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2021-08-31-accounts

I FAGIOLINI CHARITABLE TRUST Registered Charity No 1116635

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021

The trustees present their report for the financial statements for the year ended 31 August 2021. These have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document (Declaration of Trust), applicable law and the Statement of Recommended Practice.

STRUCTURE, GOVERNANCE AND MANAGEMENT

I Fagiolini Charitable Trust is a charity, registered in England, number 1116635.

The charity is governed by a Trust Deed dated 8 August 2006.

Trustees:

The Trustees who have held office at any point during the year ended 31 August 2021 and to the date of this report are as follows:

Kieran Cooper (Chairman) ........ to October 2022 Judith Nash (Secretary) ............ to October 2021 Simon Trist (Treasurer) ............. to October 2023 Robert Hollingworth .................. to October 2023 Sam Price ................................. to October 2023 John Macgregor ........................ to October 2021 Oliver Piper ............................... to October 2023 Rosemary Day .. to September 2020 (deceased) Naomi Taylor ............................ to October 2022 Claire Pelly ............................... to October 2024 Bridget Rosewell ....................... to October 2024

All new Trustees are recruited on the recommendation of organisations and people with whom the charity works, or by existing Trustees. They are given induction information and offered appropriate training in order to fulfil their role. The Trustees have met twice in the year and have also had many conversations by phone and email. Due to Covid19 restrictions, the meetings were held via video conference.

Professional Advisers:

Bankers: CAF Bank. West Malling, Kent TSB. Princes Risborough, Buckinghamshire Independent Examiner: P. J. Stevenson, MA, FCA. 8 Harbord Road, Oxford

Membership:

Members of the public who make an annual donation to the Trust become Friends or Patrons of I Fagiolini. A higher level of membership, known as “Fabaelous”, for people committing to give at least £1,000 per year is also available.

OBJECTIVES AND ACTIVITIES

The object of the Trust is to advance the education of the public in the appreciation of music; in particular music for chorus, vocal consort or solo voices in all its aspects, and to further the development of the public appreciation and taste in the said arts.

The Trust’s focus is primarily as the Friends organisation of the professional vocal group “I Fagiolini”, furthering our purpose to educate the public in vocal music by giving grants to I Fagiolini Projects Ltd to enable the production of unique, inventive and educative live performances, recordings and videos of music for voice. These include inspiring performances and recordings of previously unheard repertoire as well as works involving additional instrumental forces and creative media.

I Fagiolini is a British solo-voice ensemble directed by Robert Hollingworth, founded in 1986. Its core repertoire is Renaissance and contemporary solo-voice ensemble repertoire. In recent years it has pioneered innovative staged presentations. I Fagiolini’s performances of early music are historically informed but at the same time aim to bring the spirit of the music to life for new, non-specialist audiences.

Friends and Patrons are invited to selected professional rehearsals to gain an insight into what is involved in bringing a musical work to a high performing standard.

The Trust sponsors occasional workshops for members of the public to participate in performances of vocal and choral music, helping them to experience the satisfaction of learning, rehearsing and performing music to a high standard.

From time to time we receive requests from other groups, and we aim to provide support to projects when the requests are consistent with the aims and goals of the Trust and we have the resources available.

ACHIEVEMENTS AND PERFORMANCE

This year the Trust has supported a range of projects detailed in Appendix A below.

Particular highlights included the release of “The Stag Hunt” film based on Jannequin’s La Chasse; successful completion of a recording of madrigals by John Wilbye; performances of the new “Au Naturel” and “Re-Wilding the Wasteland” projects, including commissioning of a number of new works; and participation in the highlyacclaimed Live From London series promoted by Voces8.

The Trust continued to support musicians throughout the global Covid19 pandemic by funding the creation of more episodes of online content including SingTheScore, which extended the reach of the work of I Fagiolini to a wider internet-based audience, resulting in an increase in the number of subscribing members from 387 to 450, as well as attracting a large numbers of views online. The Trust also underwrote a number of live in-person performances as restrictions began to be lifted.

Public Benefit:

The Trustees of the charity have had due regard both to the objectives of the charity, as set out above, and also to the guidance on public benefit published by the Charity Commission, in exercising their powers and duties.

FINANCIAL REVIEW

The Trust had total income, including tax recoverable under the Gift Aid Donations scheme, of £170,023. This sum was raised from subscribing Patrons and Friends, as well as non-member donors. This income included a legacy of £40,571 from the pension fund of a former Trustee; a donation of shares amounting to £25,498, which were sold on our behalf, from long-standing supporters; a grant of £2,750 from the Radcliffe Trust for the commissioning of pieces by Joanna Marsh; and a grant of £1,000 from the Two Moors Festival.

Donations in response to the continuing programme of online content for the Covid crisis amounted to £29,277, and £10,220 was raised to fund the recording of music by John Wilbye. Sales of merchandise, primarily for promotional and engagement purposes, generated income of £2,611.

The Trust made total grants of £121,464 primarily to I Fagiolini to support projects as detailed in Appendix A below.

Other expenses included £2,475 for purchase of merchandise; payment of £829 for administrative support; reimbursement of £2,590 of publicity expenses to the administrator and a Trustee; and £945 of bank charges, primarily for donations received via PayPal.

The Trust therefore ended the year with reserves of £84,832, of which £7,438 are restricted funds which remain to be allocated.

Investment policy:

The Trust does not own any property or investments, as the majority of its funds need to be kept liquid to meet its ongoing obligations. The majority of the Trust’s funds are held with CAF Bank, together with a smaller balance at TSB, Princes Risborough, Buckinghamshire.

Reserves:

The trustees believe that the charity’s assets are available and adequate to fulfil the obligations of the charity as a whole.

RISK MANAGEMENT

The charity trustees have given consideration to the major risks to which the charity is exposed and satisfied themselves that systems or procedures are established in order to manage those risks. While the Covid crisis continues to have a significant impact on people who earn their living from music, it has minimal impact on the operation of the Trust. As a grant-giving body, the Trust only allocates funds that are already in hand. The Trust has primarily operated remotely, and holding the two statutory meetings via Zoom has not limited activity. The Trust continues to have a steady (and growing) stream of income, and a steady pipeline of new creative projects to support, so the Trustees have no doubts about the continuation of IFCT as a going concern for at least twelve months from the date of signing this report.

PLANS FOR THE FUTURE

The Trust expects to continue to receive a reliable subscription income from the growing number of Friends and Patrons in the coming year and will continue to raise more funds through donations towards specific projects. The Trust is currently considering supporting the following projects in 2021-22:

INDEPENDENT EXAMINATION

The independent examination of the charity's accounts has been undertaken by Peter Stevenson, Chartered Accountant.

Approved by the Trustees on 20th October 2021 and signed by order of the Trustees by

Signature…………………………… Kieran Cooper, Chairman

20 October 2021 Date…………………

Appendix A

During the year, the Trust supported the following projects:

I FAGIOLINI CHARITABLE TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

INDEX

Page 1 Statement of Financial Activities

Registered Charity No: 1116635

I FAGIOLINI CHARITABLE TRUST Charity No 1116635

Page 1

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021

Note
INCOME
1
Income from charitable activities
Grants
Subscriptions and donations
2
Income from trading activities
Fundraising
TOTAL INCOME
EXPENDITURE
1
Costs of raising funds
Fundraising and publicity
Expenditure on charitable activities
Grants
Other
TOTAL EXPENDITURE
Net income/expenditure and
movement in funds for the year
Reconciliation of funds
Total funds b/f at 1 September 2020
Total funds c/f at 31 August 2021		 Restricted
Funds
£
2,750
41,656
0
44,406
0
41,678
0
41,678
2,728
4,710
£7,438		 Unrestricted
Funds
£
0
122,856
2,761
125,617
5,065
79,786
1,974
86,825
38,792
38,602
£77,394		 2021
Totals
£
2,750
164,512
2,761
170,023
5,065
121,464
1,974
128,503
41,520
43,312
£84,832		 2020
(see note 7)
£
0
99,767
0
99,767
444
94,596
1,085
96,125
3,642
39,670
£43,312

The notes on pages 3 and 4 form part of these accounts.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.

I FAGIOLINI CHARITABLE TRUST Charity No 1116635

Page 2

BALANCE SHEET AS AT 31 AUGUST 2021

Note
FIXED ASSETS
CURRENT ASSETS
Debtors
3
Cash at bank
CURRENT LIABILITIES
Creditors
4
NET CURRENT ASSETS
NET ASSETS
FUNDS OF THE CHARITY
Restricted funds
Unrestricted funds		 2021
£
0
9,157
75,889
85,046
214
84,832
£84,832
7,438
77,394
£84,832		 2020
£
0
10,555
32,957
43,512
200
43,312
£43,312
4,710
38,602
£43,312

Trustees' responsibilities

Charity law requires the trustees to prepare accounts for each financial period which give a true and fair view of the state of affairs of the charity and of the results for that period. In preparing these accounts, the trustees are required to select suitable accounting policies and to apply them consistently; make judgements and estimates that are reasonable and prudent; and prepare the accounts on the going concern basis unless it is inappropriate to assume that the charity will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity. They are also responsible for safeguarding the assets of the charity, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

These accounts were approved by the trustees on 20 October 2021

----- Start of picture text -----
K Cooper Chairman
S Trist Treasurer
----- End of picture text -----

I FAGIOLINI CHARITABLE TRUST Charity No 1116635

Page 3

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the Statement of Recommended Practice '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), and with the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

The charity meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant note.

(a) Income is generally recognised when the charity has entitlement to the funds, any performance conditions attached to the funds have been met, it is probable that the income will be received, and the amount can be measured reliably. Subscriptions and donations are accounted for when received, and gift aid tax recoverable thereon is accrued .

(b) Expenditure is recognised as soon as there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. It is included on an accruals basis. Other expenditure on charitable activities includes the Independent Examiner's fee £200 (2020 £200). No expenses were reimbursed to any trustee (2020: £444 advertising expenses to one trustee); no trustee received any remuneration from the charity in the year (2020 £NIL), and no staff were employed in either year.

2. Income from charitable activities
Subscriptions
Donations and gift aid
3. Debtors
Gift Aid Tax reclaim
4. Creditors
Independent Examiner's fee
Other		 2021
£
38,386
126,126
£164,512
9,157
£9,157
200
14
£214		 2020
£
36,351
63,416
£99,767
10,555
£10,555
200
0
£200

5. Contingent liabilities and future commitments

The Trust had no contingent liabilities at the balance sheet date (2020 £NIL), and had made no specific commitments to support projects in 2021/22 or beyond.

6. Related parties

The Trust's focus is in the main, though by no means exclusively, on the work of I Fagiolini Projects Ltd., a limited company of which Robert Hollingworth, one of the trustees of the Charitable Trust, is the Principal.

I FAGIOLINI CHARITABLE TRUST Charity No 1116635

Page 4

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2021

7. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020

INCOME
Income from charitable activities
Grants
Subscriptions and donations
Income from trading activities
Fundraising
TOTAL INCOME
EXPENDITURE
Costs of raising funds
Fundraising and publicity
Expenditure on charitable activities
Grants
Other
TOTAL EXPENDITURE
Net income/expenditure and
movement in funds for the year
Reconciliation of funds
Total funds b/f at 1 September 2019
Total funds c/f at 31 August 2020		 Restricted
Unrestricted
Funds
Funds
£
£
0
0
43,198
56,569
0
0
43,198
56,569
0
444
41,332
53,264
0
1,085
41,332
54,793
1,866
1,776
2,844
36,826
£4,710
£38,602		 2020
Totals
£
0
99,767
0
99,767
444
94,596
1,085
96,125
3,642
39,670
£43,312

I FAGIOLINI CHARITABLE TRUST Registered Charity No 1116635

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021

The trustees present their report for the financial statements for the year ended 31 August 2021. These have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document (Declaration of Trust), applicable law and the Statement of Recommended Practice.

STRUCTURE, GOVERNANCE AND MANAGEMENT

I Fagiolini Charitable Trust is a charity, registered in England, number 1116635.

The charity is governed by a Trust Deed dated 8 August 2006.

Trustees:

The Trustees who have held office at any point during the year ended 31 August 2021 and to the date of this report are as follows:

Kieran Cooper (Chairman) ........ to October 2022 Judith Nash (Secretary) ............ to October 2021 Simon Trist (Treasurer) ............. to October 2023 Robert Hollingworth .................. to October 2023 Sam Price ................................. to October 2023 John Macgregor ........................ to October 2021 Oliver Piper ............................... to October 2023 Rosemary Day .. to September 2020 (deceased) Naomi Taylor ............................ to October 2022 Claire Pelly ............................... to October 2024 Bridget Rosewell ....................... to October 2024

All new Trustees are recruited on the recommendation of organisations and people with whom the charity works, or by existing Trustees. They are given induction information and offered appropriate training in order to fulfil their role. The Trustees have met twice in the year and have also had many conversations by phone and email. Due to Covid19 restrictions, the meetings were held via video conference.

Professional Advisers:

Bankers: CAF Bank. West Malling, Kent TSB. Princes Risborough, Buckinghamshire Independent Examiner: P. J. Stevenson, MA, FCA. 8 Harbord Road, Oxford

Membership:

Members of the public who make an annual donation to the Trust become Friends or Patrons of I Fagiolini. A higher level of membership, known as “Fabaelous”, for people committing to give at least £1,000 per year is also available.

OBJECTIVES AND ACTIVITIES

The object of the Trust is to advance the education of the public in the appreciation of music; in particular music for chorus, vocal consort or solo voices in all its aspects, and to further the development of the public appreciation and taste in the said arts.

The Trust’s focus is primarily as the Friends organisation of the professional vocal group “I Fagiolini”, furthering our purpose to educate the public in vocal music by giving grants to I Fagiolini Projects Ltd to enable the production of unique, inventive and educative live performances, recordings and videos of music for voice. These include inspiring performances and recordings of previously unheard repertoire as well as works involving additional instrumental forces and creative media.

I Fagiolini is a British solo-voice ensemble directed by Robert Hollingworth, founded in 1986. Its core repertoire is Renaissance and contemporary solo-voice ensemble repertoire. In recent years it has pioneered innovative staged presentations. I Fagiolini’s performances of early music are historically informed but at the same time aim to bring the spirit of the music to life for new, non-specialist audiences.

Friends and Patrons are invited to selected professional rehearsals to gain an insight into what is involved in bringing a musical work to a high performing standard.

The Trust sponsors occasional workshops for members of the public to participate in performances of vocal and choral music, helping them to experience the satisfaction of learning, rehearsing and performing music to a high standard.

From time to time we receive requests from other groups, and we aim to provide support to projects when the requests are consistent with the aims and goals of the Trust and we have the resources available.

ACHIEVEMENTS AND PERFORMANCE

This year the Trust has supported a range of projects detailed in Appendix A below.

Particular highlights included the release of “The Stag Hunt” film based on Jannequin’s La Chasse; successful completion of a recording of madrigals by John Wilbye; performances of the new “Au Naturel” and “Re-Wilding the Wasteland” projects, including commissioning of a number of new works; and participation in the highlyacclaimed Live From London series promoted by Voces8.

The Trust continued to support musicians throughout the global Covid19 pandemic by funding the creation of more episodes of online content including SingTheScore, which extended the reach of the work of I Fagiolini to a wider internet-based audience, resulting in an increase in the number of subscribing members from 387 to 450, as well as attracting a large numbers of views online. The Trust also underwrote a number of live in-person performances as restrictions began to be lifted.

Public Benefit:

The Trustees of the charity have had due regard both to the objectives of the charity, as set out above, and also to the guidance on public benefit published by the Charity Commission, in exercising their powers and duties.

FINANCIAL REVIEW

The Trust had total income, including tax recoverable under the Gift Aid Donations scheme, of £170,023. This sum was raised from subscribing Patrons and Friends, as well as non-member donors. This income included a legacy of £40,571 from the pension fund of a former Trustee; a donation of shares amounting to £25,498, which were sold on our behalf, from long-standing supporters; a grant of £2,750 from the Radcliffe Trust for the commissioning of pieces by Joanna Marsh; and a grant of £1,000 from the Two Moors Festival.

Donations in response to the continuing programme of online content for the Covid crisis amounted to £29,277, and £10,220 was raised to fund the recording of music by John Wilbye. Sales of merchandise, primarily for promotional and engagement purposes, generated income of £2,611.

The Trust made total grants of £121,464 primarily to I Fagiolini to support projects as detailed in Appendix A below.

Other expenses included £2,475 for purchase of merchandise; payment of £829 for administrative support; reimbursement of £2,590 of publicity expenses to the administrator and a Trustee; and £945 of bank charges, primarily for donations received via PayPal.

The Trust therefore ended the year with reserves of £84,832, of which £7,438 are restricted funds which remain to be allocated.

Investment policy:

The Trust does not own any property or investments, as the majority of its funds need to be kept liquid to meet its ongoing obligations. The majority of the Trust’s funds are held with CAF Bank, together with a smaller balance at TSB, Princes Risborough, Buckinghamshire.

Reserves:

The trustees believe that the charity’s assets are available and adequate to fulfil the obligations of the charity as a whole.

RISK MANAGEMENT

The charity trustees have given consideration to the major risks to which the charity is exposed and satisfied themselves that systems or procedures are established in order to manage those risks. While the Covid crisis continues to have a significant impact on people who earn their living from music, it has minimal impact on the operation of the Trust. As a grant-giving body, the Trust only allocates funds that are already in hand. The Trust has primarily operated remotely, and holding the two statutory meetings via Zoom has not limited activity. The Trust continues to have a steady (and growing) stream of income, and a steady pipeline of new creative projects to support, so the Trustees have no doubts about the continuation of IFCT as a going concern for at least twelve months from the date of signing this report.

PLANS FOR THE FUTURE

The Trust expects to continue to receive a reliable subscription income from the growing number of Friends and Patrons in the coming year and will continue to raise more funds through donations towards specific projects. The Trust is currently considering supporting the following projects in 2021-22:

INDEPENDENT EXAMINATION

The independent examination of the charity's accounts has been undertaken by Peter Stevenson, Chartered Accountant.

Approved by the Trustees on 20th October 2021 and signed by order of the Trustees by

Signature…………………………… Kieran Cooper, Chairman

20 October 2021 Date…………………

Appendix A

During the year, the Trust supported the following projects: