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← Music For My Mind

2024-03-31-accounts

MUSIC FOR MY MIND

Charity number 1167246

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

MUSIC FOR MY MIND

CONTENTS FOR THE YEAR ENDED 31 MARCH 2024

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Page
Legal and administrative information 1
Trustees Annual Report 2-6
Independent Examiners Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the financial statements 10-14
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MUSIC FOR MY MIND

LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2024

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Charity number 1167246
Registered Office Rivers Lodge
Harpenden
Hertfordshire
AL5 2JD
Trustees Professor Sir Nicholas Black
Dr Ian Bullock
Lady Arabella Chandos
Timothy Howard Clark
Nicholas Craig
Alicia Dyer Beckford Appointed 16th Janaury 2024
Helen Greatorex Appointed 16th Janaury 2024
Professor Keith Paul William James McAdam
Roberto Neri
Lionel Wallace Appointed 25th May 2023
Mark George Williamson
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 2024

The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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 memory loss and dementia (over 1 million 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’s 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 vision is to transform lives across the world for everyone living with dementia, by using personalised music as an integral part of the therapy and care they receive.

Our mission is to deliver personalised music to improve the well-being of people living with dementia, their relatives, friends and carers.

Our four strategic objectives are:

  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 an influential, highly skilled group of trustees, staff, advisors and over 800 supporters. We have developed partnerships with organisations and individuals who can help us, including the Quantum Care Home group, DabApps and University of Hertfordshire. We employ three members of staff (a full-time Programme Manager, a part-time Marketing and Communications Manager and a full-time Research Assistant), with other expertise and advice provided by consultants in areas such as 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

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MUSIC FOR MY MIND

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

supports our work on facial expression change analysis using machine learning algorithms) and EV Accountants who provide accountancy support.

The charity has been generously funded so far by the Trustees, other interested individuals, online crowdfunding and grants from a number of companies and charitable trusts and foundations, including in particular The Batchworth Trust, The Archer Trust and The Valiant Charitable Trust. In the 2023/24 financial year we raised £57,739.47 through individual donations and grants from Dementia Research UK, The Neighbourly Charitable Trust, The William Allen Young Charitable Trust, The Joseph and Lilian Sully Foundation, Childwick Trust, Etauliers Charitable Foundation, The Hollick Family Foundation, the Corbett Family and the Mark Nickerson Charitable Settlement.

The Trustees are grateful to all the supporters of the charity, to our Advisory Board members (Richard, Duke of Buccleuch; Liam Fisher-Jones, The Right Hon Lord Clive Hollick, Caroline Kemp, Jonathan May and Lady Sue Woodford-Hollick) 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 guidance 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:

٠Recruiting a full-time Research Assistant and restarting our care home feasibility study. We have made significant progress in recruiting participants living with dementia, from a number of different Quantum Care homes. Participants and their family members or carers fill out a questionnaire about their background and music preferences, after which they sit with our team for a 1-hour music listening session, to determine which songs the person with dementia enjoys and responds to best, based on observations of body language and analysis of facial expressions. The chosen songs form the final personalised playlist for the individual, which is delivered to them using a smart speaker in their room.

The music listening sessions we have conducted with participants so far are already showing the value of personalised music in dementia care, with feedback from family members and care home staff, such as:

ₒ “Music helps her come out from the 'horror movie' she lives in, using the Alexa daily brings her out of it. She can be heard down the corridor singing and dancing and encouraging other residents to join in."

ₒ “I have not stopped spreading the word about this therapy. Usually when I visit Mum she is either sleeping or seemingly not engaged with the outside world. I really felt this therapy brought her comfort and a connection. I loved the way she talked through her eyes to me during her special songs.”

Assessing the effects that listening to a personalised playlist over time can have on quality of life and behavioural and psychiatric symptoms – for all completed participants, we have observed an increase of their Dementia Quality of Life score and a decrease of their Neuropsychiatric Inventory scores so far supporting our hypothesis of improvement in quality of life and an easing of psychiatric symptoms. Notable areas of improvement include: reduction in worry/anxiety, frustration, and irritability, and increase in liveliness, having things to look forward to, decision making capabilities,

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MUSIC FOR MY MIND

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

making themselves understood and having enough company. We can also see a decrease in incidences of agitation/aggression, depression/dysphoria, anxiety, apathy/indifference, disinhibition, irritability/lability and even appetite. We have had reports from staff and family members reinforcing this data. Care staff have commented some participants are easier to care for especially during difficult moments such as mealtimes and personal care, especially when the personalised playlists are used as a distraction during these times. Some family members have said that visits are easier and the paylists allow for shared experiences.

• Raising awareness of our Playlist Maker Web App, which helps families create a personalised playlist for a loved one with dementia within 15 minutes, using a questionnaire about their background and musical preferences. We have doubled the number of families who have used our App this year, now over 650 families. To reach new audiences, we have secured partnerships with other organisations in the dementia sector, such as Dementia UK and Alzheimer’s Society, who have both listed our Playlist Maker tool in their internal resources list. We are also members of Communities 1st, through which we reach out to families in our local communities, through events, fairs and presentations.

We have continued collecting feedback on users’ experience of the App and their perceptions on the effect music listening is having on their loved one over time, in order to keep testing and improving our Playlist Maker Web App. Feedback from families who have used our App has been very positive and constructive. One major update which we implemented this year is to add the option to further personalise one’s playlist based on the country they grew up in.

There has been increasingly positive feedback about the ease of use of the Playlist Maker: 94% of those who responded find it user-friendly; 88% approve of the visual look of the App and 87% like the layout. We are also encouraged by the positive results of music listening on the listener. When asked about the impact of the music on the listeners’ mood, 90% of responders said it made anxious. We have also received them more cheerful and 73% said that music made them less agitated or compelling anecdotes both from people living with memory loss and from their relatives:

ₒ “The playlist is really taking me back. I'm remembering things, mainly music related, from my boarding school where I spent most of my teens. I remember these times better than what I did earlier today.”

ₒ “I’m already dancing to ‘Dancing Queen’ with a big smile on my face! You’ve made my day! Thank you so much. I’m so glad I am able to have this playlist for myself. I will enjoy it regularly. I am dancing like no one is watching and singing like no one can hear me! It’s such a tonic. You’ve really made such a difference.”

ₒ “It was like the music flicked a switch which gave him purpose again. The way he started to interact and answer my questions about things from over 50 years ago blew me away.”

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MUSIC FOR MY MIND

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

With over 1 million people living with memory loss or 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 will be continuing the feasibility study in care homes, to complete the recruitment of participants. The data gathered will be analysed to produce a paper describing the observed effects that listening to personalised music can have on quality of life, when used as part of dementia care in care homes.

We plan to continue testing and further refining our Playlist Maker Web App, aiming to reach at least another 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. This will be done by raising awareness of our App to the general public and by working with partners, such as care home groups, domiciliary care organisations and more, to bring playlists to their residents. In addition, we will continue expanding the diversity of the music catalogue available through the App, including exploring the use of technology such as ChatGPT to gather the data available to put together an international catalogue of songs.

We are pursuing academic collaborations with relevant groups, to conduct larger scale studies, and further develop our innovative emotion recognition technology into a scalable product.

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, and through social prescribing.

We estimate that we will need to raise at least £125,000 to fund our work over 2024/25. We plan to do this through a combination of individual supporters and institutional grants, planned events for major donors, fundraising challenges and events.

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:

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MUSIC FOR MY MIND

TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees continued to monitor the risks to the charity posed by Covid-19 and maintained plans to mitigate those risks, including:

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 charity's reserves policy is to 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.

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Signed 7 Chan Date Date
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MUSIC FOR MY MIND

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024

I report on the accounts of Music for my mind for the year ended 31 March 2024 which are set out on pages 8 to 14.

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 04/07/2024

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MUSIC FOR MY MIND

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
funds
Notes
£
Income and Endowments from:
Donations and Legacies
2
40,539
Investment income
3
-
Total incoming resources
40,539
Resources expended
Cost of generating funds:
Charitable activities
4
69,477
Cost of raising funds
5,993
Total resources expended
75,470
Net income for the year
(34,931)
Total funds brought forward
109,116
Total funds carried forward
74,185		 Restricted
funds
£
17,200
-
17,200
25,297
-
25,297
(8,097)
8,097
-		 2024
Total
£
57,739
-
57,739
94,774
5,993
100,767
(43,028)
117,213
74,185		 2023
Total
£
63,968
2
63,970
66,297
9,945
76,242
(12,272)
£
129,485
117,213

The notes on pages 10-14 form an integral part of these financial statements.

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MUSIC FOR MY MIND

BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024

Current assets
Debtors
Cash at bank and in hand		 Notes
9		 2024
2023
£
£
523
302
76,670
118,968
Creditors:
Amounts falling due within one year		 8 77,193
119,270
3,008
2,057
Net current assets 74,185
117,213
Net assets 74,185
117,213
Funds
Restricted funds
Unrestricted funds		 10
10		 -
8,097
74,185
109,116
74,185
117,213
Signed
Professor Keith Paul William James McAdam
KeiAkeClaw		 Date
a

The notes on pages 9-14 form an integral part of these financial statements.

9

MUSIC FOR MY MIND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 Taxation

The charity is exempt from corporation tax on its charitable activities. VAT is included in expenses

1.6 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 2024

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.

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MUSIC FOR MY MIND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2 Donations and Legacies

Unrestricted
funds
£
Donations & Legacies
12,039
Grant Income
28,500
Gift Aid
-
40,539
Total 2023
43,468
3
Investments
Unrestricted
funds
Bank Interest received
-
-
4
Resources Expended: Charitable activities
Unrestricted
funds
£
Staff costs
51,905
Repairs and renewals
968
Consultancy
3,825
Recruitment
-
App development
7,596
Software costs
2,174
Travelling
535
Insurance
263
Printing, postage and stationery
687
Legal and professional
693
Bank charges
155
Events
677
Marketing
-
Training and development
-
Sundry
-
69,477
Total 2023
30,225		 Restricted
funds
£
-
17,200
-
17,200
20,500
Restricted
funds
-
-
Restricted
funds
£
24,191
264
-
-
756
86
-
-
-
-
-
-
-
-
-
25,297
36,072		 2024
Total
£
12,039
45,700
-
57,739
63,968
2024
Total
-
-
2024
Total
£
76,096
1,232
3,825
-
8,352
2,260
535
263
687
693
155
677
-
-
-
94,774
66,297		 2023
Total
£
8,718
55,250
-
63,968
2023
Total
2
2
2023
Total
£
49,958
115
3,570
32
6,935
2,146
279
336
216
675
122
569
479
840
25
66,297

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MUSIC FOR MY MIND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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 (2023: 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		 2024
Number
1.8
0.5
2024
Total
£
76,096
76,096
2024
Total
£
1,752
1,256
3,008
2024
Total
£
523
523		 2023
Number
1.1
0.5
2023
Total
£
49,958
49,958
2023
Total
£
727
1,330
2,057
2023
Total
£
302
302

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MUSIC FOR MY MIND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

10 Analysis of net assets between funds
Unrestricted
2024
£
Fund balances at 31 March 2024 are
represented by:
Current assets
74,185
74,185		 Restricted
2024
£
-
-		 Total
2024
£
74,185
74,185		 Total
2023
£
117,213
117,213

11 Related party transactions

There were no disclosable related party transactions during the year (2024 - none)

14