Charity Règistration No. 1177274 OIMODERNT FOUNDATION TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023
OIMODERNT FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustee$ J Carv811 (Chalrl E Bonnia {appointed 16 March 20231 J Quash (appointed 11 Drnber 2022) O TIlat G Barnett (resigned 11 D8c*mber 20221 V Marriott (resigned 11 December 2022) H Pellba¢k (resigned 11 DecernbeT 2022) Charlty nUMr 1177274 Company nUMr CE013342 Princlpal addrèss 8 Nassau Road London SW13 9QE Indendent ExamingVB TC Group The Coutyard Shoreham Road Upper Bogdlng Steyning Wèst Sussex BN44 3TN Bankgrs Transferwise 56 Shoredilch High Street London E1 6JJ Transferwise Europe SA Avenue Louise 54, Room S52 Bruissells 1050 Belgium Nalwosl Bank plc Chatham Rs¢s We8tem Avènue Wat¢tside Court Chatham Martlime Chatham ME4 4RT
OIMODERNT FOUNDATION CONTENTS P8ge Truste8s' report Independ¢nl examinerf8 report Statement of finanaal a¢tivibes 8818nce sheet Notes to the accounts 7-10
OIMODERNT FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees Present their Rgpcrt and the FinanrAal statents CIO for the y88r ended 31 March 2023. LEGAL STATUS Thg CIO was fomed on 21 February 2018 and is govemed by its Consltution. Its registéred offi¢0 Ss at 8 Nas8au R08d, London SW13 9QE. The registered charity number is 1177274. OBJECTS The objeds of the CIO a for the public b8nÈfit to promot8 the education of the public on the subiert of rnu$l¢ by the organisation of public concerts and the presentation of performances of music, including, bul ng1 limited to. concerts, master classes, musi¢ camp5, seminars, workshops and mmISsIon[g of works of musi¢. TRUSTEES On 11 Decembèr 2D22, Geoffrèy Bainott, Val Marriott and Helena Pellbac, thg Inding Iruste8s resignod,. Jon Catvell was appointed chairman of the trustees.. and Ben Quash w88 appolnled atW8tee. On 16 Marth 2023 Emma Bonnici was appointed a trustee. ACTivfTIES In April 2022 the Olmodernl Chamber Orchestra p8rfomied in Lithuania at Ihg Klaipéda ConcÈrt Hall and thUanIan Nats'on81 Philharmonic Concert Hall. In May 2022 the Chamber 0hestra gave a series of concert Babel-A 8allef of Sounds in the TonHalla, MunlGh. In June 2022 the week long Festw81 Olmodemt took pla In Sweden. at last unaff¢cled by Covid. The Ojmodernl Soloigts perfomi&d wlh Luciana Moncini at the Earty Music Festival in Riga in July 2022, and later that month the Chamber Orehestra was joingd by the Trondheim Voices in Dila1 Pootry Th& Human Touch in Munich, Raw S¢hmid béing tho compo$er. In August 2022 the Chatllber Or¢heslr& was in residonce at the Young Euro Classic 8t the Konzerthaus, Berlin. and later pgrfomi6d al The Stiftung Schleswig-Holst&in Muslk FestlV81 In Folk Tune al the Elbphilharmonie Hamburg. In September 2022 thé ONodernt Sttloists perfom7ed in Turln at the MITO Féstival, Lightning Strikes,. and the Chamber Orchèstra PErformed at Konzertsaal, Mariènmunster CoN8y - knt¢rary-MusiGal Festivak, Saint Bavo's Cathedral, Ghent Flandars Feslival Ghent- Lwping Time., and with Evgtyn Glennie at the Frauenkirthe, Dresden Aus der Tiefe der Gèfuhle. In Octttber 2022 Hugo performed with the KammerakademiÈ Potsdam at Nikolaisaal Groser Saal, Potsdarr Di51anl Light,. the Olmodèml Soloists perfornd at S¢hloss Elmau,. aw)d the Chamber Orchestra perfomi8d 81 the Wgmore Hall, London Roarlling Spirits with Christoffer Sundqvist (darinet} and MiklO8 Lukacs Icimbalonl. In Novembr 2022 Hugo perfomied wilh the Camerala Slrumentsle 'Citta di Prato. the Teatro Polltgama Pralose. Ptalo {and again in January 20231.. and the Olmodefnt New Gen8ration F¢lows p&rf¢)mied atthe Arvo Part Festival in Oxford. In February 20231he ChamberOrchè51ra performed lhe reeently opened Queen Sllvla Concert Hall in Stockholm In collabor81ion with Lilla Akad•mien land again in Mard) 2023)- Hugo performed with Ostrobothni8n
OIMODERNT FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 Chamber Orchestra in ChLtrch of Kokkola, Finland.. and with Simon Crawford -Phillip$. piano- the Kamu8 Quartett. and the Tapiola Sinfrmietta al the Tapi018 Cultural Cèfttre, Finland. In March 2023 Hugo performed wllh the Swedish Chambw Orthestra in the Orebro Konserthus, Sweden,. with the Deutsches Symphonie Orchesler al the Philharmonie Berlin under the balon of Robin Ticciati., and with the Chamber Orthestra and Siglo d'ore al the wi9ra Hall Season Launch. In April and May 2022 webinars for the Olmodernt Academy were delivered by Bén Quash Purgati and Illumln8tion,' James Canton The P0tifjn of TeS,. and Elvzabeth WI80n Th8Avant-Gard8 <)n thg Peiiphery. FINANCES Following advice from ils a¢xountants that owng lo the rev¢rse ¢harge the CIO'S turnover for VAT purposes hod èxeded the threshold of £85,0(M) the CIO applred to be rpgisler6d for VAT in August 2022. In F•bnJary 2023 HMRC. having registered the CIO for VAT on 1911r23 with effect from 1111122, deregislered it wllh effect fr7 513r23, giwn9 as their 880n"YOU Èilherdon't eM to be making tsxable supplies or intènding to.. The CIO replied Ihè CIO intends to Carry on business as usual on thè basis that il is not registered for VAT and does not nèèd to Fee inrne in tho year amounted lo £154,549. By far th8 largest compon8nt of donations in the yearwas a Sum of £185.542 {Q10,0001 received from Sliftelsan Olmodernl, which is Olmodgrnt Foundation's counterpart ¢grporate 6ntity in Sw¢den. In April 2021 it was agreed that the Stiftelsen transfer futKls to the CIO that the CIO may discharge expens&s property inGurred by th8 Stiftelsen al the Stiftelsen'$ request. The only other significant donations We £900 Irom the Estonian Institute as a contribLrtion to arti815' expenses and £31X) from Mr and Mrs Howat. There was no campaign to raise voluntary funds. Total expenditure in the year amounted lo £407.922. This comprised mo511y the payment of artlsts, fees thelr travel exSe8. The indirect Costs of administratlon were £46,380, bèing the f¢95. commissions and Éxpenses of the G&néral Manager (employed by the Stiftel$enl and the self*mployed Production CoordinatorJProjecl Managèr. The fee for independent eXinatiOn of the accounts and thelr prepa3lion was £1.440. At 31 March 2023 the bank balance stood al £10.334 (31 Mafrvh 2022 £54,095). All funds are hold in storting and euro accounts with Wis8. POLICIES Thore have been no Changes to the poliuès adoptod by th8 Tru8lees in 2018119 in rglalion lo risk management, cnflictS of Interest, complaints and data privag. The Trustees revlew internal financial controls al least 8nnually. They were last rBviewed in October 2022 in the context of an update lo the dabit card policy, first adopted In December 2020. Th• Honorary Treasur8r prepares monthly staternents of rèceipts and paymènts. All oxpenses are supported by invoices. held in ele(Xronic form. The majority of the larger paytnents oth ol the account are paid by the Hon Treasuror by bank Iransfei against invoices which hsve been approved for payment by Hugo Ticciati. Travel and out of pockèt expensos are rnoslly settled by the use of debit cards.
OIMODERNT FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 STAFF Hugo Ticciati, DireGlor of th8 CIO. is nol 8n employee and reiveS no r8muneratlon from the CIO. The CIO has no employee8. Administrabve assistance Is provided by a selfomployed Produthn CoordinalorlProject Manager, who charges fees for the adJThnistration of6p6cffic assignments. RESERVES All the CIO'S funds are unre8tricted and are required to pay thÈ fees and expénses incurred in the presèntation of perfomianees of music 8nd educational programmes relating to music. The Trustees, reserves policy was updated On 7 Mar(* 2023 and is 45 follows'a 3 monthly budget is lo bè prepared on a reasonable worst case basis, starting 1 April 2023. The Sliftelsen will ensure that the CIO has suffici¢nl funds to meet thè anticipated expendilurewilhout r&Ing on any fee due from a promol8r for that purpose. If for any reason the Stiftelsen is unable lo put the CIO sufficiently in fvnds steps are lo be taken to reduc8 comrnilments 80 that there is no danger that the CIO wlll be unable lo pay its debts as thèy fall due.. INDEPENDENT EXAMINATION The Trustees arè responsible forlhe preparation oflhe accourtts. whith are not required to be audited. Aeeordingty. they have been the subject of a report by an ind8pèndent examiner. whose report is sel out on thè followtng page of this document. Approved by the Trustees and signed on thèir behalf by.. Jon Carv¢ll Chair Dètèd...25 September 2023
OIMODERNT FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OIMODERNT FOUNDATION Indepèndènt exarninerf$ report to the Irvstees of Olmodemt Foundation I r8POrt to Ihg Iruslees on my examination of the accounts ol Olmodèmt Foundation for the yèar 8nded 31 March 2023. Respon8ibilib"es and basls of report As Ihe twsteès of the charity you are SPonSible for thè preparalion of the accounts in accordance with the requirements of the Charities A¢t 2011 c'the AGV'I. l Teport in resped of my examination of the accounts carried out under section 145 ofthe 2011 Act and In ryIng OLrt my examination I hav• followed all the appli¢ablè Dlrections given by th? Charity C¢mmission under section 145{51(b) of Ihe Act. Since the Charrty's gross income exeded £250,000 your éxaminer must bè a memb8r of a body Ihsted in séction 145 DI the 2011 Act. I conffimi that l am qualrfied to undertakè the examination becausè l am a m&mber oflhe Association of Chartered Certified Accountants, which Is one of the list8d bjdies. Iftdandent examinerfs stat•m•nt I have completed my examination. I cx)nfimi that no material mattors have come to my attenlk)n in wnn8ction with thÈ èxamination giving me causè to believe that in any rnatorial respect.. 11} accounting rerdS were not kept in respect of the chadty as required by section 130 of thè Act.. or 121 th8 Bccounls do not accord wlth those records", or 131 the accounts do not cornply with the appIlble requirements conGeming thÈ form and content of accounts set OLrt in thè Charities IAceounts and Reports) Regulations 2008 other than any requiTement that the 8w)unts give a 'true and fair view which Is not a matt8r considered as part of an independent examination. I hav• no conGorns and havÈ Come across no other mattèrs in conneditin with the Examination to w.Ch attention should be drawrh in this report in order to enabl8 8 pper und¢rstanding of the accounts to be reached. Mr Mark Cummlns FCCA, lorand on bghalfofTC Group Th8 Courtyard Shoreham Rtsad Upper 8eediny Steyning West Sussex BN44 3TN Dated..
OIMODERNT FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 Unre8tri¢tsd Funds Total 2023 Total 2022 Note8 Ineome from". Donatigns and grants Charitable 8¢twilies 186,843 154,549 186,843 154,549 175,135 118.833 Totsl incom¢ 341,392 341,392 291,968 Expenditure on- Charilable aelivities Charitable Proje¢ts 407,922 407,922 216,999 Totsl expgndlturg 407,922 407,922 216,999 N•t Incomellexpentfiturel and n•t movement In fund8 66.5301 {66,5301 74,969 Reconeiliatlon of funds Total fvnds broughtforward 82.105 82,105 7,136 Total funds ¢arried forward 1S,575 15,575 82,105 There aro no recognised gains or lossés Oiher than fhose reported on the Statement of Flnancial AchVeS. All aclivitles are cfassed as o)ntinuing_ An incoffie and exp8ndtiure in 2023 atKI 2022 was unrestridod.
OIMODERNT FOUNDATION BALANCE SHEET AS A T31 MARCH 2023 2023 2022 Currgnt a¥sets Debtors Cash at bank 8nd in hand 6.681 10,334 29,450 54,095 17.015 83,545 Creditors: amounts falllng due wÉthin one year 11,4401 11,440} N*t eurrgnt assets 15,575 82.105 Totsl assets less curront Ilabllltle$ 15.575 82,105 Net as$gts 15.575 82,105 The fiJnds ofthe charity UnreslrKted funds 15.575 82.105 15.67S 82,105 The a¢o)unts were 8PPTovod by the Board on 25 SèptÈmber 2023 J Carvell Trustee Ichairl
OIMODERNT FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 AccountEng pollcSes 8agi$ of preparation Thè aeetsunts h8vÈ been prepared in accordanc8 with Aecounting and Reporting by Charities.. StAtém8nt of RÈeJ)mmended Practitt appltcablè to tharitiès prÈparing their a¢¢ounls in 8rdance wilh the Finana Reporting Standard applicable in the UK and Republic ol Ireland (FRS 102) (effective 1 January 20151 (Charities SORP IFRS 10211 and the Charitbes Act 2011. Olmodeml Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are Init1811y reCInISd 81 hi$tori¢al ¢ost or twnsa¢tion Val unless otherwise $181ed in the leant accounting policy note(sl. There are no material uncert8inlies 8b¢ut Olmodernl Found81ion's ability lo continue 88 a g(>ing concern. This condusion takes into account the financial effect of the COVID-19 pandemic. The functKJnal currency of the charity is pounds sterfin9. Items are rounded lo the nearest pound. Cash Flow Ststemgnt In acwrdance with Section 7 of FRS 102 the thartty is claiming gxorllption from the Tequiromgnt to piepare a cash fflow statement on aco)unt of its svze. Income Dona*ons and otherforms ofvoluntsry income are recognised when the chartLy has entidem@nt to tho incom8. the income is mèasurablè and il is probablè that the ch81ity will rèceive thè income. Income from charitable activities con8ts of fees received for performance activity. Income is recognised upon delivery of the activity lo which the income relates. Exponditure Exnlture is accounted fr)r on an aeexuals baS wth the irrecov8rabl8 818mant of VAT IndUd with the item of eXn$0 lo which il relates, Charttable expenditure comprises those costs incurred by the tharity in the deliv8ry of its activitips and 8ervice8 for its benefiuaries. Govemance costs (Induded within support costs) indud8thos6 costs ossouated with me8ting the constitutional and ststutory r8quirem8nts of thé charity.
OIMODERNT FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng Pollcles {eontinued) Fund ac¢ounting Funds hèld by the chartly are either.. All of the charitls funds aro unrestricted fvnds. Thesè are funds wlh¢h Can be used in seerdan with the Charitable objè¢ts al the dks(¥elion of the trustees and which havg not beèn designal¢d for other purposes. Taxatlon As a charity, ONodemt is exempl fr¢m tax on charrtable ineA)me and gains to th8 axlenl that these are applied to its tharilable objècts. Creditors and provisions Creditors arKI provisions are recognised where the charity has a presenl obligation r8sutting from a p851 event that will probably result in the transfer of funds to a third party and the 8munt duo to settle the obligation can be measurèd or estimated reliably. Ca$h at bank and In hand Cash at bank 8nd in hand includes cash and short térm highly liquid inv8Stments. Tho Trustees seek to use %hort term deposits where possible to maximiso the retum on monies hold at the bank and lo mBnage cash flow. Forèign exchange The chartvs presentational currency is Pounds Sterling. Transactions OC(rring in foreign currency throughout the year have been translated usiig publicly 8v8ilable average exchangè rates. Monetary assets 8nd liabilthès denominated in foreign cAJrrenaes are translated into Sleding * the rates of exchange ruling 81 the balance sheet dale. All foreS9n currency difforences arè recognised in expenditurè on raisrng funds. 1.10 Estimates and ludgements In the appliGalion of thè charity's accounting policies, the trustees are required to makÈ judgements, e81imat8S and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other 80urces. Thè eslimalos and asso(i8led assumptions are based on historical experiEnce and other factors that are consldered to be relevant. Actual results may differ from these esllmales. Tha estirnates and undeflyng a8sumptions are revigwed on an ongoing basis. Revislons lo accounting esi'm8tès are rEwgnised in Iho period in which the estimate is revid. The Iriislees do not considèr thatthere are any criti(sl estimates or areas of judgement that need to be brought to the attention of the readers of the financial statomènts.
OIMODERNT FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Trusts• remunerntion Al the trustees donate iheir lime spent running the eharity on 8 voluntary basis and (k) not receive any rgmuneratien for Iheirwork as trustees. Expenditurg 2023 2022 Ch8ritsble activltle• Charitable Projects Support costs 406,482 215,559 1.440 Total 407,922 216.999 4 Support co#ts 2023 2022 Gov8mance costs (Independent examination) 1.440 1,440 1,440 S Employees Thè charriy had no employees during th8 yèar12022.' nwel. 6 Trusteès During the yè8r no tru5t?e5 wefe reimbursed any èxpenditure 12022.. none). There are nu related party Iransaclions to dis¢lose otherlhan trusteè donations (details olwhiej) are disclos in the Truste¢s' Report). Debtors 2023 2022 Trade debtors 8.681 29.450 6,681
OIMODERNT FOUNDATION NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Cr•dltots: amounts falling du& wlth5n onè year 2023 2022 Accruals Iwo 1,440 1.440 1.440 9 Control The chartiy is underlhe control of Ihe Trustees. fo Charlty Infom)ation Olmodernt Foundation is a Charitablè Incorporated Organisation regisler8d in England and Wales. The tharity's r¢glslered number and r•gislered offiGe address can be found on the legal aw)Lf administrative Inlorrnation page. ID
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