Docusign Envelope ID: 2ABE6E97-595F-4B91-AC02-C9C149B741F3
Dimitri Tiomkin Music (Charity Commission No 1173162) (Company No 10415487)
Trustees’ Annual Report and Financial Statements for the year ended 5 April 2025
Docusign Envelope ID: 2ABE6E97-595F-4B91-AC02-C9C149B741F3
Dimitri Tiomkin Music
Trustees’ Annual Report for the year ended 5 April 2025
| Contents | Page |
|---|---|
| Trustees Annual Report and Statement of Directors’ and Trustees’ Responsibilities | 2 - 5 |
| Independent Examiner’s Report to the Trustees | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 13 |
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Docusign Envelope ID: 2ABE6E97-595F-4B91-AC02-C9C149B741F3
Dimitri Tiomkin Music Trustees’ Annual Report for the year ended 5 April 2025
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 2025.
Objectives and Activities
The objectives of Dimitri Tiomkin Music, as set out in the 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.
Public Benefit
In pursuit of the charitable objects as set out above, the trustees have considered the Charity Commission’s guidance on public benefit to ensure that all activities meet this requirement.
The Charity has furthered its charitable purposes for the public benefit during the period covered by this Annual Report through donations to the Film Music Foundation which aim to support charitable work in the advancement of education in the music by the late Dimitri Tiomkin.
Achievements and Performance
The charity supports its main aim to promote, advance, improve, restore, develop and maintain for the public benefit and education the appreciation of the music of the late composer Dimitri Tiomkin. The charity has an agreement with the Film Music Foundation to further this aim.
Payments totaling £nil (2024: £65,000) were made during the year.
The Cazenove Investment Portfolio targets a total return objective of inflation plus 4% over the long term (rolling 10 years). In 2025 the net annual return was (1.1%). The trustees continue to review the performance and are invested for the long term.
Financial Review
The statement of financial activities shows net loss for the year of £(25,610) (2024: gain of £96,847), reflecting a total return distribution of £79,465, bank interest of £4,186, donations of £15,857 and expenditure of £21,828. The net income for the year includes a loss of £(103,290) (2024: gain of £96,360) on investments in the year.
Reserves Policy
The reserves of the Charity are made up of an Unrestricted Reserve. It is the policy of the Charity to maintain a level of funds, which are unrestricted, at a level sufficient to cover its donations and costs. The Unrestricted Reserve stood at £2,008,853 at 5 April 2025 (at 5 April 2024: £2,034,463).
Investment Policy
Cazenove Capital provide Discretionary Investment Management Services to the Charitable Company. The Portfolio is invested in the Charity Multi-Asset Fund (CMAF), targets a total return objective of inflation plus 4% over the long term (rolling 10 years). The Fund also targets a 4% p.a. distribution, paid 1% per quarter.
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Docusign Envelope ID: 2ABE6E97-595F-4B91-AC02-C9C149B741F3
Dimitri Tiomkin Music Trustees’ Annual Report for the year ended 5 April 2025
The Fund adopts an unconstrained approach with no explicit negative screening. ESG factors are integrated into the investment process. The portfolio has a long-term investment horizon, the Trustees accept the portfolio will have to take a certain degree of investment risk (medium-to-high) to achieve its investment objective.
The time horizon for the Portfolio is long term (longer than 10 years), as the charity seeks to exist in perpetuity. The Portfolio performance is reviewed on a regular basis.
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
Governing Document The principal governing document is the Articles dated 7 October 2016. Appointment of Trustees The power to appoint new trustees rests with the trustees. The trustees, who are also company directors for company law purposes, are appointed by ordinary resolution or as set out in s.22 of the Articles. Investment Powers The Charity has wide powers of investment.
Management and Control:
The charity is controlled by the trustees, who are currently:
Olivia Cynthia Sholto Douglas Diana Elizabeth McDowell Amelia Thornton
Day to day administration of the charity is delegated to Charles Russell Speechlys LLP.
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Docusign Envelope ID: 2ABE6E97-595F-4B91-AC02-C9C149B741F3
Dimitri Tiomkin Music Trustees’ Annual Report for the year ended 5 April 2025
Reference and Administrative Details
| Name of Charity | Dimitri Tiomkin Music |
|---|---|
| Charity No. 1173162 | |
| Company No. 10415487 | |
| Trustees: | Olivia Cynthia Douglas |
| Diana Elizabeth McDowell | |
| Amelia Thornton | |
| Principal Office Address: | Charles Russell Speechlys LLP |
| 5 Fleet Place | |
| London | |
| EC4M 7RD | |
| Investment Managers: | 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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Docusign Envelope ID: 2ABE6E97-595F-4B91-AC02-C9C149B741F3
Dimitri Tiomkin Music Trustees’ Annual Report for the year ended 5 April 2025
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: (A DocuSigned by:
27 November 2025
Date: …………………
Amelia Thornton
On behalf of the Trustees
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Docusign Envelope ID: 2ABE6E97-595F-4B91-AC02-C9C149B741F3
Dimitri Tiomkin Music
Independent Examiner’s Report to the Members of Dimitri Tiomkin Music for the year ended 5 April 2025
I report on the charity trustees on my examination of the accounts of the Charity for the year ended 5 April 2025.
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.
FitSigned999771DCB5C24BA...bitchingsby:
………………………………………… Neil Hitchings FCA Francis Clark LLP
Centenary House Peninsula Park Rydon Lane EXETER EX2 7XE
Date 28 November 2025
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Docusign Envelope ID: 2ABE6E97-595F-4B91-AC02-C9C149B741F3
Dimitri Tiomkin Music
Statement of Financial Activities (incorporating Income and Expenditure account) for the year ended 5 April 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Total | Unrestricted | Total | ||
| Funds | Funds | ||||
| Note | £ | £ | £ | £ | |
| Income: | |||||
| Donations and legacies | 2 | 15,857 | 15,857 | - | - |
| Investments | |||||
| - Bank Interest |
4,186 | 4,186 | 3,113 | 3,113 | |
| - Investment Income |
3 | 79,465 | 79,465 | 79,724 | 79,724 |
| –––—— | –––—— | –––—— | ––––—— | ||
| Total income | 99,508 | 99,508 | 82,837 | 82,837 | |
| ––––—— | ––––—— | –––—— | ––––—— | ||
| Expenditure Charitable activities: | |||||
| - Grants and |
- | - | 65,000 | 65,000 | |
| donations payable | |||||
| - Administration |
3,703 | 3,703 | 3,369 | 3,369 | |
| - Insurance |
- | - | 389 | 389 | |
| - Property expenses |
- | - | - | - | |
| - Legal & Professional |
18,125 | 18,125 | 13,592 | 13,592 | |
| Fees | |||||
| - Bank Charges |
- | - | - | - | |
| ––––—— | ––––—— | ––––—— | ––––—— | ||
| Total expenditure | 4 | 21,828 | 21,828 | 82,350 | 82,350 |
| ––––—— | ––––—— | ––––—— | ––––—— | ||
| Net income/(expenditure) | |||||
| before net gains/(losses) on | 77,680 | 77,680 | 487 | 487 | |
| investments | |||||
| Net gains/(losses) on Investments | (103,290) | (103,290) | 96,360 | 96,360 | |
| ––––—— | ––––—— | ––––—— | ––––—— | ||
| Net income/(expenditure) | (25,610) | (25,610) | 96,847 | 96,847 | |
| Transfer between funds | - | - | - | - | |
| ––––—— | ––––—— | ––––—— | ––––—— | ||
| Net movement in funds | (25,610) | (25,610) | 96,847 | 96,847 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 2,034,463 | 2,034,463 | 1,937,616 | 1,937,616 | |
| ––––—— | ––––—— | ––––—— | ––––—— | ||
| Total funds carried forward | 11 | 2,008,853 | 2,008,853 | 2,034,463 | 2,034,463 |
| ══════ | ══════ | ══════ | ══════ |
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Docusign Envelope ID: 2ABE6E97-595F-4B91-AC02-C9C149B741F3
Dimitri Tiomkin Music
Balance Sheet for the year ended 5 April 2025 (company no. 10415487)
| 2025 | 2024 | ||
|---|---|---|---|
| Total | Total | ||
| Note | £ | £ | |
| Fixed assets | |||
| Investments at market value | 5 | 1,906,302 | 1,947,530 |
| Investment property | 6 | 70,000 | 70,000 |
| Investment in subsidiary | 7 | 4,743 | - |
| ––––—— | ––––—— | ||
| 1,981,045 | 2,017,530 | ||
| Current assets | |||
| Cash at Bank | - | - | |
| Other Debtors | - | - | |
| Prepayments | - | - | |
| Accrued Income | 31,005 | 20,022 | |
| ––––—— | ––––—— | ||
| 31,005 | 20,022 | ||
| Liabilities | |||
| Creditors: amounts falling due within one year | |||
| Trade Creditors | 947 | 839 | |
| Accruals | 2,250 | 2,250 | |
| ––––—— | ––––—— | ||
| 3,197 | 3,089 | ||
| ––––—— | ––––—— | ||
| Net current assets | 27,808 | 16,933 | |
| ––––—— | ––––—— | ||
| Net assets | 2,008,853 | 2,034,463 | |
| ══════ | ══════ | ||
| Allocation of the charity net assets: | |||
| Unrestricted income funds | 2,008,853 | 2,034,463 | |
| ––––—— | ––––—— | ||
| Total charity funds | 2,008,853 | 2,034,463 | |
| ══════ | ══════ |
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.
27 November 2025
Approved by the Trustees on …………….. and signed on their behalf by
Amelia Thornton Trustee
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Docusign Envelope ID: 2ABE6E97-595F-4B91-AC02-C9C149B741F3
Dimitri Tiomkin Music
Notes to the financial statements for the year ended 5 April 2025
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.
Investments in subsidiaries are measured at market value.
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Docusign Envelope ID: 2ABE6E97-595F-4B91-AC02-C9C149B741F3
Dimitri Tiomkin Music
Notes to the financial statements for the year ended 5 April 2025
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. Donation income
| . Donation income | |||
|---|---|---|---|
| Donation in kind | 2025 Unrestricted Funds £ 15,857 15,857 |
Total 2025 £ 15,857 15,857 |
Total 2024 £ - |
| - |
During the year the charity received a donation in kind from a Trustee with a market value of £15,857 (2024: £nil) which have been classified as unrestricted funds.
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Docusign Envelope ID: 2ABE6E97-595F-4B91-AC02-C9C149B741F3
Dimitri Tiomkin Music
Notes to the financial statements for the year ended 5 April 2025
3. Investment Income
| Dividends 4. Expenditure on charitable activities Expenditure on charitable activities includes:- Grants payable Other donations Investment managers fees Governance costs - Independent Examination/Audit and accountancy 5. Fixed asset investments Market value at 6 April 2024 Additions Disposals Net investment gains/(losses) Market value at 5 April 2025 Investments in the UK (excluding cash) Investments outside the UK 6. Investment property Market value at 6 April 2024 Additions Disposals Market value at 5 April 2025 |
2025 Unrestricted Funds Total 2025 Total 2024 £ £ £ 79,465 79,465 79,724 79,465 79,465 79,724 2025 2024 £ £ - 65,000 - - 3,703 3,369 2,250 2,595 ══════ ══════ 2025 2024 £ £ 1,947,530 1,849,914 62,062 1,256 - - (103,290) 96,360 ––––—— ––––—— 1,906,302 1,947,530 ══════ ══════ 329,611 298,506 ══════ ══════ 1,458,868 1,599,108 ══════ ══════ 2025 2024 £ £ 70,000 70,000 - - - - ––––—— ––––—— 70,000 70,000 ══════ ══════ |
Total 2024 £ 79,724 |
|---|---|---|
| 79,724 |
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Docusign Envelope ID: 2ABE6E97-595F-4B91-AC02-C9C149B741F3
Dimitri Tiomkin Music
Notes to the financial statements for the year ended 5 April 2025
7. Subsidiary Undertaking
With effect from December 2024 one of the trustees, Olivia Douglas, transferred her shares in Volta Music Corporation (a US California Corporation) to the charity and it is now wholly owned by the charity. Volta Music Corporation owns the intellectual property in Dimitri Tiomkin’s compositions and royalties flow to this company.
8. Related Parties
Donations of assets valued at £11,114 and interest in a US company valued at £4,743 were received from one trustee during the year.
9. Trustees remuneration and expenses
Trustees remuneration and expenses reimbursement was £nil (2024: £nil).
10. Grant commitments
As of 5 April 2025, there were no binding grant commitments.
11. Funds
| 11. Funds | |||||
|---|---|---|---|---|---|
| Unrestricted funds Comparative 2024 Unrestricted funds |
Brought forward £ 2,034,463 2,034,463 Brought forward £ 1,937,616 1,937,616 |
Income £ 99,508 99,508 Income £ 82,837 82,837 |
Expenditure £ (21,828) (21,828) Expenditure £ (82,350) (82,350) |
Other gains/(losses) £ (103,290) (103,290) Other gains/(losses) £ 96,360 96,360 |
Carried forward £ 2,008,853 |
| 2,008,853 | |||||
| Carried forward £ 2,034,463 |
|||||
| 2,034,463 |
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Docusign Envelope ID: 2ABE6E97-595F-4B91-AC02-C9C149B741F3
Dimitri Tiomkin Music
Notes to the financial statements for the year ended 5 April 2025
12. Funds
2025 Analysis of net assets between funds
| 025 Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted funds £ Fixed assets 1,981,045 Current assets 31,005 Current liabilities (3,197) 2,008,853 024 Comparative analysis of net assets between funds Unrestricted funds £ Fixed assets 2,017,530 Current assets 20,022 Current liabilities (3,089) 2,034,463 |
Total funds 2025 £ 1,981,045 31,005 (3,197) 2,008,853 Total funds 2024 £ 2,017,530 20,022 (3,089) 2,034,463 |
Total funds 2024 £ 2,017,530 20,022 (3,089) |
| 2,034,463 | ||
| Total funds 2023 £ 1,919,914 20,356 (2,654) |
||
| 1,937,616 |
2024 Comparative analysis of net assets between funds
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