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2022-09-30-accounts

Orchestra of the Age of Enlightenment Trust

Registered Company No. 09134080 Registered Charity No. 1159451

Directors’ Report and Financial Statements for the year ended 30 September 2022

Orchestra of the Age of Enlightenment Trust (a company limited by guarantee) Directors’ Report for the year ended 30 September 2022

Reference and Administrative Details of the Charity, its Trustees and Advisers

Name: Orchestra of the Age of Enlightenment Trust
Charity no.: 1159451
Company no.: 09134080
Registered office: Acland Burghley School, 93 Burghley Road, London NW5 1UH
Trustees Imogen Overli
Sir Martin Smith
Paul Forman
Caroline Noblet (resigned 9 November 2021)
Rupert Sebag-Montefiore
Maarten Slendebroek
Caroline Steane
Steven Larcombe
Adrian Frost
Mark Allen
Alison McFadyen (resigned 9 November 2021)
Jessica Kemp (appointed 15 June 2022)
Company Secretary: Pascale Nicholls
Independent Examiners: Crowe UK LLP, Chartered Accountants, 55 Ludgate Hill, London EC4M 7JW
Bankers: CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ
Investment Managers: Waverton Investment Management Limited, 16 Babmaes Street, London SW1Y
6AH
Solicitors: Macfarlanes LLP, 20 Cursitor Street, London EC4A 1LT

1

Orchestra of the Age of Enlightenment Trust (a company limited by guarantee) Directors’ Report for the year ended 30 September 2022

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report, which includes the Directors’ report, together with the independently examined financial statements of the Orchestra of the Age of Enlightenment Trust (‘the Trust’) for the year ended 30 September 2022. The Trustees confirm that the Annual Report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Charities SORP second edition (effective 1 January 2019).

Since the Charity qualifies as small under section 383, the Strategic report required for medium and large companies under The Companies Act 2006 (Strategic Report and Director’s Report) Regulations 2013 is not required.

Structure, Governance and Management

The Orchestra of the Age of Enlightenment Trust is a Registered Charity and a Company Limited by Guarantee with no share capital. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per Member. The Company was incorporated in July 2014 under a Memorandum of Association and is governed by its Articles of Association; it was granted charitable status in December 2014. The Members of the company are its Directors, who are the Trustees of the charity.

The Board of Trustees comprises a majority of ‘Independent Trustees’, who are appointed by unanimous decision of the existing Trustees, and a minority of ‘OAE Trustees’, who are appointed by the Board of the Orchestra of the Age of Enlightenment. The OAE Trustees who served during the year were Adrian Frost and Imogen Overli. New Trustees are recruited for their experience and expertise. Jessica Kemp was appointed during the year and Caroline Noblet, Diane Segalen and Alison McFadyen resigned in the year.

Rupert Sebag-Montefiore, Maarten Slendebroek, Steven Larcombe and Adrian Frost retired by rotation on 9 November 2022 and were re-elected.

The Board of Trustees make all policy and strategy decisions, and direct the staff of the OAE to carry out those decisions and manage day-to-day operations. The Board of Trustees is responsible for the management of the risks faced by the charity and confirm that they have identified the major risks to which the charity is exposed.

Objectives and Activities

The Trust was established to provide a source of funding to support the development and security of the Orchestra of the Age of Enlightenment (‘OAE’).

The Trust’s objects are specifically restricted to: advancing education and the arts by providing a source of funding to support the development and security of the OAE and the attainment of its objects; and, subject to this, to advance education through the promotion, support and encouragement of music (including opera, music, drama, dancing, singing and all forms consisting in whole or in part of music) and in particular the promotion, encouragement and appreciation of music as played on period instruments.

The Trust’s aim is to support the OAE’s mission to be one of the leading orchestras in the world by helping to secure its financial future.

The Trust’s main objectives during the year were to manage the Catalyst Fund and expand the Trust’s network of donors and prospects. Its strategies for achieving these objectives were for the Trustees to meet regularly and work closely with the staff of the OAE.

The Trust launched the Regeneration Appeal that ran March 2021 to December 2021 with a target of £400k. As at 30 September 2022, £490k had been raised. Monies raised are held in the endowment fund of the Trust and will be used to make grants to the OAE to assist with increased opportunity costs in project based work resulting from the Coronavirus pandemic and Britain leaving the European Union.

In determining its objectives for the future the Trustees have considered the Charity Commission’s guidance on public benefit.

2

Orchestra of the Age of Enlightenment Trust (a company limited by guarantee) Directors’ Report for the year ended 30 September 2022

Achievements and Performance

During the year grants of £60,750 (2020/2021 - £15,500) were made to the OAE from the Catalyst Fund to support the OAE’s regional touring activities and players from the OAE Experience scheme taking part in regional education projects.

In addition during the year grants were made to the OAE of £30,000 (2021 - Nil) from the Endowment Fund to support the OAE's digital activities namely the production of two landmark documentaries.

Financial Review

At 30 September 2022 the Trust held funds of almost £2.1 m (2020/2021 - £1.8 m), where the increase is mainly arising from the gain on revaluation of the heritage asset. In considering its objective to provide financial security for the OAE the Trustees have determined that in addition to holding endowment, legacy, and other long term funds it should target the accumulation of unrestricted funds which have not been designated for specific purposes of £400,000. The unrestricted funds at 30 September 2022 stood at £6k and the Trustees’ intention is therefore to build up reserves over the medium term.

The Expendable Endowment fund has been built up over the past three years and is composed of legacy income, net proceeds from fundraising galas and funds raised via the dedicated Regeneration Appeal. Donors to the Expendable Endowment Fund are funding OAE core activity including live performance and touring, the education offer and digital activities. The expectation of donors to the Expendable Endowment Fund is that the majority of donations will be granted by the OAE Trust to the OAE over the next three – five years.as it recovers from the impact of the pandemic.

Total income for the financial year was £139k (2020/2021 - £328k), the decrease in income reflects the ending of the Regeneration Appeal in the year. Net income before gains/(losses) in the current financial year was £47k (2020/2021 - £308k) attributable to the decrease in donation income (see above) and the increase in grants awarded in the current year reflecting the upsurge in regional touring during post pandemic and novel documentary production as detailed above.

At 30 September 2022 the majority of the Trust’s investments were held in a portfolio managed by Waverton Investment Management according to the Trustees’ investment policy, with an objective to generate income of 3.5% above inflation over the long term.

The heritage asset has been revalued in accordance with the OAE Trust’s revised accounting policy (see notes 1 and 9).

Plans for Future Periods

The Trustees plan to increase the Trust’s fundraising activity, make grants from the Catalyst Fund to further sustainable regional touring and education activities, and support projects which have strategic significance in achieving the OAE’s mission through granting of Regeneration Appeal Funds.

3

Orchestra of the Age of Enlightenment Trust (a company limited by guarantee) Independent examiner’s report to the Trustees of Orchestra of the Age of Enlightenment Trust

Trustees’ responsibilities statement

The Trustees (who are also Directors of Orchestra of the Age of Enlightenment Trust for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the income and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the Trustees on 2�July 2023

and signed on their behalf by:

Adrian Frost Chairman

4

Orchestra of the Age of Enlightenment Trust (a company limited by guarantee) Independent examiner’s report to the Trustees of Orchestra of the Age of Enlightenment Trust Independent examiner's report to the trustees of Orchestra of the Age of Enlightenment Trust

I report to the charity trustees on my examination of the accounts of the company for the year ended 30 September 2022, which are set out on pages 6 to 13.

This report is made solely to the charitable company’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable company’s trustees as a body in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charitable company’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.

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 accordance 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 charity’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 statement

Since the Company’s gross income exceeded £25,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those 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 charities preparing their accounts 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.

Julia Poulter Chartered Accountant

Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW

Date: 26th July 2023

5

2021 Total Funds £ 322,355 5,368 327,723 59 416 18,293 18,768 308,955 65,179 374,134 - 374,134 1,426,044 1,800,178
2022
2022
2022
2022
2021
2021
2021		 Unrestricted
Restricted
Endowment
Total
Unrestricted
Restricted
Endowment		 funds
funds
funds
Funds
funds
funds
funds		 Note
£
£
£
£
£
£
£		 Income from: Donations and
legacies
2
-
-
134,185
134,185
-
-
322,355		 Investments
3
710
4,487
-
5,197
226
5,142
-		 Total income
710
4,487
134,185
139,382
226
5,142
322,355		 Expenditure on: Other trading
activities
-
-
-
-
-
59
-		 Investment
management costs
135
52
187
-
416
-		 Charitable activities
4
1,118
60,750
30,000
91,868
2,793
15,500
-		 Total expenditure
1,118
60,885
30,052
92,055
2,793
15,975
-		 Net income/ (expenditure) before
(408)
(56,398)
104,133
47,327
(2,567)
(10,833)
322,355		 gains/(losses) Net (losses)/gains on
investments
8
-
(50,198)
(2,701)
(52,899)
-
65,179
-		 Net income/
(expenditure)
(408)
(106,596)
101,432
(5,572)
(2,567)
54,346
322,355		 Gains on revaluation of
tangible fixed assets
9
-
253,000
-
253,000
-
-
-		 Net movement in funds
(408)
146,404
101,432
247,428
(2,567)
54,346
322,355		 Reconciliation of funds: Total funds brought
forward
6,447
1,295,649
498,082
1,800,178
9,014
1,241,303
175,727		 Total funds carried
forward
6,039
1,442,053
599,514
2,047,606
6,447
1,295,649
498,082		 There were no recognised gains and losses for 2022 or 2021 other than those included in the statement of financial activities.

Orchestra of the Age of Enlightenment Trust (a company limited by guarantee, registered company no. 09134080) Balance Sheet as at 30 September 2022

Note
Fixed assets:
Investments
8
Heritageassets
9
Total fixed assets
Current assets:
Debtors
10
Cash at bank and in hand
13
Total current assets
Liabilities:
Creditors: amounts fallingdue
within one year
11
Net current assets
Total net assets
The funds of the charity
Endowmentfunds
12
Restricted income funds
12
Unrestrictedincome funds
12
Total funds		 2022
£
571,550
967,000
1,538,550
153,357
359,362
512,719
(3,663)
509,056
2,047,606		 2022
£
599,514
1,442,053
6,039
2,047,606		 2021
£
580,898
714,000
1,294,898
63,245
445,718
508,963
(3,683)
505,280
1,800,178		 2021
£
498,082
1,295,649
6,447
1,800,178

The Directors consider that the charity is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the charity to obtain an audit for the year in question in accordance with section 476 of the Act.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 section IA- small entities.

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The financial statements were approved by the Trustees on 2��July 2023

and signed on their behalf by:

Adrian Frost Chairman

The notes on pages 8 to 13 form part of these financial statements.

7

Orchestra of the Age of Enlightenment Trust (a company limited by guarantee, registered company no. 09134080) Notes to the financial statement for the year ended 30 September 2022

1. Accounting policies

The financial statements have been prepared in accordance with 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) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Orchestra of the Age of Enlightenment Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The principle accounting policies, which have been applied consistently, are set out below.

1.2 Going concern

The accounts have been prepared under the going concern basis, which assumes that current and futures sources of funding will be adequate for the charity’s needs.

The charity meets its running costs from its donation income. The nature of the charity’s operations is such that there can be unpredictable variations in the timing and amount of cash inflows. The Trustees continuously review the funding prospects and expenditure levels and take action to reduce expenditure should funding expectations and reserves appear inadequate. On the basis of this policy, the Board consider that the charity will continue in operational existence for the foreseeable future.

1.3 Company status

The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per Member.

1.4 Income

Income, including grants and donations, are included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to the income, the trustees are sufficiently certain they will receive the income, and the monetary value can be measured with sufficient reliability.

Legacy income gifted without restrictions to the Orchestra of the Age of Enlightenment Trust or to the Orchestra of the Age of Enlightenment is transferred to the OAE Endowment Fund in line with the policy set by the Trustees.

Income from tax reclaims are recognised at the same time as the gift to which they relate.

Investment income is included in the accounts when receivable.

Interest receivable is recognised on receipt.

Investment gains and losses include any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

1.5 Expenditure

Expenditure is recognised on an accruals basis when a liability is incurred and its monetary value can be measured or estimated reliably. Expenditure is included in the SoFA under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at the company’s registered office.

Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

The charity is not VAT registered and its expenses are therefore inclusive of VAT which cannot be recovered.

8

Orchestra of the Age of Enlightenment Trust (a company limited by guarantee, registered company no. 09134080) Notes to the financial statement for the year ended 30 September 2022 1.6 Financial instruments

Debtors are recognised when the charity becomes entitled to the resources, the trustees are sufficiently certain they will receive the resources, and the monetary value can be measured with sufficient reliability.

Creditors are recognised when a liability is incurred and its monetary value can be measured or estimated reliably.

Investments in listed shares are measured initially at cost and subsequently at their market value at the reporting date.

Cash and cash equivalents includes cash on deposit available at 60 days’ notice or less.

1.7 Heritage assets

Musical instruments are accounted for as heritage assets by the charity when they have historic, artistic, scientific or technological qualities, contribute to knowledge and culture through their retention and use, and are accessible to the public (through being played in public concerts).

The OAE Trust has adopted a revaluation policy in regards to its heritage assets (previously applied the cost basis of measurement) as the Trustees are of the opinion that the valuation basis provides more reliable and relevant information about the effects of the assets on the Charity’s financial position,

The charity will review the value of the assets regularly to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

A review for impairment of a heritage asset is carried out if events or changes in circumstances indicate that the carrying value of any heritage asset may not be recoverable. Shortfalls between the carrying value of heritage assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

The charity has adopted a policy of not charging depreciation on musical instruments as the expected residual value will be at least equal to cost.

1.8 Fund accounting

Unrestricted funds are those which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds are split between permanent endowment funds, where the capital must be retained, and expendable endowment funds, where both the capital and the interest are expended for the purpose specified by the donor. Investment income, gains and losses are allocated to the appropriate fund.

1.9 Critical Estimates and areas of Significant Judgement

In the application of the Charity’s accounting policies, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the Balance Sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

Key sources of estimation uncertainty that have a significant effect on the accounts are:

� Valuation of heritage assets Please refer to the relevant accounting policy note above for more information

9

Orchestra of the Age of Enlightenment Trust (a company limited by guarantee, registered company no. 09134080) Notes to the financial statement for the year ended 30 September 2022

2 Income from donations and legacies
General donations and support
3 Income from investments
Dividends and interest
4 Expenditure on charitable activities
Grant funding activities
Support costs (see Note 5)
5 Support costs
Independent Examiners fees
Sundry		 2022
Unrestricted
funds
£
-
-
2022
Unrestricted
funds
£
710
2022
Unrestricted
funds
£
-
1,118
1,118
2022
Unrestricted
funds
£
1,028
90
1,118		 2022
Restricted
funds
£
-
-
2022
Restricted
funds
£
4,487
2022
Restricted
funds
£
60,750
-
60,750
2022
Restricted
funds
£
-
-
-		 2022
Endowment
funds
£
134,185
134,185
2022
Endowment
funds
£
-
2022
Endowment
funds
£
30,000
-
30,000
2022
Endowment
funds
£
-
-
-		 2022
Total funds
£
132,840
132,840
2022
Total funds
£
5,197
2022
Total funds
£
90,750
1,118
91,868
2022
Total funds
£
1,028
90
1,118		 2021
Total funds
£
322,355
322,355
2021
Total funds
£
5,368
2021
Total funds
£
15,500
2,793
18,293
2021
Total funds
£
2,700
93
2,793		 2021
Total funds
£
322,355
322,355

Support costs are allocated to activities on a direct cost basis

6 Staff costs and emoluments

No benefits in kind, salaries or wages have been paid to employees, nor to the Trustees, during the current or prior years. No expenses have been reimbursed to any Trustees during the current or prior years.

7 Transactions with related parties

The charity's objects include providing a source of funding to support the development and security of the Orchestra of the Age of Enlightenment (OAE) (registered charity no. 295329), a charity in which Adrian Frost and Imogen Overli were Trustees.

During the year grants of £60,750 (2020/2021 - £15,500) were made to the OAE from the Catalyst Fund to support the OAE’s regional touring activities and players from the OAE Experience scheme taking part in regional education projects.

In addition, during the year grants were made to the OAE of £30,000 (2021 - Nil) from the Endowment Fund to support the OAE's digital activities namely the production of two landmark documentaries.

The balance due from the OAE as at 30 September 2022 totaled £153,357 (2021 – £33,523).

8 Investments

Market value
At 1 October 2021
Additions
Disposals
Unrealised decrease in market value
At 30 September 2022
Net book value
At 30 September 2022
At 30 September 2021		 Listed
Investments
£
580,898
104,486
(60,937)
(52,899)
571,550
571,550
580,898		 Total
£
580,898
104,486
(60,937)
(52,899)
571,550
571,550
580,898

10

Orchestra of the Age of Enlightenment Trust (a company limited by guarantee, registered company no. 09134080) Notes to the financial statement for the year ended 30 September 2022

The historical cost of investments is £578,444.

9 Heritage assets
Costs
Brought forward
Revaluation
Disposals
Carried forward
Impairment
Brought forward
Charge for the year
Carried forward
Net book value carried
forward
Net book value brought
forward		 2022
£
714,000
253,000
-
967,000
-
-
-
967,000
714,000		 2021
£
714,000
-
-
714,000
-
-
-
714,000
714,000		 2020
£
714,000
-
-
714,000
-
-
-
714,000
714,000		 2019
£
714,000
-
-
714,000
-
-
-
714,000
714,000		 2018
£
714,000
-
-
714,000
-
-
-
714,000
714,000

In respect of asset stated at valuation, the violin was valued for insurance purposes at EUR 1.5 million by a specialist instrument valuer. The Trustees have taken a prudent view of the value of the violin based upon this insurance valuation at the balance sheet date and have included this value in these accounts.

The Trustees are not aware of any material changes since the last valuation.

10 Debtors
Amounts due to the OAE
Accrued income
11 Creditors: amounts falling due within one year
Other creditors
12 Statement of Funds – Current
Year
Brought
forward
£
Endowment funds
OAE Endowment Fund
498,082
Total Endowment funds
498,082
Restricted income funds
Catalyst Fund
580,649
Instrument Fund
714,000
OAE Experience fund
1,000
Total Restricted funds
1,295,649
Unrestricted income funds
General Fund
6,447
Total Funds
1,800,178		 2022
2021
£
£
153,357
33,523
-
29,722
153,357
63,245
2022
2021
£
£
3,663
5,825
Income
Expenditure
Gains/(losses)
£
£
£
134,185
(30,052)
(2,701)
134,185
(30,052)
(2,701)
4,487
(60,885)
(50,198)
-
-
253,000
-
-
-
4,487
(60,885)
202,802
710
(1,118)
-
139,382
(92,055)
200,101		 Carried
forward
£
599,514
Income
£
134,185
134,185
4,487
-
-
4,487
710
139,382
599,514
474,053
967,000
1,000
1,442,053
6,039
2,047,606

11

Orchestra of the Age of Enlightenment Trust (a company limited by guarantee, registered company no. 09134080) Notes to the financial statement for the year ended 30 September 2022

12 Statement of Funds – Prior Year
Endowment funds
OAE Endowment Fund
Total Endowment funds
Restricted income funds
Catalyst Fund
Instrument Fund
OAE Experience fund
Total Restricted funds
Unrestricted income funds
General Fund
Total Funds		 Brought
forward
£
175,727
175,727
526,303
714,000
1,000
1,241,303
9,014
1,426,044		 Income
£
322,355
322,355
5,142
5,142
226
327,723		 Expenditure
£
-
-
(15,975)
(15,975)
(2,793)
(18,768)		 Gains/losses
£
-
-
65,179
-
-
65,179
-
65,179		 Carried
forward
£
498,082
498,082
580,649
714,000
1,000
1,295,649
6,447
1,800,178

OAE Endowment Fund

The OAE Endowment Fund is an expendable endowment fund; its capital is invested and the income applied to the general purposes of the charity. The OAE Trust Board may use its discretion to decide whether to convert a portion of the capital of the expendable endowment fund into spendable income.

Catalyst Fund

The Catalyst Fund is a restricted fund held on trust to be applied for the benefit of the Orchestra of the Age of Enlightenment over a period of 25 years. It was created in 2012 from donations and matched funding from Arts Council England, the Department for Culture, Media and Sport and the National Lottery, forming a fund to support the Orchestra of the Age of Enlightenment to carry out increased regional touring, extend the geographical reach of education work and support the orchestra to take a lead in green touring initiatives.

Instrument Fund

The Instrument Fund is a restricted fund comprising a violin of significant historical importance which was donated for the benefit of the orchestra. The violin was made in 1783 by Giovanni Baptista Guadagnini in Turin and is known as the 'exAdolf Busch' violin. Use of the violin is restricted by an agreement entered into by the Trust in January 2015 which gives a young violinist currently in the early stages of a solo career the right to use it for as long as he remains an active and distinguished professional violinist (subject to certain conditions).

Other than in exceptional circumstances this agreement restricts the Trust's ability to use the instrument for any other purposes for an indefinite period.

Whist the young violinist is using the violin, the OAE Trust can only sell it if it would save the OAE Trust from going bankrupt or with the young violinists’ permission.

The Trustees have taken a prudent view of the value of the violin at the balance sheet date and have included this value in these accounts.

OAE Experience Fund

The OAE Experience Fund is a restricted fund comprising a donation received for the purpose of supporting the Orchestra of the Age of Enlightenment's Anne and Peter Law OAE Experience Scheme for young players which assists talented instrumentalists at the start of their professional careers.

12

Orchestra of the Age of Enlightenment Trust (a company limited by guarantee, registered company no. 09134080) Notes to the financial statement for the year ended 30 September 2022

13 Analysis of net assets between funds – Current Year
Investments
Heritage assets
Cash at the bank and in hand
Debtors
Creditors due within 1 year
13 Analysis of net assets between funds – Prior Year
Investments
Heritage assets
Cash at the bank and in hand
Creditors due within 1 year		 Unrestricted
funds
£
-
-
9,702
-
(3,663)
6,039
Unrestricted
funds
£
-
-
9,930
-
(3,683)
6,247		 Restricted
funds
£
474,251
967,000
802
-
-
1,442,053
Restricted
funds
£
580,898
714,000
951
-
-
1,295,849		 Endowment
funds
£
97,299
-
348,858
153,357
-
599,514
Endowment
funds
£
-
-
434,837
63,245
-
498.082		 Total funds
£
571,550
967,000
359,362
153,357
(3,663)
2,047,606
Total funds
£
580,898
714,000
445,718
63,245
(3,683)
1,800,178

13

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