Dimitri Tiomkin Music (Charity Commission No 1173162) (Company No 10415487)
Trustees’ Annual Report and Financial Statements for the year ended 5 April 2021
Dimitri Tiomkin Music Trustees’ Annual Report for the year ended 5 April 2021
Trustees’ Annual Report and Financial Statements for the year ended 5 April 2021
| Contents | Page |
|---|---|
| Trustees Annual Report and Statement of Directors’ and Trustees’ Responsibilities | 2 |
| Independent Examiner’s Report to the Trustees | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Statement of cash flows | 9 |
| Notes to the Financial Statements | 10 - 13 |
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Dimitri Tiomkin Music Trustees’ Annual Report for the year ended 5 April 2021
The Trustees (who are the directors of the charitable company (“the charity”) for the purposes of the Companies Act 2006) present their report and the financial statements of the charity for the year ended 5 April 2021.
Objectives and Activities
The objectives of Dimitri Tiomkin Music, as set out in the Memorandum and Articles of Association, are to promote, advance, improve, restore, develop and maintain for the benefit of the public its education in, and appreciation of, music by the late Dimitri Tiomkin by any means that the Trustees decide to adopt in their full discretion, and to advance such charitable purposes as the Trustees see fit from time to time.
Dimitri Tiomkin Music was formed in October 2016.
A gift was accepted for the beneficial interest in Berry Wood Barns and Oak Cottage (the “Properties”) from the Tilu Foundation in the amount of £70,000 on 28 July 2021.
A gift was accepted for the beneficial interest in Felday, Donhead, St Mary (the “Property”) in the amount of £300,000.00 on 25 February 2020.
Felday, Donhead, St Mary (the “Property”) was sold on 20 May 2020.
Public Benefit
As Trustees we have complied with our duty in S4 of 2011 Charities Act to have due regard to guidance published by the Charity Commission.
The Charity furthers its charitable purposes for the public benefit through its donation policy which aims to support charitable work in the advancement of education in the music by the late Dimitri Tiomkin.
Olivia Cynthia Sholto Douglas is a Director of the Charitable Company and the wife of Dimitri Tiomkin (Deceased). Olivia has a close connection with the University of Southern California and oversees the use of donations.
Achievements and Performance
A grant of £3,920 was made to the University of Southern California Film and Music Foundation during the year to support the school’s on-going Student Assistantship programme.
The Cazenove Investment Portfolio had an annual return of 11.8%.
Financial Review and Post Balance Sheet Events
The statement of financial activities shows net income for the year of £242,172 (2020: £1,764,200), reflecting donations of £70,000, dividend income of £37,160, bank interest of £491, and expenditure of £24,684. The net income for the year includes a gain of £159,205 (2020: £3,080) on investments in the year.
Following the end of the financial year, the Charity received donations amounting to £70,000 in the form of Land at Donhead St Mary’s. As noted above the Charity has also sold the investment property at Felday post year end for £300,000.
Funds from the sale of property donated in the year has been invested in accordance with the Charity’s investment policy.
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Dimitri Tiomkin Music Trustees’ Annual Report for the year ended 5 April 2021
Reserves Policy
The reserves of the Charity are made up of an Unrestricted Reserve. It is the policy of the Charity to maintain the level of its funds, which are unrestricted, at a level sufficient to cover its donations and costs. The Unrestricted Reserve stood at £2,066,372 as at 5 April 2021.
Investment Policy
Cazenove Capital provide Discretionary Investment Management Services to the Charitable Company. The objectives for the charity, namely, to grow the Capital and to provide as high as possible Income distribution. The time horizon for the Portfolio is 10 years, accepting a moderate degree of risk in order to generate a total return in line with inflation over the medium term.
The Portfolio is invested in the Charity Multi-Asset Fund (CMAF), which is unconstrained, providing circa 4% income distribution each year, which comes with Charity Commission approval, from a mixture of natural income and capital growth.
Plans for Future Periods
The time horizon for the Investment Portfolio is 10 years, the Portfolio performance is reviewed on a regular basis.
Structure, Governance and Management
Settlor: Olivia Cynthia Sholto Douglas Governing Document: The principal governing document is a trust deed dated 7 October 2016. The trust is a private charitable trust controlled by its trustees. Appointment of Trustees: The trustee body has the power to appoint new trustees. The lay trustees rely on outside advisors as necessary. Investment Powers: The Charity has power to do anything which is calculated to further its object or is conducive or incidental to doing so. Management and Control: The charity is controlled by the trustees:Olivia Cynthia Sholto Douglas Nicola Marguerite Hodge David George Jenner
Day to day administration of the charity is delegated to Lutea Trustees Limited.
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Dimitri Tiomkin Music Trustees’ Annual Report for the year ended 5 April 2021
Reference and Administrative Details
| Name of Charity | Dimitri Tiomkin Music |
|---|---|
| Charity No. 1173162 | |
| Company No. 10415487 | |
| Trustees: | Olivia Cynthia Douglas |
| David George Jenner | |
| Nicola Marguerite Hodge | |
| Principal Office Address: | Lutea Consultancy Limited |
| Unit 2f17 | |
| The Square Basing View | |
| Basingstoke | |
| Hampshire | |
| RG21 4EB | |
| Bankers and Investment Managers: | Standard Bank Jersey Limited |
| 47/49 La Motte Street | |
| St Helier | |
| Jersey | |
| JE2 4SZ | |
| Cazenove Capital | |
| Schroder & Co. Limited | |
| 1 London Wall Place | |
| London | |
| EC2Y 5AU | |
| Independent examiners: | Neil Hitchings FCA |
| Francis Clark LLP | |
| Centenary House | |
| Peninsula Park | |
| Rydon Lane | |
| Exeter | |
| EX2 7XE |
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Dimitri Tiomkin Music Trustees’ Annual Report for the year ended 5 April 2021
Statement of Trustees’ responsibilities
The Trustees 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).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements 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 of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed:
Date: 31 January 2022
N M Hodge On behalf of the Trustees
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Dimitri Tiomkin Music
Independent Examiner’s Report to the Members of Dimitri Tiomkin Music for the year ended 5 April 2020
I report on the charity trustees on my examination of the accounts of the Charity for the year ended 5 April 2021.
Responsibilities and basis of report
As the charity’s trustees of the Charity (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 Charity 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
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:
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accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
………………………………………… Neil Hitchings FCA Francis Clark LLP
Centenary House Peninsula Park Rydon Lane EXETER EX2 7XE
3 February 2022
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Dimitri Tiomkin Music
Statement of Financial Activities (incorporating Income and Expenditure account) for the year ended 5 April 2021
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Total | Unrestricted | Total | |||
| Funds | Funds | |||||
| Note | £ | £ | £ | £ | ||
| Income: | ||||||
| Donations and legacies | 70,000 | 70,000 | 1,803,000 | 1,803,000 | ||
| Investments | ||||||
| - | Rental Income | - | - | 1,202 | 1,202 | |
| - | Bank Interest | 491 | 491 | 3,358 | 3,358 | |
| - | Investment Income | 3 | 37,160 | 37,160 | - | - |
| –––—— | ––––—— | –––—— | ––––—— | |||
| Total | income | 2 | 107,651 | 107,651 | 1,807,560 | 1,807,560 |
| ––––—— | ––––—— | –––—— | ––––—— | |||
| Expenditure Charitable activities: | ||||||
| - | Grants payable | 3,920 | 3,920 | - | - | |
| - | Administration | 11,289 | 11,289 | 7,434 | 7,434 | |
| - | Insurance | (3) | (3) | 612 | 612 | |
| - | Legal & Professional | 9,307 | 9,307 | 38,331 | 38,331 | |
| Fees | ||||||
| - | Bank Charges | 171 | 171 | 63 | 63 | |
| ––––—— | ––––—— | –––—— | ––––—— | |||
| Total | expenditure | 4 | 24,684 | 24,684 | 46,440 | 46,440 |
| ––––—— | ––––—— | –––—— | ––––—— | |||
| Net income/(expenditure) before | net | |||||
| gains/(losses) on investments | ||||||
| 82,967 | 82,967 | 1,761,120 | 1,761,120 | |||
| Net gains/(losses) on | ||||||
| Investments | 159,205 | 159,205 | 3,080 | 3,080 | ||
| ––––—— | ––––—— | ––––— | ––––—— | |||
| Net income/(expenditure) | 242,172 | 242,172 | 1,764,200 | 1,764,200 | ||
| Transfer between funds | - | - | - | - | ||
| ––––—— | ––––—— | ––––—— | ––––—— | |||
| Net movement in funds | 242,172 | 242,172 | 1,764,200 | 1,764,200 | ||
| Reconciliation of funds | ||||||
| Total | funds brought forward | 1,764,200 | 1,764,200 | - | - | |
| ––––—— | ––––—— | ––––—— | ––––—— | |||
| Total | funds carried forward | 10 | 2,006,372 | 2,006,372 | 1,764,200 | 1,764,200 |
| ══════ | ══════ | ══════ | ══════ |
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Dimitri Tiomkin Music
Balance Sheet for the year ended 5 April 2021 (company no. 10415487)
| 2021 | 2020 | ||
|---|---|---|---|
| Total | Total | ||
| Note | £ | £ | |
| Fixed assets | |||
| Investments at market value | 5 | 1,915,348 | 353,080 |
| Investment property | 6 | 70,000 | 300,000 |
| ––––—— | ––––—— | ||
| 1,985,348 | 653,080 | ||
| Current assets | |||
| Cash at Bank | 13,046 | 1,117,426 | |
| Trade Debtors | - | 590 | |
| Prepayments | - | 1,875 | |
| Accrued Income | 18,392 | - | |
| ––––—— | ––––—— | ||
| 31,438 | 1,119,891 | ||
| Liabilities | |||
| Creditors: amounts falling due within one year | |||
| Trade Creditors | 3,914 | 4,771 | |
| Accruals | 6,500 | 4,000 | |
| ––––—— | ––––—— | ||
| 10,414 | 8,771 | ||
| ––––—— | ––––—— | ||
| Net current assets | 21,024 | 1,111,120 | |
| ––––—— | ––––—— | ||
| Net assets | 2,006,372 | 1,764,200 | |
| ══════ | ══════ | ||
| Allocation of the charity net assets: | |||
| Unrestricted income funds | 2,006,372 | 1,764,200 | |
| ––––—— | ––––—— | ||
| Total charity funds | 2,006,372 | 1,764,200 | |
| ══════ | ══════ |
The trustees are satisfied that the charity is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477, and that no member or members have requested an audit pursuant to section 476 of the Act.
The trustees acknowledge their responsibilities for:
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(i) ensuring that the charity keeps adequate accounting records which comply with section 386 of the Act, and
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(ii) preparing financial statements which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of sections 394 and 395, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the charity.
These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
Approved by the Trustees on 31 January 2022 and signed on their behalf by
N M Hodge Trustee
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Dimitri Tiomkin Music
Statement of cash flows for the year ended 5 April 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Net income/(expenditure) for the year | 242,172 | 1,764,200 |
| Adjustments for: | ||
| Net (gains)/losses on investments | (159,205) | (3,080) |
| Donated investment property | (70,000) | (300,000) |
| Interest and rents from investment | (491) | (4,560) |
| Dividends from investments | (37,160) | - |
| (Increase)/decrease in debtors | (15,927) | (2,390) |
| Increase/(decrease) in creditors | 1,643 | 8,021 |
| ––––—— | ––––—— | |
| Cash provided by operating activities | (38,968) | 1,462,192 |
| ––––—— | ––––—— | |
| Cash flows from investing activities | ||
| Interest and rents from investment | 491 | 4,560 |
| Dividends and interest from the investments | 37,160 | - |
| Purchase of investments | (1,403,063) | (350,000) |
| Proceeds on the sale of donated property | 300,000 | - |
| ––––—— | ––––—— | |
| Cash used in investing activities | (1,065,412) | (345,440) |
| ––––—— | ––––—— | |
| Changes in cash and cash equivalents in the year | (1,104,380) | 1,116,752 |
| ––––—— | ––––—— | |
| Cash and cash equivalents at the beginning of the year | 1,117,426 | 674 |
| ––––—— | ––––—— | |
| Cash and cash equivalents at the end of the year (*) | 13,046 | 1,117,426 |
| ––––—— | ––––—— |
(*) Cash at bank and in hand
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Dimitri Tiomkin Music
Notes to the financial statements for the year ended 5 April 2021
1. Accounting Policies
a. Basis of preparation
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) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies act 2006. There are no material departures from FRS 102.
The Charity is incorporated as a company limited by guarantee and meets the definition of a public benefit entity under FRS102. Further details are given in the Reference and Administrative Details section of the Trustees report.
The financial statements have been prepared on a going concern basis and the Trustees are not aware of any material uncertainties that would cast doubt on the Charity’s ability to continue as a going concern.
The accounts are prepared in Sterling, which is the functional currency. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention as modified by the revaluation of investments including investment property.
b. Fund accounting
Unrestricted funds represent the income arising from any gifts made to the charity as additions, rental income received and bank interest. The Charity has no other funds.
c. Income
Income is included in the Statement of Financial Activities when the charity has entitlement, and the amount can be qualified with reasonable accuracy.
Donated assets are recognised at the estimated market value at the date of the gift.
d. Investments
Investments in securities are included in the financial statements at their market value (based on quoted prices or similar) at the balance sheet date.
Donated Investment property was initially included in the financial statements at estimated market value at the date of gift. It is subsequently carried at fair value at each balance sheet date, as estimated by the Trustees, with changes in fair value recognised through the statement of financial activities.
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Dimitri Tiomkin Music
Notes to the financial statements for the year ended 5 April 2021
1. Accounting Policies (continued)
e. Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Grants payable are payments made to third parties in the furtherance of the charitable activities of the Charity. Grants are accounted for when the trustees have agreed to pay the grant without condition.
Governance costs are those relating to the governance arrangements of the charity, which relate to the meeting the financial reporting, audit, and other statutory obligations of the charity, as opposed to those costs associated with fundraising or charitable activity.
f. Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
g. Debtors
Trade and other debtors are recognised at the settlement account due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts offered.
h. Cash and cash equivalents
Cash and cash equivalents include cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
i. Creditors and provisions
Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
2. Income
During the year the charity received donated property and other assets with a market value of £70,000 (2020: £1,803,000) which have been classified as unrestricted funds. Except for the investment property, these assets were sold during the year and the proceeds reinvested in investments or held as cash at bank. The costs of disposal are including within legal and professional fees.
3. Investment Income
| Dividends | 2021 Unrestricted Funds £ 37,160 37,160 |
Total 2021 £ 37,160 37,160 |
Total 2020 £ - |
|---|---|---|---|
| - |
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Dimitri Tiomkin Music
Notes to the financial statements for the year ended 5 April 2021
4. Expenditure on charitable activities
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Expenditure on charitable activities includes:- | ||
| Governance costs | ||
| - Independent Examination/Audit and accountancy |
2,500 | 4,000 |
| - Other |
375 | 1,000 |
| ══════ | ══════ | |
| 5. Fixed asset investments |
||
| 2021 | 2020 | |
| £ | £ | |
| Market value at 6 April 2020 | 353,080 | - |
| Additions | 1,403,063 | 350,000 |
| Disposals | - | - |
| Net investment gains/(losses) | 159,205 | 3,080 |
| ––––—— | ––––—— | |
| Market value at 5 April 2021 | 1,915,348 | 353,080 |
| ══════ | ══════ | |
| Investments in the UK | 609,100 | 188,147 |
| ══════ | ══════ | |
| Investments outside the UK | 1,306,248 | 164,933 |
| ══════ | ══════ | |
| 6. Investment property | ||
| 2021 | 2020 | |
| £ | £ | |
| Market value at 6 April 2020 | 300,000 | - |
| Additions | 70,000 | 300,000 |
| Disposals | (300,000) | - |
| ––––—— | ––––—— | |
| Market value at 5 April 2021 | 70,000 | 300,000 |
| ══════ | ══════ |
7. Related Parties
During the year Lutea Trustees Ltd charged £6,547 (2020: £7,194) to the charity for administration and consultancy. £3,914 (2020: £4,771) was owed by the charity at 5 April 2021. Two of the Trustees are also directors of Lutea Trustees Limited.
8. Trustees remuneration and expenses
Trustees remuneration and expenses reimbursement was £nil (2020: £nil).
9. Grant commitments
As of 5 April 2021, there were no binding grant commitments.
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Dimitri Tiomkin Music
Notes to the financial statements for the year ended 5 April 2021
10. Funds
| 10. Funds | |||||
|---|---|---|---|---|---|
| Unrestricted funds Comparative 2020 Unrestricted funds |
Brought forward £ 1,764,200 1,764,200 Brought forward £ - - |
Income £ 107,651 107,651 Income £ 1,807,560 1,807,560 |
Expenditure £ (24,684) (24,684) Expenditure £ (46,440) (46,440) |
Other gains £ 159,205 159,205 Other gains £ 3,080 3,080 |
Carried forward £ 2,006,372 2,006,372 |
| Carried forward £ 1,764,200 1,764,200 |
11. Funds
2021 Analysis of net assets between funds
| Unrestricted funds Fixed assets 1,985,348 Current assets 31,438 Current liabilities (10,414) 2,006,372 020 Comparative analysis of net assets between funds Unrestricted funds Fixed assets 653,080 Current assets 1,119,891 Current liabilities (8,771) 1,764,200 |
Total funds 2021 1,985,348 31,438 (10,414) 2,006,372 Total funds 2019 653,080 1,119,891 (8,771) 1,764,200 |
Total funds 2020 653,080 1,119,891 (8,771) |
|---|---|---|
| 1,764,200 | ||
| Total funds 2018 - 750 (750) |
||
| - |
2020 Comparative analysis of net assets between funds
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