Charity No: 1178401
THE OTAKAR KRAUS MUSIC TRUST REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
TWP ACCOUNTING LLP
Chartered Accountants The Old Rectory Church Street Weybridge Surrey KT13 8DE
THE OTAKAR KRAUS MUSIC TRUST
YEAR ENDED 31 DECEMBER 2023
| CONTENTS | |
|---|---|
| Page | |
| Reference and administrative information | 1 |
| Trustees Report | 2 - 6 |
| Report of the independent examiner | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes forming part of the financial statements | 10 - 17 |
THE OTAKAR KRAUS MUSIC TRUST
YEAR ENDED 31 DECEMBER 2023
REFERENCE AND ADMINISTRATIVE INFORMATION
Trustees - serving throughout the year
Ronald Miao (Chair) Raymond Collins (Treasurer) Jill Clark Laura Clayton Plail Kamna Muralidharan Peter Hadfield Gemma Le Marquer (appointed June 2023) Theresa Pa Sanbeck (appointed 15 January 2024)
Staff
Director – Clare Lawrence Fundraising Manager – Valerie Roy Administrator – Cheryl Valland Operations Co-ordinator - Hana Wilford OK Music School Co-ordinator – Mercedes Bianchin
Charity registered number
1178401
Company registration number
CE014110
Registered Office
The Otakar Kraus Music Trust 112 Broad Lane Hampton Middlesex TW12 3BW
Independent examiners
TWP Accounting LLP The Old Rectory Church Street Weybridge Surrey KT13 8DE
Page 1
THE OTAKAR KRAUS MUSIC TRUST
TRUSTEES REPORT – YEAR ENDED 31 DECEMBER 2023
The trustees present their annual report together with the financial statements of the charity for the year ended 31 December 2023
The trustees who served during the year are listed in page 1 under reference and administrative information.
On behalf of the trustees of the The Otakar Kraus Music Trust, it gives me great pleasure to provide you with an update of the activities and well-being of OKMT during 2023.
Objectives and activities
a. Policies and objectives
The aim of The Otakar Kraus Music is to provide subsidised music therapy for people of all ages who have physical, psychological, behavioural or emotional difficulties, in order to improve their mental wellbeing and quality of life through creative and participatory music making, enabling them to reach their potential.
Structure, governance and management
a. Constitution
The Otakar Kraus Music Trust (OKMT) was founded in 1991 by Dr Margaret Lobo and is based in the London Borough of Richmond upon Thames and is an independent, registered charity. The original Trust (formed in 1991) was legally transformed into a CIO (new charity registration 1178401) on the 1[st ] May 2019. The CIO is governed by a Constitution, and managed by a Board of Trustees, who are elected by resolution of the Board and inducted by the Charity Director.
The charity’s trustees have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission on public benefit.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the constitution.
c. Organisational structure and decision making policies
The board commenced 2023 with six trustees and welcomed Gemma Le Marquer as a new Trustee in June 23. We continue to seek one or two additional trustees to enhance the Boards capabilities.
The Board continued to meet quarterly through 2023 and monitor against our objectives and current year budget. We are planning a Strategic Plan refresh in 2024.
Board sub-committees meet monthly to discuss finance, organisational and operational matters. The Board carried out a major Strategy review of the charity in 2020 and again in September 2022 and continues to develop this strategic plan through the current year, expanding our services across the London Borough of Richmond, as we recover from the pandemic and resulting economic consequences of the Cost-of-Living crisis. We strive to reach more vulnerable people and aim to meet growing need ~~s~~ within the community. This involves building on our core activities and adding new activities in the mental health and wellbeing areas, so that OKMT can further support our clients across the borough.
To strengthen our ability to meet these needs, we have continued to develop the role of our Operations Co-Ordinator, Hana Wilford, who joined in September 2022, offering support to our Director, Clare Lawrence, in running our existing projects and helping prepare the launch of new programmes during 2023.
The Board have examined where there may be risks which the charity could face and confirm that systems have been established to enable steps to be taken to lessen these risks. OKMT maintains a full range of governance policies including Safeguarding and Privacy policies which are published on our website.
Page 2
THE OTAKAR KRAUS MUSIC TRUST
TRUSTEES REPORT – (Continued) YEAR ENDED 31 DECEMBER 2023
Achievements and performance
- a. Main achievements of the charity
It has been my privilege to write the Chair’s reports for the previous seven years and I am always so pleased to see the impactful work done by OKMT.
Our organisation continues to remain robust, and I am glad to report that OKMT has, despite the difficult environment in the charity sector, had a splendid year and remains in good shape.
It continues to deliver music therapy and its related services locally to those in need in the greater Richmond Borough and surrounding areas to a broad range of people, from children to adults, and especially to individuals feeling socially isolated.
Led by our Director, Clare Lawrence, and the OKMT team, we have continued to have a positive impact and have increased the number of people we serve within the Borough of Richmond by working in partnership with local organisations.
During the year we provided 3,600 music sessions for 550 people of all ages, a 22% increase over 2022. We launched a new project with Mencap to deliver music therapy groups for adults with learning difficulties. Other continuing projects included: small music therapy groups for toddlers with communication delays in Richmond Children’s Centres; for children with additional needs at Music Club at Skylarks Charity; for adults with neurological conditions with Integrated Neurological Services, and for elderly people with dementia and their carers at Homelink Respite Centre.
Our work with children and young people with additional needs remains ever strong through OK Music School, OK Youth Choir and OK Ukulele group. With our focus on the vulnerable and those in need, we increased our subsidies for 1 to 1 music therapy to help those on low income or benefits.
The community event of the year was our second Music Marathon held in October where local musicians, bands and choirs came together to celebrate a wonderful day of music, which raised over £11,000 for OK Music School. Attended by the Mayor of Richmond upon Thames and sponsored by Lord Lee, it was a wonderful gathering in the centre of Richmond hosted by Duke Street Church and well attended. It was fantastic to see so many smiling and enthusiastic faces. Highlights were many, including the DZVIN.CO Ukrainian Women's refugee choir and Richmond Orchestra. Thank you to everyone who participated and help raise funds.
We were also delighted to welcome BBC Children in Need presenter, Mel Giedroyc, to Music Club, where she met children and parents and took part in the session.
Other highlights of the year include our semi-annual concerts. Thank you once again to both St Paul’s Boys’ School for providing their beautiful auditorium for our summer concert, and to St Mary’s Church, Twickenham for hosting our Christmas concert in their lovely church. We are proud of our children and young people who all performed spectacularly in the heart-warming concerts.
As we continue to seek out a viable dedicated space, we are ever grateful for the support provided on a weekly basis by Hanworth Methodist Church, United Reformed Church and Newland House School. Without their assistance with providing us space, delivering our programs would be challenging.
On behalf of the Trustees, I would like to thank all our Funders, our donors, Friends of OKMT, therapists, volunteers and clients for their support, hard work and enthusiasm during the year, and for the positive energy which helped us make 2023 another successful and special year for all our clients.
Page 3
THE OTAKAR KRAUS MUSIC TRUST
TRUSTEES REPORT – (Continued) YEAR ENDED 31 DECEMBER 2023
Achievements and performance
- a. Main achievements of the charity – continued
Music Therapy is the clinical and evidence-based use of music interventions to accomplish individualised goals within a therapeutic relationship. It is particularly effective for those who find it difficult to communicate verbally because it does not rely on an ability to speak in order to be accessible. The table below as published in our impact report summarises the key benefits of our sessions for our clients in 2023.
Page 4
THE OTAKAR KRAUS MUSIC TRUST
TRUSTEES REPORT (Continued) – YEAR ENDED 31 DECEMBER 2023
Financial review
OKMT continues to be in positive shape financially at 31[st ] December 2023, thanks to all the hard work of the management and fundraising team, our music therapists, volunteers and our Trustee Board who have collectively risen to the challenge in supporting our clients.
Our overall financial aim this year was to continue to maximise as much as possible the support to our clients whilst striving to contain costs and overheads to breakeven levels, which we have achieved. OKMT has traditionally derived over 50% of our income from grants and the continued success in achieving this target means we are not as exposed as some charities to the downturn in community and individual funding caused by the growing cost of living crisis. We have fully recovered our one to one sessions where vulnerable clients can take up face to face sessions, helping us to lift our fee contributions back to pre-pandemic levels.
As always, OKMT is fiscally prudently managed. Our 2023 projects were fully funded thanks in large part to the dedication of our Fundraiser, Valerie Roy, who has again managed to increase the level of grant funding by a further £9k to £178k, equating to 56% of current year total income. Our Balance Sheet remains robust, and therefore I am pleased to report that OKMT is financially secure for the challenges ahead. A big thank you to our management team led by Clare Lawrence, who so diligently matches our available resources to the maximum need and to her team (Cheryl Valland, Hana Wilford, and Mercedes Bianchin), whose efforts and hard work keep everything running smoothly.
In total, OKMT reported income of £314,999 against overall costs of £311,549 giving a small operating surplus of £3,450 for the financial year, up on 2022, and in line with our strategic breakeven objectives for 2023. The surplus is explained by our increased total revenues of £18k, up mainly due to increased Music Therapy fee contributions +£11k added to the grants increase of +£9k, offset by a small dip in community and donations. Overall, the increase in costs v 2022 of £15k, was due principally to increased Music Therapist costs, rental costs and an uplift in bursary support.
The main areas of revenue and expenditures are reported in the Statement of Financial Activities and a list of principal grant funders, to whom we are so grateful, are set out in note 10 to the accounts.
Formally, we note that OKMT receives no state funding and relies on organisations which provide charitable funding and donations. Fundraising and community events are held throughout the year.
As reported in 2022, OKMT and our partner Skylarks Charity really appreciated the kind support of Hampton Fund and The Dolan Charitable Trust in supporting the planning application for the joint community project at Marble Hill. The project had still been awaiting planning permission throughout the course of 2022 and into 2023. Sadly, the project has now been wound up and funds returned to the respective partners. Reference notes to the Accounts - 9 Designated Funds & 10 Grants for a post balance sheet update on this project.
On behalf of the Trustees, I would like to thank all our Funders for their flexibility with their Grants, our donors, staff, therapists, volunteers and clients for their support, hard work and enthusiasm in a continued challenging year, and for the positive energy which helped us make 2023 another successful and special year for all of our clients. A special thanks to the Friends of OKMT who supported us through the year with their regular contributions to OKMT.
a. Going concern
The trustees are confident that the trust has adequate resources to continue in operational existence for the foreseeable future and meet its financial obligations. Therefore, they adopt the going concern basis of accounting in preparing these financial statements
b. Reserves policy
Best practice holds that reserves equal a minimum of three months of an organisation’s running costs. The Trustees note that our total general reserve (unrestricted funds) amounts to £104,887 with net free reserves of £95,553, held at the end of the period. These are deemed sufficient to meet the demands of the organisation’s future running costs as at the end of the financial year. OKMT has its reserves backed by net free cash holdings, which are ample to cover a minimum of three months operating costs. OKMT will endeavour to build up to six months cover in future, but realistically, the recovery from the pandemic and the difficult ‘cost of living’ economic conditions may slow this aim down for the next few years, as we seek to maximise our client services through this time period.
OKMT’s Trustee Board has identified the clear need to secure premises in the borough and as such holds a Designated Premises fund now totalling £25,000, as a reserve to help secure a future premise.
Page 5
THE OTAKAR KRAUS MUSIC TRUST
TRUSTEES REPORT (Continued) – YEAR ENDED 31 DECEMBER 2023
Post Balance Sheet Events
Both the UK and worldwide economy continue to face uncertainty even in the recovery period post the Coronavirus (Covid-19) pandemic and the subsequent inflationary effects on disrupted supply chains. This has been made worse by the continued economic effects of the conflict in Ukraine and its steep effect on energy costs which has driven the inflationary spiral witnessed in the UK that has continued into 2023. The final outcome of the current Cost of Living crisis in terms of economic repercussions cannot be fully determined at the balance sheet date. Ultimately, future trading success of OKMT and the charity sector in general, is tied to and dependent upon the overall state of the UK economy. The consequent effects of the hoped for falling inflation levels in 2024 and eventual positive economic growth here in the UK will impact OKMT positively over the life of the next strategic plan. The Trustees note that OKMT has adequate resources and reserves to continue and therefore adopts the going concern basis in preparing the annual report and financial statements for 2023 year end.
Risk management
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure proper controls are in place to provide reasonable assurance against fraud and error. Risks and their management are formally reviewed every year .
Statement of Trustees' responsibilities
The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that year.
In preparing those financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP 2019 (FRS 102);
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that 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, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by order of the members of the board of Trustees on 17/10/24 and signed on their behalf by:
……………………… R Miao Chair
Page 6
THE OTAKAR KRAUS MUSIC TRUST
YEAR ENDED 31 DECEMBER 2023
Independent Examiner's Report to the Trustees of The Otakar Kraus Music Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2023, which are set out on pages 8 to 16.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act;
-
the accounts do not accord with those records;
-
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.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity'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 charity and the charity's Trustees as a body, for my work or for this report.
Signed: TWP Accounting LLP
Dated: 31/10/24
Paul Hawksley (Thu, 31st Oct 2024 16:51:07 GMT)
Paul Hawksley FCA MAAT CTA
TWP Accounting LLP
Chartered Accountants The Old Rectory Church Street Weybridge Surrey KT13 8DE
Page 7
THE OTAKAR KRAUS MUSIC TRUST
YEAR ENDED 31 DECEMBER 2023
STATEMENT OF FINANCIAL ACTIVITIES
| Note Incoming resources Donations, community fundraising and legacies Gift Aid Grants – Net Utilised 10 Charitable activities – Music Therapy Contributions 2 Investments Total incoming resources Resources expended Raising funds - Agency fundraiser commission 3 Raising funds - OKMT fundraising & marketing 3 Charitable activities 3 Total resources expended Net incoming resources / (resources expended) before other gains (Net Income for the period) Net incoming resources Reconciliation of funds Fund balance brought forward 1 January 2023 Funds - aggregate net year on year movements for the period 10/11 Fund balance carried forward 31 December 2023 |
Unrestricted Restricted Designated 2023 Full Year 2022 Full Year Funds funds funds Total Total £ £ £ £ £ 31,130 - - 31,130 36,472 2,841 - - 2,841 1,133 560 177,006 - 177,566 168,841 100,611 - - 100,611 89,931 2,851 - - 2,851 499 |
|---|---|
| 137,993 177,006 - 314,999 296,876 |
|
| (2,795) - - (2,795) (3,556) (14,111) (1,465) - (15,576) (16,517) (117,637) (175,541) - (293,178) (276,004) |
|
| (134,543) (177,006) - (311,549) (296,077) |
|
| 3,450 - - 3,450 799 |
|
| 3,450 - - 3,450 799 101,437 79,136 25,000 205,573 183,194 (8,818) (8,818) 21,579 |
|
| 104,887 70,318 25,000 200,205 205,573 |
The Statement of Financial Activities includes all gains and losses recognised in the period.
The notes on pages 9 to 16 form part of these financial statements.
Page 8
THE OTAKAR KRAUS MUSIC TRUST
CHARITY NUMBER 1178401
BALANCE SHEET AS AT 31 DECEMBER 2023
| Note Fixed Assets Tangible Fixed Assets 14 Current assets Cash at bank and in hand Debtors 5 Creditors: amounts falling due within one year 6 Net current assets Net assets 13 Charity funds Unrestricted funds Designated funds 9 Restricted funds 10 Total funds 8 |
£ 269,085 20,850 (99,064) |
2023 £ 9,334 190,871 |
£ 235,421 18,070 (57,831) |
2022 £ 9,913 195,660 |
|---|---|---|---|---|
| 200,205 | 205,573 | |||
| 104,887 25,000 70,318 |
101,437 25,000 79,136 |
|||
| 200,205 | 205,573 |
The financial statements were approved by the trustees and authorised for issue on 17/10/24 and signed on their behalf by:
…………………….
R Miao Chair
……………………. R L Collins ACMA CGMA Treasurer
The notes on pages 10 to 16 form part of these financial statements.
Page 9
THE OTAKAR KRAUS MUSIC TRUST
YEAR ENDED 31 DECEMBER 2023
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
1 Accounting Policies
The Charity’s name is The Otakar Kraus Music Trust and the address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities is the provision of Music Therapy. In the event of the charity being wound up, the members of the charity have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.1 Basis of preparation of financial statements
The charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with 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) (effective October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
1.2 Going concern
The trustees are confident that the trust has adequate resources to continue in operational existence for the foreseeable future and meet its financial obligations. Therefore, they adopt the going concern basis of accounting in preparing these financial statements.
1.3 Funds
Unrestricted funds 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.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of the designated fund is set out in note 9 of the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
1.4 Revenue Recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).
Where practicable, gifts in kind donated for distribution to the beneficiaries of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed, and an equivalent amount recognised as charitable expenditure .
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred.
Page 10
THE OTAKAR KRAUS MUSIC TRUST
YEAR ENDED 31 DECEMBER 2023
NOTES FORMING PART OF THE FINANCIAL STATEMENTS – continued
1.5 Expenditure Recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
-
Cost of Fundraising.
-
Expenditure on charitable activities: and
-
Other expenditure represents those items not falling into the categories above.
The analysis of these costs is included in note 3.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
1.6 Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
The analysis of these costs is included in note 3.
1.7 Tangible Fixed Assets
A new fixed assets policy was implemented in 2019 which involves all capital equipment either purchased or freely donated to the Trust, with capital values exceeding £500. Therefore, tangible fixed assets of more than £500 are capitalised and recognised when future economic benefit are probable, and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
The Trustee Board has approved a new policy for the capitalisation of key Trust assets, together with an associated depreciation policy. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following bases:
Specific musical instruments – Grand Piano - 50 years
Musical instruments & electronic equipment - 10 years
- Computer Equipment & Laptops 5 years
1.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 Taxation
The charity is exempt from tax on its charitable activities.
2 Charitable Activities – Incoming Resources
The activity for the year was the provision of music therapy by The Otakar Kraus Music Trust.
| Fee Contributions invoiced towards subsidised Music Therapy Services. | Full Year 2023 £ 100,611 |
Full Year 2022 £ 89,931 |
|---|---|---|
| Page 11 |
THE OTAKAR KRAUS MUSIC TRUST
YEAR ENDED 31 DECEMBER 2023
NOTES FORMING PART OF THE FINANCIAL STATEMENTS – continued
3 Total Resources Expended
| The only activity for the year was music therapy for The Otakar Kraus Music Trust. Fundraising: Agency Fundraising Commission OKMT Marketing OKMT Fundraising £1,465 (2022 - £1,300) of the above costs were attributable to restricted funds. £16,906 (2022 - £18,773) of the above costs were attributable to unrestricted funds. Direct Charitable Activities: Professional Music Therapist fees & Exps. Workshops, Exam & Study Fees. Training inc Makaton & Courses Musical Equipment & Tablets Premises Hire - New Main Studio Premises Hire – Outreach projects New Premises Community Project (MHPC) Bursary fees and provisions Just / Local / Giving affiliation fees Event, printing & reproduction Studio Maintenance & Refurbishment Equipment & Zoom costs £122,147 (2022 - £116,947) of the above costs were attributable to restricted funds. £80,929 (2022 – £72,656) of the above costs were attributable to unrestricted funds Support & Governance costs: OKMT Trust Director OKMT Ops Co-ordinator Administration Office expenses & equipment Accounting, Review & Payroll - Cloud Bureau Insurances Other Expenses inc Website BAMT & other membership fees Bank Charges & commissions OKMT – Strategy Away day Recruitment advertising & costs Depreciation – Tangible Assets £53,394 (2022 - £49,806) of the above costs were attributable to restricted funds. £36,708 (2022 - £36,595) of the above costs were attributable to unrestricted funds. The independent examination, review, certification and professional advice £2,300 (2022 - £2,100) are included within support costs Total Cost of Total Charitable Activities Total Exenditure |
Full Year 2023 £ (2,795) (754) (14,822) (18,371) (170,642) (1,005) (2,030) (1,486) (8,905) (5,543) (0) (5,975) (396) (6,709) (134) (251) (203,076) (40,083) (15,888) (19,865) (1,767) (7,394) (905) (2,434) (209) (343) (0) (0) (1,214) (90,102) (293,178) (311,549) |
Full Year 2022 £ (3,556) (787) (15,730) |
|---|---|---|
| (20,073) | ||
| (165,409) (2,645) (955) (1,328) (5,174) (4,737) (0) (2,890) (396) (5,142) (527) (400) |
||
| (189,603) | ||
| (38,135) (15,295) (17,424) (2,029) (7,630) (864) (2,406) (371) (276) (947) (0) (1,024) |
||
| (86,401) | ||
| (276,004) | ||
| (296,077) |
Total Expenditure
Page 12
THE OTAKAR KRAUS MUSIC TRUST
YEAR ENDED 31 DECEMBER 2023
NOTES FORMING PART OF THE FINANCIAL STATEMENTS – continued
4 Employees
OKMT has one full time employee (our Director) and one part time employee throughout 2023. No employee was paid more than £60,000 per annum.
Neither of the employees are Trustees.
The employees received remuneration and expenses during the year of £55,971 (Salaries - £43,749; Social security costs - £8,322; Pension - £3,900).
Year 2022 - £53,040 (Salaries - £42,705; Social security costs - £8,215; Pension - £2,510.
OKMT pays Pension contributions in line with auto-enrolment direct to a named Pension scheme.
| 5 Debtors Trade Debtors Prepayments 6 Creditors: Amounts falling due within one year Other Taxation and Social security Accruals and Deferred income (see note 12) (Deferred Income included in creditors – 2023 £80,513 / 2022 £43,625) |
2023 £ 18,700 2,150 20,850 2023 £ 1,072 97,992 99,064 |
2022 £ 16,268 1,802 |
|---|---|---|
| 18,070 | ||
| 2022 £ 864 56,967 57,831 |
7 Related Party Transactions
The Trustees neither received nor waived any remuneration or expenses during the year.
8 Statement of Funds
| General Reserves Restricted Funds Designated Fund TOTAL FUNDS |
As at Transfers/ As at 1 January Income Net movement Total Net Expenses 31 December 2023 2023 2023 2023 2023 £ £ £ £ 101,437 137,993 (134,543) 104,887 79,136 177,006 (8,818) (177,006) 70,318 25,000 - - 25,000 |
|---|---|
| 205,573 314,999 (8,818) (311,549) 200,205 |
9 Designated Fund – Premise & MHPC project
The Trustees have retained the designated fund towards the provision of costs associated with locating, sourcing and fitting out new premises. The current fund total is £25,000 and this forms the basis for supporting our continuing search for a new home.
OKMT had maintained a financial interest into 2023 in supporting a partnership community development project, within the Richmond Borough, with other local charities and funding stakeholders. The Marble Hill Community Project had the potential to fulfil our requirement for a new permanent home, while sharing the facility with other local charities in a community hub, but this will not be pursued. OKMT will review its premises strategy for the long term in the strategic review due in 2024.
OKMT retained a small project fund, within our Restricted Funds total, to help facilitate planning and the respective share of the fund has been returned to our partners in 2023.
Page 14
THE OTAKAR KRAUS MUSIC TRUST
YEAR ENDED 31 DECEMBER 2023
NOTES FORMING PART OF THE FINANCIAL STATEMENTS – continued
| 10 Restricted Funds - Reconciliations OKMT Restricted Funds - Balance Sheet Cash Received / Income & Cost Utilisation Grants Received Prior Years– Agreed Balances B/fwd to 2023 Net Grants brought forward from prior years Grants Received 2023 Projects Grants – prepaid 2022 – Deferred to 2023 £43,625 ArtSocial Foundation BBC Children in Need Richmond Parish Lands Charity The Barnes Fund Grants – Received in 2023 £107,265 Axis Foundation BBC Children in Need City Bridge Foundation Hampton Fund – Music School Hampton Fund – Core Heathrow Community Fund Global Charites Jack Petchey Foundation John Horniman’s Children Trust LBRuT Masonic Charitable Foundation Normansfield and Richmond Fund Radcliffe Trust St. James’s Place Charitable Foundation The Anton Jurgens Charitable Trust The D’Oyly Carte Charitable Trust Youth Music – National Foundation Tommy Hollis Children’s Fund Grants– 2023 Projects-Total Received to 31 December 2023 & c/fwd to 2024 OKMT Total Grants as at 31 December 2023– Balance c/fwd to 2024 Joint Community Project– MHPC stakeholders funds– Restricted Fund Grants– at close 31 December 2023– C/fwd to 2024 Note–Balance Sheet b/fwd -1 Jan 2023 £79,136/ Aggregate Net Movement 2022 £(8,818) |
2023 2023 £ £ Cash Grants Received Utilised/ Income |
2023 £ Balance YE 31122023 |
|---|---|---|
| 74,127 (52,588) |
21,539 | |
| 14,225 (7,947) 500 (500) 27,500 (27,500) 1,400 (1,400) 4,920 (1,155) 8,888 (5,058) 36,880 (30,733) 15,000 (14,367) 10,000 (7,500) 2,460 (1,430) 4,928 (750) 1,600 (100) 1,500 (1,500) 5,000 (1,540) 5,000 (5,000) 5,840 (3,340) 3,000 (2,206) 5,800 (3,339) 5,000 (2,500) 4,860 (2,195) 5,280 (3,238) 3,200 (1,180) |
6,278 0 0 0 3,765 3,830 6,147 633 2,500 1,030 4,178 1,500 0 3,460 0 2,500 794 2,461 2,500 2,665 2,042 2,020 |
|
| 172,781 (124,478) |
48,303 | |
| 246,908 (177,066) |
69,842 476 |
|
| 4,368 (3,892) |
||
| 70,318 | ||
11 Funds
Unrestricted Funds: Purposes of unrestricted funds
General unrestricted funds may be used to meet any of the Charities objectives, as determined by the Trustees. The Designated fund has been set up to support the Charity with its objectives of finding new premises.
Restricted Funds: Purpose of Restricted Funds
Individual donors have stipulated that their funds must be used for specific purposes by the charity. OKMT recognises fully trust law restrictions and only draws income from Restricted Funds reserves on a revenue recognition activity based utilisation, matched to specific OKMT projects, ( Reference Note 1.4 ). We retain running balances on all individual funds in our Balance sheet. These are backed by cash reserves matching these Restricted Funds reserves at all times. The individual reserves are returnable to donors / grant bodies if required. OKMT agrees all financial year roll over funding with the individual donor / grant organization’s.
Page 15
THE OTAKAR KRAUS MUSIC TRUST
YEAR ENDED 31 DECEMBER 2023
NOTES FORMING PART OF THE FINANCIAL STATEMENTS – continued
12 Deferred Income
| Grants Received in Quarter 3-4 2023– for specific 2024 Projects Included in Current Liabilities at 31 December 2023: (Will be activated as Restricted Funds from 1stJanuary 2024) BBC Children in Need – Phased grant St James’s Place Charitable Foundation The Edward Gostling Foundation Jack Petchey Foundation The Baily Thomas Charitable Fund Lucille Graham Trust Stephen Clark Charitable Settlement 1965 Hampton Fund Richmond Parish Lands Charity Total – Prepaid in 2023 – carried forward to 2024 Projects |
£ 2,963 4,200 10,000 300 4,000 5,000 1,000 25,000 28,050 |
|---|---|
| 80,513 |
The Deferred Income relates to Grants received in advance by OKMT for 2024 (Restricted Fund) projects. The funders paid funds over in advance to OKMT in late 2023.
These are technically a current liability under the terms of the grants offered at the Balance Sheet date and will be transferred to Restricted Funds on 1[st ] January 2024.
The deferred income is included within accruals and deferred income under creditors at the balance sheet date.
13 Analysis of Net Assets between funds
| Tangible Fixed Assets Current Assets: Cash at Bank: Debtors: Current Liabilities: Net Current Assets TOTAL FUNDS |
Total General Restricted Designated December 2023 £ £ £ £ 9,334 - - 9,334 173,767 70,318 25,000 269,085 20,850 - - 20,850 (99,064) - - (99,064) |
|---|---|
| 95,553 70,318 25,000 190,871 |
|
| 104,887 70,318 25,000 200,205 |
Page 16
THE OTAKAR KRAUS MUSIC TRUST
YEAR ENDED 31 DECEMBER 2023
NOTES FORMING PART OF THE FINANCIAL STATEMENTS – continued
14 Tangible Fixed Assets
| Tangible Fixed Assets Cost or Valuation Brought Forward at 1 January 2023 Additions At 31 December 2023 Depreciation Brought Forward at 1 January 2023 Charge for the year At 31 December 2023 Net Book Values Brought Forward at 1 January 2023 At 31 December 2023 |
Grand Piano Electronic Keyboard & Xylophones Electronic Stage, Sound & Musical Kit Computer Equipment & Laptops Total £ £ £ £ £ 7,500 3,265 1,607 2,264 14,636 |
|---|---|
| - - 635 - 635 |
|
| 7,500 3,265 2,242 2,264 15,271 |
|
| 1,213 2,012 1,048 450 4,723 150 327 350 387 1,214 |
|
| 1,363 2,339 1,398 837 5,937 |
|
| 6,287 1,253 559 1,814 9,913 |
|
| 6,137 926 844 1,427 9,334 |
15 Defined Contribution Pension Plans
The charity operates a defined contribution pension plan for its employees. The amount recognised as an expense in the period was £3,900 (2022 - £2,510)
The defined contribution liability is allocated to unrestricted funds.
16 Controlling Parties
The charity was under the control of the Trustees during the period.
Page 17