Registered Charity Number: 802684 Trustee< Report and Financial Statements for the Year Ended 31 March 2023 Fiori Musicali Charltable Trust Fiori Musicall Charitable Trust Contents of the Financial Statements For the Year Ended 31 March 2023 Page Trustees Report Independent Examiners Report Receipts and Payments Accounts Notes to the Accounts Fiori Musicali Charitable Trust Trustee< Report For the year ended 31 Marth 2023 The trustees present their report and financial statements forthe year ended 31 March 2023. Following two years of covid disruption this year we started to return to something like normal and the concert programme was expanded with a wider range of venues. However, audience numbers for our concerts remained lower than pre pandemic, but started to improve as the year progressed. Our thanks again go to Dr Rapson for her continued enthusiasm for Fiori's activities a8ainst this difficult background. During the year we appointed two new trustees. Peter Gilliver and Johnnie Amos, bringing the total to five. Our aim is to increase the number of trustees as appropriate candidates are identified. Specifically, we would like to have female and minority trustees to create a better balance than at present. Fund raising was again down on pre-pandemic levels, but grants from the Constance Travis Foundation. The David Laing Foundation and the Reed Foundation, together with the continuing generous support from our supporters enabled us to maintain our income at the level of the previous year. Our majority owned subsidiary. Fiori Musicali Limited received support from the Continuo Foundation which made grants for specific concerts. which otherwise would have not been financially viable. The trustees have decided to change the reported accounts from an accruals basis to a Receipts and Payments format, which we believe is more appropriate for an organisation of our size and character. Financial Review The income of the charity during the year was £38,622 and £33.149 was spent in support of its charitable objectives. During the earlier part of the year, Fiori Musicali continued to strUg￿e with audience numbers and costs increased as they tried to pay their musicians more in line with the general market. Consequently, FML operated for a period in deficit and the Trust agreed to grants and loans to cover this issue. Later in the year as audience numbers improved FML was able to operate with a surplus and, in accordance with their articles made an appropriate donation to the Trust. Fiori Musicali Charitsble Trust Trusteeg Report For the year ended 31 March 2023 The charity continues in its attempts to recoverthe balance of the monies owed by Mr Bernard Rapson. He is currently making a small monthly payment. but we continue to pressurise him to substantially increase this amount to ensure that FMCT is repaid in a reasonable period. We have explored legal remedies with our lawyers. but the cost of this would be substantial. From what we know of Mr Rapson's financial situation, it is unlikely that we would recover the amount even with a court order. therefore we do not intend pursuing further legal remedies at this time. However, we will continue to keep this matter under review. structure, Governance and Management The charity is controlled by its governin8 document. la deed of trust) and constitutes an unincorporated charity. The trustees have the power of appointment and meetings of trustees may be attended by officers of FML, who are not also trustees, but only in a non-voting capacity. Reference and Administrative Detsils Registered Charity Number: 802684 Principal Addre$5: Bank Cottage Old Forge Lane Preston Capes Daventry NNII 3TD riori Musicali Charitable Trust Trustee< Report For the year ended 31 March 2023 ststement of Trustee's Responsibilities Charity Law requires the trustees to prepare financial statements for each financial year which give true and fair view of the state of affairs of the charity and of its financial activities for that year. In preparing those financial statements, the trustees a￿ required to: Select suitable accountin8 policies and then appty them consistent Make judgements and estimates that are reasonable and prudent State whether accounting Standards and statements of recommended prartice have been followed, subiert to any departures disclosed and explained in the financial statements Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operational existence. The trustees are responsible for keeping proper records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to comply with the Charities Act 2011. They have general re5pon5ibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities. Approved by order of the board of twstees on IL_6 - and signed on its behalf by- Michael Eves Independent examiners report to theTnstees of Fltyi Muslcall Charitable Trust l ￿port on the accounts of the Fiori Musicali Charrtab5e Trust forthe year ended 31 March 2023 which are set out on pages 6 to 8. These accounts have been prepared on a receipts and payments basis. RespÈ¢tl¥e Respornlbillties of Trustees and Examiner The Trustees are responsible forthe preparatsn of the accounts. The Trustees consider that an audit is not required forthis year under 5ectM)n 144(2) of the Charities Att 2011 (the 2011 Actll and that an independent examination is needed. It is my responsibility to: Examine the accounts (under section 145 of the 2011 P£tl; To follow the procedure5 laid down in the General D1￿ctionS gNen by Charrty Commissioners (under section 145151{b) of the 2011 Artl.- and To state whether particular matters have come to attention. 8asis of Indep•ndent Examinerfs report My examination was carried out In accordan￿ with the general Directions by the Charity Commission. An examination Ind￿leS a review of the accountir% records kept by the charity and a comparison of the accounts presented wtth those records. It also irtlude5 Co￿derati()n of any unusual items or dIsclosures in the actounts, and seeking ex￿anatIonS from you as Trustees conorning any such matters. The proCedU￿S undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is gr¥en as ro whether the accounts present a true and fairview, and the report is limtted to those matters set out in the statement below. Indepefident examinerfs statrment In connection with my examlnat*)n. ￿ matters have come to my attention: which gives me reasonable cause to believe that in any matsrial respect the requirements: to keep accountin8 records in accordance with section 130 of the 2011 Act: and to prepare accounts which accord with fv accountlng records and compty with the accounting requirements of the 2011 Act have not been met: or to which. in my opinion. attention sIM)uld be dr4wn in orderto enable a proper understanding of the accounts to be reached. f 05.k 16 &.1 R. F. Baker F.C. Fiori Musicali Chari13ble Trust Receipts and Payments Accounts lor the year ended 31 March 2023 2023 2022 OPENING BALANCE OF FUNDS 66.211 73,311 RECEIPTS: Donations and Lezacies Gift Aid Received from prior year debtors 35,433 3,189 3,234 38,072 6,126 740 TOTAL RECEIPTS 41A56 44,938 PAYMENTS: Charitable activities Support for Fiori Musicali Limited Payments to prior year creditors 31,149 35.034 4,740 12,264 TOTAL PAYMENTS 33.149 52,038 NET RECEIPTSI(PAYMENTSI 8.707 (7,1(KJ CLOSING BALANCE OF FUNDS 74,918 66,211 FUNDS COMPRISE: Cash at Bank 74.918 66,211 All the funds of the Fiori Musical Charitable Trust are unrestricted and are available to support all the charitable activities of the Trust at the discretion of the Trustees. The Trust has no restrirted or endowment funds. However, it should be noted that a donation made in 2017118 from the estate of Mr Eltis was intended to cover the cost of recordings to be made by Fiori in his memory. Thi5 donation was not recorded properly and is, therefore, included in unrestritted reserves. The trustees have indicated that, if the trust is financially able. they will seek to honour the original intent of this donation. The trust has one fixed asset investment. which is dealt with in note 3. The trust has one debtor, which is dealt wtth in note 4. The trust had no creditors as at 31 March 2023. Flori Musi¢ali Charitsble Trust Notes to the Accounts for the year ended 31 March 2023 ACCOUNTING pouaES Basis of preparing the accounts The accounts have been prepared on a receipts and payments basis as permitted by section 133 of the Charities Act 2011 and in accordance with guidance CC16b issued by the Charities Commission. In previous years the accounts were prepared on an accruals basis. The trustees consider a receipts and payments is more suitable for this organisation. The settlement amounts of opening debtor and creditor amounts included in the 2022 balance sheet are shown separately in the receipts and payments account. Taxation The charity is exempt from tsx on its charitable artivitie5. Fund accounting Unrestricted funds can be used in accordance wtth the charitable objettives at the discretion of the trustees. Restricted funds can only be used for particular restrirted purposes within the objects of the charity- Re5trittions arise when specified by the donor or when funds are raised for particular restricted purposes. The charity currently has only unrestritted funds. TRUSTEES REMUNERAmoN AND BENEFITS There were no tnJstees' remuneration or benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022. Trustees. expenses There were no trustees. expenses for the year ended 31 March 2023 or for the year ended 31 March 2022. FIXED ASSEfs INVESTMENT The Trust owns 4,25012022- 4,250} of S,￿￿1 ordinary shares in Fiori Musicali Limited private limited company which is managed on a non-profit making basis. This company is used by the Trustees to undertake any necessary commercial activities, such as hiring performance venues. that a￿ required to achieve the charitable objerts of the Trust. Unlisted Investment EsfiMATED MARKEf VALUE At l April 2022 and 31 March 2023 There were no investment assets outside the UK Fiori Musicali Charitsble Trust Notes to the kcounts for the year ended 31 March 2023 DEBTORS Mr Bernard Rapson still owes the trust a sum of £31XC(), being the balance of his Ltnauthorised ￿rrowing5 in 201912020. Mr Rapson is currently repaying this at the rate of £600 per annum. This is clearly unacceptsble to the trustees, who are seeking to agree with Mr Rapson a substantially accelerated rate of repayment. The trustees continue to explore methods to recover this sum. but have determined that legal action would be expensive and given what they know of Mr Rap50n's financial situation. would not result in any substantial improvement in the repayment rate. The trustees have, therefore. agreed that legol action is not appropriate at the current time. The trustees will continue to monitor this situation with the intention of fully recovering this money alon8 Wlth appropriate interest. RELATED PARTY TRANSAclloNS 2023 2022 The following identifie5 related party transactions: Fiori Musicali Limited 4,740 Dr P Rapson Ifor services as Artistic Direttor) 26,4CM) 26,4C HMRC GIFfAID In normal circumstances. Gift Aid is claimed from HMRC th￿e times a year: In January at the end of The Big Give Christmas Challenge In June and Decembef each year for all other appropriate donations. Claims a￿ currently up to date.