Fiori Musicali Charitable Trust
Trustees, Report
For the year ended 31 March 2024
The trustees present their report and financial statements for the year ended 31 March
2024.
We are continuing our recovery from the effects of the Covid pandemic as the concert
programme is expanded with a wider range of venues. Audience numbers, whilst remaining
lower than pre pandemic, are steadily improving.
Our thanks again go to Dr Rapson for her continued enthusiasm for Fiori's activities against
this difficult background.
During the year we appointed a new trustee, Sally Smith OBE, but two trustees, Peter
Gilliver and Johnnie Amos resigned. Also, we received the sad news in March that the chair
of the trustees, David Laing, had passed away. The trustees would like to place on record
their appreciation of his support and that he will be sorely missed. This had reduced the
number of trustees to only four, but we have appointed two new trustees in July 2024,
David hunter and Fiona Myers which has restored the numbers
Fund raising was significantly down on both pre-pandemic and last years, levels, with grants
from The David Laing Foundation and the Reed Foundation, together with the continuin8
generous support from our supporters enabled us to maintain our income at a reasonable
level. However, the trustees recognise that we will need to find additional sources of funds
if we are to maintain our activities at an acceptable level.
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, This remain5 a valuable source of concert specific funding and we will
endeavour to maintain our relationship with the Continuo Foundation at the highest level
Financial Review
The accounts have been prepared on a receipts and payments basis as permitted by section
133 of the Charities Act 2011and in accordance with guidance from the Charity Commission.
The charity is exempt from tax on its charitable attivities.
The income of the charity during the year was £30,886 and £43,208 was spent in support of
its charitable objectives.

Fiori Musicali Charitable Trust
Trustees, Report
For the year ended 31 March 2024
During the earlier part of the year, Fiori Musicali continued to stru88le with audience numbers,
although they are slowly improving, and cost pressures continued as we tried to pay our musicians
more in line with the general market. In addition, we were unsuccessful in our application to the
Continuo Foundation for our Autumn series concerts further increasing the deficit. During the year
it was agreed that FML would take over responsibility for paying Dr Rapson's PA, but the cost of this
would be covered by a grant from the trust. Fiori Musicali limited also incurred costs associated with
our latest CD recordings and this was also covered by a grant from the trust, in line with previous
practice. The main expenditure of the trust continues to be the modest Honorarium paid to Dr P
Rapson in respect of her activities as Artistic Director.
The trust has one debtor, Mr Bernard Rapson, who still owes an amount of £31,5CN). Mr Rapson has
ceased his nominal repayments of £50 per month and currently shows no intention of repaying this
balance. The only course left open to the trustees would be to pursue legal action, but this will be
expensive, with no guarantees that we would recover the money he owes or get back our legal fees.
The trustees have, therefore, decided that it would not be a prudent use of the Trust's limited funds
to pursue this matter through the courts, but we will continue to look for any alternative methods of
recovering these funds.
Structure, Governance and Management
The charity is controlled by it5 governing 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-votin8 capacity.
There were no trustees renumeration or benefits and no trustee claimed expenses in the
year to 31" March 2024
Reference and Administrative Details
Registered Charity Number: 802684
Principal Address:
Bank Cottage
Old Forge Lane
Preston Capes
Daventry

Fiori Musicali Charitable Trust
Receipts and Payments Accounts
for the year ended 31 March 2024
2024
2023
OPENING BALANCE OF FUNDS
74,918
66,211
RECEIPTS:
Donations and Legacies
Glft Aid
Received from prior year debtors
26,882
3,754
250
35,433
3,189
3,234
TOTAL RECEI PTS
30886
41,856
PAYMENTS:
Charltable actlvltles
Support for Fiori Musicali Limited
Payments to prior year creditors
29,318
13,890
31,149
2,000
TOTAL PAYMENTS
43,208
33,149
NET RECEIPTS/{PAYMENTS)
112,322)
8,707
CLOSING BALANCE OF FUNDS
62,596
74918
FUNDS COMPRISE:
Cash at Bank
62.596
74,918
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 restricted 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. This donation was not recorded properly and is, therefore, included in unrestricted
reseNes. 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, The investment in the shares of Fiori Musicali Limited,
consisting of 4,250185¥.1 ordinary shares. The Trustees believe that these shares have no market
value and have, therefore, valued them at a nominal £1.
The trust had no significant creditors as at 31 March 2023.

Fiori Musicali Charitable Trust
Trustees, Report
For the year ended 31 March 2024
Statement of Trustee's Responsibilities
Charity Law requires the trustees to prepare financial statements for each financial year which give a
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 are required to:
Select suitable accounting policies and then apply them consistently
Make judgements and estimates that are reasonable and prudent
State whether accounting standards and statements of recommended practice have been
followed, subject 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 responsibility 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 trustees on 31" July 2024 and signed on its behalf by:

Independent examiners report to the Trustees of
Fiorl Musicali Charltable Trust
I report on the accounts of the Fiori Musicali Charitable Trust for the year ended 31 March 2024
which are set out on page 3. These accounts have been prepared on a receipts and payments basis.
Respective Responslbilities of Trustees and Examlner
The Trustees are responsible for the preparation of the accounts. The Trustees consider that an
audit is not required for this year under section 144{2) of the Charities Act 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 Act):
To follow the procedures laid down in the General Directions given by the Charity
Commissioner5 (under section 14515llb) of the 2011 Act); and
To state whether particular matters have come to my attention.
Basis of Independent Examlner's report
My examination was carried out in accordance with the general Directions given by the Charity
Commission.
An examination includes a review of the accounting records kept by the charity and a comparison of
the accounts presented with those records. It also includes consideration of any unusual items or
disclosures in the accounts, and seeking explanations from you as Trustees concerning any such
matters. The procedures undertaken do not provide all the evidence that would be required in an
audit and consequently no opinion is given as to whether the accounts present a 'true and fair view,
and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matters have come to my attention:
which gives me reasonable cause to believe that in any material respect the requirements..
to keep accounting records in accordance with section 130 of the 2011 Act; and
to prepare accounts which accord with the accounting records and comply with the
accounting requirements of the 2011 Act have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper
understanding of the accounts to be reached.
pl,L
R.F. Baker
FCA