THE MICHAEL TIPPETf MUSICAL FOUNDATION TR EE ANN AL REP NN ALA AR ENDED 31sr AUGU 2024
THE MICHAEL TIPPETf MU AL FOUNDATION HARITY INF Oliver Scden (Chair) Katie Teatle MBE (Deputy Chair) Sarah Bardwell Jonathan Dove CBE Nancy Evans Sally Groves MBE Jeremy Hayes Chrls Scobie Simon Weil Anthony Whi(worth-Jones Patrons: David Cairns CBE Paul Crossley CBE Edward Gardner OBE Administrator. Sarah Noble clo Charles Russell Speechtys 5 Fleet Pla Farringdon London EC4M 7RD Website: www.tipFEttFoundation.org.uk Email address: admin@tippettfoundation.org.uk Registered Charity Number: 278469 CONTENTS Page I Charity Information Page 2 and 3 Trust Annual Report Page 4 Ire[endent Examiners Report Pages 5 and 6 Annual Accounts Page I
THE MICHAEL TIPPETf MUSICAL FOUNDATION ANNUAL REPORT OF THE TRusfEES FOR THE YEAR ENDED 31sr AUGusf 2024 srRUCTURE GOVERNANCE AND MANAGEMENT The charity was set up as a Trust in 1979 and is governed by a Tnjst Deed dated 27th July 1979. The Trust was registered as a charity on 12th SepteM1r 1979. The charity is managed by its trustees, a55lSted by the administrator, and the trustees meet regularly and at least On a year. The trustees have the wwer under the Trust Deed to appoint further trustees if at any time their number falls below four. A list of the trustees and other officials of the charity at date of approval is set out on page I which form5 part of this report. There were no changes in trustees in the year. Dr Lucy Walker stood down as Administrator on 1st June 2024 and was p1ad by Sarah Nobk. In addition Sir Andrew Davis CBE a Patmn of the thar(ty sadly dled on 20 April 2024. OBJECTIVE AND AcfIviTIE The charity's objectives are to advance education in the art of music and composition of musical works and to relieve musicians and composers who are in need, hardship or distress. The charity does this by making grants and awards to organisations which undertake projects which m&t the criteria set out below. In 2022 the Tru5tee5 broadened the scope of grants to include the promotion, performance and study of Mkhael T*ppett's music. The trustees, mindful of the limited funds available, have decided to focus on one area of muskal attivity as their single priority. From 2023 the charity's activity will focus exclusively on the funding of performan and recording of music by Sir Michael Tippett, with the aim of generating greater Revenue for a wider range of activities in futu years and so encouraging the music of the future. The trustees continue to keep thts, Ilke all of its rKJlicies, under regular review. The trustees consider applications for both flrst-time initiatives as well as the development of existing projects. The trustees have a wlicy, of which all applicants are made awa, that the charity makes one-off grants only. The trjstees refer to the Charty Commission's guidan on public benefit when reviewing the charity's aims, obj1Ve5 and aCtive5, when planning future activities and when setting the charlty's grant making polic$. ANDA HIEVEMEN Sir Michael Tippett died on 8th January 1998. UrKler an agreement made tetween the charity, the founder's estate and his publishers, the charity receives a share of the founder's royalties which will continue for the full copyrtght period. These royalties are shown as a legacy in the accounts ar are induded in the accounts when received. Such royalties vary from year to year and are received in arrears. Following an appeal the charity celved donations totslling £40,0(XJ in the year which, like the majority of the charity's income, is applied to grants and awards made. The trustees, in determining the number and amount thereof, remain mindful of the variability in royalty irtcome from year to year. Conscious of the redLtction in royalty incixne from March 2020 due to the Covid 19 pandemic, the Trustees decided to suspend making grants and awards in 2023 whilst they reviewed the matter and considered the strategic study of the charsvs grant making policy Commission in 2022. Having done so the charity resumed making grants and awards from Novemtsr 2023. The charity made grants and awards in 2024 totslling £69,250 of which £7,750 were unpaid at 31st August 2024. Page 2
MI HAEL TIPPErr MU ENDED AUGU 2024 AcfivTfIE EVEMENTS Con The charity faced o)nsiderable difficulties in 2023 with its bankers National Westminster Bank (NWB). k a result the tharity's bank accounts were frozen for part of the year. Tr charity was unable to receive monies rK)r could it make payments in a timely manrEr, as is its normal Practi and r( faced the threat of the dosure of its bank accounts. The trustees and the administrator Spent a lot of me and effort to resolve these issues arKI in prowdirYJ NWB with the various documentstion they reque51ed. Tr Situation was fully rE9)Ived in November 2023 and the bank accounts are now artive and fully accessible online. DL to the atove issue the 2024 payments are therefore highw than usual as they 1K1Je 2023 eXnSeS totalling £7.267 which could not be paid at 31st August 2023 a5 detailed on page 6 under Liabilities but excluding the 2021 award £1,000 whith is no longer required. In particular the Administrator'5 fees and expenses are up by £6,244 on 2023 as they refieLt the additional work dor in resolmng the NWB is5 and 2023 fees of £4,393 paid late as a resu. NWB made compensation payments of £250 in 2023 and £240 in 2024 which only recogni and compensate for a fraction of the diffi(thes the olaTity has exwieKed and extra exFe¥ it has incurred as a resu of this issue. I the tnjstees give frlY of their time and no trlee eX[en were paid in the year. Ll ReseTves are nded to bridge the gap betsn the spending arKI receiving of re9)UrS. It is the policy of the charity to maintsin unrestricted funds. which are its general rerVes, at a level whid) equates to at least Ie1ve nK)nths expenditure induding grants and awards. Unrestricted nds were maintained at thls level In the year. Thls report was approved by the trustees on 26th November 2024 and slgned on their behaw Ollver Soden (TNstee} Pago 3
XNDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TrIE MICHAEL TIPPErr MUSICAL FOUNDATION I report to the trustees on my examination of the accounts of the above charity (the Trust) for the year ended 31st August 2024. RESPONSIBILrrIES AND BASIS OF REPORT s the charty trust5 of the Trust you are responsible for the pparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in res&*rt of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and ir¢ carrying out my examination I have fo51owed all the aPpIable Directions given by the Charty Commission under wtion 145(5) (bl of the Act. INDEPENDENT EXAMI ER, have completed my examination, I confirm that no material matters have come to my attention in cOnntIon witr¢ the examlnation giving me cause to believe that in any material l. AUntIng records We not kept in respect of the Trust as required by section 130 of the Act,. or 2. The accounts do not accord with those records. I have no concerns and have come across no other matters in connection with the examination to whlch attention should be drawn in this report in order to enable a proper understaThling of the aca)unts to be reached. &idrudin N Samji Chartered Accoun THURSTON WATfs & COMPANY 39-41 North Road London N7 9DP 27th November 2024 Page 4
THE MI HAEL TIPPETf MU UN ATIO TH EAR ENDED AUGusf 2024 EI AND PAYMENTS ACCOUNT Un-Rest- ricted Funds Un-Rest- Restrlcted rlcted 2024 Legacy - Share of Tippett Estste royalties 35,346 35,346 39,108 Donations 35,0(K) 5,000 40,000 Interest on Bank accounts Dividends on investment 1,691 1.271 1,691 1,271 830 425 Compensation ex National Westminster Bank .240 240 250 £35,0¢ £43.548 £78,548 £40,613 PAYME Grants and awards made 35,000 26,500 61,5 LeJal fees retainer 3,000 600 Admlnlstrator's fees and expenses 9,367 9,367 3,750 Accountsncy and IndeFendent examIneS f&s 2,304 2.304 Websbte costs including rebuild in 2023 627 627 1,000 Press and media consultsncy and charity logo 300 Trustees. travel expenses 247 247 Bank charges £35,000 £42,045 E77,045 £5,650 EfRE PAYM 1,503 1,503 34,963 at 31st August 2023 74,665 74,665 39,702 ND at 31st August 2024 £0 £76,168 £76,168 £74,665 NOTE TO THE ACCOUNTS The charity faced considerable difficulties in 2023 with its bankers National Westminster Bank {NWB). As a result the charity's bank accounts were frozen for part of the year and the charity wa5 unable to make or receive payments. The trustees and administrator spent a lot of time and effort to re501ve these issues and the situation was fully resolved in November 2Q23. The ab)ve figures refiect these issue5 and the 2024 figures include amounts owirvJ tolby the charity at 31st August 2023 totalllng £7,267 which are detailed on Page 6. Page 5
R THE YEAR ENDED 31sr AUGU 2024 Efs AND Unrestricted Funds 2024 Cash at bank {Indudlng COIF) and In hand 76,168 74,655 Investment- COIF charfes Investment Fund (at cost} Mld-market value at 31,08.2024 £31,616 (2023 £29,284) 20.OC(I 20,000 £96,168 £94,655 Dividends on Investment £0 £419 Grants and Awards made the year Grants and Awards made 2021 (no longer requ11} Administrators, Fees and Exp Accountants (2022) Legal retsiner 7,750 1,000 4,393 1,074 1,8rKI 442 1,200 £9,392 £8,267 The accounts have bn prepared followlng the gUIdan for accounting for Smaller charities Ied by the (harfty Commi590n. The Recept5 and Payments account Is a summary of the eipts and paYMts made by the tharity durin9 the year. Amounts are induded as eiv&l or as pald. The statement of assets and liabiliues includes monles due to the charlty and also amounts Ong by the charfty for Income or expenses relating to the year or prevlous years whlch had not been pald at 31st August 2024 and, In the ca* of expSe5, for which invoices have be received. The aty)ve refiect the dIfficuleS the charlty had wlth Its bankers In 2023 as outllned on Page 5. The accounts were approved by the trustees on 26th November 2024 and signed on their behalf Oliver Soden (Trnstee) Page 6