**Charity Registration No. 1177274**
## **O/MODERNT FOUNDATION**
**TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022**
**O/MODERNT FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
## **Charity number**
**Company number**
**Principal address**
## **Independent Examiners**
**Bankers**
G Barnett (Chair) V Marriott H Pellback O Ticciati
1177274 CEO13342
8 Nassau Road London SW13 9QE
TC Group The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN
Transferwise 56 Shoreditch High Street London E1 6JJ
Transferwise Europe SA Avenue Louise 54, Room S52 Bruissells 1050 Belgium Natwest Bank plc Chatham Rscs Western Avenue Waterside Court Chatham Maritime Chatham ME4 4RT
## **O/MODERNT FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 – 3|
|Independent examiner’s report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the accounts|7 - 10|
## **O/MODERNT FOUNDATION**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2022**
The Trustees present their Annual report, together with the financial statements for O/Modernt Foundation for the year to 31 March 2022.
The accounts comply with the Charities Act 2011, and 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 2015).
## **Structure, Governance & Management**
The CIO was formed on 21 February 2018 and is governed by its Constitution.
Its registered office is at 8 Nassau Road, London SW13 9QE.
The registered charity number is 1177274.
The objects of the CIO are for the public benefit to promote the education of the public on the subject of music by the organisation of public concerts and the presentation of performances of music, including, but not limited to, concerts, master classes, music camps, seminars, workshops and commissioning of new works of music.
The trustees meet regularly to discuss matters relating to governance, financial administration, business strategy, operational management and fundraising.
## **Induction and training of new trustees**
All trustees undergo a formal recruiting and selection process, followed by an induction period that includes any training considered necessary to effectively perform their role.
## **Organisational structure**
Since 1 April 2021, the Board of Trustees consisted of the following individuals:
Geoffrey Barnett, _Chair_ Val Marriott Helena Pellbäck Oliver Ticciati, _Honorary Treasurer_
## **Risk management**
The Board of Trustees holds overall responsibility for Risk Management for the organisation and has conducted a review of the major risks to which the organisation is exposed. Consequently and where appropriate, systems or procedures have been established to manage the risks that the Charity faces.
## **Objects**
The objects of the CIO are for the public benefit to promote the education of the public on the subject of music by the organisation of public concerts and the presentation of performances of music, including, but not limited to, concerts, master classes, music camps, seminars, workshops and commissioning of new works of music.
## **Activities**
After being able to perform only two public concerts in 2020-21 as a consequence of the Covid-19 pandemic, the O/Modernt Chamber Orchestra resumed public performance with its annual Festival O/Modernt in Sweden in June 2021, albeit mostly livestreamed, with a live audience of just sixteen in number.
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## **O/MODERNT FOUNDATION**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## **Activities (continued)**
In July Hugo Ticciati performed pieces by the winners of the O/Modernt Composition Prize with the Manchester Camerata at the Manchester International Festival. These were _Vulpes Vulpes_ by Paul Saggers and T _odo Era Vuelo En Nuestra Tierra_ by Julieta Szewach. He also performed pieces commissioned from _Dobrinka Tabakova: The Patience of Trees_ and _Frozen River Flows_ .
In August the O/Modernt Chamber Orchestra performed in Berlin and Cologne.
In September Hugo Ticciati played with the Sinfonietta Riga Orchestra at the Celsis Concert Hall in Latvia; the O/Modernt New Generation Orchestra played at the Baltic Sea Festival in Stockholm; and Hugo played at the Goethe-Institut in Stockholm. At the end of the month Hugo led a Musical Field Trip to the Arvo Part Centre in Estonia.
In October Hugo was playing and conducting in Estoril (Portugal) Prato (Italy) and Stuttgart (Germany).
In December the O/Modernt Chamber Orchestra performed at the Wigmore Hall in London.
In February Hugo performed with the Danish National Youth Ensemble in Copenhagen.
In March Hugo led a two week residency with the Scottish Chamber Orchestra in Edinburgh and Glasgow. The year ended with an O/Modernt Chamber Orchestra concert as part of an Estonia Festival at Kings Place in London. In the autumn and winter O/Modernt hosted a series of six webinars exploring aspects of musical and emotional creativity.
The Trustees have continued to pay due regard to Charity Commission guidance on public benefit.
## **Financial Review**
Fee income in the year amounted to £116,833 (2021 £20,736).
By far the largest component of donations in the year was a sum of £170,000 received from Stiftelsen O/Modernt, which is O/Modernt Foundation’s counterpart corporate entity in Sweden. In April 2021 it was agreed that the Stiftelsen may transfer funds to the CIO and that the CIO may discharge expenses properly incurred by the Stiftelsen at the Stiftelsen’s request.
Of the other donations, amounting to £5,135, a sum of £1,100 was received from Trustees. There was no concerted campaign to raise voluntary funds for the Foundation.
Total expenditure in the year amounted to £216,549 (2021: £61,968). This comprised mostly the payment of artists’ fees and their travel expenses.
Support costs comprise of fees in relation to independent examination of the accounts and their preparation and totalled £1,440 (2021: £900).
At 31 March 2022 the bank balance stood at £54,095 (2021: £8,036). Apart from a small balance held with NatWest Bank, all funds are held in sterling and Euro accounts with Wise.
## **Policies**
There have been no changes to the policies adopted by the Trustees in 2018/19 in relation to risk management, conflicts of interest, complaints and data privacy.
The Trustees review internal financial controls at least annually. They were last reviewed in February 2022 in the context of an update to the debit card policy, first adopted in December 2020. The Honorary Treasurer prepares monthly statements of receipts and payments. All expenses are supported by invoices, held in electronic form. The majority of the larger payments out of the account are paid by the Hon Treasurer by bank transfer against invoices
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## **O/MODERNT FOUNDATION**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## **Policies (continued)**
which have been approved for payment by Hugo Ticciati. Travel and out of pocket expenses are mostly settled by the use of debit cards.
## **Staff**
Hugo Ticciati, Director of the CIO, is not an employee and receives no remuneration from the CIO.
The CIO has no employees. Administrative assistance is provided by a self-employed Production Coordinator / Project Manager, who charges fees for the administration of specific assignments **.**
## **Reserves policy**
All the CIO’s funds are unrestricted and are required to pay the fees and expenses incurred in the presentation of performances of music. The Trustees’ reserves policy is to maintain a positive balance in the CIO’s bank account and not to undertake any commitment which might result in a breach of that policy.
## **Future Plans**
The charity plans on continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements.
## **Trustees’ responsibilities in relation to the accounts**
The Charities Act 2011 requires the trustees to prepare accounts 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, including the income and expenditure, of the charity for that year.
In preparing these accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011. 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.
Approved by the board on 27 June 2022
Signed on behalf of the board of trustees
…………………………………… G Barnett
**Trustee (Chair)**
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## **O/MODERNT FOUNDATION**
## **INDEPENDENT EXAMINER’S REPORT**
## **TO THE TRUSTEES OF O/MODERNT FOUNDATION**
## **Independent examiner’s report to the trustees of O/Modernt Foundation**
I report to the trustees on my examination of the accounts of O/Modernt Foundation for the year ended 31 March 2022.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").
I report in respect of my examination of the accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- (1) accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- (2) the accounts do not accord with those records; or
- (3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## **Jonathan Aikens FCA, DChA for and on behalf of TC Group**
The Courtyard Shoreham Road Upper Beeding Steyning West Sussex
BN44 3TN Dated: 29 June 2022.
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## **O/MODERNT FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
|||**Unrestricted**|**Total**|**Total**|
|---|---|---|---|---|
||**Notes**|**Funds**|**2022**|**2021**|
|**Income from:**||**£**|**£**|£|
|Donations and grants||**175,135**|**175,135**|1,368|
|Charitable activities||**116,833**|**116,833**|20,736|
|||`────────`|
`────────`|`────────`|
|**Total income**||**291,968**|**291,968**|22,104|
|||`────────`|
`────────`|`────────`|
|**Expenditure on:**|||||
|_Charitable activities_|||||
|Charitable Projects||**216,549**|**216,549**|61,968|
|||`────────`|
`────────`|`────────`|
|**Total expenditure**|**3**|**216,549**|**216,549**|61,968|
|||`────────`|
`────────`|`────────`|
|**Net income/(expenditure) and**|||||
|**net movement in funds**||**74,969**|**74,969**|(39,864)|
|||`════════`|
`════════`|`════════`|
|**Reconciliation of funds**|||||
|Total funds brought forward||**7,136**|**7,136**|47,000|
|||`────────`|
`────────`|`────────`|
|**Total funds carried forward**||**82,105**|**82,105**|7,136|
|||`════════`|
`════════`|`════════`|
There are no recognised gains or losses other than those reported on the Statement of Financial Activities. All activities are classed as continuing. All income and expenditure in 2022 and 2021 was unrestricted.
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## **O/MODERNT FOUNDATION**
## **BALANCE SHEET**
## _**AS AT 31 MARCH 2022**_
||||**2022**||2021|
|---|---|---|---|---|---|
||**Notes**|**£**|**£**|£|£|
|**Current assets**||||||
|Debtors|**7**|**29,450**||-||
|Cash at bank and in hand||**54,095**||8,036||
|||`────────`||`────────`||
|||**83,545**||8,036||
|**Creditors: amounts falling due**||||||
|**within one year**|**8**|**(1,440)**||(900)||
|||`────────`||`────────`||
|**Net current assets**|||**82,105**||7,136|
||||`────────`||`────────`|
|**Total assets less current liabilities**|||**82,105**||7,136|
||||`────────`||`────────`|
|**Net assets**|||**82,105**||7,136|
||||`════════`||`════════`|
|**The funds of the charity**||||||
|Unrestricted funds|||**82,105**||7,136|
||||`────────`||`────────`|
||||**82,105**||7,136|
||||`════════`||`════════`|
The accounts were approved by the Board on 27 June 2022
..............................
G Barnett **Trustee (Chair)**
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## **O/MODERNT FOUNDATION**
## **NOTES TO THE ACCOUNTS**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **1 Accounting policies**
## **1.1 Basis of preparation**
The accounts 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 2015) – (Charities SORP (FRS 102)) and the Charities Act 2011.
O/Modernt Foundation 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 note(s). There are no material uncertainties about O/Modernt Foundation’s ability to continue as a going concern. This conclusion takes into account the financial effect of the COVID-19 pandemic.
The functional currency of the charity is pounds sterling. Items are rounded to the nearest pound.
## **1.2 Cash Flow Statement**
In accordance with Section 7 of FRS 102 the charity is claiming exemption from the requirement to prepare a cash flow statement on account of its size.
## **1.3 Income**
Donations and other forms of voluntary income are recognised when the charity has entitlement to the income, the income is measurable and it is probable that the charity will receive the income.
Income from charitable activities consists of fees received for performance activity. Income is recognised upon delivery of the activity to which the income relates.
## **1.4 Expenditure**
Expenditure is accounted for on an accruals basis with the irrecoverable element of VAT included with the item of expense to which it relates.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.
Governance costs (included within support costs) include those costs associated with meeting the constitutional and statutory requirements of the charity.
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## **O/MODERNT FOUNDATION**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **1 Accounting Policies**
## **(continued)**
## **1.5 Fund accounting**
Funds held by the charity are either:
All of the charity’s funds are unrestricted funds. These are funds which can be used in accordance with the charitable objects at the discretion of the trustees and which have not been designated for other purposes.
## **1.6 Taxation**
As a charity, O/Modernt is exempt from tax on charitable income and gains to the extent that these are applied to its charitable objects.
## **1.7 Creditors and provisions**
Creditors and provisions are recognised where 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.
## **1.8 Cash at bank and in hand**
Cash at bank and in hand includes cash and short term highly liquid investments. The Trustees seek to use short term deposits where possible to maximise the return on monies held at the bank and to manage cash flow.
## **1.9 Foreign exchange**
The charity’s presentational currency is Pounds Sterling. Transactions occurring in foreign currency throughout the year have been translated using publicly available average exchange rates.
Monetary assets and liabilities denominated in foreign currencies are translated into Sterling at the rates of exchange ruling at the balance sheet date. All foreign currency differences are recognised in expenditure on raising funds.
## **1.10 Estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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. Revisions to accounting estimates are recognised in the period in which the estimate is revised.
The trustees do not consider that there are any critical estimates or areas of judgement that need to be brought to the attention of the readers of the financial statements.
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## **O/MODERNT FOUNDATION**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
## **2 Trustee remuneration**
All the trustees donate their time spent running the charity on a voluntary basis and do not receive any remuneration for their work as trustees.
## **3 Expenditure**
|
**Charitable activities**
Charitable Projects
Support costs
**Total**
**4** **Support costs**
Governance costs (independent examination)|**2022**
**£**
**215,109**
**1,440**
`────────`
**216,549**
`════════`
**2022**
**£**
**1,440**
**1,440**|2021
£
61,068
900
`────────`
61,968
`════════`
2021
£
900|
|---|---|---|
|||900|
## **5 Employees**
The charity had no employees during the year (2021: none).
## **6 Trustees**
During the year no trustees were reimbursed any expenditure (2021: none). There are no related party transactions to disclose other than trustee donations (details of which are disclosed in the Trustees’ Report).
## **7 Debtors**
|**Debtors**|||
|---|---|---|
||**2022**|2021|
||**£**|£|
|Trade debtors|**29,450**|-|
||**`───────`**|`───────`|
||**29,450**|-|
||`═══════`|`═══════`|
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## **O/MODERNT FOUNDATION**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MARCH 2022**_
|**8**|**Creditors: amounts falling due within one year**|**2022**|2021|
|---|---|---|---|
|||**£**|£|
||Accruals|**1,440**|900|
|||`───────`|`───────`|
|||**1,440**|900|
|||`═══════`|`═══════`|
## **9 Control**
The charity is under the control of the Trustees.
## **10 Charity information**
O/Modernt Foundation is a Charitable Incorporated Organisation registered in England and Wales. The charity’s registered number and registered office address can be found on the legal and administrative information page.
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