Charity registration number 1139138
Company registration number 07280079 (England and Wales)
THE NOVA MUSIC TRUST LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
THE NOVA MUSIC TRUST LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr S Lester
Mr S M Rosefield
Mr J S I Rosefield
Mr G Vass
Charity number
1139138
Company number
07280079
Registered office
33 Ely Place
London
United Kingdom
EC1N 6TD
Independent examiner
Thorne & Co
1 St Mary's Street
Ross-on-Wye
Herefordshire
England
HR9 5HT
THE NOVA MUSIC TRUST LIMITED
CONTENTS
Page
Report on artistic activity
1
Trustees' report
2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 11
THE NOVA MUSIC TRUST LIMITED
REPORT ON ARTISTIC ACTIVITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

Orchestra Nova’s long-standing partnership with St Albans Choral Society continued with two performances – the Mozart Requiem and Handel’s ‘Messiah’ at St Albans Cathedral and a further concert with chamber ensemble in June. The trust retained its partnership with the Presteigne Festival, engaging musicians for the Festival Orchestra.

Whilst there was no opera activity in 2023. Orchestra Nova, together with the Leonore Piano Trio, made a critically-acclaimed recording of orchestral and chamber music by leading Welsh composer Huw Watkins for the Resonus label.

 

George Vass
Artistic Director
Date: 18 September 2024
THE NOVA MUSIC TRUST LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The trustees present their annual report and financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's deed of trust, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The principal activity is the performance, promotion and recording of contemporary and twentieth century music, with a specialism in the field of chamber opera.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance
Significant activities and achievements against objectives
Financial review
Structure, governance and management

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr S Lester
Mr S M Rosefield
Mr J S I Rosefield
Mr G Vass
Recruitment and appointment of trustees

The trustees' report was approved by the Board of Trustees.

Mr J S I Rosefield
Trustee
18 September 2024
THE NOVA MUSIC TRUST LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE NOVA MUSIC TRUST LIMITED
- 3 -

I report to the trustees on my examination of the financial statements of The Nova Music Trust Limited (the charity) for the year ended 31 December 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Samantha Andrews
Chartered Certified Accountant
Thorne & Co.
Accountants
1 St Mary's Street
Ross-on-Wye
Herefordshire
HR9 5HT
Dated: 18 September 2024
THE NOVA MUSIC TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
Notes
£
£
£
£
£
£
Income from:
Recording donations
3
10,500
-
10,500
15,670
-
15,670
Charitable activities
4
12,700
-
12,700
28,375
-
28,375
Total income
23,200
-
23,200
44,045
-
44,045
Expenditure on:
Charitable activities
5
23,087
-
23,087
42,965
-
42,965
Total expenditure
23,087
-
23,087
42,965
-
42,965
Net income and movement in funds
113
-
113
1,080
-
1,080
Reconciliation of funds:
Fund balances at 1 January 2023
1,338
378
1,716
258
378
636
Fund balances at 31 December 2023
1,451
378
1,829
1,338
378
1,716

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE NOVA MUSIC TRUST LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 5 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
11
379
369
Cash at bank and in hand
7,054
1,827
7,433
2,196
Creditors: amounts falling due within one year
12
(5,604)
(480)
Net current assets
1,829
1,716
The funds of the charity
Restricted income funds
13
378
378
Unrestricted funds
14
1,451
1,338
1,829
1,716

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 18 September 2024
Mr J S I Rosefield
Mr G Vass
Trustee
Trustee
Company registration number 07280079 (England and Wales)
THE NOVA MUSIC TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
1
Accounting policies
Charity information

The Nova Music Trust Limited is a private charitable company limited by guarantee incorporated in England and Wales. The registered office is 33 Ely Place, London, EC1N 6TD, United Kingdom.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
THE NOVA MUSIC TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

THE NOVA MUSIC TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from recording donations
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Donations and gifts
10,500
15,670
4
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Concert engagements
Income
12,600
12,750
Opera engagements
Income
-
15,360
Recordings
Income
100
265
12,700
28,375
THE NOVA MUSIC TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
5
Expenditure on charitable activities
Heading #ac982
Heading #ac982
2023
2022
£
£
Direct costs
Artist fees and expenses
17,243
29,200
Insurance
641
635
Sundry
345
195
Production cost
-
268
Venue and equipment
1,417
3,268
Music hire
750
1,287
Bank fees
123
132
Accountancy
168
480
Commission fees
-
7,500
Recording costs
2,400
-
23,087
42,965
Analysis by fund
Unrestricted funds
23,087
42,965
6
Net movement in funds
2023
2022
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
168
480
7
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
9
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

THE NOVA MUSIC TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
10
Limited by guarantee

The company is a private company limited by guarantee and consequently does not have share capital. Each of it's members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
379
369
12
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
5,100
-
Accruals and deferred income
504
480
5,604
480
13
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 January 2023
At 31 December 2023
£
£
General
378
378
Previous year:
At 1 January 2022
At 31 December 2022
£
£
378
378
THE NOVA MUSIC TRUST LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
14
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January 2023
Incoming resources
Resources expended
At 31 December 2023
£
£
£
£
General
1,338
23,200
(23,087)
1,451
Previous year:
At 1 January 2022
Incoming resources
Resources expended
At 31 December 2022
£
£
£
£
General funds
258
44,045
(42,965)
1,338
15
Related party transactions

The company entered into a contract during the year with Presteigne Festival of Music and the Arts Limited and was paid £100 (2022 - £265) for services performed at the Festival. Mr George Vass, a director of the company, is also a director of Presteigne Festival of Music and the Arts Limited.

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