THE WAGNER SOCIETY
CHARITY REGISTRATION NUMBER: 266383 TRUSTEES’ ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
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 2025
INTRODUCTION
The Trustees present their annual report and independently examined financial statements of the Wagner Society for the year ended 31 December 2025. 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.
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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
2025 continued as we have seen with many Arts organisations post-covid. Attendance at Society events was lower than we had seen before the pandemic, and we saw a trend of late bookings, with a high volume of bookings on the day itself. We continued our live events, including a talk by the director and conductor of a full Ring cycle from Regents Opera, and an academic discussion of the influence of Puccini and Wagner.
One factor that did not help our events programme in 2025 was that, as a voluntary society, we need people available to prepare and host both live and online events. With the resignation of a few of the committee, posts were only filled after the AGM. This, however, should allow us to be able to expand our programme over 2026. At the AGM, several members showed a willingness to help without joining the committee, but all Officers were only appointed by September. This is also true of Wagner News, where a new editor was appointed in October 2025. This should allow us to begin re-publication during 2026. The Wagner Society has a broad range of functions which need to be filled, and without people willing to assist we cannot do everything that we would want to do.
One compulsory function is to work with the Richard Wagner Verband International (“RWVI”) and the Bayreuth Festival to allow members to obtain priority tickets. In 2025 we again received a large number of tickets for all performances, but the allocation was difficult. Initially we were told that the
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THE WAGNER SOCIETY
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
usual annual allocation would not be filled at all. We were, however, offered our usual number of tickets, but at a much lower price bracket, meaning that we could not fulfill all members’ specific requests. However, all tickets were assigned, and we hope that the ballot later in 2026 (for the 2027 Festival) will be an easier process with more availability. All societies have expressed their disappointment with the RWVI regarding the process for the 2026 Festival.
The second unique benefit of our membership of the RWVI is that we take part in the Bayreuth Bursary programme. In 2025 we increased the number of students that we took to eight. This allows students not only to see performances at the Festspielhaus but also allows them to meet artists performing at the festival, attend lectures and social events, and to tour the stage, orchestra pit and the building of the Festspielhaus itself.
We also continued to support opera companies financially, increasing our funding in 2025, including Regents Opera who performed two complete Ring Cycle at York Hall in Bethnal Green. We also supported the Mahler Players and the London Opera Company.
We aim to extend assistance to individual singers and have been working on the process to allow this. Together with our own programmes, we are also looking to expand collaboration with the Mastersingers, who run their own singing competition, and artists coaching scheme.
As well as these major events we continue to be able to offer the Society discounted tickets to events and publications, and to promote events of Wagnerian interests to our members. However, without members joining the Committee or assisting we are limited in what we can achieve. We would like to thank all those people who are helping and supporting the Society, which will allow us to offer more activities in 2026.
FINANCIAL REVIEW
The net deficit for the year was £2,167, resulting in reserves at the year-end of £131,536.
The principal sources of funds were membership subscriptions, donations received, sale of Bayreuth ballot tickets, tickets for meetings & events and Charifund investment income. In 2025, income from subscriptions fell by 3.5%. It is currently the Committee’s aim to increase the Society’s membership income by expanding membership numbers rather than by increasing subscription amounts. There are currently no plans to increase the annual individual or joint membership subscription rates. As the fee we pay to the RWVI will soon increase from Euro 2 to Euro 3.5 per member, the Committee is considering ways to mitigate this increased cost.
The principal categories of expenditure were Bayreuth ballot tickets (which are costs refunded by members who were allocated tickets), donations made, Wagner News (production, printing and distribution costs), subscriptions (RWVI and Gesellschaft der Freunde von Bayreuth), Bayreuth Bursaries, meeting / event costs (offset by attendance fees) and support costs (mainly IT and accounting).
During 2025 additional offsetting income and expenditure was incurred through managing an offer for members to purchase tickets to attend a Ring cycle at La Scala, Milan.
The Society aims to hold reserves sufficient to meet forecast cash flow requirements for at least the following two years. On 31[st] December 2025 the Society had £131,537 total reserves, all represented by unrestricted funds. Cash at bank and in hand (held in NatWest accounts) was £28,045 and the M&G Equities Investment Fund for Charities (“Charifund”) holding was £99,619. Given the variability in Charifund valuations over the year, the holdings in the NatWest accounts were not reinvested in the Charifund to protect a portion of the funds against potential 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 2026 and beyond. Given the current level of reserves, the Trustees are willing, in the short term, to continue to run small annual deficits to meet the Society’s charitable aims, so long as the reserves policy is maintained over the medium term.
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THE WAGNER SOCIETY
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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 (resigned as Secretary 15[th] September 2025) P Harrisson (appointed 15[th] September 2025) Committee Members: M Hatzihrysidis (resigned 23[rd] June 2025) J Cousins A C Spooner R Murali (resigned 23[rd] June 2025) Martin Conway (resigned 14[th] April 2025) Jon Wallner (appointed 14[th] April 2025) Ray Smith (joined 14[th] April 2025) Hugo Williams (appointed 3[rd] October 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
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THE WAGNER SOCIETY
TRUSTEES ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
DECLARATIONS
The trustees declare that they have approved the trustees’ report above. Signed on behalf of the Society’s trustees on 13[th] April 2026
A. Ridgewell Chair
P Harrisson 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 2025
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2025 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 Examiners 61a High Street South Rushden Northants NN10 0RA
Date: 13[th] April 2026
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THE WAGNER SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2025
----- Start of picture text -----
Year Ended 31 Year Ended 31
December 2025 December 2024
Notes Total funds Total funds
Incoming resources: £ £
Donations and legacies 3 22,309 23,411
Charitable activities 4 59,898 34,482
Investments 5 5,755 6,059
Other 6 3,358 3,305
Total 91,320 67,257
Resources expended:
Charitable activities 7,8,9 107,200 72,875
Other (depreciation) 10 1,000 1,000
Total 108,200 73,875
Net (expenditure) before (16,880) (6,618)
investment (losses)
Net gains/(losses) on investments 14,713 3,348
Net movement in funds (2,167) (3,270)
Reconciliation of funds:
Total funds brought forward 133,703 136,973
Total funds carried forward 131,536 133,703
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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 2025
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As at 31 December 2025 As at 31 December 2024
Notes £ £ £ £
Fixed assets
Tangible fixed assets 10 2,682 3,682
Investments 11 99,619 84,906
Total fixed assets 102,301 88,588
Current assets
Debtors 12 5,621 1,919
Cash at bank and in hand 13 29,696 50,917
Total current assets 35,317 52,917
Creditors: amounts falling 14 (6,082) (7,802)
due within one year
Net current assets 29,235 45,115
Total net assets 131,536 133,703
Funds of the Charity
Total funds 15 131,536 133,703
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Approved by the Trustees on 13[th] April 2026 and signed on their behalf by:
A. Ridgewell Chair
P.Harrisson Secretary
The notes form part of these financial statements
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THE WAGNER SOCIETY
Notes
FOR THE YEAR ENDED 31 DECEMBER 2025
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 2025
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 2025
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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2025 2024
£ £
Membership subscriptions 21,411 22,188
Donations and gifts 898 1,223
22,309 23,411
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All income is unrestricted.
4. Charitable activities income
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2025 2024
£ £
Meetings and events 1,845 5,094
Bayreuth ballot income (2025) 0 29,388
Bayreuth ballot income (2026) 17,198 0
La Scala Ring ticket receipts 40,855 0
59,898 34,482
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THE WAGNER SOCIETY
Notes
FOR THE YEAR ENDED 31 DECEMBER 2025
5. Investments
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2025 2024
£ £
Interest receivable 286 201
Dividends receivable (M&G Charifund) 5,469 5,858
5,755 6,059
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6. Other
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2025 2024
£ £
Gift Aid 3,358 3,305
3,358 3,305
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7. Charitable activities expenditure
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2025 2024
£ £
Bayreuth ballot tickets 2026 17,696 0
Bayreuth ballot tickets 2025 0 30,095
La Scala Ring ticket payments 41,639 0
Meetings and events 2,086 5,357
Donations and grants (see below) 27,633 17,000
Wagner News production and postage 365 4,408
RWVI and Gesellschaft der Freunde von Bayreuth subscriptions 2,122 2,149
Bayreuth Bursary 9,978 7,627
Marketing and advertising 619 1,223
Support costs (see note 8) 3,990 3,945
Other items 1,072 1,071
107,200 72,875
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During 2025 donations were made to:
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Regent’s Opera (£20,000)
-
The London Opera Company (£5,000)
-
The Mahler Players (£2,000)
-
Singing/Coaching lessons (£633)
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THE WAGNER SOCIETY
Notes
FOR THE YEAR ENDED 31 DECEMBER 2025
8. Support Costs
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2025 2024
£ £
Website Development and Zoom 2,433 2,242
Independent examiner’s fee 540 510
Other accountancy costs 691 628
Bank charges 326 555
3,990 3,945
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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 (2024: none). There were no related party transactions in the year ended 31 December 2025 or in the year ended 31 December 2024. The charity paid no trustees any expenses for fulfilling their duties during the year (2024: refund of expenses incurred in attending the annual RWVI Delegates Meeting £482).
10. Tangible fixed assets
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Website
Cost £
As at 1 January 2025 6,100
Additions 0
As at 31 December 2025 6,100
Depreciation
As at 1 January 2025 2,418
Depreciation in year 1,000
As at 31 December 2025 3,418
Net Book Value
As at 31 December 2024 3,682
As at 31 December 2025 2,682
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11. Investments
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M&G Charifund
£
Market value as at 31 December 2024 84,906
Revaluation 14,713
Market value as at 31 December 2025 99,619
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THE WAGNER SOCIETY
Notes
FOR THE YEAR ENDED 31 DECEMBER 2025
12. Debtors
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2025 2024
£ £
Dividends receivable 557 538
Debtors (for Bayreuth Ballot tickets) 2,969 0
Prepayments for future events 962 848
Gift Aid receivable 1,133 533
5,621 1,919
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13. Cash at bank and in hand
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2025 2024
£ £
Current account 7,518 8,909
Deposit account 20,527 40,241
PayPal account 1,651 1,848
29,696 50,998
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14. Creditors: amounts falling due within one year
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2025 2024
£ £
Provision for subscriptions received in advance 5,542 5,398
Accrued expenses and other creditors 540 2,404
6,082 7,802
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15. Total funds
| 1 January 2025 | Income | Expenditure | Revaluation | 31 December 2025 |
|---|---|---|---|---|
| £ | £ | £ | £ | £ |
| 133,703 | 91,320 | (108,200) | 14,713 | 131,536 |
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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