Charlty reglBtratlon numbor 1111848 THE RAZUMOVSKY TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
THE RAZUMOVSKY TRUST LEGAL AND ADPAINISTRATIVE INFORMATION Tnwteg¥J Slr B Rlx Slr RAtken3 Ms J Barraclough M8 S Stewart Charlty number 1111848 Indgp•nd•nt èxamln•r MBrkAdrtan Gold Silver L8vert& IUKI Llmrtod Charter8d cerfiedACCQun1nts 37 W8rr8n Street London W1T6AD
THE RAZUMOVSKY TRUST CONTENTS Page TrLth&s' r8port Indendant gX8mlne¢8 report statsmenl of financial activNles Balance 8heet Notes trj the flnondol stat8m8nts 6-10
THE RAZUMOV81(Y TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The trustees present Ihelr annual report and Nnanclal slalemgnts for tho year gndad 31 Dacember 2021. The 8ccounts have been prepared In aco)rdance wth th8 accounllng policl&s 8&t out In nots 1 to thg accounts and comply with the govfymlng docum1, the Companie5 Act 2006 and 'Accc)unting and Rgportlng by Charftles.. ststem&nl of Racommended Practice appllcgble to charities Preparing thelr accounts In Bccordan¢& wllh the Flnandal Reportlng Standard 8ppIIc8bla In tho UK and Republlc of Ireland IFRS 102)" las amended for accounting perKd8 commgnring from l Jonu8ry 20161. Obl•¢tlv•$ and artlvltlos The oblects are to support outstandlng musical lal8nt ft>r thg mtrsl part by sponsorlng sludents tullion and their attendance at master cla&%es, staging con¢8rt8 and provldlng perfomian¢e opportunSties for young and 08tsbllsh8d muslcSans. It was estBbllshod to"Piovlde muslcal trxcollence and d&velop gX¢&Ptional musScal talent" and 1$ currenly contlnuSng to support the work of the Razumov5ky Academ. To 8dvancè Improve promote dèvglop and rnalnlaln publ[¢ educ8tlon In Bnd appreciatlon of the art and sdence of muslc in 8I18SP8Ct8 and specikally bul wilhoul limi181ion the Nnu$lG of the Raxumovsky Ensemble by the presentslion of public $v&nts and by such other activiti8s as the trustees thlnk fll,. lo encourage Bnd support for the publlc benelSt all art forrn8 partlcularfy but not exdU59IY those knvolvlng muslc Induding othor cultural and educauonal acllv1118s In order lo mak& these more accessSble to the public al large., to bènèffl Any tharlty and to fttrrther any purposes which are charftable as the trustees thlnk fft. Th8 Irusle8s have pald du8 regard to guldonce issued by the Charfly Commlsslon In d8¢ldlng wh818ctlvltl88 the charfty shId undortaka. The m8ln actlvltles are the Sponsorlro of conc8rt8, Tuluon l Educ8tlon. Carogr Montorfng Bnd HSgh quallty Showcaslng opportunlues. Pollcy on 9ranl maklng withln lis resources, lo make both flnance and guidance avail8L40 to gxcgpdonal musicians and to mu$lcAI èducatlon generally, In the context and 8LlPPOrt of the abovè menlloned advKI8s. Achlov•ments and performanc¢ To date the ful19 ha8 wme don8tions from supporters and frlends of the Razumov3ky Trust and Income from concert tickets sales. The Trust has 8UPPOrted.' RazumovskyAcademy Rerjlal Hall videolauditi recordlng fadlttles. Complate restorallon of hlstoric Steinway model 8 grand pl8no c.1898. Tha InstNment Is now used al the Razumovsky Academy for piano luitlon, rehear8als and occaslonal recordlngs. The Trust purch8$èd B St6lnwBy model D concert grand pIar lex Fou T8'Ongl to be U88d permanent on-Btage al the Razumovsky Academy. The In51rum8nl slnce undgrgo full extensfve so¢ by stelnway&Sons. Tha Tnjst hold Iwo fijndralslng concerts for thg Academy in momL)ry of lis loundSng Trustee the late AJ8nnah Dowllng. Numerous yourvd 3nd estBbllsh8d planlsls gave recitsls and made recordings uslng Trust's planos. Amongst them Antolne Pal, Gunel Kllrzayeva, Katya Apeklsheva, Jullus Orak8, Runan O'Hor8, Benjamln Frflh, students of Daniel Salomon, studsnts of Patsy Toh. and others. 1nstrumentallgssoF for exceptionally glftod young 8rtl$ts and RazUmovSAcad&rnY students. Duilng the COVID crlsis and once ¢t was permltted, the Razumcsvsky kndomy op8ned Ets doors for many mu81Th8ns, both dlsungulshed and up and coming, so they cwld rehgarse, ro¢ord and pèrform In workiro s8$8ions. Long 118t of muslclans who used the R8zumov3ky Recltsl Hall and Its hlgh qu811ty vldeo and audlo equlpmonls w)¢luded Dame Imogen Cooper, Jullus Drake, Joseph Middleton, Pav91 Kolesnikov, Wu Qian, Alexandor Sltkovetsky, Alka Coote, Sir Mark Padmore. Gerald Finley, Roderfck Wllllams. Ion 80slridge, TIM Hugh and many oth8r8.
THE RAZUMOVSKY TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Flnanclal revl•w It Is th& ptsllcy of the charfly that unr951rfctgd funds. whl¢h have not been de81gnaled for a 8peclflc usg should b8 maintained al a level equivalent to betweon thr98 and six month's expenditure. The trustees conslders that Teservas at thls level wlll ensure that, In the event of 8 significant drop in fijnding, they will be able lo continue the charfty's Current actlvltlgs whllg conslderation is given lo ways In whlch additlonal funds may bg ral$gd. Thlslovel of reserves has boon maintained throughout the year. There Is no defldt to r6port. Since incepilon, donations frorn Sponsors and frlgnds and Income from concert8 have been the maln source of fijnds. Th8 trust Is r8vlewlng Its SPDn$orshlp negd8 In ord&rto plan fund ralslng in fvlure. The trust will approach Inijlvlduals, othgr trusts and grant rnaking trusts for Its requlrements. The trust has run wlth mlnSm81 &XPgn80s lo d81e allowlng almtssl all the fvnds raised to be applied dlrectly to sponsorlng concèrts and stud&nts. The trust wll hold In reserve the sum 015% of Its funds at any ona Ilma or £10,000, whichgvgr is the greater. Futurè plan$ It Is the ¢horfty'G Intgnuon to grow118 acUvlllg8 In the forthcomlng year gfven thg reloxallon of tho reslrlctSons Imposed os a result of Covld-19. Structure. governance and managemont Th* Charity was gslablighed by a Declaration ofTrusl dated 28 July 2005. The trustees who seNed durfng tha yeor and up lo the dale of 81gnaluro ofthe flnanclal 818lem&nts wère.. Slr B Rlx Slr RAlkens Ms J 88rrBelough Ms S Stewart The Irustses have assesBed the major rfsks lo whlch the charlty Is exposed, ond arg salisfigd that Systems are in place to mlugale exposure to the malor rL8k8. The tru8tèès' report way approved by the Board of Trustees. On behalf of the board of trustees. (L Slr B Rlx Tru81ee D8led'. 17
THE RAZUMOVSKY TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ThE RAZUMOVSKY TRUST I report lo the trustees on my examinatltsn of th& flnandal slalernents of The Razumovsky Trust Ithg ¢harftyl for the year ended 31 Decembèr 2021. Rasponslbllltlas and basls of report As the Iruste&s of the charity you are responsible for thg prèparatlon of the financlal statemerbts in acrdanCe wlth the requlrements of the Charilles Act 2011 Ilhe 2011 Ad). I rgport In r8sp6d of my examlnBtion of the charitys financlal 8181em&nts ¢arrfed out under sectlon 145 of the 2011 ACL In carrying out my èxamlnatlon I havo followed all the appllcable DirectIor givgn by th& Charfty Commission under section 14515llbl of th8 2011 Act. Indopgndgnt uamlner'8 ststomont Your allenllon Is drawn to the fact that the charlty has prepared flnanclal slaternents in accordancg with Accounting and Reporiing by Charit3 preparfng thelr 8ccounts In accordance with the Financlal R8porUng Stand8rd appllcable In the UK and Rgpubllc of Ire18nd IFRS 1021 In pr&f&mnce lo the Accoun15ng and Reporting by Charit18s'. Statement of Recommended Practico E85U9d on 1 Aprll 2(K15 whlch Is referred lo In the extant regulallons but has now been vAthdrawn. l understsnd that this ha3 beèn df)n8 In order for finoncial statements to provOd8 a true and falr vlew In accordance wllh Gon8rally A(Kepted Acrx)unllng Pracilca effedlve for reportlng perfods beglnnlrvJ on or aft8r 1 January 2015. I have ¢i)mplolod my gxamlnalon. I confirm that no mallgrs hav9 ¢0rn0 tr) my 8ttantlon In connedon with the ox8mln8tlon glvlng me cause to believe that in any materlal respect.. accounlng records were not kept in r8$pacl of the charfty as requSred by section 130 of the 2011 Act., or the financAal statements do not accord wrth those records., or the fi'nancial slatom8nts do not comply wllh the applicable re4uir9monl$ ¢oncamlng Ihe form ond content of a¢UnIS $81 out In the Ch8rllies (Accounts and Reports) Regulations 2008 other than any requlrement that the accounts give a true and falr vSaw whlch Is not a rnatter considered a8 part of an Indopgndant examination. I hHvg no con¢grn$ and hav8 come across no other mattars in ¢onnactlon wlth the examlnatlon to which attentlon Should bo drawn In Ihls report in order to enable a proper understandlng of the flnanclal statements to be reached. MarkAdrtan Gold S[er Leven8 IUKI Llmhed Chartered Certified Accountants 37 Warren Street London W1T6AD
THE RAZUMOVSKY TRUST STATEMENT OF FINANCIAL ACTIVITIE8 INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THEYEAR ENDED 31 DECEMBER 2021 Unrestrl¢t•d R•8trlctod funds nd¥ Total 2021 Tolal 2020 Noto8 Donallons ar legacle8 èrtradino actlvllles 115,860 1,130 115.880 1,130 25,972 930 Totsl Incom• 116.990 116,990 26,902 endlture on: Charfitable a¢XfviU68 28.145 28,145 36.178 Total charltabl• oxpondltur• 28,145 28,14S 36,178 Net incomel{expenditurel fer the yoarl m¢)Yèm•nt In fu•d• 88,845 88,845 19,2761 Fund balancas at 1 January 2021 118,838 105,040 223.876 233.152 Fund balanc08 at 31 D•c•mber 2021 207,681 105,040 312,721 223,876 Th6 Statsmént of financlal 8Ctivltles Indudes ou galns and108888 regnISed In tha year. All Income and eXpdrtUra darfv8 from ¢ontinulng activities.
THE RAZUMOVSKY TRUST BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Nots$ Flxed assets Tanglble as8&ts 938.(42 913,844 Current assets Cash al bank and In hand 148.371 82,782 Cradltors: amounts falling due withln ono yoar 10 14,9021 13,9601 Nel current a888t8 143,469 78,822 Total 088•ts1os8 current Ilabllities 1,081,511 992.668 Creditors- amounts falling duè aft•r more than on• year 11 1768,7901 1768,7901 Net assets 312,721 223,876 Income fund8 Restricted fund8 Unreslrlcted funds 105,040 207,681 105,040 118.836 312,721 223,876 The financial 8ts1orngnts warg approved by the Trustses on .1ln..Js*rf. . 19 & Slr B Rlx Trustee
THE RAZUMOVSKY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng pollolg8 Charlty Infomatlon Th& Razumovsky TNSI Is a18 ieglsetered In England and W8198. 1.1 Accountlng conventlon The accounts have been prepared In acc%)rdaneg wlth the Charitie3 Act 2011 and "Acojunllng and Rèportkng by Charllles.. Staiemenl of Recommended Pradce appllcable lo charltles preparfng thelr accounts In accordance th th& Flnanclal Reporting standa appllGable In th9 UK an¢J Ropublic ol Ifeland IFRS 1021. las amended for accounting pedS commenciThJ from 1 January 20161. Tho charlty Trs a Publlc Benefit Entity as defineil by FRS 102. The (*arty has taken advantage of the provl$lon8 In the SORP for charftl88 applylng FRS 102 Updat8 BUllen 1 not to prepare a Stalemenl of Cash Flt)WS. The finanal statements are prepared In ster15ng. whlch Is the fiJn¢tlonal currency of the charfty. MonetBry amounts in these financial Statements Bre roundad to tha ng8r08t £. The accounts hav8 b8an pr8p8red under the hislorical cost convenllon, apart from c9rtaln tsnslble fixed assets whlch have been Indudtrd at th8 Iru8188s' valuation. The prfnclpal accounting poll¢lo8 adopted are Set out bglow. 1.2 Golng concgm Al tho tlme of approvlng the flnanclal statements, the trustees have a r6880nabl8 expectation that the charfty has adequate resources to contlnue In oper8llonal existence for the foreseeable ftJ(ure. Thus tha trusleg$ cntInUe to 8dopt the golng con basls of accountlng in preparing the financlal stalemenis. 1.3 Charltable fund8 Unrestricted fijnds are avatlable for us8 at the d1$0)n of Ihg Injstses In furtherance of tholr charitsble obledves, Reslricled fvnds are subject to spedflc condltlons by donors as to how they may be used. The purpos9$ and uses of the restrl¢ted fuMIs 8re sel out In the notss lo thè financial slatemenls. 1A Income Income Is rocognSs8d whgn thg ¢ha¥lty Islggally enlilled toll after any performan&8 condluons hovg boen mgt. the amounts Can be moasured rellably, and It Is probabb that income will be recelved. Legacies arn r8¢ognls6d on re¢elpl or olhgrwise if the charity has been notlfled of an Impendlng distrfbullon, the amount Is known, and recelpl Is expected. If the amount is not krIn. tha segw Is Im8ted 88 8 eonllngènt a5891. 1.5 Exp•ndlturn Expendlturo Is d8S8lled und&r tho prfncl)al calegoriè8 of st in furtherance of chayltable aCtltI88 and grants aword¢d rathor Ih8n tho type of expen888, In order to provfjde more useful Inform8tlon to u9er8 01 Ihe flnandal stBtement8. Govgmance costs comprise all costs invomng thg publlc aOuntabl1¢ty of the charity and lis compllanca wlth regulatlon and good practlce.
THE RAZUMOVSKY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 A¢eountlng pollclas Icontlnuodl 1.6 Tanglbl• flX •9$0ts Tanglble fixad assots are Inlually measur8d al co818nd subsBqugntly measured at cost or ValuaOn, ng1 of depreclatlon 8nd any Impalrmenl losses. Dgpr8dgtlon Is recognlsed so as lo vrtlt8 off the cost or v81uaUon of assets less thelf resfjdual values ovor thelr useful Ilvtrs on th8 folh)wlng bases.. Land and btjlldlngs Plant and machlnery Depiedatlon Is provlded al 0% on tha Vlobncalks. Depreclatlon Ss provided al 10% on tho Plano. 1.7 Impalrnient of flxed a880ts Al each reportlng &nd date, the chaty revlews the c4rylng amounts of Its t8nglbl6 asBets to determln8 whether there is any indioatlon that those assets have suffered an Imp85mi8nt loss. If any such indication exists, the recOverae amount of the 8sset Is esllrnat8d In ord8T lo delermlne the exlent of tha Impalrmnl loss 01 any). 1.8 Cash and cash equlvalont¥ G8sh and ¢88h gqulv8lents include cash In hand, d8poslls held 8t PAII w41h banks. other short-term Ilquld tnvestments wllh tsriglnal malurit1 of Ihree months or less, and bank ov8rdrafts. Bank overdrafls are shown within borrowings In ¢urrènt118bllitles. Basie financlal assets Baslc financlal assets. which Indude debiors and cash and bank b81an<%s, ar6 Inltlally measured at Iransactn price Including Iransactlon costs and are subs8quenUy carrfed at arnortlsed cost udng the effgctlve Interest method unless th8 arrangomenl ¢onstitutes a flnanclng transaction, wherg tho transactlon Is m&asur6d at the present value ol the futur8 recèlpts dlscounted al 8 market rats of Interest. Fln8nclal 8888ts dassKled 88 receable wllhln one year are not amortlsed. Derecognltion of finan¢lal gs¥ets Financi81 as$8*s arè derecognised only wh8n Ihe conlraciual rfuhts lo the cash flows from the a88et explre or ale Settled, or when thè ¢harlty transfers the 1Snanclal asset and substantIal all lh6 rlsks and reward8 of ownership to another entty, or K some slgnificanl risks and TeW8rd$ of ownership 8re retalned but control of the asset has tfansfvrfeLI lo another p8rty that Is able to sall the a&881 In endraty lo an unrelatgd Ihlrd party. Baslc finonclal Ilabllltles Baslc financlal Ilabilities. including creditors and bank loans are initially recognT8ed 81 tran$ad¢>n prfce unless the a¢Y8ngement const51utes a flnandng trans8¢tlon, whora tho debt SnstrLsmenl Is rneasured al the prgsgnt valu9 of the fuluio payments discounted at a rnarkel ratg of Interest. Flnonclal liabilities classrfied as payablo w5thln one year are not amortised. Debl in8trumonl$ 8re Subsequentty carrfed al amoTti3ed sL u81ng the effecuve Int8resl rate method. Trade creditors are ob1igalions to pay for goods or seNices that hav& boen acqulred In the ordlnary course of operations from suppllws. Amounts payable ar8 clBsslfled as current Ilabllltb88 If payment 18 due wlthln ona y¢ar or less. If not, they are presented as non-¢iJrront IlabllSUes. Trade creditors are recc¥Jnlsod Inltlalty ot trans8don prlce and subsequently measuTed al amorused cost uslng the effectlve interest method. Dorecognltlon of flnancial liabilkti•8 Financial liabililies are d&racognised when the charity's contradual obllgattons expire or are discharg&l or cancolled.
THE RAZUMOVSKY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Crltlcal accountln9 OBtlmateB Judgemonts In thg appllcatlon of th8 chorlty's accountlng polldgs, Ihg tW818ès ar8 r1r8d to m8ka ludg&m8nts. 8Stlmatsg and 8ssumptlons about the COn9 8mount of a889ts and li8bilili98 that are not r8adily 8ppar&nt from olhei 80urces. The 081Imates and 888uda18d assumptlons are based on hlslorical experlenc8 and olhttr factors that are consSdeied lo be relevant. Actual results may dlffer from these esumatas. Th& 8stJmates and undorfylng assumpuons 8r& revlgwed on an ongolng basls. RgvSglons to accounllng esM8$ ar8 rg¢ognlsod In th& period In which th8 ostimats is rovised wher6 the rtrvlsion 8ff8ds only that perlod, or In the perlod of th6 r8vl8lon and future perlod8 whèr8 the revl8lon 8ff8Ct8 both current and future perk)ds. Donatlons and 18gacl88 UnrèBtricted Unre8lrfded fund• 2021 2020 Don8tlon$ and gffts 115,880 25,972 Oth•r tradlng actlvStlo8 Unrestricted Unrestricted funds funds 2021 2020 Spon8orshlp8 and sodal lotterles 1.130 930 Charitable activities Total 2021 Totsl 2020 Depreciation and impairment Sponsoring of ¢xncerts Tuldon and educ8tK*) 3,764 23,239 6,055 10,319 7.100 24,083 33,058 (>)vemance costs 4,C62 3,120 28,145 36,178
THE RAZUMOVSKY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Gov•rnanc• co8t8 2021 2020 A¢nneY Management and admlnI8tratlon 4,082 207 3,120 186 4,269 3,306 Govamance costs Sncludes a cost of £2,62212020- £2,280) lor an independent examination. Trust•g8 None of lh8 Iruslee8 lor 8ny per80ns connected wNh them) r8c%lvod any remunerauon durfng the year. Employees The average monthly number of employees durfng the year was: 2021 Number 2020 Number Total Thero were no employees whose 8nnuo1 Temunerallon WBS more than £60,000. Tanglble fixed assets L•nd and bulldln Vlol•nrKIK) Plafttand mNGhlnery Total Cost At 1 January 2021 AddlIk8 100,OCx) 784,7 35,778 30,862 920.568 30.862 Al 31 December 2021 100,OC4J 784,79J 66,640 951,430 D¥pr•cla¢ft and Impalrniènt Al 1 January 2021 D8precialion charg9d In tho year 6,724 8,724 6,664 At 31 D8cernber 2021 13,388 13.388 CarrySng amount At 31 December 2021 100,OCQ 784,79) 53,252 9,042 At 31 December 2020 100,000 784,79) 29,054 913.844
THE RAZUMOVSKY TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 10 Cr•dltOfS: amounts tslllng duo wlthln one y•ar 2021 2020 Accru818 4,902 3,960 11 Crndltorn: amounts falllng du• aftor moro than ong ygar 2021 2020 Other cre4Jlto 768,790 768,790 Other credltors comprfses of an Interest free loan of £768,790. A commerclal laThJ9r would hav8 ¢harggd Aund £50.000 per Bnnum In respect oflhe Interest on the loan. 12 An•ly#i$ of n•t •••ets bètw••n fund• Unrestricted funds R¥•trfcted fund8 Total Fund balances 8131 December 20218re represented by: Tangibl& assats Currant 8SS8ts Cradllors.. amounts falllng du6 aftor morg than ong ygar 833.002 143,469 (768,7901 105,040 938,042 143,469 1788,7901 207,681 105,040 312,721 The wslrfcied funds reprnt charlty's Sharo of th& propety whlch M ullllses. property Was purchased In the pr8vlou8 years. There Is no movement dudng the year. 13 Rolated party transactlon Thgrg were no disclosable relatgd p8rty Iran88cllons durlng the year {2020- no). 10