2024-03-31-accounts - Fidelio CIO

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Trustees’ Annual Report for the period

From April 2023 to March 2024

Charity name: FIDELIO CIO

Charity registration number: 1190665

Objectives and Activities

	SORP reference
Summary of the purposes of the charity as set out in its governing document	Para 1.17	(1) To advance the education and appreciation of classical music in a broad audience, particularly young people, including through the presentation of musical events and orchestral, operatic and chamber music concerts in London and throughout the UK (2) To provide opportunities to young musicians to develop their professional skills through performance in high-level chamber and orchestral ensembles.
Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts.	Para 1.17 and 1.19	The Fidelio Orchestra gave full-scale concerts on 30 July 2022, 29 October 2022 and 11 February 2023. These were well attended and gave professional level playing opportunities to 80 young music students.
Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit	Para 1.18	The trustees have had full regard to the guidance on public benefit

Additional information (optional) You may choose to include further statements where relevant about:

SORP reference N/A Para 1.38 Policy on grant making N/A Para 1.38 Policy on social investment including program related investment

Para 1.38 Contribution made by volunteers Other

Achievements and Performance

	SORP reference
Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole.	Para 1.20	Concerts were planned in accordance with the Chairity’s purpose of making music accessible to young/new audiences and giving young performers and opportunity to gain experience at a high level of performance. Over the course of the year, the Orchestra attracted an audience of approximately 800 and provided professional-level playing opportunities to 80 players

Additional information (optional) You may choose to include further statements where relevant about:

Achievements against objectives set	Para 1.41	The trustees were particularly pleased by the level of musical attainment by this young group, by their commitment to the highest standards of performance and expression, and with the enthusiastic public response measured in audience feedback
Performance of fundraising activities against objectives set	Para 1.41	The trustees were pleased that the Orchestra was able to attract sufficient donations internally and externally to cover its costs over the year, but recognizes that more systematic long- term development plans need to be put in place. These are in the 23/24 plan.
Investment performance against objectives	Para 1.41	N/A

Other

Financial Review

Financial Review
Review of the charity’s financial position at the end of the period	Para 1.21	The Charity is solvent and has no outstanding debts
Statement explaining the policy for holding reserves stating why they are held	Para 1.22	The trustees have no policy with regard to reserves
Amount of reserves held	Para 1.22	The charity had a nominal surplus at the year end.
Reasons for holding zero reserves	Para 1.22	The Charity has no long-term debts or liabilities which require formal reserves to be held
Details of fund materially in deficit	Para 1.24	None
Explanation of any uncertainties about the charity continuing as a going concern	Para 1.23	The trustees expect the Charity to continue as a going concern during the next financial year
Additional information (optional) You may choose to include further statements		where relevant about:
The charity’s principal sources of funds (including any fundraising)	Para 1.47	Ticket sales, Individual donations by audience members and private individuals
Investment policy and objectives including any social investment policy adopted	Para 1.46	N/A
A description of the principal risks facing the charity	Para 1.46	Inability to plan sufficiently long term because of shortage of funds. A fundraising plan is under construction to remedy this. Audiences need to be boosted to a level commensurate with the level of performance by better use of the unique brand and marketing.
Other

Structure, Governance and Management

Description of charity’s trusts:
Type of governing document (trust deed, royal charter)	Para 1.25	Constitution
How is the charity constituted? (e.g unincorporated association, CIO)	Para 1.25	CIO
Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees	Para 1.25	New Trustees, up to a maximum of 12, may be elected by a majority decision of the existing trustees. One new Trustee (Tara Behtash) was appointed in November 2023

Additional information (optional) You may choose to include further statements where relevant about:

Policies and procedures adopted for the induction Para 1.51 and training of trustees The charity’s organisational structure and any wider Para 1.51 network with which the charity works Relationship with any related Para 1.51 parties Other

Reference and Administrative details

Charity name	Fidelio CIO
Other name the charity uses	1190665
Registered charity number
Charity’s principal address	97 Clerkenwell Road, London, EC1R, 5BX

Names of the charity trustees who manage the charity

Trustee name	Office (if any)	Dates acted if not for whole year	Name of person (or body) entitled to appoint trustee (ifany)
Stephen John Gomersall	Chairman, Trustee	Whole year	Board of Trustees
Stuart George Baran	Trustee	Whole year	Board of Trustees
RoySimpson	Trustee	Wholeyear	Board of Trustees
Raffaello Morales	Trustee	Wholeyear	Board of Trustees
Jing-Wei Yu	Trustee	Wholeyear	Board of Trustees
Jonathan Levy	Trustee	Wholeyear	Board of Trustees
Tara Behtash	Trustee	From November 2023	Board of Trustees

– Corporate trustees names of the directors at the date the report was approved

Director name None

Name of trustees holding title to property belonging to the charity

Trustee name	Dates acted if not for whole year
None

Funds held as custodian trustees on behalf of others

Description of the assets None held in this capacity Name and objects of the N/A charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for N/A safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of	Name	Address
adviser

Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Position (eg Secretary, Chair, etc) Date

	Stephen John Gomersall
	Chair
	20 July 2024
	20 July 2024

Fidelio CIO			No (if any)
Receipts andpayments accounts				CC16a
For the period from	4/1/2023	To	3/31/2024

Section A Receipts and payments
A1 Receipts Ticket Sales 8,218 Subscriptions 210 Drinks 1,963 Donations 27,904 Gift Aid 3,596 - - - 41,891 - - Sub total - Total receipts 41,891 A3 Payments Professional fees 21,224 TicketingCommission 309 Video costs 1,800 Food and wine 270 Filming 200 Conductor/Soloist 3,900 Marketing 190 Orchestral Manager Consulting 626 Venue Hire 6,900 Misc 1,121 Venue Hure 36,540 Misc - - Sub total - Total payments 36,540 Net of receipts/(payments) 5,351 A5 Transfers between funds - A6 Cash funds last year end 7,920 Cash funds this year end 13,271 Unrestricted funds to the nearest £ *Sub total*(Gross income for AR) A2 Asset and investment sales, (see table). A4 Asset and investment purchases, (see table)	to the nearest £ - - - 6,000 - - - - 6,000 - - - 6,000 - - - - - - - 500 5,000 - 5,500 - - - 5,500 500 - - 500 Restricted funds	to the nearest £ Endowment funds	Total funds to the nearest £	Last year to the nearest £
		- - - - - - - - -	8,218 210 1,963 33,904 3,596 - - - 47,891	6,440
				2,721
				4,203
				19,772
				1,267
				-
				-
				-
				34,403

		- - -	- - -
				-
				-
			47,891
		-		34,403

		- - - - - - - - - -	21,224 309 1,800 270 200 3,900 190 500 1,121 41,731	25,515
				-
				-
				1,403
				-
				480
				-
				4,396


				1,100
				32,894

		- - -	- - -

				-

		-	41,731	32,894

		- - - -	5,851 - 7,920 13,771	1,509
				-
				6,411
				7,920

Section B Statement of assets and liabilities at the end of the period

Categories B1 Cash funds B2 Other monetary assets B3 Investment assets B5 Liabilities B4 Assets retained for the charity’s own use Signed by one or two trustees on behalf of all the trustees	Details Cash in Bank Details Details Details Details Signature *Total cash funds* (agree balances with receipts and payments account(s))	to nearest £ to nearest £ 13,271 500 - - - - 13,271 500 OK OK to nearest £ to nearest £ - - - - - - - - - - - - Cost (optional) - - - - - Cost (optional) - - - - - - - - - - - - - - Print Name Unrestricted funds Restricted funds Unrestricted funds Restricted funds Fund to which asset belongs Fund to which asset belongs Fund to which liability relates Amount due (optional)	to nearest £ Endowment funds
			-
			-
			-
			-
			OK
			to nearest £ Endowment funds
			-
			-
			-
			-
			-
			-
			Current value (optional)
			-
			-
			-
			-
			-
			Current value (optional)
			-
			-
			-
			-
			-
			-
			-
			-
			-
			When due (optional)






			Date of approval

CHARITY COMMISSION FOR ENGLAND AND WALES Independent examinerfs report on the accounts Section A Independent Exarnin*s Report Rèport to tho trustees FIQPLIO CIO On a¢courts lor the year ended 31}0312aZ4 Charfty no {If any) 11goE65 Set out on pages Ishe I report to trustees my examination of the accounts the above charrty ltthe Trusf) for the year ended 31103 j 2 014 As the chrtY8 trustees, you are responsible fcy the Frepaation of the acujunts in arxcffdance wtth the requirements of the CharItS Act 2011 (Ihe A(Y). Responsibllltles and basls of report I reFQrt in respect tX my examination of the Trusfs accounts CWTied out under sedion 145 of the 2011 Ad and in catryng out my examination, I have frJloKed all the applicable Directions gr¥en by the Charity Commissic under Secti 145{5)(b) of the Ad. Independent examinerfs statemen -appl. Delete l ] rfnot aWicable. I have completed my examinatffi. I confinn that no material matters have come to my attention in connec#ion with the examinatTron {other than that disck)sed belu4Y") gives cause to believe that in, any material resFect.' Ihe acuntr recor(Is we r#)t kept in a(x0rd with section 130 of the Charrties Acl.. or the ac(x)unts dKI not accth with the re(xxds: or the aCcnts did not compty th the applicable requtrements concemThig the fc¥m arKI nIent of accounts set (XA in the Charities (Accounts and RePs) Regulat'ons 2008 other Ihan any reqUirent that the accounts give a Irue and fail view Trhthich is not a matter considered as wt (rf an Thlependent examinati1. I have no cOnmS and have come across no other matters in connection vthh the examination to 1c attentIC shouhy be dr8byn in this report in order to enable a woper understsnding of the ac£ounts to be reached. . Ptsase delete the in the brdckets rfthey do not apy. Slgned: 3017124 Name: Relevant professional quallflcation(s) or body ILAg IER Oct 2018

(If any)." Address: PALfi ILI- ILfrlD. Section 8 Disclosure Only complete rf the examiner needs lo highlight material matters of concern (see CC32, ITrJepdent examrth of accx)unts". dre(lnS aid guidance for examiners). Give here brief detalls of any Items that the examlner wlshes to disclose. IER Oct 2018