**Charity registration number 1111848**
## **THE RAZUMOVSKY TRUST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2022**
## **THE RAZUMOVSKY TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
Sir B A Rix Sir R Aikens Ms J Barraclough Ms S Stewart
**Charity number** 1111848 **Registered office** 48 Ashburnham Road London NW10 5SD **Independent examiner** Mark Adrian Gold Silver Levene (UK) Limited Chartered Certified Accountants 37 Warren Street London W1T 6AD
**THE RAZUMOVSKY TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 11|
**THE RAZUMOVSKY TRUST**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022**
The trustees present their annual report and financial statements for the year ended 31 December 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016).
## **Objectives and activities**
The objects are to support outstanding musical talent for the most part by sponsoring students tuition and their attendance at master classes, staging concerts and providing performance opportunities for young and established musicians. It was established to "Provide musical excellence and develop exceptional musical talent" and is currently continuing to support the work of the "Razumovsky Academy”. To advance improve promote develop and maintain public education in and appreciation of the art and science of music in all aspects and specifically but without limitation the music of the Razumovsky Ensemble by the presentation of public events and by such other activities as the trustees think fit; to encourage and support for the public benefit all art forms particularly but not exclusively those involving music including other cultural and educational activities in order to make these more accessible to the public at large; to benefit any charity and to further any purposes which are charitable as the trustees think fit.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The main activities are the Sponsoring of concerts, Tuition / Education, Career Mentoring and High quality Showcasing opportunities.
Policy on grant making within its resources, to make both finance and guidance available to exceptional musicians and to musical education generally, in the context and support of the above mentioned activities.
## **Achievements and performance**
To date the funding has come from donations from supporters and friends of the Razumovsky Trust and income, from concert tickets sales. The Trust has supported:
- Razumovsky Academy Help Refugees appeal and provision of support and tuition to those fleeing from the invasion of Ukraine.
- The Trust staged several concerts and masterclasses in honour of the legendary pianist Fou Ts’ong.
- The Trust staged two fundraising events of poetry and music at the Razumovsky Academy with help of the celebrated English actor Bill Nighy.
- The Trust staged a fundraising event of poetry and music at the Razumovsky Academy with help of the Trust’s patron Sir Richard Stilgoe and supported a fundraising event for the Rehabilitation Centre and Ambulance in Ukraine.
- Numerous young and established pianists, singers and string instrumentalists gave recitals and made recordings using Trust’s pianos.
- Amongst them Kate Royal soprano, Christine Rice soprano, Julius Drake piano, Francois Dumont piano, Gunel Mirzayeva piano, Sofya Gulyak piano, Iain Burnside piano, Tim Hugh cello, Michael Berkeley composer, Katya Apekisheva, Liubov Ulybysheva cello, James Kreiling piano, Barbican Piano Trio, Balthasar Trio, Francois-Ferederic Guy piano, Oleg Kogan cello, Polina Kogan piano, Dinara Klinton piano, Sandra Lied-Haga cello, Maxim Grizard cello, students of Patsy Toh, and others.
- The distinguished musicologist presenter Mikhail Kazinik gave two unforgettable public masterclasses for parents and children including refugee families.
- 1 -
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **THE RAZUMOVSKY TRUST**
- Instrumental lessons for exceptionally gifted young artists and Razumovsky Academy students.
- Our star alumni cellist David Cohen was appointed Principal Cellist of the London Symphony Orchestra and continues to use the Trust’s Montagnana cello for performance and teaching.
## **Financial review**
It is the policy of the charity that unrestricted funds, which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. There is no deficit to report.
Since inception, donations from sponsors and friends and income from concerts have been the main source of funds. The trust is reviewing its sponsorship needs in order to plan its fund raising in future. The trust will approach individuals, other trusts and grant making trusts for its requirements. The trust has run with minimal expenses to date allowing almost all the funds raised to be applied directly to sponsoring concerts and students.
The trust will hold in reserve the sum of 5% of its funds at any one time or £10,000, whichever is the greater.
## **Future plans**
It is the charity's intention to grow its activities in the forthcoming year given the relaxation of the restrictions imposed as a result of Covid-19.
## **Structure, governance and management**
The charity was established by a Declaration of Trust dated 28 July 2005.
The trustees who served during the year and up to the date of signature of the financial statements were: Sir B A Rix
Sir R Aikens Ms J Barraclough Ms S Stewart
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The trustees' report was approved by the Board of Trustees.
On behalf of the board of trustees.
## **Sir B A Rix**
Trustee Dated: 30 October 2023
- 2 -
**THE RAZUMOVSKY TRUST**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE RAZUMOVSKY TRUST**
I report to the trustees on my examination of the financial statements of The Razumovsky Trust (the charity) for the year ended 31 December 2022.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
- 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 that in any material respect: 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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 financial statements to be reached.
Mark Adrian Gold Silver Levene (UK) Limited Chartered Certified Accountants 37 Warren Street London W1T 6AD
Dated: 30 October 2023
- 3 -
## **THE RAZUMOVSKY TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
51,396
-
Other trading activities
**4**
540
-
Investments
**5**
60
-
**Total income**
51,996
-
**Expenditure on:**
Charitable activities
**6**
32,876
-
**Total charitable expenditure**
32,876
-
**Net income for the year/**
**Net movement in funds**
19,120
-
Fund balances at 1 January 2022
207,681
105,040
**Fund balances at 31 December 2022**
226,801
105,040|**Total**
**2022**
**£**
51,396
540
60
51,996
32,876
32,876
19,120
312,721
331,841|**Total**
**2021**
**£**
115,860
1,130
-|
|---|---|---|
|||116,990|
|||28,145|
|||28,145|
|||88,845
223,876|
|||312,721|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 4 -
## **THE RAZUMOVSKY TRUST**
## **BALANCE SHEET**
## **AS AT 31 DECEMBER 2022**
|**Notes**
**Fixed assets**
Tangible assets
**10**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**11**
Net current assets
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**12**
**Net assets**
**Income funds**
Restricted funds
Unrestricted funds|**2022**
**£**
**£**
932,962
172,749
(5,080)
167,669
1,100,631
(768,790)
331,841
105,040
226,801
331,841|**2021**
**£**
**£**
938,042
148,371
(4,902)
143,469
1,081,511
(768,790)
312,721
105,040
207,681
312,721|
|---|---|---|
The financial statements were approved by the Trustees on 30 October 2023
Sir B A Rix **Trustee**
- 5 -
## **THE RAZUMOVSKY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1 Accounting policies**
## **Charity information**
The Razumovsky Trust is a is regisetered in England and Wales.
## **1.1 Accounting convention**
The accounts have been prepared in accordance with the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, apart from certain tangible fixed assets which have been included at the trustees' valuation. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **1.5 Expenditure**
Expenditure is classifed under the principal categories of cost in furtherance of charitable activities and grants awarded rather than the type of expenses, in order to provide more useful information to users of the financial statements.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.
- 6 -
## **THE RAZUMOVSKY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **1 Accounting policies**
## **(Continued)**
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Plant and machinery Depreciation is provided at 0% on the Violencello. Depreciation is provided at 10% on the Piano.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **Basic financial assets**
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## **Derecognition of financial assets**
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
## **Basic financial liabilities**
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## **Derecognition of financial liabilities**
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
- 7 -
## **THE RAZUMOVSKY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Donations and legacies**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2022**|**2021**|
||**£**|**£**|
|Donations and gifts|51,396|115,860|
## **4 Other trading activities**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2022**|**2021**|
||**£**|**£**|
|Sponsorships and social lotteries|540|1,130|
## **5 Investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2022**|**2021**|
||**£**|**£**|
|Interest receivable|60|-|
- 8 -
## **THE RAZUMOVSKY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **6 Charitable activities**
|Depreciation and impairment
Sponsoring of concerts
Tuition and education
Governance costs|**Total**
**2022**
**£**
6,840
12,162
10,960
29,962
2,914
32,876|**Total**
**2021**
**£**
6,664
10,319
7,100|
|---|---|---|
|||24,083
4,062|
|||28,145|
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration during the year.
## **8 Governance costs**
|Accountancy
Management and administration|**2022**
**£**
2,800
148
2,948|**2021**
**£**
4,062
207|
|---|---|---|
|||4,269|
Governance costs includes a cost of £2,800 (2021- £2,622) for an independent examination.
## **9 Employees**
The average monthly number of employees during the year was:
||**2022**|**2021**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
- 9 -
## **THE RAZUMOVSKY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
|**10**
**Tangible fixed assets**
**Land and**
**buildings**
**Violencello**
**Plant and**
**machinery**
**£**
**£**
**£**
**Cost**
At 1 January 2022
100,000
784,790
66,640
Additions
-
-
1,760
At 31 December 2022
100,000
784,790
68,400
**Depreciation and impairment**
At 1 January 2022
-
-
13,388
Depreciation charged in the year
-
-
6,840
At 31 December 2022
-
-
20,228
**Carrying amount**
At 31 December 2022
100,000
784,790
48,172
At 31 December 2021
100,000
784,790
53,252
**11**
**Creditors: amounts falling due within one year**
**2022**
**£**
Accruals
5,080
**12**
**Creditors: amounts falling due after more than one year**
**2022**
**£**
Other creditors
768,790|**Total**
**£**
951,430
1,760|
|---|---|
||953,190|
||13,388
6,840|
||20,228|
||932,962|
||938,042|
||**2021**
**£**
4,902|
||**2021**
**£**
768,790|
Other creditors comprises of an interest free loan of £768,790. A commercial lender would have charged around £50,000 per annum in respect of the interest on the loan.
- 10 -
## **THE RAZUMOVSKY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022**
## **13 Analysis of net assets between funds**
|**Analysis of net assets between funds**||||
|---|---|---|---|
||**Unrestricted**|**Restricted**|**Total**|
||**funds**|**funds**||
||**£**|**£**|**£**|
|Fund balances at 31 December 2022 are represented by:||||
|Tangible assets|827,922|105,040|932,962|
|Net current assets|167,669|-|167,669|
|Creditors: amounts falling due after more than one year|(768,790)|-|(768,790)|
||226,801|105,040|331,841|
The restricted funds represent charity's share of the property which it utilises. The property was purchased in the previous years. There is no movement during the year.
## **14 Related party transactions**
There were no disclosable related party transactions during the year (2021 - none).
- 11 -