Charity registration number 1177274 (England and Wales) OIMODERNT FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
OIMODERNT FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Jonathan Carvell - Chaimian Ms Emma Bonnici Canon Professor Jonathan Ben Quash Mr Oliver Ticciati - Honorary Treasurer Charity registration England and Wales 1177274 Principal address 8 Nassau Road Barnes London United Kingdom SW13 9QE Independent examiner Reddy Siddiqui LLP 183-189 The Vale Acton London United Kingdom W3 7RW
OIMODERNT FOUNDATION CONTENTS Page rustees, report Independent examinerfs report Statement of financial activitie Balance sheet Notes lo the financial statements 7- 11
OIMODERNT FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2026 te nt nual re rtand ancial statements for the year ended 31 March 2026. an ments have been prepared accordance with the accounting po Icies set out in note 1 to th ial statements and comply wit the CIO'S govemlng document, the Charities Act 2011, FRS 102 "The nc l Reportin Standard applicable in the UK and Republic of Ireland. and the Charlties SORP "Accounting eporting by Charities: Statement of Reco ended Practice applicable to charities preparing their accounts ordance with the Financial Reporting Standard ap able in the UK and Republic of Ireland (FRS 10 Objectives and activities cts of the CIO are for the public benefit to promote e education of the public on the subject of music by he organisation of public concerts and e presentalio f performances of music, cluding, but not limited to, ncerts aster clas usic cam semina workshops and commissioning of new works of musi lic Trust eri ave paid undertake egard to gu ance is he harity Commissi in deciding what activities the Achievements and performance Ignificant activities and achievements against objectiv May 25 Hugo Ticciati directed L'orchestra del Teatro Massimo Bellini di Catania in Sicily in a programme of ass, Vasks and Bac In June 202 O1Modemt staged the Summer Festival at the Queen July 2025 the O/Modemt Chamber Orchestra directed from the violin by Hugo Ticciati ("OMCO") played at, and Icciati directed, a course entitled Music and Wellness at Medevi Brunn, Ostergotland. Sweden, and gave a ossing the Atlantic at the Audi Mobile Museum, Ingolstadt, Germany. August 2025 the Olmodemt New Generation Symphony Orchestra directed by Hugo Ticciati were joined by the la etti Reto Bien in concerts at Kungasalen, Royal College Of Music, Stockholm, Sweden and the Berl Konzerthaus, Germany (Young Euro Classic 2025). OMCO played at Schloss Augustusburg, Bruhl and Schloss rve oth in Germany. 'Ivia Concert Ha eptember 25 OMCO was joined by Evelyn Glennie at the George Enescu Festival in Bucharest and at the Bridgewater Hall in Manchester, the Olmodernt New Generation Ensembles with the pianist Jean-Efflam Bavouzet ave t e conce the Queen Silvia Concert Hall in Sweden; and OMCO were joined by Luciana Mancini zzo prano Reto Bieri clarinet Priya Mitchell violin Sascha Bota viola and Nora Thiele percussions rch Cathedral as part of the Oxford Chamber Music Festival ctober 2025 OMCO were joined by Mark Padmore tenor Janne Thomsen flute Marianna Shinnyan piano Pete irstein Anglais Lars Colding Wolf organ Benjamin Maack Davis chime and Danish National Youth Ensemble a the Holstebro Festival in Denmark; and by Anders Paulsson soprano saxophone and Sam Wilson percussi at Wig Hall In November 2025 OMCO gave two concerts at the SLOW festiva at the Konzerthaus, Dortmund, and O/Modernt New Generation were joined by Mark Padmore tenor and Andrew West piano at the Queen Silvia Concert Hall. anuary 2026 Hugo Ticciati and the Camerata Strumentale di Prato gave the world premiere of An Archive ree Parts and the Italian premiere of Violin Concerto 'Shrink' both by Nico Muhly and both co-commissioned by 10; O/Modernt soloists were joined by Conrad Tao piano at the Queen Silvia Hall; and OMCO we joined b ornelia Beskow soprano and Leo Florin accordion for ' iennese Waltz, Slavic Melancholy and Hungarian Flai at Wigmore Hall.
OIMODERNT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 ry 2026 OMCO and O/Modernt New Generation with VOCES8 chamber choir Sophie Klussmann soprano Katie B y mezzo-soprano Gwilym Bowen tenor Frederick Long bass Baba Israel beat poet Svante Henryson bass Bntta Virves piano and Johan Lofcrantz drums gave the Queen Silvia Concert Hall Winter Festival which ded two performances of Handel's Messiah with commentary by Baba Israel Marc 026 Hugo Ticciati played the violin and directed Archi del Conservatorio V. Bellini di Catania in Sicily. MCO gave five performances at the Heidelberg Fruhling Musikfestival and one at Bahnhof Fischbach, edrichshafen, Gennany. Financlal revlew ome received In the year amounted to £195,753 (2025: £110,639 Donations totalled £259,868 (2025: £88,924), £259,200 of which was received from Stiftelsen Olmodernt, which the CIO'S counterpart not-for-profit corporate entity in Sweden. In April 2021 it was agreed that the Stiftelsen might tr fer funds to the CIO and that the CIO might discharge expenses properly incurred by the Stiftelsen at the Stiftels request. There were no other donatfons exceedlng £500 (2025: £3,773). There was no campaign to raise voluntary fun Total e enditure in the year amounted to £422,300 (2025: £216,337). This was mainly artists, fees and their trave expenses. The fee fo dependent examination of the accounts and their preparation was £1,860 (inclusive of VAT At ac March 2026 the bank balance stood at £43,517 (2025: £10,319). All funds are held in sterling and eu nts with Wise. Policies There av been no changes to the policies adopted by the Trustees in 201 co Icts of interest, complaints and data privacy. 19 relating to risk manageme The Trustees review intemal financial controls at least annually. They were last reviewed in July 2025 in the context of an update to the debit card policy, first adopted in December 2020. The Honorary Treasurer prepares monthly statements of ceipts and payments, which the Chairman inspects from time to time. All expenses are supported y invoices, held in electronic form. The majority of the larger payments out of the account are paid by the H Tre er by bank transfer against invoices which have been approved for payment by Hugo Ticciati, Aleksand Markovic Trujic or Viktor varosi. Travel and out of pocket expenses are mostly settled by the use of debit cards. Reserves p I the CIO'S funds are unrestricted and are required to pay the fees and expenses Incurred in the present performances of music and educational programmes relating to music. At 31 March 2026. the level of reserves was £62.197 (2025: £28,392). No alteration has been made to the Trustees reserves policy which was last updated on 7 March 2023. Structure, governance and management The Charity is a Charitable Incorporated Organisation (CIO) formed on 21 February 2018 an Is gover nstitution. Its registered office is 8 Nassau Road, London SW13 9QE. The registered charity number is by its 7274.
OIMODERNT FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Th tees who erved during the year and up to the date of signature of the financial statements were: nathan Carvell - Chairman Ms mma Bonnic anon Profe or Jonathan Ben Quas Mr Oliver T iati - Honorary Treasurer Organisation structure Hugo Ti iati is the Chief Executive of the CIO. He is not a mployee and receives no re uneration from the CIO apart from fees for performing for the CIO. Administrative assistance is provided by a self-employed manager, Viktor ar n employed production coordinator, Aleksandra Mark who took over the role in Septe er 25 nd by self-employed digitsl marketer, Ashl gh ren There has been no nge in the trustees this year. der the terms of the stitution, the Trustees have the power to appo. n the skills and experience required to further the Charity's ject al stees to the Board ba 14Ju eddy Sid Iqul LLP were a pointed as independent examin sinpla ofTC s, repo was approved b the Board of Trustees. Mr Jonath Trustee airma uly
OIMODERNT FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OIMODERNT FOUNDATION I report to the Trustees on my examination of the financial statements of Olmodernt Foundation (the CIO) for the year ended 31 March 2026. Responsibilitles and basls of report As the Trustees of the CIO you are responsible for the preparation of the financlal statements in accordance with the requirements of the Charities Act 2011. I report in respect of my examination of the CIO'S financial statements carried out under section 145 of the Charits'es Act 2011. In carying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Chanties Act 2011. Independent examlner's statement Since the CIO'S gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. 1 confirm that l am qualified to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for the financial stalements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that In any material respect: accounting records were not kept in respect of the CIO as required by section 130 of the Charities Act 2011. the financial statements do not accord with those records; or the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examlnation to which attention should be drawn in Ihis report in order lo enable a proper understanding of the financial statements to be reached. * AJJA2" Reddy Siddiqui LLP 183-189 The Vale Acton London W3 7RW United Kingdom 6 July 2026
OIMODERNT FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2026 Unrestricted funds 2026 Unrestricted funds 2025 Notes Income from: Donations and legacles Charitable activities 259,868 195,753 88,248 110,639 Total Income 455,621 198,887 Expendlture on: Charitable activities 422,840 216,337 Total expenditure 422,840 216,337 Net incomel(expenditure) 32,781 (17,450) Other recognised gains and losses: Other gains 10 484 Net movement In funds 33,265 (17,450) Reconciliation of funds: Fund balances at 1 April 2025 28,392 45,842 Fund balances at 31 March 2026 61,657 28.392 The statement of financlal activlties includes all gains and losses recognised In the year. All income and expenditure derive from continuing activities.
OIMODERNT FOUNDATION BALANCE SHEET ASAT31 MARCH 2026 2026 2025 Notes Current assets Debtors Cash at bank and in hand 11 20,000 43,517 19.873 10,319 63,517 30,192 Creditors: amounts falllng due wlthln one year 12 (1,860) (1,800) Net current assets 61,657 28,392 The funds of the CIO Unrestricted funds 13 61,657 28,392 61,657 28,392 The flnanclal statements were approved by the Trustees on 6 July 2026 Mr Jonathan Carvell- Chairman Trustee
OIMODERNT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 Accounting pollcies Charity informatlon The Charity is a Charitable Incorporated Organisation (CIO) was formed on 21 February 2018 and is governed by Its Constitution. Its registered office is 8 Nassau Road, London SW13 9QE. The registered charity number is 1177274. 1.1 Basis of preparation The financial statements have been prepared in accordance with the CIO'S goveming document, the Charities Act 2011, FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Chanties SORP "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)". The CIO is 8 Public Benefit Entity as defined by FRS 102. The CIO has taken advantage of the provisions In the SORP for charities not to prepare a statement of cash flows. The financial statements have departed from the Charlties (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the CIO. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at th8 discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the flnancial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the CIO. 1.4 Income Income is recognised when the CIO is legally entiued to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the CIO has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on recelpt or otherwise If the CIO has been notified of an Impending dlstribution, the amount is known, and reIpt is expected. If the amount is not known, the legacy Is treated as a contingent asset.
OIMODERNT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Accounting policles (Continued) 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in setuement, and the amount of the obligallon can be measured reliably. Expenditure is dassified by activity. The costs of each activity are made up of the total of direct costs and shared costs, Including support costs involved in undertaking each activity. Direct costs attrlbutable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with origlnal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Flnanclal instruments The CIO has elected to apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the CIO'S balance sheet when the CIO becomes party to the contractual provisions of the instrument. Financlal assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise th8 asset and settle the liability simultaneously. Basic financial assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are inltially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the CIO'S contractual obligations explre or are discharged or cancelled.
OIMODERNT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Accountlng pollcles (Continued) 1.8 Employee benefits The cost of any unused holiday entitlement is recognised in the perlod In which the employee's services are received. Terminats'on benefits are recognised immediately as an expense when the CIO is demonstrably committed to teminate the employment of an employee or to provide termination benefits. Critical accounting estimates and Judgements In the application of the CIO'S accounting policies. the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilitles 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 ar8 reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revlsed where the revlsion affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donatlons and legacles Unrestricted funds 2026 Unrestricted funds 2025 Donations and gifts 259,868 88,248 Income from charltable actlvities Unrestricted funds 2026 Unrestricted funds 2025 Income from charitable activities Fee income 195,753 110,639
OIMODERNT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Expenditure on charltable activities Concerts and Concerts and muslcal muslcal performances performances 2026 2025 Direct costs Direct performance and production costs 420,980 214,537 Share of support and governance costs (see note 6) Governance 1,860 1,800 422,840 216,337 Analysls by fund Unrestricted funds 422,840 216,337 Support COSt3 allocated to activities 2026 2025 Govemance costs (Independent exmination) 1,860 1,800 Trustees None of the Trustees (or any persons connected with them) received any remuneration or benefits from the CIO durlng the year. Employees 2026 Number 2025 Number Production and Project Coordination There were no employees whose annual remuneration was more than £60,000. Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 10-
OIMODERNT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 10 Other gains and losses Unrestrlcted Unrestricted funds funds 2026 2025 Gains/(losses) upon: Foreign exchange (484) 11 Debtors 2026 2025 Amounts falling due within one year: Trade debtors 20,000 19,873 12 Creditors: amounts falllng due wlthln one year 2026 2025 Accruals and deferred income 1,860 1,800 13 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to speclfic conditlons by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2025 Incoming resources Resources expended Gains and At 31 March losses 2026 General funds 28,392 455,621 (422,840) 484 61,657 Prevlous year: At 1 Aprll 2024 Incomlng resources Resources expended Gains and At 31 March losses 2025 General funds 45,842 198,887 (216,337) 28,392 14 Related party transactions Mr Hugo Ticciati is a son of a trustee. During the year, he received fees for performances with the O/Modemt Chamber Orchestra, where he acts as leader. These fees were paid on an arm's length basis and are consistent with those paid to other section leaders. Mr Oliver ficciati, who is a trustee, was reimbursed expenses of E860 during the year. (2025: nil) 11