REGISTERED COMPANY NUMBER: SC194541 (Scotland)

REGISTERED CHARITY NUMBER: 028887

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

IZA FOUNDATION @ ARTS AND MUSIC

Page

Report of the Trustees

1

to

4

Independent Examiner's Report

5

Statement of Financial Activities

6

Balance Sheet

7

Notes to the Financial Statements

8

to

12

The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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

Summary of Aims and Objectives

The principal aim of the IZA Foundation @ Arts and Music is to promote, maintain, improve and advance art and education particularly with a view to establishing increasing and diverse cultural links and artistic fusions between many communities living in Scotland.To encourage and promote interest in literature, music and art and arts activity in general, by organising festivals, concerts, community and education projects, exchange programmes and visits, particularly benefiting young people based in Scotland and those with special needs or circumstances

To encourage and promote general arts education for children, especially those with special needs and circumstances, by using Russian musical and art traditions, particularly in the involvement of popular, acclaimed artists to encourage enjoyment with aspiration, involvement and quality. To encourage, promote and organize lectures, concerts, projects and exhibitions for the benefit of the young and thus to improve the cultural and racial climate between the people and different ethnic groups in Scotland.

Main Objectives for the Year

- To provide cultural services that enhance Glasgow's reputation as a multicultural society.

- To enable young people in particular to participate in, and develop their full potential in the arts.

- Following the success of National Holocaust Memorial Days 2020, 2021, 2022 ,2023 and 2024, our charity in collaboration with International Education Department of Glasgow City Council, the Royal Conservatoire of Scotland, Interfaith Scotland and Twinning Office of Glasgow City Council started planning & implementation of HMD-25-events and activities commemorating the Holocaust and Genocides..

Strategies for Achieving Stated Objectives

The focus of this year was on preparation, design and delivering of the HMD 25 Scotland project. The project was delivered in January 2025 during the National Holocaust Memorial week.

The HMD25 took form of commemorative event/concert. It took place at the Royal Conservatoire of Scotland's' Stevenson Hall. Once again, we were able to deliver live project, the project, in which the main initiative, as well as delivery was given to children and students, young musicians from Glasgow's schools and RCS. One of the main achievements of this project once again was live participation of young performers-students from Verdi Conservatoire of Turin and Nuremberg State School of Arts and Music. Both of the cities are Glasgow's Twinning Partners. This was made possible with funding from the Twinning Office of Glasgow City Council.

Details of Significant Activities

August - September 2024

Planning meetings online with our funders and partners- Lord Provost and International Office, Twinning Department, Interfaith Scotland and The Royal Conservatoire of Scotland took place. The contacts and discussions with our twinning partners in Turin and Nuremberg also took place. The budget for the event was worked out in details, including travel hospitality and accommodation for our Italian and Nuremberg twinning partners.

October - December 2024. Preparation for HMD-2025.

Lev Atlas and members of RCC Holocaust Memorial Day Team worked hard on preparation of the program for HMD 25, which included: finalising the program order, contacting community leaders and members, designing, and distributing invitations for the event, consulting with Scottish Government. Creative Team worked on preparing scores and parts for the orchestra, especial effort was directed to the help to Ukrainian group of young musicians- RCS students, who volunteered to perform at the event. Online meetings with the twinning partners also took place.

January - March 2025 .Delivering HMD 25 project.

The project was delivered during the week 26th-31st January 2025. The ceremony started with the message from Scottish Government and Interfaith Scotland: "The Holocaust and the other subsequent Genocides and atrocities that we mark today must serve as a warning to all of us. They show what can happen when intolerance and prejudice are left unchallenged and when hate is given free rein." The musical part has followed, starting with RCS Ukrainian Students Orchestra performing the Melody by Skorik- poignant and touching tribute and support to Ukrainian fight for freedom and democracy .Students from Verdi Turin Conservatoire participated in orchestral and solo performances , students from Nuremberg performed a percussion piece ,which was composed by one of the Nuremberg's participants. The candles were lighted to the memory of all who perished in Holocaust and subsequent genocides throughout the world.

ACHIEVEMENTS AND PERFORMANCE

Our projects worked on platforms of music, drama, dance, visual art, festival and combined arts, successfully targeting the general population of Glasgow, as well as specifically the children of Glasgow, minority ethnic groups and people from areas of social inclusion.

The overwhelming majority of our work targets children and young people. We work closely with the Education Department of Glasgow City Council and have brought performers to schools for concerts and workshops on numerous occasions as described in Significant Activities. Furthermore, the IZA Foundation secured a long-term important collaboration with the Lord Provost & International Office at the City of Glasgow's Twinning Department. Another important collaboration was secured with the Royal Conservatoire of Scotland with Erasmus+ project. And finally, the Russian Cultural Centre took leading part in preparation and delivery of the upcoming Holocaust Memorial Days Scotland , as well as in cultural/musical program for most significant event ,which is coming up in 2025: 850th Anniversary of the City of Glasgow.

Our projects worked on platforms of music, drama, dance, visual art, festival and combined arts, successfully targeting the general population of Glasgow, as well as specifically the children of Glasgow, minority ethnic groups and people from areas of social inclusion.

The overwhelming majority of our work targets children and young people. We work closely with the Education Department of Glasgow City Council and have brought performers to schools for concerts and workshops on numerous occasions as described in Significant Activities. Furthermore, the IZA Foundation secured a long-term important collaboration with the Lord Provost & International Office at the City of Glasgow's Twinning Department. Another important collaboration was secured with the Royal Conservatoire of Scotland with Erasmus+ project. And finally IZAFoundation @ARTS and Music took leading part in preparation and delivery of the upcoming Holocaust Memorial Days Scotland , as well as in cultural/musical program for most significant event ,which is coming up in 2025: 850th Anniversary of the City of Glasgow.

The details of our Project Activities are as follows:

Planning meetings, rehearsals, tutorials, technical preparations, discussions- digital, ZOOM.

Date: 7th - 25th September 2024

Participants: Glasgow- Douglas Academy, RCS Juniors and Seniors. Turin- Xenia Chamber Music School, Turin City twinning office and Turin Conservatoire, City of Nuremberg Mayor's Office, Department for International relations. Glasgow City Council and Twinning office, Interfaith Scotland. Number of participants-150.

Preparation, fundraising and planning and rehearsing for the HMD 25

Dates: September-December 2024

Venues: RCC, RCS, RCS Juniors, Douglas Academy. Glasgow schools

Number of People participating/attending: 150

January-March 2025. Delivery of Holocaust Memorial Day 2025 project.

Dates: 15-31 January 2025, Live Commemorating event/concert, follow up outreach events.

Venues: Royal Conservatoire of Scotland, , Interfaith Scotland, , Glasgow Schools ,Douglas Academy

Number of people attending - 250.

FINANCIAL REVIEW

Financial position

This year the charity has incurred a deficit of £2,350 (2024 - deficit of £726), which has resulted in reserves decreasing to £52. This comprises £52 of Restricted Funds and General Funds of £nil.

The charity plans and budgets for each project as a separate item and when the trustees decide that the project is to go ahead the charity then raises the necessary funds to support the project. Actual results for each project are compared against the budget at the end of the project to ensure that no substantial deficit is allowed to build up.

Principal funding sources

Glasgow City Council Twinning Project, Interfaith Scotland.

Reserves policy

The charity's policy on reserves is that only a small reserve of retained surpluses be allowed to accumulate to cover any small deficit in a future project. The Trustees are of the opinion that as the charity does not have any long-term projects, and has no fixed overhead running costs to meet, there is no requirement to carry substantial reserves.

FUTURE PLANS

The charity plans to continue operating in future financial periods in a similar manner to the way it is currently run, financially, to support the aims of the charity as detailed elsewhere in this report. The planned future projects are as follows: Glasgow's 850s Anniversary, 60's Anniversary of the Twinning, Building of the Opera, HMD-26. Unfortunately, our future plans are in jeopardy due to the fact that the Café Cossachok, our main source of support is no longer exist. The property has been returned to landlord-City Property. The Board of Trustees is in the process of discussions and planning for the relocations and secure all art and workshop materials as well as searching for the new home for the charity.

We will continue to build on the success of this year's projects. IZA Foundation@ Arts and Music has reached an agreement with the Lord Provost and International Office to continue to design and deliver several events, workshops, concerts and exhibitions in Twin Cities. As well as with Turin , we engaged the other Twinning Partners Cities :Nuremberg, Bethlehem. Tragic events of February 2022- Russian invasion of Ukraine put our organisation under immense pressure. Some Board members and other members of our organisation lost their friends and relatives in Kiev, Kherson, Odessa, Mariupol who were killed during this war. The others had to flee their homes in Ukraine and find refuge elsewhere. IZA Foundation@Arts and Musik condemns the actions of Russian government and support Ukraine and its people in their struggle against Putin's aggression. We will continue to work towards providing help to Ukrainian refugees, especially children, young people and students. This work now takes precedence over all other things.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

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

Recruitment and appointment of new trustees

Individuals wishing to become trustees can apply to the board or be recommended by the board, in advance of the general meeting. The individual then stands for election at a general meeting.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC194541 (Scotland)

Registered Charity number

028887

Registered office

3/1 Barcapel Avenue

Glasgow

G77 6QJ

Trustees

Anna Cherner (director)

Director, The IZA Foundation @ Arts and Music.

Director, The Royal Conservatoire of Scotland International Projects

Lord Provost's and International Twinning Office, Volunteer Projects Coordinator.

Dr. Lev Atlas (secretary)

Treasurer, IZA Foundation @ Arts and Music

Principal Viola Scottish Opera Orchestra;

Senior Lecturer in Strings, The Royal Conservatoire of Scotland

Independent Examiner

Thomas Barrie & Co LLP

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

Approved by order of the board of trustees on 30 December 2025 and signed on its behalf by:

Mrs A Cherner Atlas - Trustee

I report on the accounts for the year ended 31 March 2025 set out on pages six to twelve.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of the independent examiner's report

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. 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 I do not express an audit opinion on the view given by the accounts.

Independent examiner's statement

In connection with my examination, no matter has come to my attention :

(1)	which gives me reasonable cause to believe that, in any material respect, the requirements

-	to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

-	to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations

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.

Martin Greig BA

The Institute of Chartered Accountants of Scotland

Thomas Barrie & Co LLP

Atlantic House

1a Cadogan Street

Glasgow

G2 6QE

30 December 2025

2025

2024

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

-

6,500

6,500

5,250

EXPENDITURE ON

Charitable activities

General funds

450

8,400

8,850

5,976

NET INCOME/(EXPENDITURE)

(450

)

(1,900

)

(2,350

)

(726

)

Transfers between funds

6

368

(368

)

-

-

Net movement in funds

(82

)

(2,268

)

(2,350

)

(726

)

RECONCILIATION OF FUNDS

Total funds brought forward

82

2,320

2,402

3,128

TOTAL FUNDS CARRIED FORWARD

-

52

52

2,402

2025

2024

Unrestricted

Restricted

Total

Total

fund

funds

funds

funds

Notes

£

£

£

£

CURRENT ASSETS

Cash at bank

900

52

952

2,852

CREDITORS

Amounts falling due within one year

5

(900

)

-

(900

)

(450

)

NET CURRENT ASSETS

-

52

52

2,402

TOTAL ASSETS LESS CURRENT LIABILITIES

-

52

52

2,402

NET ASSETS

-

52

52

2,402

FUNDS

6

Unrestricted funds

-

82

Restricted funds

52

2,320

TOTAL FUNDS

52

2,402

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 30 December 2025 and were signed on its behalf by:

A Cherner Atlas - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Going concern

After reviewing the charity’s forecasts and projections, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Financial reporting standard 102 - reduced disclosure exemptions

The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

•

the requirements of Section 7 Statement of Cash Flows.

Critical accounting judgements and key sources of estimation uncertainty

The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprises cash balances.

Creditors

Short term trade creditors are measured at the transaction price.

Provisions

Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Grants

Grants are recognised when the charity has been notified in writing of both the amount and settlement date. Grants are deferred if terms or conditions must be met before the charity has entitlement to the resources.

Rental income

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.

Donations

Donations are recognised on receipt. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until those conditions are fully met.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Governance costs

Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

3.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

-

5,250

5,250

EXPENDITURE ON

Charitable activities

General funds

876

5,100

5,976

NET INCOME/(EXPENDITURE)

(876

)

150

(726

)

Transfers between funds

200

(200

)

-

Net movement in funds

(676

)

(50

)

(726

)

RECONCILIATION OF FUNDS

Total funds brought forward

758

2,370

3,128

TOTAL FUNDS CARRIED FORWARD

82

2,320

2,402

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2024 and 31 March 2025

701

DEPRECIATION

At 1 April 2024 and 31 March 2025

701

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Accrued expenses

900

450

6.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1.4.24

in funds

funds

31.3.25

£

£

£

£

Unrestricted funds

General fund

82

(450

)

368

-

Restricted funds

Twin City Project

1,270

(850

)

(368

)

52

Holocaust Memorial

1,050

(1,050

)

-

-

2,320

(1,900

)

(368

)

52

TOTAL FUNDS

2,402

(2,350

)

-

52

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

-

(450

)

(450

)

Restricted funds

Twin City Project

3,550

(4,400

)

(850

)

Holocaust Memorial

2,950

(4,000

)

(1,050

)

6,500

(8,400

)

(1,900

)

TOTAL FUNDS

6,500

(8,850

)

(2,350

)

Comparatives for movement in funds

Net

Transfers

movement

between

At

At 1.4.23

in funds

funds

31.3.24

£

£

£

£

Unrestricted funds

General fund

758

(876

)

200

82

Restricted funds

Twin City Project

570

900

(200

)

1,270

Holocaust Memorial

1,800

(750

)

-

1,050

2,370

150

(200

)

2,320

TOTAL FUNDS

3,128

(726

)

-

2,402

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

-

(876

)

(876

)

Restricted funds

Twin City Project

4,000

(3,100

)

900

Holocaust Memorial

1,250

(2,000

)

(750

)

5,250

(5,100

)

150

TOTAL FUNDS

5,250

(5,976

)

(726

)

PURPOSE OF FUNDS

Restricted

Twinning (Glasgow City Council) - funds to support the Twin City Project, including our contribution to the "Children of Buchenwald" exhibition.

Interfaith Scotland - funds to support our contribution to Holocaust Memorial Day.

7.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025.