State LLC "KREMERATA BALTICA"
Reg. No 40003487546
ANNUAL REVIEW
2023
Riga, 2024
SATURS
Page.
1. News about the Company
3
2. Financial statements:
Management report
4-6
Income statement
7
Balance
8-9
3. Notes to the financial statements
4. Report of the Statutory Auditor
10-17
information about the Company
1. Company name
State LLC “KREMERATA BALTICA”
2. Legal status of the company
State limited liability company
3. Register No, place and date
40003487546, Riga, 27.03.2000.
In the Commercial Register from. 04.11.2004.
4. Address (legal and postal)
Riharda Vāgnera str. 8-6 ,
Riga, LV- 1050
5. Executive Agency
6. Members of the public
7. Preparer of the annual report
Ingrīda Zemzare, Member of the Board
Ministry of Culture
100% shareholder
Registration No 90000042963
Krišjāņa Valdemāra str 11a, Riga
Ligita Romāne, General Accountant
8. Reporting period
01.01.2023.- 31.12.2023.
9. Auditors
Anita Kaņepa, Certified Auditor
Certificate No 34
SIA "ARMA K Revidents Auditors"
Reg. No 40103150246
P.Lejiņa str. 1 -31, Rīga, LV-1029
State LLC “KREMERATA BALTICA”
Management report
KREMERATA BALTICA was re-registered on 4 November 2004.
Core business:
Performing Arts.
The structural capital of the chamber orchestra - 100% - EUR 47965 is contributed by the state, in the person of the Ministry of Culture.
Public procurement and its implementation:
According to the financing agreement No 2.5.-11-36 of 2 February 2023, Kremerata Baltica has given 38 concerts, including 2 full CD recordings - 160 minutes in total.
8 concerts were given in the regions of Latvia:
2 in Cesis, 1 in Ventspils, 5 in Jurmala.
10 new programmes have been prepared for 2023, including several thematic programmes:
1. F.Chopin. 2 piano concertos. Georgijs Osokins and Kremerata Baltica;
2. Eine andere Winterreise. Gidon Kremer and Kremerata Baltica;
3. Glassperlenspiel programme. Gidon Kremer and Kremerata Baltica;
4. Riga Festival Opening Programme. Lucas Debargs and Kremerata Baltica;
5. Ligeti per excellence;
6. New Year's Eve programme. Lettonica;
7. New Year's Eve programme. Kremerata Lithuanika;
8. Mikala Petri and Kremerata Baltica. Premiere by Paul Ruder. Transfigurations;
9. Hugo Ticciati, Arvo Pärt and Nirvana. Violin Concerto by Krists Auznieks. First performance;
10. From Silvestrov to Georgs Pelēcis. A new version of a biographical page.
Several programmes include major works by Baltic composers, performed in 10 concerts:
1. Eine andere Winterreise. Georgijs Osokins. On the river;
2. 19.07. It too shall pass;
3. 19.07. It too will pass, Jančevskis Lignum;
4. 7.06. Ukrainian Freedom Festival. Kristaps Pētersons. Chakona;
5. 10.06. Ukraine Freedom Festival Gala Programme. Works by Latvian and Ukrainian composers
6. 15.09.Dzintari. Krists Auznieks. Violin Concert;
7. 16.09. Dzintari. Georgs Pelēcis. Pages of a biography for violin and chamber orchestra;
8. 3.10. Prague Jančevskis. Lignum;
9. 4.10. Brno. Jančevskis Lignum, Pelēcis Concertino bianco;
10. Lithuanika. New Year's concerts. Programme of Lithuanian composers.
Kremerata Baltica continues its programme of promoting the Baltic audience's opportunity to hear world-class stars from the Baltics by inviting the young Lithuanian pianist Onuti Gražiniti, the Latvian star Georgijs Osokins, and by introducing the audience to international cultural activities - outstanding soloists, the virtuoso of the block flute Mikala Petri, Lukas Debarga, Hugo Ticciati, etc.- in depth.
Kremerata Baltica also promotes the individual development of the orchestra's leading artists, giving them the opportunity to perform both as soloists (Džeraldas Bidva, Madara Petersone, Giedre Dirvanauskaite, Iurii Gavryliuk, Andrei Pushkarev) and in chamber ensembles.
Kremerata Baltica has participated in International Festivals in 2023:
1. Glassperlenspiel festival in Tartu, Estonia;
2. Kronberg Academy Festival in Germany;
3. Lokenhaus Festival in Austria;
4. Stockholm Baltic Music Festival.
In 2023, Kremerata Baltica has given 20 concerts abroad:
Germany, Estonia, Czech Republic.
Composers whose works have been performed in chamber orchestra concert programmes:
Peteris Vasks, Astor Piazzolla, Frederic Chopin, Milosz Magin, Mecilav Weinberg, Peteris Plakidis, Franz Schubert, Kristaps Petersons, Viktoria Poleva, Antonio Vivaldi, Peter Vahi, Philip Glass, Ludwig van Beethoven, Arvo Pärt, Andrius Žlabis, Arturs Muscats, Raminta Šerkšņyte, Jakub Janczewski, Kristaps Petersons, Johann Sebastian Bach, Giacomo Puccini.
Recorded music:
Two full-time CD recordings were made in 2023.
1. Chopin. Georgijs Osokins and Kremerata Baltica.
2. Eine andere Winterreise. Gidon Kremer and Kremerata Baltica.
Financial development:
The financial envelope for 2023 is (EUR):
1. Ministry of Culture's basic budget - 635 908
2. Estonian Ministry of Culture funding - 25 000
3. Lithuanian Ministry of Culture funding - 50 000
4. Cooperation partners' funding 186 191, incl. 81 170 in Latvia
5. Donation by the Gidon Kremer Foundation for the release of the CD "Eine andere Winterreise" - 20 000
The Chamber Orchestra has no tax debts as at 1 January 2024.
VSIA KREMERATA BALTICA closed the year 2023 with a profit of EUR 810.
Proposal to earmark profits for long-term development to improve technical operations, to be retained in retained earnings.
Future prospects and development of society:
Concert activity in 2024: .
* Concerts in Latvia, Lithuania, Estonia with world-renowned soloists.
* Kremerata Baltica concert series worldwide: in Europe and Asia.
* 21st Kremerata Baltica Festival in Dzintari
*Concert activities abroad, including Switzerland, Estonia, Korea, Japan, Lithuania, Turkey, Azerbaijan, Sweden, Germany.
A company's own shares or interests:
The Company does not hold its own shares.
Use of financial instruments and fintech risk management:
Information on the use of financial instruments and financial risk management is provided in note 19 to these financial statements.
Events after the last day of the reporting year:
We continue to monitor the situation closely and will take the necessary measures to mitigate the impact of new events and circumstances, in particular those related to the volatile situation in Europe due to the Russian war in Ukraine, which may lead us to revise certain concert arrangements, programmes and the composition of the guest line-up. The Company has also given the opportunity to musicians from the Ukrainian Academy of Music to perform on its tours and has collaborated with the Ukrainian Aid Society in giving concerts to Ukrainian refugees and supporting their integration.
There have been no circumstances affecting the results for the year and the financial position of the Company during the period between the last day of the financial year and the date on which the annual report is signed by management.
The financial statements have been prepared on the going concern basis and management does not identify any liquidity issues in relation to the above.
Statement of management responsibility:
The Company's management is responsible for the preparation of the financial statements based on the historical cost accounting for each reporting period that present fairly the financial position of the Company at the end of the reporting year and the results of its operations.
Management confirms that the accounting policies used in the preparation of this report for the period ending 31 December 2023 were appropriate, were applied consistently and were based on reasonable and prudent judgements. Management confirms that the relevant accounting principles applicable to the LR have been followed and the financial statements have been prepared on a going concern basis.
Management is responsible for keeping proper accounting records, for safeguarding the Company's assets and for preventing fraud and other dishonest practices.
Management confirms that it has provided the necessary information and explanations for the audit.
Member of the Board Signature* Ingrīda Zemzare
9 April 2024
*THIS DOCUMENT IS SIGNED WITH A SECURE ELECTRONIC SIGNATURE AND CONTAINS A TIME STAMP
Income statement for 2023
(Classified by function of expenditure)
No.
NAME OF THE INDICATOR
Note number
2023
EUR
2022
EUR
1
2
3
4
5
Net turnover
1
158 743
669 579
from other operating activities
158 743
669 579
Cost of production of goods sold, cost of goods sold or cost of services rendered (concert operating expenses)
2
(686 107)
(1 176 253)
Gross profit or loss
(527 364)
(506 674)
Administration costs
3
(189 666)
(184 283)
Other operating revenue
4
759 837
696 433
Other operating expenses
5
(41 278)
(983)
Profit or loss before tax
1 529
4 493
Corporation tax for the year under review
(719)
-
Profit or loss for the year
810
4 493
The annexes on pages 10 to 17 are an integral part of these financial statements.
Signature*
Ingrīda Zemzare,
Member of the Management Board
Annual report prepared by:
Signature*
Ligita Romane
Accounting Officer
9 April 2024
*THIS DOCUMENT IS SIGNED WITH A SECURE ELECTRONIC SIGNATURE AND CONTAINS A TIME STAMP
Balance sheet at 31 December 2023
Active
Note number
31.12.2023
EUR
31.12.2022
EUR
1.Non-current investments
1. Intangible investments
2. Other fixed assets and inventories
6
6
4 033
9 910
6 833
14 574
Total fixed assets
13 943
21 407
Total non-current investments
13 943
21 407
2.Current assets
I.Stocks
1. Raw materials, basic materials and consumables
7
1 483
956
Total stocks
1 483
956
II. Debtors
1. Trade debtors
8
2 730
-
2. Other debtors
9
16 263
22 701
3. Deferred charges
10
1 921
904
3. Accrued revenue
11
24 200
-
Total debtors
45 114
23 605
IV. Cash (total)
12
24 460
65 289
Total current assets
71 057
89 850
Total assets
85 000
111 257
Balance sheet at 31 December 2023
Passive
Note number
31.12.2023
EUR
31.12.2022
EUR
1. Equity
1. Share capital, share capital
2. Reserves
(a) other reserves
3.Retained earnings
47 965
-
47 965
1
(a) retained earnings from previous years
2 182
565
(b) retained earnings for the year under review
810
4 493
Total equity
50 957
53 024
3. Creditors
II. Short-term debts
1. Amounts owed to suppliers and contractors
13
2 724
3 490
2. Other creditors
13
-
9 154
3. Taxes and social security contributions
4. Accrued liabilities
14
15
26 513
4 806
41 983
3 606
Total short-term debts
34 043
58 233
Total creditors
34 043
58 233
Total liabilities
85 000
111 257
The annexes on pages 10 to 17 are an integral part of these financial statements.
Signature*
Ingrīda Zemzare,
Member of the Management Board
Annual report prepared by:
Signature*
Ligita Romane
Accounting Officer
9 April 2024
THE DOCUMENT IS SIGNED WITH A SECURE ELECTRONIC SIGNATURE AND CONTAINS A TIME STAMP
Annex to the Financial Statements ms
1.Significant accounting principles
Reporting principles
The Annual Report has been prepared in accordance with the Accounting Law, the Law on Annual Reports and Consolidated Annual Reports and the requirements of the Cabinet of Ministers Regulation No.775 "On the Application of the Law on Annual Reports and Consolidated Annual Reports".
As at 31 December 2023, the Company qualifies as a micro-entity.
The annual report uses euro (EUR) as the measure of value and rounds figures to whole numbers (EUR). The income statement is presented in a vertical format, with expenditure classified by function.
Accounting principles applied.
1) assumed that the Company will continue to operate;
2) The accounting policies and valuation techniques used are the same as those used in the previous year;
3) items in the financial statements have been recognised and measured using the prudent person approach, subject to the following conditions:
a) the financial statements include only the profit up to the balance sheet date;
b) take into account all liabilities and the amount of risks and losses expected to be incurred during the year or previous years, even if they became known between the balance sheet date and the date on which the annual report is signed by the Company's governing body;
c) all impairment and depreciation amounts are calculated and taken into account, regardless of whether the reporting year ends with a profit or loss;
4) amounts are presented in the balance sheet and income statement on an accrual basis, i.e. income and expenses are shown at the time they are incurred rather than when cash is received or spent. Income and expenditure relating to the year is shown irrespective of the date of receipt of payment or invoice;
5) costs are matched to revenue in the respective accounting periods;
6) asset and liability items are valued separately in the balance sheet;
7) the amounts in the balance sheet and income statement are based on the substance and substance of the economic transactions, not just the legal form;
8) items on the balance sheet and income statement are measured at acquisition cost or production cost. Acquisition cost is the purchase price of a good or service (less any discounts received) plus any additional costs associated with the purchase. Cost of production is the cost of raw materials, basic and consumable supplies and other costs directly attributable to the production of the item. Parts of the costs indirectly related to the production of the item may also be included in the cost of production, provided that these costs are attributable to the same period.
Reporting period
The reference period is the 12 months from 1 January 2023 to 31 December 2023.
Monetary unit and transactions in foreign currencies
The figures in these financial statements are expressed in the official currency of Latvia, the euro ( EUR).
Gains or losses arising from fluctuations in foreign exchange rates are recognised in the income statement for the period.
Related parties
Related parties are defined as members of the Company, the Management Board, close relatives of the Management Board and Companies in which they have significant influence or control.
Intangible investments and fixed assets
Property, plant and equipment and intangible investments are stated at cost less depreciation. Acquired assets are recognised as property, plant and equipment if their value exceeds EUR 400. Purchased assets below EUR 400 are recorded as inventories of minor value.
Depreciation is calculated over the useful life of the asset using the straight-line method, using the following depreciation rates:
Intangible investments:
Licences 35%
Fixed assets:
Office equipment 35%
Computer equipment 35%
Other fixed assets 20%
Stock valuation
Inventories are valued at the lower of net realisable value.
Accounting for debtors
Receivables are presented net of any specific allowance for doubtful and bad debts in the balance sheet. Where there is doubt as to the recoverability of a receivable recognised in the current or prior financial year, an allowance for doubtful debts is made in the current financial year for the amount of the doubt, with a corresponding charge to the income statement. A debt is considered doubtful if, for example, the debtor is in financial difficulty and has been declared insolvent by a court order, if the debt is not paid within the prescribed period and after a reminder, if the debtor has disputed the right to recover the debt, or in other cases.
Benefits
Cash and cash equivalents are cash at banks - the State Treasury and A/S Swedbank.
Accounts payable
The specific amounts of the liabilities are shown in the balance sheet under long-term creditors and short-term creditors, depending on the maturity of the debt.
Non-current creditors include amounts falling due more than 12 months after the end of the reporting year and incurred to finance long-term investments and working capital, which are not included in current creditors.
Current creditors include amounts payable within the next 12 months after the end of the reporting year and other liabilities arising in the normal course of the Company's business.
Where liabilities are not shown as due for payment, they are shown under short-term credits.
Accrued liabilities
Accrued liabilities are clearly known amounts due to suppliers and contractors for goods or services received during the reporting year for which, due to the terms of the supply, purchase or enterprise agreement or for other reasons, the appropriate supporting document (invoice) has not yet been received for payment at the balance sheet date. These amounts are calculated on the basis of the contractual price and the evidence of actual receipt of the goods or services.
Accrued liability for untaken leave
The estimated liability to employees for untaken leave days accrued during the year is recognised in the Company's accounts under the balance sheet caption 'Accrued liabilities'.
Revenue recognition principles
The Company's revenue is its net turnover and other operating income. Net turnover is the revenue from the sale of products and goods and the provision of services, less trade discounts and other allowances, value added tax and other taxes directly attributable to turnover. Other operating revenue is other revenue connected with or arising out of the business. Revenue is recognised when the relevant revenue recognition rules are met. Revenue is recognised on an accrual basis.
Corporation tax
Corporation tax is the tax charged in the period. Corporate income tax is recognised in the income statement. The tax for the period has been calculated by applying the requirements of the Corporation Tax Law to taxable income and the statutory tax rate.
Fair value
Fair value reflects the amount at which an asset could be realised or a liability settled in normal market conditions.
Application of estimates
The preparation of financial statements requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period and the date of the financial statements. Management has made an assessment of profit or loss and believes that the financial statements present fairly the financial position based on all currently available information.
Information that the Company's assets are pledged or otherwise encumbered
The Company's assets are not pledged or otherwise encumbered.
Guarantees and warranties
The Company has no guarantees or warranties to other parties.
Credentials
The Company has no letters of credit.
Details of possible liabilities
The Company is not a defendant in any litigation and the financial statements do not include any provision for liabilities that may arise.
Commitments for pensions
The Company has no liability for pensions.
Information about possible liabilities that could arise from a specific past event
The Company has no liabilities that could arise from a specific past event.
Commitments under leases and rental agreements material to the Company's operations
The Company has no leases or tenancy agreements material to its operations.
Information on operating leases
The Company does not provide operating lease services and has no operating lease agreements.
Information on finance leases
The Company does not provide finance lease services and has no finance lease agreements in place.
Information on leaseback
The Company does not provide leaseback services and does not have any leaseback agreements in place.
Liabilities to related and associated undertakings
The Company has no liabilities to the parent company and the Company has no associates.
Information about adverse or favourable events that do not relate to the year but may materially affect the assessment of users of the annual report of the entity's assets, liabilities, financial position, profit or loss, cash flows or future decision-making.
The Company is not aware of any adverse or favourable events that do not relate to the year but may materially affect the assessment of users of the annual report of the Company's assets, liabilities, financial position, profit or loss and cash flows or future decision-making.
Explanation of a departure from any of the principles or rules for the recognition, measurement and disclosure of items in the statutory financial statements
The Company has not departed from any of the principles or rules of statutory recognition, measurement and disclosure of financial statement items.
Explanation if annual accounts data are not comparable or adjustments have been made to previous years.
The data in the annual accounts are comparable with each other and no adjustments have been made for prior years.
2.Note to income statement items
1.Net turnover
Turnover is the revenue generated during the year from the company's core business of providing concerts, excluding value added tax.
2023
2022
EUR
EUR
Revenue from the provision of services (Latvia)
81 170
69 736
Revenue from cooperation partners in other countries
77 573
599 843
Total
158 743
669 579
2. cost of production of goods sold, cost of goods sold or cost of services rendered (concert costs)
2023
2022
EUR
EUR
Salaries of orchestral musicians, provisions for untaken holidays
456 781
501 677
Musician-performer fees
21 458
152 028
Compulsory national social security costs
107 717
118 445
Business trips, transport of musical instruments
75 363
257 455
Other costs of concert activities (rent of premises, rent of music and instruments, Covid-19 tests, copyrights, etc.)
18 780
139 621
Depreciation of fixed assets
5 636
666 6 6 650
Communication services
372
377
Total
686 107
1 176 253
3.Administration costs
2023
2022
EUR
EUR
Communication costs
1 852
1 692
Office maintenance
9 322
9 637
Banking
1 512
731
Cost of the audit of the annual accounts
1 996
1 815
Administrative remuneration, provision for untaken leave
126 264
109 399
Compulsory national social security costs
27 731
24 013
Depreciation of fixed assets, write-down of current assets
3 369
1 134
Transport expenses
8 894
8 535
Other administration costs
8 726
27 327
Total
189 666
184 283
4.Other operating revenue
2023
2022
EUR
EUR
Ministry of Culture grants
635 908
619 357
State Culture Capital Foundation project funding
3 248
1 900
Funded by the Ministry of Culture of the Republic of Estonia
25 000
25 000
Funded by the Ministry of Culture of the Republic of Lithuania
50 000
50 000
Other farm operating revenue
1 481
176
GIDON KREMER FOUNDATION donations
20 000
-
GIDON KREMER FOUNDATION support
24 200
-
Total
759 837
696 433
5.Other operating costs
2023
2022
EUR
EUR
Fines paid
1 283
123
CD recording costs
39 700
0
CDs transferred to a partner
295
819
Currency fluctuations
-
41
Total
41 278
983
3.Appendices to the balance sheet items
6. Long-term investments
All fixed assets are stated at cost less depreciation in the balance sheet. Depreciation is calculated using the straight-line method.
Statement of movements in long-term investments
Intangible investments
Other fixed assets
Total
EUR
EUR
EUR
Initial value 31.12.2022.
8 733
40 903
49 636
Purchased in 2023
-
1 541
1 541
Off in 2023
-
882
882
Initial value 31.12.2023.
8 733
41 562
50 295
Accumulated depreciation as at 31.12.2022.
1 900
26 329
28 229
Estimated depreciation in 2023
2 800
6 205
9 005
Depreciation excluded in 2023
-
882
882
Accumulated depreciation as at 31.12.2023.
4 700
31 652
36 352
Carrying amount at 31.12.2022.
6 833
14 574
21 407
Book value as at 31.12.2023.
4 033
9 910
13 943
7.Stocks
31.12.2023.
31.12.2022.
EUR
EUR
Finished products, presentation materials
1 483
956
Total
1 483
956
8.Trade debtors
31.12.2023.
31.12.2022.
EUR
EUR
Settlements with customers
2 730
-
Total
2 730
-
There are no overdue debtors in the accounts receivable and the amount is recoverable.
9.Other debtors
31.12.2023.
31.12.2022.
EUR
EUR
Other debtors - settlements with customers, advances
936
640
Contributions not subject to tax*
15 327
22 061
Total
16 263
22 701
* Unallocated tax contributions are taxes paid during the reporting period that are not attributed to the payment of taxes as at the balance sheet date.
10.Deferred charges
31.12.2023.
31.12.2022.
EUR
EUR
Software licence for 2024
172
102
www. Subscription fee for 2024
60
26
Note rental expenses
776
776
Instrument rental expenditure for 2024
179
-
AVIO and bus tickets, hotel for 2024
734
-
Total
1 921
904
11.Accrued revenue
31.12.2023.
31.12.2022.
EUR
EUR
Donation for the production of CDs*
24 200
-
Total
24 200
-
*The donation received in 2024 is included in revenue in the reporting period for the purpose of matching revenue with the costs for which the donation was received.
12.Cash
31.12.2023.
31.12.2022.
EUR
EUR
Cash at credit institutions (Latvia)
24 460
65 289
Total
24 460
65 289
The Company's cash is not held on deposit or in foreign banks.
13. Amounts owed to suppliers and contractors
31.12.2023.
31.12.2022.
EUR
EUR
Due to suppliers
2 724
3 490
Total
2 724
3 490
14.Other creditors
31.12.2023.
31.12.2022.
EUR
EUR
Wages for December
-
9 154
Total
-
9 154
15. Taxes and social security contributions*
31.12.2023.
31.12.2022.
EUR
EUR
Personal income tax
10 031
11 327
Compulsory national social security costs
16 472
22 062
Value added tax
-
8 584
Risk levy
10
10
Total
26 513
41 983
* See also note 9 to these financial statements.
16. Accrued liabilities
31.12.2023.
31.12.2022.
EUR
EUR
Annual report audit services
1 996
1 815
Provision for untaken leave
2 810
1 791
Total
4 806
3 606
4.General information
17.Number of persons employed by the company
2023
2022
Average number of persons employed by the Company per year
29
29
18. Information on the remuneration of the members of the Supervisory Board and the Executive Board
The remuneration paid to a member of the Board of Directors is €49 495, and the SGEI contribution is €10 280.
19 Financial risk management
The Company's most significant financial instruments are trade receivables, other receivables and cash in current accounts. The main purpose of these financial instruments is to finance the Company's operations. The Company is also exposed to a number of other financial instruments, trade and other payables, which arise directly from its business activities.
The financial risks associated with the Company's financial instruments are mainly liquidity risk and credit risk. The Company's management seeks to minimise the negative impact of potential financial risks on the Company's financial position. The Company does not use derivative financial instruments for financial risk management.
Credit risk
The Company is exposed to credit risk related to its trade receivables and cash. The Company monitors its credit risk by continuously assessing the repayment history of its customers and by setting credit terms for each customer individually. In addition, the Company continuously monitors its receivable balances to minimise the possibility of uncollectible receivables.
Liquidity risk
The Company manages its liquidity risk by maintaining adequate cash balances in current accounts.
20.Significant events during and after the balance sheet date and their impact on the Company's ability to continue as a going concern
The management of the company employed all the company's staff throughout 2023, also taking advantage of the positive experience, and continued to develop the individual orchestral groups as independent chamber ensembles: the sextet Kremerata Lithuanica and the nonet Kremerata Lettonica, for which concerts and recordings were provided both in Latvia and abroad.
We continue to monitor the situation closely and will take the necessary measures to mitigate the impact of new events and circumstances, in particular those related to the volatile situation in Europe due to the Russian war in Ukraine, which may lead us to revise certain concert arrangements, programmes and the composition of the guest line-up. The Company has also given the opportunity to musicians from the Ukrainian Academy of Music to perform on its tours and has collaborated with the Ukrainian Aid Society in giving concerts to Ukrainian refugees and supporting their integration.
21.Continuance of the Company
The financial statements have been prepared on the going concern basis. Profit for the period has been achieved, which allows for positive cash flow and operating results to be projected for the next reporting period.
22.Events after the balance sheet date
There are no events that occurred between the last day of the reporting year and the date of signing the financial statements that require adjustments to these financial statements or that need to be explained in these financial statements.
Member of the Management Board Signature* Ingrīda Zemzare
Annual report prepared by: Signature* Ligita Romāne Chief Accountant
9 April 2024
THE DOCUMENT IS SIGNED WITH A SECURE ELECTRONIC SIGNATURE AND CONTAINS A TIME STAMP