Charity Number: 1017036
THE KEYBOARD CHARITABLE TRUST FOR YOUNG PROFESSIONAL PERFORMERS
REPORT AND FINANCIAL STATEMENTS
31st MARCH 2024
The Keyboard Charitable Trust for Young Professional Performers
Contents
| Report of the Trustees Report of the Independent Examiner Statement of Financial Activities Balance Sheet Cash flow statement Notes forming part of the Financial Statements |
Page |
|---|---|
1 9 10 11 12 13 |
The Keyboard Charitable Trust for Young Professional Performers
Report of the Trustees for the year ended 31st March 2024
Reference and Administrative Details, Trustees and Advisors
| Patron | Sir Antonio Pappano |
|---|---|
| Honorary President | Nicola Bulgari |
| Trustees | |
| Chairman | Geoffrey Shindler OBE* |
| Christopher Axworthy | |
| Dr Moritz von Bredow | |
| Maestro Alfred Brendel KBE | |
| Noretta Conci-Leech MBE | |
| Maestro Leslie Howard * | |
| Maestro Evgeny Kissin | |
| John Leech MBE | |
| Sir Geoffrey Nice KC* | |
| Dr Elena Vorotko ARAM | |
| * members of the Executive Committee | |
| Principal Office | 54 Raleigh Road |
| London N8 0HY | |
| Charity Number | 1017036 |
| Chief Executive | Sarah Biggs |
| 54 Raleigh Road | |
| London N8 0HY | |
| Senior Executive | Richard Thomas |
| Bankers | |
| CAF Bank Limited | Lloyds plc |
| Kings Hill | 98, Victoria Street |
| West Malling | London |
| Kent | SE1E 5JL |
| ME19 4TA |
1
The Keyboard Charitable Trust for Young Professional Performers
Report of the Trustees for the year ended 31st March 2024 (Continued)
Reference and Administrative Details, Trustees and Advisors (Continued)
Independent Examiner
Thomas Ward FCA Lonsdale Ward Limited 5, Market Yard Mews 194-204 Bermondsey Street London SE1 3TQ
Investment Managers
Charities Aid Foundation Kings Hill West Malling Kent ME19 4TA
Structure, Governance and Management
The Trust is governed by a body of international Trustees eminent in the music profession as well as in other relevant fields. Trustees are selected on the basis of the contribution they can make to the Trust’s operation and standing. The Trustees are responsible for setting the strategic direction of the Trust’s activities. A sub-group of three Trustees constitute an Executive Committee. That Committee implements policy, monitors performance and supervises the raising, allocation and adequacy of the Trust’s resources.
At the meeting of international Trustees on 1 November 2013 in London, Mr Nicola Bulgari, a longstanding friend, Trustee and benefactor of the Trust, was installed as Honorary President; Mr Geoffrey Shindler OBE (Trustee and Honorary Solicitor) assumed the Chairmanship in succession to Mr John Leech; and the Artistic Direction of the Trust was placed in the hands of Dr Leslie Howard (Trustee), Dr Elena Vorotko and Mr Christopher Axworthy, in succession to Mrs Noretta ConciLeech.
Since August 2013 the Trust has engaged the part-time services of Ms Sarah Biggs, as Chief Executive, with responsibility for overall management, and since December 2019 Mr Richard Thomas, as Senior Executive. The Senior Executive is responsible principally for the membership and organisation of events in the UK and the website. The Charity also enjoys voluntary assistance in Germany, Italy and New York.
2
The Keyboard Charitable Trust for Young Professional Performers
Report of the Trustees for the year ended 31st March 2024 (Continued)
Structure, Governance and Management (Continued)
Recruitment of new Trustees is usually carried out through personal contacts and would only be undertaken if a particular requirement is identified, or a replacement Trustee is required. New Trustees are chosen primarily having regard to their standing and experience in the music field and are made aware of their duties and obligations as required by the Charity Commission.
Objectives
The Keyboard Charitable Trust for Young Professional Performers was formally established by a Trust Deed dated 28 January 1993 and registered by the Charity Commissioners on 5 February 1993 under charity registration number 1017036. Its principal objective is to bring talented young keyboard players before the public, by developing both new performing opportunities and new audiences. It does this by organising recitals which serve to introduce them to the public and to members of the music profession who can assist their careers.
In addition the Trust seeks to support young performers in other ways, such as assembling of audiences and critics for their public concerts; the search for managers; making loans towards recordings and attendance at competitions; preparing younger artists for major competitions and arranging pre-debut recitals; and with counsel on practical problems like access to instruments, teaching and employment opportunities, and career development.
Achievements and Performance
During the financial year 2023-2024 the Trust’s pianists gave a total of 74 concerts (compared with 53 in 2022-2023).
Of the 74 concerts, 38 were in the UK (29 in London, 3 in Haslemere, 3 on the Isle of Man, 1 in Adbaston, 1 in Deal and 1 in Edinburgh); 19 in Italy (5 in Florence, 3 in Milan, 2 on Ischia, 1 in each of Abano Terme, Brescia, Frascati, Padova, Palermo, Rome, Venice, Vicenza and Viterbo); 7 were in Germany (3 in Hamburg, 2 in Rheda-Wiedenbruck, 1 in Dusseldorf, 1 in Cologne); 5 were in the USA (1 in each of Delaware, New York, Philadelphia, Virginia and Washington DC); 4 were in France (3 in Lunel-Viel and 1 in Lagrasse); 1 was in Cyprus.
Sixteen pianists gave their auditions or ‘New Artist’ recitals at Steinway Hall and St Mary’s, Perivale. These were Mikhail Bouzine (Russia), Giordano Buondonno (Italy), Nikita Burzanitsa (Ukraine), Giulia Contaldo (Italy), Kyle Hutchings (UK), Misha Kaploukhii (Russia), Zala Kravos (Slovenia), Ruben Micieli (Italy), Kasparas Mikuzis (Lithuania), Antonio Morabito (Italy), Ayane Nakajima (Japan-America), Jose Navarra Silberstein (Spain), Gabriele Sutkute (Lithuania), Filippo Tenisci (Italy), Ellis Thomas (UK) and Nicolo Giuliano Tuccia (Italy).
The number of pianists supported by the Trust, with concerts during the year, was 46 (compared with 29 last year). Their nationalities were: Bosnian (1), Bulgarian (2), Croatian (1), Danish (1), French (1), Italian (12), Japanese (1), Japanese-US (1), Korean (3), Lithuanian (3), Malaysian (1), Polish (1), Russian (4), Slovenian (1), Spanish (4), Turkish (2), UK (6), UK-Hong Kong (1) and Ukrainian (1).
Artistic Directors
The three Artistic Directors, Christopher Axworthy, Prof. Leslie Howard, and Dr Elena Vorotko, all gave generously of their time and expertise during the 2023-2024 season. They assessed numerous applications, listened to performances, attended recitals, offered introductions, and gave advice to many young musicians. Their combined efforts represent a vital and wholly voluntary contribution to the Trust.
The Trust is additionally indebted to Christopher Axworthy for his continuing and meticulous documenting of many of the Keyboard Trust’s concerts on his blog:
https://christopheraxworthymusiccommentary.wordpress.com
3
The Keyboard Charitable Trust for Young Professional Performers
Report of the Trustees for the year ended 31st March 2024 (Continued)
Achievements and Performance (Continued)
Concerts in Italy
Christopher Axworthy, Trustee, Artistic Director and Manager of the Trust’s concerts in Italy, arranged 19 concerts in 2023-2024 by the following pianists: Axel Trolese, Chloe Jiyeong Mun, Tomoki Sakata, Milda Daunoraite, Pedro Lopez Salas (2 concerts), Jae Hong Park (2 concerts), Minkyu Kim (2 concerts), Evelyne Berezovsky, Nikita Lukinov (4 concerts), Filip Michalak (2 concerts) and Magdalene Ho (2 concerts) – in venues in Abano Terme, Brescia, Florence, Frascati, Ischia, Milan, Padova, Palermo, Rome, Venice, Vicenza and Viterbo.
Concerts in Germany
Trustee and German Concerts Manager, Dr Moritz von Bredow arranged seven concerts in Germany in 2023-2024 by the following pianists: Can Arisoy (3 concerts), Milda Daunoraite (3 concerts) and Gabriele Sutkute (1 concert) in venues in Berlin, Cologne, Dusseldorf and RhedaWiedenbruck.
Concerts in the USA
There were five concerts in the USA, all given by Giovanni Bertolazzi as part of the USA Tour in October 2023. Venues included Castleton in Virginia, Arts Club of Washington DC, a Private House Concert in Philadelphia, Klavierhaus in New York and Cokesbury Village in Delaware. Thanks to Caroline von Reitzenstein for hosting the concert at the Klavierhaus.
Concerts in Cyprus
Pharos Arts in Cyprus hosted one recital: Ivan Krpan in December 2023.
Organ Recitals
There was one organ recital in 2023-2024. It was given by Godfrey Leung at Temple Church, London in March 2024.
Recordings / Videos / Podcasts
Roy Emerson, the Trust’s Recordings Producer, recorded on video and audio all seven recitals at Steinway Hall and all five recitals at the National Liberal Club.
Following is a summary of the artists whose performance videos are currently available (August 2024) on the Trust’s YouTube channel:
Can Arisoy, Giovanni Bertolazzi, Victor Braojos, Giordano Buondonno, Nikita Burzanitsa, Pontus Carron, Ilaria Cavalleri, Yu-Ning Chuang, Oscar Colliar, Milda Daunoraite, Petar Dimov, Damir Durmanovic, Pietro Fresa, George X Fu, Jayson Gillham, Sasha Grynyuk, Tyler Hay, Parvis Hejazi, Adam Heron, Leslie Howard, Kyle Hutchings, Misha Kaploukhii, Thomas Kelly, Maxim Kinasov, Roman Koskyakov, Ivelina Krasteva, Zala Kravos, Pavle Krstic, John & Noretta Leech, Godfrey Leung, Mikhail Lifits, Luca Lione, Pedro Lopez Salas, Lucija Majstorovic, Victor Maslov, Ruben Micieli, Kasparas Mikuzis, Andrea Molteni, Antonio Morabito, Jiyeong (Chloe) Mun, Jae Hong Park, Vitaly Pisarenko, Pablo Rossi, Salvador Sanchez, Cristian Sandrin, Avinoam Shalev, Jose Navarro Silberstein, Simone Tavoni, Filippo Tenisci, Ellis Thomas, George Todica, Axel Trolese and Hao Zi Yoh.
4
The Keyboard Charitable Trust for Young Professional Performers
Report of the Trustees for the year ended 31st March 2024 (Continued)
Achievements and Performance (Continued)
We have ceased production of podcasts in favour of videos. The podcasts remaining on the website are by: Jonathan Ferrucci, Andre Gallo, Evgeny Genchev, Sasha Grynyuk, Martyna Kazmierczak, Ilya Kondratiev, Jean Rondeau, Avinoam Shalev, Iyad Sughayer, Alexander Ullman and Mark Viner.
Trust Artists
The Trust (up to April 2024) has assisted a total of 328 young artists by presenting them, in collaboration with its partners, in 1050 concerts around the world, in venues ranging from the world’s best known musical centres to locations where classical music is rarely heard.
Finances
The total cost to the Trust of presenting 74 concerts around the world from April 2023 – April 2024 was £68,010 (compared with £60,189 in the previous year).
This figure represents an average cost of £919 (£1,136 per concert last year) and an average investment of £1,478 in each artist’s career support and development (£2,075 last year). (The number of concerts per artist varied between 1 and 7; the number of artists was 46.)
These amounts are more than equalled by the input of the Trust’s local concert partners which they leverage.
Dr Kenneth Weir Bequest
Dr Kenneth Weir left a legacy to benefit the education of gifted young musicians aged between 12 and 20 years. The executors of his will, through appointed solicitors, selected the Keyboard Trust to administer this bequest so as to benefit one young student each year.
The first grant (awarded for four years starting in September 2019) was made to Elias Ackerley, a former student at Chetham’s School of Music to enable him to continue his studies on a scholarship at the Curtis Institute of Music in Philadelphia. In September 2020, Luca Grianti, also a young student from Chetham’s, was awarded a four-year grant to study at the Juilliard School of Music in New York. In September 2021, Oscar Colliar was awarded a three-year grant to study at Cambridge University (as an ‘organ scholar’ for two of the years). In September 2022, Magdalene Ho was awarded a four-year grant for her undergraduate studies at the Royal College of Music in London. In September 2023, the Trust’s Artistic Directors selected Aidan Modica for support for three years at Christ’s College, University of Cambridge where he will read Music. He is also an editor for the Liszt Society Journal and is currently working on a thematic catalogue of Liszt with Leslie Howard and Minkyu Kim. In September 2024, Richard Zhang was offered the Dr Weir Award for four years for his studies at the Guildhall School of Music. Each student is awarded a little over £11,000 annually towards their academic costs.
5
The Keyboard Charitable Trust for Young Professional Performers
Report of the Trustees for the year ended 31st March 2024 (Continued)
Appreciation
The trustees are grateful for the commitment shown by the staff as well as those trustees and others acting as concert managers in their countries of responsibility and wish to express their sincere appreciation.
The Trust is equally fortunate in having found some 60 partners among concert organisers in the countries where it operates who themselves bear substantial costs in producing the joint concerts. They are due the Trust’s gratitude for their loyalty and fidelity.
The Future
As reported in the 2022 accounts funding from Mr Bulgari, has for the moment at least, ceased. Accordingly, the regular supply of significant amount of annual income is no longer available to the trustees. This means that they will have to consider very carefully expenditure of money because it is not sustainable for a long period of time to manage the trust with an excess of annual expenditure over annual income.
The Public Benefit
The Trust’s principal object is ‘To promote the arts and sciences and in particular the art and science of Keyboard Music by assisting young musicians being persons in need in such a way as to enable them to become self-supporting … and to assist in the offering and procurement of suitable engagements for young musicians ... through developing new venues and new audiences or otherwise.’
The Trustees have interpreted this as a duty to -
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assist those keyboard players of the new generation with the best potential for professional advancement
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place their performances within the reach of the widest possible public
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ensure that this interaction benefits both public and performer
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combine these efforts to enhance the future of classical music generally.
The foregoing Trustees report of activities gives a full account of the services the Trust has rendered to two closely interrelated sections of the public –
-
the wide field of young keyboard players, open to all nationalities (including those studying in the UK) and limited only by the artists’ professional merit and personal abilities, and
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• an international public, constantly expanding through additions to the Trust’s widening network of venues, many of them publicly accessible free of formal entrance charges.
For the performer, one of the Trust’s principal aims is to facilitate the transition from formal studies to a fully professional career. A survey of the development of the players assisted by the Trust over the past 27 years shows that more than half have made rewarding careers as solo performers or in more important academic positions, or both.
The direct benefits of the Trust’s activities cannot be easily quantified. It supports young artists at a crucial stage by giving them visibility and the opportunity to gain recognition both nationally and internationally. That represents a stream of first-rate music that would not otherwise be heard, played by the ablest of the younger generation who would not otherwise perform.
The Trustees therefore confirm that in the administration of the Trust they have sought strictly to implement its Objects and have paid due regard to guidance published by the Charity Commission under Section 4 of the Charities Act 2006 and subsequent definitions.
6
Keyboard Charitable Trust for Young Professional Performers
Report of the Trustees for the year ended 31st March 2024 (Continued)
Reserves
In the current and foreseeable circumstances, it is the policy of the Trustees not to maintain a specific level of reserves. In their view the objectives of the Trust are best served by awarding support and sponsoring public concerts as and when appropriate. At 31[st] March 2024 the Trust had free reserves of £191,034.
Risk Management Policy
The Trustees regard the major risks facing the Trust to be of three kinds
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Shrinkage of incoming funds
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Unforeseen expenditure
-
Adverse currency movements
All these risks are regularly monitored by the Executive Committee, which has assumed this specific responsibility and is able to respond to any such adverse developments.
Investment Policy
The Trust currently holds cash balances only primarily in sterling. The Trustees regularly review the level of cash and the currencies in which these balances are held in light of assessed risk, future requirements and returns.
Financial Statements
At the balance sheet date, the Trust had reserves amounting to £251,687 (2023 £295,869). Current reserves include restricted funds of £60,653 (2023 £71,004), which will in due course be fully utilised to meet the requirements of the Kenneth Weir Will Trust.
In the current year the Trust recorded a deficit on its unrestricted funds of £33,831 (2023 deficit of £43,393). The Trust’s performance income from charitable activities has not yet reached prepandemic levels though income from both charitable activities and donations increased. The Trust’s programme has returned to pre-pandemic levels and for this to continue it is vital that additional income is secured.
The Trustees gratefully acknowledge all voluntary donations.
7
Keyboard Charitable Trust for Young Professional Performers
Report of the Trustees for the year ended 31st March 2024 (Continued)
Trustees’ responsibilities in relation to the financial statements
The Law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. Although neither the income nor expenditure of the Trust currently require more than an independently examined receipts and payments account and statement of assets and liabilities, in preparing them the Trustees should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts; and
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− prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ensure that the financial statements comply with applicable law and regulations and with the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on 12[th] August 2024 and signed on their behalf by:
G. A. Shindler Chairman of the Trustees
8
Report of the Independent Examiner to the Trustees of The Keyboard Charitable Trust for Young Professional Performers
I report on the accounts of The Keyboard Charitable Trust for Young Professional Performers for the year ended 31st March 2023, which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes, set out on pages 13 to 18.
This report is made solely to the Charity’s Trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. My examination has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for my examination, for this report, or for the opinions I have formed.
Respective responsibilities of Trustees and Examiner
The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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Examine the accounts under section 145 of the 2011 Act;
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To follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act; and
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To state whether particular matters have come to my attention.
Basis of Independent Examiner’s Report
My examination was carried out in accordance with the general Directions given by the Charity Commissioners. 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 a 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:
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a) which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with section 145 of the 2011 Act; and
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• to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
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have not been met; or
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b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
5, Market Yard Mews Thomas Ward FCA
London SE1 3TQ
194-204 Bermondsey Street
Lonsdale Ward Limited 12[th] August 2024
9
The Keyboard Charitable Trust for Young Professional Performers
Statement of Financial Activities
For the year ended 31st March 2024
| Note | Unrestricted | Restricted | Total |
Total | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Income and endowments: | |||||
| Donations and legacies | 3 | 34,134 | 41,852 | 75,986 | 87,468 |
| Charitable activities | 4 | 8,991 | - | 8,991 | 4,235 |
| Investment income | 5 | 1,320 | 1,013 | 2,333 | 1,055 |
| _____ | ______ | ||||
| Total | 44,445 | 42,865 | 87,310 | 92,758 | |
| _____ | ______ | ||||
| Expenditure on | |||||
| Raising funds | 6 | 6,779 | - | 6,779 | 10,048 |
| Charitable activities | 7 | 68,010 | 53,216 | 121,226 | 112,297 |
| Other costs | 8 | 3,053 | - | 3,053 | 2,835 |
| _____ | ______ | ||||
| Total | 77,842 | 53,216 | 131,058 | 125,180 | |
| _____ | ______ | ||||
| Other gains/(losses) – foreign | exchange | (434) | - | (434) | 1,424 |
| _____ | ______ | ||||
| Net movements in funds | (33,831) | (10,351) | (44,182) | (30,998) | |
| Total funds brought forward at | |||||
| 1st April 2023 | 224,865 | 71,004 |
295,869 |
326,867 | |
| Total funds carried forward at | |||||
| 31st March 2024 | 11 | 191,034 | 60,653 £251,687 | £295,869 | |
| ____ _ | _____ _ |
In 2023 restricted income of £64,503 was received and restricted expenditure of £52,108 was incurred.
10
The Keyboard Charitable Trust for Young Professional Performers
Balance Sheet as at 31st March 2024
| Note | Note | Note | 2024 | 2023 | |||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | ||||
| Current Assets | |||||||
| Cash at bank and in hand Debtors (Gift Aid) Debtors (Other) |
9 | 9 249,011 289,974 - 7,406 5,976 - ~~ae~~ |
|||||
| 254,987 | 297,380 | ||||||
| Current liabilities | |||||||
| Creditors | 10 | (3,300) | (1,511) | ||||
| Net current assets | 251,687 | 295,869 | |||||
| Total net assets | 251,687 | 295,869 | |||||
| Represented by: | |||||||
| Unrestricted funds | 11 | 191,034 | 224,865 | ||||
| Restricted funds | 11 | 60,653 | 71,004 | ||||
| 251,687 | 295,869 |
Approved by the Board of Trustees on 12[th] August 2024 and signed on its behalf by:
G.A. Shindler Chairman of the Trustees
11
The Keyboard Charitable Trust for Young Professional Performers
Cash Flow Statement
For the year ended 31st March 2024
| 2024 Net Cash flows from Operating Activities (42,872) Returns on Investment and Servicing of Finance Investment income 2,333 Change in cash in reporting period (40,539) Cash at 1st April 2023 289,974 Change in cash due to exchange rate movements (424) Cash at 31st March 2024 £ 249,011 Reconciliation of Net Income/(Expenditure) to Net Cash flows from Operating Activities Net Income/(Expenditure) for the period (44,182) Interest Received (2,333) Decrease/(increase) in debtors 1,430 Increase/(Decrease) in creditors 1,789 Exchange (gain)/loss 424 Net cash flow from operating activities £ (42,872) |
2023 (40,883) 1,055 (39,828) 328,378 1,424 £ 289,974 (30,998) (1,055) (7,406) - (1,424) £ (40,883) |
2023 (40,883) 1,055 (39,828) 328,378 1,424 £ 289,974 (30,998) (1,055) (7,406) - (1,424) £ (40,883) |
|---|---|---|
| £ £ |
12
The Keyboard Charitable Trust for Young Professional Performers
Financial Statements for the year ended 31st March 2024
Notes
1. Background
The Keyboard Charitable Trust for Young Professional Performers is an unincorporated charity registered in England and Wales under registration number 1017036 and its principal office is 54 Raleigh Road, London N8 0HY.
2. Principal Accounting Policies
- (a) Basis of accounting
The financial statements are prepared in accordance with 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[st] January 2015), (Charities SORP FRS 102) and the Charities Act 2011.
The Keyboard Charitable Trust for Young Professional Performers meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or market value in respect of investments.
- (b) Going concern
The ability of the company to undertake its activities is largely dependent upon the receipt of donations and revenue from charitable activities. Those revenues cannot be guaranteed and are heavily dependent upon the efforts and contributions of the staff, the executive and the trustees.
The trustees manage the activities of the charity based upon its level of reserves and anticipated guaranteed future income. Because of this the trustees consider that the continuing viability of the trust is assured and that it is therefore appropriate to prepare accounts on the going concern basis.
- (c) Incoming resources
Incoming resources are accounted for on a receivable basis and recognised in the period in which the charity is entitled to the funds, any performance conditions attached to an award have been met, it is probable that income will be received and the amount can be measured reliably.
- (d) Expenses
Expenses are accounted for on an accruals basis.
- (e) Foreign currencies
Monetary assets and liabilities are translated into pounds sterling at the exchange rate prevailing at the balance sheet date. Transactions in foreign currencies are accounted for in foreign currency ledgers and the total sum for the year is accounted for in the Statement of Financial Activities at the rate prevailing at the balance sheet date. Gains or losses arising on the retranslation of the opening balances are accounted for in the Statement of Financial Activities.
13
The Keyboard Charitable Trust for Young Professional Performers
Financial Statements for the year ended 31st March 2024
Notes (Continued)
(f) Investments
Investments are included in the financial statements at market value at the balance sheet date, and the realised and unrealised gains or losses are taken to the Statement of Financial Activities.
(g) Funds
Restricted funds consist of income received for a specified purpose less related expenditure.
Unrestricted funds consist of income received which can be used for any charitable purposes in line with the charity’s objectives and all expenditure that does not relate to the restricted fund.
3. Voluntary Income
| Donations and grants (unrestricted) Grants (restricted) Gift Aid receivable Friends Scheme One Thousand Club |
2024 £ 23,144 41,852 5,976 999 4,015 __ 75,986 ____ |
2023 £ 9,139 53,419 12,442 1,108 11,360 |
2023 |
|---|---|---|---|
| 87,468 |
4. Income from Charitable Activities
| Concert takings Concert fees received on behalf of Artist Fund raising event 5. Investment Income Bank interest |
2024 £ 6,672 - 2,319 __ 8,991 _ 2024 £ 2,333 ___ 2,333 |
2023 £ 2,506 1,729 - |
2023 |
|---|---|---|---|
| 4,235 | |||
| 2023 £ 1,055 |
2023 | ||
| 1,055 |
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The Keyboard Charitable Trust for Young Professional Performers
Financial Statements for the year ended 31st March 2024
Notes (Continued)
| 6. Expenditure on raising funds 2024 £ Direct costs 672 Allocated support costs 6,107 __ 6,779 _ 7. Expenditure on Charitable Activities 2024 £ Artists’ fees and expenses Artists’ fees 27,134 Artists’ travel and hotels 10,543 37,677 Concert expenses Promotion 1,027 Concert expenses 7,744 8,771 Recording fees 188 Allocated support costs 21,374 Grant (restricted funds) 47,628 Staff and office costs (restricted funds) 5,588 Total cost of charitable activities 121,226 8. Support Costs 2024 £ Accountancy (including independent examiner’s fee of £500) 1,850 Bank charges 743 Postage, stationery and telephone 152 Staff and office costs 26,973 Miscellaneous 816 30,534 ___ Allocated to: Raising funds (20%) 6,107 Charitable activities (70%) 21,374 Other (10%) 3,053 |
2023 £ 4,377 5,671 |
2023 |
|---|---|---|
| 10,048 | ||
| 2023 £ 19,584 12,444 |
2023 | |
| 32,028 | ||
| 1,338 6,601 |
||
| 7,939 | ||
| 375 19,847 46,696 5,412 |
||
| 112,297 | ||
| 2023 £ 1,450 500 919 24,771 713 __ 28,353 ____ 5,671 19,847 2,835 |
2023 |
The Charity had no employees in either year.
15
The Keyboard Charitable Trust for Young Professional Performers
Financial Statements for the year ended 31st March 2024
Notes (Continued)
9. Cash at Bank
| Lloyds Bank plc CAF Bank Ltd CAF Bank Ltd Gold Account CAF – Dr Weir Legacy Lloyds US $ Scottish Widows Cash float |
2024 £ 95,845 1,500 6,981 51,353 25,493 66,919 920 249,011 |
2023 £ 119,800 1,500 14,555 61,588 25,525 65,992 1,014 289,974 |
2023 |
|---|---|---|---|
10. Creditors
Other creditors |
2024 2023 £ £ 3,300 1,511 |
2023 |
|---|---|---|
16
The Keyboard Charitable Trust for Young Professional Performers
Financial Statements for the year ended 31st March 2024
Notes (Continued)
11. Net Movements in Funds
| Net Movements in Funds | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |
| Funds | Funds | Funds | Funds | |
| 2024 | 2024 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| At 1stApril 2023 | 224,865 | 71,004 | 295,869 | 326,867 |
| Net movement in funds | (33,831) | (10,351) | (44,182) | (30,998) |
| ______ | ______ | |||
| At 31stMarch 2024 | 191,034 | 60,653 | 251,687 | 295,869 |
| ______ | ______ | |||
| The funds are represented by: | ||||
| Cash at bank and in hand | 188,358 | 60,653 | 249,011 | 289,974 |
| Debtors | 5,976 | - | 5,976 | 7,406 |
| Creditors | (3,300) | - | (3,300) | (1,511) |
| ______ | ______ | |||
| 191,034 | 60,653 | 251,687 | 295,869 | |
| ______ | ______ |
Unrestricted funds comprise those funds which the Trustees are free to apply in accordance with the charity’s objectives. Restricted funds are in respect of a grant from the Kenneth Ross Weir Will Trust less related expenditure (see note 13 below). Future grants under the Kenneth Ross Weir Will Trust (see note 14) will be made from the Restricted Fund.
13. The Kenneth Ross Weir Will Trust
The terms of the Will of Dr Kenneth Ross Weir required the Trustees of his estate to establish a charitable trust to help support the training of a young keyboard musician aged between 12 to 20 years of age from any part of the world who wishes to study at an accredited international music school or college or with a renowned private teacher. The Keyboard Charitable Trust was requested by charitable trustees who are members of the firm of Blanchards Bailey, the solicitors acting for the estate of Dr Kenneth Ross Weir, to oversee the process whereby candidates are identified, monitored and provided with an appropriate grant.
Grants from the Will Trust received in the year amounted to £41,852 (2023 £53,419) and this has been used to fund four candidates. The total amount bequeathed to the charitable trust is approximately £500,000 and there is therefore a contingent asset of approximately £250,000 that will be made available for future candidates.
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The Keyboard Charitable Trust for Young Professional Performers
Financial Statements for the year ended 31st March 2024
Notes (Continued)
14. Commitments
The Charity is committed to make further grants under the Kenneth Weir Will Trust of £50,057 per annum for the next three years. This is conditional upon the current grantees achieving excellent or top standard in annual assessment reports.
15. Key Management and Related Party transactions
The Trustees are considered to be the key management of the Charity. The Trustees received no remuneration.
Two trustees were reimbursed expenses incurred of £821 (2023 – £2,375).
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