**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;
- 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 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:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act;
2. the accounts do not accord with those records;
3. 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.
Page 15
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.
Page 17