Dootsign Envelope ID." C1D7297&24F543AD-A34B-507D1247E950 Charity R*glstration No. 1144998 Company Reglstration No. 07341744 (England and Wale81 LA NUOVA MUSICA ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Do¢u51gn Envelope ID." C1D7297&24F543AD-A34B-507D1247E95 LA NUOVA MUSICA CONTENTS Pagel$) Legal and Admlnlstrative Infomiatlon.,......................... Trusteos. Report............... Independent Examiner's Report... Statem9nt of Flnanclal Actlvities...... 10-11 Balanc• Shegt..................... 12-13 Notes to the Accounts.............. 1420
Docusign En¥eknFe IO.. C1D7297&24F543A48.SO7Dfj247E9SD LA NUOVA MUSICA LEGAL AND ADMINISTRATIVE INFORMATION Trust806 C W8aring - Chairperson & Trustee J Ashford - Trustee & Treasurer Iresigned 3011012023) V Aubry- Trustee D S Bernstein Trustee D S J Clegg- Trustee D F M COté- Trustee & Treasurer A F Hickey QC- Trustee (resigned 13107120231 l Laurent- Trustee D Colé was Chairperson until 2411012023 when she was succeeded by C Wearing. J Ashford was Treasurer until his resignation when he was Succeeded by D Coté. Artistic Dirn¢tor D P Bates Bank Lloyds Bank pl Blue Boar Row Salisbury, Wikshi Charity Number 1144998 Company NuMr 07341744 Registored Offlce Pistyll Farm Llanvair Kilgeddin Abergavenny Gwent NP7 9DY Independent Exarnlner Four Fifty Partnership 34 Boulevard Weston-super-mare Somersel BS23 1NF
OouJsvJn En¥elop8 ID.. clD7297>24F3AD-A24&5o7Qj247E9So LA NUOVA MUSICA TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Tru$le&$ who are also dire¢lors for the purposes of the Companies Act are pleased lo present their annual report and finanei81 slatementswhich are also prepared lo meet the requirements for a directors, report and accounts for Companies Act purposes. The legal and adminislralive information $el out on the first page of these accounts forms part of this Teport. The financial slaternenls comply with the Charities Act 2011, the Companles Act 2006. the Memorandum and Arh"cles of Association, and the Charities Slatemenl of Recommended Practice {'Charilies SORP'I lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iraland,. FRS 102 issued in October 2019. OUR PURPOSES AND ACTivrriES The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activf(i8s the Charity should undertake and the public benefit which should be achieved. The Trustees have determined that the objects of the Charity are lo advance the education of the public in the appreciation of music. La Nuova Musica I"LNM°, or Ihe"Charty°) is a period ensemble established by David Bales, which is dedicated lo the music of the Baroque and early Classical periods. 11 aims lo provid& the highest standard of musical performance of 17th and 18th Century repertoire for the benefit of as wide an audience as possible. La Nuova Musica takas its name from Le nuove musiche. a treatise publishe<l in 1602 in Fk)rence by the earty Baroque composer Giulio Cac¢ini11551-16181. Le nuove musffche includes musical examples of how singers can convey precise emotion through ornamenlalion of a melodic line and LNM has used Le nuove musKhe as the guiding principle in 11$ approach to ils musical perfonnanc&s. A natural consequence of the inspiration that LNM has found within the principle5 Df Le nuove musiche Is that all tts performances, whether of vrxal or instrumental music, are consciousty imbued with a sense of drama. David Bates believes that, through a commilrnenl lo a Sense of theatre. LNM accasses the emotional and psychological heart of the repertoire that it performs. A distinguishing characteristic of LNM'S work is rts passion for the discovery and performance of lesser- known gems from the Baroqu8 era. This rediscovery of the old 1$ ¢oupled with commissioning of the new. LNM is dedicated lo the support and discovery of new music, which complements ils performance of the more estsblish8d repertoire. The Trustees have considered the guidance on public bengfrt published by the Charities Commission and consklers that through La Nuova Musica'8 musical aclivily, (( has delivered public benefit in accordanee with the aims of the Charity. La Nuova Musica's repertoire reflects the chief musical foms oflhe Barcque and early Classical periods and includes concerts, performance of opera, (often in Semi- staged versions which improve accessibilityl and recoTding projects. La Nuova Musica conducts pr8 and p05t4oncert conversations with its audiences. open rehearsa15, and mounts master classes with established opera singers and recent graduates from Music Consetvatories clfering engagements to young singers and players where approprkate. ACHIEVEMENTS AND PERFORMANCE Far from being dead and remote, the music and texts of the Baroque and earty Classical èras help 21 st rtIUry listeners lo ponder the ¢oncerns of human nature in an emotionally truthful way. Coming to us from an age before technical means ofcommunicalion and enhancement of sound were available, the music's impact is colourful, sophisticated and visceral. David Bales, emphasis on communiling the emotions contained in this musical repertoire creates an experience that is both accessible and compelling and fomis the hallmark of his performing style.
DO$[gn Erffjelope ID.. C1D7297924FM3AD.A348-507D1247E950 LA NUOVA MUSICA TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI- CONTINUED- FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENTS AND PERFORMANCE Icontlnuedl In 2023 this vision was delivered though LNM'S wular presenee in concerts al the Wigmofe Hall and Sl Martin in the Field$ with artists such as Lucy Crowe and Anthony Roth Costanzo as well as rocordings and broadcasts on BBC Radio 3. LNM also beli8ve$ in the importance of maintaining a recording programme lo support ts sim that ils artistic activity should reach the broadest possible audience. In accordance with this aim a recording of the work perfonned al the 2022 Prom's, Dido and Aeneas, was lea$ed on the Pentatone label in September 2023. In making LNM'S cording of Pureell's Dido and Aeneas ils reccfding of the week. BBC Radio's 3 Record Review said., .1 just thought this was so brilliant from the note.. you keep hearing imaginalivg Ilounshes from Ihgm which just drive everything fonvard and undeoin (he singers in the mosl wonderful way.. The Charity does not have any ernployees but adopts a policy of consulting ils freelance members of staff, and discussing matters wf(h them that are like to affe¢t their interests. Members of staff are made aware of the financial and ewnornic fa¢tors affecting the Charity's perfomiance. FINANCIAL REVIEW The surplus of La Nuova Muslca for the year was £184,751 12022.. deficit £5,018) and the total fund balance on 31 December 2023 was £207,68812022'. £42,937}. This reflects the results of a major fundraising initiative in autumn 2023 aimed at building reseryes to enable the organisation to plan with more certainty. The Trustees are most grateful lo the Charitable trusts and individuals who support the work of the Charty. During the year, donations l¢talling £193,27012022.' £93,386) were made lo the Charty. Many individuals have been particularty generous in 2023., without them the Charity could not continLJe lo daliver ils programme of perfomances and iecordings. The Chartty continues to benefit from the dedicated work of ils newly revamped management team that provides it with the prof¢$sional support structure that is needed to facilitate the smooth running of its activi(ie$, bul without an overfy burdensome layer of fixed c051s. Maintaining this balance remains a ehallenge, but the Trustees believe that by using freelance member5 of staff whose level of activity Can be tsilored to match those of the Charity 81 any given lime, they are able to achieve an appropriate balance of cost control and professional resource. The Trustees believethal the man4emenl team's range of skilb enables the Charity to meet its artistie aspirations and objectives. However, the Trustees keep the cost base of the Charty under Constant review. The Trustees are most graleful for the extensive contributions maje by the management team during the year. The Charity has benefited materialty in this and prevb?us years from the receipt of monies from daims for Orchestral Tax Relief. This has made a very Significant positive drfference to the Charity's financial position during the year. The Charity is entitled lo an Orchestral Tax Relief claim tor the year to December 2023 and a supplementary claim for 2021 amounting 10 £26,78012022'. £40,410).
DocusvJn Envelope ID.. c1D729724F3AtA34B-507Dl247E950 LA NUOVA MUSICA TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT}- CONTINUED- FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW (Continued) RerVeS pollcy and golng concern Reserves are needed to bridge the gap beeen the spending and receiving of income and to cover unplanned emergencies. They are also needed to allow future artistic plans lo be mada with confidence and ambi(ion. The Charity has a policy of maintaining a designated reserve lo cover fixed gverhead costs in line with Charity Commission guidance. The Trustegs Consider that a reserve equivalent lo three months average overheads is sufficienl for these purposes and this has been ¢alculaled as £15,000 for Ihe current year but will need lo be reviewed going forward. A major fundraising init18tive look place in autumn 2023 to build the level of reseTves and further initiatives are planned for 2024. The trustees have reviewed the circumstances of La Nuova Musica and consider that adequate resources ¢ontinue lo be available to fund its ath'vrties for the foreseeable future. The Trustees ar8 of the view that the charty is a going concern. Loan from Davld Bates Prior to the inwrporalion of the charitable company on 10 August 2010, La Nuova Musi¢a was a sole trader business of David Bates. Following incotporalion, certain assets and liabilities were transferred to the Charity and approved by the Board of Trustees. All the assets transferred and disbursement$ made on behalf of the Charity have been aggregated to form the balance of a loan payable lo David B*es. See detail in note 15. PLANS FOR FUTURE PERIODS LNM will continue its r8gular presence at the Wigmore Hall with four performances in 2024. Larger choral works will be given al St Martin's in the Fields and Handel's Arianna in Crala will be perfomied at the London Handel Festival. There will be a major opera project wf(h th8 Grange Festival with five staged perforrnances of Monleverdi's L'inGoronazione di Poppea in the Summer and a new concert initiative in Salisbury at the end of the ygar. In 2025 there are plans for more exciting projects. In the autumn thgre will be a joint production with the Roy81 Ballet and Opera al the Linbury Theatre al the ROY Opera House. In addition lo a major bal1 project with the London Handel Festiv81 in the Sprtng, LNM will visi£ Hannover in Germany and continue rts regular Gyclè of concerts in London, Oxford and Bath. There will be commissions of new music from Luke Styles120241. Huw Watkin$12025) and Tom Coult 120261. As referred lo above, further fundraising initiatives are plann8d for 2024 an¢J beyond. STRUCTURE, GOVERNANCE AND MANAGEMENT La Nuova Musica is a Private Company Llmited by Guarantee (Ragistered in England Number 073417441, incorporated on 10 August 2010 and govemed by the Memorandum and Articles of Association which were approved on 10 Oclc&er 2011. La Nuova Musica is also a Registered Charity (Registered Charity Number 11449981. Authorisalion to dispense wf(h the word"Limited' was granted on 10 August 2010. La Nuova Musica is Committed to achieving ils aims through an artistic programme of concerts, education and recordings.
DvcusvJn Envelope D.. c1D7297&24F3AA347D12d7E9S0 LA NUOVA MUSICA TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) . CONTINUED - FOR THE YEAR ENDED 31 DEGEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT {Continu8d} The charitable company 16 governed by the Board of Trustees which sets the policy of the Charty, determines corporate strategy, Including setting key strategic objectives. makes major decisions about the use ot finances, ensures the propriety of those finances and any financial disclosures to the public and sets a framework for human resouices policy. The Board of Trustees meets at lea51 four times year to oversee the work of the Charty and delegate day-1041ay management of La Nuova Musica lo the Artistic Director. David Bal&$, and to the Chief ExecLrtive. John Sumrners and the Management Team within a clearty understrod framvwork of strategic control. Under the tems of the Articles of ASsociatn. the Trustee8 have the power lo appoint new Trustees having regard lo the requirement for special skills and needs of the Charity. New Trustees are given an induction by the Chair of the Trustees and the Chief ExeGLrtive and are made aware of their legal obligations under Charity law and the aims and Objects of the Charity. Updates and training on new developments is given as needed and by circulating Charty Commission guidancè as appropriate. The Trustees are also the directors for the purpose of company law. None of the Trustees has any benefi¢ial interest in the charilable company. All of the Trustees are members of th8 Company and guarantee to ctsntTlbute £1 in the event of a winding up. The Charity's current p¢li¢y conceming the payment of trade Credrtors is to follow the Prompt Payment Prlncipal rlsks and un¢•rtalnties The Trustees 9larty revwl the risks lo which La Nuova Musica is 8xposed and identifies their possible impacts. Systems have been established to mitigate those risks and procedures devek)ped to eliminate. manage. miligale ortransfer the risk. These procedures are periodically reviewed to ensure that they Still meet the needs of La Nuova Musica. The Trustees have idenlrfied that the principal risk faoed by the charity is financial suslainabilty. In ord8r to mitigate this the Trustees refreshed the Management Team lo piovide a ¢learerframework for control and have developed a Sustainable four-year strategic plan. They also instigated a major ftjndraising initiatwe in aLrtumn 202310 build the level of reserves.
DOC9 EnlOPe ID.. clD7297&24F3A[48-s07D1247E0 LA NUOVA MUSICA TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) - CONTINUED- FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTEES. RESPONSIBIUTIES The Trustees, who are also the Directors of La Nuova Musica for the purpose of company law, are responsible lor preparing the Trustees, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdgm Generally Accepted Accountin9 Praclicel. Company Law requires thè Truslees to prepare accounts for each fi'nancial year which give a true and fair view of the s181e of affairs of the Charity and of the in¢oming resources and application of resources, including the income and gxpendilure. of the Charf(able Company for that year. In preparing these accounts. the Trustees are required to.. - select suitable accounting policies and then app them consistently; - observe the methods and principles in the Charit5 SORP., - makejudgements and estimates that are reasonable and prudent,. slate whether applicable UK Accounting Standards have been followed. subj'ect lo any material departure5 disclosed and explained in the a¢counts,' and prepare the accounts on the going concem basis unless it 1$ inappropriate lo presume that the Charity will continue in operation. The Trust88$ are responsiblg for kèeping adequate accountsng records that disclose with reasonable accura¢y at any lime the financial position of the Charity and enable them lo ensure that the accounts eornply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Gharity and hen¢8 for taking reasonable steps for the prevention and deteCtn of fraud and other irregularities. The Trustees, report was approv by the Board of Trustees on 19 Septert)er 2024 Ms C Wearlng Chairperson and Trustee
th)fU51gn gnv8lop6 ID.. C1D7297>24FUJAD-A34&50701247E950 LA NUOVA MUSICA INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LA NUOVA MUSICA I report lo the charity Iruslees on my examination gf the accounts of the MpanY for th@ year ended 31 December 2023, which are sel out on pages 10- 20. Rosponsibilrts and basis of report As the charity's trustees of the company land also its dirlOrS for the purposes of company lawl you are sponSible fof thg preparation of the accounts in accordance with the requirements of the Companies Act 20061'lhe 2006 Acl'l. Having s*isfied mysell that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eli9ible for independent examination, I report in respect of my examinats'on of your charty's accounts as carried out under section 145 of the Charities Act 2011 Ithe .2011 Ael'l. In Carying out my examination I have followed the Directions given by the Charity Commission under section 1451511bl of the 2011 Ad. Independent examiner's rnport Since the company s gro$$ income exceeded £250.000 your examiner must be a member of a body listed in 8e¢tion 145 of the 2011 Act. I confirm that l am qualrfied lo undertake the examination because l am a member of the Institute of Chartere<l Accountants in England and wa$, thieh Is one of tha listed bodies. I have completed my examination. I confirm that no matters have come to my attention in ¢onn&tion wi(h the examination giving rne cause lo believe.. 111 aceounling r8cords were not kept in respect of the company as required by sect¢on 386 of the 2006 Act., or {21 Ihe accounts éo not accord with thosè accounting rgcords., or 131 the accounts do not comply wlch the aecounting requirements of section 396 of the 2006 Act other than any qUIreMent that the accounts give a 'true and fairt view which is not a matter considered as part of an ind&pendenl examination., or 14} th& accounts have not been prepared in accordance wf(h the methods and principles of the Statement of Recommended practice for accounting and reporting by charities applicable to charities preparing their a¢¢ounts in accordante with th@ Finanual Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to lch attention should be drawn in this report in orderlo enable a prcper understandirg of the COUnt3 to be reached. fv P0fkL4j Lfrl _ Joy Boswell FCA FCCA Dated 21k£Efl8h8e4 201W . Four Fnly Partnership 34 Boulevard Weston-super-mare Somerset BS23 1NF
DorJJgign Envdope ID-. C1D7297&24F543AD-A348-507D1247E950 LA NUOVA MUSICA STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 31.Der-23 31-Dec-23 31e¢-28 31.De¢-22 Unrestrlcted Resthcted Total Total INCOMElforn Donatlon5 &Grant$ Musical Pertormances &R8cordings Bank Interest DrchestraTax Retief GirtAid INCOME 188.270 &3,756 423 26,761 ,194 294.404 5.000 193,270 63.756 423 26.761 16.444 300.654 93,386 , 162.041 40AIO I 14,7 310,803 1,250 6.250 EXPENDifuREon: Raising Funds 15,2501 130,653 135,9031 15.2501 116,6671 130.653 298.9531 1135.903 1315,620 RESOURCES EXPENDED NETINCOME I IDEFICITI FOR THEYEAR NEfMOVEMENTIN FUNDS 6250 16£751 5.018 FUND BALANCESATSTAATOF YEAR FUND 8AiANCESATEMD OFYEAA 42,937 201A38 42,937 207,888 47,955 427 250 The ststemenl of financial xtivi118s includes all gains and losses recognised in the y&ar. All income and expenditure derives from ntInuing aetNilies. The stslemenl of financial activities also ¢omplies with the requirements for an income and expendiluro account under the CoMpanS Act 2006. io-
DocLL8ign Envdope ID.. C1 D7297>24FY3AD-A348-507D1247E950 LA NUOVA MUSICA STATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Ilote 31-0ec-22 31-Dec-22 31tht-22 Unrestr5cted Restrlcted Total INCOME from Donations & Grants Musical Performances & Recordings Orchestra Tax Relief Gift Aid INCOME 24,242 162.041 40,410 6.112 232,806 69,144 93,386 162.041 40.410 14,765 310,603 8,652 77,797 EXPENDITURE on: Raising Funds Charitable Activities RESOURCES EXPENDED 116.6671 201,157 217 824 116,6671 298 953 315,620 NET INCOME I IDEFIOT) FOR THE YEAR NET MOVEMENT IN FUNDS 20O(K) 5,018 FVND BALANCES AT START OF YEAR FUND BALANCES AT END OF YEAR 27,95S 42,937 20.oc 47,955 42.937 The statement of financial actNities iludeS all gains and losses recogni$8d in the year. All ineome and expendrture derives from continuing activities. The stslement of financial activities also complies with the requirement8 for an income and expendrture account under the Companies Act 2006. li-
Docusign Ewlope10.. C1D7297&24F543AD-A348-9)7D1247E950 LA NUOVA MUSICA BALANCE SHEET AS OF 31 DECEMBER 2023 Note 31-Dec-23 31-Dec-22 FIXED ASSETS Intangible Assets Tangible Assets FIXEDASSETS io 1,815 9,000 10,815 2,090 9.000 11,090 li CURRENT ASSETS Trade Debtors Prepaid Expenses Recoverable Tax &T2x Relief Cash CURRENT ASSETS 12 J2 J2 13 4,266 9,793 38,635 206,659 259,353 18,861 410 49,819 21,196 90,286 CREDITORS- FALLING DUE WITHIN IYEAR Taxation & Social Security Other Creditors CREDITORS- FALLING DUEWITHIN IYEAR 14 14 113,8501 135,6521 149,502} 121,4781 123,9831 145.4611 NETCURRENT ASSETS 209.851 44,825 CREDITORS- FALLING DUE AFTER I YEAR Other Creditors CREDITORS- FALLING DUEAFTERIYEAR 15 12,978 112.9781 12.978 12.9781 TOTAL NET ASSETS 207,688 42,937 INCOME FUNDS ALLOCATION Restricted Funds Designated Funds- Reserve Unrestricted Fun(Js TOTALINCOME FUNDS 6.250 15.000 186.438 207,688 15,000 27,937 42.937 -12-
Dsign Elope ID.. C1D72975.24F543AD-A348-507D1247Eg50 LA NUOVA MUSICA BALANCE SHEET- CONTINUED - AS OF 31 DECEMBER 2023 NOTE: The company is entitled to the oxerr¥ilion from the audit requirement contained in section 477 of thè Cornpanies Act. The Trustees arè responsible for ensuring that the Charty keeps accounting records which ccmply with sectiot) 386 01 the Aet and for preparing accounts which give a true and fair view of the stsle of affairs of the Comp8ny as al the end of the financial year and of rt8 incoming resources and application of rgsources, including ils inc¢me and expenditu, for the )Inancial year in accordance with the requirements of sects'ons 394 antl 395 and whh otherwise comply with the requirements of the Companies Act 2006 relating to accounts. so far as applicable lo the Cornpany These financkgl statements have been ppared in accordance with the proMsKJns applicable lo Companies subject lo Ihe Small Companies regime. The accounts were ¥proved by the Trustees on 19 september 2024 Jw. Ms C Wearing ChairrSOn and Trustee Company Registration No. 0734174 13-
Docuslgn Énvelope ID. C1D7297s-24F&43AA34507D1247Eg50 LA NUOVA MUSICA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1-ACCOUNTING POLICIES Charity Information La Nuova Musica is a private Charitable Company limrted by 9uarantee incorporated in England and Wales. The registered off ice is Pislyll Farm, Llanvair Kilgeddin, Abergavenny, Gwenl, NP7 9DY. 1.1 Accountlng convention The accounts have béen prepared in accordance wf(h the Charty's governing document, the Compantes Act 2006 and °Ae¢ounting and Reporting by Chanties.. Slalemenl of Recommended Practice applicoble lo charities preparing their ae¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irend IFRS 1021" {as amended for accounting periods ccfflmen¢ing 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 fr)r Charities apptying FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. The financial statements have been prepared under the historical Gosl convention. The principal accounting policie5 adopted are set out below. The statements are prepared in pounds sterling 1£). 1.2 Going con¢eTn At the lime of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foieseeable lulure. Thus, the Trustees continue to adopt the goin9 concern basis of accounting in preparing the financial statements. 1.3 Charltablo fund5 Unrestricted fvnds are 8vailable for use atthe discretion of the Trustees in furthorance of their Charitable objectives. Re$lricted funds 3r& subject lo S[fiC cond((ion$ by donors as to how they may be usèd. The purposes and uses of the restricted funds are sel out in th& notes lo the financial statemènts. 1.4 Incoming resources Income is recognised when the Charity is legally entitled lo tt after any performance condkions hava been mel. the amounts can be measured reliably, and il 1$ probable that income will be recewed. Cash donations are fecognised on receipt. Other donations are recognised once the Charity has been notified of the donation, Un$$ perfotmance conditions require deferral of the amount. Income tax rocoverable in rglalion to donations received under Gift Aid or deeds of covenant 15 recognised al the lime of the donation. Legacies are recognised on receipt gr otherwise rf the Charty has been notifi'ed of an impending dislribulion. the amount 1$ known, and receipt is expected. If the aUnt is not known. the legacy is Irealed as a Gonlingent asset. 1.5 Res¢urce$ expended Basic financial liabilities, including ¢r8dilors and loans are initialty recognised attransaction price unless the arrangement constitutes a financing transaction, where the debt instrument Is measured 81 the prgsenl value of the future payments discounted at a markel rate of inlerfrsl. Financial liabilrties ¢lassified a5 payable wrthin one year are not amortised. Trade creditOTS are obligations lo pay for goc*Js or Serv@5 that have been acquired in the ordinary course of operation5 from suppliers. Amounts payab are classrfied as current liabilities if payrnent is due within one year or lèss. If not, they are presented as non-cuirent liabilities. Trade Creditors are recognised initially attransaction price and subsequently measured al amortIs cost using the effective interest method. 14-
Docusign Envdope ID: clD7297&24F543AA34&5o7ol247E950 LA NUOVA MUSICA NOTES TO THE FINANCIAL STATEMENTS- CONTINUED - FOR THE YEAR ENDED 31 DECEMBER 2023 Costs ol generating funds comprise the costs associated with attracting voluntary income. Charlable expenditure ¢omprises those costs incurred by the Charilx in the delivery of ts aclwilies and serve$ for its beneficiaries. 11 includes both costs that ¢an be allocated direclty to such aclivits and those costs of an indirect nature ne¢es$ary to support them. 1.6 Intsngible fixed assets other than goodwill The intangible asset comprises the brand associated with the name"La Nuova Musica" as represenlgJ by Baroque music specialists under the artistic direction of David Bales and is slated al cost less accumulated amortisation. Amortisation Is recogni$ed so as to write off the Cost of the asset less its residual value on the following basis.. straight line basis over 20 years. 1.7 Tangible fixed assets Tangible fixed assets are inilialty measured al cost and subsequently measured al cost or valuation, nel of depreciation and any impaimienl losses, Depreciation is recognised so as to write off the cost or valuation of assets less Iheir residual values over their usefijl lives on the following bases.. Office equipment 25Q/o Straight line The gain or loss arising on the disposal of an asset is delerniined as the difference beeen the s81e proceeds and the carrying value of the asset, and is recnISed in nel incomellexpenditurel for the year. The musical instrument included in fixed assets. in the opinion of the Trustees, has an estimated residual value hher than CDSI, so no depreciation has been charged in order to show a true and fair view. 1.8 Impalrmont of flxed assets Al each reporting end date, the Charity rèviews the carrying amounts of its tangible and intangible as$els lo determine whether there is any indication that those assets have suffered an impaimient105S. If any such indication exists, the recoverable amount of the asset is estimalod in order to determine the extent of the impaimnt bss lif any). 1.9 Stocks Stocks associa19d wth recording music are slated al the lower of cost and estimaled selling priceless costs lo complete and sell. These costs wll be matched lo the revenue stream that the rewrded music will generate on distribution of that music. 2 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the Charty'5 accounting policies, the Trustees are required lo make judgements. estimales and assumptions about the carrying amount of assets and liabilities that are not readi apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are ¢onsidered to be relevant. Actual results may drffer from these estimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estirnales aro recognised in the period in which the estimale is revised where the revisK)n affects only that period, or in the period of the revision and future periods where the revision affects both current and future period. 15-
Docusign Enwlop810.. C1D7297&24F543AD-A346-507D1247E950 LA NUOVA MUSICA NOTES TO THE FINANCIAL STATEMENTS- CONTINUED - FOR THE YEAR ENDED 31 DECEMBER 2023 3 DONATIONS AND GRANTS 31-De¢-23 31-Dec-23 31-Dec-23 31-De¢-22 Unrestricted Restricted Total Total Donations & Gift5 Granis Receivable IIMatlons& Grdnls 188.270 5,000 193.270 93.386 188.270 5,000 193270 93 31-Dec-22 31-Dec.22 31.Dec-22 Unrestrlcted Restricted Tot31 Donations & Gifts Grants Receivable Donations & Grants 24,242 69,144 93,386 69.144 93,386 4 INCOME FROM CHARITABLE ACTIVITIES 31.Dec-23 31-De¢-23 31-Detr23 31-Oec-22 Uve p1. CD Sai•s Total Total Income from Performances &Recordings Ro Incorne from Perfomian¢es & Reconlin 59,240 258 4,258 4516 59,498 4,258 63,756 162,041 59.240 162,041 5 GIFT AID 31-Dée-23 31-De¢.23 31-Dec-23 31-Dec-22 Unrestricted Restricted Total Total GiftAid GIftAid 15.194 ,194 1,250 16.444 14.765 14765 6 EXPENDITURE ON RAISING FUNDS 31.Dec-23 31-Dec-22 Costs of generatln Grants & Donations 5,2501 16,667 16-
Docuslgn Envelopa ID.. C1D7297>24F&43AN348-$07D1247E950 LA NUOVA MUSICA NOTES TO THE FINANCIAL STATEMENTS- CONTINUED- FOR THE YEAR ENDED 31 DECEMBER 2023 7 GHARITABLE ACTIVITIES 31-Oe¢-23 31-De¢-23 31-Dec-23 Unres1Cted Restrlcled Total Musical Performance Costs Other Performance Costs Support Costs INote 81 Governance Costs Note 81 Charitable Actlvltles 163.9061 121.1441 141,9261 13,677 130.653 163,9061 121,1441 141.9261 13,6771 130,6531 31-Dec-22 31-Dec-22 31-Dec-22 Unrestricted Restrlcted Total Musical Performance Costs other Performance Costs Support Costs (Note 81 Governance Costs INote 81 Charitable Activitles {137,280) 119,726) 141,428) 12,723) (201,157) 144,3341 1181,613 143,4631 163,1901 110,0001 151,4281 12,7231 298,9531 {97,7971 8 GOVERNANCE & SUPPORT COSTS 31-Dec-23 31-Dec-22 Examinerfs Fees Other Goveinance Costs Governance Costs 13,4SO) 227 12,5001 223 2,723 Staff Expenditure E¥cludingFundraising Operational Expendlture Financial Ex enditure Su ort Costs 133,215) {5,0681 147,4341 12,6341 1,360 51,428 9 EMPLOYEES There were no employees during the year. None of the Trustees were reimbursed for expense5 incurred. 17-
DLKuslgn Envelope ID.. c1D729724F3AD-A34s.sO7D1247E8s0 LA NUOVA MUSICA NOTES TO THE FINANCIAL STATEMENTS - CONTINUED - FOR THE YEAR ENDED 31 DECEMBER 2023 10 INTANG18LE FIXED ASSETS The only intangible fixed asset of the Charity is ils brand namg, 31-De¢-23 31-Dec-22 Initial Book Cost 5,513 5.513 Amortlsation at End of Last Year Amortisation Charged for the Year Amortisation at End of Current Year 13.4231 12751 13,6981 13,147 12761 13,4231 Car Car Amount at End ofLastYear Amount at End of Currem Year 2,090 1,815 2,366 2,090 in 11 TANGIBLE FIXED ASSErs 31-DÈc.23 31-Oec-23 31-Dec.23 31-Dec-22 Musical Offlce Total Total Instruments Equlwnent Cost Al Start of Year Additions I (Disposaisl inlheyear At End of Year 9,000 9.000 9,000 9,000 9.000 9.000 Depreclatlon & Impalmients Atstart olyear Charged in theyèar Ai End of Year C3nylniAmount At Start olyear At End of Year 9,000 9,000 9,000 9,000 9.000 12 DEBTORS 31-Dec-23 31-Dec-22 Tax Claims &Tax Reliets Trade Deblors Prepaid Expenses Amounts Falling Due wlthln l Year 38,635 4,266 9.793 52,694 49.819 18,861 410 69,090 -18-
Docusign Erwelope ID.. ClD7297&24F3Ao-A348-5O7Dl247E95O LA NUOVA MUSICA NOTES TO THE FINANCIAL STATEMENTS- CONTINUED - FOR THE YEAR ENDED 31 DECEMBER 2023 13 CASH & CASH EQUIVALENTS 31-De¢-23 31-De¢-22 Cash & Cash Equivalents 206,659 206,659 21,196 21,196 14 CREDITORS FALLING DUE WITHIN 1 YEAR 31-Dec-23 31-Dec-22 Taxation & Social Security Staff Fees Other Suppliers Deferred income Amounts Fallin 113,8501 13,7251 113,5271 118.4001 {49,5021 121,478} 12,643} 116,590} 14,750) 145,461) Duewlthin l Year Dohrr•d in¢om• 31-Dec-23 31-Dec-22 Deferred i ncome at start ofyear Income released Income deferred 4,750 14,7501 18.400 8,984 18,9841 4,750 Dèterred Income at close of the ear 18,400 4,750 Deferred income at the start of the year relates lo donations received from the Kirby Laing and Garri( trusts for a project which did not go ahead. Both amounts We repaid following the year end. Income deferred in the year relates lo advance receipt from Herrenhausen re a performance in Hannover in 2025. 15 CREDITORS FALLING DUE AFTER 1 YEAR 31-Dec-23 31-Dec-22 Amounls Faliln Due after Iyear 12.9781 12.9781 Creditors due after more than 1 year comprise a loan of £12,97812022: £12,978} from the Artistic Director David Bates. The Board of Trustees and the lender havo agreed th the repayment of this loan will be postponed until after the creation of a $Lthcienl reserve from unrestricted funds, and any amount to be repaid will be linked to that reserye. ConsKleration will therefore be gNen to the repayment of thi5 loan in ¢Jue course. No interest has been paid or arUed on this loan. and no repayment dale has been established. The loan is not repayable wi(hin the next 12 months and has accordingly been included in credrt¢XS falling due after mor8 than one year. -19-
Docusign Envebpe IQ.. C1 D7297&24F543AD-A34&507D1247E95Q LA NUOVA MUSICA NOTES TO THE FINANCIAL STATEMENTS- CONTINUED - FOR THE YEAR ENDED 31 DECEMBER 2023 16 FUNDS The income funds of the Charity include restricted fund$ comprising the following unexpènded balances of donations and grants hekl on trust for specjfic purposes. 81-Dec-22 8ai8nce 2023 Incomli 2023 Expended 31.De¢-23 balance Unrestrlctedl General Fund5 27,937 294404 1135,9031 171,438 Desl iedfunds ,000 15.000 Aubry's re London Handel Festival 2024 Restricted Funds Total Funds 6.250 6.250 300,654 6.250 fj250 207.688 42.937 1135,9031 01-Jan-22 Balanct 2022 2022 31-Dec-22 Incoming Expended Balance Unrestricted / General Funds 12.955 232.806 217.824 27.937 Designated funds .000 15.0 Fidelio- Voung Singers / Acis M. Brandes - Purcell / Mead Recording Various Donors - Dido Recording Lei h Trust- marketin role Restrltted Funds Total Funds 12,0(X)I 20,000 140,0001 45,797 145,7971 io,ooo iio,0001 77.797 97,797) 310.603 1315,6201 20,0(XJ 20.0(K) 47,955 42,937 R8Stricted funds are all held for the purposes of funding the individual performan¢8s, recordiros or other projects they were raised for as described above. 17 ANALYSIS OF NET ASSETS BETWEEN FUNDS 31-Dec-23 31-Dec-23 31-De¢-23 Unrestrlcied Restricted Total Intanglble Fixed Assets Tangible Assets Current Assets Current Liabilities Lon Term Liabilities Total Funds 1,815 9,000 253,103 149,5021 12,978 201.438 1,815 9,000 259,353 149,5021 12,978 207.688 6.250 6.250 -20-