2025-08-31-accounts

CHARITY REGISTRATION NUMBER: 1159371

Instruments Of Time And Truth Unaudited Financial Statements 31 August 2025

Instruments Of Time And Truth

Trustees' Annual Report

Year ended 31 August 2025

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 August 2025.

Reference and administrative details

Registered charity name Instruments Of Time And Truth Charity registration number 1159371 Principal office 18 Dunstan Road Headington Oxford OX3 9BY

The trustees

Sir Jonathan Phillips - Chair of the Trustees Mr Anthony Efstathios Kedros Dr Brittany Wellner James (Resigned 30 November 2024) Mr Christopher Hart Nurse Mr Michael Stinton Mr Nigel Doggett Mrs Rachel Byrt Mr Ralph Walter (Resigned 30 September 2024) Dr Janine Aron (Resigned 30 November 2024) Prof John Muellbauer (Resigned 30 November 2024) Professor Julie Curtis (Appointed 1 March 2025) Mr Richard Wigmore (Appointed 1 March 2025) Independent examiner N J Cadwallader FCCA For and On Behalf of David Cadwallader & Co Limited Suite 3 Bignell Park Barns Chesterton Bicester Oxon OX26 1TD

Structure, governance and management

Instruments of Time and Truth was formed on 26 November 2014 as a Charitable Incorporated Organisation with Company Number CE003333 and is registered with the Charity Commission, charity number 1159371.

The management of the company is the responsibility of the Trustees who are elected under the terms 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 mitigate our exposure to the major risks. The trustees do not consider that there are any significant risks or uncertainties in the charity at the year end.

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Instruments Of Time And Truth

Trustees' Annual Report (continued)

Year ended 31 August 2025

Objectives and activities

Instruments of Time and Truth (IT&T) enjoyed a very rewarding season in 2024/25, with a wide-ranging programme of self-promoted concerts and other collaborations. It was also a year in which substantial progress was made towards the ambitious tenth anniversary fund-raising goal set the previous year. Shortly after the year-end that campaign achieved its target of raising £50,000.

Self Promoted Concerts

Given IT&T's focus on lesser known works, it was very appropriate that the season began, as it were at the beginning of the eighteenth century, with a performance of Antonio Caldara's too infrequently heard oratorio Maddalena ai Piedi di Cristo. Both the instrumentalists and a wonderful line-up of young soloists under the direction of Edward Higginbottom were much appreciated by the audience in the University Church of St Mary the Virgin. This was followed in the Christmas period by our now annual performance of Handel's Messiah, distinguished from many others in the season by its acknowledgment of period conventions.

The New Year saw another consistent element of our programming, a side-by-side education project, in this case as part of the Keble Early Music Festival. It was directed by Christopher Bucknall alongside Miriam Allan and involved a performance of Monteverdi madrigals with twelve student singers. Their feedback ranged from "immensely satisfying" to "incredible".

This was just one element in the educational engagement which we continue to value. Working in partnership with the Oxfordshire County Music Service, for example, members of the ensemble were involved in coaching for Oxybaroxy, an opportunity for string players to explore the repertoire of the 17th and 18th centuries.

Two strikingly different performances featured in May and June 2025, respectively, both under Edward Higginbottom's direction and both very well-received. The former was a performance of Marcello's Psalm 50, a spiritual cantata rather than a liturgical setting, and Bach's sixth Brandenburg Concerto. The latter was a celebration, in the Sheldonian Theatre, of the 300th anniversary of the Paris Concert Spirituel. Works by Gossec, Clérambault, de Mondonville and Davaux were programmed alongside Mozart's "Paris" symphony. There was enthusiastic support for this project within the University of Oxford, notably from the new Cultural Programme led by John Fulljames.

And then we returned to the familiar space of Christ Church Cathedral in July and August for our annual summer series. Each of six chamber concerts was curated by a different member of our artistic community and provided excellent opportunities for both long-time supporters and short-term visitors to Oxford to experience the excellence of our performances.

Externally Promoted Concerts

IT&T as an outstanding period music ensemble is now well-established as a partner in Oxford and the wider region. In this year we were delighted to work with several of the Oxford colleges - New College, Magdalen and Keble - as well as other local groups, including the Summertown Choral Society and the City of Oxford Choir. But the year also saw the ensemble broaden its range of collaborations to include concerts with Siglo d'Oro, Stratford Choral Society and, in Cambridge, the King's Voices.

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Instruments Of Time And Truth

Trustees' Annual Report (continued)

Year ended 31 August 2025

Achievements and performance

IT&T continues to provide public benefit and meet its charitable objectives through public performances and educational workshops.

In numerical terms, our greatest impact is through our public concerts. The trustees promote concerts featuring lesser known repertoire and thus provide a window on early music that may be receiving its first performance in modern times. The ensemble is also made available to other organisations thereby providing an authentic period sound for their performances.

Our Education programmes focus on delivering high impact to individuals. Participants in our earlycareer artist programme, selected by competitive audition, flourish in rehearsal and performance opportunities with our highly experienced musicians; this programme was paused during 2024-25 due to shortage of funding. Side-by-side student consort opportunities have become a staple of our IT&T seasons. Our Monteverdi Madrigals project, a side-by-side project that led to a public performance as part of the Keble Early Music Festival, involved 12 student singers, and the feedback from participants clearly demonstrates the value of our programmes:

'Miriam and Chris are a total dream team! Working with them on something they're clearly so passionate about was a total joy, incredibly productive, informative, and enormously inspirational. I've come out of the program as a more confident and better informed singer and performer. Thank you! '

'Immensely vocally satisfying; fantastic group of people to work with; thoroughly enjoyable musical project and such a brilliant concept to work on. I would happily and highly recommend this project to any interested in small chamber choral music.'

Where we collaborate with ensembles within educational settings, the impact is increased: students in particular have the benefit of performing alongside top musicians in a 'side-by-side' experience. We work with several Oxford colleges, the Oxford County Music Service and amateur ensembles.

We continue our creative and imaginative approach to maximising impact, in both qualitative and qualitative terms.

Financial review

The financial statements attached detail the financial position of the charity for the year ended 31st August 2025.

Incoming resources for the year totaled £240,797 of which £52,615 were for restricted purposes.

Outgoing resources for the year were £222,970 of which £62,687 were attributable to restricted funds.

Restricted funds carried forward at the yearend totalled £1,454 and unrestricted funds totaled £80,607.

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Instruments Of Time And Truth

Trustees' Annual Report (continued)

Year ended 31 August 2025

The trustees' annual report was approved on 29 May 2026 and signed on behalf of the board of trustees by:

Sir Jonathan Phillips Chair of the Trustees

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Instruments Of Time And Truth

Independent Examiner's Report to the Trustees of Instruments Of Time And Truth

Year ended 31 August 2025

I report to the trustees on my examination of the financial statements of Instruments Of Time And Truth ('the charity') for the year ended 31 August 2025.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

N J Cadwallader FCCA Independent Examiner

For and On Behalf of David Cadwallader & Co Limited Suite 3 Bignell Park Barns Chesterton Bicester Oxon OX26 1TD

29 May 2026

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Instruments Of Time And Truth

Statement of Financial Activities

Year ended 31 August 2025

			2025		2024
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	4	95,606	52,615	148,221	52,024
Charitable activities	5	92,212	–	92,212	95,098
Investment income	6	364	–	364	502
		─────────	────────	─────────	─────────
Total income		188,182	52,615	240,797	147,624
		═════════	════════	═════════	═════════
Expenditure
Expenditure on raising funds:
Costs of raising donations and
legacies	7	6,020	2,700	8,720	11,742
Expenditure on charitable activities	8,9	154,263	59,987	214,250	144,866
		─────────	────────	─────────	─────────
Total expenditure		160,283	62,687	222,970	156,608
		═════════	════════	═════════	═════════
		─────────	────────	─────────	─────────
Net income/(expenditure)		27,899	(10,072)	17,827	(8,984)
		═════════	════════	═════════	═════════
Transfers between funds		100	(100)	–	–
		─────────	────────	─────────	─────────
Net movement in funds		27,999	(10,172)	17,827	(8,984)
Reconciliation of funds
Total funds brought forward		52,608	11,626	64,234	73,218
		─────────	────────	─────────	─────────
Total funds carried forward		80,607	1,454	82,061	64,234
		═════════	════════	═════════	═════════

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 8 to 14 form part of these financial statements.

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Instruments Of Time And Truth

Statement of Financial Position

31 August 2025

		2025	2024
	Note	£	£
Current assets
Debtors	13	77	9,550
Cash at bank and in hand		92,366	57,309
		────────	────────
		92,443	66,859
Creditors: amounts falling due within one year	14	10,382	2,625
		────────	────────
Net current assets		82,061	64,234
		────────	────────
Total assets less current liabilities		82,061	64,234
		────────	────────
Net assets		82,061	64,234
		════════	════════
Funds of the charity
Restricted funds		1,454	11,626
Unrestricted funds		80,607	52,608
		────────	────────
Total charity funds	15	82,061	64,234
		════════	════════

These financial statements were approved by the board of trustees and authorised for issue on 29 May 2026, and are signed on behalf of the board by:

Sir Jonathan Phillips Chair of the Trustees

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Instruments Of Time And Truth

The notes on pages 8 to 14 form part of these financial statements.

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Instruments Of Time And Truth

Notes to the Financial Statements

Year ended 31 August 2025

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is a Charitable Incorporated Organisation. The address of the principal office is 18 Dunstan Road, Headington, Oxford, OX3 9BY.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

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Instruments Of Time And Truth

Notes to the Financial Statements (continued)

Year ended 31 August 2025

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

• income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

• legacy income is recognised when receipt is probable and entitlement is established.

• income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

• expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.

• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

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Notes to the Financial Statements (continued)

Instruments Of Time And Truth

Year ended 31 August 2025

3. Accounting policies (continued)

Financial instruments (continued)

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Donations and legacies

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2025
	£	£	£
Donations
Unrestricted Income	95,606	–	95,606
Restricted Income	–	52,615	52,615
	────────	────────	─────────
	95,606	52,615	148,221
	════════	════════	═════════

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Instruments Of Time And Truth

Notes to the Financial Statements (continued)

Year ended 31 August 2025

4. Donations and legacies (continued)

			Unrestricted	Restricted	Total Funds
			Funds	Funds	2024
			£	£	£
	Donations
	Unrestricted Income		35,094	–	35,094
	Restricted Income		–	16,930	16,930
			────────	────────	────────
			35,094	16,930	52,024
			════════	════════	════════
5.	Charitable activities
	Unrestricted		Total Funds	Unrestricted	Total Funds
		Funds	2025	Funds	2024
		£	£	£	£
	Other income from charitable activities	92,212	92,212	95,098	95,098
		════════	════════	════════	════════
6.	Investment income
	Unrestricted		Total Funds	Unrestricted	Total Funds
		Funds	2025	Funds	2024
		£	£	£	£
	Bank interest receivable	364	364	502	502
		════	════	════	════
7.	Costs of raising donations and legacies
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2025
			£	£	£
	Costs of raising donations and legacies		6,020	2,700	8,720
			═══════	═══════	═══════
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2024
			£	£	£
	Costs of raising donations and legacies		11,742	–	11,742
			════════	════	════════

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Instruments Of Time And Truth

Notes to the Financial Statements (continued)

Year ended 31 August 2025

8. Expenditure on charitable activities by fund type

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2025
	£	£	£
Performing and Educating	146,978	59,987	206,965
Support costs	7,285	–	7,285
	─────────	────────	─────────
	154,263	59,987	214,250
	═════════	════════	═════════
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2024
	£	£	£
Performing and Educating	117,332	21,400	138,732
Support costs	6,134	–	6,134
	─────────	────────	─────────
	123,466	21,400	144,866
	═════════	════════	═════════

9. Expenditure on charitable activities by activity type

	Activities
	undertaken		Total funds	Total fund
	directly Support costs		2025	2024
	£	£	£	£
Performing and Educating	206,965	–	206,965	138,732
Governance costs	–	7,285	7,285	6,134
	─────────	───────	─────────	─────────
	206,965	7,285	214,250	144,866
	═════════	═══════	═════════	═════════
Independent examination fees
			2025	2024
			£	£
Fees payable to the independent examiner for:
Independent examination of the financial statements			1,300	1,290
			═══════	═══════

10. Independent examination fees

11. Staff costs

The average head count of employees during the year was Nil (2024: Nil).

No employee received employee benefits of more than £60,000 during the year (2024: Nil).

12. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

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Instruments Of Time And Truth

Notes to the Financial Statements (continued)

Year ended 31 August 2025

13. Debtors

	2025	2024
	£	£
Prepayments and accrued income	77	–
Other debtors	–	9,550
	────	───────
	77	9,550
	════	═══════
Creditors: amounts falling due within one year
	2025	2024
	£	£
Accruals and deferred income	10,382	2,625
	════════	═══════

14. Creditors: amounts falling due within one year

15. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
	At				At
	1 September				31 August
	2024	Income	Expenditure	Transfers	2025
	£	£	£	£	£
General funds	52,608	143,919	(159,366)	–	37,161
10th Anniversary	–	43,463	(117)	100	43,446
Core costs	–	800	(800)	–	–
	────────	─────────	─────────	────	────────
	52,608	188,182	(160,283)	100	80,607
	════════	═════════	═════════	════	════════
	At
	1 September				At 31 August
	2023	Income	Expenditure	Transfers	2024
	£	£	£	£	£
General funds	57,122	130,694	(135,208)	–	52,608
10th Anniversary	–	–	–	–	–
Core costs	–	–	–	–	–
	────────	─────────	─────────	────	────────
	57,122	130,694	(135,208)	–	52,608
	════════	═════════	═════════	════	════════

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Instruments Of Time And Truth

Notes to the Financial Statements (continued)

Year ended 31 August 2025

15. Analysis of charitable funds (continued)

Restricted funds

Restricted funds
	At
1	September			At 31 August
	2024	Income	Expenditure	Transfers	2025
	£	£	£	£	£
Event Support	10,000	52,615	(62,615)	–	–
IT&T Education	430	–	–	–	430
Early Career Artist Grant	1,096	–	(72)	–	1,024
10th Anniversary fund	100	–	–	(100)	–
Core Costs Donation	–	–	–	–	–
	────────	────────	────────	────	───────
	11,626	52,615	(62,687)	(100)	1,454
	════════	════════	════════	════	═══════
	At
1	September			At 31 August
	2023	Income	Expenditure	Transfers	2024
	£	£	£	£	£
Event Support	15,000	11,000	(16,000)	–	10,000
IT&T Education	–	4,500	(4,070)	–	430
Early Career Artist Grant	1,096	–	–	–	1,096
10th Anniversary fund	–	100	–	–	100
Core Costs Donation	–	1,330	(1,330)	–	–
	────────	────────	────────	────	────────
	16,096	16,930	(21,400)	–	11,626
	════════	════════	════════	════	════════
Analysis of net assets between funds
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2025
			£	£	£
Current assets			90,989	1,454	92,443
Creditors less than 1 year			(10,382)	–	(10,382)
			────────	───────	────────
Net assets			80,607	1,454	82,061
			════════	═══════	════════
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2024
			£	£	£
Current assets			55,233	11,626	66,859
Creditors less than 1 year			(2,625)	–	(2,625)
			────────	────────	────────
Net assets			52,608	11,626	64,234
			════════	════════	════════

16. Analysis of net assets between funds

15