OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-12-31-accounts

THE IMOGEN COOPER MUSIC TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

Year ended 31 December 2023

Registered charity no. 1162347

The Imogen Cooper Music Trust Year ended 31 December 2023

Contents

Contents

Legal and administrative information 2
Board of Trustees’ report 3
Independent Examiner’s report 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10

Registered charity no. 1162347

1

Legal and administrative information

The Imogen Cooper Music Trust Year ended 31 December 2023

Legal and administrative information

Board of Trustees Mrs Penny Jonas Chair Lady Julia Boyd Lady Amanda Elder Mr David Green (resigned 22 February 2023) Mr Ian Peacock Mr John Reeve Sir Nicholas Stadlen (resigned 29 July 2023) Honorary President Alan Rusbridger Artistic Director Dame Imogen Cooper DBE Treasurer John Batten Administrator Mary Orr (until 30 April 2023) Alice Wright (from 1 August 2023) Charity registration no. 1162347 Registered address Flat 5, 125 Hornsey Lane London N6 5NH Independent Examiner Enaid Accountancy 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

Registered charity no. 1162347

2

Board of Trustees’ report

The Imogen Cooper Music Trust Year ended 31 December 2023

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 2023. 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.

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

The Imogen Cooper Music Trust (ICMT) continued to pursue its founding purposes in offering intense one-to-one study with distinguished pianist, Dame Imogen Cooper, and fine young musicians, mainly pianists, occasionally in partnership with singers.

One study week was held this year in Eygalières from 24-28 April, once again hosted with great generosity by Bryan Youl and Pat Ryan. The two fine young pianists, selected by Dame Imogen Cooper were:

Alim Beisembayev

Leeds International Piano Competition First Prize Winner 2021.

Ariel Lanyi

Third Prize, Leeds International Piano Competition 2021

Prize winner, Inaugural Young Classical Artists Trust (London) 2021

Prize winner, Concert Artists Guild International Auditions, New York 2021

Prix Serdang, 2023

Alim Beisembayev wrote of his experience:

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.

‘There could not be a more ideal location and a better

company than to visit Eygalières and spend time working with Dame Imogen Cooper last April. It was an

unforgettable week of endless music making and learning from the deep and extensive knowledge of Imogen on the

interpretation of greatest music ever written as well as simple life lessons. It was my first time in Provence which I hope isn’t my last, because to be surrounded by the nature of Provence is a dose of endless inspiration which is proved by many artists and musicians that lived or visited the area.

This was an enriching and inspiring week which was very much needed. Thank you to Bryan, Pat, Imogen and the rest of the ICMT.’

Ariel Lanyi also wrote:

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

‘The week spent in Eygalieres was truly ideal for music making. In the midst of tight schedules and frequent

Registered charity no. 1162347

3

Board of Trustees’ report

The Imogen Cooper Music Trust Year ended 31 December 2023

traveling, it was such a relief to be able to spend a week in such an enchanting part of the world.

Working with Imogen is a transformative experience. With her unparalleled musicianship, sharp ear, and incisive mind, she raises the most important questions. The advice I received from her during this week has been of enormous value to all works I am performing, not only those which we worked on. And of course, the hospitality of Pat and Bryan is a whole experience in itself. Between Pat's sublime meals

and Bryan's indomitable energy and humour, there was never a dull moment!‘

Following the closure of Pavilion Road at the end of 2022, ICMT presented three recitals in 2023 at the Razumovsky Academy, Kensal Green, London; a unique purpose-built concert room seating an audience of up to 80, with facilities for rehearsal and hospitality. The recitals were generously hosted by the Razumovsky Trust with ICMT.

The recitalists were the beneficiaries of the 2022 study weeks. All offered outstanding performances which were very warmly received by the discerning audience.

Iryna Kyshliaruk, soprano Jeeyoung Lim, bass-baritone Evren Ozel, piano Keval Shah, piano Alim Beisembayev, piano Ariel Lanyi, piano

PLANS FOR FUTURE PERIODS

In addition to the study week in Provence, David Hodges and Christian Kwek, who had met Imogen at a Wigmore Hall recital, offered to host a study week in Warwickshire at their Famington Farm home. They already hosted concerts there in a beautiful concert room, magnificently converted from farm buildings, where they have a fine Steinway D piano. They also could offer rooms to stay for two scholars, as well as Imogen, Alice and Penny. This study week was planned for January 2024.

The Trust also plans two further Study Weeks in Eygalières, in April and November as well as further recitals at the Razumovsky Academy.

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

ADMINSTRATION OF THE CHARITY

In the first quarter of the year, the Trustees received the resignation of Mary Orr, who during her tenure of Administrator had given very freely of her time, whilst also making a significant and generous contribution to the purchase of the ICMT Yamaha C7 piano.

Following this, the Trust appointed Alice Wright as its administrator and she commenced the role in August 2023. Alice came with excellent experience including a time at Askonas Holt as assistant to Imogen Cooper’s Artist Manager. She was also known to Trustee Penny Jonas and was warmly welcomed to the ICMT.

Following the retirement of Chairman Jonathan FreemanAttwood, the Trustee meetings had been chaired alternately by David Green and Penny Jonas for a short period. Through a period of reconsideration, it was agreed that there should be a designated Chair, and the Trustees appointed Penny Jonas to take the Chair going forward.

Through the change of administrators, there was an early consultation on the ownership of the Trust’s data and legal advice was sought to ensure that ICMT was compliant.

The ICMT website www.imogencoopermusictrust.com continues to be maintained and edited by Joyce Reeve, to whom all at ICMT are immensely grateful and offer heartfelt thanks.

Registered charity no. 1162347

4

Board of Trustees’ report

The Imogen Cooper Music Trust Year ended 31 December 2023

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

All concerned with the Imogen Cooper Music Trust were deeply saddened by the death of Sir Nicholas Stadlen in October 2023, following a long illness. A close friend of Imogen Cooper, he had been instrumental in the founding of the Trust and has been sorely missed. The Trust owed him a great debt of gratitude for his wisdom, legal experience and huge generosity of spirit.

The trust was also sorry to lose Trustee David Green who offered his resignation in February 2023, due to health and other family issues. Warmest thanks were expressed for his time and expertise which he had generously contributed to the Trust’s work.

Trustee John Reeve was asked to lead on the Trust’s financial matters, working on budgets and management accounts with treasurer John Batten and administrator Alice Wright.

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 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 also as a recording artist. In the period she received a token honorarium of £4,500.

We give special thanks to our past Administrator, Mary Orr, to our current Administrator Alice Wright and to John Batten in his continued role as Treasurer.

FINANCIAL REVIEW

The Charity achieved a surplus of £53,908 (2022: £66,704) in the period resulting in total funds at the period-end of £186,398 (2022: £132,490). Of these funds £166,735 (2022: £105,188) were unrestricted as to use and £19,663 (2022: £27,302) was restricted for a variety of purposes as outlined in the financial statements.

This positive result was achieved due to an additional unexpected legacy of £75,000 on top of the £75,000 which the Charity was notified of in early 2022 and therefore recognised in the prior period.

The Trustees are intending to utilise a significant proportion of these additional funds to provide support grants to previous and current scholars, as well as provide additional study weeks and recitals. They are currently reviewing exactly what this would entail and will then allocate reserves to this purpose in the next financial year.

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 £166,735 are significantly above this as result of the legacy noted above, however it is not deemed excessive, especially considering the fact that the Trustees are currently mapping out plans to allocate some of these reserves as noted above.

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.

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:

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

Registered charity no. 1162347

5

Board of Trustees’ report

The Imogen Cooper Music Trust Year ended 31 December 2023

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 6 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 18 October 2024 and signed on its behalf by:

Penny Jonas Trustee

Registered charity no. 1162347

6

Independent Examiner’s report

The Imogen Cooper Music Trust Year ended 31 December 2023

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 2023 set out on pages 8 to 18.

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:

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.

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 FCA

Member of the Institute of Chartered Accountants in England and Wales – 2461833

Dated: 18 October 2024

Enaid Accountancy 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

7

Statement of financial activities

The Imogen Cooper Music Trust

Year ended 31 December 2023

Statement of financial activities

For the year ended 31 December 2023

----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds Funds Funds
Year ended Year ended Year ended Year ended
31 Dec 2023 31 Dec 2023 31 Dec 2023 31 Dec 2022
Notes £ £ £ £
Income from:
Donations 2 83,603 (800) 82,803 99,384
Other trading activities 3 3,460 - 3,460 16,130
Investments 1,913 - 1,913 25
Total income 88,976 (800) 88,176 115,539
Expenditure on:
Raising funds 4 1,851 - 1,851 2,529
Charitable activities 4 & 5 25,578 6,839 32,417 46,306
Total expenditure 27,429 6,839 34,268 48,835
Net income/(expenditure) 61,547 (7,639) 53,908 66,704
Transfers between funds 9 & 10 - - - -
Net movement in funds 9 & 10 61,547 (7,639) 53,908 66,704
Reconciliation of funds:
Total funds brought forward 9 & 10 105,188 27,302 132,490 65,786
Total funds carried forward 9 & 10 166,735 19,663 186,398 132,490
----- End of picture text -----

The notes on pages 10 to 18 form part of the financial statements.

Registered charity no. 1162347

8

Balance sheet

The Imogen Cooper Music Trust Year ended 31 December 2023

Balance sheet

As at 31 December 2023

----- Start of picture text -----
Total Total
Funds Funds
Notes 31 Dec 2023 31 Dec 2022
£ £ £ £
Fixed assets:
Tangible assets 6 19,327 23,153
Current assets:
Debtors & prepayments 7 16,420 90,572
Cash at bank and in hand 152,031 21,871
168,451 112,443
Liabilities:
Creditors: amounts falling due
within one year 8 (1,380) (3,106)
Net current assets/(liabilities) 167,071 109,337
Net assets/(liabilities) 186,398 132,490
Funds of the charity:
Restricted funds 9 & 10 19,663 27,302
Unrestricted funds 9 & 10 166,735 105,188
Total charity funds 186,398 132,490
----- End of picture text -----

The notes on pages 10 to 18 form part of the financial statements.

These financial statements were approved and authorised for issue by the Board of Trustees on 18 October 2024 and signed on their behalf by:

Penny Jonas Trustee

Registered charity no. 1162347

9

Notes to the financial statements

The Imogen Cooper Music Trust Year ended 31 December 2023

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 2023, 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 2023 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

10

Notes to the financial statements

The Imogen Cooper Music Trust Year ended 31 December 2023

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

11

Notes to the financial statements

The Imogen Cooper Music Trust

Year ended 31 December 2023

2. INCOME FROM DONATIONS

----- Start of picture text -----
Unrestricted Restricted Total
Funds Funds Funds
Year ended Year ended Year ended
31 Dec 2023 31 Dec 2023 31 Dec 2023
£ £ £
Donations 8,603 (800) 7,803
-
Legacies 75,000 75,000
83,603 (800) 82,803
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
----- End of picture text -----

3. INCOME FROM OTHER TRADING ACTIVITIES

Concert ticket sales Unrestricted
Funds
Year ended
31 Dec 2023
£
3,460
3,460		 Restricted
Funds
Year ended
31 Dec 2023
£
-
-		 Total
Funds
Year ended
31 Dec 2023
£
3,460
3,460
Concert ticket sales Unrestricted
Funds
Year ended
31 Dec 2022
£
16,130
16,130		 Restricted
Funds
Year ended
31 Dec 2022
£
-
-		 Total
Funds
Year ended
31 Dec 2022
£
16,130
16,130

Registered charity no. 1162347

12

Notes to the financial statements

The Imogen Cooper Music Trust

Year ended 31 December 2023

4. TOTAL EXPENDITURE

----- Start of picture text -----
Direct Indirect Total
costs costs costs
Year ended Year ended Year ended
31 Dec 2023 31 Dec 2023 31 Dec 2023
£ £ £
Expenditure on:
Raising funds 1,262 589 1,851
Charitable expenditure 22,096 10,321 32,417
23,358 10,910 34,268
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
----- 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 2023 31 Dec 2022
£ £
Independent examiner's fee 864 864
Other fees payable to examiner for gift aid support services 516 516

Registered charity no. 1162347

13

Notes to the financial statements

The Imogen Cooper Music Trust

Year ended 31 December 2023

5. EXPENDITURE ON CHARITABLE ACTIVITIES

----- Start of picture text -----
Unrestricted Restricted Total
Funds Funds Funds
Year ended Year ended Year ended
31 Dec 2023 31 Dec 2023 31 Dec 2023
£ £ £
Direct costs 15,257 6,839 22,096
Indirect costs 10,321 - 10,321
25,578 6,839 32,417
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
----- End of picture text -----

6. TANGIBLE FIXED ASSETS

----- Start of picture text -----
Yamaha Yamaha
piano C7 piano Total
£ £ £
Cost
At 1 January 2023 12,331 25,950 38,281
- - -
Additions in the period
At 31 December 2023 12,331 25,950 38,281
Accumulated depreciation
At 1 January 2023 9,043 6,085 15,128
Charge for the period 1,233 2,593 3,826
At 31 December 2023 10,276 8,678 18,954
Net book value
At 1 January 2023 3,288 19,865 23,153
At 31 December 2023 2,055 17,272 19,327
----- End of picture text -----

Registered charity no. 1162347

14

Notes to the financial statements

The Imogen Cooper Music Trust

Year ended 31 December 2023

7. DEBTORS AND PREPAYMENTS

----- Start of picture text -----
Total Total
Year ended Year ended
31 Dec 2023 31 Dec 2022
£ £
Gift aid due 16,420 15,572
-
Accrued legacies 75,000
16,420 90,572
----- End of picture text -----

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

----- Start of picture text -----
Total Total
Year ended Year ended
31 Dec 2023 31 Dec 2022
£ £
Accruals 1,380 3,106
1,380 3,106
----- End of picture text -----

Registered charity no. 1162347

15

Notes to the financial statements

The Imogen Cooper Music Trust

Year ended 31 December 2023

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 2023 31 Dec 2023 31 Dec 2023 31 Dec 2023 31 Dec 2023
£ £ £ £ £
Unrestricted funds 105,188 88,976 (27,429) - 166,735
Restricted funds
- -
Yamaha piano 2,667 (1,000) 1,667
- -
Yamaha C7 piano 20,229 (2,660) 17,569
Recitals 3,000 (800) (1,773) - 427
Scholar fund 1,406 - (1,406) - -
Restricted funds 27,302 (800) (6,839) - 19,663
132,490 88,176 (34,268) - 186,398
----- 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 prior financial 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 the funds were utilised in subsequent periods to support the individual.

Registered charity no. 1162347

16

Notes to the financial statements

The Imogen Cooper Music Trust

Year ended 31 December 2023

9. ANALYSIS OF CHARITY FUNDS (continued from previous page)

----- Start of picture text -----
Funds Income Expenditure Expenditure Funds
brought for the in the in the 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 -----

Administration

These were funds received to support the ongoing administration of the Charity.

Registered charity no. 1162347

17

Notes to the financial statements

The Imogen Cooper Music Trust

Year ended 31 December 2023

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 2023 31 Dec 2023 31 Dec 2023
£ £ £
Fixed assets 91 19,236 19,327
Current assets 168,024 427 168,451
Current liabilities (1,380) - (1,380)
166,735 19,663 186,398
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
----- 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 (2022: £Nil).

12. RELATED PARTY TRANSACTIONS

During the period there were no transactions carried out with related parties (2022: £Nil).

13. GUARANTEES AND SECURED CHARGES

As at 31 December 2023 the Charity did not have any outstanding guarantees to third partners nor any debts secured against assets of the Charity (2022: £Nil).

Registered charity no. 1162347

18