OAKEN PALACE RECORDS Charitable Incorporated Organisation Registered Charity Number 1154786
TRUSTEES’ ANNUAL REPORT For the year ended 31[st] December 2022
## Charity Information and Organisation
**Charity name:** Oaken Palace Records
**Address:** 174 Old Bedford Road Luton Bedfordshire LU2 7HW
**Trustees:** Dr Sven Lohrey (chair) Dr Owen Coggins Dr Jakob Stollberger Dr Kristin Hildenbrand
Oaken Palace Records is a Charitable Incorporated Organisation (CIO), registered charity number 1154786, governed according to the CIO Foundation Constitution, last amended on 1[st] June 2013.
The Members of the CIO are natural persons, who undertake to act in good faith to further the purposes of the CIO.
The affairs of the CIO are managed by the Charity Trustees. There must be at least three and no more than 10 Trustees. These Trustees may appoint new Trustees at any time, provided that a resolution is passed at a properly convened meeting of the current Charity Trustees.
Decisions are made by simple majority of votes at a meeting of the Trustees or by resolution made in writing or in electronic form and agreed by all Trustees.
Day to day management of the CIO’s affairs throughout 2022 was carried out by the chair, Sven Lohrey, who was responsible for accounting, the online presence, and continuing the relationships with suppliers and distributors, and Owen Coggins, who was responsible for packing and shipping the sold goods, as well as contacting and building working relationships with new artists. As in previous years, all Trustees decide together on new albums to be released, and, together with the participating artists/bands, on suitable animal protection organisations to receive grants.
## Introduction
The trustees present their report and financial statement for the year ending 31[st] December 2022. This report is presented in accordance with the Statement of Recommended Practice, “Accounting and Reporting by Charities: Financial Reporting Standards for Smaller Entities” (FRSSE), effective 1[st] January 2015.
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## Objectives and activities
As per its Foundation Constitution, the objectives of the CIO are:
- (1) The advancement of the art of Drone Metal music by the production and distribution on recordings in this genre;
- (2) The conservation of endangered species of animals by the provision of grants.
In exercising their duty, the Charity Trustees have reviewed that all their activities have due regard to public benefit guidance published by the Commission.
The main activities of the CIO in order to achieve these objectives, as mentioned in point (1), are the release of Drone Metal music on different media (physical and digital), distributing these releases to a wide audience through the CIO’s own websites as well as distributor partners in Europe (Sonic Rendezvous) and the United States (The Business at Anacortes), and promoting the releases through reviews in high-profile music outlets as well as free streaming.
Each released album is dedicated to a specific endangered animal. Animals are chosen by the contributing artists and bands, but always in discussion with the Trustees, and based on the animals’ conservation status as listed on the IUCN redlist.
Once the production costs of each release have been covered, all profits are donated to an environmental organisation that works towards the protection of the respective endangered animal. To ensure that the given grants benefit those animals as directly as possible, donations are primarily given to specific on-going or planned projects run by small, specialised environmental organisations, which must be registered as a charity in their country.
## Achievements and performance
## **(1) With regards to the advancement of the art of Drone Metal music:**
The “wait-and-see”-approach we had adopted in 2021 due to the effects of the Covid-19 pandemic and Brexit on international sales continued in 2022. Unfortunately, we experienced a sharp drop in sales throughout Europe and the rest of the world, and saw few alternatives for changing this.
Although we applied for and received an EORI number, we simply do not have sufficient funds to pay for an Import One Stop Shop (IOSS) supplier in Europe, which seems to be the general recommendation for dealing with the changes in import/export regulations after Brexit.
In addition, most of the remaining vinyl pressing plants are situated in Eastern Europe, so both import tax and the rising inflation resulted in a considerable rise of production costs, which naturally makes us think twice about releasing a new album – at least on vinyl.
Finally, operating in an underground and DIY scene, very few of the artists we work with can actually live off their music, so we suspect that their focus had to shift from producing new material to securing their living. While we are in discussion about a new release with Bong’s David Perry, we have not received any new material or specifics for a new release.
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All of this made 2022 the first year in which no new music was released on Oaken Palace Records. However, we continue to make all releases available to stream for free via the Oaken Palace Records Bandcamp page, allowing everyone to access Drone music irrespective of their financial situation.
## **(2) With regards to the conservation of endangered species of animals by the provision of grants:**
As in the previous year, we waited until end of November with making any donations, taking into account the challenging context in which the charity is operating. In detail, the following donations were made:
## (a) On 30th November:
GBP 100 for the Wild Tiger Health project of Wildlife Vets International, from profits of OAK-011: Phurpa – Sacred Sounds 18.12.16 and OAK-012: Phurpa – Sacred Sounds 22.1.17 (both released in 2017). This donation was made as part of The Big Give donation challenge, was matched and doubled to GBP 200.
## (b) On 30th November:
USD 500 (GBP 417.03) for the Masai giraffe to the Giraffe Conservation Foundation, from profits of OAK-020: Bombay Lunatic Asylum – Mad Song (released in 2021).
In total, Oaken Palace Records donated GBP 517.03 in 2022. The total donation amount since 2014 is now GBP 18,381.19. Donation certificates and/or Thank You letters for each of the listed donations can be found in the appendix of this report.
## Financial review
The results for the year and financial position are set out in the Statement of Financial Activities and the Balance Sheet on pages 7 and 8.
Total incoming resources were £1,070 (2021: £4,169), and resources expended were £840 (2021: £1,883), resulting in a small surplus of £230 (2021: £2,286).
## Reserves policy
The Trustees review the policy on reserves and set targets at least once per annum with reference to the guidance and terminology published by the Charity Commission. The policy is also reviewed, when warranted by changes in risk assessment or business plans. The review includes unrestricted funds, designated funds and tangible fixed assets. Transfers to and from funds are authorised by at least two of the three current Trustees. Currently, there are no funds materially in deficit.
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## Plans for future periods
Although the conditions remain challenging, we are able to donate money to what matters most to this charity – the protection and conservation of endangered species. We do hope that after three years of the Covid-19 pandemic, we are in a process of arriving at a “new normal”. Especially in the last months of 2022, we noticed a small, but encouraging rise in sales, including to European and international supporters of our label.
At the same time, the developments over the last years have led me to decide that it is time for me to step back as the chair of trustees and focus on other projects. I’m more than confident that Owen Coggins will continue the activities of the label in the same spirit with which it was founded.
Sven Lohrey, Chair of Trustees January 2023
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## STATEMENT OF FINANCIAL ACTIVITIES
|**INCOMING RESOURCES**
Grants and Donations
2
Charitable Trading
3
**TOTAL INCOMING RESOURCES**
**RESOURCES EXPENDED**
Postage and Carriage
4
Charitable Donations
5
Bank Charges and Professional Fees
6
Suspense and Mispostings
7
**TOTAL RESOURCES EXPENDED**
**SURPLUS / (DEFICIT) FOR THE YEAR**
**BROUGHT FORWARD 1st JAN 2022**
**CARRIED FORWARD 31st DEC 2022**|2022
Restricted
£
2022
Designated
£
2022
Unrestricted
£
2022
Total
£
2021
Total
£
0
0
0
0
0
0
0
1,070
1,070
4,169|
|---|---|
||0
0
1,070
1,070
4,169|
||0
0
259
259
791
0
0
517
517
948
0
0
64
64
144
0
0
0
0
0|
||0
0
840
840
1,883|
||0
0
230
230
2,286|
||0
0
4,890
4,890
2,604|
||0
0
5,119
5,119
4,890|
6
## BALANCE SHEET AS AT 31[st] DECEMBER 2022
|**FIXED ASSETS**
**CURRENT ASSETS**
Amounts Due
Cash at Bank and in Hand
**CREDITORS**
Amounts due
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS LIABILITIES**
**CHARITY FUNDS**
Restricted
Designated
Unrestricted
**TOTAL CHARITY FUNDS**|2022
£
£
0
1,138
3,981
5,119
0
5,119
5,119
0
0
5,119
5,119|2022
£
£
0
1,138
3,981
5,119
0
5,119
5,119
0
0
5,119
5,119|2021
£
£
0
1,218
3,672
4,890
0
4,890
4,890
0
0
4,890
4,890|2021
£
£
0
1,218
3,672
4,890
0
4,890
4,890
0
0
4,890
4,890|
|---|---|---|---|---|
||5,119||4,890||
||0||0||
||||||
|||5,119||4,890|
|||0
0
5,119||0
0
4,890|
|||5,119||4,890|
## **Accounts approved by Trustees**
**----- Start of picture text -----**
………………………………………………………
Dr Sven Lohrey
January 2023
**----- End of picture text -----**
**----- Start of picture text -----**
………………………………………………………
Dr Owen Coggins
January 2023
**----- End of picture text -----**
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## NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31[st] DECEMBER 2022
## **1. ACCOUNTING POLICIES**
The accounts have been prepared under the historical cost convention and in accordance with (1) Accounting by Charities – Statement of Recommended Practice (SORP 2005), (2) with Financial reporting standards for Smaller Enterprises (FRSSE), and (3) with the Charities Act 2011.
Incoming resources are recognised on a receivable basis, and liabilities are recognised on an accruals basis.
## **2. GRANTS AND DONATIONS RECEIVABLE**
|2022
Restricted £
2022
Unrestricted £
0
0|2021
Restricted £
2021
Unrestricted £|
|---|---|
||0
0|
## **3. CHARITABLE TRADING GROSS PROFIT (UNRESTRICTED)**
|Physical Music Media (Vinyl
Records and Tapes)
Digital Downloads|2022
Unrestricted £
2021
Unrestricted £
793
3,418
78
272|
|---|---|
||871
3,690|
## **4. CHARITABLE DONATIONS**
|Kakapo Recovery
Wildlife Vets International
NFWF
Giraffe Conservation
Foundation|2022
Restricted £
2022
Unrestricted £
0
0
0
100
0
0
417
0
517|2021
Restricted £
2021
Unrestricted £
0
225
0
535
0
188|
|---|---|---|
|||0
948|
8
## **5. BANK CHARGES AND PROFESSIONAL FEES (UNRESTRICTED)**
|Bank Account Fees
Exchange Rate Variances
PayPal Fees
Discogs Fees|2022
Unrestricted £
2021
Unrestricted £
81
96
(17)
48
35
78
0
5|
|---|---|
||99
227|
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decline. maDyAfrican giraffe populations are 5tartingto show an upward5trend. Thi5 n5 fantastic
news and gives us hopel Giraffe need our help nowto ensure that these trends continue.
If you want to find out moreabout ourirnportant work, ease vislt our website, sign upto our
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Togetherwe can make a difference and be a voice for Éiraffel
Warm regard5,
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Official Donation Receipt
Thank wufor supporting Wildlife Vets Intematianal with your generous grftthrough Big Give.
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caffipaign. Wildlrfe Vet5 International 15 registered %Ytth the Charity Commission for England and Wales with charty
number 1109670 Thls recelpt certlfies ihat no Boorts or 5eNlceswere provided in reiurn for yourconirlbutK)n.
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