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2021-03-31-accounts

MUSIC FOR MY MIND

Charity number 1167246

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2021

MUSIC FOR MY MIND

CONTENTS FOR THE YEAR ENDED 31 MARCH 2021

Page
Legal and administrative information 1
Trustees Annual Report 3-5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the financial statements 8-12
Independent Examiners Report 13

MUSIC FOR MY MIND

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2021

Charity number 1167246
Registered Office Rivers Lodge
Harpenden
Hertfordshire
AL5 2JD
Trustees Caroline Mary Kemp
Professor Linda Maitland Luxon CBE
Professor Keith Paul William James McAdam
Mark George Williamson
Nicholas Craig
Timothy Howard Clark
Aarish Dhirendra Shah
Roberto Neri
Independent Examiners Community360
Winsley's House
High Street
Colchester Community Voluntary Services
Essex, CO1 1UG

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MUSIC FOR MY MIND

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021

The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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 January 2015).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the charity are to promote and protect the good health of people suffering from dementia by supporting research into the effects that music has on the brain and by providing such other support to those suffering with dementia and their families and carers as the trustees deem.

Music for my Mind aims to improve the well-being of people living with dementia (over 850,000 in the UK alone) and their families by creating, and making widely available, personalised music. We want to enable universal adoption of personalised music as an affordable therapy for people living with dementia (e.g. as a complementary approach to established treatments, to reduce agitation or combat depression) and others affected by it (family, friends and carers).

We all have soundtracks to our lives. We want to enable people affected by dementia to enjoy their life soundtrack through easy-to-access personalised music that improves the quality of life and wellbeing both for themselves and those closest to them.

There is growing evidence that personalised music, can be calming and/or stimulating for people living with dementia; it can recreate the ‘common ground’ stolen from relationships and improve quality of life (see = www.youtube.com/watch?v 9KTgAs1sKHs).

Our long-term vision is for every care home in Britain to have a music programme and for everyone living with dementia to benefit from music as an integral part of the therapy and care they receive.

Our mission is, through research and technological development, to promote and enable the take up of personalised music to improve the wellbeing and quality of life of people living with dementia, their relatives, friends and carers.

We have adopted four strategic objectives to guide our work over the period of this plan:

  1. To develop cost effective and user-friendly technological solutions to enable rapid creation of personalised playlists for people living with dementia.

  2. To develop cost effective and user-friendly solutions for the delivery of personalised music in a range of dementia care settings.

  3. To build the evidence base for the effectiveness of personalised music to improve the quality of life and wellbeing of people living with, or affected by, dementia.

  4. To promote awareness and take up of personalised music to improve the quality of life of people living with, or affected by, dementia.

Since we were established in 2016, we have conducted pilot studies in care homes, and developed important partnerships with a range of organisations and individuals who can help us. We have assembled an influential, highly skilled group of trustees, staff, advisors and 350+ supporters, and developed partnerships with organisations and individuals who can help us, including the Quantum Care Home group, DabApps and King’s College London – Maudsley Hospital. We employ two members of staff (a full-time Project Assistant and part time Research Assistant), with other expertise and advice provided by consultants in areas such as

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MUSIC FOR MY MIND

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021

governance, fundraising, strategic planning, finances and digital communications. We continue to enjoy volunteer support and collaboration from a wide range of people including Jan Fenton (who provides invaluable HR support), Dr Marcel Gehrung from Cyted Ltd (who supports our work on facial expression change analysis using machine learning algorithms), David Simon Ltd and Haines Watts, who provide accountancy support, Kostis Tsounakis from Ahum Coaching and Chirag Rao and John Peatfield, graduate volunteers from UCL.

The charity has been generously funded so far by the Trustees, other interested individuals, an online crowdfunding campaign and grants from a number of companies and charitable trusts and foundations. In FY 2020/ 2021, we raised £82,824 through individual donations and grants from The Batchworth Trust, Sosei Heptares, Harpenden Golf Society, The Neighbourly Charitable Trust, The Joseph and Lilian Sully Foundation, The Frank Litchfield General Charitable Trust, The Hollick Family Foundation, Coronavirus Community Support Fund and the McLay Dementia Trust.

The Trustees are grateful to all the supporters of the charity, to the Advisory Board members (Richard, Duke of Buccleuch; Liam Fisher-Jones, The Right Hon Lord Clive Hollick, Jonathan May and Lady Sue WoodfordHollick) and to our Research Advisory Group (Dr Fiona Costa, Dr Jane Fleming and Prof Andrew Nunn).

Significant activities and achievements

The Trustees confirm they have given due consideration to Charity Commission’s published Guidelines on the Public Benefit requirement under section 4 of the Charities Act 2011. Our main activities and achievements in the reporting period to further our purposes for public benefit include, but are not limited to:

• Securing Research Ethics Committee approval for three substantial amendments to our already approved feasibility study at the Quantum Care home group. The amendments were approved by Camberwell St Giles Ethics Committee and allow us to:

• Developing two Web Apps, in partnership with DabApps – one for use by people living at home and one to support our research. The first Web App helps family members, friends or carers of someone with dementia to create a personalised playlist for their loved one, in about 15 minutes. We have launched this App and are currently in the testing phase – recruiting up to 1000 families affected by dementia or memory loss to try out the App and feedback on their experience of using it and of the effect of the music on the listener. Learnings from this feedback will help us refine the app and improve it before releasing it wider for families across the UK. Simultaneously, we have developed an extended version of the App, which will be used as a research tool in our current and subsequent larger scale studies. It combines all the elements of our research process and we are looking to incorporate real time analysis of videos, to measure emotional responses to music in an automated way.

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MUSIC FOR MY MIND

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021

• created for their loved one with dementia, to help relieve the isolation of lockdown. This has given us invaluable experience that informed the development of our Web App and brought joy and relief to families kept apart by lockdown restrictions.

• Writing and submitting for publication a research paper, on the period of our life when we are most aware of popular music. Two volunteers, students from UCL, conducted this study as an extended summer project and the paper details the headline findings that people are most aware of, and can best recall, popular music between the ages of 13 and 19 years old. This gives us confidence to tailor a person’s personalised playlist, based on their year of birth.

• Writing a Scoping review on ‘The impact of music on speech and language in dementia’, led by our Music Therapist Research Assistant, exploring the impact of music on stimulating speech and reminiscence of people living with dementia.

With over 850,000 people living with dementia in the UK alone, the Trustees believe there is demonstrable public benefit in enabling, through research and technological development, the universal adoption of personalised music as an affordable therapy for people living with dementia. Expenditure has supported our strategic objectives, through maintaining and growing a team to work on furthering the activities of the charity described above.

Plans for the future

Building on the significant progress we have made in our research and technological development plans, over the next year, we plan to continue our study in care homes, as soon as it is safe to do so, which will be supported by our recently developed Research Web App, which has integrated all the elements of the research process.

We plan to continue testing and further refining our playlist creation Web App, by working with up to 1000 families affected by dementia, who can provide feedback on the use of the App and on the impacts of the personalised playlist on their loved one. In addition, we will expand the music catalogue available through the App, to include repertoires from more diverse backgrounds and cultures.

We are designing, planning and fundraising for the recently-approved substantial amendment to our feasibility study – a pilot sub-study with 15 participants, in partnership with a research team from Maudsley Hospital - King’s College London.

We plan to submit for publishing the Scoping review on ‘The impact of music on speech and language in dementia’.

We will continue to be a part of the conversations and efforts of other like-minded organisations (e.g. Music for Dementia), in their goal of raising awareness of the positive effects of music on people with dementia and embedding music as a standard part of dementia care, through social prescribing.

We estimate that we will need to raise at least £145,000 to fund our work over 2021/22. We plan to do this through a combination of individual supporters and institutional grants, including continued support from our existing major donors.

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MUSIC FOR MY MIND

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021

Governance and Risk Management

The Trustees have adopted and maintain policies for safeguarding, financial control, risk management, data protection, equality, diversity and inclusion, whistleblowing, managing conflicts of interest and a wide range of HR policies. We will continue to develop further policies and procedures as the work of the charity progresses. The key risks facing the charity continue to be:

• ability to continue to raise sufficient funds to sustain our work. We continue to work with fundraising and communications consultants to advise and support us on this and have an active programme of stewardship for supporters to sustain their engagement; and

• the risk of a safeguarding incident in a care home. We have a robust safeguarding policy in place, including appropriate training and DBS checks (Trustees and staff complete appropriate online safeguarding training). Furthermore, we comply with all the safeguarding procedures in the care homes in which we work and will comply with all the latest Covid-19 safety procedures in place.

The Trustees have considered carefully the risks to the charity posed by the Covid-19 crisis and have put in place plans to mitigate these risks. These include:

• repurposing our playlist creation efforts to support people living with dementia outside of care homes, whose families will be adversely affected by Covid-19 and for whom personalised music listening could be a useful tool to sustain well-being;

• accelerating the work of the charity that does not require access to care homes (such as developing the App);

• carefully monitoring and controlling expenditure;

• refocusing fundraising efforts in response to the dramatic changes in the funding environment that have arisen from the crisis; and

• ensuring that once our work in care homes can resume that this is conducted in ways that comply with government guidance and minimise the risks to care home residents and our staff/volunteers.

Music for my Mind’s fundraising activities align to professional and ethical practices and we work within the framework of the Fundraising Regulator and the Code of Fundraising Practice. Our fundraising practice and performance is regularly scrutinised by Trustees and monitored against our fundraising policies and ethical practices which include robust safeguards to protect the public, particularly vulnerable people, from unreasonably intrusive, persistent or pressurised fundraising practice. During the reporting period we did not use any external professional fundraiser services. There were no complaints received against the Charity nor anyone acting on its behalf and no failures to comply with the fundraising schemes or standards cited.

Reserves policy

The Trustees have adopted a new reserves policy, that the charity should hold 6-12 months running costs in unrestricted reserves to mitigate against cashflow and other financial risks, recognising the inherent volatility in income experienced by a small charity like Music for my Mind and the particular funding risks associated with the Covid-19 crisis.

Signed

Date

Professor Keith Paul William James McAdam

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MUSIC FOR MY MIND

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted
funds
Notes
£
Income and Endowments from:
Donations and Legacies
2
57,534
Investment income
3
-
Other income
-
Total incoming resources
57,534
Resources expended
Cost of generating funds:
Charitable activities
4
41,982
Cost of raising funds
5,610
Total resources expended
47,592
Net income for the year
9,942
Total funds brought forward
87,910
Total funds carried forward
97,852		 Restricted
funds
£
25,000
-
-
25,000
53,818
-
53,818
(28,818)
43,818
15,000		 2021
Total
£
82,534
-
-
82,534
95,800
5,610
101,410
(18,876)
131,728
112,852		 2020
Total
£
103,827
4
46
103,877
61,598
13,845
75,443
28,434
103,294
131,728

The notes on pages 8 - 12 form an integral part of these financial statements.

6

MUSIC FOR MY MIND

BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2021

Notes
Current assets
Debtors
9
Cash at bank and in hand
Creditors:
Amounts falling due within one year
8
Net current assets
Net assets
Funds
Restricted funds
10
Unrestricted funds
10		 2021
£
309
126,922
127,231
14,379
112,852
112,852
15,000
97,852
112,852		 2020
£
325
134,733
135,058
3,330
131,728
131,728
43,818
87,910
131,728

Signed

Date

Professor Keith Paul William James McAdam

The notes on pages 8-12 form an integral part of these financial statements.

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MUSIC FOR MY MIND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.

1.1 Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement on 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 January 2019). (Charities SORP), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Cash flow statements

The financial statements do not include a cash flow statement because the charity, as a small reporting entity, is exempt from the requirement to prepare such a statement under Financial Reporting Standard 1

1.2 Fund Accounting

1.3 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.4 Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Charitable expenditure comprises those costs incurred by the charity in delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to those activities and those costs of indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees and accountancy costs linked to the strategic management of the charity.

1.5 Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

1.6 Taxation

The charity is exempt from corporation tax on its charitable activities.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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MUSIC FOR MY MIND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 'Basic Financial instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10 Pension costs and retirement benefits

Payments to defined contribution retirement benefit scheme are charged to the statement of financial activities as an expense in the period to which they relate.

1.11 Going concern

The financial statements have been prepared on a going concern basis. The trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the trustees have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the trustees have concluded that they can continue to adopt the going concern basis in preparing the

9

MUSIC FOR MY MIND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2 Donations and Legacies

2 Donations and Legacies
Unrestricted Restricted 2021 2020
funds funds Total Total
£ £ £ £
Donations & Legacies 23,408 - 23,408 9,827
Grant Income 30,000 25,000 55,000 94,000
Gift Aid 4,126 - 4,226 46
57,534 25,000 82,634 103,873
Total 2020 45,518 58,355 103,873
3 Investments
Unrestricted Restricted 2021 2020
funds funds Total Total
£ £ £ £
Bank Interest received - - - 4
- - - 4

4 Resources Expended: Charitable activities

Unrestricted
funds
£
Staff costs
25,031
Repairs and renewals
-
Consultancy
11,635
Staff training
-
App Development
1,425
Software costs
2,871
Travelling
-
Insurance
187
Printing, postage and stationery
103
Legal and professional
558
Bank charges
122
Events
30
Sundry
20
41,982
Total 2020
37,111		 Restricted
funds
£
14,975
144
-
-
38,655
-
-
-
44
-
-
-
-
53,818
24,487		 2021
Total
£
40,006
144
11,635
-
40,080
2,871
-
187
147
558
122
30
20
95,800
61,598		 2020
Total
£
34,171
-
19,635
420
-
3,800
1,230
283
1,201
199
152
506
-
61,598

10

MUSIC FOR MY MIND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

6 Trustees remunerations

None of the Trustees (or any persons connected with them) received any remuneration, benefits or reimbursement of out of pocket expenses from the charity during the year (2020: nil)

7 Support staff

Number of employees

The average monthly number of employees during the year was:

Direct Staff
Support staff
Employment costs
Wages and salaries
8
Creditors
Other taxation and social security
Other creditors
9
Debtors
Prepayments and accrued income		 2021
Number
1.2
0.8
2021
Total
£
40,006
40,006
2021
Total
£
366
14,013
14,379
2021
Total
£
309
309		 2020
Number
1.2
0.8
2020
Total
£
34,171
34,171
2020
Total
£
466
2,864
3,330
2020
Total
£
325
325

11

MUSIC FOR MY MIND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10 Analysis of net assets between funds
Unrestricted
2021
£
Fund balances at 31 March 2021 are
represented by:
Current assets
97,852
97,852		 Restricted
2021
£
15,000
15,000		 Total
2021
£
112,852
112,852		 Total
2020
£
131,728
131,728

11 Related party transactions

There were no disclosable related party transactions during the year (2020 - none)

12 Restatement of accounts

The 2020 figures have been restated to adjust the figures from receipts and payments to accrual accounting.

12

MUSIC FOR MY MIND

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021

I report on the accounts of Music for my mind for the year ended 31 March 2021 which are set out on pages 6 to 12.

Respective responsibilities of trustees and examiner

The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year (under section 144 (2) of the Charities Act 2011 (The Act) but that an independent examination is needed. It is my responsibility to:

Basis of independent examiner’s Statement

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 considerations 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 the course of my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:

I 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.

Shelley-Marie Rudling FMAAT AATQB for and on behalf of: Community360

Winsley’s House, High Street, Colchester, Essex

Date 15/10/2021

13