GERALD FINZI TRUST TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CHARITY NUMBER: 313047 GERALD FINZI TRUST REPORT AND ACCOUNTS CONTENTS Page Trustees. Annual R8POrt Report of the Independent Examlner Statement of Receipts and Payments Statement of Assets and Llabilities Notes to the Accounts 10-18 GERALD FINZI TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trusle8s present Iheir annual report and financial statements of Ihe charity for the year ended 31 March 2024. The financial slatemenls have been prepared in accordance with Ihe accounling policies sel oul in note 1 to the accounts and comply wilh Ihe Charity's Trust Deed, Ihe Charities Act 2011 and guidance issued by ihe Charity Commission, OBJECTIVES AND ACTIVITIES FOR PUBLIC BENEFIT The purposes ol Gerald Fin21 Trust are to advance Ihe educalion and Improve Ihe arlistic taste of the public in music by the following means: al the prornolion of music and musicians: In particular. bul without limilation. British music including the name and work of Gerald Finzl bl the financing and promotion of publi¢ performances of musical works ¢y Ihe financing of the recoTding. copying or piiblicalion of music and promotlon of such works; d) the commissioning and financing of new musical works and promolion of such works e) the commissioning and linancing of the publication of lilerary or arlistic works on or In conneclion wilh musi and promotion of such works; f) the making of grants; g) the granting ol asslstance to mus1¢ians and students of muslc; h) Ihe founding and financing of fellowships, scholarships and prizes. A¢tlvStles during 2023-2024 The Finzi Trust's main arlislic project of 2023-2024 was ils International Choral Compelltion, which w8S the bralnchlkl the Tru51's Deputy Chairman. Jonathan James. With the aim lo 'discover and support composing talent and choral composllion around the world,, the briel was lo compose a shorl choral work wrlllen In response to Finzi's Lo, thg fiill, final sacrifice. Lasting no mor& than eight minutes, the work was lo be for SATB forces, a capella or Mlh organ accompaniment. 11 was left lo the composers lo make their connection to Finzi's work. and Ihey were free lo opt for s811ing the same text a8 Finzi, by Rlchard Crashaw, or to choose a dlffer8nl on8. In addilion to the score, appllcanls were asked lo write a short programm8 note explaining their Inspirations and Gomposing ratlonal8. The Irustees were deli9hted by Ihe response lo the compelition whlch allracled fifty one entrants from fifteen countries. Short listing involved Ihe expertise of three Iruslees- Ihe conductor anLI educator, Jonalhan James, the cornposer Christian Alexander, and Alex Patterson, Director of Music, Salford Cathedral. The judging was In the hands of eminenl composers, Roxanna Panufnik, Robert Saxton, and Finzi truslee Paul Spicer who, apart from his ski115 as a comp05er, brought hls practical knowledge of choral conducting lo the deliberations. In the face ol an excellent shoTI list. they were faced wilh no easy lask, bul after rigorous debale awardod the prizp. lo the Bristol-ba8ed composer Richard Barnard. for his work Tli& Flaming Heart. Setting a different Crashaw pogm Ihan Finzi. as well as words by St Teresa of Avila, the judges found Richard's work, 'a deeply musical setting of Ihe lexl, Bnd for having a 'unlque voice that lakes tlie lislenor on an eplc adventure., Apart from the cash award of £2500. an Important part of the prize was a guaranteed performance of the winnlng work by Trinily College Choir, Cambridge. Its premiere, conducted by Trinily College's Director of Music, Sleven Grahl, took plac8 on 19 M8rch Ihis year, and can be viewed on Facebook. That performance was attended by Richard Barnard, Sluari Ritchie and Jonathan James. A podcast conversaliori between Jonatlian and Richard is also available lo Ilslen lo on the Finzi Trust websile. The Finzi Trusl is mosl grateful lo the Bollini Trust for ils generous grant lo support the expendllure involved in Ihe competition and lo Sleven Grahl. Paul Nicholson. Trinity College. Cambridge, for ils support and of this projecl. Durin9 Ihe course of the year a variety of grants were made. mostly to support young musicians under Ihe age of 25 where financi81 hardship impeded their progiess. These included grants towards the purGhase of Inslrumenls tenor saxophone, flute, harp, bass Glarinet, oboe and a cello bow. In addition. support was given lo composers for assistance lo recordings ()f their muslc. Grants were also awarded to organisalions supporting yotsng musicians, for exatytple. GERALD FINZI TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Slocklon Concert recilals. Nalional Oichestras for All. Rodolfus Foundation towards ils youlh orchestra In Hackney, NMC records for projects in Liverpool and Stoke on Trent, Sound and Music. Wesl Dean College towards bursarles for students attending the Chillngirian Strlng Course and the Royal Welsh College of Music and Drama. During 2023-2024 the Trust continued lo s8t asid& income from royalties to bulld ￿S endowment which will enable Ihe Trust lo continue, in the fulure, to support general grants to assisl tho fostering of Brilish music generally, supportlng composers and arlisls over 25, as well as perlormaTbces and recordings of Finzi's music. especially the more rarely played works. Consequenlly iinlil 2027 general granls will continue lo be limited. Support specifically for performances of Finzi's musio included a performanco of Inlimafions of Immortajily by the Cily of Brislol Choir and organis21ions Ihal *upport P8rformances of British music including Ihe English Music Festival, Ihe Ludlow English Song Weekend, and lh8 Thiee Choirs Feslival. There were also grants lo Gemini towards a recording of Nicola Lefanu's muslc, and to research into Kenneth Leighlon's solo songs. The Iruslees were delighted that the vocal winner of the Sing Finzl compelillon, barllono Kloran Rayner, and soprano Sian Dlcker. who was given a speclal colnniendation. both pertormed al the 2023 Ludlow Engllsh Song weekend. During Ihal week8nd informal discussions look place belween officers of bolh the TTUSI and Finzi Friends about how lialson belween the Iwa organisalions can be slrenglhened. This resulted in a produclive initial mèeling in London with Stuart Rllchie and Andrew Bum. representing the Trust, 8nd Martln Bussey and P8uI Ives from the Frlends. We look forward lo future co-op6rallon lo Ihe mulual b6n&fil of both organisalions. INVESTMENT MANAGEMENT. POLICY AND MONITORING The Trusteas appointed M&G Investments as Investment Manager for the capilal of thg Jean Flnzi Endowmenl Fund in late 2017. The Jean Flnzi Endowment Fund's investmenl pollcy18 intended to maintain, and so far, as is praclScable, enhance the real value of ils capital in the long temi, whilè producing a level of annual dlvldend income above the UK stock mark81 average, The annual dividend Income is used to fulfil Ihe Jean Finzi Endowmenl's charitable purposes. In addSllon. a first inveslmenl of £82,160 was made into M&G Charifund for the Copyrighl ReseNe (the purpose of thi8 Reserve is explained below) in 2020. A further inveslmenl was made of £80.000 in 2020-21, £90,000 in 2021-22 and £25.000 in 2022-2023 from the Gerald Finzi Unreslricled Funds into Ihe Copyrighl Reserve Funds held with M&G. The Finzi Trust's Inveslmenl Sub-cornmillee oflhree Trustees monllors Ihe performance of the Trusl's investments and meets wilh M&G annually to review both performance and oullook. The Trust's investment managemenl arrangements are revlewed every three years. FINANCIAL REVIEW The Trusl is classed as a "smaller" Charity. as ils gross income (exclusNe of endowments) does not exceed £250,000. Tho Trustees have therefore choson lo present Ihe financial slalemenls on a Receipts and Payments bas1¥. in accordance with Charity Commission guidance. Publlc Benefit statement In Shaping our objectives for the year and planning our activilies, the tnjslees have considered the Charily Commission's guidance on public benerrt. including the guidance 'public benefit.. running a ch8rity (PD2)'. The achievements and activities above demonstrate the public benefit arising through Ihe charity's aclivilies. GERALD FINZI TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 Maln Sources of Income Unrestrlcted Funds The Finzi Trust's Unreslricled Fund derive5 the bulk of ils Income from Copyfight and royally payments related lo the works of the late composer Gerald Finzi. Copyright will subslanlially expire in 2026. The Trustees (havlng taken legal counsel and consulted with the Charity Commission) obtained permission vla a Deed ofvariation to accumulate income from the Unreslricled Fund Into a 'Copyrighl ReseNe" This ReseNe Is invesled in order lo generate an income stream for the unreslric18d Fund after the expiry of copyright in 2026, in order to fund charitable acllvlly thereafter. The Trusl's Income from royalties and publishing for Ihe year lotalled £27.807 (2023 £23,958). Income from performlng rights for the year lotalled £40,08812023- £40.613}. Inveslmènl of £nil (2023 - £25,000) was made into the M&G Charifund for th8 Copyrlght Reservè durlng the year. Jean Finzl Restricted Funds The income of Ihe Jean Finzi Reslricled Funds is lar9ely derived from dividends generated by ils inveslment portfolio, whlch Is currenlly Invested In the M&G Charifund. No inveslmenls w6r8 made during the year12023- £nil) Into the M&G Equities Inve51ment Fund for Charities (Charifund). Dlvidend Income of £72,01512023- £69,922) was received during the year from Charlfund. Support & Gov8rnance cosls of £8,485 {2023 - £10.858) incluslve of legal fees related lo governance mallers, w&ie pald during the year, out of which £2.677 (2023 - £4.6561 was allocaled lo reslricted funds and £5,808 (2023 - £6,202) was allocated to unreslrlcted funds. A surplus on income funds 01 £62,897 before transfers (2023 £66,361) was achieved. The Trusl6e8 regard Ihls as salisfaclory. having regard to the slatemenl on Reserves Policy below. Re$eNes pollcy Thè Trust's lolal cash funds as on 31 March 2024 lotalled £222.238 (2023 - £159,341), comprlsed of incom6 funds of £222.238 (2023 - £159,341). Total unrestricted cash funds (free reserves) amovnled lo £130,885 {2023 - £75,126) conslsling of the Geneial and Desi9nated funds plus the Copyrighl Reserve fund. Full delails of the Trust's tolal funds are included al Note 12 to th& accounts. The Trust's previous policy was lo accumulale free reserves al a rale of £30.000 per year. The Iruslees regularly review the levèl of accumulated free reserves and have, in principle, resolved to limit granls from the unreslricled Fund to £5,000 per annum until 2026. In the couise of lh8 year £nil {2023- £25,000) was invesled from rash reserves into (he Copyrighl Resetve held in units In Charifund. They intend lo use the Copyright Reserve lo build an inveslmenl fund to generate future income in order for the Trusl to maintain its charitable aclivily in the years followin9 the explry of copyright in 2026. The income generaled from the Jean Finzi Endowment fund is dependent on the dividend income. generated by Ils investment portfolio. The total reseNes of the Trusl, Inclusive of ils investment portfolio and having regard to ils non-cash assols and liabllilies, as disclosecl in the Stal8menl ol Assets and Liabilities. amounted lo £1,763,822 (2023 - £1.717.813}. Rlsk management Th(4 financial opeiating risk of Ihe Trust is managed by regular (inancial ieporiing al Truslee meetings, analysin9 exlsting granl liabilities. projeclod income 2nd lorecast cosls. Thesg figures are updated as n8¢essary over the course of the financial year. The anlicipated adverse effects on Ihe Unrestricted Fund's copyrighl income as a result of Covid 19 have. so far. nol substantially come lo pass. Royalty and performlr)g rights income have held up surprisingly well, albell that the Trust continues lo base ils future financial plans on caulious assumptions as to income in the short lerm. The equity markets saw a volatile year, but the Trust's investment in Charifvnd, wl)ich holds the majority of the Jean Finzi Bequest Fund generaled a stable level of dividend (dividends represenling the vast majorily of Ihe income for Ihis reslricled fund). GERALD FINZI TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 PLANS FOR FUTURE PERIODS As detailed above, the Finzi Trust's ¢harilabl6 activities are paid for by two distinct income sources. or 'Funds" each with ils own objeclives and conditions. Unreslricted Funds In recent years. the Trustees have been mindful thal the copyright and royally income received by the Finzi Trusl Unreslrlcled Funds will cease in 2026. when copyrighl on the composer Gerald Finzi's works expires. The Trustees wish to continue the general work ol the Unreslricled Funds beyond 2026. The Trustees amended the terms of the Trust Deed by 8 Deed of Variation in 2019 to permit the capitalisation of copyright income (including reserves), so as to build an endowment lo sustain fulure work of the Tnjsl afler 2026. Jean Finzi Restrlcted Funds In 2017, Ihe Trusl's long lelm financial situation benefitled from a geneious and si9nilicanl legacy from the late Jean Finzi, a distant cousin of Ihe comp05er, and former Iruslee. Under the lerms of her will, Jean Finzi's bequosl was restricted lo the provision of financial support lo young musicians wilhoul the necessary funds to help Ihemselves in any way to further Iheir musical ¢aieer. The terms of this gift engaged polenlial Issues as to the effect of Ihe limilalions and how they should properly be interpreted and applied in lighl of the terms ol the Will and various legislallon. In 2019 Ihe Trustees therefore consulled legal counsel and the Charily Commissioners and following Ihelr clarifi¢alion, the Jean Finzi Bequest is now used lo assisl musician5 and students of music aged 25 and under who fulfil Ihe iequislle financial need. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document Gerald Flnzi Trusl was establlsh9d by Trust Deed in 1969. It was registered a$ a charily on 22*d June 1970 under charily number 313047, Slatus The Trust is an unincorporated Irusl whose aims and objeclives. logelher wllh Ils structure and gtsvernance, are determined by ils conslilulion. Organisation & Appolntment of Tru8tÈès The trust was inillated by Joy Flnzl. widow of lh8 composer, Gerald Flnzi. Its Inltlal Trustees were Joy Finzl, Chrlstopher and Nigel Fin25 (sons of the composor}, Howard Fergus¢)n, Gofflposer and lifelong friend of Gerald Finzi, and Jeremy Dale Roberts, composer and contemporary of Christopher Finzl at the Royal Academy of Mus1¢. Trustees are identified by the pariiculai skill set and experience which they can bring to ensure both the smooth running and or9anic growth of the Trusl's work. The Trustee body includes professional musicians, composers, inveslmenl professionals, a fund-raiser, mvslG admlnislralors. eduGators. members wilh IT experiise, a barrister and a member ol the Finzi lamily (Gerald Finzi's 9randson). Indutlion comes through dialogue with tha chairman and through supply of a comprehensive set of recent minutes and finanri31 papers, with an en)phasis on helping newcomers to feel part of a team as soon as possible. Decisions are made al Ihe quarlerly meelings ol Trustees whilst separate meetings have been held lo discuss strategic planning. Day to day adminislralion is undertaken by the Trust's Administralor, in consullalion wilh the Chairman, Secretary and Treasurer. GERALD FINZI TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Charlty Numbèr 313047 Trustegs stuart Ritchie (Chair) Andrew Burn (Secretary) Elizabeth Pooley Chfislian Al8xander Orlando Finzl Alexander Pallerson Paul Spicer lain Norman Burnside Sara Garcia Ascenso Jonathan James Prlnclpal Offlce PO BDX 79200, London, SW6 9RG Independent Examlner Mr Davld Terry Ramon Lee Ltd, 93 Tabernacle Streel, London EC2A 4BA Bankers HSBC plc. 99-101 Lord Street, Liverpool L2 6PG Sollcitors P8nnlnglons Manches LLP. 125 Wood St, London EC2V 7AW Invostment manager M&G Investments, Laurence Pounlney Hill. London, EC4R OHH STATEMENT OF TRUSTEES, RESPONSIBILITIES Th8 chartty Truslees ere responsible for preparing Tru5t685' annual report and financlal statemenls in accordance with applicable law. The Truslees arè r8sponslble for keeping proper accounting records Ihal disclose with roasonable accuracy at any time the financial position of the charily and lo enable them lo ensur8 that the financial s121emenls comply with the Charilies Act 2011, the applicable Charities (Accounls and Reports) Regulations and the provlslons of lh8 Trust Deed. They a also responsible for safeguarding the assets of the charity and taking reasonable steps for th8 prevpnlion and detection of fraud and other Irregularit18S. Tho Trustees are responsible lor Ihe mainlenance and integrity of the charily and financial information included on Ihe charily's website in accordance with leylslalion in the United Kingdom governing the preparation and dissemlnalion of flnancial stalcments. Approved by Ihe Trustees on 20 January 2025 and sijned on Iheir behalf by- stuart Rltchle (Chair of Trustees) REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF GERALD FINZI TRUST I report lo the trustees on my examinatlon of the accounts of the Gerakl Finzl Trust for thg year ended 31 March 2024, which are set out on pages 8 to 19. Re5pon51billtie5 and basis of report As the charity's Iruslees. you are responsible for the prepaiation ol the accounts in accordance wilh Ihe requiremenls of Ihe Charitles AGI 20111"the A¢l-). I report in respect of my examinalion of the Trust's accounls Garried out under seclion 145 of the 2011 Act and in carrying out my examlnalion, I have followed all the applicable Directions gtven by the Charity Commission under sectlon 145{5)(b) of the Act. Independent Examlner's statement I have compleled my examination. I confirm Ihal no malerial matters have come lo my allenlion In connecllon with the examination which glves me c8US8 to belleve thal In, any malerial respecl: Ihe accounting records were not kept in accordanGe wllh section 130 of the Charities Act. or the accounts did nol accord with Ihe &counling records I have no concern5 and have come across no other matlers in connÈ¢lion with the examinalion lo which allenlion should be drawn in thi5 report in ord8r lo enable a proper understanding of the accounls to be reached. D TERRY- Charterod Accountant RAMON LEE LTD 93 TABERNACLE STREET LONDON EC2A 4BA Date: 20 January 2025 GERALD FINZI TRUST RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Notes Unresirlcted Incomp Funds Jean Finzl Restricled Income Funds Expendable Endowment Funds Total 2024 Total 2023 ecel Donations and Legacles Income from Charitable A¢liMlies In￿sIm￿nI Income 3,130 3.130 3,480 69,134 1,664 69,134 73.679 75,722 70,133 72.015 Total Rec¢lpts 73,928 72,015 145,943 149,315 ments Costs of Charflable Aclimlies Supporl & Gownance Cosls 12.361 5.808 62,2( 2,677 74.561 8,485 72.096 10,858 Sub lolal 18.169 64,877 83,046 82.954 Assets and Invoslments Purchase8 In￿stment purch88es 25,000 Sub Tolal Total Paymonts 18,169 PA,877 83.046 107,954 Net of Rocelpts l (Payments) Transl¢r behv¢en Funds Cash Funds Last Year End 55,759 7,138 62,897 41,381 75.126 84.215 159.341 117,980 Cash Funds Thlsyear End 130,885 91.353 222,238 159,741 GERALD FINZI TRUST STATEMENT OF ASSETS AND LIABILITIES AS AT 31 MARCH 2024 Notes Unrestri¢ltd Income Funds Jvan Flnzi Re*icled Income Funds Expendable Endowment Funds Totsl 2024 Total 2023 Cash Funds B8nk Balances 12 130,885 91,353 222,238 159,341 Total Cash Funds 130,885 91,353 222,238 1 Jf9,341 Investment A656ts UK Listed In￿sImentS 11 1.592.503 1.592.503 1,592.503 1,592,503 1.592,503 1,592,503 Llabllltle5 Grants & Scholarshlps Payable 13 5,887 45.032 50.919 34,031 5,887 45.032 50,919 34,031 Approved by the Trustees on 20 January 2025 and signed on their behalf by: 94knJLIL. Stuart Rltchie (Chair of Trustees) GERALD FINZI TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES The receipts and payment accounts have been drawn up as a summary of the receipts and paymenls made during the year by the charity. Amounts are includèd as received by the charity or as cheques are drawn. The accounts and slalamenls do not include accruals and prepaymenls in respecl of income and expenses. The receipis and paymenls account and slalemenls of assets anrj liabilitles have been prepared followlng the guidance for accounting for smaller charities issued by Ihe Charity Commission. Fund accounting The Trust is comprised of the following funds: Capital Jean Flnzi expendable endowment fund (réstriclad) Copyright reserve expendable endowmonl lund (unreslricled) Income General fund lunreslricled and undesignated) Kenneth Leighlon fund (designated) Harold Carler fund (designaled) Jean Finzi fund {restricled) Unreslrlcled funds comprise accumulated surpluses and deficits on general funds. They are avallable for use al the discretion of the trustees in furtheiance of the Trust's general charilable objectives. Deslgn8led lunds are amounts that hav& been sel aside withln unreslrlcled funds at Ihe discretion of the trustees. Reslricled income funds are comprised of unexpended balances of donallons. grants and income genpralod from endowment fund assels which are held in trust lo be applied for specific purposes. Expendable endowment funds are capilal lunds of Ihe Trust. The Iruslees are required by Tru51 law to invest the assels of an endowment or retain Ihem for the charilVs use in furtherance DI ils charitable purposes. Allocation of costs to lunds Cosls whlch are specific to a fund are chargecl lo that fund. All otheT Costs are Inilially charged lo the General fund. Siipport costs, including governance costs, are apportioned to funds by reference lo the trustees, besl esllm81e of Ihe input of lime and expenditure attributablè lo the relevanl aclivilies. Expenditurè All expenditure Is accounted for on a cash basis. Expendilure on raisin9 lunds is comprised of furKI-ralsing cosls (including Ihe cost of convertin9 gifts In specle nlo monetary assets), and investmenl managemenl. Expendituro on charilable activlties is comprised of expendllure related lo the Trusl's principal areas of 8clivily, Trust inilialed projecls and the awarding of giants and scholarships. Support costs represent indirect costs ielating to raising funds and the Tr¢Jsl's charitable actlvities, including plannin9, adminislralion and execution of the Trusl's charitable purposes. Governance costs comprise the costs of running the Trust, including strategic evaluation and planning for Its future development. the cost of independent examination, certain legal costs, and the costs of Complying with conslltutional and stalulory requirements. Jo GERALD FINZI TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Donation and Legacies Unre5trlcted Income Funds Jean Finzi Reslrtcted Income Funds Expendable Endowment Funds Total 2024 Total 2023 Donallons 3.130 3.130 3,480 3,130 3.130 3,480 Income from charStable actlvltles Unrè&rlcted In¢omg Funds Jean Flnzl Expendable Re5trlctod Endowment Income Fund5 Funds Total 2024 Total 2023 Grants and donatic￿S International composlng competition fe6S Muslc publlshing and royalties Performlng righls 11,100 1,239 27,807 40,088 1,239 27,807 40,088 51 23,958 40,613 69.134 69.134 75,722 Investment Incorne Unrestricted Income Funds Jean Flnzi Restricled Income Funds Expendable Endowment Funds Total 2024 Total 2023 Di%idend Bank interest 72.015 72,015 1,664 69,922 191 1.684 1,664 72.015 73,679 70,113 GERALD FINZI TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Costs of Charitablo Actlvltlts Noles Unrestrl¢tod Incomè Funds Jean Flnzl Exp•ndablè Re￿I¢l&d Endowment Income Fund5 Funds Total 2024 Total 2023 Ttusl projects Gran15 Scholarship awards 6,230 5,750 381 6,230 67.950 381 1.200 61.049 9,847 62,2(K) 12,361 62,2Crf) 74,561 72.096 Expenditur• on Trust Projects Unr¢slrl¢t•d In¢omè Fund$ Jean Finzl Expendable Restri¢led Endowment Income Funds Funds Total 2024 Total 2023 nle Compelilion Design Costs PromollonlAd￿rtI$Ing Shortli51inglJudgirrfJ lees Prize Money 720 310 2.7(K) 720 310 2,700 1.200 6,730 6.230 1,200 12 GERALD FINZI TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Grants Unr•$trlct•d J•an Fln21 Restrlcted Expendab Endowrnenl Funds Total 2024 Tol41 2023 Algxandr06 C)?nl fflDnlco Consorl Blrd S & S IPJp¥and¢r Blrdl Bordor5 Ch3mb¢r Chtslr 8rfdger*ortl) Slnlorsla Changlng TiJn¢s Charf¥s Wood Summer F•sttTrthl COXNEAD . TL>r DartinolOW) Hail Trust DorOng￿li Wslc Summèr School Em•on-Arnbgr Engll$h thJ$le fè8115¥1 Ewan FF02Bn Liyhl Ih*Alrtr Gemlnl Tiu$t HAO. ROB Hann8 Horro9Bl8 Compolill%E Fe8￿￿1 Harrthoaie Wslc Fastiyal Hawdnl cKche51r• Imo9en Nbrgan Leah Halllnon Lg•d• Lledgr Lld Llnds•y Clark ÉWTh*n cla￿1 Llllle th$senden Ftrstivdl LDndoi) Han￿￿1 Soclety Ludlow Song Mgd6line Aqhm8n Ntszsg10-M - Yoko gan Glo￿1 Mddl6ton- Rosle Milll-Ro¥e Rubin Mr AP 6rowrb National Youlh Cholr of Grèai Brllaln 1.000 3.000 1.000 3,000 800 200 250 2.000 2.Oi)O 2.000 150 150 1.000 2.SOO 500 2,500 50n 300 2,000 2SLI 250 1,OlXJ 1,500 200 2,000 250 2SO 1.000 1.500 260 250 250 140 794 2.000 2,000 1,000 2,000 45 800 8QO 1.000 2.000 4.590 1.000 2.000 1,600 260 2SO 1,200 1.200 525 3.000 1,000 NMC Re¢ordlngs Noah fthx tsrLh¢t8lra¥ for ￿1 OxloTd Phllhsmoni Ppebles Or¢he&wa Flebocca fvjlen Rod01￿$ Found4lio Roman RlvBi Wslc Ro$dniaryHarvpy Roydl College of Nlis5c Royal Wtrlsh College of & Drama Rsedale F*siiv&l Trus1 Rudd-Jontr5 Slng Flna Fe¥ SLATER . TM4WXS Sound ¥iid thjslc Soutt)ern Volces SouU)w¢ll Mjslc Fè$tlv81 sto¢klon Concerts Svsanriah Hunl Yhe Org3ni5abon foi Now ￿S1¢ & Sound 7he PhatrnlxVol¢e3 Thomts2 Melcalf Thrwe Cholr5 Ftsslivdl GIov¢esiei 2023 Yri¢TrityLaban CorsÉeivaloirè of MusiG & 03ncE Walorperry Oper8 Fes1￿1 West De&n College Wliarfed 5.DQO 2.000 7.000 5.000 2,000 7,000 5,000 1,000 150 soo 500 2.500 2.600 I,ODD 1,000 2.000 2.OQO 2,500 10.000 7.500 7.5¢)0 250 1,000 250 1.000 ,500 1.000 1.000 1,000 1.000 200 1￿00 1.000 2.000 2QO 1.500 1.000 2.OOQ 1,DOO 500 190 1.000 1.500 1.500 10.000 1.000 s,000 1.000 5.OlJO 150 250 3.000 63.200 3.000 67.950 5,750 51.049 13 GERALD FINZI TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 7. Scholarshlp Awards Unreslri¢ted Income Funds Jpan Flnzl Restrlcted Income Funds Expendable Endowment Funds Total 2024 Total 2023 SD Moorhead Amanda Johnson Monserral Romero Malleo Augello 380 2,438 3,600 3,429 381 381 381 381 8. Stjpport & Governance Cost Unrestrlcted Income Funds Jean Flnzl Roslrl¢ted Income Funds Expendable Endowmènt Funds Total 2024 Total 2023 Svpport Costs Secretarial and administralSon Website and publicily Telecommunications Sundry costs BÈnk charges Legal and piolessional fees Premises costs 4.014 128 225 30 604 258 370 974 258 30 181 121 150 828 2,098 2.098 3,111 430 3.541 5,375 Governance Costs Truslees. expenses Twsteo indemnity insurance Independent examinels fees 976 526 1.502 982 2,460 2,227 976 2.280 491 I.2￿) 491 1.230 2.697 2,247 4,944 5.483 Tolal 5,808 2,677 8,485 10.858 14 GERALD FINZI TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 9. Related party transactions The following payments were made to Truslees during the yèar: . ShorUistinglJudging fees £1,80012023- £nil), £305 {2023 £nil) for creating Finzi Podcasls. £nil 12023 - £4.014) in consideralion of administrative work undertaken on behalf of the Trust. A lolal of £98212023 £300) was reirnbursed lo six Trustees {2023 - one trustee) in conneGtion wllh travel, subsistence. accommodation. and Offi￿ costs incurred in atlending the Trust's meelings and evenls. and in carrying out other bona fide dutie5 as Trustees. During the year financial support of £800 {2023 £8001 wa5 pledged to the Ludlow Fostival of English Song Icrealive director lain Bufnside). A donation of £nil 12023- £201 was made lo Ihe Finzi Friends Subscription Standing Order {under nome of Tony Flynn). Duiing the year a grant of £2,000 was given lo Changing Tunes. Jonalhan James was also 8 Trustee of Changlng Tunes but no conflict of interest arises. Donations of £2,000 {2023 - £3.000) were recelved durlng the year from The Oldliursl Trust in which the Chalr is a Irustee. Donations of £650 {2023 - £nil) were received from Ihe Irustees durlng the year. 10. Investments Unr¢*l¢ted Income Funds Jean Flnzl Reslrlcled Income Funds Expendable Endowmonl Funds Total 2024 Total 2023 UK Llsted Investmonts Openln9 balance Add51ions al cosl Dlsposals al cost 1.592,503 1,592,503 1,587,503 25,000 Closlng balancè 1,592,503 1.592 503 1,592 503 Market Value as on 31st March 1,528 684 1,538,616 The Trusl's inveslmenls are Inanaged by M&G InvÈslmenls and held as Income or accumulallon units in Ihe Equities Investment Fund for Charities (Charifund). Owing lo the market flu¢lualions, the maikel valLte of Chari18ble fund was £1,528,684 as on 31 March 2024. 15 GERALD FINZI TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 11. Movement In Funds Balance as on 01.04.23 Recelpts Payments Transfers Balance a5 on 31,03.24 Jean Finzi Reslricled Income Fund Total Re5trlcted Funds 84,215 84,215 72,015 72.015 64.877 64,877 91.353 91,353 endable Endow ent Funds Jean Finzi Fund (Reslricled) Copyrighl Reserne Fund Iunrèslrfcledl Total Endowment Funds led Fun D•sTgnaled funds.. Kennelh Lelghton Fund IDeslgnal8d) Harold Carter Fund IDesignaled} 9,011 5,244 14.255 9,011 5,244 14,255 General fvjnds eiJ.871 73,928 18,169 116,630 Tolal unr¢stri¢led funds 75,126 73,928 18,169 130,685 Total lunds 159,341 145,943 83,046 222,238 16 GERALD FINZI TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 12. Movement In Funds (Contld) Previous Year Balance as on 01.04.22 Re¢eipls Payments Transfers Balance as on 31.03.23 Ilc Jean Flnzl Reslricled Income Fund Totsl Reslrlcled Funds 68.643 68.643 69,922 69,922 54,340 10 10 84,215 84.215 Endowmenl Funds Jean Flnzl Fund {Reslrtcledl Copytighl Res8The Fund Iunreslricled) Total Endowment Funds S90 1590) 25,000 24,410 25.000 25,000 590 Deslgnatèd funds: Kenneth Leighlon Fund (Deshwaledl Harold Carter Fund {Designalèd) 9,011 5,244 14,255 9,011 5,244 14,255 General funds.. Total unrestricted funds 34,492 48,747 79,393 79,393 28,614 28,614 24,4(K) 24.400 60,871 75,126 Total lunds 117,980 149,315 107,954 159,341 The Jean Finzi Restri¢led Fund. endowed by the lale Jean Finzl, offers grants, scholarships and bursaries exclusively to aid young people lo further Iheir musical ediJcaliDn or career. The Capital of Ihe fund is invested to provide income to be expended in accordance with Ihe lerms of Ihe bequest. A transfer of £nll {2023 - £25,000) was made from the General Fund to the Copyrlght Reserve Furld. The Trusl intends lo make further annu81 transfers of surplus funds generated Irom Ihv Trusl's copyrighl income. Income from Ihe fund will be used to continue the work of the Trust after Ihe expiry of copyright in 2026. Designated funds represent amounls set aside by iho Truslees as disclosed wlthin Ihe Truslees, Report and Nole 1 Accounling Policles The Harold Carler Fund is used for Ihe supporl of Finzi related projecls in Ihe USA. The Kennelh Leighlon Fund is used lo support projects related to British composers. particularly Ihe late Kennelh Leighlon. 17 GERALD FINZI TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 13. Liabilities Unr•strlct8d Incomè Fund5 Joan Flnzl RestriEI¥ Incoffio Funds Totsl 2024 UnFo4rl£tèd Incorn• Funds Jean Flnzl Rtsirlctèd In¢omp Funds Total 2023 A9aNtal. Priyam￿da Aggas- Giacomo Annon1¢0 c￿￿011 Ashman$worth Church 8Ndet5 Chhrnber Cfvj Changlng 7une5 Cirtlna- ts)5M)g Cliy o18ri61d Choli Crmlpmpuary Mu$lc ts Al coxhegd. Tom Dartirylon MUSFC Schwl Dl?$- Ruwan Ernma Asl ErnS￿- Amb8r E￿lIsh Mv51¢ F881i491 Fl%¢ Chwchos F•sliwl Froménl - Constèn¢• Fioz¢n Uthl Thealro G8brfelll Consort . ROAR Gomlni Tiusl HAQ. ROB HardlrKJ . Hannah H¥rrvgate Mvsic FO$1￿1. Hugo Maughan Leon vi￿s. Gylllem Lloyd. Malllda L￿J10￿ Song Max - Ntrhh M8zlgro4fi. Alice Ypko MeCarthy- Oskar Middlet(]n- F1055e Mun(Jay - Joel NN4C R8coréln95 Orche$lfa of1￿ Cily Quigley - E Cl8¥sics R(knson.A J 100 5.8B7 4S.032 50.919 6.781 27.250 18