## **THE IMOGEN COOPER MUSIC TRUST** ## **ANNUAL REPORT AND FINANCIAL STATEMENTS** ## **YEAR ENDED 31 December 2022** **Registered charity no. 1162347** **The Imogen Cooper Music Trust** _Year ended 31 December 2022_ **Contents** ## **Contents** |Legal and administrative information|2| |---|---| |Board of Trustees’ report|3| |Independent Examiner’s report|6| |Statement of financial activities|7| |Balance sheet|8| |Notes to the financial statements|9| **Registered charity no. 1162347** **1** **Legal and administrative information** **The Imogen Cooper Music Trust** _Year ended 31 December 2022_ ## **Legal and administrative information** ## **Board of Trustees** **Board of Trustees** Mrs Penny Jonas Lady Julia Boyd Lady Amanda Elder Mr David Green Mr Ian Peacock Mr John Reeve Sir Nicholas Stadlen Mr Alasdair Tait **Honorary President** Alan Rusbridger **Artistic Director** Dame Imogen Cooper DBE **Treasurer** John Batten **Administrator** Mary Orr **Charity registration no.** 1162347 **Registered address** Flat 5, 125 Hornsey Lane London N6 5NH **Independent Examiner** Andy Nash Accounting & Consultancy Ltd Units 24 & 25 Goodsheds Container Village Hood Road Barry CF62 5QU **Principal Bankers** CAF Bank 25 Kings Mill Avenue Kings Mill West Malling Kent ME19 4JQ ## Chair (appointed 8 December 2022) (resigned 22 February 2023) (resigned 29 July 2023) (resigned 21 August 2022) **Registered charity no. 1162347** **2** **Board of Trustees’ report** **The Imogen Cooper Music Trust** _Year ended 31 December 2022_ ## **Board of Trustees’ report** The Board of Trustees submit their annual report and the financial statements of The Imogen Cooper Music Trust (IMCT) for the year ended 31 December 2022. The Board of Trustees confirms that the annual report and financial statements of the Charity comply with current statutory requirements, including the Charity Act 2011, as well as the requirements of the Charity’s governing document and the provisions of 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) second edition (effective 1 January 2019)’, and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). ## **OBJECTS AND ACTIVITIES** The objects of the Charity are to promote knowledge and appreciation of the arts and in particular the art of music for the benefit of the public. The Trust carries out its mission by providing scholarships to exceptional young musicians. These are mainly pianists and singers at a critical point in their artistic development. They are offered the opportunity to study under the guidance of the Trust’s Artistic Director, the concert pianist Dame Imogen Cooper. The Trust’s focus on awarding these scholarships echoes Imogen Cooper’s own experience as a young English pianist when she was invited to work with Alfred Brendel, Arthur Rubinstein and Clifford Curzon, who were at the peak of their careers. She says it was, ‘an experience that has resonated with me throughout my performing life’. Through the Trust, Imogen Cooper’s wish to offer similarly significant experiences to today’s young pianists is fulfilled. ICMT scholarships cover a one-to-one study week with Imogen Cooper ending with an open masterclass and recital. The study weeks take place in an environment of peace and tranquillity, far away from the distractions of daily life, where scholarship holders benefit from intense work on the great piano repertoire. The Trust commits to offering the study weeks on a fully funded basis. Travel, meals, accommodation and tuition are covered by the Trust to ensure that no gifted young musician will be excluded, regardless of background or financial circumstances. Participants in the study weeks are also offered a London recital following the course. These are arranged by the Trust, with their expenses covered and a modest fee paid. In making these commitments, the Trustees confirm that they have complied with their duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission's public benefit guidance in determining the activities undertaken by the charity. The Trust is fortunate to hold the study weeks in a secluded private property in France, outside Eygalières in rural Provence. The combination of three fine pianos, occasional additional teachers, warmly generous hospitality and a lack of external distractions offers a sense of retreat and renewal, rarely found in an urban environment. We are deeply indebted to our hosts for creating the environment that makes the study weeks such a success. ## **REVIEW OF THE YEAR** Following the end of the Covid pandemic and the related limitations on European travel, ICMT was able to hold a full programme in Eygalières in 2022 as well as a full London concert series. Two study weeks were held in Eygalières, the first in April, and the second in October. The April scholars were William Bracken and Aidan Mikdad, and the October scholars were Evren Ozel and the soprano Iryna Kyshliaruk and bassbaritone Jeeyoung Lim, accompanied by Keval Shah. Henk Neven was the voice coach. Aidan Mikdad says: ‘It was an extraordinary experience to work with the great pianist Imogen Cooper. In the lessons we focussed on a great variety of music from different styles (ranging from classical to romantic). Being in Eygalières surrounded by tranquillity and wonderful nature gave us the time to explore in depth complex compositions such as Beethoven’s Sonata Op. 110, Schumann’s Carnaval and many others. I felt that I was gaining new insights on how to approach music. This was definitely one of the most inspiring weeks of my musical life’. And Iryna Kyshliaruk: ‘The intense study week with Imogen Cooper and Henk Neven in Eygalières was a rare opportunity to work in a calm and caring environment when I was able to dive into the universe of Schubert's Lieder and mélodies by Fauré and Duparc. The seven days were like a laboratory where we experimented with all the various aspects of interpretation and technique. Each day we were encouraged to go into the depths of things, to question ourselves. We tried to read the score from different angles with the aim of paying homage to it with the maximum of sincerity, dedication, authenticity.’ A total of eight scholars’ concerts were held at 30 Pavilion Road featuring Ignas Maknickas, Maria Hegele, Mishka Rushdie Momen, Wouter Valvekens, Anna Geniushene, Victor Braojos, William Bracken and Aidan Mikdad. All received a performance fee, except one who chose to receive a live video recording. There were also three wellattended fundraising events there, with Imogen Cooper accompanying Mark Padmore and Wolfgang Holzmair as well as a solo recital by Paul Lewis. In addition, Imogen was **Registered charity no. 1162347** **3** **Board of Trustees’ report** **The Imogen Cooper Music Trust** _Year ended 31 December 2022_ invited to perform a fund-raising concert for the Trust at Cranleigh Arts Centre, which was a big success. The Trust continues to offer half-price tickets for ICMT concerts to the under 30s. December saw the Trust’s last concert at 30 Pavilion Road. The venue has been sold and is unfortunately no longer available for recitals. The Trust thanks its previous owner and ICMT patron, Anne Machin, for her great generosity in agreeing for the Trust to hold recitals there. The Trust’s Yamaha C7 piano has been moved to the Matthiessen Gallery in St James’s where it has been used for occasional concerts by ICMT alumni on behalf of the Matthiesen Foundation. In August 2022 the Trust’s website was relaunched. It was substantially redesigned by Joyce Reeve, a volunteer, and moved to a separate domain, imogencoopermusictrust.com. She is responsible for its maintenance and enhancement, including improved analytics and SEO. The Trustees would like to record their heartfelt thanks to all the Friends and Supporters of ICMT who have attended our events and given generously to the Trust both financially and by volunteering in all kinds of roles. _ICMT ALUMNI TO DATE IN ORDER OF PARTICIPATION_ Lara Melda _piano_ Mishka Momen _piano_ Samson Tsoy _piano_ Alexandra Vaduva _piano_ Pavel Kolesnikov _piano_ Florian Caroubi _piano_ (attended twice) Cristian Sandrin _piano_ Anna Geniushene _piano_ Dominic Degavino _piano_ Anna Szałucka _piano_ Maria Hegele _mezzo-soprano_ Lotte Betts-Dean _mezzo-soprano_ Andrey Lebedev _classical guitar_ Sarah Gilford _soprano_ Xinyuan Wang _piano_ Adèle Charvet _mezzo soprano_ Ariel Lanyi _piano_ Ying Li _piano_ Eric Lu _piano_ Victor Braojos _piano_ Dmitrii Kalashnikov _piano_ Ignas Maknickas _piano_ Elisabeth Pion _piano_ Maxim Kinasov _piano_ Wouter Valvekens _piano_ William Bracken, _piano_ Aidan Mikdad, _piano_ Iryna Kyshliaruk, _soprano_ Jeeyoung Lim, _bass-baritone_ Evren Ozel, _piano_ Keval Shah, _piano_ ## **PLANS FOR FUTURE PERIODS** The most pressing issue at the end of 2022 was the identification of a new London venue for scholars’ recitals to replace 30 Pavilion Road. The Trustees explored the use of the Matthiessen Gallery, the new home of our piano, but ultimately concluded that, despite its many advantages, the restricted space was not ideal for the type of event that we planned to hold. The Trust has now made arrangements to use a modern purpose-built concert venue with its own fine piano, the Razumovsky Academy in Kensal Green. This will be our home for the 2023 Trust concerts. The Trust’s piano will remain at the Matthiessen Gallery for the use of additional recitals by ICMT scholars, pending a review by the Trustees. The Trustees are keen to develop the ICMT offering and are exploring other venues for the study weeks in addition to Eygalières. A further possibility is to engage additional study week coaches chosen personally by Imogen Cooper. ## **STRUCTURE, GOVERNANCE & MANAGEMENT** The Imogen Cooper Music Trust is a charitable incorporated organisation administered by Trustees and governed by its constitution dated 1 June 2015. It was registered with the Charity Commission on 23 June 2015. Every Trustee is appointed for a term of three years by a resolution passed at a properly convened meeting of the Trustees with an option to remain a Trustee for three consecutive terms. Sir Nick Stadlen, originally appointed in June 2015, confirmed his willingness to remain for a third term from June 2022, Penny Jonas, appointed in June 2019, confirmed her willingness to remain for a second term from June 2022. Three Trustees were appointed in 2022: Ian Peacock in November, and Lady Amanda Elder and John Reeve in December. Ian has had an extensive career in banking, Mandy’s career has been in arts management, especially opera, and John was a senior consulting partner at Deloitte. All three have been trustees of several other charities. There was one retirement in 2022: Alasdair Tait, appointed in January 2021, retired in August 2022 owing to other commitments. In the period, the Trustees all gave their time voluntarily and received no remuneration or other benefits. Regarding the Trust’s duty of care, the Trustees have always promoted a positive culture to ensure that all involved from artists to volunteers feel able to freely report any concerns. The Trustees approved a new Safeguarding Policy Document in January 2022. They will continue to ensure that appropriate safeguarding policies and procedures are in place in line with Charity Commission guidance. **Registered charity no. 1162347** **4** **Board of Trustees’ report** **The Imogen Cooper Music Trust** _Year ended 31 December 2022_ The Artistic Director of the Imogen Cooper Music Trust is the distinguished pianist Dame Imogen Cooper. Dame Imogen is internationally renowned both as a performing and as a recording artist. In the period she received a token honorarium of £4,500. We give special thanks to our Administrator, Mary Orr, and to John Batten in his continued role as Treasurer. ## **FINANCIAL REVIEW** The Charity achieved a surplus of £66,704 (2021: deficit of £648) in the period resulting in total funds at the period-end of £132,490 (2021: £65,786). Of these funds £105,188 (2021: £32,130) were unrestricted as to use and £27,302 (2021: £33,656) was restricted to a number of uses outlined in the financial statements. This positive result was as a result of an unexpected legacy of £75,000 which the Charity was notified of in early 2022 and therefore recognised in the current period, but not received until early 2023. The Trustees are currently discussing the best possible use for these funds to further the objects of the Charity moving forward. ## _RESERVES POLICY_ The Charity has no significant ongoing liabilities, and so the Trustees do not need to maintain reserves to cover closedown costs should income drop significantly. As a result, the Trustees aim to keep unrestricted reserves sufficient to meet six months operating costs to provide time to meet any shortfalls that may arise in the future. At the end of the current period this equates to c. £25,000. The current free reserves of £105,188 are significantly above this as result of the legacy noted above, however it is not deemed excessive, and the Trustees are reviewing options for utilising the legacy moving forward. ## **STATEMENT OF BOARD OF TRUSTEES' RESPONSIBILITIES** The Trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year. Under that law they are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and, - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue its activities. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Charity and to prevent and detect fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the financial and other relevant information included on the Charity’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In addition, the Trustees confirm that they are happy that content of the annual review in pages 3 to 5 of this document meet the requirements of the Trustees’ Annual Report under charity law. They also confirm that the financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014. This report was approved and authorised for issue by the Board of Trustees on 13 September 2023 and signed on its behalf by: **----- Start of picture text -----**
Penny Jonas (Sep 28, 2023 09:03 GMT+1)Penny Jonas
**----- End of picture text -----**
Penny Jonas _**Trustee**_ Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the excess of income over expenditure for that period. In preparing these financial statements, the Trustees are required to: **Registered charity no. 1162347** **5** **Independent examiner’s report** **The Imogen Cooper Music Trust** _Year ended 31 December 2022_ ## **Independent Examiner’s report to the Board of Trustees of The Imogen Cooper Music Trust** I report to the Trustees on my examination of the accounts of The Imogen Cooper Music Trust (charity number 1162347) for the year ended 31 December 2022 set out on pages 7 to 16. ## **Respective responsibilities of Trustees and Examiner** ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: The charitable incorporated organisation’s (CIO) trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Charities Act). The CIO’s trustees consider that an audit is not required for this year under section 144 of the Charities Act and that an independent examination is needed. It is my responsibility to: - examine the accounts under section 145 of the Charities Act; - to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Charities Act; and, - to state whether particular matters have come to my attention. This report, including my statement, has been prepared for and only for the CIO’s trustees as a body. My work has been undertaken so that I might state to the CIO’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 CIO and the CIO’s trustees as a body for my examination work, for this report, or for the statements I have made. ## **Basis of independent examiner’s statement** My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the CIO 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 the Trustees concerning any such matters. - accounting records were not kept in respect of the CIO as required by section 130 of the Act; or - the accounts do not accord with those records; or - the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ## _**Andrew Philip Nash ACA**_ _Member of the Institute of Chartered Accountants in England and Wales – 2461833_ Dated: 13 September 2023 _Andy Nash Accounting & Consultancy Ltd_ Units 24 & 25 Goodsheds Container Village Hood Road Barry CF62 5QU The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below. **Registered charity no. 1162347** **6** **Statement of financial activities** **The Imogen Cooper Music Trust** _Year ended 31 December 2022_ ## **Statement of financial activities** ## **For the year ended 31 December 2022** **----- Start of picture text -----**
Unrestricted Restricted Total Total
Funds Funds Funds Funds
Year ended Year ended Year ended Year ended
31 Dec 2022 31 Dec 2022 31 Dec 2022 31 Dec 2021
Notes £ £ £ £
Income from:
Donations 2 97,884 1,500 99,384 32,450
Other trading activities 3 16,130 - 16,130 7,166
Investments 25 - 25 -
Total income 114,039 1,500 115,539 39,616
Expenditure on:
Raising funds 4 2,529 - 2,529 139
Charitable activities 4 & 5 36,027 10,279 46,306 40,125
Total expenditure 38,556 10,279 48,835 40,264
Net income/(expenditure) 75,483 (8,779) 66,704 (648)
Transfers between funds 9 & 10 (2,425) 2,425 - -
Net movement in funds 9 & 10 73,058 (6,354) 66,704 (648)
Reconciliation of funds:
Total funds brought forward 9 & 10 32,130 33,656 65,786 66,434
Total funds carried forward 9 & 10 105,188 27,302 132,490 65,786
**----- End of picture text -----**
The notes on pages 9 to 16 form part of the financial statements. **Registered charity no. 1162347** **7** **Balance sheet** **The Imogen Cooper Music Trust** _Year ended 31 December 2022_ ## **Balance sheet** ## **As at 31 December 2022** **----- Start of picture text -----**
Total Total
Funds Funds
Notes 31 Dec 2022 31 Dec 2021
£ £ £ £
Fixed assets:
Tangible assets 6 23,153 26,979
Current assets:
Debtors & prepayments 7 90,572 12,776
Cash at bank and in hand 21,871 30,627
112,443 43,403
Liabilities:
Creditors: amounts falling due
within one year 8 (3,106) (4,596)
Net current assets/(liabilities) 109,337 38,807
Net assets/(liabilities) 132,490 65,786
Funds of the charity:
Restricted funds 9 & 10 27,302 33,656
Unrestricted funds 9 & 10 105,188 32,130
Total charity funds 132,490 65,786
**----- End of picture text -----**
The notes on pages 9 to 16 form part of the financial statements. These financial statements were approved and authorised for issue by the Board of Trustees on 13 September 2023 and signed on their behalf by: Penny Jonas (Sep 28, 2023 09:03 GMT+1)Penny Jonas Penny Jonas _**Trustee**_ **Registered charity no. 1162347** **8** **Notes to the financial statements** **The Imogen Cooper Music Trust** _Year ended 31 December 2022_ ## **Notes to the financial statements** ## **1. ACCOUNTING POLICIES** ## _**Basis of preparation of the financial statements**_ The financial statements have been prepared in accordance with ‘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) second edition (effective 1 January 2019)’, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), including Update Bulletin 1, and relevant charities law. The effect of any event relating to the year ended 31 December 2022, which occurred before the date of approval of the financial statements by the Board of Trustees has been included in the financial statements to the extent required to show a true and fair view of the state of affairs at 31 December 2022 and the results for the year ended on that date. the specific fund. The aim and use of each restricted fund is set out in note 9 of the financial statements. ## _**Income**_ Income is recognised when the Charity has entitlement to the funds, any performance indicators attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably. Donations are recognised in full in the Statement of Financial Activities when entitled, receipt is probable and when the amount can be quantified with reasonable accuracy. Gift aid receivable is included when claimable. Grant income is credited to the Statement of Financial Activities when received or receivable whichever is earlier, unless the grant relates to a future period, in which case it is deferred. The functional currency of the Charity is sterling. The amounts in the financial statements are rounded to the nearest pound. Ticket sales are recognised on completion of the concert or masterclass. ## _**Expenditure and irrecoverable VAT**_ Under the exemption available to smaller charities the Board of Trustees has chosen not to include a Statement of Cash Flows within the financial statements. ## _**Going concern**_ The financial statements have been prepared on the going concern basis as the Board of Trustees is confident that future reserves and future income is more than sufficient to meet current commitments. There are no material uncertainties that impact this assessment and the ongoing economic environment has had no material impact on this assessment. ## _**Legal status**_ The Imogen Cooper Music Trust is a charitable incorporated organisation registered in England & Wales, and meets the definition of a public benefit entity. The registered office is Flat 5, 125 Hornsey Lane, London, N6 5NH. ## _**Fund accounting**_ General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors or that have been raised by the Charity for particular purposes. The cost of raising and administering such funds are charged against All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Indirect costs, including governance costs, which cannot be directly attributed to activities, are allocated between activities proportionate to the direct costs incurred in those activities. Irrecoverable VAT is charged against the category of expenditure for which it was incurred. ## _**Tangible fixed assets and depreciation**_ All assets costing more than £500 are capitalised. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their residual value, over their useful life, on a straight-line basis. The useful life used is: Musical instruments 10 years ## _**Cash at bank and in hand**_ Cash at bank and in hand includes cash in hand, deposits with banks and funds that are readily convertible into cash at, or close to, their carrying values, but are not held for investment purposes. **Registered charity no. 1162347** **9** **Notes to the financial statements** **The Imogen Cooper Music Trust** _Year ended 31 December 2022_ ## _**Debtors and prepayments**_ Trade and other debtors are recognised at the settlement amount after any trade discount is applied. Prepayments are valued at the amount prepaid net of any trade discounts due. ## _**Creditors**_ Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably. ## _**Financial instruments**_ ## _**Critical estimates and judgements**_ In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The annual depreciation charge for property, plant and equipment is sensitive to changes in useful economic lives and residual values of assets. In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year. Basic financial instruments are measured at amortised cost other than investments which are measured at fair value. **Registered charity no. 1162347** **10** **Notes to the financial statements** **The Imogen Cooper Music Trust** _Year ended 31 December 2022_ ## **2. INCOME FROM DONATIONS** **----- Start of picture text -----**
Unrestricted Restricted Total
Funds Funds Funds
Year ended Year ended Year ended
31 Dec 2022 31 Dec 2022 31 Dec 2022
£ £ £
Trusts and foundations 3,000 - 3,000
Donations 19,884 1,500 21,384
-
Legacies 75,000 75,000
97,884 1,500 99,384
Unrestricted Restricted Total
Funds Funds Funds
Year ended Year ended Year ended
31 Dec 2021 31 Dec 2021 31 Dec 2021
£ £ £
Trusts and foundations 1,100 - 1,100
Donations 31,350 - 31,350
32,450 - 32,450
**----- End of picture text -----**
## **3. INCOME FROM OTHER TRADING ACTIVITIES** **----- Start of picture text -----**
Unrestricted Restricted Total
Funds Funds Funds
Year ended Year ended Year ended
31 Dec 2022 31 Dec 2022 31 Dec 2022
£ £ £
Concert ticket sales 16,130 - 16,130
16,130 - 16,130
Unrestricted Restricted Total
Funds Funds Funds
Year ended Year ended Year ended
31 Dec 2021 31 Dec 2021 31 Dec 2021
£ £ £
Concert ticket sales 6,437 - 6,437
Masterclass ticket sales 729 - 729
7,166 - 7,166
**----- End of picture text -----**
**Registered charity no. 1162347** **11** **Notes to the financial statements** **The Imogen Cooper Music Trust** _Year ended 31 December 2022_ ## **4. TOTAL EXPENDITURE** **----- Start of picture text -----**
Direct Indirect Total
costs costs costs
Year ended Year ended Year ended
31 Dec 2022 31 Dec 2022 31 Dec 2022
£ £ £
Expenditure on:
Raising funds 1,630 899 2,529
Charitable expenditure 29,845 16,461 46,306
31,475 17,360 48,835
Direct Indirect Total
costs costs costs
Year ended Year ended Year ended
31 Dec 2021 31 Dec 2021 31 Dec 2021
£ £ £
Expenditure on:
Raising funds 90 49 139
Charitable expenditure 25,976 14,149 40,125
26,066 14,198 40,264
**----- End of picture text -----**
Direct costs of raising funds consists of a proportion of concert costs as well as any fundraising events. activities proportionate to the direct costs incurred in those activities. Direct costs of charitable activities consists of a proportion of concert costs, costs of the study weeks, support provided to the scholars, and other related costs. Indirect costs, including administration, website maintenance, and governance costs, which cannot be directly attributed to activities, are allocated between All expenditure on raising funds was unrestricted in nature in both the current and prior year. A breakdown of expenditure on charitable activities between restricted and unrestricted funds can be found in note 5. Indirect costs includes the following fees paid to the independent examiner: ||**Total**|_Total_| |---|---|---| ||**Year ended**|_Year ended_| ||**31 Dec 2022**|_31 Dec 2021_| ||**£**|_£_| |Independent examiner's fee|**864**|_750_| |Other fees payable to examiner for gift aid support services|**516**|_450_| **Registered charity no. 1162347** **12** **Notes to the financial statements** **The Imogen Cooper Music Trust** _Year ended 31 December 2022_ ## **5. EXPENDITURE ON CHARITABLE ACTIVITIES** **----- Start of picture text -----**
Unrestricted Restricted Total
Funds Funds Funds
Year ended Year ended Year ended
31 Dec 2022 31 Dec 2022 31 Dec 2022
£ £ £
Direct costs 21,066 8,779 29,845
Indirect costs 14,961 1,500 16,461
36,027 10,279 46,306
Unrestricted Restricted Total
Funds Funds Funds
Year ended Year ended Year ended
31 Dec 2021 31 Dec 2021 31 Dec 2021
£ £ £
Direct costs 22,316 3,660 25,976
Indirect costs 14,149 - 14,149
36,465 3,660 40,125
**----- End of picture text -----**
## **6. TANGIBLE FIXED ASSETS** **----- Start of picture text -----**
Yamaha Yamaha
piano C7 piano Total
£ £ £
Cost
At 1 January 2022 12,331 25,950 38,281
- - -
Additions in the period
At 31 December 2022 12,331 25,950 38,281
Accumulated depreciation
At 1 January 2022 7,810 3,492 11,302
Charge for the period 1,233 2,593 3,826
At 31 December 2022 9,043 6,085 15,128
Net book value
At 1 January 2022 4,521 22,458 26,979
At 31 December 2022 3,288 19,865 23,153
**----- End of picture text -----**
**Registered charity no. 1162347** **13** **Notes to the financial statements** **The Imogen Cooper Music Trust** _Year ended 31 December 2022_ ## **7. DEBTORS AND PREPAYMENTS** **----- Start of picture text -----**
Total Total
Year ended Year ended
31 Dec 2022 31 Dec 2021
£ £
Gift aid due 15,572 12,776
-
Accrued legacies 75,000
90,572 12,776
**----- End of picture text -----**
## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** **----- Start of picture text -----**
Total Total
Year ended Year ended
31 Dec 2022 31 Dec 2021
£ £
Accruals 3,106 4,596
3,106 4,596
**----- End of picture text -----**
**Registered charity no. 1162347** **14** **Notes to the financial statements** **The Imogen Cooper Music Trust** _Year ended 31 December 2022_ ## **9. ANALYSIS OF CHARITY FUNDS** **----- Start of picture text -----**
Funds Income Expenditure Transfers Funds
brought for the in the between carried
forward period period period forward
Year ended Year ended Year ended Year ended Year ended
31 Dec 2022 31 Dec 2022 31 Dec 2022 31 Dec 2022 31 Dec 2022
£ £ £ £ £
Unrestricted funds 32,130 114,039 (38,556) (2,425) 105,188
Restricted funds
- -
Yamaha piano 3,667 (1,000) 2,667
- -
Yamaha C7 piano 22,889 (2,660) 20,229
Recitals 7,100 - (4,100) - 3,000
Scholar fund - - (1,019) 2,425 1,406
Administration - 1,500 (1,500) - -
Restricted funds 33,656 1,500 (10,279) 2,425 27,302
65,786 115,539 (48,835) - 132,490
**----- End of picture text -----**
## _**Yamaha piano**_ ## _**Recitals**_ During the year ended 30 June 2016, £10,000 was received to contribute towards the cost of a Yamaha piano for the use of scholarship students during the masterclass course. This is released against a proportion of the depreciation cost on an annual basis. ## _**Yamaha C7 piano**_ During the year ended 31 December 2020, £26,600 was received to contribute towards the cost of a Yamaha piano for the use of scholarship students for recitals and other functions. This is released against a proportion of the depreciation cost on an annual basis, as well as incidental costs related to the maintenance of the piano. During the prior year funds were raised to support the costs of organising recitals for scholarship students. ## _**Scholar fund**_ During the current year the Charity became aware of a donation in the prior year that had been given to support a specific scholar. These funds were transferred to restricted funds from unrestricted reserves and some funds were utilised in the period to support the individual. ## _**Administration**_ These are funds received to support the ongoing administration of the Charity. |_Unrestricted funds_
_Restricted funds_
Yamaha piano
Yamaha C7 piano
Recitals
_Restricted funds_|_Funds_
_brought_
_forward_
_Year ended_
_31 Dec 2021_
_£_
_29,118_
_4,667_
_25,549_
_7,100_
_37,316_
_66,434_|_Income_
_for the_
_period_
_Year ended_
_31 Dec 2021_
_£_
_39,616_
_-_
_-_
_-_
_-_
_39,616_|_Expenditure_
_in the_
_period_
_Year ended_
_31 Dec 2021_
_£_
_(36,604)_
_(1,000)_
_(2,660)_
_-_
_(3,660)_
_(40,264)_|_Expenditure_
_in the_
_period_
_Year ended_
_31 Dec 2021_
_£_
_-_
_-_
_-_
_-_
_-_
_-_|_Funds_
_carried_
_forward_
_Year ended_
_31 Dec 2021_
_£_
_32,130_
_3,667_
_22,889_
_7,100_
_33,656_
_65,786_| |---|---|---|---|---|---| **Registered charity no. 1162347** **15** **Notes to the financial statements** **The Imogen Cooper Music Trust** _Year ended 31 December 2022_ ## **10. ANALYSIS OF NET ASSETS BETWEEN FUNDS** **----- Start of picture text -----**
Unrestricted Restricted Total
funds funds funds
Year ended Year ended Year ended
31 Dec 2022 31 Dec 2022 31 Dec 2022
£ £ £
Fixed assets 257 22,896 23,153
Current assets 108,037 4,406 112,443
Current liabilities (3,106) - (3,106)
105,188 27,302 132,490
Unrestricted Restricted Total
funds funds funds
Year ended Year ended Year ended
31 Dec 2021 31 Dec 2021 31 Dec 2021
£ £ £
Fixed assets 423 26,556 26,979
Current assets 36,303 7,100 43,403
Current liabilities (4,596) - (4,596)
32,130 33,656 65,786
**----- End of picture text -----**
## **11. TRUSTEE REMUNERATION** During the period, no Trustee received any remuneration nor reimbursements of travel and subsistence expenses related to their role as a Trustee (2021: £Nil). ## **12. RELATED PARTY TRANSACTIONS** During the period there were no transactions carried out with related parties (2021: £Nil). ## **13. GUARANTEES AND SECURED CHARGES** As at 31 December 2022 the Charity did not have any outstanding guarantees to third partners nor any debts secured against assets of the Charity. **Registered charity no. 1162347** **16**