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2023-12-31-accounts

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 2023

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 2023

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 2023

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 2023. 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

This has been another very successful year for the theatre with a variety of successful shows all of which sold well and made significant profits.

Our first production, entitled Forget-Me-Knot, was a farce set in the early 1990s in the days before email had become commonplace and smartphones had not yet been invented. It proved very popular with our audiences and made an excellent profit of £4,700.

Our Spring musical production was not the typical show we usually put on including, as it did, the usual singing, dancing and acting together with some rather large puppets. It was a very technical show and was also rather expensive, costing more than £9,000 to stage. However, with 86% of the seats being sold we made a profit of nearly £4,000.

The play in the autumn was a far simpler affair with low costs partly because it was Shakespeare’s The Tempest and there were no royalties to pay! It made a very creditable profit of £2,700.

Our wonderful Pantomime team produced another winner with Puss in Boots at Christmas. With minimal expenses, even with a live band, and 100% ticket sales they made a magnificent profit of £16,405.

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

Overall the charity reported a net deficit of £4,802 (2022 profit of £19,990) due to substantial planned refurbishment costs.

FINANCIAL REVIEW

Financial position

The trustees consider that the unrestricted reserves of £249,923 (2022 =£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.

Page 1

Wells Operatic Society Limited Company Limited by Guarantee

Report of the Trustees for the year ended 31 December 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

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.

They have reviewed the Safe Guarding policy of the charity.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 01377655 (England and Wales)

Registered Charity number 276308

Registered office

Little Theatre Chamberlain St Wells Somerset BA5 2PS

Trustees

R E Bass G A Brown E J Carey T E Creswick K Edmonds (Chair) J R Hartley Scammell N J Hope A Lanfranchi (resigned 31/12/2023) L Payne (resigned 11/4/2023) P Perrin E J Russell (resigned 1/4/2023) M J Scammell C S Hoare G R Webster (resigned 31/12/2023) D M Palmer (appointed 11/4/2023)

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 22 March 2024 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 2023.

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

Date: .............................................

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 2023

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
7,725
Charitable activities
Box Office
43,177
Theatre hire
2,352
Other trading activities
3
4,528
Investment income
4
2,097
Total
59,879
EXPENDITURE ON
Raising funds
7,640
Charitable activities
Box Office
20,822
Theatre costs
9,163
Support costs
1,144
General costs
25,686
Show costs
226
Total
64,681
NET INCOME/(EXPENDITURE)
(4,802)
RECONCILIATION OF FUNDS
Total funds brought forward
254,725
TOTAL FUNDS CARRIED FORWARD
249,923		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2023
Total
funds
£
7,725
43,177
2,352
4,528
2,097
59,879
7,640
20,822
9,163
1,144
25,686
226
64,681
(4,802)
254,725
249,923		 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
234,735
254,725

The notes form part of these financial statements

Page 4

Wells Operatic Society Limited Company Limited by Guarantee

Balance Sheet 31 December 2023

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
9
146,526
CURRENT ASSETS
Stocks
10
1,530
Debtors
11
6,957
Cash at bank and in hand
101,315
109,802
CREDITORS
Amounts falling due within one year
12
(2,179)
NET CURRENT ASSETS
107,623
TOTAL ASSETS LESS CURRENT
LIABILITIES
254,149
ACCRUALS AND DEFERRED INCOME
13
(4,226)
NET ASSETS
249,923
FUNDS
14
Unrestricted funds
TOTAL FUNDS		 Restricted
fund
£
-
-
-
-
-
-
-
-
-
-		 2023
Total
funds
£
146,526
1,530
6,957
101,315
109,802
(2,179)
107,623
254,149
(4,226)
249,923
249,923
249,923		 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

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The notes form part of these financial statements

Page 5

continued...

Wells Operatic Society Limited Company Limited by Guarantee

Balance Sheet - continued 31 December 2023

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 22 March 2024 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 2023

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 2023

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

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		 2023
£
4,528
2023
£
2,097
2023
£
5,885
2023
£
2,221		 2022
£
6,092
2022
£
419
2022
£
5,708
2022
£
2,274

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Page 8

continued...

Wells Operatic Society Limited Company Limited by Guarantee

Notes to the Financial Statements - continued for the year ended 31 December 2023

8.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
10,141
Charitable activities
Box Office
38,250
Theatre hire
4,245
Other trading activities
6,092
Investment income
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
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)
-
-
-		 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

Page 9

continued...

Wells Operatic Society Limited Company Limited by Guarantee

Notes to the Financial Statements - continued for the year ended 31 December 2023

9.
TANGIBLE FIXED ASSETS
Freehold
property
£
COST
At 1 January 2023
136,135
Additions
-
At 31 December 2023
136,135
DEPRECIATION
At 1 January 2023
17,967
Charge for year
2,213
At 31 December 2023
20,180
NET BOOK VALUE
At 31 December 2023
115,955
At 31 December 2022
118,168
10.
STOCKS
Stocks
11.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
VAT
Prepayments and accrued income		 Plant and
machinery
£
97,028
3,365
100,393
66,150
3,672
69,822
30,571
30,878
2023
£
1,530
2023
£
2,574
-
-
4,383
6,957		 Totals
£
233,163
3,365		 Totals
£
233,163
3,365
236,528
84,117
5,885
90,002
146,526
149,046
2022
£
1,386
2022
£
1,225
995
49
5,031
7,300

Page 10

continued...

Wells Operatic Society Limited Company Limited by Guarantee

Notes to the Financial Statements - continued for the year ended 31 December 2023

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
VAT
13.
ACCRUALS AND DEFERRED INCOME
Accruals and deferred income		 2023
£
1,329
850
2,179
2023
£
4,226		 2022
£
1,837
-
1,837
2022
£
3,837

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

14. MOVEMENT IN FUNDS

At 1/1/23
£
Unrestricted funds
General fund
254,725
TOTAL FUNDS
254,725
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
59,879
TOTAL FUNDS
59,879
Comparatives for 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
At
in funds
31/12/23
£
£
(4,802)
249,923
(4,802)
249,923
Resources
Movement
expended
in funds
£
£
(64,681)
(4,802)
(64,681)
(4,802)
Transfers
between
At
funds
31/12/22
£
£
10,000
254,725
(10,000)
-
-
254,725

Page 11

continued...

Wells Operatic Society Limited Company Limited by Guarantee

Notes to the Financial Statements - continued for the year ended 31 December 2023

14. MOVEMENT IN FUNDS - continued

Comparative 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
A current year 12 months and prior year 12 months combined position is as
Net
movement
At 1/1/22
in funds
£
£
Unrestricted funds
General fund
234,735
5,188
Restricted funds
Michaelstone Trust
-
10,000
TOTAL FUNDS
234,735
15,188		 Resources
Movement
expended
in funds
£
£
(49,157)
9,990
-
10,000
(49,157)
19,990
follows:
Transfers
between
At
funds
31/12/23
£
£
10,000
249,923
(10,000)
-
-
249,923

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 119,026 (113,838) 5,188
Restricted funds
Michaelstone Trust 10,000 - 10,000
TOTAL FUNDS 129,026 (113,838) 15,188

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 2023

15. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2023.

Page 13

Wells Operatic Society Limited Company Limited by Guarantee

Detailed Statement of Financial Activities for the year ended 31 December 2023

Unrestricted
Restricted
funds
funds
£
£
INCOME AND ENDOWMENTS
Donations and legacies
Donations
4,286
-
Grants
-
-
Subscriptions
3,439
-
7,725
-
Other trading activities
Bar takings
4,528
-
Investment income
Deposit account interest
2,097
-
Charitable activities
Box Office sales
41,660
-
Programme sales
1,517
-
Hire of theatre
2,352
-
45,529
-
Total incoming resources
59,879
-
EXPENDITURE
Other trading activities
Opening stock
1,136
-
Bar purchases
3,564
-
Bar licences
220
-
Water rates
30
-
Light and heat
2,108
-
Insurance
716
-
Bar cleaning
1,146
-
Closing stock
(1,280)
-
7,640
-
Charitable activities
Rates and water
90
-
Insurance
2,147
-
Light and heat
6,323
-
Cleaning and refuse collection
2,674
-
Stage production costs
16,240
-
Online and credit card charges
2,029
-
Repairs
16,686
-
46,189
-		 2023
Total
funds
£
4,286
-
3,439
7,725
4,528
2,097
41,660
1,517
2,352
45,529
59,879
1,136
3,564
220
30
2,108
716
1,146
(1,280)
7,640
90
2,147
6,323
2,674
16,240
2,029
16,686
46,189		 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

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 2023

Detailed Statement of Financial Activities
for the year ended 31 December 2023
Unrestricted
Restricted
funds
funds
£
£
Support costs
Governance costs
Independent examiners fee
2,221
-
Telephone
367
-
Other office costs
1,813
-
Website expenditure
565
-
Depreciation of tangible fixed assets
5,886
-
10,852
-
Total resources expended
64,681
-
Net income
(4,802)
-		 2023
Total
funds
£
2,221
367
1,813
565
5,886
10,852
64,681
(4,802)		 2022
Total
funds
£
2,274
301
1,921
559
5,707
10,762
49,157
19,990

This page does not form part of the statutory financial statements

Page 15