Docusign Envelope ID.. 581968E5-E2G84E9F-6379-DZA625669C17 Charity Reglstratlon No. 1144998 Company Registratlon No. 07341744 (England and Wales) LA NUOVA MUSICA ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Docusign Envelope ID.. 561968E5-E2C84E9F-B379-D2A625669G17 LA NUOVA MUSICA CONTENTS Page(s) Legal and Administrative Inforniation....................................... Trustees. Report..................................................................... 44 Independent Examiner's Report................................................ statement of Financial A¢tivities.......................................... 10-11 Balance Sheet........................................................................ 12-13 Notesto the A¢¢ount$............................ 14-20
Docusign Envelope ID.. SB1968E&E2L84E9F-B379-D2Afj25669C17 LA NUOVA MUSICA LEGAL AND ADMINISTRATIVE INFORMATION Trustees C Wearing - Chairperson & Trustee V Aubry- Trustee D S Bernstein - Trustee D S J Clegg - Trustee D F M COté- Trustee & Treasurer l Laurent- Truslee J McHardy {appointed 28 March 2025} Artistic Director D P Bates Bank Lloyds Bank plc Blue Boar Row Salisbury, Wiltshire Charity Number 1144998 Company Number 07341744 Registered Office Pistyll Farm Llanvair Kilgeddin Abergavenny Gwent NP7 9DY Independent Examiner Four Fifty Partnership 34 Boulevard Weston-super-mare Somerset BS23 1NF
Docusign Envelope ID.. 5B1968E5-E2G84E9F-6379-DZA625669C17 LA NUOVA MUSICA TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees, who are also directors for the purposes of the Companies Act, are pleased to present theirannual report and financial statements which are prepared to meetthe requirements for a directors, report and accounts for Companies Act purposes. The legal and administrative information set out on the first page of thes&accounts forms part of this report. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and the Charities Statement of Recommended Practice ('Charities SOR P,) (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland., FRS 102 issued in October 2019). OUR PURPOSES AND ACTIVITIES The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake and the public benefit which should be achieved. The Trustees have determined that the objects of the Charity a to advance the education of the public in the appreciation of music. La Nuova Musica ("LNM" or the 'Charity") is an ensemble established by David Bates, which is dedicated to music of the Baroque and early Classical periods. It aims to provide the highest standard of musical performance with a focus on 17th and 18th century repertoire for the benefit of as wide an audience as possible. La Nuova Musica takes its name from Le nuove musiche, a treatise published in 1602 in Florence by the early Baroque composer Giulio Caccini (1551-1618). Le nuove musiche includes musical examples of how singers can convey precise emotion through omamentation of a melodic line and LNM has used Le nuove musiche as the guiding principle in its approach to its musical performances. A natural consequence is that all its pefft?rmances, whether vocal or instrumental, are consciously imbued with a sense ofdrama. David Bates believes that, through a commitment to a sense of theatre, LNM accesses the emotional and psychological heart of the repertoire that it performs. A distinguishing characteristic of LNM'S work is discovery and performance of lesser-known gems from the Baroque era. This rediscovery of the old is coupled with commissioning of the new. LNM is dedicated to the support of new music, which complements its performance of the more established repertoire. The Trustees have considered the guidance on public benefit published by the Charities Commission and considers that through La Nuova Musica's musical activity, it has delivered public benefit in accordance with the aims of the Charity. La Nuova Musica's repertoire reflects the chief musical forms of the Baroque and early Classical periods and includes concerts, performance of opera, (often in semi- staged versions which improve accessibility) and recording projects. La Nuova Musica conducts open rehearsals and mounts master classes with established singers and recent graduates from Music Conservatories offering engagements to young singers and players where appropriate. ACHIEVEMENTS AND PERFORMANCE David Bates, emphasis on communicating the emotions contained in this musical repertoire creates an experience that is both accessible and compelling and forms the hallmark of his performing style. In 2024 this vision was delivered though LNM'S regular presence in concerts at the Wigmore Hall, London Handel Festival and St Martin in the Fields in London. Four concerts took place at the Wigmore Hall during the year, three of which featured the soprano Lucy Crowe who performs with LNM regularly. LNM commissioned a new piece by Luke Styles as a companion piece to Carissimi's Jeptha which received its world premiere at the Wigmore Hall in June.
Docusign Envelope ID.. SB1968E5-E2C84E9F37D2A62S669c1/ LA NUOVA MUSICA TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) . CONTINUED . FOR THE YEAR ENDED 31 DECEMBER 2024 A performance of Handel's "Aci, Galatea and Polifemo" in October featuring Lucy Crowe, Fleur Barron and Luigi di Donato garnered a handful of four and five star reviews. "The e,bullient, passionate performance delivered by La Nuova Musica at the Wi more Hall last night proved that there's simply no substitute for excavating every emotion in a score till the whole auditorium zings Artsdesk In April, LNM appeared at the London Handel Festival in a performance of Handel's Arianna in Creta. with a cast of leading soloists, including Beth Taylor and Hilary Cronin. LNM invited young singers from the Royal Academy of Music to join as understudies for this concert, one of whom made her London debut due to the indisposition of one of the soloists. "A thrillingly sung Arianna in Creta at st George's Hanover Square. David Bates, his young cast and La Nuova Musica really set the rafters ablaze." Hugh Canning Operalogue During the summer, LNM gave five performances of Monteverdi's Coronation of Poppea atthe Grange Festival in Wiltshire which was described by Opera Today as "very truly a five star production, and easily one of the best interpretations of Monteverdi or a Baroque opera I have seen. In November LNM gave a performance of Haydn's Creation at St Martin in the Fields which was followed in December by a concert in the Medieval Hall in Salisbury with Lucy Crowe singing highly distinctive arrangements by jazz pianist and arranger lain Farrington of Christmas music through the ages. This was repeated the following night at the Wigmore Hall. FINANCIAL REVIEW The surplus of La Nuova Musica for the year was £5,507 (2023.. £164,751 } and the total fund balance on 31 Dember 2024 was £213,195 (2023.. £207,688). This reflects the results of a major fjjndraising inits-ative in autumn 2023 aimed at building reserves to enable the organisation to plan with more certainty. The Trustees are most grateful to the charitable trusts and individuals who support the work of the Charity. During the year, donations totalling £64,143 (2023.. £193,270) were made to the Charity. Without them the Charty could not continue to deliver its programme of performan$ and recordings. The Charity continues to benefit from the dedicated work of its highly experienced management team that provides it with the professional support structure needed to facilitate the smooth running of its activities, but without an overly burdensome layer of fixed costs. Maintaining this balance remains a challenge, but the Trustees believe that by using freelance members of staff whose level of activity can be tailored to match those of the Charity at any given time, they are able to achieve an appropriate balance of cost control and professional resource. The Trustees are most grateful for the extensive contributions made by the management team during the year. The Charity has benefited materially in this and previous years from the receipt of monies from claims for Orchestral Tax Relief. This has made a very significant positive difference to the Charity's financial position during the year. The Charity is entitled to an Orchestral Tax Relief claim for the year to December 2024 amounting to £51,347 {2023: £21,920). The Charity has a policy of maintaining a designated reserve to cover fixed overhead costs in line with Charity Commission guidance.
Do¢usign ErÈvelope10'. 581968E5-E2C84E9F-8379-02A625669L17 LA NUOVA MUSICA TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) . CONTINUED- FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW (Continued) Reserves policy and going concern Reserves are needed to bridge the gap befNeen the spending and receiving of income and to cover unplanned emergencies. They are also needed to allow future artists'c plans to be made with confidence and ambition. The Trustees consider that a reserve equivalent to six months average overhead5 is sufficient for these purposes and this has been calculated as £65,000 for the current year but will need to be reviewed going forward. A major fundraising initiative took place in autumn 2023 to build the level of reserves and further initiatives are planned for 2025 to raise funding for a collaboration with the Linbury Theatre at the Royal Ballet and Opera on Handel's Giustino. The trustees have reviewed the circumstances of La Nuova Musica and consider that adequate resources continue to be available to fund its activities for the foreseeable future. The Trustees are of the view that the charity is a going concern. Loan from David Bates Prior to the incorporation of the charitable company on 10 August 2010, La Nuova Musica was a sole trader business of David Bates. Following incorporation, certain assets and liabilities were transferred to the Charity and approved by the Board of Trustees. All the assets transferred and disbursements made on behalf of the Charity have been aggregated to form the balance of a loan payable to David Bates. See detail in note 15. PLANS FOR FUTURE PERIODS In 2025, LNM continues its regular presence at the Wigmore Hall with a performance in February of music by Charpentier, repeated at the Steffani Festival in Hanover. A second Wigmore Hall performance in May will feature music by Telemann and Handel with repeat performances in Oxford and Salisbury. In the autumn, LNM will take part for the first ts-me in a co-production with the Royal Ballet and Opera giving eight performances at the Linbury Theatre of Handel's Giustino. This will be followed in November by performances of Mozarvs C minor Mass in Bath, Oxford and St Martin in the Fields in London. As referred to above, further fundraising initiatives are planned for 2025 and beyond. STRUCTURE, GOVERNANCE AND MANAGEMENT La Nuova Musica is a Private Company Limited by Guarantee (Registered in England Number 07341744). incorporated on 10 August 2010 and governed by the Memorandum and Articles of Association which were approved on 10 October 2011. La Nuova Musica is also a Registered Charity (Registered Charity Number 1144998)- Authorisation to dispense with the word "Limited" was granted on 10 August 2010. La Nuova Musica is committed to achieving its aims through an artistic programme of concerts, education and recordings. The charitable company is governed by the Board of Trustees which sets the policy of the Charity., determines corporate strategy, including setting key strategic objectives,. makes major decisions about the use of finances,. ensures the propriety of those finances and any financial disclosures to the public., and sets a framework for human resources policy within a clearly understood framework of strategic control.
Docusign Envelope ID- 581968ES_E2C84E9F_B379-D2A625669C17 LA NUOVA MUSICA TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) . CONTINUED- FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT (Continuad) The Board of Trustees meets four times a year to oversee the work of the Charity and delegate day-to- day management of La Nuova Musica to the Artistic Director, David Bates, the Chief Executive, John Surnrners and the Management Team. Under the terms of the Articles of Association, the Trustees have the power to appoint new Trustees having regard to 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 Executive 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 Charity Commission guidance as appropriate. The Trustees are also the directors for the purpose of company law. None of the Trustees has any beneficial interest in the charitable company. All of the Trustees are members of the Company and guarantee to contribute £1 in the event of a winding up. The Charity's current policy concerning the payment of trade creditors is to follow the Prompt Payment Code. Prlnclpal risks and uncertaintles The Trustees regularly review the risks to which La Nuova Musica is exposed and identifies their possible impacts. Systems have been estsblished to mitigate those risks and procedures developed to eliminate, manage, mitigate ortransfer the risk. These procedures are periodically reviewed to ensure that they still meet the needs of La Nuova Musica. The Trustees have identified that the principal risk faced by the charity is financial sustainability. In order to mitigate this the Trustees instigated a major fundraising initiative in autumn 2023 to build the level of reserves which will be followed in 2025 by an initiative to raise fu nding for a joint production of Handel's Giustino with the Linbury Theatre at the Royal Ballet and Opera.
Docusi9n Envelope ID.. 5819&8E5-E2C&4E9F-837D2A625669G17 LA NUOVA MUSICA TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT>. CONTINUED - FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees, who are also the Directors of La Nuova Musica for the purpose of company law, are responsible for preparing the Trustees, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting practi). Company Law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that year. In preparing these accounts, the Trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP" make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts., and prepare the accounts on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Companies Act 2006. 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. The Trustees. report was approved by the Board of Trustees on 07 July 2025 S*ned by. A5037 2812E1406... Ms C Wearing Chairperson and Trustee
Docusign Envèlope 10: 581968E5-E2C8-4E9F-8379.D2A625669C17 LA NUOVA MUSICA INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LA NUOVA MUSICA I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2024, which are set out on pages 10- 20. Responsibilities and basis of report As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordan with the requirements of the Companies Act 2006 ('the 2006 Act'>. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charty's accounts as carried out under section 145 of the Charities Act 2011 (the '2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b} of the 2011 Act. Independent examiner's report Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales: which is one of the listed bodies. I have completed my examination. l Confirm that no matters have come to my attention in connection with the examinalion giving me cause to believe= {1) accounting records were not kept in respect ofthe company as required by section 386 of the 2006 Act., or {2} the accounts do not accord with those accounting records,. or {3} the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination., or {4} the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended practice for accounting and reporting by charities applicable to charits'es preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Joy oswell FCA FCCA Dated 7 TLJLY 1015 Four Fifty Partnership 34 Boulevard Weston-super-mare Somerset
Do¢u$ign Envelope10.' 5B1968E>E2C8-4E9F-B37O2A62S6G9c77 LA NUOVA MUSICA BS23 1NF STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Note 31-Dec-24 31-Dec-24 31-Dec-24 31-Dec-23 Unrestricted Restrfcted Totsl Total INCOMEtrom Donations & Grants Musical Performances & Recordings Bank interest Orchestra Tax Relief Gift Aid INCOME 53.143 198,433 1,985 51,347 9,750 314.658 11,000 64.143 198,433 1.985 51,347 9,750 325.658 193,270 63,756 423 26,761 16,444 300,654 11,000 EXPENDrruRE on: Raising Funds Charitable Activities RESOURCES EXPENDED 115,2791 1287,6221 1302.9011 115.2791 15,2491 117,2501 304,8721 1130,6531 117.2501 1320,1511 1135.903) NETINCOMEI IDEFICITI FOR THEYEAR I=NET MOVEMENTIN FUNDS) IL757 6,250 5.507 164751 FUND BALANCES AT STARTOF YEAR FUND BALANCES AT END OF YEAR 201,438 213.195 6.250 207.688 213,195 42,937 207,688 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. The statement of financial activitie5 also complies with the requirements for an income and expenditure account under the Companies Act 2006. io-
Docusign Envelope ID.. 581968E5.E2C84E9F_8379.02A625669G17 LA NUOVA MUSICA STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Note 31-Dec-23 31.Dec-23 31-Dec-23 Unrestricted Restricted Total INCOMEfrom Donations & Grants Musical Performances & Recordings Bank interest Orchestra Tax Relief GiftAld INCOME 188,270 63.756 423 26,761 15,194 294,404 5,000 193.270 63,756 423 26,761 16,444 300,654 1,250 6,250 EXPENDITURE on: Raising Funds Charitable Activities RESOURCES EXPENDED 15.2501 1130.6531 1135.9031 15,2501 130.6531 1135,903 NEfiNCOME I (DEFICIT) FOR THEYEAR I=NETMOVEMENTIN FUNDSI 158,501 6.250 164,751 FUND BALANCES AT START OF YEAR FUND BALANCES AT END OF YEAR 42,937 201A38 42.937 207.688 6250 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. li-
Docusign Envelope 10." 581968E5-E2C84E9F-837D2A6256s9c1I LA NUOVA MUSICA BALANCE SHEET AS OF 31 DECEMBER 2024 Note 31-Dec-24 31-Dec-23 FIXEDASSETS Intangible Assets Tangible Assets FIXEDASSETS io 1,539 9,000 10,539 1,815 9,000 10,815 11 CURREMfASSETS Trade Debtors Prepaid Expenses Recoverable Tax & Tax Relief Cash CURRENT ASSETS 12 5,912 10,513 51.825 189,143 257,393 4,266 9,793 38,635 206.659 259.353 12 12 13 CREDrroRS - FALLING DUE WITHIN I YEAR Taxation &SocialSecurity Other Creditors CREDITORS- FALLING DUE WITHIN I YEAR 14 14 17,199) 134,560) {41,759) {13,850) {35,652) (49,502) NEf CURRENT ASSETS 215,634 209,852 CREDrfoRS - FALLING DUE AFTER I YEAR Other Creditors CREDITORS- FALLING DUE AFTER I YEAR 15 12,978 (12,978) 12,978 (12,978) TOTAL NEfASSETS 213,195 207,688 INCOME FUNDS ALLOCATION Restricted Funds Designated Funds: ReSee Unrestricted Funds TOTAL INCOME FUNDS 6,250 15,000 186,438 207,688 73,000 140,195 213.195 For the year ended 31 December 2024 the members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12-
Docusign Envelope ID.. SB1966E5-E2G84E9F-8379-D2A625669C17 LA NUOVA MUSICA BALANCE SHEET- CONTINUED. AS OF 31 DECEMBER 2024 NOTE". The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act. The Trustees are responsible for ensuring that the Charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the Company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the Company These financial statements have been prepared in accordan with the provisions applicable to Companies subject to the Small Companies regime. 07 July 2025 The accounts were approved by the Trustees on Sluned by. A503 2B12E1486.-. Ms C Wearing Chairperson and Trustee Company Registration No. 0734174 13-
Docusign Envelope 10: 5Ellgti3E5-E2G84&9F-8379-L)2Afj25669C17 LA NUOVA MUSICA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1- ACCOUNTING POLICIES Charfty Informatlon La Nuova Musi¢a is a private Chgritable Company limited by guarantee inoorporated in Englgnd and Wales. The registered office is Pistyll Farm, Llanvair Kilgeddin, Abergavenny, Gwent, NP7 gDY. 1.1 Accountlng convention The accounts have been prepared in accordance with the Charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" las amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Ststement of Cash Flows. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. The statements are prepared in pounds sterling (£). 1.2 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue ta adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use atthe discretion of theTrustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Incomlng resources Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are re¢ognised on receipt or otheiSe if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a Contingent asset. 1.5 Resources expended Basic financial liabilities, including creditors and loans are initially recognised at transaction price unless the arrangernent constitutes a financing transaction, where the debt instrLiment is measured at the present value of Ihe future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as currenl liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 14-
Do¢usign Envelope10'. 561968E5-E2C84EgF-B379-D2A625669C17 LA NUOVA MUSICA NOTES TO THE FINANCIAL STATEMENTS- CONTINUED- FOR THE YEAR ENDED 31 DECEMBER 2024 Costs of generating funds comprise the costs associated with attracting voluntary income. Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and ,services for its beneficiaries. It includes both costs that can ,be allocated directly to such activities and. those costs of an indirect nature necessary to support them. 1.6 Intangible fixed assets other than goodwlll The intangible asset comprises the brand associated with the name La Nuova Musica" as represented by Baroque music specialists under the artistic direction of David Bates and is stated at cost less accumulated amortisation. Amortisation is recognised 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 initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value ofthe asset and is recognised in net incomel{expenditure) for the year. The musical instrument included in fixed assets, in the opinion of the Trustees, has an estimated residual value higher than cost, so no depreciation has been charged in order to show a true and fair view. 1.8 Impairment of fixed assets At each reporting end date, the Charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any}. 1.9 Stocks Stocks 8ssociated with recording music are stated at the lower of cost and estimated selling price less costs to complete and sell. These costs will be matched to the revenue stream that the recorded music will generate on distribution of that music. 2 CRETICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the Carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future period. 15-
Docusign Envelope ID: 5Bl968E&E2C84E9F-B37O2A625669C1T LA NUOVA MUSICA NOTES TO THE FINANCIAL STATEMENTS- CONTINUED - FOR THE YEAR ENDED 31 DECEMBER 2024 3 DONATIONS AND GRANTS 31-De¢-24 31.Dec-24 31-Dec-24 31-Dec-23 Unrestrlcled Restrlcted Total Total Donations & Gifts Grants Receivable Donatlons & Granls 53,143 53,143 11,000 64,143 193,270 11,000 11,000 53,143 193,270 31-Dec-23 31-Dec-23 31-Dec-23 Unrestricted Restricted Total Donations & Gifts Grants Receivable Donatlons & Grants 188,270 5,000 193,270 188,270 5,000 193,270 4 INCOME FROM CHARITABLE ACTIVITIES 31-Dec-24 31-Dec-24 31-Dec-24 31-Dec-23 Live Perf. CD Sales Tolal Total Income from Performances & Recordings Royalties Income from Performances & Recordln 198,433 198.433 59,498 4,258 63,756 198,433 198,433 5 GIFT AID 31-Dec-24 31-Dec-24 Unrestricted Restricted 31-Dec-24 Total GiftAid Glft Ald 9,750 9,750 9,750 9,750 31-Dec-23 31-Dec-23 31-Dec-23 Unrestrlcted Restrlcted Total Gift Aid Gift Aid 15,194 15,194 1,250 1,250 16,444 16,444 6 EXPENDITURE ON RAISING FUNDS 31-Dec-24 31-Dec-23 Costs of generating Grants & Donations 15,279 {5,249) 16-
Docusi9n Envelope ID.. S61968s-E2C84E9F-S37g-D2A62SS69C1T LA NUOVA MUSICA NOTES TO THE FINANCIAL STATEMENTS- CONTINUED - FOR THE YEAR ENDED 31 DECEMBER 2024 7 CHARITABLE ACTIVITIES 31-Dec-24 31-Dec-24 31-Dec-24 31-Dec-23 Unrestricted Restrlcted Total Total Musical Performance Costs Other Performance Costs Support Costs (Note 81 Governance Costs Note 81 Charitable Activities 1179,6261 {36,9641 {67,4171 3,615 287,6221 1179,6261 163,9061 154,2141 {21,1441 167,4171 {41,9261 13,615 13,677 304,8721 130,653) {17,2501 117,250) 31-Dec-23 31-Dec-23 31-Dec-23 Unrestricted Restricted Total Musical Performance Costs Other Performance Costs Support Costs (Note 8) Governance Costs (Note 8) Charitable Actlvities (63,906) (21,144) (41,926) 3,677) (130,653) 163,9061 121,1441 141,9261 (3,6771 {130,653} 8 GOVERNANCE & SUPPORT COSTS 31-Dec-24 31-Dec-23 Examiner's Fees Other Governance Costs Governance Costs 13,500) 115) 3,615) (3,450) (227) 3,677) Staff Expenditure ExcludingFundraising Operational Expenditure FinanciaL Ex enditure port Costs (56,663) 16,697) 14,057) (67,417 (33,215) 15,068) (3,643) (41,926 9 EMPLOYEES There were no employees during the year. None of the Trustees were reimbursed for expenses incurred. 17-
Docusign Envelope ID." SB1968E&E2C84E9F-8379-02A625669C17 LA NUOVA MUSICA NOTES TO THE FINANCIAL STATEMENTS- CONTINUED- FOR THE YEAR ENDED 31 DECEMBER 2024 10 INTANGIBLE FIXED ASSETS The only intangible fixed asset of the Charity is its brand name: 31-Dec-24 31-Dec-23 Initial Bookcost 5,513 5,513 Amortisation at End of Last Year Amortisation Charged for the Year Amortisation at End ofcurrentyear 13.698) 1276) {3,974) (3,423) (276) (3,698) CarryingAmount at End of Last Year Carrying Amount at End ol Currentyear 1,815 1,539 2,090 1,815 11 TANGIBLE FIXED ASSETS 31-Dec-24 31-Dec-24 31-Dec-23 Musical Total Totsi Instruments Cost Atstart ofyear Additionsl (Disposals) in the Year At End of Year 9,000 9,000 9,000 9,000 9,000 9,000 Depreclatlon & Impalrments Atstart ofyear Charged in the Year At End of Year CarrylngAmount Atstart ofyear At End of Year 9,000 9,QOO 9,000 9,000 9,000 9,000 12 DEBTORS 31-Dec-24 31-Dec-23 Tax Claims & Tax Reliefs Trade Debtors Prepaid Expenses and other debtors Amounts Falung Due wlthin l Year 51,825 5,912 10,513 68,250 38,635 4,266 9,793 52,694 18-
Docuslgn Envelope ID.. 5BI 968ES-E2G'E9F-8379.D2AfjES669CI7 LA NUOVA MUSICA NOTES TO THE FINANCIAL STATEMENTS- CONTINUED- FOR THE YEAR ENDED 31 DECEMBER 2024 13 CASH & CASH EQUIVALENTS 31-Dec-24 31-Dec-23 . Cash & Cash Equivalents 189,143 189,143 206,659 206,659 14 CREDITORS FALLING DUE wrrHIN 1 YEAR 31-Dec-24 31-Dec-23 Taxation & Social Security Staff Fees Other Suppliers Deferred income Amounts Falling Due within l Year {7,199) (13,8501 {3,7251 (13,5271 (18,400) (49,502) {9,077) (25,483) {41,759 Deferred Incomo 31-Dec-24 31-Dec-23 Deferred income at start of year Income released Income deferred 18,400 8,984 (8.984) 18,400 7.083 Deferred income al close of the ear 25,483 18,400 Deferred income at the start of the year together with income deferred in the year relates lo advance receipts from Herrenhausen re a performance in Hannover in 2025. 15 CREDITORS FALLING DUE AFTER 1 YEAR 31-Dec-24 31-Dec-23 Amounts Fallln Due after l Year 12,978) {12,978 Creditors due after more than 1 year comprise a loan of £12,978 (2023.. £12,978) from the Artistic Director David Bates. The Board of Trustees and the lender have agreed that the repayment of this loan will be postponed until after the creation of a sufficient reserve from unrestricted funds, and any amount to be repaid will be linked to that reserve. Consideration will therefore be given to the repayment of this loan in due course. No interest has b&n paid or accrued on this loan, and no repayment date has been established. The loan is not repayable within the next 12 months and has accordingly been included in creditors falling due after more than one year. 19-
Docu$n Envelope ID.. 581968E5-E2C84EgF-B379-D2A625669G17 LA NUOVA MUSICA NOTES TO THE FINANCIAL STATEMENTS- CONTINUED- FOR THE YEAR ENDED 31 DECEMBER 2024 16 FUNDS The income funds of the Charjty include restricted funds comprising the following unexp.onded balances of donations and grants held on trust for specific purposes. 31-Dec-23 Batance 2024 2024 31-Dec-24 Balance Incoming Expended Unrestricted l General Fund5 Designated funds general Designated funds for Salisbury 2025 Total unrestrlcted f unds 186,438 15,000 256,658 50,000 8,000 314,658 1302,9011 140,195 65,000 8,000 213.195 201,438 {302,901) Aubry's re London Handel Festival Continuo Foundation & Cockayne Grantforthe Arts 6.250 16,2501 Iii.0001 11,000 Restrlcted Funds Total Funds 6,250 207,688 11,000 325,658 117,2501 1320,1511 213,195 31.Dee.22 Baience 2023 31-De¢-23 Incomlng Erpended Balance Unvestrictedl GenefalFunds 27,937 294404 In D•$lgnated funds i&(x)o ,0 Aubry's Te London Handel Festival 2024 Restrlctd Funds Totsl F¢HS 6,250 6.250 6.250 41937 207,688 Restricted funds are all held for the purposes of funding the individual performances, recordings or other projects they were raised for as described above. 17 ANALYSIS OF NET ASSETS BETWEEN FUNDS 31-Dec-24 31-Dec-24 31-Dec-24 Unrestrlcied Restricted Total Intangible Fixed Assets Tangible Assets Current Assets Current Liabilities LongTerm LiabiLities TotalFunds 1,539 9,000 257,393 (41,7591 (12,978) 213,195 1,539 9.000 257,393 {41,759) {12,978) 213,195 -20-