Kiri

State company of limited liability

KREMERATA BALTICA

Annual Report for the year 2024

Annual Report for the year 2024

of the State company KREMERATA BALTICA Ltd.

Contents

General information on the company 3

Principles of the accounting 4

Evaluation methods 5

Profit and loss account for 2024 6

Balance on 31 December 2024 7

Report on the changes in own capital for 47 965 10

Report on the cash flow for 2024 11

Notes to the financial reports 12

The Managerial Report 13

2

Annual Report for the year 2024

of the State company KREMERATA BALTICA Ltd.

General information on the company

1. The company is registered in the Register of Enterprises on 4 November 2004 with a

registration number 40003487546. The address of the company is 8-4 Riharda Vāgnera St.,

Riga LV-1050.

2. According to the statutes the basic activities of the company are:

1) to promote and support the development of the concert life of the Baltic States

and its integration into the international processes, to popularise the art of the Baltic

composers in the world;

2) to organise concerts both in the Baltic States and abroad.

3. The name of the bank: VALSTS KASE, SWEDBANK

4. The founder of the company:

The Ministry of Culture of the Republic of Latvia, Reg. No. 90000042963

5. The state authorised agent: Dace Vilsone

6. The average number of staff members at the company: 29.

7. Independent Auditor of VSIA KREMERATA BALTICA – SIA ARM K Revidents

Auditors

3

Annual Report for the year 2024

of the State company KREMERATA BALTICA Ltd.

Accounting principles

The financial statement of the company has been elaborated in accordance with the Law on

Accounting, Law on Annual Reports of the Companies and generally accepted accounting

principles of the Republic of Latvia.

The annual statement has been elaborated following the principle of operating company by that

assuming that the company will continue its work.

The accounting of the company is carried out according to the accumulation principle, ie. the

principle according to which the income and expenses are entered into accounting books taking

into account the time of their origin and not the date of actual receipt or payment of the sum. The

income and expenses related to the year of account are entered not taking into account the date of

payment or receipt of the bill. The accounting is carried out with the help of a computer

programme Tilde Jumis. The synthetic accounting register is a Ledger.

According to the statutes the income surplus over the expenses is counted in the reserve capital.

4

Annual Report for the year 2024

of the State company KREMERATA BALTICA Ltd.

Evaluation methods

All fixed assets are originally evaluated at their purchase value. In the balance sheet the fixed

assets are entered at their purchase price, counting off the wear. The wear is calculated according

to a linear method once a quarter during the actual use of the fixed assets, by using such rates set

by the management:

%

Other fixed assets 35

Other inventory 20

5

Annual Report for the year 2024

of the State company KREMERATA BALTICA Ltd.

Profit and loss account for the year 2024

EUR

1. Net turnover

2. Production expenses of the sold goods

3. Gross profit or loss

4. Concert performance costs

5. Administration expenses

6. Other income

7. Other expenses

8. Profit or loss before the taxes

9. The income tax of the company for the year of account

10. The result of activities for the year of account

-

398 457

0

398 457

-1 036 232

-197 982

836 833

-61

1 015

-130

885

Director I. Zemzare

6

Annual Report for the year 2024

of the State company KREMERATA BALTICA Ltd.

BALANCE

I Assets

Row

code

End of

2024

Beginning of

2024

A B 1 2

1. LONG-TERM INVESTMENTS

I. Intangible investments

Expenses of research and company development 11110

Concessions, patents, licences, trademarks and similar

rights 11120

Other intangible investments 11130

Intangible value of the company 11140

Advanced payments on intangible investments 11150

TOTAL FOR I 11100 II. Fixed assets

Land, buildings, constructions and perennial plantations 11210

Equipment and machinery 11220

Other fixed assets and inventory 11230 8 336 13943

Establishment of fixed assets and expenses of unfinished

construction works 11240

Long-term investments in hired fixed assets 11250

Advance for base asset 11260

TOTAL FOR II 11200 8 336 13943

III. Long-term financial investments

Share in the capital of related companies 11310

Loans to related companies 11320

Share in the capital of affiliated companies 11330

Loans to affiliated companies 11340

Other securities and investments 11350

Other loans 11360

Own shares

11370

TOTAL FOR III 11300

TOTAL FOR PART 1 11000 8 336 13943

2. CURRENT ASSETS

I. Stocks

Raw materials, basic materials and auxiliary materials 12110

Unfinished production 12120

Finished production and commodities for sale 12130 1476 1483

Unfinished orders 12140 Advanced payments on commodities 12150 Work animals and productive animals 12160 TOTAL FOR I 12100 1476 1483

II. Receivables

Receivables of purchasers and customers 12210

Receivables of related companies 12220

Receivables of buyers 12230 32 902 2 730

Other receivables 12240 26 631 16 263

Accrued revenue 12250 0 24 200

Expenses for next periods 12270 1275 1 921

TOTAL FOR II 12100 60 808 45 114

III. Securities and shares in capitals

Shares in capitals of related companies 12310

Own shares 12320

Other securities and shares in capitals 12330

TOTAL FOR III 12300

IV. Money (total) 12400 68 839 24 460

Including the sum in the cash register 12410 From the row 12410: foreign currencies 12411 TOTAL FOR PART 2 12000 131 123 71 057

BALANCE 10000 139 459 85 000

II Liabilities

Row

code

End of

2024

Beginning of

2024

A B 1 2

1. OWN CAPITAL

I. Share capital (equity) 21100 47 965 47 965

21100

II. Retained earnings

Retained earnings of previous years 21510 2 474 2182

Retained earnings of the year of account 21520 885 810

TOTAL FOR PART 1 21000 51 324 50 957

2. ACCRUALS

Accruals for pensions and other such expenses 22100

Accruals for expected taxes 22200

Other accruals 22300 TOTAL FOR PART 2 22000 3. PAYABLES

I Long-term payables

Loans that can be turned into securities 23010

Bonds 23020

Loans from no financial institutions 23030

Including delayed loans 23031

Other loans 23040

Advanced payments of purchasers 23050

Debts to suppliers and contractors 23060

Due bills 23070

Debts to related companies 23080

Debts to affiliated companies 23090

Taxes and social security payments 23100

Other payables 23110

Income of next periods 23120

Dividends of the year of account 23130

Unpaid dividends of previous years 23140

II. Short-term payables

Bonds 23150

Loans that can be turned into securities 23160

Loans from no financial institutions 23170

Including delayed loans 23171

Other loans 23180

Advanced payments of purchasers 23190

Debts to suppliers and contractors 23200 Due bills 23210 Debts to related companies 23220 Debts to affiliated companies 23230 Taxes and social security payments 23240 38 854 26 513

Other payables 23250 49 281 7530

Income of next periods 23260

Dividends of the year of account 23270

Unpaid dividends of previous years 23280

TOTAL FOR PART 3 23000 88 135 34 043

BALANCE 20000 139 459 85 000

Director I.Zemzare

9

Annual Report for the year 2024

of the State company KREMERATA BALTICA Ltd.

Report on the changes in own capital for 2024

Share capital Undistributed profit Total

EUR EUR EUR

47 965 3 359 51 324

10

Annual Report for the year 2024

of the State company KREMERATA BALTICA Ltd.

Report on the cash flow for 2024

Cash flow from business operations

Profit 885

• Increase of debts payable 1 245 290

• Increase of debts receivable 917 770

Cash flow from financial operations 1 244 405

Increase of share capital 68 839

11

Annual Report for the year 2024

of the State company KREMERATA BALTICA Ltd.

Notes to the financial reports for 2024

1 Account in the Bank of Latvia and Swedbank for 68 839

2 .Payables

- tax 38 865

- annual report for the year 2024 editions 1996

- other 29 998

12

Public LCC KREMERATA BALTICA

(Reg. Cert. No. 40003487546)

Management Report

Governing body report

The state LLC KREMERAT BALTICA is re-registered on November 4, 2004.

Type of the main activity:

performing art.

Structural capital of the Chamber Orchestra – in the amount of 100% – 47 965 EUR is

invested by the state, in the person of the Ministry of Culture of the Republic of Latvia.

Public procurement and its implementation:

Kremerata Baltica has given 36 concerts in accordance with Financing agreement No Nr.2.5.-

11-10 from 17.01. 2024

6 concerts were given in Regions of Latvia: Cēsis, Rēzekne,Ventspils, Jūrmala

There has been prepared 15 new programs in 2024, including spcial performances

1. Gidons Krēmers, Georgijs Osokins and Kremerata Baltica. Wels and Italy

2. Baltic composers and Seasons. Lisboa

3. Program for Dubai opera with Sergei Krylov

4. Baku program with Daniil Bulajev.

5. Program The Spring of Ukrain. Uropean festival in Stockholm with Gidon Krēmer.

6. Tartu Glassperlenspiel program Maestros piruettes. Gidons Krēmers and Kremerata Baltica;

7. Stathis Karapanos and Kremerata Baltica in Rēzekne Concert hall GORS.

8. Three programs for KREMERATA BALTICA festival in Dzintari.

9. Program for Kronberg Academy festival

10. NewYears Eve program. Kremerata Lithuanika.

Kremerata Baltica participated in International festivals:

1.Glasperlenspiel festivan in Tartu, Estonia

2.Kremerata Baltica festival in Paliesiaus, Lithuania

3. Kronberg Academy festival, Germany

4. Kremerata VBaltica festival un Dzintari, Latvia

5. Europeand spring festival in Stockholm, Sweden

Kremerata Baltica has performed 24 concerts abroad in 2024:

Germany, Lithuania, , Estonia, Sweden, Azerbaijan, United Arab Emirates, Taiwan, China,

South Corea.

Composers played in Kremerata Baltica programs in 2024:

Pēteris Vasks, Astor Piacolla, Frederik Chopin, Meczilav Veinberg, Franz Šchubert, Viktoria

Poleva, Antonio Vivaldi, Peter Vahi, Filip Glass, Ludvig van Beethoven, Arvo Part, Raminta

Šerkšņyte, Jēkabs Jančevskis, Johan Sebestian Bach, Krists Auznieks, Alfred Schnittke, Gražina

Bacēviča, Jiri Trtk.

The Baltic composers, whose compositions have been played in 10 concert programs of the

Chamber Orchestra –

1. Another Winterreise. Georgijs Osokins. Nach dem Fluss;

2.19.07. Raminta Šerkšnyte. It too shall pass;

3. 19.07. Ramintav Šerkšnyte. It too shall pass, Jŗkabs Jančevskis Lignum;

4. 7.06 Ukrain Freedom festival. Kristaps Pētersons. Chaconna;

5.10.06. Ukrain Freedom festival galā program. Latvian and Ukrainean music

6.15.09.Dzintari. Krists Auznieks. Concert.

7.16.09. Dzintari. Georgs Pelēcis. Pages of biography for violin and chamber orchestra

8. 3.10. Prāga Jēkabs Jančevskis;Lignum;

9. 4.10.Brno. Jēkabs Jančevskis Lignum, Georgs Pelēcis Concertino bianco;

10. Lithuanika. New Year Eve program of Lithuanian music.

Three full time CD have been recorded in 2024:

2024. gadā veikti divi pilna laika CD ieraksti:

1.Viktora Kalabis autordisks.

2. Stathis Karapanos and Kremerata Baltica video disks.

3.Two Chopins piano concertos with Georgijs Osokins for Deutche Gramophone

Financial development:

Finances of 2024 are formed (EUR):

1. The master budget funding of the Ministry of Culture of the Republic of Latvia –

761 833

2. Funding of the Ministry of Culture of Estonia - 25 000

3. Funding of the Ministry of Culture of Lithuania - 50 000

4. Funding of collaboration partners 398 457

Future projects:

The concerts estimated in 2025:

* Active preparation to the second Kremerata Baltica Orchetra festival in Lithuania

* The 21th festival of Kremerata Baltica in Dzintari, Jurmala.

* Koncerts in Latvia, Lithuania, Estonia.

* Concert tours in Europe and North America*

Concerts in Austria, Germany, Italy, Estonia, Lithuania, Turkey, Finland etc.

Member of the Board Ingrida Zemzare