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 2024
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 2024
|||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|11|
|Detailed Statement of Financial Activities|12|to|13|
## Wells Operatic Society Limited Company Limited by Guarantee
## Report of the Trustees for the year ended 31 December 2024
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 2024. 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
We have had four extremely successful productions this year beginning with The Glass Menagerie, directed by Kevin Hardacre which won the Rose Bowl award for best Shakespeare, Classic or Restoration play. This was followed by Sister Act, Witness for the Prosecution and Nativity:The Musical all of which were total sell-outs!
Subscriptions and bar sales have increased substantially and, together with theatre hire, continue to make valuable contributions to the running costs of the theatre.
We have received a considerable increase in donations over the year, some of which enabled us to purchase a defibrillator for outside the building. The introduction of sponsorship for shows has also added to the total.
An inspection of all our electrical and fire safety systems brought to light some quite considerable and necessary improvements. The most urgent of these have been undertaken and further work is planned for the coming year.
Overall the charity reported a net surplus of £4,608 (2023 - deficit £4,802).
## FINANCIAL REVIEW
## Financial position
The trustees consider that the unrestricted reserves of £254,531, (2023 - £249,923) 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.
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
Page 1
Wells Operatic Society Limited Company Limited by Guarantee
Report of the Trustees for the year ended 31 December 2024
Registered office Little Theatre Chamberlain St Wells Somerset BA5 2PS
Trustees R E Bass G A Brown (resigned 22/3/2024) E J Carey (resigned 22/3/2024) T E Creswick K Edmonds (Chair) J R Hartley Scammell N J Hope P Perrin M J Scammell C S Hoare D M Palmer (resigned 22/3/2024) S Marshall (appointed 22/3/2024) E Hardy (appointed 22/3/2024) C Munckton (appointed 22/3/2024) V Orman (appointed 22/3/2024) J Holwill (appointed 22/3/2024) A Watts (appointed 22/3/2024)
Independent Examiner Barry Davidson - FCA, FCCA Webb & Co Ltd Accountants and Business Advisers One New Street Wells Somerset BA5 2LA
Approved by order of the board of trustees on ............................................. 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 2024.
## 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 - FCA, FCCA
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 2024
|Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
12,501
Charitable activities
Box Office
59,163
Theatre hire
2,285
Other trading activities
3
9,705
Investment income
4
2,665
Total
86,319
EXPENDITURE ON
Raising funds
9,417
Charitable activities
Box Office
40,702
Theatre costs
14,229
Support costs
10,674
General costs
8,034
Show costs
-
Total
83,056
NET INCOME/(EXPENDITURE)
3,263
Transfers between funds
13
1,345
Net movement in funds
4,608
RECONCILIATION OF FUNDS
Total funds brought forward
249,923
TOTAL FUNDS CARRIED FORWARD
254,531|Restricted
funds
£
1,345
-
-
-
-
1,345
-
-
-
-
-
-
-
1,345
(1,345)
-
-
-|2024
Total
funds
£
13,846
59,163
2,285
9,705
2,665
87,664
9,417
40,702
14,229
10,674
8,034
-
83,056
4,608
-
4,608
249,923
254,531|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)
-
(4,802)
254,725
249,923|
|---|---|---|---|
The notes form part of these financial statements
Page 4
## Wells Operatic Society Limited Company Limited by Guarantee
## Balance Sheet 31 December 2024
|Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
8
142,443
CURRENT ASSETS
Stocks
9
1,645
Debtors
10
5,701
Cash at bank and in hand
114,845
122,191
CREDITORS
Amounts falling due within one year
11
(6,752)
NET CURRENT ASSETS
115,439
TOTAL ASSETS LESS CURRENT
LIABILITIES
257,882
ACCRUALS AND DEFERRED INCOME
12
(3,351)
NET ASSETS
254,531
FUNDS
13
Unrestricted funds
TOTAL FUNDS|Restricted
funds
£
-
-
-
-
-
-
-
-
-
-|2024
Total
funds
£
142,443
1,645
5,701
114,845
122,191
(6,752)
115,439
257,882
(3,351)
254,531
254,531
254,531|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|
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
continued...
## Wells Operatic Society Limited Company Limited by Guarantee
## Balance Sheet - continued 31 December 2024
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 ............................................. 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 2024
## 1. ACCOUNTING POLICIES
## Basis of preparing the financial statements
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.
## 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.
Page 7
continued...
## Wells Operatic Society Limited Company Limited by Guarantee
## Notes to the Financial Statements - continued for the year ended 31 December 2024
|3.|OTHER TRADING ACTIVITIES|||
|---|---|---|---|
|||2024|2023|
|||£|£|
||Bar takings|9,705|4,528|
|4.|INVESTMENT INCOME|||
|||2024|2023|
|||£|£|
||Deposit account interest|2,665|2,097|
|5.|NET INCOME/(EXPENDITURE)|||
||Net income/(expenditure) is stated after charging/(crediting):|||
|||2024|2023|
|||£|£|
||Depreciation - owned assets|5,537|5,885|
|6.|INDEPENDENT EXAMINER'S REMUNERATION|||
|||2024|2023|
|||£|£|
||Independent examiners fee|2,272|2,221|
|7.|TRUSTEES' REMUNERATION AND BENEFITS|||
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
## Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
## 8. TANGIBLE FIXED ASSETS
|TANGIBLE FIXED ASSETS||||
|---|---|---|---|
|COST
At 1 January 2024
Additions
At 31 December 2024
DEPRECIATION
At 1 January 2024
Charge for year
At 31 December 2024
NET BOOK VALUE
At 31 December 2024
At 31 December 2023|Freehold
property
£
136,135
-
136,135
20,180
2,169
22,349
113,786
115,955|Plant and
machinery
£
100,393
1,454
101,847
69,822
3,368
73,190
28,657
30,571|Totals
£
236,528
1,454|
||||237,982|
||||90,002
5,537|
||||95,539|
||||142,443|
||||146,526|
Page 8
continued...
## Wells Operatic Society Limited Company Limited by Guarantee
## Notes to the Financial Statements - continued for the year ended 31 December 2024
|9.
STOCKS
Stocks
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
VAT
Prepayments and accrued income
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
VAT
12.
ACCRUALS AND DEFERRED INCOME
Accruals and deferred income
Deferred income recognizes the value of subscriptions relating to post year end
13.
MOVEMENT IN FUNDS
Net
movement
At 1/1/24
in funds
£
£
Unrestricted funds
General fund
249,923
3,263
Restricted funds
Refurbishment fund
-
1,345
TOTAL FUNDS
249,923
4,608|2024
£
1,645
2024
£
-
106
5,595
5,701
2024
£
6,752
-
6,752
2024
£
3,351
activities.
Transfers
between
funds
£
1,345
(1,345)
-|2023
£
1,530
2023
£
2,574
-
4,383
6,957
2023
£
1,329
850
2,179
2023
£
4,226
At
31/12/24
£
254,531
-|2023
£
1,530|
|---|---|---|---|
||||2023
£
2,574
-
4,383|
||||6,957|
||||2023
£
1,329
850|
||||2,179|
||||2023
£
4,226|
|||254,531||
Page 9
continued...
## Wells Operatic Society Limited Company Limited by Guarantee
## Notes to the Financial Statements - continued for the year ended 31 December 2024
## 13. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
|Incoming|Incoming|Resources|Movement|Movement|
|---|---|---|---|---|
|resources||expended|in funds||
||£|£||£|
|Unrestricted funds|||||
|General fund|86,319|(83,056)||3,263|
|Restricted funds|||||
|Refurbishment fund|1,345|-||1,345|
|TOTAL FUNDS|87,664|(83,056)||4,608|
|Comparatives for movement in funds|||||
|||Net|||
|||movement||At|
||At 1/1/23|in funds|31/12/23||
||£|£||£|
|Unrestricted funds|||||
|General fund|254,725|(4,802)|249,923||
|TOTAL FUNDS|254,725|(4,802)|249,923||
|Comparative net movement in funds, included in the above are as follows:|||||
|Incoming||Resources|Movement||
|resources||expended|in funds||
||£|£||£|
|Unrestricted funds|||||
|General fund|59,879|(64,681)||(4,802)|
|TOTAL FUNDS|59,879|(64,681)||(4,802)|
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 10
continued...
## Wells Operatic Society Limited Company Limited by Guarantee
## Notes to the Financial Statements - continued for the year ended 31 December 2024
## 14. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2024.
Page 11
## Wells Operatic Society Limited Company Limited by Guarantee
## Detailed Statement of Financial Activities for the year ended 31 December 2024
||||2024|2023|
|---|---|---|---|---|
||Unrestricted|Restricted|Total|Total|
||funds|funds|funds|funds|
||£|£|£|£|
|INCOME AND ENDOWMENTS|||||
|Donations and legacies|||||
|Donations|6,941|1,345|8,286|4,286|
|Subscriptions|5,560|-|5,560|3,439|
||12,501|1,345|13,846|7,725|
|Other trading activities|||||
|Bar takings|9,705|-|9,705|4,528|
|Investment income|||||
|Deposit account interest|2,665|-|2,665|2,097|
|Charitable activities|||||
|Box Office sales|56,992|-|56,992|41,660|
|Programme sales|2,171|-|2,171|1,517|
|Hire of theatre|2,285|-|2,285|2,352|
||61,448|-|61,448|45,529|
|Total incoming resources|86,319|1,345|87,664|59,879|
|EXPENDITURE|||||
|Other trading activities|||||
|Opening stock|1,280|-|1,280|1,136|
|Bar purchases|4,834|-|4,834|3,564|
|Bar licences|140|-|140|220|
|Water rates|22|-|22|30|
|Light and heat|2,323|-|2,323|2,108|
|Insurance|799|-|799|716|
|Bar cleaning|1,414|-|1,414|1,146|
|Closing stock|(1,395)|-|(1,395)|(1,280)|
||9,417|-|9,417|7,640|
|Charitable activities|||||
|Rates and water|67|-|67|90|
|Insurance|2,397|-|2,397|2,147|
|Light and heat|6,970|-|6,970|6,323|
|Cleaning and refuse collection|3,299|-|3,299|2,674|
|Stage production costs|27,995|-|27,995|16,240|
|Online and credit card charges|4,649|-|4,649|2,029|
|Repairs|17,060|-|17,060|16,686|
||62,437|-|62,437|46,189|
This page does not form part of the statutory financial statements
Page 12
## Wells Operatic Society Limited Company Limited by Guarantee
## Detailed Statement of Financial Activities for the year ended 31 December 2024
||||2024|2023|
|---|---|---|---|---|
||Unrestricted|Restricted|Total|Total|
||funds|funds|funds|funds|
||£|£|£|£|
|Support costs|||||
|Governance costs|||||
|Independent examiners fee|2,272|-|2,272|2,221|
|Telephone|439|-|439|367|
|Other office costs|1,772|-|1,772|1,813|
|Computer and website|1,182|-|1,182|565|
|Depreciation of tangible fixed assets|5,537|-|5,537|5,886|
||11,202|-|11,202|10,852|
|Total resources expended|83,056|-|83,056|64,681|
|Net (expenditure)/income|3,263|1,345|4,608|(4,802)|
This page does not form part of the statutory financial statements
Page 13