Charity registratron numb8r 1139138 (England and Wales) Company reglstratloFb number 07280079 THE NOVA MUSIC TRUST LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE NOVA MUSIC TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr S LesteT Mr S M R¢xefield Mr J S l Rosef*hJ Mr G Vass Charity number 1139138 Company number 07280079 Registered offlce 33 Ely Place London Unrted lQngdom EC1N 6TD Independent exarniner Thorne & Co I Sl Marls Street Ross-on-wye Herefordshire England HR9 5HT
THE NOVA MUSIC TRUST LIMITED CONTENTS Page Report on artistic acts Trustees. rewt Independent examinerfs report Statement of finanaal activitses Balance sheet Notes to the fin8ncxal ststements 6-11
THE NOVA MUSIC TRUST LIMITED REPORT ON ARTISTIC ACTIVITY FOR THE YEAR ENDED 31 DECEMBER 2024 Orchestra Nova's lotanding parb)ership St Albans Chryal Soaety came to an end in 2024 wkh a perfomiance in Harpenden in April and a further concÉrt at St Ajbans Cathedral in No'iember. The tnjst r8t8in8d its long partnership with the Presteigne F8stN81. engaging muscians for the Festival Oldtra. 2024 wa5 a busy year for recording wilh tsvo BBC cwr(Kludions- a CD of British Piano Cc*)certos wth soloist Clare Hammond and the 8BC sYmphY Orchestra for the Swedish laiEI BIS. and a disc of COnrt0$ by the Dutch composer Henriette Bosmans soloisls Gemma Rosefield, 8enjarnin N8barro and the BBC Philharrnonic for Resonus Cl8ssiG8. Orchestra Nova also joined lorces wth soprano Rowan pier and the Choir of Royal Holloway for a further Resonus Classics CD of music by contemporary Englssh ¢>ynposer, Cecilia McDowall. George Vass Artistic Director ia Iqlis
THE NOVA MUSIC TRUST LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their amual reFth and finanal ststements for the year 9nded 31 De(%mbEr 2024. The financial statements have been prepared in ¢CdanCE Vth the aoxjunting policies set out in not8 1 to the rinanual Statements and comply wtth the charivs deed of trust, Ihe Companies Act 2006 and 'Acctsurrting and Reporting by Charities.. Statement of Recommended Practice applicatle to tharib8s preparing their accounts in accordance with the Financial ReFwbng Standard applicable in Ihe UK and Republic of Ireland IFRS 1021" leffective 1 January 20191. Objectives and activities The principal activlty is the Ferfornance. promtion aThJ record9 of ttjntemporary and twentieth cenlury music. with a SP8ci81ism in the fidd of chamber opera. Public benefit Th8 trustees have pamd due Tegard to guNlance issued by th8 Charity Cornrnission it) deciding what activities the charity should undert8ke. Achievements and perfomiance Slgnifjcant actwifyes and 8chffevements againstobiectswes FÈnan¢ial review Structure, governance and management The charity 15 o)ntrolled by its goveming documenL a dwl of Iru5L and constitutes a limited company. limited by guarantee. as defined by the Companies Acl 2006. The trustees, who are also the direct tr the wrpose of ccThpany law. and %tho seNed during the year and up to the date of Signatu of the financaal stst8menls we. Mr S Lester Mr S M Rosefiekl Mr J S l Rosefidd MT G Vass R&cNitment and apptSlIt of trustees The trustees. report was approwj by Ihe Board of Trustees. Mr J S l Rosefield Trustee 25 Septernber 2U25
THE NOVA MUSIC TRUST LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NOVA MUSIC TRUST LIMITED I report to the tnjstees on my examination of lh8 statemenls of The Nova Music Trust Limited (the tharityl forth8 y8ar 8nded 31 December 2024. Responslbllltles and basis of rèport As the trustee5 of the c*arity land 8150 its directors lor the purposes of COTnpany lawl. you are responsible for the preparation ofthe finaaoal sttttents in a(u%dance wrth the reqU1ments ofthe Cornpanies Act 2006. Having satisfied myseff that the financial statements of the charity are not required to be auditej under Part 16 01 the Companies Act 2006 and are eligible for independent exarninab"on. I report in respect of my examination of the charity's financicil statement5 camed out under sectyon 145 of the Charities Act 2011. In carying out my examinats.on I have followed the DiT8ctions given by the Charity Commission under section 14515llbl of the CharitiesAct 2011. Independent examlnèvs statement I have completed rny ex3minab"on. I confim) that no matt8rs have come to my attention in conn8thon with the ex8rnination giving me cause to believe that in any material respect.. accounting record5 were not kept in respect of the thanty as requirgj by section 386 of the Compani8s Act 2006. the ffinancial statements do not acrxjrd wilh ih)se records.. or the financial ststernents do not comply vAth the aOUb.g requirements of section 396 of Ihe Companies Act 2006 other than any reQUirnent that th8 ffinanoal statemenls give a tlue and fair wew, which is nct a matt conSided as part of an independent examinati(n'. the financial statements have rkot been prepa in a(tsydan wilh the m8thods and prinuples of the Statement of RecomTnended Pracbce for accounting and reporting by tharities applicable to charities preparing their finanual statements in acwrd8nr£ ¥th the Finanual ReFNybng Standard applicat8 in the UK and Republic of Iland IFRS 1021. I have no COMMS and have acm5s no other matters in (nnectiC wtth the examination lo which attention should be drawn in thi5 report in otder to enable a proper understanding of the finantial stalemenis to be reached. Samantha Andrew5 Chartered Certffied Accountant Thorne & Co. Accountants 1 St Maws Street Ross-on-wye Herefordshire HR9 5HT Dated.. 25 SeptemtrRr 2025
THE NOVA MUSIC TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 UnTestricted R•strleted funds lunds 2024 2024 Totsl Unrestricted Restricted funds funds 2023 2023 To¢al 2024 2023 Notes Incorne frorn- RecoTding donations Charitable aeb"Ves 37,355 12.100 37,355 12.100 10,500 12,700 10,500 12,700 Total Income 49.455 49.455 23,2CK) 23,200 Expenditure on= Charitable acbvities 49,707 49,707 23.087 23,087 Total expenditure 49.707 49,707 23.087 23,087 Net incomellexpendlturel and movement in fund5 12521 12521 113 113 Rèeonclllatlon of funds: Fund balanc8s at 1 January 2024 1,451 378 1.829 1,338 378 1,718 Fund balanc8s at 31 December 2024 1.199 378 1.577 1.451 378 1.829 The statement of financial actiwtses indudes all gains an(1 Ioss88 rertsjnised in the year. All irtome and expenditure derive from continuing activities.
THE NOVA MUSIC TRUST LIMITED BALANCE SHEET AS A T 31 DECEMBER 2024 2024 2023 Currènt assets Debtors Cash at bank and in hand 11 385 1.744 379 7,054 2,129 7,433 Creditors.. amounts fallin9 due wlthln one year 12 15521 15,6041 Net current assèts 1.577 1,829 The funds ofthe charsty Restricted income funds Unrestrided funds 13 14 378 1.199 378 1,451 1,577 1,829 The company is entiued to Ihe 8x8Fnption from the a[l requirement contsined in secion 477 of the Companies Ad 2006. lor the year ended J1 December 2024. The directors ad(novAedge their responsitrmlities for comFtying Ihe rwuirements of the Ccffipanies Act 2006 with respect to accounting records and the preparalion of finan(xal slatetnents. The rnembers have not requir8d lh8 CrpanY to c4)lain an au¢Jit of its financaal stateMts the y8ar in question in accordan with Section 476. These financial statements have been rx8pared in a¢(danc@ wilh the prow&ons ap1¢able to (MpanIeS subject lo th8 small cornpan regim8. The financAal statements were approved by the twsle8s on 25 SeptembeT 2025 MrJSIRose Trustee ass Trustee CoTnpany LStratiOn number 07280079 IEngland and Wales)
THE NOVA MUSIC TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng polici Charity information The Nova Music Trust Limthd is a Fmte CJwitsle ¢)ynpany limi18d by gu8rantee in¢>xporated in England and Wales. The registered office is 33 Ely Hace. Lond. ECIN 6TD, United 'ngdom. 1.1 Ba515 of preparation The financi81 statements have been prepared in accordance the charitys goveming docurnent, the Companies Act 2006. FRS 102 Yhe Finan(aal Repotting Standard applicable in the UK and Republic of Ireland. and the Charitie5 SORP "AcoyJnb"ng and Reporbng by Chartbe5." Statement of Recornmended practi applicaNe to tharitses preparing Iheir accounts in aoxrdance with the Finana Reporb'ng StaTrd8rd applicable in the UK and Republic of Ireland IFRS 102)". The is a Public Benefft Entity as defin8d by FRS 102. The charity has tsken a(fvantsge of the pSlOn$ in the SORP for caribe5 not to prepare a statanent of cash flows. The finanual st8ternents are prepafed in 5tsling, is the ftkndion81 cuttency of (he tharity. Monet8ry amounts in these finanaal statements ate younded to the nearest £. The Iln8ncial statsrnents have been pared under thè hi8torical o)st o)nvention, Imrxlffied to indude the aluation of freehold properties and lo indude investsnent properbe5 and (%rtain ffinanaal instrui)ents at fair valuel. The prinupal accounting poliries adopted are Set out below. 1.2 Going conc•m At the time of approviThJ the financial statements. the Intee$ have a reasonable Èxpectation that the charity has adequate sOUrceS to continue in operational existence for the I0eeable future. Thus the trLee$ ontinue to adopt Ihe going (x)nM basis of accounting in preparing the )Inanrial 5taternents. 1.3 Charrtabl8 funds Unrestricted funds are available for use al the disuetion of the twstees in furtheranLE of their charitable objectives. RestricÈed funds are subjed to speufic condllron5 by dOnS or grantors a5 to h(yw Ih8y may be used. The purposes aE uses of the restricled lunds arE set OLrt in the notes to the financial ststements. Endowment funds are subject to SFeryfic (x)rKlth% by doryjrs Ihat the (xtKtal rnust LE maintained by Ihg chanty. 1.4 Incom• Income is recognr5ed when the char5ty is legalty entitied to it after any performance (x)ndth"ons have been meL the amounts can be Tneasured rdiably, and it is prcknable ihat income will be received. C8sh donations are recrynised on receipL Other dma11t5 are relnIsed the charity has b8en notified ol the donation, unless perfomance conditions require deferral of the amounL Income tax recoverable in relation to donations received Und GiftAid or de5 of covenanl is renISed 81 the time Dfthe donation. L8gaa85 are recognised cffi rwxipt or otherwse rf Ihe (arrty has been notffied ol an impending distribution. th8 amount is knovm, and recwpt is expected. the arnount is known, the legacy is treated as a contingent asset.
THE NOVA MUSIC TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontinuodl 1.5 Expenditure Expenditure is re(ognised there 15 a legal (ff constructive oNigation to transfer economic benefit to third paty, it Is probabSe that a transfer of ec£*Lomic beneffts wll be required in sethemenL and Ihe arnount of the obligation be tneasured reliably. Expenditure is dassified by activrty. The costs of each acbyity are made up of Ihe total of dir&1 costs and shared costs. induding support costs invofved in undertaking each activrty. Direct costs attn'butstde to a single activity are allocated directly to Ihat acbvity. Shared costs which contribute to more than one activity and support costs which a not attributsble to a single adivity are aptM)rboned belween those aCtitieS on a basis consistent wrth the use of resources. Central staff cwts are alrated on the basis ol time spent, and deprec4ation charges are allocated on the F¥)rbon of the asset'5 use. 1.6 Cash and cash equtvalents Cash and cash equivalents indude $h in hand. deFN)Sits held at 11 th banks, other shottrtem liquid investments with onginal malurits"e5 of three nhS ¢y les5, and b8r& overdrafts. Bank overdrafts are shown wthin borrowings in CUTrent liabl1'es. 1.7 Financial tnstrurnents The Charity has elected to apY Ihe pro¥nOnS of Sedion 11 'Ba$i¢ Fin8na81 Ins1nJments' and Section 12 'Other Financial Instwments l&wes' of FRS 102 to all of its fin8ncial instruments. Financial inthrnents are CogniSed in the tharitys balance sheet then the charrty becomes paty to the contradu81 proS1onS of the instnjment. Finandal assets and liabile5 8Te offset. the net arnounts presented in the finanaal statements, when Ihere is a lega15y enfoTceable right to set off the recognised amounts and there is an intention to sethe on a Net basis orto realise the asset and settle Ihe liabÈlrty simuthieousty. Basle Ilnanclal assets Basic financial assets, which indude debtols and oxsh an(J bank balances, aTe initially rne8sur8d transadion pri including transaction costs and are subsequenlty cArried at arno5ed cost using the effective interesl melhod unless the arrangemenl o)nstitutes a finanung transaction, where the transaction is rneasured at the present value of Ihe future receipts discounted at a market rate of interest. Financxal 8ssets da5silied as r8ceNable within one year are not arnorlised. Basic financial Ilabllltles Basic financial liabil.e5, induding ueditofs and bank loans are initially recognised al transaction price unle&s the arrangernent c¢)nslTtuies a finanung transacti, vthere the debl Instr¢Jment is measured at the present value of the future payments discounted at a market rate of intere5L Financ4al liabilities dassified a5 payable within one year ar8 not amorbsed. Debt instrurnents are subsequendy ¢rried at anvbsed c(tsL using Ihe effective interest rate method. Trade cx8ditors are obligab.ons to pay for gcrfjds or SerS that have been acquired in the Ordin CDurse of operations from suppliers. Amwnts payable are dassified as cjjrrent liabilities if paymenl is due wthin ofte year or less. If not, they are presented as nOn4rrent liabilities. Trade uedilors are recognised inib.ally at transadion price and subsequently rneasured at arTM)Ftised cost using the effective interest method. Der8cognltlon of financial lialI11e$ Financial liabilities are derecognised when the charyvs (xyrtrathjal obligations expire or are discharged or canlled.
THE NOVA MUSIC TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢countlng pollcles Icontlnuedl 1.8 Employee benefits The cost ol any unuse(I hdiday enbuewnent is reo)gniwl in the wi(Ml in %thid) Ihe employee's services are received. Terminaticn benefits are recxjgnised imrnediately as an expense vhhen the tharity is dernon5trably committed to terminate the ernployment of an ernOyee or to prowde twminats.on benefits. Crftlcal aoUntIng e5timat8s and Judgements In the applitxtion of the charitys acrounting rM)lleS, the trustees a required to rnake judgements, estimates and assumptions about the Ggrwng amount of assets and liabiltb85 that. are not Teadily apparent from other sources. The estimates and asswated assumplions are bas8d on historical experience and other faCtS that are ccffjsidereil to relevant. Actual results may differfrDm these estimates. Th8 85ts"tnates and underfying assumptTrorhs are rtrwewed on an ongoing basis. Rewsion5 to accounting 8Stimates are recognised in the peri(Ml in which Ihe estimate is revised where the Tevision affect5 lY that period, or in the period of the Temsion and fiJtUTe peiicxjs wheTe the rewsion aff8cts both txjrrent and fijture periods. Incom• from recordlng donations Unrestricted nds 2024 Unrestrlcted funds 2023 th)nations and grfts 37,355 10.500 Incom• from charltsble activities Unrestrlcted Unrestrlcted fvnds funds 2024 2023 Cone•rt engagements Inc0rn8 11,700 12,600 Recordlngs Incx)rTt8 400 1CK) 12.100 12,700
THE NOVA MUSIC TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Exp8ndttur• on charftable activitles 2024 2023 Direct costs Artist fees and Èxpenses In5uranc8 Sundry Venue and equipment Music hirg Bank lees Accountancy RerA)rd4ng ¢x)sts 20,442 654 17,243 641 345 1,417 750 123 168 2,400 105 102 604 23,354 49.707 23,087 Analysls by fund Unr8strict8d fvnds 49,707 23,087 Net movement in funds 2024 2023 The net rnovement in fijnds is slated after chargiwluedtbrol.. Fees payable lor the independent examinab.on of the (antys finana81 Statements 168 Trustees None of the twstees lor any persons conne(aed ¥th them) e1Ved any rernuneE3tion or benefits from the charity durbng the year. Employees The average monthty number of employe&q during the yearvrds". 2024 Number 2023 Number Total There were no employee5 whose annual remuneral>)n was more than £60.LKMJ. Taxalion The charity is exempl frcffl taxation its acbvibes tUSe all tts incorne is aptAied for carTtable PUTposes.
THE NOVA MUSIC TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Limited by guarantee The company is a private COTnpany limited by guarantee and ConseqUty doe5 not have sh8r8 c8Pltal. Ea of ifs members is liable to cL*rtribute an amount not exceeding £1 towards the assets of the company in the event of liquid8ts"on. 11 Debtors 2024 2023 Amounts falllng due within one year. Prepayments and ac(nJ8d inix)me 385 379 12 crlIOrs. amounts tslling du8 wlthln one year 2024 2023 Other creditOTS Accruals and deferred in(x)me 5,100 504 552 552 5.604 13 RtstrScted fund5 The restricted fvnds of the thlty compwise the unexpended balances of donations and grants hdd on Injst subject to $ffic condrtions by don(x5 as to how tw may be used. At 1 January 2024 A131 D8cEmber 2024 378 378 Previous yèar. At 1 January 2023 At31 December 2023 General 378 378 10-
THE NOVA MUSIC TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2024 14 Unrestrlcted funds Th8 UnStrided funds of the chaTity comprise the unexpended balan(xs ofdonation5 8nd grants ythich are not sul'ect to specafic conditions by donors and grdntors as to how they rnay be used. These indude designated fund8 which have been set asKlg Imrt of unrestricted funds by thè trustees for speufic purposes. At31 December 2024 At 1 January 2024 Incoming resourcès Resources expended General 49.455 149.707) 1,199 Prevlous year: At 1 January 2023 Incoming resources R•sources expended At31 Decernber 2023 General 1,338 23,200 123,0871 1,451 15 Related paEty transactions The company ent?d into a cA)ntrad during the year vrith Presteigne Festival of Music and the Atrts Limit8d and was paid £400 12023 - £1001 for 5eNices perfomied at the Festival. Mr George V855, a director of the company, is also a directc* of Pr8steigne Fes15val of Music and the Arts Limiled. 11