Charity Numbèr: 1208149 The CVC Music Foundation Report and financial statements For the period ended 31 December 2024 The CVC Muslc Foundatlon Reference and admlnlstratlve Infonnatlon For the perlod ended 31 December 2024 Reference and adrnini5trative information Trustees, annual rewrt........................................_.....................................................-......................................................... Independent examinerfs report................................................................................................................................................. Staternent of financial activities lincorporaiing an income and expenditure account) Balance sheet Notes to the financial statements 9-11 The CVC Muslc Foundatlon Reftrence and admlnistratlve Inforniatlon For the perlod ended 31 December 2024 Charity number 1208149 Re815tered office address 32 Elsworthy Road London NW3 3DL Countryof reB6tration En8tsnd Trustee5 The Trustees who served during the yearand up to the date of th4s report were a5 follows.. D N Joseph DP Joseph (Chairl RA Laurence PMN Millett Banker5 Courts 440 Strand London WC2R IXIS IndeFendent Examiner Jacob Charles & Co Sentinel House Sentiael Square Brentstreet london NW4 2EP The CVC Muslc Foundation Trustees, annual report For the perlod ended 31 December 2024 The trustees are pleased to P￿sent their annual ieport together wtth the financial staternenis of the charitable Incorporated organisation for the period ended 31 December 2024. The financial statements compfy with the Charitie5 Act 2011 and ActounEing and Reportin8 by Charities.. St3tement of Recornrnended Practice applicable to charities preparin8 their accounts In accordance with the Financial Reporrin8 Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectNe l January 20151. Objective5 and activities Purposes and aims The CVC Musie Foundation is a Charitable Incorporation OrBan¢sation ICIOI registered as 3 UK charity on 7 May 2024. The objects of the Charity are to prornoie public appreciation of. and advance education in. the art of music. for the public benelir, prirnarI￿ through the provision of 8rants to the Chamonix Vallée CJa551Cs. a summer music festival in Chamonix, France. Chamonix Vallee Classics ILVCI brings together highly acclaimed musicians altsngside local and young and developing musicians with the inteation of makin8 classi￿1 music rnore widely available and educatln8 the public in all types of classical music. The trustees have referred to the guidance contained in rhe Charity Commission's general guidance on public benefit when reviewing the Charity's airn5 and obiectives ènd in planning its future aciivitie5. In particular. the trustees consider how it5 planned aCtivit￿S will contribute to the aims and objectives ihat have been set. Achievements and performance Charitable activities 2024 Highlights We were deli8hted that the inaugural festival. CVC24. from 30Juty to 6 Ait8ust 2024. was a great Success. Over 750 people attended the festival toncerts- local residents. French. European and international tourists from as far away a5 the USA, Canada. Austr31ia attended five concerts. The festival att¥acted support fiom patrons and devoted volunteers. loc31 businesses sponsors and adVert￿er5 in rhe festival brochure and on the festNal web51te www.cvc-festlV31.coml. We are grateful to all The CVC Music Foundation patrons in particular for their support of CVC24. Ths 5UPPOrt has been crucial for success ol the inaugural festNal and enabled the modest pricin8 tsf concert tickets. The Jerusèlem Quartet opened the first edition of the festival on 30 July ai I'Eglise St Michel in the centre of Chamonix performing Moiart's KV 465 "Dissonance", Shostskovich String Quartet no. 7 and r￿OrOk String Quartet Op.106 to excellent reviews. On 31 July ChèrnonYA's own Camerata du Mont 813nc perforrTred also at L'E81ise St Michel. On 3 Au8VSt we were tre3ted to the incomparable lan Bostridge accornpanieij by Mishka Momen at L'Espace Michel Croz 2 IL'EMC21 singin8 5chubert's khwanengesan8. On 5 Au8usr at Ch3monix's Ecole de Musioue. we were lucky to experience the wonderfully talented Kleio Quartet. This award-winning young quartet ha5 been selected by the BBC as New Generation Artists and are as well known fof their interpretation of 8ritten as well as Haydn and Beethoven. We are thrilled that the Kleio QuarteE has agreed to return to perforrn again at CVC 2025. CVC24 closed on 6 August at The CVC Muslc Foundatlon Trustees. annual report For the perlod ended 31 December 2024 I'EMC2 with the Trio Bohémo. fcom Prague. The Trio"s programme irtluded the beautiful 8r3hms Trio no l in B Minor op 8 and ended with some Aigentinian Tan80 music. We are proud that CVC24 pannered w¢th a local cancer charity. A Chacun Son Everest. that offers children suffering from cancer and leukaemio and women with breast cancer. an incredible summer e¥perience.The Kleio Quartet rehearsed at the centre. enabling those who could Etot atiend the concerts a taste of CVC.. CVC also offered free concert tickets to staff and beneficièries. Financial review Income for the period frorn 7 May 2024 10 31 December 2024 tOEalled £41.369. The Charity made grants of £34.741 to the Associatioa pour Un Festival de Musiqtse Classwue a ChafflonrA to support CVC24. Reserves policy The Trustees airn to maintain 3 level of reserves equivalent io six months of operaring expenses to provide financial stability and ensure the coniinuation and development of the Chan￿S activit￿$. The reserves retained at 31 December 2024 relate to donations received in 2024 in respect ol CVC25. Risks The Trustee5 are responsible foroverseeinB the risks Fating the Chafrty and ensuring that appropriate contro15 are in place. The Trustees have identified and assessed risks in this perth and established 5y5tems to tnitigate those risk5 and implemented approprrdte controls. In particular Fundraising is a key priority-. the Trustees are workinR hard io broaden the donor base and attract CVC sptsnsors io ea5ure financial sustainability There is 3 robust system of financial managernent There is a clear strutture of authority, control and revrew to e￿Ure a high standard of governance Structure, governance and management The CVC Music Foundation is a charitab￿ Incorporated Or8anisation re8lStered as a charity with the UK Charity Commission on 7 May 2024. All trustee5 give their time volunt3riJy aThJ receNe no benefits froffl the charity. The Charity does not cur￿nt￿ employ any staff. Appointment of trustees The first trustees have been appointed for a term of 10 years. Trustee induction and training The CVC Muslc Foundatlon Trustees. annual report For the perlod ended 31 Decernber 2024 All trustees are informed of theii legal responsibilities to thè charity and of governance procedures generaljy. Further training will be given to new trustees on 3ppoinEmenL Related parties and relationships Wlth other organisations David Joseph, Den5se joseph and Patricia Millett are the President. Tre35urer and Member ol A550ciatKJn pour Un Festival de Musique ClassKJue a Chamonix. CVC25 Six fabubus concerts are planned for the second edition from 30 Juty to 7 August 2025. Once more we a￿ real￿ fortunate to welcome many of ihe world's leadin8 mu51cians', Once again we will host post- concert events for our audiences to rneet fell¢)w music lovers and also to efi￿ge with our musicians. 30 Juty 2025- we are fonvn3te to welcome back the youn8 Slunnin8 and joyful Kleio Quartet 2 August 2025- we have the rreat of hearing the Ebene Quartet. who are considered by many to be the top quartet in the world right now 3 A￿gUSt 2025- Angela Hewitt ￿11 play the Bach. Goldberg Variations, a work ihèt she rightfy famous for playin8 around the world 4 August 2025- we are realty excited to hear the incomparable Boris Giltburg playin8 a superb programme of Chopin 6 Au8USt 2025- three incredible musicians. each rightly famous in their own 118ht- Kyril Zlotnikov, Alena Baeva. Vadim Kholodenko, will join forces ro form a piano trio for one night only. playing a programme ol Beethoven and Schubert 7 August 2025- the festwal finale will feature a beautiful evening of French song. We are really excited to welcome the wonderful French &>prano Axelle Fanyo We hope that the festival will continue annualty. attractin8 increased sponsorship, media covera8e includin8 broadcastin8 the concerts and larger aud*sKes enablin8 us io include mastercjasses and other educational sessions i the future. The CVC Muslc Foundatlon Trustees, annual report For the perlod ended 31 Decernber 2024 Statement of responsibilities of the trustees The trusrees are responsible for prepanng the trik5tees' annual reporr and Ihe financial statements in aciordance with applicable law and United Kingdom Accounting Standards (United Kin8dom Generalty Accepted Accounting Pr3Cticel. The law requires the trustee5 to prepare financial sratements lor each h"nancial year which gwe a true and fair view ol the 5t3te of affairs ol rhe charitable incorpy)rated organisation and ol the Incoming resources and application of resources, including the incorne and expenditure. ol the tharrty lor that period. In preparing these financial staternents, the trustees are required to.. Select suitable accounting policies and then appty ihem consistent Observe the methods and prJnciple5 in the Charities SORP Make judgefflents and estimates that are reasonable and prudent State whether applicable UK Accounting Standards and staternents of recornrnended practice have been followed, subject to any material departures disclosed and explained In the financial sratements Prepare the financial statements on the going concern basis unless rt Is inappropriate to presume that the charity will continue in operation The trustees are responsible for keeping Proper accountin8 records that disclose with reasonable accurary èt any time the Iinancial position of the chariiyand enable them io ensure that the financial statements comply with the Charities Act 2011. the Charities (Accounts and Reportsl Regulations 2015 and the Charl￿5 constitution. They are a150 responsible for safe8u3rding the assets of the charity and hen￿ for taki￿ reasonable 5tep5 for the prevention and detection ol fraud and other irre8ularitie5. The trustees, annual report has been approved by the trusiees on 26 April 2025 and si8ned on their behalf by David Jtsseph (May 19, 2025 10-35 GMT+ll DP Joseph Chairperson The CVC Musk Foundatlon Independent Examlnefs Report For the perlod ended 31 December 2024 I report on the charity trustees on my examination ofthe accounts of the thalltable Incorporated Or6anisation for the peric¥J ended 31 f*cember 2024. This report is rnade sofetyto the tNstee5 as a body. in accordarte with the Charities Art 2011. My examination has been undertaken so that I might state to the trustees those rnat￿r5 1 am required to State to then in an independent eyAminer's rewrt arid for no other purpose. To the hJlle5t extent permitted by law. I do not accept ¢Jr assume responsibility to anyone other than the tharity and the trus￿eS as a boty. fLY my examination. for thi5 reporr. or for the opbnsDn51 have formed. Responsibilities and basis of report As the charitvs trtsstees of the Cnaritable IncorF*Jrated OrBanisation. you are responsible for the Pfepafat(on of the accounts in accordan￿ wr(h the wuirements of the Charities Act 20111'the 2011 kv). I report In respect of my examinatton of your charitys accounts as Carr￿ out under5ection 145 of the CharitiesAct 20111'the 2011 ACVI. In carryin8OLrt my examinatioti I have followed the Directions R4ven bythe Charty Comrnis5ion undersection 145151 Ib) of the 2011 Art. Independent ex3minerfs Statement I have completed mye¥aminatyon. I confirm that no matters have come to my attention in connectK)n wlth the examlnation 8iVtnB me cause to belleve: Accounting reeords were not kept in accwdance wtth secrion 130 of ihe 2011 Acr,. or The xcounts do ntstacco￿ with those records,. or I hove no concerns and have come across no other mattws in cwnection with the examination to whlth attention should bedrawn in this report in order to enable a proper vndwstanding of the a£cthJnts to be reached. JACKY C LAX FCA JACOB CHARLES & CO sE￿[INEL HOUSE S£r￿lNELSQUAAE BRENT STREET LONDON NW4 2EP DATE 19 10%£ The CVC Muslc Foundatlon Statement of Flnanclal Attivitie5 Including Income and Expendtture Account For the perlod ended 31 December 2024 The Statement of Financial Aciivjties includes all gains and losse5 recogni5ed in the period. All incorne and exFenditure derive from continuin8 activitie5. Unrestricted funds Restricted funds Total Incorning resources INote 31 Income and endowments from= Donations and legacies Charitable activitie5 Investments (Note 41 41.337 41,337 32 32 Ttstal 41,369 41.369 Resources expended (Note 51 Expenditure on-. Charitable activities Net incomellexpenditurell Net movement in funds Total funds carried forward The CVC Mu51c Foundatlon Balance Sheet As at 31 December 2024 Unrestricted funds Restricted funds Total Current aS5et5 Debtors (Note 71 Cash at bank and In hand (Note 81 Toral current assets 5.538 5.538 24,263 24,263 Creditors= amount5 fallin8 due w+thin one year (Note 91 Net current assets/lliabilities1 Funds of the Charity Restricted income funds Unrestricted funds (Note 101 Tot31 funds The financial statements were approved by the trustees on 26 April 2025 and signed on their behalf by Iwo trustees". David Joseph Imèy 19, 2025 10..35 GMT+ll David Joseph hEèdlknfigyay 19. 2025 11..29 GMT+II The CVC Muslc Foundatlon Notes to the Flnanclal Statements For the perlod ended 31 December 2024 bas￿ of preparation I.18aS￿ of accountlng These accounts have been prepared under the historical c05t corkvention with item5 recognised at cost or transattion value unless otherwise stated in the le￿vant notelsl io these accounts. The accounts have been prepared in accordance w*th the Staiement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 ju￿ 2014 and with the Charities Act 2011. The charity constitutes a public beneftt enlity as defined by FRS 102. 1.2 Going ton￿rn Ar the time ol approvin8 the financial stsiemÈnts. the rnJ5tees have a reasonable expettation that the charity ha5 adequate re50yrces to continue in operational existence for the foreseeable future. The trustees have therefore adopted the going concern bass of accountin8 in preparing the financial statements. The accounts present a true and fair ¥￿￿ Accounting p)liues The accounting policies adopted are those ouilined in the notes below- Recognf(lon of Income: Income s ￿COgnised when the charity becomes entitled to the resources.. it 15 more likely than not that the trustees will receive the re50urces.' and the monetary value can be measured with sufficient reliability- Liability recogn￿On. Liabilities are ￿Cognised where it is mwe like￿ than not that there is a le8èl or constructive obligation committing the charity ro pay out resource5 and ihe amount of the obligation can be measured with reasonable certainty. Governance and 5UPPOrt Costs: Support costs have been allocated berween governance costs and other support. Governance costs comprise all costs invofving public accountability of the charity and its compliance with regulation and good practice. Grants perfornwn￿ conditions.. Where the charity gwes a grant with conditions for it5 payment being a specific level of service or output to be provided. such granrs are recognised when the recipient of the grant has provided Ihe speeified service or output. 8ask financkil assets: Basrc financial instrurnents, which tnclude debtors and bank balances, are measured ar transaction price and subsequently carried at cost less impairment1055es for bad and doubtful debts as they are receNable within one year. Basi¢ financlal1Sabllities'. B3sic financial liobilitie5 which include creditors are inilialfy recognised at transaction price and 3re not amortised as they are payable within one year. The CVC Muslc Foundatlon Notes to the Flnanclal Statements For the perlod ended 31 December 2024 Donations and le8aties Unrestricted funds Restricted funds Total Donations and 8ifts Gift Aid Legacies 35.799 5.538 35.799 5,538 Total Income from investments Interest income Expenditure on charitsble xtriities Grant= 2024 Chamonix V311ée Classics (Note 61 Governance costs- Independent Examinerfs fee Support COSts Total expenditure on charitsble 3ct4vities 34.741 960 571 34.741 960 571 Grants payab A grant of £34.741. payable to the Association pour un Festival de Musrque Classique a Chamonix, to support the 2024 Chamonix Vallee Classics was a£￿e