after COVID the Society has taken some time to return to anything like its pre-pandemic level of activity. Attendance at live events has declined, and audiences are booking much later than before. We continue to host both Live and Online events with musicians, academics and performers. These have included a series of lectures on the Ring by conductor Lionel Friend, and a discussion with the General Manager of the Bayreuth Festival. A particular highlight was the collaboration with Faber, and the singers of Regents Opera to host the launch of a recent analysis and history of the Ring Cycle.
The Society continues to pursue the aims for which it was created, including the relationship with the Bayreuth Festival. Access to tickets for the international Wagner Societies has meant we can now request everything that we need for the members. We are also continuing to expand our participation in the Bayreuth Bursary scheme, sending young singers to the Festival to not only attend performances, but meet and speak with the cast, and tour the building, aligning the scholarship scheme more to the professional needs of the singers. We currently offer six bursaries and will be expanding this to eight in 2025.
The Society has also continued the financial backing of opera companies, including the Mahler
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THE WAGNER SOCIETY
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Players, and both the London Opera Company and Regents Opera as they progress through their performances of the operas of the Ring cycle. We have also begun an investigation into how we can extend this assistance to young and emerging singers at a time when arts funding is becoming more and more limited.
As well as these events we also continue to extend ticket, publication and event offers to members as they become available. We regularly receive offers of discounts on tickets for productions, courses and events which we can pass on to our members. With such a large email database we are frequently asked to advertise productions of which members may not usually be aware.
FINANCIAL REVIEW
The net deficit for the year was £3,270, resulting in reserves at the year-end of £133,703.
The principal sources of funds were membership subscriptions, donations received, sale of Bayreuth ballot tickets, tickets for meetings & events and Charifund investment income. In 2024, income from subscriptions fell by just over 9%. It is currently the Committee’s aim to increase the Society’s income by expanding membership numbers and controlling costs rather than by increasing subscription amounts.
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), Bayreuth Bursaries, meeting / event costs and various support costs.
The Society aims to hold reserves sufficient to meet any forecast cash flow requirements for at least the following two years. On 31[st] December 2024 the Society had £133,703 total net assets, all represented by unrestricted funds. Cash at bank and in hand (held in NatWest accounts) was £49,151 and the M&G Equities Investment Fund for Charities (“Charifund”) holding was £84,905. Given the variability in Charifund valuations over the year, the holdings in the NatWest deposit account were increased to protect a portion of the charity’s funds against valuation losses.
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 2025 and beyond. Given the current level of reserves, the Trustees are willing, in the short term, to run individual years at a deficit to meet the Society’s charitable aims, so long as the reserves policy is maintained over the medium term.
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.
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THE WAGNER SOCIETY
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
NAMES OF THE CHARITY TRUSTEES WHO MANAGE THE SOCIETY
Those who served during the year and at the report approval date were:
Officers: Chairman: A Ridgewell Treasurer: S Poyner Secretary: J Cousins Committee Members: M Hatzihrysidis I Pitman A C Spooner R Murali A Dinu (resigned 17[th] August 2024) Martin Conway (joined 27[th] Feb 2024, resigned 14[th] April 2025) Jon Wallner (joined 14[th] April 2025) Ray Smith (joined 14[th] April 2025)
REFERENCE AND ADMINISTRATIVE DETAILS
Charity name: The Wagner Society Registered charity number: 266383 Date of registration: 25 April 1975 Governing instrument: Constitution and Rules adopted 12 May 2014 Principal address: Flat 77, Dryden Court, Renfrew Road, London SE11 4NH
DECLARATIONS
The trustees declare that they have approved the trustees’ report
above. Signed on behalf of the Society’s trustees on May 2025
A. Ridgewell J Cousins Chair Secretary
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THE WAGNER SOCIETY
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE WAGNER SOCIETY
FOR THE YEAR ENDED 31 DECEMBER 2024
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 5 to 12.
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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
............................................. Darren Warren Paxton Independent Examiners
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THE WAGNER SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2024
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Year Ended 31 Year Ended 31
December 2024 December 2023
Notes Total funds Total funds
Incoming resources: £ £
Donations and legacies 3 23,411 26,613
Charitable activities 4 34,482 55,475
Investments 5 6,059 7,245
Other 6 3,305 4,148
Total 67,257 93,481
Resources expended:
Charitable activities 7,8,9 72,875 99,104
Other (depreciation) 10 1,000 1,018
Total 73,875 100,122
Net (expenditure) before (6,618) (6,641)
investment (losses)
Net gains/(losses) on investments 3,348 (4,440)
Net movement in funds (3,270) (11,081)
Reconciliation of funds:
Total funds brought forward 136,973 148,054
Total funds carried forward 133,703 136,973
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The notes form part of these financial statements
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THE WAGNER SOCIETY
BALANCE SHEET
AS AT 31 DECEMBER 2024
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As at 31 December 2024 As at 31 December 2023
Notes £ £ £ £
Fixed assets
Tangible fixed assets 10 3,682 3,650
Investments 11 84,906 101,558
Total fixed assets 88,588 105,208
Current assets
Debtors 12 1,919 1,390
Cash at bank and in hand 13 50,917 42,235
Total current assets 52,917 43,625
Creditors: amounts falling 14 (7,802) (11,860)
due within one year
Net current assets 45,115 31,765
Total net assets 133,703 136,973
Funds of the Charity
Total funds 15 133,703 136,973
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Approved by the Trustees on May 2025 and signed on their behalf by:
A. Ridgewell Chair
J. Cousins Secretary
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THE WAGNER SOCIETY
Notes
FOR THE YEAR ENDED 31 DECEMBER 2024
1. Basis of preparation
1.1 Basis of accounting
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102.
1.2 Going Concern
There are no material uncertainties related to events or conditions that cast significant doubt on the charity's ability to continue as a going concern.
1.3 Change of accounting policy
The accounts present a true and fair view and the accounting policies adopted are those outlined in note 2. There have been no changes in accounting policies from the prior period.
1.4 Changes to accounting estimates
No changes to accounting estimates have occurred in the reporting period.
1.5 material prior year errors
No material prior year errors have been identified in the reporting period.
2. Accounting policies
2.1 Income
Recognition of income
These are included in the Statement of Financial Activities (“SoFA”) when the charity becomes entitled to the resources, it is more likely than not that the trustees will receive the resources and the monetary value can be measured with sufficient reliability.
Income from membership subscriptions
Membership subscriptions received in the nature of a gift are recognised in Donations and Legacies. Other donations and gifts are accounted for when they are received.
Tax reclaims on donations and gifts
Gift Aid receivable is included in income when there is a valid declaration from the donor.
Income from interest, royalties and dividends
This is included in the accounts when receipt is probable, and the amount receivable can be measured reliably.
Investment gains and losses
This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
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THE WAGNER SOCIETY
Notes
FOR THE YEAR ENDED 31 DECEMBER 2024
2.2 Expenditure and liabilities
Liability recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.
Governance and support costs
Support costs have been allocated between governance costs and 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 charity gives a grant with conditions for its payment, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output. Where there are no conditions attaching 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 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.
Deferred income
Deferred income relates to membership subscriptions that extend into the following accounting period. Members’ subscriptions are spread over the twelve-month period of their membership, starting from the month the payment is received.
Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts.
Basic financial instruments
The charity accounts for basic financial instruments on initial recognition as per paragraph 11.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS102 SORP.
2.3 Assets
Tangible fixed assets for use by charity
These are capitalised if they can be used for more than one year. They are valued at cost.
Depreciation
Depreciation is provided at 20% per annum on a straight-line basis on all asset classes.
Investments
Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end.
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THE WAGNER SOCIETY
Notes
FOR THE YEAR ENDED 31 DECEMBER 2024
Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
Current asset investments
The charity has investments which it holds for resale or pending their sale and cash and cash equivalents with a maturity date less than one year. These include cash on deposit and cash equivalents with a maturity date of less than one year held for investment purposes rather than to meet short term cash commitments as they fall due.
VAT
Costs are inclusive of input VAT, 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
All funds held by the charity are unrestricted funds which can be used in accordance with the charitable objectives at the discretion of the trustees.
3. Donations and legacies
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2024 2023
£ £
Membership subscriptions 22,188 24,430
Donations and gifts 1,223 2,183
23,411 26,613
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All income is unrestricted.
4. Charitable activities income
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2024 2023
£ £
Meetings and events 5,094 7,050
Bayreuth ballot income (2023) 0 28,105
Bayreuth ballot income (2024) 0 20,320
Bayreuth ballot income (2025) 29,388 0
34,482 55,475
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THE WAGNER SOCIETY
Notes
FOR THE YEAR ENDED 31 DECEMBER 2024
5. Investments
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2024 2023
£ £
Interest receivable 201 20
Dividends receivable (M&G Charifund) 5,858 7,225
6,059 7,245
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6. Other
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2024 2023
£ £
Gift Aid 3,305 4,158
3,305 4,148
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7. Charitable activities expenditure
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2024 2023
£ £
Bayreuth ballot tickets 2023 0 33,088
Bayreuth ballot tickets 2024 0 20,801
Bayreuth ballot tickets 2025 30,095 0
Meetings and events 5,357 12,523
Donations and grants (see below) 17,000 9,000
Wagner News production and postage 4,408 8,400
RWVI and Gesellschaft der Freunde von Bayreuth subscriptions 2,149 2,627
Bayreuth Bursary 7,627 7,270
Marketing and advertising 1,223 1,346
Support costs (see note 8) 3,945 3,682
Other items 1,071 367
72,875 99,104
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During 2024 donations were made to:
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The London Opera Company (£10,000)
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Regent’s Opera (£5,000)
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The Mahler Players (£2,000)
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THE WAGNER SOCIETY
Notes
FOR THE YEAR ENDED 31 DECEMBER 2024
8. Support Costs
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2024 2023
£ £
Postage, printing, stationery, storage and sundry 0 115
Website Development and Zoom 2,242 1,963
Independent examiner’s fee 510 510
Other accountancy costs 638 628
Bank charges 555 466
3,945 3,682
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9. Transactions with trustees and related parties
None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity (2023: none). There were no related party transactions in the year ended 31 December 2024 or in the year ended 31 December 2023. The charity paid trustees expenses for fulfilling their duties as follows: refund of expenses incurred by the Secretary (£482) in attending the RWWI 2023 Delegates Meeting in Brussels.
10. Tangible fixed assets
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Website
Cost £
As at 1 January 2024 5,068
Additions 1,032
As at 31 December 2024 6,100
Depreciation
As at 1 January 2024 1,418
Depreciation in year 1,000
As at 31 December 2024 2,418
Net Book Value
As at 31 December 2023 3,650
As at 31 December 2024 3,682
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11. Investments
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M&G Charifund
£
Market value as at 31 December 2023 101,558
Withdrawals (20,000)
Revaluation 3,348
Market value as at 31 December 2024 84,906
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The withdrawal during the year was used to manage the short-term cash flow arising from the timing of the 2025 Bayreuth ballot ticket purchases and receipts.
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THE WAGNER SOCIETY
Notes
FOR THE YEAR ENDED 31 DECEMBER 2024
12. Debtors
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2024 2023
£ £
Dividends receivable 538 637
Prepayments for future events 848 390
Gift Aid receivable 533 363
1,919 1,390
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13. Cash at bank and in hand
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2024 2023
£ £
Current account 8,909 40,000
Deposit account 40,241 40
PayPal account 1,848 2,195
Stripe account 0 0
50,998 42,235
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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).
14. Creditors: amounts falling due within one year
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2024 2023
£ £
Provision for subscriptions received in advance 5,398 6,486
Accrued expenses and other creditors 2,404 5,374
7,802 11,860
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15. Total funds
| al funds | ||||
|---|---|---|---|---|
| 1 January 2024 | Income | Expenditure | Revaluation | 31 December 2024 |
| £ | £ | £ | £ | £ |
| 136,973 | 67,257 | (73,875) | 3,348 | 133,703 |
All funds are unrestricted funds. They are used for funding the activities and costs of the charity.
16. Events after the end of the reporting period
No events requiring adjustment to the accounts have occurred after the end of the reporting period but before the accounts were authorised which relate to conditions that arose after the end of the reporting period.
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