Charity No: 1178401
THE OTAKAR KRAUS MUSIC TRUST
REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
TWP ACCOUNTING LLP
Chartered Accountants The Old Rectory Church Street Weybridge Surrey KT13 8DE
THE OTAKAR KRAUS MUSIC TRUST
YEAR ENDED 31 DECEMBER 2024
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 2024
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 Theresa Pa Sanbeck (Appointed 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 2024
The trustees present their annual report together with the financial statements of the charity for the year ended 31 December 2024
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 2024.
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 2024 with seven trustees and welcomed Theresa Pa Sanbeck as a new Trustee in January 2024. With some retirements due in 2025 and 2026, we continue to seek additional trustees to enhance the Boards capabilities.
The Board continued to meet quarterly through 2024 and monitor against our objectives and current year budget. We are planning a Strategic Plan refresh in 2026.
The Full Board meets quarterly and a Board sub-committee meets monthly to discuss finance, organisational and operational matters. The Board carried out a major Strategy review of the charity 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 nee ~~ds~~ 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.
Our internal structure, where we recruited an Operations Co-Ordinator, Hana Wilford, to directly support our Director, Clare Lawrence, in running our existing projects and helping prepare the launch of new programmes ongoing through 2024 and into 2025, is working very well and proved a valuable investment.
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 2024
Achievements and performance
- a. Main achievements of the charity
On behalf of the trustees of 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 2024. It is always a privilege to write the Chair’s report, and I am pleased to provide an update on the impactful work done by OKMT. Despite the difficult times, especially in the charity sector, our organisation continues to remain robust, and I am pleased to report that OKMT has had another strong 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 by working in partnership with local organisations within the Borough of Richmond. During the year we provided 3,280 music sessions for 515 people of all ages. Continuing projects include 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 young adults with learning disabilities with Mencap, 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, Music Club and OK Ukulele group. With our focus on the vulnerable and those in need, we continue to provide bursaries/subsidies for 1 to 1 music therapy to help those on low income or benefits.
This past year’s community fundraising was kicked off by the Big Give Arts for Impact which provided match funding up to £10,000, enabling us to raise a total of 20,000. Thank you to everyone who contributed to the Big Give. Other community fundraising events included a Piano-a-thon by the St Paul’s Junior School and a concert by St Paul’s music department. During the year we were pleased to be selected by the Selwyn Hotel as one of their local charities and together we hosted a Richmond Park Walk in the Fall. Many thanks to all the individuals and supporters who raised money for OKMT.
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.
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 their space, delivering some of our programs would be challenging.
OKMT would like to partner with corporate sponsors willing to help us to continue to deliver our services to those individuals in need of our support. We would prominently display the partners’ support of our organisation throughout our media outlets (website, social media) and at our events. If you, or someone you know, is interested, please reach out to us.
As always, OKMT is prudently fiscally managed. Our 2024 projects were fully funded thanks in large part to the dedication of our Fundraiser, Valerie Roy. Our balance sheet remains robust, and OKMT remains in good shape financially. We were able to raise £319,286 during the year to support our activities. Thank you to our management and staff for all their hard work, keeping everything running smoothly.
On behalf of the Trustees, I would like to thank all of our Funders, our donors, therapists, volunteers and clients for their support, hard work and enthusiasm during the year, and for the positive energy which helped us make 2024 another successful and special year for all of our clients. A special thank you to The Selwyn Hotel and to our Friends of OKMT, who supported us through the year with their regular contributions to OKMT.
Page 3
THE OTAKAR KRAUS MUSIC TRUST
TRUSTEES REPORT – (Continued) YEAR ENDED 31 DECEMBER 2024
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 beaccessible. The table below as published in our impact report summarises the key benefits of our sessions for our clients in 2024.
Page 4
THE OTAKAR KRAUS MUSIC TRUST
TRUSTEES REPORT (Continued) – YEAR ENDED 31 DECEMBER 2024
Financial review
OKMT continues to be in positive shape financially at 31[st] December 2024, 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 was again this year 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 2024 projects were fully funded thanks in large part to the dedication of our Fundraiser, Valerie Roy, who has maintained the level of grant funding at £178k, equating to 55% 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 our Director, 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 £319,286 against overall costs of £316,091 giving a small operating surplus of £3,195 for the financial year, slightly down on 2023 and in line with our strategic breakeven objectives for 2024. The surplus is explained by our increased total revenues of £4k net, up mainly due to increased community contributions (Big Give driven) +£5k, Bank interest & Gift aid +£4k, offset by a small dip in Music Fees £5k. Overall the increase in costs v 2023 of £4k (just net 1.4%), was due principally to a small increase in fundraising costs.
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.
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 2024 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 £108,082 with net free reserves of £98,669 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 2024. 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 2024
Post Balance Sheet Events
Both the UK and worldwide economy continue to face uncertainty with both inflationary effects and disrupted supply chains. The continuing economic effects of the conflict in Ukraine and now the Middle East, coupled with US trade tariffs give an uncertain world trade background. The final outcome of the continuing Cost of Living crisis in terms of economic repercussions cannot be fully determined at the balance sheet date. Ultimately, the future trading success of OKMT and the charity sector in the UK in general, is tied to and dependent upon the overall state of the UK economy. The consequent effects of hoped for falling inflation levels in 2025/26 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 2024 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 (FRS102); make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 26/09/2025 and signed on their behalf by:
……………………… R Miao Chair
Page 6
THE OTAKAR KRAUS MUSIC TRUST
YEAR ENDED 31 DECEMBER 2024
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 2024, 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act;
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the accounts do not accord with those records;
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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:
Dated:
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 2024
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 before other gains (Net Income for the period) Net incoming resources Reconciliation of funds Fund balance brought forward 1 January 2024 Funds - aggregate net year on year movements for the period 10/11 Fund balance carried forward 31 December 2024 |
Unrestricted Funds Restricted Funds Designated funds 2024 Full Year Total 2023 Full Year Total £ £ £ £ £ 38,837 - - 38,837 31,130 4,301 - - 4,301 2,841 0 177,967 - 177.967 177,566 94,059 - - 94,059 100,611 4,122 - - 4,122 2,851 |
|---|---|
| 141,319 177,967 - 319,286 314,999 |
|
| (2,365) - - (2,365) (2,795) (19,290) (1,900) - (21,190) (15,576) (116,469) (176,067) - (292,536) (293,178) |
|
| (138,124) (177,967) - (316,091) (311,549) |
|
| 3,195 - - 3,195 3,450 |
|
| 3,195 - - 3,195 3,450 104,887 70,318 25,000 200,205 205,573 6,685 6,685 (8,818) |
|
| 108,082 77,003 25,000 210,085 200,205 |
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 2024
| 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 |
£ 353,545 19,101 (171,974) |
2024 £ 9,413 200,672 |
£ 269,085 20,850 (99,064) |
2023 £ 9,334 190,871 |
|---|---|---|---|---|
| 210,085 | 200,205 | |||
| 108,082 25,000 77,003 210,085 |
104,887 25,000 70,318 200,205 |
The financial statements were approved by the trustees and authorised for issue on 26/09/2025 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 2024
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 befulfilled.
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 2024
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.
| Full Year | Full Year | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Fee Contributions invoiced towards subsidised Music Therapy Services. | 94,059 | 100,611 |
Page 11
THE OTAKAR KRAUS MUSIC TRUST
YEAR ENDED 31 DECEMBER 2024
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 £1,900 (2023 - £1,465) of the above costs were attributable to restricted funds. £21,655 (2023 - £16,906) 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 Bursary fees and provisions Just / Local / Giving affiliation fees Event, printing & reproduction Studio Maintenance & Refurbishment Equipment & Zoom costs £122,522 (2023 - £122,147) of the above costs were attributable to restricted funds. £81,137 (2023 – £80,929) 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 £53,545 (2023 - £53,394) of the above costs were attributable to restricted funds. £35,333 (2023 - £36,708) of the above costs were attributable to unrestricted funds. The independent examination, review, certification and professional advice £2,425 (2023 - £2,310) are included within support costs Total Cost of Total Charitable Activities Total Expenditure |
Full Year 2024 £ (2,365) (664) (20,526) (23,555) (174,202) (2,135) (824) (911) (8,706) (3,756) (6,550) (396) (5,939) (70) (170) (203,659) (39,852) (15,460) (17,949) (2,099) (7,999) (949) (2,537) (110) (596) (-) (-) (1,326) (88,878) (292,536) (316,091) |
Full Year 2023 £ (2,795) (754) (14,822) |
|---|---|---|
| (18,371) | ||
| (170,642) (1,005) (2,030) (1,486) (8,905) (5,543) (5,975) (396) (6,709) (134) (251) |
||
| (203,076) | ||
| (40,083) (15,888) (19,865) (1,767) (7,394) (905) (2,434) (209) (343) (-) (-) (1,214) |
||
| (90,102) | ||
| (293,178) (311,549) |
Page 12
THE OTAKAR KRAUS MUSIC TRUST
YEAR ENDED 31 DECEMBER 2024
NOTES FORMING PART OF THE FINANCIAL STATEMENTS – continued
4 Employees
OKMT has one full time employee (our Director) and one part time employee throughout 2024. 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 £55,312 (Salaries - £44,795; Social security costs - £7,181; Pension - £3,336).
Year 2023 - £55,971 (Salaries - £43,749; Social security costs - £8,322; Pension - £3,900).
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 – 2024 £154,052 / 2023 £80,513) |
2024 £ 16,878 2,223 19,101 2024 £ 970 171,004 171,974 |
2023 £ 18,700 2,150 |
|---|---|---|
| 20,850 | ||
| 2023 £ 1,072 97,992 |
||
| 99,064 |
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 2024 2024 2024 2024 2024 £ £ £ £ 104,887 141,319 (138,124) 108,082 70,318 177,967 6,685 (177,967) 77,003 25,000 - - 25,000 200,205 319,286 6,685 (316,091) 210,085 |
|---|---|
9 Designated Fund – Premise
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 will review its premises strategy for the long term at the next strategic review due in Autumn 2026.
Page 14
THE OTAKAR KRAUS MUSIC TRUST
YEAR ENDED 31 DECEMBER 2024
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 2024 Net Grants brought forward from prior years &Balance c/fwd to 2025 Grants Received 2024 Projects Grants – prepaid 2023 – Deferred to 2024 £80,513 BBC Children in Need Hampton Fund – Music School Hampton Fund – Core Jack Petchey Foundation Lucille Graham Trust Richmond Foundation St. James’s Place Charitable Foundation The Baily Thomas Foundation The Edward Gostling Foundation The Stephen Clark Charitable Trust Grants – Received in 2023 £120,240 Axis Foundation BBC Children in Need City Bridge Foundation Charles Haywood Foundation Heathrow Community Fund HDH Wills Charitable Trust HDH Wills Charitable Trust – Big Give Matched Funding The Ironmongers’ Company Jack Petchey Foundation Kew Fete Normansfield and Richmond Foundation Shanly Foundation St. James’s Place Charitable Foundation The National Lottery The Stephen Clark Foundation Grants– 2024 Projects-Total Received to 31 December 2024 & c/fwd to 2025 Restricted Fund Grants– at close 31 December 2024– C/fwd to 2025 Note–Balance Sheet b/fwd -1 Jan 2024 £70,318 / Aggregate Net Movement 2024 £6,685. |
2024 2024 £ £ Cash Grants Received Utilised/ Income |
2024 £ Balance YE 31122024 |
|
|---|---|---|---|
| 70,318 (51,969) |
18,349 | ||
| 2,962 (2,962) 16,000 (13,883) 9,000 (9,000) 300 (300) 5,000 (5,000) 28,050 (28,050) 4,200 (3,414) 4,000 (2,076) 10,000 (5,182) 1,000 (1,000) 4,800 (720) 12,200 (3,794) 44,100 (33,882) 4,000 - 1,640 (1,640) 2,000 (2,000) 2,000 (1,000) 4,860 (2,639) 2,400 (2,100) 1,620 - 5,220 (140) 3,300 (161) 10,000 (1,375) 5,000 (5,000) 1,000 (680) |
- 2,117 - - - - 786 1,924 4,818 - 4,080 8,406 10,218 4,000 - - 1,000 2,221 300 1,620 5,080 3,139 8,625 - 320 |
||
| 184,652 (125,998) 254,970 (177,967) |
58,654 | ||
| 77,003 | |||
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 rollover funding with the individual donor / grant organisations.
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THE OTAKAR KRAUS MUSIC TRUST YEAR ENDED 31 DECEMBER 2024 NOTES FORMING PART OF THE FINANCIAL STATEMENTS- contlnued 12 D•f•rr•d Incomè Grants R8c8lv8d In uartor 34 2024- for s eclfic 2025 Pro •cts Included in Current Li8bilities at 31 December 2024.. (Will be 8Gliv8tgd 8s Restricted Funds from isl J8nuary 2025? Artsocial Found8li<)n Youth Music The Big Give Trusl The Edward Gostling Foundation Jom Hornirnan's Children's Trust The Foyle Foundation Hampton Fund Th8 Gosllng Foundallon Rlchmond Foundatlon National Lottery Heathrow Community Trust M8soni¢ Ch8rll8ble Foundauon 22,452 1.100 10,000 10,000 500 15.000 25.000 12.500 35,0 1 5,000 7.000 500 Total- Prnpald In 2024- carTled forward to 2025 Projects 154,052 The Deferred Income relates to Grants received In advance by OKMT for 2025 IRestdcled Fund) proSects, The funders paid funds over in advance lo OKMT during & in late 2024. Thèse ar? te¢hnl¢ally a currènt Ilablllly under the lems of tha grants offered al the Balanea Sheet date and wlll be transferred (o Restricted Funds on 1•1 January 2025. The deferred incorne is induded within accruals and deferred income under ueditors al the balance Sheet date. 13 Analy81• of Net Assets belween fund Total G•n•r•l R•$trl¢t•d D•$lgn•t•d DeCemr 2024 Tangiblè Fix•d Assèts Curr•nt Assèt•: Cash al Bank.. D8btors'. Current Llabilitl8$= Not Current Assets 9,413 9,413 2S1,$42 19,101 1171,9751 98.668 77.003 25,000 3S3.$45 19,101 1171,9751 200,671 77.003 25,000 TOTAL FUNDS 108,081 77.003 25,000 210.084 Page 16
THE OTAKAR KRAUS MUSIC TRUST
YEAR ENDED 31 DECEMBER 2024
NOTES FORMING PART OF THE FINANCIAL STATEMENTS – continued
14 Tangible Fixed Assets
| Tangible Fixed Assets Cost or Valuation Brought Forward at 1 January 2024 Additions At 31 December 2024 Depreciation Brought Forward at 1 January 2024 Charge for the year At 31 December 2024 Net Book Values Brought Forward at 1 January 2024 At 31 December 2024 |
Grand Piano Electronic Keyboard & Xylophones Electronic Stage, Sound & Musical Kit Computer Equipment & Laptops Total £ £ £ £ £ 7,500 3,265 2,242 2,264 15,271 |
|---|---|
| - - 749 657 1,406 |
|
| 7,500 3,265 2,991 2,921 16,677 |
|
| 1,363 2,339 1,398 837 5,937 150 327 413 437 1,327 |
|
| 1,513 2,666 1,811 1,274 7,264 |
|
| 6,137 926 844 1,427 9,334 |
|
| 5,987 599 1,180 1,647 9,413 |
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 £3,336 (2023 - £3,900)
The defined contribution liability is allocated to unrestricted funds.
16 Controlling Parties
The charity was under the control of the Trustees during the period.
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