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2023-08-31-accounts

I FAGIOLINI CHARITABLE TRUST Registered Charity No 1116635

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

The trustees present their report for the financial statements for the year ended 31 August 2023. 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 2023 and to the date of this report are as follows:

Kieran Cooper (Chairman)......................... to October 2025 Claire Pelly (Secretary) .............................. to October 2024 Simon Trist (Treasurer).............................. to October 2023 Robert Hollingworth .................. to October 2022 (resigned) John Macgregor ......................................... to October 2024 Judith Nash................................................ to October 2024 Oliver Piper ................................................ to October 2023 Sam Price .................................................. to October 2023 Bridget Rosewell ........................................ to October 2024 Naomi Taylor ............................................. to October 2025

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.

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.

PUBLIC BENEFIT

The purpose of the Trust falls within the descriptions of purposes in the Charities Act 2011 for:

The object of the Trust, set out in the governing document, 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 achieves this by giving grants to performers and composers to enable the production of unique, inventive and educative live performances, recordings and videos of music for voice.

When making grants, the Trustees of the charity have 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. The Trustees consider the following benefits when evaluating requests for grants:

  1. Enabling high-quality performances that would not otherwise be commercially viable, including involving additional instrumental forces and creative media, as well as allowing an increased level of rehearsal

  2. Keeping important historical repertoire alive, along with its contemporary performance practice

  3. Commissioning new works to add to the repertoire

  4. Bringing music to new audiences

  5. Supporting the education and development of young singers by enabling opportunities to participate in workshops and performances

  6. Encouraging public participation in singing

Bigger projects are considered at meetings of the Trustees. Authority to make grants for projects is not normally given at these meetings, but may be agreed in principle. All requests for grants are submitted by email to the Trustees, who consider whether they meet the objectives of the charity and whether they are affordable within the available resources. The Trustees vote by email whether to approve or reject the grant request, and if a majority of Trustees vote in favour, the grant is paid.

The Public receive these benefits by being able to experience performances funded by the Trust in person at venues across the UK and abroad, through broadcasts on national radio, as well as online. The support of the Trust allows some of the content to be provided to audiences free of charge.

OBJECTIVES AND ACTIVITIES

The Trust’s focus is primarily as the Friends organisation of the professional vocal group “I Fagiolini”.

I Fagiolini is a British solo-voice ensemble directed by Robert Hollingworth founded in 1986. Its core repertoire is Renaissance, Baroque and contemporary solo-voice ensemble repertoire. It has always pioneered innovative staged presentations of this repertoire. 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 join to be kept in touch with what I Fagiolini do, to support their

work and to have access to selected professional rehearsals to meet the performers and gain an insight into what is involved in bringing a musical work to a high performing standard.

The funds raised from subscriptions and donations from Friends, Patrons, and other sources are used in furthering our purpose to educate the public in vocal music by giving grants to I Fagiolini Projects Ltd and other bodies to support and enable the production of inspiring performances of artistic merit.

The Trust also 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

The Trust has supported many concert performances by I Fagiolini this year across the UK as well as in Europe, including working with Festival de Música Antigua de Úbeda y Baeza and Fundacion Juan March to present three performances of the “Leonardo: Shaping the Invisible” programme in Spain which were free to audiences.

This year saw the release of “Goosed!” – a short film featuring Giovanni Croce’s masque “The Game of the Goose” from 1595. The Trust has also supported two new recordings: a world premiere recording of Orazio Benevoli’s Missa Tu es Petrus , and the Tenebrae Responsories by Tomas Luis de Victoria.

A successful Friends weekend was run by the Trust at Hawkwood College, Stroud, where members of the I Fagiolini Friends were able to rehearse and perform the Benevoli Mass with Robert Hollingworth.

The Trust continued to support creation of more episodes of the podcast Choral Chihuahua.

There has been a decrease in the number of subscribing members from 421 to 400 as people who joined during lockdown have chosen to re-prioritise the causes they support.

Details of all the projects the Trust has supported are detailed in Appendix A below.

FINANCIAL REVIEW

The Trust had total income, including tax recoverable under the Gift Aid Donations scheme, of £115,746. This sum was raised from subscribing Patrons and Friends, as well as non-member donors, including £17,593 raised for the Benevoli recording project, £7,629 for the Victoria recording, and a further £7,561 for the “Goosed!” film. The Trust also received a grant from the Brecon Baroque Trust of £11,450.

The Trust made total grants of £155,002. £141,628 was granted to I Fagiolini and £13,374 was granted to other bodies to support projects as detailed in Appendix A below. No other requests were received.

The total costs for the Leonardo concerts in Spain were £20,504. We received £12,767 concert fees from promoters. The shortfall was covered from unrestricted funds.

Other expenses included £5,152 of publicity expenses; £1,244 for administrative support; and £657 of bank charges, primarily for donations received via PayPal.

The Trust therefore ended the year with reserves of £92,748, of which £ Nil are

restricted funds.

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. As a grant-giving body, the Trust only allocates funds that are already in hand. The Trust continues to have a steady 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 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 2023-24:

INDEPENDENT EXAMINATION

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

Approved by the Trustees on 17th October 2023 and signed by order of the Trustees by

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

Appendix A

During the year, the Trust supported the following projects:

Grants to IFPL

Grants to other bodies

I FAGIOLINI CHARITABLE TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

INDEX

Page

Registered Charity No: 1116635

Page 1

I FAGIOLINI CHARITABLE TRUST Charity No 1116635

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

Note
INCOME
1
Income from charitable activities
2
Grants
Voluntary income
Legacies
Income from trading activities
Fundraising
Investment income
Deposit interest
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 2022
Total funds c/f at 31 August 2023		 Restricted
Funds
£
11,450
52,140
0
0
0
63,590
0
64,090
0
64,090
-500
500
£0		 Unrestricted
Funds
£
0
51,567
0
458
131
52,156
5,152
90,912
2,100
98,164
-46,008
138,756
£92,748		 2023
Totals
£
11,450
103,707
0
458
131
115,746
5,152
155,002
2,100
162,254
-46,508
139,256
£92,748		 2022
(see note 7)
£
0
108,021
64,582
2,946
6
175,555
7,070
112,093
1,968
121,131
54,424
84,832
£139,256

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 2023

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		 2023
£
0
9,908
83,040
92,948
200
92,748
£92,748
0
92,748
£92,748		 2022
£
0
9,541
129,916
139,457
200
139,257
£139,257
500
138,757
£139,257

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 17 October 2023

K Cooper Chairman S Trist Treasurer

I FAGIOLINI CHARITABLE TRUST Charity No 1116635

Page 3

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023

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 (2022 £200). No expenses were reimbursed to any trustee (2022: £NIL); no trustee received any remuneration from the charity in the year (2022 £NIL), and no staff were employed in either year.

2. Income from charitable activities
Grants
Legacies
Large donations
Other donations and subscriptions
Concerts
3. Debtors
Gift Aid Tax reclaim
4. Creditors
Independent Examiner's fee
Other		 2023
£
11,450
0
10,995
79,945
12,767
£115,157
9,908
£9,908
200
0
£200		 2022
£
0
64,582
40,000
68,021
0
£172,603
9,541
£9,541
200
0
£200

5. Contingent liabilities and future commitments

The Trust had no contingent liabilities at the balance sheet date (2022 £NIL), and had made no specific commitments to support projects in 2023/24 or beyond (2022 £15,000).

6. Related parties

The Trust's focus is in the main, though by no means exclusively, on the work of I Fagiolini Projects Ltd (IFPL)., a limited company of which Robert Hollingworth is the Principal. Mr Hollingworth resigned as one of the trustees of the Charitable Trust in October 2022.

Total value of IFPL projects supported in the year was £140,365 (2022 £108,112).

Independent Examiner's Report to the Trustees of l Fagiolini Charitable Trust I rewjrt on the accounts of the charity for the year ended 31° Augilst 2023. which are Set out on pages I to 4. Respective Responsibilities of Tn￿tee5 and Examiner As the Charity's trustees you are r¢sp)nsible for the preparntion of the accounts. You consider that the audit requir¢ment of section 144(2) of the Charitie5 Act 2011 (the Act) d(￿S not apply, and that an independent examination is needed. li is my resw)nsibility to exaJnine the accounts under section 145 of the Charities ACL to follow the Procedures laid down in the Generdl Directions given by the Charity Commission¢rs under section 145(5Xb) of the ACL and to state whether particular matter5 have wm¢ to my attention. Basis of Independent ExamiDer's Report My examination was wried out in accordan¢e with the Gen¢rnl Directions given by the Charity Commissioners. An examination includes a review of the accounting r¢¢ord5 kept by the Charity and a comparison of the accounts presented with those records. It also includes consid¢ration of any unusual it¢ms or disclosures in the accounts. and sttking explanation from you as trustees concerning any such matters. The priKedures undertaken do not provide all th¢ ¢viden¢¢ that would be required in an audiL and consequently no opinion is given as to whether the accounts prtsent a 'true and fair vi¢w'. and the report is limited to those matters set out in th¢ slatement below. Independ¢nt Examiner'$ Statement In connection with my examination. no matter hls come to my attention: (l ) which gives me reasonable cause to believe that in any material respect the requirem¢nts to keep accounting re¢ords in accordance with section 130 of the ACL and to prepare accounts which accord with the accounting r¢cords and to comply with the accounting requirements of th¢ Act and with the methods and principles of the Statement of R￿QMMended Practice.. Accounting and RepN)rting by Chariiies (FRS 102) hav¢ not been met" or (2) to which, in my opinion. attention should be drawn in order to enable a proper understanding of th¢ ￿￿Unts to be reached. f ekr J.s o. Peter J. SteVe￿80n Chartered Accountant 8 HaA)ord Road . Oxford OX2 8LJ Date: 7 October2023