Dimitri Tiomkin Music (Charity Commission No 1173162) (Company No 10415487) Trustees, Annual Report and Financial Statements for the year ended 5 April 2023
Dimitri Tiomkin Muslc Trustees, Annual Report for the year ended 5 April 2023 Trustees. Annual Report and Flnancial Statements for the year ended 5 April 2023 Cont•nts Pag• Trustees Annual Report and Statement of Directors. and Trustees, Responslbllitles Independent Examlner's Report to the Trustees Stslement of Financial klivities Balance Sheet Notes lo the Financial Statements 9-12
Dimitri Tiomkin Music Truslees, Annual Report for the year ended 6 April 2023 The Trustees (who are the dir8ctors of the charitable company I'lhe charily"} lor the purposes of the Companies Act 20061 present their report and the fin8n¢ial st81emenls of the charity for the year enijed 5 April 2023. Objecllves and Actlvltl•¥ The rJbjeclive5 of Dimilri Tiomkin Music, as sel out in the ArtleS of Association. are to promot8, advance. improve, restore, develop and maintain for the benefit of the public ils e¢Jucation in. and appreciation of, music by the late Dimilri Tiomkin by any means that the Trustees decide lo adopt in their full disc¥elion, and lo advance such charitable purposes as the Trustees see fil from time lo lime. Dimrtri Tiomkin Music was formed in October 2016. Public B•n•fit A5 Trustees we have complied with our duty in S4111 of 2011 Charities Act lo have due regard lo guidance published by the Charity Commission. The Charity hjrthors ils ¢harStable purposes for the public benefit through donation5 which aim lo support charitable work in the advaneem8nt of education in the music by the lale Dimilri Tiomkin. Achievomenls and Porformanco Th8 eharily supports its main aim lo promote, advance. improva, restore, devalop and maintain for the public benefit and education the appreciation of the music of the late composer Oimitri Tiomkln. The charity has an agreement with the Film Music Foundation lo fvrthgr this alm. Payments tolalling £51,264 were made during the year. The Cazenov8 Inv8Stmènl Portfolio largels a lolal relurn objective of inflalion plus 4% over the long term (rolling 10 years). In 2023 the net annual return was13.73%1. The trustees continue lo review the performance and are invested for the long t8rm. Fin•nci•l Roview Tha sialem8nl ol financial activiti95 shows nel incorne I (loss) for the year of 1£135,447112022'. £66,691), reflecting a lolal relum di51ribulion of £79.604. bank interest 01 £685 and expenditure of £63.250. The nel income for the ye8r includes a loss of1£151,799112022'. £49,500 gain) on investments In the y&ar. 2880D179 1 C4r.1ub1lc
Dimitri Tiomkin Muslc Trustees, Annual Report for the year ended 6 April 2023 R•$ Pollcy The T9serves of the Charity are made up of an Unreslrl¢ted ReseNe. 11 the policy of tha Charity to maintain a levd of funds, which are unrestricted, at a level sufficient to cover its dty)alions and costs. The Unre5trioted Reserve stood at £1,937,616 815 April 2023. Investment Policy C8zenove Capllal provSde Oiscrelionary Investment Management Services lo the Charitable Company. Thè Portfolio is invested in the Charity Mulli-Assel Fund ICMAFI, largels a lolal return objective of Inftallon plus 4% over Ihg long lemi {rolllng 10 years). The Fund also taTgèts 8 4% p.8. distribuOn, paid 1% par quarter. Th8 Fund adopls an unconStrain approach with no explicit negative scrgening. ESG factors are int8gratad into the inveslment process. The portfolio ha5 a long-tem) inveslmenl horlzon. th8 Trust8es accept the portfolio will have to take a certain degree of investment risk Imedlum-thlghl lo ach8 its investment objective. Thg lime horizon for the Portfolio Portfolio is long lemi (longer than 10 years). as thg charity S88ks to exist in perpetuity. The Portfolio perform8n¢e is revigwed on a regular b8SiS. Plans for Futur¢ P•riod8 The time horizon for the Inve5tTnent Portfolio is 10 years, the Portfollo performance Is wiewed on a regular basis. structure. Govern•n¢e and M•n•g¢m•nt Governlng Document The principal governing document 15 the Articles dated 7 October 2016. This is a private Charitable trust controlled by ils trustees. Appolntmenl of Trustees The power lo appoint new Trustees rests with the trustees. Director5 are appointed by ordinary resolution or as sel out in s22 of the arti¢1os. Investment Powers The Charity has wide powers of invoslmenl. Managomènt and C¢ntrol: The charity is ¢ontrdled by the trustees. who are currently-. Olivi8 Cynthia Shollo Douglas Dian8 Elizabeth Mcoowell {appolnted 24 November 2022) Amèlia Thornton lappoinled 24 November 2022} DBY lo day adminislralion of the charity is delegaletl lo BDB Pitmans LLP Solicitors. 288a0119 1 cthifuknjlPk
Dimitri Tiomkin Music Trustees, Annual Report for the year ended 6 April 2023 Ref•r•n¢e •nd admlnlJtr•tive Details Name of the Charfty Dimilri Tiomkin Music Charity No.1173162 Company No. 10415487 Trustees Olivia Cynthia Sholto Douglas David George Jenner Iretirgd 15th August 20221 Nlcola Marguerile Hodge (retired 24 November 20221 Diana Ellzabelh Mcoowell (appointed 24 Novèmbw 2022) Amelia Thornton lappointod 24 Nov8mbar 20221 Principal Office Adtdresg BDB Pltmans LLP Ong Bartholomew Close London EC1A 78L Investment Managers Cazenove Capital Schroder & Co. Limited 1 London Wall PL4ce London EC2Y SAU Independent 8xamlners'. Neil Hilchings FCA Francis crk LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE 2119 1 3991k4li(ffiJTrU
Dimitri Tiomkin Music Trustees, Annual Report for the year ended 6 April 2023 Statsm•nt of Trustws. responsibilities The Truste88 are responsible for preparing the Trusleos. Report and the financial stslemenls in accordance wilh applicable law and Unrted Kingdom Accounting Standards (United Kingdom Generalty Ac¢epted Accounting Practice). The18W 8pplicAbl8 to charities in England & Wales requires the trustees lo pTepare financial sialements lor each tinancial year which give a Irug and fair view of the state of affairs of the charty and of the incoming r950urces and application of r8sources of the charity for that period. In pr8paring these financial statements, the trustees are requimd lo: sal8Ct suitable accounting policies and then 8ppty them consist8nUy', observe the methods and prinoples in the Charib'es SORP.. make judgem8nls and 8stimatas that are reasonable and prudent., state whether applicable accounting stsn¢J8rds have been followe(1, subject to any material departurgs disdosed and explained in the financial stat0n18- prepare tha finala1 statements on the going concern basis unless il Is Inappropriate to pr8sum8 that the charity will continu8 in opgration. The Trust88s are responsible for keeping accounting e0rdS that disclose with reasonable a(xuracy al any time the financial posltion of th8 charity and enable Ih8m to Sre that the flnancial statements comply with the Cornpanies 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 irregularitie5. Signed.. On baha of the Trustees 1311212023 2eee0179 1 %ra11J1P
Dimitri Tiomkin Music Indgpendent Examiner's Report lo the Members of Dimilri Tiomkin Music for the year ended 5 April 2023 I report on the charity trLJsle88 on my ex8minatv)n of the accounts of the Charity for the yaar 8nded 5 April 2023. Flesponsibililies and basis of lert As the charity's trustees ol the Charity lancl ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with tha requirements of the Compani8s Act 20061'lhe 2006 Act'l. Having $81isfied myself that the accoun15 of the Charity are not requir8d to bè audited under Part 18 of lh& 2006 Act and are eligible for independent examination, I rep¢)rt in respect of my examination of your charity's 8ccoun15 as carl al out under section 145 of the Charities Act 2011 ('the 2011 Acl'l. In carrying out my examination I have followed the directions given by the Charity Commission under section 145151 Ibl of the 2011 Acl. Indendent examinerfs statement I have completed my examination. I confirm that no matters have oome lo my attenti in connection with the ex8min8tSon giving MP cause lo believe.. accounting records were not kept in respect of Ihe Charf(y -.8 required by section 386 of the 2006 Act., or the accounts do not accord with those rords-, or the accounts do not comply with the 8¢¢ounling requirements of s8Ction 396 of the 2006 Act other than ary requirement that the accounts give a 'true and fair view which is not a matter considere¢J as part of an ind8pendenl examinatM)n', or the accounts hay, DI beèn prepared in accordance wrih tie fflelh¢)Js and prinoples of the Stsiement of Recomrnended Practice f¢x accounting and reporting by charities (applicable lo charities preparing their accounts in accordance wth Ihe Financlal Reporting Standard applicabl8 in the UK and Republic of Ir8land {FRS 10211. I have no concems and have come acros5 no other matters in connection with the examination to which attention should b8 drawn in thi5 report lo enable a proper understanding of the accounts lo be reached. Kts-cufr Neil Hrtchings FCA Franois Clark LLP Centenary House P8ninsula Park Rydon Lane EXETER EX2 7XE Dale 13 Decettther 2023 2eee0179.1 cLgssia.1jPtylC
Dimitri Tiomkin Music ststement of Financial Activltles (Incorporatlng Income and Expenditure account) for the year ended 5 April 2023 2023 Total 2022 Total un$triCted Funds unStriCted Funds Note Income: Donations and legacies Investments Bank Interest Investment Income 685 79,604 685 79,604 97.340 97.340 Total income 80.289 80.289 97.344 97,344 Exp&ndltur• CharStable activities: Grants and donations payable Administration Insurance Property expenses Legal & Profes5ion81 Fees 8ank Charge8 51.265 51,26S 61,000 61,000 10.260 373 72 1,815 10,260 373 72 1,815 18,528 373 16.528 373 2,000 2,000 152 152 252 252 Total •XpdItUr• 63,937 63,937 80.153 80,153 Nel incomellexpendilurel before net gainsll105ses) on investments Nel gainslllossesl on Investments 16.352 16.352 17,191 17,191 11 $1.7991 1151,7991 49,500 49,500 Nat incom•l{•xp•nditurel 1135,447) 1135,4471 66,691 66,691 Trnnsfer bOVen fund¥ Net movemont In funds 1135,4471 (135.447) 66,691 66,691 Reconelllallon of funds Total lunds brought foNrd 2,073,063 2.073,063 2,006.372 2,006,372 Total funds carried forward 10 1,937,616 1.937.616 2,073,063 2,073,063
Dimitri Tiomkin Music Balance Sheeet for the year ended 5 April 2023 {company no. 10415487) 2023 Totsl 2022 Total Fix•d assèts Investments at markel value Investment property 5 1.849,914 70,000 1,960,261 70,000 1.919,914 2,030,261 Current assets Gash al Bank Other Debtors Prepayments Accwed Income 23,117 300 3,000 19,830 20,356 20,356 46,247 Liabiliti•s Creditors: amounts falllng due vAthin one year Trade Creditors Accruals 839 1.815 873 2,57 2.654 3,445 Net current aBsets 17.702 42,802 N•tassets 1.937.616 2,073.063 Allocation of the charity net assets: Unrnstri¢ted incom? funds 1,937,616 2,073,063 Total charity lunds 1,937,616 2,073,063 The Iruslees are satisfied that the charity is entitled 19 exemption from the provisions of the Companies Act 2006 Ilhe Acll relating lo the audit of the financial statements for the year by virtue of 5ecb.on 477, and that no member or Members have requested an audit pursuant to section 476 of the Act. The Iru5tee5 acknowledge their respon5ibililies for.. li) ensuring that the charity keep5 adequate accounting recordg which comply with section 386 of the Act, and {iil prepanng financial statements which glve a true and fair view of the gtsle of affairs of the chaTlty as at the end of the financial year and of 115 profil or Ioss for the financial year in accordance with the requirements of sections 394 and 395, and which olherwse comply with the Tequiremenls of the Act relating lo financial statements. $0 far as applicable lo the charity. These financial stslemenls have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006. proved by the Tru51ees on Ig.l.1212g and signed on their behaw by ee
Dimitri Tiomkin Musl¢ Notes to the financial statements for the year ended 5 April 2023 Accountlng Poll¢les Ba¥is of preparation The financial stalernents have been prepared in accordance wlh Accounting and Reporting by Charilie8'. 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 IFRS 1021- Icharilies SORP IFRS 10211, the Financial Reporting Standard appliCae in the UK ancl Republic of Ireland IFRS 1021 and the Companies act 2008. There are no rnaterial departures from FRS 102. The Charty is incorporated as a company limited by guarantee and meets the definition of a public benefft entity under FRS102. Further details are given in the Reference and Adrninistralive Details section of the Trustees report. The financial 5ts1ements have been prepared on a going conceTn basis and the Trustees are not aware of any material uncertainties that would cast doubl on the Charity's ability to conbnue as a going concem. The accounts are prepared in Steding, which is the functional currency. Monetary amounts in these flnancial statements are rounded to the nearest £. The accounts have been prepared under the hiytorieal cost ¢onvention as modified by the revaluab'on of investments including investment property. Fund accountlng Unre51ricled funds represent the income arising from any gifts made to the charity as additions. rentsl income received and bank interest. The Charity has no other lund5. Income Incorne is included in the Statement of Financial Activities when the charity has enlillement. and the amounl can be qualified wth reasonable accuracy. Donated assets are recognised at the e51irnated market value al the date of the gilt Investments Investmen15 In securities are Included in the financial statements 81 their marketvalue (based on quoted prices or simi1811 al the balance sheet date. Donated Investment property was initially included in the financial statements al eslimaled market value al the dale ol gift. It is subsequently carried al f8ir value at each balance sheet dale, as estimated by the Trustee5, wth changes in fair value Tecognised through the s13tement of finanrjal acliwlies.
Dimitri Tiomkin Music Notes to the financial statements for the year ended 5 April 2023 1. Accounting Polici•s leontinuèd) Exp•ndlturn All expenditure Is accounted for on an accruals basis and has been classrfied under headings that aggregate all costs related lo the category. Grants payable are payments made lo third parties in the furtherance of the charitable activities ofthe Charity. Grants are accounted for vA)en the Iruslees have agreed to pay the grant withoul condition. Governance costs S those relating lo the govemance arrangements of the charity. vthich relate lo the rneeling the financial feporting, audit, and other statutory obligations of the charity, as opposed to those costs associated wrth fundraising or chaiitable aclivily. Rèallsed gains and lossos All gains and losses are taken to the Statement of Financial Activitses as they arise. Realised gains and losses on investments are calculated as the differen¢e between sales proceeds and their opening carrying value or their purchase value if acquired Subsequent to the first day of financial year. Unrealised gains and105ses are calculated as the difference between the fair value at the year end and their Carrying value. Realised and unrealised invesiment gain5 and losses are combined in the Statement of Financial Activities. Dfrbtors Trade and other debtors are recognised at the settlement account dve after any discount offered. Prep8ymenls are valued al the amount prepaid after taking account of any discounts offered. 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 dale of acqui5ib.on or opening of the deposit or Similar account. Credltors and provlsions Creditors and provisions are recognised when the charily has a present obligation results.ng from a past event that will probably result in the transfer ol funds lo a third party and the amount due 10 settle the obligats'on can be measured or estimated reliabty. 2. Income During the yearthe chaTity received donated property and other a55els wth a market value of £nil12022.. £nill which have been Gla55ified as unrestricted funds. 3. Investment Incom• 2023 Unrestrlcted Funds Total 2023 Total 2022 Dividends 79.604 79,604 97,340 79.604 79,604 97,340 10
Dimitri Tiomkin Music Notes to the financial statements for the year ended 5 April 2023 Expendlture on charhable actl¥ltl•s 2023 2022 Expenditure on charitable activits'es indudes:. Grants payable Other donatians Investment managers fees Governance wsts Independent ExaminationlAudit and accountancy Other 51,265 60,000 1,000 3,596 3.415 2.200 2,000 1,500 Flxed ass•t investrn•nts 2023 2022 Market value al 6 April 2022 Additions Disposals Net investment gainslllossesl 1.960,261 41,452 1.915,348 14,5871 49,500 11S1,799) Markot v•lua at S April 2023 1.849.914 1.960,261 Investments in the UK 302,470 478,943 Investrnents outside the UK 1,547A44 1,481,31B 6. Inv•stmgnt property 2023 2022 Market value at 6 April 2022 Additions Di5poya15 70,000 70,000 Market valuo at 5 April 2023 70.000 70.000 Relatsd P•rties During the year Lutea TNstees Ltd charged £4.362 12022.. £8,110) to the charity for admlnistralion and consultaney. £nil12022'. £ nil) was owed by the charity al 5 April 2023. Two of the Tru5tee5 were also directors of Lulea TTuslee$ Limited during the year lone retired on 15 August 20221. Trust••s romuneration and expensgs Trustees remuneration and expenses reirnbursemenl was £nil12022.. £nill. Grant c¢mmltsn•nt8 A$ of 5 April 2023. there were no binding grant commitments.
Dimitri Tiomkin Music Notes to the financlal statements for the year ended 5 April 2023 10. Funds Brought lovKdrd Income Exp•ndlture Oihgr galnslllossos) Carrled for•nrd Unrostrlctsd funds 2.073,063 80,289 163,9371 1152,799) 1,937.616 2,073,063 80,289 163,937 1151,799 1,937.616 Cornparativg 2022 Brought forward Oth•r gain(10$50$) Incorno Expendltum Carrled fowdrd Unrestricted funds 2,006,372 97,344 180,1531 49,500 2,073.083 2,006.372 97,344 180,1531 49.500 2,073,063 11. FurKIs 2023 Analysis of n•t assots b9tvMen funds Unrgstrlctod fund8 Total funds 2023 Total lundg 2022 Flxed •ssets Current a55ets Cuirent liabllltieB 1,919,914 20,356 12,6541 1,919,914 20,356 12.6541 2.030,261 46,247 13,445 1,937,616 1.937,616 2,073.063 2022 Comparativ• analysis of not a$s•ts betV4Ben funds Unr•strict•d fund5 Totsl lund$ 2022 Total fund$ 2021 Flxod assets Current assets Current Ilabllltles 2,030,261 46,247 13,4451 2,030.261 46,247 13,4451 1,985,348 31,438 110,4141 2,073.063 2.073.063 2.006,372 12