ICHAEL TIPP SICAL FOUNDAT 27 TRusfEES AN AND ANNUAL A ED
AEL UNDATION CHARrrY IN TION Trustees: Ollver Soden (Chair) Katie Tearle MBE (Dewty Chair) Sarah Bardwell Jonathan Dove CBE Nancy Evans Sally Groves MBE Jeremy Hayes Chrfs knbie Simon Weil Anthony Whtiworth-jones Patrons: Davld Calms CBE Paul Crossty CBE Edward Gardner OBE Administrator: Sarah Nob Address: clo Chades Russell SrEechtys 5 Fleet Pla FarrirwJdon London EC4M 7RD Webslte: Ww.ppettf0Trdatlon.org.uk Email address: admin@tippettfoundation.org.uk Registered Charity Number: 278469 NT Page I Charity Information Page 2 and 3 Trustees Annual Report Page 4 IndeFendent Examlners Rep)rt Pages 5 and 6 Annual Accounts Page I
MI EL NU RT THE EAR 4L RE OVE The charity was set up as a Trust in 1979 and is governed by a Trust Deed dated 27th July 1979. The Trust was reglsiered as a charty on 12th September 1979. The charfty is managed by Its trustees, asslsted by the admlnistrator, and the trustees meet regularty at least On a year. The trUStS have the power under the Trust Deed to appoint further trust5 if at any time their nUMr falls below four. A Ilst of the trustees and other officlals of the charity at date the accounts were approv is set out on page I which forms part of thfs rep)rt. There were no changes In trustees in the year. ND The dbaws obithes are to advan educatlon In the art of music aTrJ Compos of musical works and to relieve rnuslcians and mposerS who are in need, hardshlp or distress. The charity does this by maklng grants and awards to organisations which undertake projerts whh meet the criteria set out bebw. In 2022 the Trustees broadened the scope of grants to Include the promotvjn, [ErfOrman and study of Sir Mlchael Mppetvs musio The tnJSt, mindful of the Ilmited funds available, have dedded to focus on one area of musical activty as their slngle prforfty. From 2023 the charivs activty will focus exclusivety on the funding of Ferfomiances and recording of music by Slr Michael Tlppett, with the aim of generatlng greater revenue for a wlder range of athvities In future years and so erKouraglng the muslc of the futu. The trust&s continue to keep this, Ilke all of Its policles, under regular review. Tre trust consider applKations for both first-time initlatives as well as the development of exlstlng projects. The trustees refer to the Commis4on's guidan on publk ner[t when reviewing the charty's alms, objertives and athityes, when planning future acuvities and when setting the charlvs grant makirKJ p)ITaes. DAC EM Sir Mlchael fippett died on 8th January 1998. Under an agreement made ltheen the charlty, the founderfs estste and his publishers, the charity recelves a share of the founderfs royalties which will continue for the full copyrlght perlod. These rOyateS are shown as a legacy In the Accounts and are Included In the accounts when 1ved. They rerelv&J In arrears and vary from year to year. The charity fved donatlons totslling £15,000 in the year (2024 £40,000 foliowing an Appeal) whlch, like the maiorty of the charity's expended income, Is applied to grants and awards made. The trustee5, in determining the number aiKJ amount of grants, maIn mlrKJful of the variobilty In reIpts from year to year and in partlcular royalty irK(Nne and donatlons. The trustees therefore consider it prudent not to spend all of the recelpts so a5 to bulld funds whlch will allow for greater generosity In future year5 and, potentialty a wider range of grants, i.e. musk educatlon AND Tip perfomiances. Page 2
The ¢harfty made grants and awards In the year totalliThJ £39,633 (2024 £69250) of vthith Els,0 Un[d at 31st August 2025 [2024 £7,750). Grants were once again alfdrded ts) pwfOMan of Mlthaei fippetvs musr, with partiojlar EYb)rity gi ether reCdIngS to lected pleces. example the Frtforn of frown of the Year arbj Words for Mu5 pertPs, at the 2025 Ryedale Fesbval. ApplicatVs U7at thwght beyond the outdatsl technologies ofa) ty DVD wwe also prThrtsed - for axamkle the Cats ¥iwJers' pvoiact of ofess1ol film foclage beiro made available YwTube. The corlty faced consKlerat4e dfiltse$ in 2023 wilh its bankus NatDtk21 Wesknlrster Bank (NWB). As a reIt the tharitys bank pmxjnts were frozen and the thatty was unable to recefve monles nor could It make paEntS in a timety manner. as Is its nom1 prth. The stuatk)n was fulty regJlv&J In ember 2023 and the 2024 kcounts Include additinal receipts of £419 beirrfj moneys ¢yded to tharlty at 31st August 2023 plditk)nal payments totslllrYJ £7,267 Ing nDney5 owed by the chadty. In addltton the Administra$ fees expenses hbhtr than nornal rdlectlThJ the addltoonal YrK done in rething the iswe as wel as 2023 f&s of £4393 paid late as a resuL NWB Ma a compensat•)n payment of £240. Res¥es aw nJed to brKhJe the gap betsswi the spdIrj and retriving of regjurces. It is the polcy of the charlty to ntafjn unre5trtrted fun< whlch are its generdl resetves, at a knl equates to at kast e months expwM1re indudlng grdnts and abrdrds made. Unrestrfcted w&e MakntsIn at thls kvd in the r. In ihe light of the genwous donaih)ns reCth In 2024 and 2025 a (aftkn account has now n set up, whKh wl1 l add to r&eits in fvturo years. The Thistees at tsir mting In Det 2025 will decle whether the tharlty o)ntlnues to fund nppett perfomwnces, trre having been a cor6ld8rdble down-tllrn kn vlable grant applicatlons but a rntsble lift In recelixs fdknving abdrd5 made whhth tr*lped to fund rnajy cyerd kThluclk)ns, or whether to r¥um to the polLy of funding young compcsers, mugc edatIOn projects aThl so on. Thls veport was approved by the trustees on 3rd Dernmbw 2025 and ned on thdr boh•W Ollver Soden ITrwtee) Pag• 3
NT I report to the trust&s on my examinatlon of the accounts of the ab)ve tharity (the Trust) for the year ended 31st August 2025. IBIL NDB RT As the tharity trustee5 of the TrL& you are respongble for the preparntion of the accounts in accordance with the requirements of the Charities Act 2011 ('the ACV). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the 2011 Act and in carrying out my examlnation I have followed all the applicable Dlrections given by the Charty Commission under 145(5) (b) of the ACL DENT INER. EMEfrtr I have completed my examinatith. I confirm that no matsrial matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. l. Accounting rrdS were not kept in respert of the Trust as requlred by section 130 of the Act; or 2. The accounts do not accord wlth thc6e rLrord& I have no concerns and have come across no other matters In connectlon wth the examlnauon to which attention should be drawn In thls report In order to enable a proper understsndlng of the accounts to tE reached. Sadrudln N Samjl Chartered Accountant THURsfoN WATfs & COMPANY 39-41 North Road London N7 9DP 3rd December 2025 Page 4
OUNDAT ACCO CEI Un-Rest- Restricted ricted 2025 2024 Legacy . thre of Estste royaltEs DLThOons 47,973 47,973 35,346 10,000 5,0 15,000 40,000 Interest on Bank accounts Dividends on inve5tsnent 1,481 872 1,481 872 1,691 1,271 ComFthsation ex Natiorsol Westminster Bank 240 TOTAL R £10,000 £55,326 £65,326 £78,548 Grants and awards made 10,000 21,383 31,383 61,500 Legal fees retslner 2,400 2,400 3,000 Adminlstratorfs fees and expertses A(ttJuntancy and Indepdent examlner's f (2024 2 years) webte costs induding rebulld in 2023 TnJstee5' travel and other expenses 5,119 5,119 9,367 1,5C 1,500 2,304 338 338 627 327 327 247 YMEN £10,000 £31,067 £41,067 £77,045 ECEI PAYME 24,259 24,259 1,503 UND £aS1 at 31st August 2024 76,168 76,168 74,665 llLDS at 31st August 2025 £0 £100,427 £lfX),427 £76,168 ETO The thaAty faced conslderalle difficule$ in 2023 wlth its bankers Nat*onal W&stmlnW Bank (NWB). As a result the charftys bank accounts were frozen for part of the year and the tharity was Ltnable to make or recdve payfflents. The sltuatlon was fully resolved in November 2023. The 2024 figures Indude anTh)unts owing bylto the tharfty at 31st August 2023 totalling £7,267 and £419 respethvely. Page 5
d41 Cath at bank (IndlIng COIF) and In hand ItKI.427 76,168 Invesbnent- COIF (Jh?tieS Invement Fund (at cx¥st) Mid-market value at 31x18.2025 £30,491 (2024 £31,616) 200 20,OCM) £120,427 £96,168 l>ants Awar¢ls Mle the y l>ants w(i Awards made earfler years 15WOO 7.750 H2 L81 fees rdairEr 1,2 £17,644 £9,392 The acrounts he been prepared folknying the guidarKe for accountlng tr ller thèrltle5 by the tharity Commissknn. The Rews and PaynEnts account Is a gjmmary of the rece aN] payments made by the tharlty dLIng the year. Nmounts are Indud&l as reI¥&J as pald. The stata))ent of ass and IbKlu&s m(leS due to the tharlty and a19) amnts ovAng ty the tharly for Income or exn rdatlng to year or rKevlws years whtth had rK)t paid at 31st Augu# 2025 and, In the expw6es, for Ythith invol$ have and slgned on thdr behav Ollver Sod¢n (TNst¢•) 906