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2022-12-31-accounts

Webb & Company ACCOUNTANTS AND BUSINESS ADVISERS

Financial Statements

REGISTERED COMPANY NUMBER: 01377655 (England and Wales) REGISTERED CHARITY NUMBER: 276308

Wells Operatic Society Limited Company Limited by Guarantee

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 December 2022

Webb & Co Ltd Accountants and Business Advisers One New Street Wells Somerset BA5 2LA

Wells Operatic Society Limited Company Limited by Guarantee

Contents of the Financial Statements for the year ended 31 December 2022

Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5 to 6
Notes to the Financial Statements 7 to 13
Detailed Statement of Financial Activities 14 to 15

Wells Operatic Society Limited Company Limited by Guarantee

Report of the Trustees for the year ended 31 December 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The primary purpose of the charity is to promote, maintain, improve and advance education by the production of educational plays, and the encouragement of the arts.

Public benefit

The trustees are mindful of the Charity Commission guidance on public benefit.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

2022 was a very successful year for the theatre as audiences, happy to leave Covid restrictions behind, came to support our productions in increasing numbers.

Our first production was a programme of two one-act plays, Blood on the Canvas and Rude Awakenings followed by our usual Spring musical Big Fish which we had originally intended to stage in 2021. Ticket sales were good and they made a profits of around £2,096 and £2,816 respectively.

In the Autumn we turned to Agatha Christie's And Then There Were None, another production that had been intended for 2021. This proved to be huge success with our audiences and we sold 87% of our tickets and made a magnificent profit of £8,194.

Our Christmas show was The Wizard of Oz and again this proved to be very successful selling 94% of tickets and giving us a profit of £10,148.

Subscriptions, bar sales and theatre hire have continued to make valuable contributions to the running costs of the theatre.

FINANCIAL REVIEW

Financial position

The trustees consider that the unrestricted reserves of £254,725 are adequate to meet the future requirements of the charity.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

The trustees review the needs of the charity to ensure that new trustees are recruited with the necessary skills.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01377655 (England and Wales)

Registered Charity number

276308

Page 1

Wells Operatic Society Limited Company Limited by Guarantee

Report of the Trustees for the year ended 31 December 2022

Registered office

Little Theatre Chamberlain St Wells Somerset BA5 2PS

Trustees

R E Bass G A Brown E J Carey T E Creswick S Edmonds (resigned 25/3/2022) K Edmonds (Chair) J R Hartley Scammell N J Hope A Lanfranchi N McGrogan (resigned 23/5/2022) L Payne (appointed 19/4/2022) P Perrin E J Russell M J Scammell C S Hoare (appointed 19/4/2022) G R Webster

Independent Examiner

Barry Davidson Webb & Co Ltd Accountants and Business Advisers One New Street Wells Somerset BA5 2LA

Approved by order of the board of trustees on 31 March 2023 and signed on its behalf by:

P Perrin - Trustee

Page 2

Independent Examiner's Report to the Trustees of Wells Operatic Society Limited Company Limited by Guarantee

Independent examiner's report to the trustees of Wells Operatic Society Limited Company Limited by Guarantee ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

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

  3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

Barry Davidson

Webb & Co Ltd Accountants and Business Advisers One New Street Wells Somerset BA5 2LA

12 April 2023

Page 3

Wells Operatic Society Limited Company Limited by Guarantee

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the year ended 31 December 2022

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
10,141
Charitable activities
Box Office
38,250
Theatre hire
4,245
Other trading activities
3
6,092
Investment income
4
419
Total
59,147
EXPENDITURE ON
Raising funds
6,770
Charitable activities
Box Office
16,973
Theatre costs
11,351
Support costs
4,403
General costs
9,660
Total
49,157
NET INCOME
9,990
Transfers between funds
14
10,000
Net movement in funds
19,990
RECONCILIATION OF FUNDS
Total funds brought forward
234,735
TOTAL FUNDS CARRIED FORWARD
254,725		 Restricted
fund
£
10,000
-
-
-
-
10,000
-
-
-
-
-
-
10,000
(10,000)
-
-
-		 2022
Total
funds
£
20,141
38,250
4,245
6,092
419
69,147
6,770
16,973
11,351
4,403
9,660
49,157
19,990
-
19,990
234,735
254,725		 2021
Total
funds
£
29,317
20,047
2,630
2,502
8
54,504
4,239
5,822
4,580
7,638
16,290
38,569
15,935
-
15,935
218,800
234,735

The notes form part of these financial statements

Page 4

Wells Operatic Society Limited Company Limited by Guarantee

Balance Sheet 31 December 2022

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
9
149,046
CURRENT ASSETS
Stocks
10
1,386
Debtors
11
7,300
Cash at bank and in hand
102,667
111,353
CREDITORS
Amounts falling due within one year
12
(1,837)
NET CURRENT ASSETS
109,516
TOTAL ASSETS LESS CURRENT
LIABILITIES
258,562
ACCRUALS AND DEFERRED INCOME
13
(3,837)
NET ASSETS
254,725
FUNDS
14
Unrestricted funds
TOTAL FUNDS		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-		 2022
Total
funds
£
149,046
1,386
7,300
102,667
111,353
(1,837)
109,516
258,562
(3,837)
254,725
254,725
254,725		 2021
Total
funds
£
138,679
1,122
6,923
92,987
101,032
(1,941)
99,091
237,770
(3,035)
234,735
234,735
234,735

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 5

continued...

Wells Operatic Society Limited Company Limited by Guarantee

Balance Sheet - continued 31 December 2022

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 31 March 2023 and were signed on its behalf by:

P Perrin - Trustee

The notes form part of these financial statements

Page 6

Wells Operatic Society Limited Company Limited by Guarantee

Notes to the Financial Statements for the year ended 31 December 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, rounded to the nearest £, which is the functional currency of the entity

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost Plant and machinery - 33.3% on cost and 10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

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

Restricted funds 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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page 7

continued...

Wells Operatic Society Limited Company Limited by Guarantee

Notes to the Financial Statements - continued for the year ended 31 December 2022

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

3. OTHER TRADING ACTIVITIES

Bar takings
4.
INVESTMENT INCOME
Deposit account interest
5.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
6.
INDEPENDENT EXAMINER'S REMUNERATION
Independent examiners fee		 2022
£
6,092
2022
£
419
2022
£
5,708
2022
£
2,274		 2021
£
2,502
2021
£
8
2021
£
4,359
2021
£
1,838

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Page 8

continued...

Wells Operatic Society Limited Company Limited by Guarantee

Notes to the Financial Statements - continued for the year ended 31 December 2022

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricte
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies 29,317
Charitable activities
Box Office 20,047
Theatre hire 2,630
Other trading activities 2,502
Investment income 8
Total 54,504
EXPENDITURE ON
Raising funds 4,239
Charitable activities
Box Office 5,822
Theatre costs 4,580
Support costs 7,638
General costs 16,290
Total 38,569
NET INCOME 15,935
RECONCILIATION OF FUNDS
Total funds brought forward 218,800
TOTAL FUNDS CARRIED FORWARD 234,735

Page 9

continued...

Wells Operatic Society Limited Company Limited by Guarantee

Notes to the Financial Statements - continued for the year ended 31 December 2022

9.
TANGIBLE FIXED ASSETS
Freehold
property
£
COST
At 1 January 2022
136,135
Additions
-
At 31 December 2022
136,135
DEPRECIATION
At 1 January 2022
15,708
Charge for year
2,259
At 31 December 2022
17,967
NET BOOK VALUE
At 31 December 2022
118,168
At 31 December 2021
120,427
10.
STOCKS
Stocks
11.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
VAT
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
VAT		 Plant and
machinery
£
80,953
16,075
97,028
62,701
3,449
66,150
30,878
18,252
2022
£
1,386
2022
£
1,225
995
49
2,269
2022
£
1,837
-
1,837		 Totals
£
217,088
16,075		 Totals
£
217,088
16,075
233,163
78,409
5,708
84,117
149,046
138,679
2021
£
1,122
2021
£
70
58
-
128
2021
£
929
1,012
1,941

Page 10

continued...

Wells Operatic Society Limited Company Limited by Guarantee

Notes to the Financial Statements - continued for the year ended 31 December 2022

13. ACCRUALS AND DEFERRED INCOME

ACCRUALS AND DEFERRED INCOME
2022 2021
£ £
Accruals and deferred income 3,837 3,035

Deferred income recognizes the value of subscriptions relating to post year end activities.

14.
MOVEMENT IN FUNDS
Net
movement
At 1/1/22
in funds
£
£
Unrestricted funds
General fund
234,735
9,990
Restricted funds
Michaelstone Trust
-
10,000
TOTAL FUNDS
234,735
19,990
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
59,147
Restricted funds
Michaelstone Trust
10,000
TOTAL FUNDS
69,147
Comparatives for movement in funds
At 1/1/21
£
Unrestricted funds
General fund
218,800
TOTAL FUNDS
218,800		 Transfers
between
At
funds
31/12/22
£
£
10,000
254,725
(10,000)
-
-
254,725
Resources
Movement
expended
in funds
£
£
(49,157)
9,990
-
10,000
(49,157)
19,990
Net
movement
At
in funds
31/12/21
£
£
15,935
234,735
15,935
234,735

Page 11

continued...

Wells Operatic Society Limited Company Limited by Guarantee

Notes to the Financial Statements - continued for the year ended 31 December 2022

14. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 54,504 (38,569) 15,935
TOTAL FUNDS 54,504 (38,569) 15,935
A current year 12 months and prior year 12 months combined position is as follows:
Net Transfers
movement between At
At 1/1/21 in funds funds 31/12/22
£ £ £ £
Unrestricted funds
General fund 218,800 25,925 10,000 254,725
Restricted funds
Michaelstone Trust - 10,000 (10,000) -
TOTAL FUNDS 218,800 35,925 - 254,725

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 113,651 (87,726) 25,925
Restricted funds
Michaelstone Trust 10,000 - 10,000
TOTAL FUNDS 123,651 (87,726) 35,925

The unrestricted fund is to be used to meet the charity objectives, as the trustees see fit, in accordance with the Memorandum and Articles of Association and the trust deed.

Page 12

continued...

Wells Operatic Society Limited Company Limited by Guarantee

Notes to the Financial Statements - continued for the year ended 31 December 2022

15. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2022.

Page 13

Wells Operatic Society Limited Company Limited by Guarantee

Detailed Statement of Financial Activities for the year ended 31 December 2022

Unrestricted
Restricted
funds
funds
£
£
INCOME AND ENDOWMENTS
Donations and legacies
Donations
3,756
-
Grants
3,667
10,000
Subscriptions
2,718
-
10,141
10,000
Other trading activities
Bar takings
6,092
-
Investment income
Deposit account interest
419
-
Charitable activities
Box Office sales
36,708
-
Programme sales
1,222
-
Hire of theatre
4,565
-
42,495
-
Total incoming resources
59,147
10,000
EXPENDITURE
Other trading activities
Opening stock
872
-
Bar purchases
3,087
-
Bar licences
211
-
Water rates
231
-
Light and heat
1,926
-
Insurance
639
-
Bar cleaning
940
-
Closing stock
(1,136)
-
6,770
-
Charitable activities
Rates and water
694
-
Insurance
1,918
-
Light and heat
5,778
-
Cleaning and refuse collection
2,193
-
Stage production costs
15,117
-
Online and credit card charges
2,693
-
Repairs
3,232
-
31,625
-		 2022
Total
funds
£
3,756
13,667
2,718
20,141
6,092
419
36,708
1,222
4,565
42,495
69,147
872
3,087
211
231
1,926
639
940
(1,136)
6,770
694
1,918
5,778
2,193
15,117
2,693
3,232
31,625		 2021
Total
funds
£
727
25,669
2,921
29,317
2,502
8
19,477
570
2,630
22,677
54,504
553
2,253
140
19
786
610
750
(872)
4,239
82
1,830
2,194
1,750
19,544
1,292
-
26,692

This page does not form part of the statutory financial statements

Page 14

Wells Operatic Society Limited Company Limited by Guarantee

Detailed Statement of Financial Activities for the year ended 31 December 2022

Detailed Statement of Financial Activities
for the year ended 31 December 2022
Unrestricted
Restricted
funds
funds
£
£
Support costs
Governance costs
Independent examiners fee
2,274
-
Telephone
301
-
Other office costs
1,921
-
Website expenditure
559
-
Depreciation of tangible fixed assets
5,707
-
10,762
-
Total resources expended
49,157
-
Net income
9,990
10,000		 2022
Total
funds
£
2,274
301
1,921
559
5,707
10,762
49,157
19,990		 2021
Total
funds
£
1,838
306
544
591
4,359
7,638
38,569
15,935

This page does not form part of the statutory financial statements

Page 15

Detailed analysis for members

Wells Operatic Society Limited Summary of Income and Expenditure Year Ended 31 December 2022

Little Theatre productions
General Account
Bar Account
Donations
Depreciation
Net surplus for the year		 Year to
31/12/2022
£
16,897
5,721
(678)
3,757
(5,707)
19,990		 Year to
31/12/2021
£
12,275
9,029
(1,737)
727
(4,359)
15,935

Wells Operatic Society Limited Little Theatre Account

Year Ended 31 December 2022

Theatrical productions
Quartet
Cinderella
Blood on the Canvas
Big Fish
Then There were None
Wizard of Oz
Hire of theatre and catering
Irrecoverable VAT
Less Theatre expenses;
Heat, light and power
Water rates
Insurances
Cleaning and refuse collection
Online and card charges
Net (deficit)/surplus for the year		 £
3,853
463
1,278
2,193
2,693		 Year to
31/12/2022
£
-
-
2,096
2,816
8,194
10,148		 £
1,573
38
1,219
1,750
1,292		 Year to
31/12/2021
£
971
14,750
23,254
4,565
(442)		 15,721.00
2,630
204
-
27,377
10,480		 18,147
5,872
16,897 12,275

Wells Operatic Society Limited General account

Year Ended 31 December 2022

Income
Subscriptions
Grants
Deposit account interest
Expenses
Telephone
Accountancy
Website expenditure
General repairs
Light and heat
Water rates
Insurance
General office expenses
Net surplus/ (deficit) for the year		 301
2,274
559
3,232
1,926
231
638
1,921		 Year to
31/12/2022
£
2,718
13,667
418		 £
306
1,838
591
15,014
622
44
610
544		 Year to
31/12/2021
£
2,921
25,669
8
16,803
11,082		 28,598
19,569
5,721 9,029

Wells Operatic Society Limited

Bar account

Year Ended 31 December 2022

Income
Takings
Cost of sales
Opening bar stock
Purchases
Closing bar stock
Gross profit
Expenses
Heat and light
Cleaning expenses
Insurance
Water rates
Licences
Net (deficit)/surplus for the year		 £
872
3,087
(1,136)		 Year to
31/12/2022
£
6,092
2,823		 £
553
2,253
(872)		 Year to
31/12/2021
£
2,502
1,934
53.66%
1,926
940
639
231
211		 22.70%
786
750
610
19
140
3,269
3,947		 568
2,305
(678) (1,737)

Wells Operatic Society Limited Detailed analysis of theatrical productions Year Ended 31 December 2022

Blood on the Canvas

Income
Box Office
Programme sales
Expenses
Royalties /performance fee
Script/score
Staging, costumes and props
Advertising, posters and programmes
Net surplus		 £
168
308
51
164		 £
2,688
110
2,798
691
2,107

Wells Operatic Society Limited Detailed analysis of theatrical productions Year Ended 31 December 2022

Big Fish
Income
Box Office
Programme sales
Expenses
Royalties /performance fee
Script/score
Director/choreographer
Staging, costumes and props
Advertising, posters and programmes
Musical director/orchestra
Sundry
Net surplus		 £
1,680
1,142
676
388
1,500
22		 £
7,938
286
8,224
-
5,408
2,816

Wells Operatic Society Limited Detailed analysis of theatrical productions Year Ended 31 December 2022

And Then There Were None

Income
Box Office
Programme sales
Expenses
Royalties /performance fee
Script/score
Staging, costumes and props
Advertising, posters and programmes
Sundry
Net surplus		 £
505
117
905
797
25		 £
10,122
421
10,543
2,349
8,194

Wells Operatic Society Limited Detailed analysis of theatrical productions Year Ended 31 December 2022

Wizard Of Oz

£
Income
Box Office
Programme sales
Sale of scripts		 £
15,910
405
50
16,365

Expenses

Royalties /performance fee
Script/score
Staging, costumes and props
Advertising, posters and programmes
Musical director/orchestra
Sundry
Net surplus		 1,552
951
2,109
892
666
47		 6,217
10,148