THE MICHAEL TIPPE MUSI L FOUNDATI R Istered Chari Num 2784 TR EE ANN AL REPORT AND ANNUAL ACCOUNTS FOR THE YEAR AUGU 23
NF Oliver ScKkn lfvir) Katte Tearle MBE (Deputy Chair) sarah Bardwell )nathan Dove CBE Nanry Evans Sally Grove5 MBE remy Hayes Chris Ie Simon Weil Anttw)ny whitworth.jo DavY Calms CBE Paul Cmsy CBE Sir Arnlrew Davis CBE Eth¥ard Gardr OBE Administrator: Dr Lw Walker Address: clo Charles Russell SlYs Fafflngdon Lonthjn EC4M 7RD Website: wtrvw.tippetttsJndath)n.org.uk Email address: Imin@tiPkttfourKlalTh.org.uk 278469 Registered Charity Number: P•Je I Ch3nty Inforynatk Page 2 and 3 Trust*s Annual Repcxt Page 4 lThJyndent EXaminS ReFQrt Annual Pm)unts P¥s5and6 Page I
Ml pp DED ANC The charity was set up as a Trust in 1979 is ty a Trust Deed 27th July 1979. The Trust was registered as a charity on 12th Septemter 1979. The tharity is matN3ged by its trustee5, assisted try the administrat, and the trustees med regulady at least On a year. The trust have the rA)Yffi utxler the Trust Deed to appjint further trustees if at any time their number falls bebw four. A list of the trust&s and ottw Officia ot the tharity at date of approval is set out on page I whth fn5 part of this iewrt. There were no changes in the year. EME AND The charitls obiKti'ves a to advan edati in the art music and ccMntJ)srf(ion of musTr1 worts and to relEve MUsaS and ccfftpjsers who are in need, hardship C distress. The charity does this by makiTrJ grants aTrJ awards to organisats.cffj which Urtake Projects which meet the criteria set out Llow. In 2022 the TnJ5tee5 broadera tr SCO of grants to Ind prorrth'on, perfomiarte and Sttr Mhl fiprEtt'S rnus. The tnjstees, mindful of the limited fut availabk, have deoded to fcas on one area of musical activity as their singk priority. From 2023 the charitvs actNrty will focus exclusNety on the funding of rerfomiances arKI rLrorditvJ of mugc by Sir Mthael rip with the aim of generating greater revenue for a WKJer range of acbvths in future years aThJ erag1ThJ the mLL%iC d the future. The trustee5 tonsider applKation5 for ixth first-bme initiatives as wdl as the deveb)pment of existing prois. The trust have a of which all applKants are made aware, that the charity makes one-off grant5 onty. Grants are only awardsj to proiects based in the UK. The Iyu5tees refer to the Charrty CownmIsn'S gUIdae public when re4Ewing the charitys aims, objectNes and tmIles, vthen planning future artivities wn 5ettirrtJ the chartys grant makiTrJ FoIKies. CfivrfiES AND ACHIEVEME Sir MKhael fipFtt d*d on 8th January 1998. Under an agreement I¥een the charity, fourKlerfs estate his wblisws, the charity retrNes a share d the founderf5 roYaleS which will continue for the full copyright rEricxJ. TFw royaths are strwn as a legacy in the accounts and are included in accounts when rJ. Such roya[t5 vary from year to yeai aF are received in arrears. Tr mafrwity of the charty's income i5 applted to grants and awards made. Tr tnrtees, in determining the number and amount of grants and awards made, remain mindfttl the variability in royaty I(ne year to year. Mindful of the redurtion in royalty income from March 2020 due to the COVKI 19 Fh)ndemic, the Trustees decided in 2022 not to offer any grants in 2022123 whilst rniew the matter and conSer strateg study of the chanty's grant makn"ThJ Fdicy. HavirKJ the (tkarty resurn&J offering grants from NovemLEr 2023. Page 2
41 Stratej • of ts (haritys grant ma1¥) was commissiord in 2022 at a cost of £3 000. The trustees also cornrnissM)ned In 2022 a re11 of dprivs webg'te by Dr Walker the cost of wttsch was £2,(IxI Wit equalty 2022 2023. Press and Media conwltants We eryaged to assst with press leaSe5 etc on laurKh of new webyte on 1st Septemter 2022 èt whith tkni15 01 new a1 Ottr changes were urNaled. conwltsnts fee was £600 ag3in split eqvaly en 2022 aThJ 2023. The chanty has fKed crmgderable dffioJn¥es in the year its bankers Nats'onal Westminster Bank {NWBI. As a result the tharitys bank accoLmts were for a in late 2022 and then more seriotsty, in ]u.cKt0trT 2023 arKI fv clwrity fatrd ts threat of the closure of bank accounts. The trustees and administrator have 5t C5}derate b.me a1 effort to rex)Ive issues and In wovidirvj NWB wth vari¢xts (ktumwtstion tw lEsted. The stuation was fully resow in Novemlv 2023 ink a)unt5 are r¥)w active and fully acCessie line. Hovr these is5 re9JtsJ in tt tharity "r9 unatAe to make or retyve payments for rnh of the year. The arTr)unts unpaid at 31st August 2023 are ted urthr tiabilitre5 on page 6 and a cortsMlerats4y hig than earlier yeArs as ch3rity CCrtJkJ Th)t make payments in a timely manner as is its rNymalty prartI. AJI the liabilrties Tr)ted on page 6 have r twi pakj, except for the 2021 award whh trL6tees await darificab.on rf t"$ IS to ts daimet1. B has made paYnts of £250 in emtl 2022 arx1 a fvrther £240 in Septemtw 2023 whith paallY rnISe arKI cOmnSate for dIfficUe5 the ctsrity has experien. I the trustees give fre of r b.me arn1 m tnts ex[s were 3#y in ts year. ReseThes are needed to bridge gap tefften SFeThJing a rer4 of res¢yJce5. It is the lFLY of the charity to maintsin unrestn.cted fthts, whKh are its reservés. at a level whith ewate5 to at least tVe K}nthS exFThliture ijirj grants arKI awards. Unrestrirtal fvnd5 were maintained at tlis l&tl in the year. This report was apprty1 lry the trustees on 19th DKember 2023 and sl9ned on their behalf Oliver Soden ITrustee) Pa9• 3
DEPENDENT MIN RE HAE I report to the tru5tee5 on my examinati( of the a(£ounts of the alx)ve tharity (the Trust) for the year endga 31st August 2023. IBI AND FRE As the (harity trustees of Trust you are reswr6ible fi)r the prepaTation of the accounts in accordants wrth the requirements Lrf the (harities P£t 2011 (*he ACV). I report in resp&t of my exafflinab"( of the Trust's accounts carried iyjt ullder seth.on 145 of the 2011 Art in caryirrfj out my examination l have followeil all the applicable Directions grven by the Charity Commisson Uer section 145(5) (b) of the ALt. IND ENDE I have Completed my examinatsjn. I confimi that no material matters have come to my attention in conneth.on with the examination giviNJ me cause to believe that in any material l. Acccwjnting records were keN in respert of the Trust as required by sthon 130 of the Act; or 2. The acCts do not rd with th)se record& I have no conce and have CO acTOS5 rK) other matters in connection with the examination to which attents.on sho be drawn in this rert in order to enable a proper understanding of the Kcounts to be reathed. Sadrudin N Samji artered Accountant THURsfoN WA5 & COMPANY 39-41 North Road London N7 9DP 20th December 2023 Page 4
MI AEL PErr ED 31sr AU El YME ACC Fu Legary. Sha of fiiytt Estste royaltie5 Intew on Bank COUnts DividetkI5 on investment 39,108 25,895 53 838 830 425 Compensation ex Natial Westminster Bank 250 £40,613 £26,786 AYME Grants and awards made - 202312022 Grants and awarts made - 2021 19,000 1,000 Legal fees retainer 2,400 Adminisiratorfs fees arxl exEEnses 3,750 3,059 ountancy and IndeFerKlent exami5 fees 954 Consultarq fee5 re StratlC Devekntnt SupFx)rt WebsFte rebuikj Press arml mÈMlia conwhancy charty k 300 Bank charges TALP YME £5,650 £31,361 NRE EI FOR THE Y 34,%3 -4,575 CASH FUNDS at 31st August 2022 39,702 44,277 LNDs at 31st August 2023 £74,665 £39,702 TE THEA NTS The charity has faced Considerab drfrU1tIes in the year with its bankers National Westminster Bank INWB). As a $It the charity's bank accounts were frozen for part of the year and the charity was unable to rnake or receNe payments. Tr tn6t arKI administrator sFent a lot of "me and effort to resdve tFse arnj the situatkM was fully resolved in Novemtser 2023 when the bank accounts trcame act.ve fulty The aEove figures refknt these issues. The amounts owing tolby charty at 315t August 2023 are ouUirBI on Page 6. Page 5
Ic ME Cash at bank (InClTr3 COIF) in hand 74,655 39,702 Investment- COIF Owrities InVeStmt Fund (at costl Mi&market value at 31.08.2023 £29.28412022 £29,843) 20,0 20.¢ E94,655 £59.702 DIdendS on Inv&Mt £419 £0 LIABI Grants and Awards made12021) Admini5tratorg Fees Exw Acwntsnts fees (2022) 4,393 1.074 3,124 6(K) £8.267 É4.724 ACCO The accounts have krepar8J folloMr¥J the ldarKe for Cnts[wj for ynaller Char"eS i55u8J ty the Charty Commisson. The Receipts ar¥J Payments rfcount is a summary the ipts and payments try the chanty durirvj the year. ArTh)unts a i{Udj a5 recavaj or as pakl. 5tatemert of ass6ts aThJ liakn.11b indLts to tharity al amounts owiThJ ty the chanty for income or exrffl rdab.ng ro the year or m"ou5 years which had Th)t bw) paMI at 31st August 2023 ar*J, in the Ca of expseS, for which invoice5 have ten reved. atK)ve rdlert thfficults the charity h&J Mth ts tonkers in the year as ouvined on Page 5. the ats)ve liatJ"libes, except the 2021 award, have pald. The accounts were approved by the trnstees on 19th December 2023 and 5i9ned on their behalf Ollver S(xlen (Trustee) Page 6