CHARrrY REGISTRATION NUMBER: 1159371 Instruments Of Tlme And Truth Unaudited Financial Statements 31 August 2024
Instruments Of Time And Truth Trustees. Annual Report Year ended 31 August 2024 The trustees present their rewt and the unaLKlited finanod slatements 01 th8 tharity lor the year ended 31 August 2024. Reference and administrative details Reglslered charity name Instruments Of Time And Truth Charfty reglstrallon number 1159371 Principal off ice 18 Dunstan Road Headington Oxford OX3 9BY Tho Irustees Sir Jonathan Phillips - Chair of the Trustees Mr Anthony Etstathios Kedros Dr Brittany Wellner James Mr Christ¢Jpher Hart Nurse Mr Michael Stinlon Mr Ne1 Doggett Mrs Rachel Byrt Mr Ralph Walter Dr Janine Aron Professor John Muellebaur Jitka Fort (AFpointed 21 March 20241 (Resigned 21 March 20241 (Resigned 21 March 2024) IResvJned 21 March 2024) Accountants N J Cadvftllader FCCA For and On Behalf of David Cadwallader & Co Limited Suite 3 Bignell Park Barns Chesterton Bicester Oxon OX26 1 TD Structure. governance and management Instruments of Time and Truth was lomied on 26 November 2014 aTrJ is registered with ihe Charity Commission. charrty number 1159371. The management ol the company is the responsitm'lty of the Truslees vtho are elected under t1 lerms of the Articles of Association. The Trustees have assessed the major risks to which the company is exposed. in particular those related to the operations and finances of the charity and are satisfied that Systems and procedures are in place to rnitigale our exFrf)sure lo the major risks. The truslees do nol consKJer that there are any significant risks or uncertainties in the charity at the year end.
Instruments Of Time And Truth Trustees. Annual Report (eonlin Year ended 31 August 2024 Objectives and actlvllles Instrumenls of Time & Trthh's {IT&TI 2023124 season was 0 of ils most SUCC8ssful, building on its a¢hievements and relationships in Oxford and signaNing both celebration and optimism. The ensemble was created to exFdore lesser-krK)wn period works dongside the more familiar performed wtth reference to perth conventions. The 2023r24 season exempltlied both. Sell Promoted Concerts The first self-promoled concert of th8 season was given in November 2023 in the University Church of Sl Mary the Virgin and comprised NM)ndertul performances of Wanhal's Symphony in G, Benda's Flute Concerto Iwth Jonathan Slade as sol(Msll and Zelenka's Requiem. direGted by Edward Higginbottom, all ol which were greatly appreciated by the audTrence. Our annual performance of Handel's Messiah, now a staple of the ciws Chrislmas season. was also very well received by a sell-out audience in the same venue. Buikling on the success ol prelious SMle-by-sKle projects. in January 2024 we delivered an education project exploring the vocd worl(s of the sevenleenlh century female composer. Chiara Margarita Cozzolani. This involved bringing logether students from various colleges in the University ol Oxford for intense workshops. masterclasses and rehearsa15 With conductor Christopher Bucknall and soprano Miriam Allan. These culminated in an engaging performance al Christ Church Cathedral involving IT&T's instrumentalists. In May Ethvard Higginbottom directed a commemoration of the 350th anniversary of the death of English composer Pelham Humfrey at the UnNersty Church. This concert leatured s¢Jme of Humlrejvs choral works alongside works by Locke and Purcell. We returned to Christ Church Cathedral in Juty lor our annual series of summer concerts. These six chamber concerts, presented by membèrs of IT&T's artislic community, engaged contrasting groups ol instruments and comkK)sers to make for a very vibranl overall programme. We are enomiously grateful to the CAVATINA foundation for their supy)rt in ottering free tickets lo young people to attend, an offer which was taken up with much enthusiasm. Externdly Promoted Concerts As a cultural asset to the musical community of Oxford our services as the leading period music ensemble were in high demand. We were thrilled to work with many of the Oxford Colleges as well as performing with some of the cty's other choirs, inclLKling the Summertown Choral Society and the Oxford Pro Musica Singers. We were pleased to be asked lo once again perfixm in the closing concert of the Keble Early Music Festival, a fine semi-slaged pr(Kluction of Handel's Acis & Galalea, and a fixture in Vthh we are delighted lo participale. 1 Olh Anniversary In June we celetKated the lenth anniversary of IT&Ts formalion with a pertormance arKI paty at Jesus
Instrumenls Of Time And Truth Trustees. Annual Report Year ended 31 August 2024 College. This was a great opwrtunity for us to meet wilh our friends and (k)nors and to celebrate a decade of outstanding muS-making. We also launched a fundraising campawJn that has been running throughout the year lo help s8cure the long-term future of IT&T. Achlevements and perfomiance Education work Our excellent relab'onship Vbryth the Oxl(ydshire County Music Service continued in the 2023124 season as we contributed lo some of their workshops by providing internalionally renowned early music specialists lo participate. A particular high1ht of this collaboralion was ihe workshop hdd as part of the Keble Eady Music Feslwal. We are very aware ol the importance of MuSal education and Ihe benefits that this can bring. We are proud ol the partnerships that we have buih wth our local community to help music education in the area. 2024125 As the season comes lo a close are already well into planning for 2024125 and working to secure the long-lerm future and sustainabilty ol the organizalion. This forthcoming season will be one in which we seek to build on our musical success and achieve our fund-raising goals. Flnanclal revlew The financial statements attached detail the fanUal position of Ihe charity for the year ded 315t August 2024. Incoming resources Ic* the year totaled £147.624 of whth £16,930 were for restricted wrposes. (ljtgoing resoLJrces for the ar were £156.608 of which £21.400 were altributable to reslricled funds. Restricted funds Carried fonvard at the yearerxl totalled £11.626 arKI unrestricted funds totaled £52.608. Trustees. responsibilities stalement The trustees are responsible for rKeparing the trustees. report and the tinancial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdorn Generalty Accepted Accounting Practice)- The law applicable lo chwities in Engla1 and Wales requires the charity trustees to prepare financial statements lor each year which give a true and fair wew of the state ol affairs of the charity and of the incoming resources and application of resources, of the charity for that period.
Instruments Of Time And Truth Trustees. Annual Report (corti) Year ended 31 August 2024 In preparing these financHI statements. the trustees are required to: select suilable accounting policies and then awly Ihern consistently,. obseNe the methods and principles in the applicable Charities SORP; make judgments accounting estimates that are feasable and prudent: state whether appIable UK Accounting Starmjards have been followed. subject lo any material departures disclosed and exFlain8d in the financial statements; prepare the finartial statements on tt)e goirKJ ¢oncem basis unless it is inappropriate lo presume that the charty wil continue in business. The ITUStees are responsible for keepirKJ adequate &countir¥J records that are SUfflent lo sh¢)w and explain the charitys Iran5actions and disclose with reasonable accuracy at any lime the financial position of the charity and enable them to ensu that the financial slalemenls comply with the Charitses Act 2011, Ihe applicable Charities {countS and Reports) Regulations, and the provisions ol the Trust Deed. They are also reswnsible for safeguarding the assets of the charrty and hence for taking reasonable steps for the prev8ntion and detection ol fraLKI arKI other irregularities. The Iruslees, annual report was approved on 5 March 2025 and sned on behalf of the board of trustees by.. J--t*-k. Sir Jonathan Phillips Chair of the Trustees
Instruments Of Time And Truth Independent Examiner's Report to the Trustees of Instrumenis Of Tlme And Truth Year ended 31 August 2024 I report to the trustees on my examination of the financial statements of Instrurnents 01 Time And Truth (Ihe charity) lor the year ended 31 August 2024. Responsibilllles and basls of report As the trustees of the charity you are reSP)nble for the preparation of the financi statements in accordance viith the requirements of the CharTties Act 20111.the Act,). I report in respect ol my examination of the tharitWs finanaal statements Carried out urKleT seckn'on 145 of the 2011 Act and in carrying out my examination I have followed all the applicatde Directions given by the Charity Commission under section 145151{b) of the Act. Independent examIn$ statemenl I have completed my examination. I confirm that no material matters have come lo my attention in conn8ction with the examination giving me cause to believe Ihat in any rnat8rial respecl: accounting records were not kept in respect of the charity as required by section 130 of the Act., or the financial statements (k) not accord with those records.. or the financial staternents do not cOmY with the applble requirements conceming ihe fom and content ol accounts sel out in the Charrties (Accounts and Rewrts) Regulations 2008 other than any requirement that the accounts give a 'true arKI fair. view whith is not a matter considered as part of an independent examinalion. I have no concerns and have come across no other matters in connection wtth the examination to which attention should be drawn in Ihis report in order to enable a Fyoper underslanding ol the accounts to be reached. N J Cadwallader FCCA Independent Examiner For and On Behalf of David Caallader & Co L*nited Suite 3 Bignell Park Barns Chesterton Bicesler Oxon OX26 1TD
Instruments Of Time And Truth Slalement of Flnanclal Activilies Year ended 31 August 2024 2024 Restricted funds Total lunds Total funds 20Z3 Unrestrted funds P4010 Income and endowrnents Donations and legacies Charitable activities Inveslrnenl income 16.930 52,024 95.098 502 62.427 103,884 231 95,098 502 Total income 130.694 16,930 147,624 166.542 Expenditure Expenditure on raisirvJ lunds.. Costs ol raising donatK)ns and legacies Expenditure on charitable actiwties Tolal expendliure 11.742 123.466 11,742 144.866 12,312 164,637 21.400 135,208 21.400 156,608 176.949 Net expenditure and net movement In funds 14,514) 14,470) 18,9841 (10.4071 Reconciliatlon of lunds Total funds brought forward Total tunds carried lorward 57,122 16,096 73,218 83,625 52.608 11.626 64,234 73.218 The statement of financial actiwties includes all gains and losses recognised in the year. All income and experKliture derive frorn continuirKJ activitses. The noles on pages O to 14 1(Ym part ot these financlal statements.
Instruments Of Time And Truth Staiemenl of Financlal Positlon 31 Augusi 2024 2024 2023 Current assets Debtors Cash at bank and in hand 13 9.550 57,309 15,695 64,515 66,859 80.210 Creditors: amounts falllng due wlthin one year Net currenl assets 14 2.625 6,992 73,218 64,234 Total assels less current Ilabllllles 64,234 73,218 assels 64,234 73,218 Funds ol the charlty Restricled funds Unrestricted fUlS 11,626 52,608 16,096 57.122 Total charily funds 15 64,234 73.218 These financial statements were approved by the Lw)ard of truslees and authorised for issue on 5 March 2025, and are signed on behalf ol the board by". J--tt- k. Sir Jonathan Phillips Chair of the Truslees The notes on pages 8 10 14 fonn part of these flnan¢lJl statements.
Instruments Of Time And Truth Notes io Ihe Flnancial Statements Year ended 31 August 2024 General informalion The charity is a wblic beneftt entity and a registered charty in Eland and Wales and is unincorKM)rated. The address ol Ihe prI1paI office is 18 Dunstan Road. Headington, Oxford. OX3 9BY. Stalement ol compllance These financial statements have b8en prepared in ccynpliance with FRS 102. Financial Reparting Standard applicable in the UK and the Republic of Ireland.. the Siaternent of Recommended Practice applicable to charities preparing their accounls in accordance th the Financial Reporting SlarKlard aFplicable in the UK and Repu1j of Ireland (FRS 102) (Charities SORP {FRS 1021) arxl the chareS Act 2011. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. as modified by the revalualion of certain financial assets and liabilities and investment properties measured at lair value through income or expenditure. The financial staternenls are prepared in sterling. which is the functional CurrerY of the entity. Golng concem There are no malerial uncertanties about the charitys abilty lo continue. Judgements arKI key sources of estlmatlon uncertainty The pr8paration of the financial statements requires management to make ju(l>ments.estirnales and assumptbons Ihal aflect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other laclors, including expectalions of future events that are believed lo be reasonable urKler the cirGurnstances. Fund a¢counting Unrestricted funds ar8 avalable for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted lurK15 earmarked by the trustees for particular future project or commilment. Restricted funds are subjected to restrictions on their expenditure declared by th8 donor or through the terms ol an appeai. a1 fall into one ol two sub-dasses.. reslricled income funds or endowmenl funds.
Instruments Of Time And Truth Notes io the Flnancial Statements (eonlinlJ Year ended 31 Augusl 2024 Accountlng F)olicies (etYthM} Incomlng resources All ir0mlng resources are included in the slalement of financial activities when entrilernent has passed to the charity., il is probable Ihal the economic benelits associated with the transaction will flow lo the charity and the amounl can be reliably measured. The following specilic policies are applied to particular categon8s of in(x)me: income from donations or grants is recognised when the is evidence of enlitlement to the gift. reCp1 is probthe arKI its amount can be rneasured reliably. jacy irtome is recognised wthen r6reipt is probable and entiuement is eslablished. income frorn donated gocrfjs is measured al the fair value of the gcw)Js unless Ihis is impractical lo measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and semces are recognised in the accounts when received if the value can be reliably Measur1. No amoLJnts are included lor the contriltion of general volunteers. income from contracts for the suppty of services is recognised ¥th the delNery of the contracted service. This is classrfied as unrestricled funds unless there is a contractual requirement for it to be spent on a partKular purpose and returned rf unspent, in which case il may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liabilty is incurred. Expendtture includes any VAT which cannot be fully recovered. and is dassified under headings ol the stalernent of financial activities to which it relates= experKliture on rSirj funds indudes the costs of atl fundraising aclivtlies, events, non- charitable trading activities, and the sale of donated go(MJs. experKltlure on charitable aclivities includes all costs incurred by a charity in uThJertaking activilies that further its charitable aims for the benefit of its beneficiaries, including those support cosls and costs relating to the govemance of the charity app)rtioned to charitable activities. other experKliture includes all expenditure thal is nef(her related to raising fuThJs for Ihe charity nor part ol its expenditure on charitable acbvities. All costs are allocated to expenditure categories reflectirYJ the use of Ihe resource. Direct Costs attributable to a single aclivrty are allocated directly to that actiwty. Shared cosls are apportioned betsveen the activrties they contribule lo on a reasonable, justifiable aThJ ¢onsislenl basis. Financlal Instruments A financial asset or a linanoal liabilty is recogntsed only when the charity becomes a party to the contractual provisions of the instrument. Basic financial inslruments are initially recognised at the amount receivable or payable inclLKling any related transaction costs.
Instrumenls Of Time And Truth Notes lo the Financial Statements (contlrnth Year ended 31 August 2024 Accounting policies (¢MDnwd) Financlal Instruments (con11nd) Current assets and current liabilthes a subsequently measured al the cash or other consideration expected to be pa or received and not discounied. Debt instruments are Subsequent measured at amortised cost. Where investments in shares are publi¢ty traded or iheir lair value can oiheThvise be measured reliably. the investment is subsequently measured at fair value with changes in lair value re¢ognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments. irKIlIng derivalives. are inf(ially recognised at fair value, unless payment for an asset is defèrred teyond llOTmal I51nesS lerrns or financed al a rale ol interest that is not a market rate, in which case the asset is measured at the presenl value ol the lulure payments discounted at a markel rale of interest for a similar debt instrument. Other finala1 instruments are subsequenlly Measured at fair value. with any changes recognised in the statement ol financial actNities, wrth the exception of hedging instruments in a desh3nated hedging relationship. Financial assets that are measur1 at cost or amortiseil cost are reviewed for objective eviden of impairment at the end of each rep)rting dale. If the is objectsve eviderLe of impairment. an impairment loss is iecognised under the appropriate heading in the slalemenl of linanoial actmties in whrch the intlial gain was re¢ognised. For all equity instruments regardless of sonifican. and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are eilher assessed individually or groupwj on the basis of similar credit risk characteristu. Any reversals ol impairrnent are recognised immediately. to the extent that the reversal doe5 nol result in a caryyng amount ol the financial asset that exceeds w*at the carrwng amount would have been the impairment nol previously been recognised. Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2024 Donations Unrestricted Income Restricted Income 35.094 35,094 16,93Q 52,024 16,930 35,094 16,930 10
Instruments Of Time And Truth Notes lo the Financlal Statements (con0n(A9 Year ended 31 August 2024 Donatlons and legacles Unrestricled Funds Restricted Total Funds Funds 2023 Donatlons Unrestricted Income Restricted Income 29.904 29,904 32.523 32,523 29,904 32.523 62,427 Charltablo activities Unrestricled Tolal Funds Unrestrrcted Tolal Funds Funds 2024 Funds 2023 Other income from charitable activities 95,098 95,098 103,884 103.884 Investment income Unrestitted Total Funds Unrestricted Total Funds Funds 2024 FurKIs 2023 Bank interest receivable 502 502 231 Cosls of ralslng donations and legacies Unrestrted Total Funds Unrestricted Tolal Funds FurKIs 2024 Funds 2023 Costs of raising donatM)ns and legacies 11,742 11,742 12,312 12.312 Expenditure on charitsble actlvilles by lund type unrestrted Furxts Restricted Total Funds Funds 2024 PerforTning and Educating Support costs 117,332 6,134 21.400 138,732 6,134 123.466 21,4(M) 144.866 Unrestricted FurKIs Restricted Total Funds FuThJs 2023 Performing and EducatirvJ Support costs 141.406 4,670 18,561 159,968 4,669 146.076 18.561 164.637 11
Instrumenls Of fime And Truth Notes 10 the Financial Slalernents (con&fftKdJ Year ended 31 August 2024 Expenditure on choritable activllies by acllvlty type Aclivttie5 undertaken directly SuFport costs Total lunds 2024 Total fund 2023 Pertomiing and Educating G0Veman cosls 138,732 138,732 6,134 144,866 159,968 4.669 6.134 138,732 6.134 164,637 10. Independent examination lees 2024 2023 Fees payable to ihe irKlependent exarniner for.. Independent examination ol the financial statements 1,290 1,025 11. Staff costs The average head count of emtAoyees during the year was Nil {2023: Nil). No employee rerrfed emFdoyee benefts of more than £60,CKKI during the ypar12023.' Nil). 12. Trustee remuneratlon and expenses No remuneration or oihef benefits from emploJThenl with the charity or a related entty were receiv&J by the trustees. 13. DelAors 2024 2023 Prepalents and accrued inciwne Other deblors 831 14.864 9.550 9,550 15,695 14. Creditors: amounls falling due wlthln one year 2024 2023 Accruas and deferred inc¢)me 2,625 6,992 12
Instruments Of Time And Truth Notes 10 the Flnanclal Statements (eondThMdJ Year ended 31 August 2024 15. Analysis ol charilable lurKIs Unrestrlcled funds 1 September 2023 31 August 20 24 ITe Expendf(ure Transfers General funds 57,122 130,694 (135,3)8) 52.608 At 1 Septemt)er 2022 At 31 August 20 23 Income Exp8nditure Trans18rs General funds 79,666 134,019 {158,388) 1.825 57,122 Reslrlcled funds 1 September 20Z3 31 August 20 24 Incorne Exp8ndilure Transfers Event Support IT&T Education Universty Comrnunty Fund Education SuptKsrt Early Career Artist Grant IT&T Generai 1 Oth Anniversary lund Messiah Donation Core Costs Donation 15,000 10,000 (15,0001 {4.0701 10,ClJO 430 1,096 100 1,000 100 (1.(K)O) 11,330) (21,400} 16,096 16,930 11,626 At 31 Augu 20 1 September 2022 Income Expenditu Transfers Event Sw) IT&T Educalion University Corntnunty Fund Education Support Early Career Artist Grant IT&T Gener 1 Oth Anniversary fund Messiah Donab'on Core Costs Donation 15.01 4,100 15,000 581 (4.100) (5811 244 1244) 11.000} 2,134 11,038} {13,423) 1,096 13.423 3.959 32,523 (18,5611 (1.825) 16,0 13
Instruments Of Time And Truth Note8 lo the Financlal Statements (cOnffl) Year ended 31 August 2024 16. Analysls of net assgls belween funds Unreslfft•J Funds Restricied Total Funds FurKIs 2024 CUrnt assets Creditors sS than 1 year Net assets 55,233 12,6251 11,626 66,859 12,6251 64,234 11,626 Unrestricted FurKIs Restricted Tolal Funds Funds 2023 Current assets Credttors less than 1 year 61,980 14.8581 57,122 18,230 (2.134) 16,096 80,210 16.9921 73.218 14