Olympias Music Foundation Trustees report and financial statements for the period ended 31 August 2023
## Olympias Music Foundation
Trustees report and financial statements for the period ended
31 August 2023
## Contents
Trustees and advisors .......................................................................................................................... 1 Trustees report ..................................................................................................................................... 2 Statement of financial activities for the period ended 31 August 2023 ................................................. 6 Balance sheet as at 31 August 2023 .................................................................................................... 7 Notes to the financial statements for the period ended 31 August 2023 .............................................. 8
## **Olympias Music Foundation**
## **Trustees and advisors**
## **Trustees**
Jo Yee Cheung (resigned on 20[th] April 2023) Rick Eling – Chair (appointed on 20[th] April 2023) Yana Eskandari Aziz Ibrahim Helen Krizos Joseph Markus (resigned on 20[th] April 2023) Suki Pardesi Keisha Thompson (appointed on 20[th] April 2023)
## **Registered office**
7 Brundretts Road Manchester M21 9DA
## **Bankers**
Lloyds Bank plc Blackheath London Branch
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## **Olympias Music Foundation**
## **Trustees report**
The Trustees present their report and financial statements covering the period from 1 January to 31 August 2023. Olympias Music Foundation (OMF) was established in 2015 to carry out various activities in the Manchester area, focusing on the provision of access to music and music education to disadvantaged groups including, in particular, children and vulnerable adults.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Document**
OMF was established as an unincorporated association, governed by its constitution dated 23 June 2017 (as amended on 10 January 2018). On 23 April 2021, OMF resolved to dissolve itself for the purpose of incorporating as a charitable incorporated organisation (‘CIO’). The CIO was established on 23 April 2021 and is governed by its constitution of the same date. These accounts concern the CIO, which succeeded the association and operated from 23 April 2021. The charitable purposes of the CIO, its objectives and activities mirror those of its predecessor organisation.
## **Appointment of Trustees**
The Trustees are appointed in accordance with the constitution and are listed on page 1. The minimum number of Trustees is three; there is no maximum number. The method for appointment of trustees and the duration over which they hold office is described in the constitution.
## **OBJECTIVES AND ACTIVITIES**
The objectives of the charity are to advance the education of the public in the subject of music by providing opportunities for active engagement and participation in music-making. This is done by providing choirs, music workshops, concerts, music lessons and other musical opportunities for children and adults – with a particular focus on reaching communities in the areas of Ardwick, Longsight, Rusholme and Moss Side.
The Trustees seek to achieve those objectives by establishing services in Manchester which provide access to music education for children, vulnerable adults (including refugees, asylum seekers and victims of domestic violence) and individuals with special educational needs, and to seek to advance community integration and social empowerment of those groups.
## **STATEMENT OF PUBLIC BENEFIT**
The Trustees have referred to the information contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning future activities. The Trustees believe that the activities carried out benefit the public by providing music education and access to music to members of the community in disadvantaged parts of Manchester that would not ordinarily enjoy that sort of education or access.
## **ACHIEVEMENTS AND PERFORMANCE**
As detailed in OMF’s trustee report and financial statements for the year ending 31 December 2022, the decision was taken to change OMF’s financial year end from 31[st] December to 31[st] August to better align OMF’s financial records with its project year (which follows an academic school year).
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## **Olympias Music Foundation**
In order to do this, the charity has prepared a short set of accounts from January to August 2023 to enable its next 12-month financial statement to run from 1 September 2023 to 31 August 2024. This trustee report consequently details the achievements and performance of OMF during the eightmonth period from 1 January to 31 August 2023.
In January 2023, we were joined by OMF’s first ever Development Director, Anna Kerr. This role was funded by a legacy grant from the Matthew Nicholls Foundation, who donated £80,000 to OMF in the process of winding down their own foundation in 2022. The new Development Director role aims to support the Chief Executive (previously OMF’s sole fundraiser) in generating the annual income needed to ensure OMF’s sustainable growth and development. The introduction of a Development Director (1.0 Full Time Equivalent (FTE)) to OMF also increased the charity’s employed staff team to four members – including a Chief Executive (0.8FTE); Programmes Manager (1.0FTE); and Programmes and Finance Administrator (0.8FTE).
Over the course of January to April, OMF’s new Development Director carried out a full financial and fundraising audit of the charity, resulting in a new three-year business plan and strategy called ‘Forging Musical Futures 2023-26’. The focus of this strategy is to reduce OMF’s reliance on grant funding (currently 81% of OMF’s income; with a target of reducing this dependency to 74% of OMF’s income by 2026) and diversify the charity’s income to include more corporate sponsorship, major donors, individual giving, community fundraising and events.
The business plan also details the need for better internal systems and processes, as well as considerations such as the risk of cyber-attacks and the need for an ethical fundraising policy. As a consequence, significant improvements were made to OMF’s infrastructure over the subsequent six months, including the purchase of a 3[rd] party CRM system and membership to the Fundraising Regulator. Significantly less direct fundraising was done during this period due to the focus on developing the new strategy, with the exception of OMF’s first ever sponsored 10K charity run (which included staff, trustees, and supporters of the OMF); £10,000 secured from the Quilter Foundation; and an application to the Foyle Foundation for core costs.
During this period, OMF also recruited a new Chair of Trustees – Managing Director of MKC Wealth, Rick Eling – who joined the charity in April 2023. In addition to Rick (who replaced Jo, OMF’s Chief Executive, as Chair of the Board of Trustees) the charity welcomed former CEO and Artistic Director of Contact Theatre, Keisha Thompson as an OMF trustee (who replaced barrister, Joe Markus). Doing so helped to eliminate the conflict of interest created by the charity’s Chief Executive simultaneously sitting on the board of trustees (an action taken due to lack of resources in previous years) and ensures organisational separation and greater accountability between the trustee board and executive team. Crucially, Rick and Keisha brought new dynamism and energy to OMF, helping to galvanise the board and introduce new ideas and ways of working.
In June 2023, Anna left OMF (temporarily) to take maternity leave and was replaced by Fundraising and Development Manager, Laura Batey. In July 2023, we welcomed over 350 children to our Learn to Play Open day at Manchester Museum aimed at attracting new families to join OMF’s Learn to Play programme in September 2024, and to enable children to handle and try out a range of musical instruments for the first time. The number of children who applied to take part in the open day reflects the massive over-subscription of Learn to Play, and the need for capacity-building if the charity is to meet the demand for free musical opportunities for young people from low-income backgrounds in Manchester.
Between January to July 2023, six children took ABRSM music examinations (achieving a collective 100% pass rate – 1 distinction, 3 merits and 2 passes) – bringing the total number of children who have passed ABRSM Grades through OMF to eight. In addition to the usual programme of weekly
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## **Olympias Music Foundation**
music lessons, choir rehearsals and workshops for children with special educational needs, the summer term also brought with it two new major projects: a production of Benjamin Britten’s community opera, ‘Noah’s Flood’, produced by Slung Low and Manchester Collective (featuring a children’s orchestra formed of OMF string players); and Music and Mountains, OMF’s first ever music residential course in Snowdonia.
In July 2023, 20 OMF violinists and cellists performed as part of a 250-strong cast of instrumentalists and singers, with two performances in The Warehouse in Holbeck at as part of Leeds 2023 and at Mayfield Depot in Manchester as part of Manchester International Festival. The production received 4 stars from the Daily Telegraph, with five OMF children being interviewed on television about their experiences for BBC News North West.
In August 2023, eight children took part in OMF’s first ever music residential course in Betws-y-Coed, at the home of musicians Richard Ormrod and Mary Hofman, and their two young daughters. As part of the week-long course, children received daily music lessons in the morning and spent the afternoons exploring the mountains around Richard and Mary’s home in Snowdonia. Photographer Karen Rangeley joined the course for two days to document the children’s experiences on camera, as well as teaching them how to take their own photographs on disposable cameras. Karen and the children’s photographs will appear as part of an exhibition at Manchester Museum called WILD (accompanied by a soundscape of field recordings of the trip created by former OMF Programmes Manager and electro-acoustic composer, Patrick Shepherd) which opens in June 2024.
In September 2023, we welcomed a further 40 children to join the Learn to Play programme – resulting in a total of 125 children receiving weekly instrumental lessons from OMF. By 2026, we expect to provide weekly instrumental lessons to a total of 250 children in Manchester. As the children continue to grow in musical ability and confidence. If the charity is to sustain this level of growth (and the number of staff required to deliver this work), it is imperative that we take steps to diversify our income streams, reduce reliance on grant funding and become more financially resilient – something we hope to achieve over the next three years of our Forging Musical Futures strategy.
## **FINANCIAL REVIEW**
Total income for the period was £133,607 consisting of £108,788 of grant income from funders including the Oglesby Charitable Trust and Quilter Foundation; £11,071 from contributed income including donations; and £13,998 from earned income including events. Current assets sat at £113,711 and in fixed tangible assets were £8,537. We are grateful to all funders and supporters for their kindness and generosity.
Expenditure for the period was £173,427 and included teaching costs, instruments, venue hire and salaries for OMF’s Chief Executive; Development Director; Programmes Manager; Programmes and Finance Administrator; and Fundraising and Development Manager (maternity cover).
By 31 August 2023, the balance of our unrestricted funds was £50,955, and the balance of our restricted funds was £13,180.
## **RISK REVIEW, FUNDS AND RESERVES POLICY**
The Trustees regularly review OMF’s risk management systems, risk register and policies developed to mitigate the key risks identified by the Trustees. The key risks are considered to be:
- Complaints against an OMF teacher, particularly of a safeguarding nature
- Precarious nature of funding streams
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## **Olympias Music Foundation**
The Trustees believe that these risks are minimised by holding regular meetings, the level of expertise on the board, monitoring of staff and development of policies. Key staff are child safeguarding trained. The Trustees are satisfied that there are sufficient procedures in place to mitigate these risks to an acceptable level.
The Trustees recognise the need for the association to establish and maintain reserves to enable it to continue to carry out its objectives. The Trustees aim to maintain unrestricted free reserves equivalent to three months running costs. Actual reserves as 31 August 2023 were £50,955.
## **TRUSTEES RESPONSIBILITIES**
Charity law requires the Trustees to prepare financial statements for each financial period, which give a true and fair view of the state of the charity and of its surplus or deficit for that period. In preparing those financial statements the Trustees have:
- selected suitable accounting policies and applied them consistently
- made judgements and estimates that are reasonable and prudent
- stated whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
- prepared the financial statements on the going concern basis (see note 1 for further details)
The Trustees are responsible for keeping records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the requirements of the Charity Commission. They are also responsible for safeguarding the assets of the charity and hence for taking steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on 24[th] June 2024 and signed on their behalf by:
Rick Eling Chair of Trustees
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## **Olympias Music Foundation**
## **Statement of Financial Activity for the period ended 31 August 2023**
||**Notes**|**Unrestricted**
**funds**|**Restricted**
**funds**|**31.08.23**
**Total**
**Funds**|**31.12.22**
**Total**
**Funds**|
|---|---|---|---|---|---|
|||**£**|**£**|**£**|**£**|
|**Income from**|1|||||
|Grant income||12,000|96,788|108,788|154,445|
|Major Donor income||2,000|-|2,000|-|
|Individual Giving income||8,753|-|8,753|14,289|
|Community Fundraising income||318|-|318|-|
|Earned income||8,698|5,050|13,748|11,599|
|**Total income**||**31,769**|**101,838**|**133,607**|**180,333**|
|**Expenditure on**||||||
|Freelance teaching costs||19,798|27,468|47,266|44,858|
|Salaries & overheads||41,737|57,132|98,869|50,242|
|Instruments/maintenance costs||704|1,447|2,152|1,698|
|One-off events/projects||13,288|8,965|22,253|57,551|
|Development, fundraising & promotional costs||1,526|600|2,126|-|
|Other||431|330|761|10,286|
|**Total Expenditure**||**77,485**|**95,942**|**173,427**|**164,634**|
|**Net (expenditure)/income**||**(45,716)**|**5,897**|**(39,820)**|**15,699**|
|Fund balances brought forward||96,671|7,283|103,954|88,255|
|**Fund balances carried forward**||**50,955**|**13,180**|**64,135**|**103,954**|
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## **Olympias Music Foundation**
## **Balance sheet as at 31 August 2023**
|||||**31.08.23**|**31.12.22**|
|---|---|---|---|---|---|
||**Notes**|**Unrestricted funds**|**Restricted funds**|**Total funds**|**Total funds**|
|||**£**|**£**|**£**|**£**|
|**Fixed assets**||||||
|Tangible assets|5|4,665|3,872|8,537|8,673|
|**Current assets**||||||
|Cash at bank||46,844|66,366|113,211|162,217|
|Accrued income||500|-|500|
-|
|**Total current assets**||**47,344**|**66,366**|**113,711**|**162,217**|
|Creditors||||||
|Tax & social security costs||-|
(6,774)|(6,774)|(5,180)|
|Deferred income||-|
(49,285)|(49,285)|(54,191)|
|Other creditors||(1,055)|(999)|(2,053)|(7,565)|
|**Total creditors**||**(1,055)**|**(57,058)**|**(58,113)**|**(66,936)**|
|**Net current assets**||**46,290**|**9,308**|**55,598**|**95,281**|
|**Total assets less current**
**liabilities**||**50,955**|**13,180**|**64,135**|**103,954**|
|**Net assets**||**50,955**|**13,180**|**64,135**|**103,954**|
|**Total funds**||**50,955**|**13,180**|**64,135**|**103,954**|
All amounts are derived from continuing operations and OMF has no recognised gains and losses other than those passing through the statement of financial activities.
The financial statements on pages 6 and 7 were approved by the Trustees at the Annual General Meeting and signed on 24[th] June 2024 on its behalf by:
Rick Eling Chair of Trustees
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## **Olympias Music Foundation**
## **Notes to the financial statements for the period ended 31 August 2023**
## **1 Accounting policies**
The principal accounting policies adopted in the preparation of the financial statements are set out below.
## **Basis of accounting**
The accounts have been prepared on a going concern basis in accordance with the historical cost convention and comply with the Statement of Recommended Practice “Accounting and Reporting by Charities (FRS102)” (issued in 2015), the Charities Act 2011 and applicable accounting standards in the UK.
## **Fund accounting**
General unrestricted funds are available at the discretion of the Trustees in furtherance of the general objectives of OMF. Designated funds are those set aside by the Trustees for specific purposes and may be released to general funds at their discretion.
Restricted funds are funds subject to specific restrictions and conditions imposed by funders or by the purpose of the grant. Details of the balances on restricted funds are given in the notes to the financial statements.
## **Donations, Grants and other income**
Income, including donations, capital grants and revenue grants, is recognised in the accounting period in which it is receivable, except in the following circumstances, when the income is deferred and included in creditors:
- Where the income relates to a future accounting period
- Where some of the terms and conditions of the grant have not been met, including the incurring of expenditure and the grant conditions are such that unspent grant must be refunded. Where conditions are imposed which restrict the use of the income to specific purpose then it is included in incoming resources under restricted funds when it is due
- Where the income relates to a refundable deposit taken as part of the Learn to Play scheme.
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## **Olympias Music Foundation**
## **Expenditure**
Costs are defined as follows:
_Freelance teaching costs –_ The costs associated with the teaching time associated with any of OMF’s charitable activities.
_Salaries and overheads –_ The costs associated with employment of OMF staff and other administrative activity associated with performing OMF’s charitable activities.
_Instruments/maintenance –_ The costs involved in purchasing and maintaining instruments required for the purpose of OMF’s charitable activities.
_One off events/projects –_ The costs involved in staging or executing one off performances or projects as part of any of OMF’s charitable activities.
_Other_ – Other costs not covered by any other category of expenditure, and including depreciation.
## **Tangible fixed assets**
OMF records musical instruments initially valued at £100 or more as tangible fixed assets. OMF records depreciation of tangible fixed assets in the form of musical instruments over a 10-period timeframe, resulting in an annual rate of depreciation of 10 per cent.
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## **Olympias Music Foundation**
## **2 Reconciliation of movements in funds**
## **Reconciliation of movement in funds**
## **For the period ended 31 August 2023**
|Opening funds|**103,954**|
|---|---|
|of which restricted|**7,283**|
|of which unrestricted|**96,671**|
|Receipts|
**133,607**|
|_of which restricted_|_101,838_|
|_of which unrestricted_|_31,769_
|
|Payments|**(173,427)**|
|_of which restricted_|_(95,942)_|
|_of which unrestricted_|_(77,485)_|
|Closing funds|
**64,135**|
|of which restricted|**13,180**|
|of which unrestricted|**50,955**|
## **3 Controlling and related parties**
Olympias Music Foundation is controlled by six trustees, each of whom were appointed in accordance with the constitution.
## **4 Related party disclosures**
Pursuant to ‘Condition A’ agreements, made under section 185 of the Charities Act 2011, Jo Yee Cheung was remunerated £21,333 for Chief Executive duties. During the 8-month period OMF paid £515 of pension contributions in respect of Jo Yee Cheung
There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.
Nadia Eskandari, who is the daughter of Yana Eskandari, a Trustee of OMF, provided services to OMF in the role Violin and Viola Tutor and received income of £6,882 from OMF. At the end of the 8- month period, nothing was owed to Nadia Eskandari.
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## **Olympias Music Foundation**
One trustee, Jo Yee Cheung (who resigned as trustee on 20[th] April 2023), was reimbursed expenses incurred on behalf of OMF in the total sum of £1,560. Those expenses related to instrument purchases bought on behalf of OMF; food and drink for staff, volunteers, and participants in OMF’s charitable activities; and other costs incurred in connection with OMF’s charitable activities.
## **5 Tangible fixed assets**
||**Instruments**|
|---|---|
||**£**|
|**Cost**||
|At 1 January 2023|10,011|
|Additions|625|
|At 31 August 2023|10,636|
|**Depreciation**||
|At 1 January 2023|1,338|
|Charge for period|761|
|At 31 August 2023|2,099|
|**Net book value**||
|**At 31 August 2023**|**8,537**|
|**At 31 December 2022**|**8,673**|
No tangible fixed assets were donated in the current or previous financial period.
## **6 Total staff costs and employee benefits**
Within the reporting period, OMF employed an average of four staff (2022: three), consisting of two part-time and two full-time members of staff from January to August 2023. Total staff costs and employee benefits were as follows:
- Salaries: £74,822 (2022: £38,385)
- Social security costs: £6,677 (2022: £2,163)
- Employer’s contribution to defined contribution pension scheme: £1,685 (2022: £780)
No employee received total employee benefits of more than £60,000.
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## **Independent examiner’s report to the trustees of the Olympias Music Foundation**
I report to the trustees on my examination of the accounts of the Olympias Music Foundation (‘the CIO’) for the period ended 31 August 2023.
## **Responsibilities and basis of report**
As the charity trustees of the CIO 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 CIO’s accounts carried out under section 145 of the 2011 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 CIO as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
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.
Signed:
## Name: William Allen
Relevant professional qualification: FCA Address: 49 Michael Road, London, E11 3DY Date: 24 June 2024