Charity Number: 1194413
## Olympias Music Foundation
Report and financial statements For the year ended 31 August 2025
## Olympias Music Foundation
## Reference and administrative information
for the year ended 31 August 2025
**Charity number 1194413 Registered office and operational address** Manchester Museum University of Manchester Oxford Road Manchester M13 9PL
**Trustees** Trustees who served during the year and up to the date of this report were as follows: Richard Eling Chair (to October 2025) Marian Sudbury Vice Chair/Interim Chair (from April 2025) Helen Krizos (to April 2026) Keisha Thompson (to April 2026) Will Allen (from April 2025) Paulette Bayley (from April 2025) Helen Palmer (from April 2025) Yana Eskandari (to April 2025) Aziz Ibrahim (to April 2025) Suki Pardesi (to April 2025) **Key management** Jo Yee Cheung Chief Executive (to July 2025) **personnel** Petra van den Houten Maternity cover Chief Executive (from July 2025) **Bankers** Lloyds Bank plc Blackheath London branch **Independent** Jennifer Daniel FCCA DChA, Slade & Cooper Limited **Examiner** Beehive Mill, Jersey St, Manchester, M4 6JG
1
## Olympias Music Foundation
## Trustees’ annual report
## for the year ended 31 August 2025
The trustees present their report and the unaudited financial statements for the year ended 31 August 2025.
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the charity’s constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
## **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 and Rusholme.
The Trustees seek to achieve those objectives by establishing services in Manchester which provide access to music education for children and young people, (including refugees and asylum seekers) and individuals with special educational needs, and to seek to advance community integration and social empowerment of those groups.
The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set. 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 have access and be able to enjoy such education and provision.
## **Achievements and performance**
The charity's main activities and who it tries to help are described above. All its charitable activities focus on the provision of access to music and music education to groups experiencing financial and social disadvantage including, in particular, children and vulnerable adults, and are undertaken to further Olympias Music Foundation’s charitable purposes for the public benefit.
September 2024 marked the second year of the delivery of our Strategy and Business Plan for 2023-26, ‘Forging Musical Futures’.
In addition to welcoming a further 55 children to join our Learn to Play music programme (180 in 202425, 125 in 2023-24, 85 in 2022-23), this year saw the move of all lessons to our ‘new home’ Longsight Library where we now deliver lessons 5 nights a week. Our Children’s Orchestra and Parent Orchestra remained at Manchester Museum. In January 2025 we implemented an innovative teacher training
## Olympias Music Foundation
## Trustees’ annual report
## for the year ended 31 August 2025
programme, Global Music Teacher Training, incorporating the teaching of three non-western classical instruments and a joint PhD delivered in partnership with the Royal Northern College of Music (RNCM).
Our work was covered in several publications, including Classical Source, I Love Manchester, And Finally, and Arts Professional including for our award-winning Recycled Orchestra Project for which we received funding from the Oglesby Charitable Trust.
Alongside day-to-day operations the charity navigated several staffing changes and changes to trustees as terms reached their natural end and new skills were identified as being relevant. In particular, the Founder/CEO started her maternity leave in July 2025 following a handover period to the Interim CEO who started in May 2025.
The core team currently consists of:
- Chief Executive (0.8FTE)
- Development Director (0.8FTE)
- Programmes Manager (0.8FTE)
- Development and Finance Manager (0.8FTE)
- Programmes and Finance Coordinator (0.6FTE)
## Events
In December 2024, we celebrated the end of the new term with our annual Christmas Concert, welcoming children from across Learn to Play to perform for an audience of their families and the charity’s supporters at Manchester Museum.
In March 2025, Olympias took part in its second ‘Big Give Arts for Impact’ campaign, a match-funded fundraising campaign aimed at supporting charities to increase their base of supporters by incentivising match-funded donation. Again, we were able to raise £5,000 over the course of 7 days. The fundraising campaign continued to build a solid foundation for the charity to develop its work around individual giving and begin to diversify income away from solely grant funding – as per the aims of our Strategy and Business Plan for 2023-26. That month we also celebrated our Spring Concert alongside a community Iftar, welcoming many families to join us.
The academic year ended with our termly Summer Concert at 422 in Longsight which included performances by our Children’s Voices Choir and several brave soloists – followed by sharing of food and drinks for the families, staff, freelancers and supporters. At the end of August, we held our annual residential music course in Snowdonia, Music and Mountains. The course culminated in a small concert, which was filmed and shared with the children’s families.
During the summer, plans were put in place to celebrate Olympias’ 10th birthday (at Band on the Wall, February 2026, after the year end for these accounts) with a view to engaging more major donors. This event went well.
## **Financial review**
Total income for the period was £348,929 consisting of £243,164 from charitable activities including grants from funders such as the Oglesby Charitable Trust; £61,712 from donations comprising individual giving, major gifts and community fundraising; and £44,053 from other trading activities
3
## Olympias Music Foundation
## Trustees’ annual report
## for the year ended 31 August 2025
such as earned income, Gift Aid and forfeited project deposits. We are grateful to all supporters for their kindness and generosity.
Expenditure for the period was £387,277 and included teaching costs, instruments, venue hire and salaries for Olympias’ Chief Executive; Development Director; Programmes Manager; Development and Finance Manager; and Programmes and Finance Coordinator.
On 31 August 2025, current assets sat at £110,170 and fixed tangible assets were £26,020. The balance of our unrestricted funds was £93,706, and the balance of our restricted funds was £7,156.
## Reserves policy
The Trustees recognise the need for the association to maintain adequate 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. Free reserves are defined as unrestricted funds excluding fixed assets and any funds not readily available for general use.
At 31 August 2025, the charity held total unrestricted reserves of £93,706, of which free reserves were £67,686, compared with a target level of £85,750. The Trustees and staff are taking steps to rebuild reserves through continued fundraising efforts.
## **Structure, governance and management**
Olympias incorporated as a charitable incorporated organisation ('CIO') on 23 April 2021 and is governed by the constitution of the same date.
The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 11 to the accounts.
## 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.
## Risk management
The Trustees regularly review risks and how to mitigate them and work is ongoing to upgrade the charity’s risk management processes and mitigations.
The collective expertise of the Board, combined with the depth and quality of their discussions, has played a vital role in identifying potential risks promptly. Through thoughtful debate and informed perspectives, the Board has worked to ensure that emerging risks are addressed efficiently and proactively.
The key risks in FY 2024/25 were considered to be:
- The ability to generate sufficient income to cover planned expenditure
- The unpredictable and precarious nature of funding streams in the current climate
4
## Olympias Music Foundation
## Trustees’ annual report
## for the year ended 31 August 2025
Specifically, the Trustees identified the CEO’s maternity leave as a period when sustaining income would present the greatest challenge for Olympias. To address this, they appointed an interim CEO who brought substantial expertise in development, with a strong background in securing major gifts. This decision ensured continued leadership and effective fundraising during the CEO’s absence, helping to safeguard the organisation’s financial stability throughout the transition.
In addition, the trustees identified safeguarding as something which required greater board attention in 2025/2026.
5
## Olympias Music Foundation
## Trustees’ annual report
## for the year ended 31 August 2025
## **Statement of responsibilities of the trustees**
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
- State whether applicable UK Accounting Standards and statements of recommended practice 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. 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 corporate 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.
The trustees’ annual report has been approved by the trustees on __/__/2026 and signed on their 26 06 behalf by
Marian Sudbury
Interim Chair of Trustees
6
## Independent examiner’s report
## to the members of
## Olympias Music Foundation
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31[st] August 2025 which are set out on pages 8 to 28.
## **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**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no 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; 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; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Jennifer Daniel FCCA DChA
Slade & Cooper Limited Beehive Mill Jersey St Manchester M4 6JG
Date __/__/2026 26 06
7
## Olympias Music Foundation
## Statement of Financial Activities
## for the year ended 31 August 2025
|Unrestricted
funds
Note
£
**Income from:**
Donations and legacies
3
45,142
Charitable activities
4
78,094
5
44,053
**Total income**
**167,289**
**Expenditure on:**
Raising funds
6
8,274
Charitable activities
7
201,308
**Total expenditure**
**209,582**
9
**(42,293)**
Transfer between funds
18,357
**Net movement in funds for the year**
**(23,936)**
**Reconciliation of funds**
Total funds brought forward
117,642
**Total funds carried forward**
**93,706**
Other trading activities
**Net income/(expenditure) for the**
**year**|Restricted
funds
£
16,570
165,070
-
**181,640**
720
176,975
**177,695**
**3,945**
(18,357)
**(14,412)**
21,568
**7,156**|Total funds
2025
£
61,712
243,164
44,053
**348,929**
8,994
378,283
**387,277**
**(38,348)**
-
**(38,348)**
139,210
**100,862**|_Total funds_
_2024_
_£_
_76,348_
_262,441_
_14,022_|
|---|---|---|---|
||||**_352,811_**|
||||_2,992_
_274,745_|
||||**_277,737_**|
||||**75,074**
_-_|
||||**_75,074_**
_64,136_|
||||**_139,210_**|
All income and expenditure derive from continuing activities.
8
Olympias Music Foundation
## Balance Sheet
## as at 31 August 2025
|Note
£
£
**Fixed assets**
Tangible assets
13
26,020
**Total fixed assets**
**26,020**
**Current assets**
Debtors
14
3,455
Cash at bank and in hand
15
106,715
**Total current assets**
**110,170**
**Liabilities**
Creditors: amounts falling
due in less than one year
16
(35,328)
**Net current assets**
**74,842**
**Total assets less current liabilities**
100,862
**Net assets**
**100,862**
**Funds of the charity:**
Restricted income funds
18
7,156
Unrestricted income funds
19
93,706
**Total charity funds**
**100,862**
2025
Approved by the trustees on __/__/2026 and signed on their behalf by:
The notes on pages 10 to 28 form part of these accounts.
26 06|_£_
_£_
_12,215_
**_12,215_**
_-_
_175,342_
**_175,342_**
_(48,347)_
**_126,995_**
_139,210_
**_139,210_**
_21,568_
_117,642_
**_139,210_**
_2024_|_£_
_£_
_12,215_
**_12,215_**
_-_
_175,342_
**_175,342_**
_(48,347)_
**_126,995_**
_139,210_
**_139,210_**
_21,568_
_117,642_
**_139,210_**
_2024_|
|---|---|---|
|||**_12,215_**
**_126,995_**|
|||_139,210_|
|||**_139,210_**|
|||_21,568_
_117,642_|
|||**_139,210_**|
||||
Marian (Trustee)Sudbury Will (Trustee)Allen
9
Olympias Music Foundation
Notes to the accounts for the year ended 31 August 2025
## **1 Accounting policies**
The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **a Basis of preparation**
The financial statements have been prepared in accordance with 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), second edition - October 2019 (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The charity has applied the exemption available to small charities in the Charities SORP (FRS 102) and does not include a Statement of Cash Flows in these Financial Statements.
The accounts (financial statements) have been prepared to give a 'true and fair view' and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following 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), second edition - October 2019, rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Olympias Music Foundation meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
## **b Preparation of the accounts on a going concern basis**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
The trustees have made no key judgments which have a significant effect on the accounts.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.
10
Olympias Music Foundation
Notes to the accounts for the year ended 31 August 2025 (continued)
## **c Income**
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income received in advance of a provision of a specified service is deferred until the criteria for income recognition are met.
## **d Donated services and facilities**
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised; refer to the trustees’ annual report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
## **e Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
## **f Fund accounting**
Unrestricted funds are available to spend on activities that further any of the purposes of charity.
Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
11
Olympias Music Foundation
Notes to the accounts for the year ended 31 August 2025 (continued)
## **g Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Costs of raising funds comprise the costs involved in promoting the charity’s profile, raising voluntary income and expanding Olympias’ supporter base.
- Expenditure on charitable activities includes the costs undertaken to further the purposes of the charity and their associated support costs.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **h Allocation of support costs**
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity's programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 8.
## **i Tangible fixed assets**
Individual fixed assets costing £100 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows:
Equipment and instruments
10%
## **j Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **k Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
12
Olympias Music Foundation
Notes to the accounts for the year ended 31 August 2025 (continued)
## **l Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **m Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **n Pensions**
Employees of the charity are entitled to join a defined contribution ‘money purchase’ scheme. The charity’s contribution is restricted to the contributions disclosed in note 10. There were no outstanding contributions at the year end. The costs of the defined contribution scheme are included within expenditure on charitable activities.
The money purchase plan is managed by Nest Pensions Plc and the plan invests the contributions made by the employee and employer in an investment fund to build up over the term of the plan a pension fund which is then converted into a pension upon the employee’s normal retirement year age when eligible for a state pension. The charity has no liability beyond making its contributions and paying across the deductions for the employee’s contributions.
13
Olympias Music Foundation
Notes to the accounts for the year ended 31 August 2025 (continued)
## **2 Legal status of the charity**
The charity is a charitable incorporated organisation, registered as a charity in England & Wales.
## **3 Income from donations and legacies**
|**Current reporting period**
Donations
Individual Giving
Major Donor
Event & Community Fundraising
**Total**
**_Previous reporting period_**
_Donations_
_Individual Giving_
_Major Donor_
_Event & Community Fundraising_
**_Total_**|Unrestricted
£
6,918
25,224
13,000
45,142
_Unrestricted_
_£_
_15,578_
_56,100_
_4,670_
_76,348_|Restricted
£
8,007
5,000
3,563
16,570
_Restricted_
_£_
_-_
_-_
_-_
_-_|Total 2025
£
14,925
30,224
16,563|
|---|---|---|---|
||||61,712|
||||_Total 2024_
_£_
_15,578_
_56,100_
_4,670_|
||||_76,348_|
14
## Olympias Music Foundation
## Notes to the accounts for the year ended 31 August 2025 (continued)
## **4 Income from charitable activities**
|**Current reporting period**
Corporate income
Grant income
**Total**
**_Previous reporting period_**
_Corporate income_
_Grant income_
**_Total_**
**5**
**Income from other trading activities**
Earned income
Other income|Unrestricted
£
25,594
52,500
78,094
_Unrestricted_
_£_
_1,750_
_66,056_
_67,806_|Restricted
£
3,000
162,070
165,070
_Restricted_
_£_
_7,500_
_187,135_
_194,635_
2025
£
12,531
31,522
44,053|Total 2025
£
28,594
214,570|
|---|---|---|---|
||||243,164|
||||_Total 2024_
_£_
_9,250_
_253,191_|
||||_262,441_|
||||_2024_
_£_
_12,889_
_1,133_|
||||_14,022_|
All income from other trading activities is unrestricted.
15
## Olympias Music Foundation
## Notes to the accounts for the year ended 31 August 2025 (continued)
## **6 Cost of raising funds**
|Development, fundraising & promotional costs
**_Previous reporting period_**
_Development, fundraising & promotional costs_
**7**
**Analysis of expenditure on charitable activities**
**Current reporting period**
Salaries & overhead costs
Freelance teaching costs
Instruments/maintenance
One-off events/projects
Depreciation
**_Previous reporting period_**
_Salaries & overhead costs_
_Freelance teaching costs_
_Instruments/maintenance_
_One-off events/projects_
_Depreciation_
Governance costs (see note 8)
_Governance costs (see note 8)_|Unrestricted
£
8,274
8,274
_Unrestricted_
_£_
_92_
_92_
Unrestricted
£
117,732
64,606
1,767
12,003
2,740
2,460
201,308
_Unrestricted_
_£_
_21,769_
_59,864_
_1,522_
_7,573_
_670_
_-_
_91,398_|Restricted
£
720
720
_Restricted_
_£_
_2,900_
_2,900_
Restricted
£
61,282
99,559
3,225
12,909
-
-
176,975
_Restricted_
_£_
_129,626_
_47,410_
_2,764_
_2,805_
_742_
_-_
_183,347_|Total 2025
£
8,994|
|---|---|---|---|
||||8,994|
||||_Total 2024_
_£_
_2,992_|
||||_2,992_|
||||Total 2025
£
179,014
164,165
4,992
24,912
2,740
2,460|
||||378,283|
||||_Total 2024_
_£_
_151,395_
_107,274_
_4,286_
_10,378_
_1,412_
_-_|
||||_274,745_|
16
## Olympias Music Foundation
## Notes to the accounts for the year ended 31 August 2025 (continued)
## **8 Analysis of governance costs**
|**Current reporting period**
Accountancy services
Independent examination fees
**Net income/(expenditure) for the year**
This is stated after charging/(crediting):
Depreciation
Independent examiner's remuneration:
accountancy fees
Independent examiner's fees|Total 2025
£
1,440
1,020
2,460
2025
£
2,740
1,200
500|_Total 2024_
_£_
-
-|
|---|---|---|
|||-|
|||_2024_
_£_
_1,412_
-
-|
## **9 Net income/(expenditure) for the year**
17
Olympias Music Foundation
## Notes to the accounts for the year ended 31 August 2025 (continued)
## **10 Staff costs**
Staff costs during the year were as follows:
|ff costs during the year were as follows:|||
|---|---|---|
|Wages and salaries
Social security costs
Pension costs|2025
£
143,303
6,278
3,447
153,028|_2024_
_£_
_84,407_
_9,483_
_2,317_|
|||_96,207_|
No employees has employee benefits in excess of £60,000 (2024: Nil).
The average number of staff employed during the period was 5 (2024: 5).
The average full time equivalent number of staff employed during the period was 4.0 (2024: 3.8).
The key management personnel of the charity comprise the trustees and the Chief Executive Officer. The total employee benefits of the key management personnel of the charity were £55,287 (2024: £40,606).
## **11 Trustee remuneration and expenses, and related party transactions**
No trustees received any remuneration or reimbursed expenses during the year (2024: Nil).
Aggregate donations with conditions from related parties were £nil (2024: £nil).
Nadia Eskandari, who is the daughter of Yana Eskandari, a Trustee of Olympias, provided services to Olympias in the role of Violin and Viola Tutor and received income of £10,411 (2024: £11,462) from Olympias. At the end of the financial year, nothing was owed to Nadia Eskandari.
18
Olympias Music Foundation
## Notes to the accounts for the year ended 31 August 2025 (continued)
## **12 Corporation tax**
The charity is exempt from tax on income and gains falling within Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.
## **13 Fixed assets: tangible assets**
|**Cost**
Additions
Disposals
**Depreciation**
Charge for the year
Disposals
**Net book value**
_At 31 August 2024_
At 1 September 2024
At 31 August 2025
At 1 September 2024
At 31 August 2025
At 31 August 2025|Equipment &
Instruments
£
15,726
16,545
-|
|---|---|
||32,271|
||3,511
2,740
-|
||6,251|
||26,020|
||_12,215_|
19
## Olympias Music Foundation
## Notes to the accounts for the year ended 31 August 2025 (continued)
|**14**
**Debtors**
Other debtors
**15**
**Cash at bank and in hand**
Cash at bank and on hand
**16**
**Creditors: amounts falling due within one year**
Trade creditors
Other creditors and accruals
Deferred income
Taxation and social security costs|2025
£
3,455
3,455
2025
£
106,715
106,715
2025
£
9,390
7,993
17,900
45
35,328|_2024_
_£_
_-_|
|---|---|---|
|||_-_|
|||_2024_
_£_
_175,342_|
|||_175,342_|
|||_2024_
_£_
_-_
_9,133_
_37,274_
_1,940_|
|||_48,347_|
20
## Olympias Music Foundation
## Notes to the accounts for the year ended 31 August 2025 (continued)
## **17 Deferred income**
|**Deferred income**|||
|---|---|---|
|Deferred grant brought forward
Grant received
The Shears Foundation
Northern Consortium
Albert & Eugenie Frost Music Trust
The Boris Karloff Charitable Grant
The Martyn Bracegirdle Charitable Foundation
The Oglesby Charitable Trust
The Victoria Wood Foundation
Corporate income
John Pass Ltd
Released to income from charitable activities
Deferred grant carried forward
The National Lottery Community Fund (Awards
for All)|2025
£
37,274
1,900
8,000
8,000
-
-
-
-
-
-
(37,274)
17,900|_2024_
_£_
_-_
_-_
_-_
_6,300_
_1,000_
_250_
_9,864_
_11,860_
_5,000_
_3,000_
_-_|
|||_37,274_|
21
## Olympias Music Foundation
## Notes to the accounts for the year ended 31 August 2025 (continued)
## **18 Analysis of movements in restricted funds**
|Balance at
1
September
2024
£
**Restricted grant income**
-
-
-
469
4,421
-
3,989
-
-
-
-
9,976
1,722
635
21,212
The Radcliffe Trust
Small grants -
Learn to Play
The Oglesby
Charitable Trust
Small grants -
other objects
The Victoria Wood
Foundation
Albert & Eugenie
Frost Music Trust
The Eric &
Margaret Kinder
Charitable Trust
Subtotal Grant
income
Northern Trains
Limited
One Manchester
The National
Lottery
Community Fund
(Awards for All)
The Oglesby
Charitable Trust
(Green Grants)
Arts Council
England
Small grants -
Core Costs
The Big Give Trust
**Current reporting**
**period**|Income
£
6,300
24,977
5,000
10,000
9,864
10,000
41,441
10,000
7,438
5,000
5,000
3,800
21,500
1,750
162,070|Expenditure
£
(6,300)
(17,157)
(5,000)
(2,155)
(14,285)
(10,000)
(43,501)
(7,516)
(7,044)
(5,000)
(5,000)
(11,507)
(21,094)
(2,210)
(157,769)|Transfers
£
-
(7,633)
-
(6,564)
-
-
-
-
-
-
-
(2,179)
(1,981)
-
(18,357)|Balance at
31 August
2025
£
-
187
-
1,750
-
-
1,929
2,484
394
-
-
90
147
175|
|---|---|---|---|---|
|||||7,156|
22
Olympias Music Foundation
## Notes to the accounts for the year ended 31 August 2025 (continued)
## **18 Analysis of movements in restricted funds (continued)**
|21,212
**Restricted corporate income**
-
356
356
**Restricted donation income**
-
-
Major gifts
-
-
Total
21,568
The Quilter
Foundation
Subtotal Grant
income brought
forward
Individual giving
John Pass
Jewellers
Community
fundraising|162,070
3,000
-
3,000
3,563
8,007
5,000
16,570
181,640|(157,769)
(3,000)
(356)
(3,356)
(3,563)
(8,007)
(5,000)
(16,570)
(177,695)|(18,357)
-
-
-
-
-
-
-
(18,357)|7,156|
|---|---|---|---|---|
|||||-
-|
|||||-|
|||||-
-
-|
|||||-|
|||||7,156|
23
Olympias Music Foundation
## Notes to the accounts for the year ended 31 August 2025 (continued)
## **18 Analysis of movements in restricted funds (continued)**
|_Balance at_
_1_
_September_
_2023_
_£_
**_Restricted grant income_**
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_Subtotal_
_The Eric &_
_Margaret Kinder_
_Charitable Trust_
_The Foyle_
_Foundation_
_Garfield Weston_
_Charitable Trust_
_The Granada_
_Foundation_
_The Allan and_
_Nesta Ferguson_
_Charitable Trust_
_The Gisela_
_Graham_
_The Linder_
_Foundation_
_CRH Charitable_
_Trust_
**_Previous reporting_**
**_period_**
_The D'Oyly Carte_
_Charitable Trust_
_KFC Foundation_
_The Casey Trust_
_The Golsoncott_
_Foundation_
_The Black Hill_
_Charitable Trust_|_Income_
_£_
_5,000_
_2,000_
_1,000_
_5,000_
_4,000_
_10,000_
_30,000_
_30,000_
_1,500_
_1,000_
_3,000_
_1,875_
_2,000_
_96,375_|_Expenditure_
_£_
_(5,000)_
_(1,990)_
_(1,000)_
_(5,000)_
_(3,793)_
_(9,531)_
_(27,433)_
_(25,758)_
_(1,500)_
_(1,000)_
_(3,000)_
_(360)_
_(2,000)_
_(87,365)_|_Transfers_
_£_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_Balance at_
_31 August_
_2024_
_£_
_-_
_10_
_-_
_-_
_207_
_469_
_2,567_
_4,242_
_-_
_-_
_-_
_1,515_
_-_|
|---|---|---|---|---|
|||||_9,010_|
24
Olympias Music Foundation
## Notes to the accounts for the year ended 31 August 2025 (continued)
## **18 Analysis of movements in restricted funds (continued)**
|_-_
_-_
_4,682_
_835_
_-_
_6,111_
_-_
_-_
_921_
_12,549_
**_Restricted corporate income_**
_631_
_631_
_Total_
_13,180_
_The National_
_Lottery_
_Community Fund_
_(Awards for All)_
_The Matthew_
_Nicholls_
_Foundation_
_The Oglesby_
_Charitable Trust_
_The Martyn_
_Bracegirdle_
_Charitable_
_Foundation_
_The Noel Coward_
_Foundation_
_The Quilter_
_Foundation_
_TalkTalk Telecom_
_Group Limited_
_(Future Fibre_
_Fund)_
_The Scops Arts_
_Trust_
_We Love MCR_
_Charity_
_Subtotal brought_
_forward_|_96,375_
_250_
_25,000_
_9,864_
_1,705_
_44,641_
_3,900_
_2,400_
_3,000_
_187,135_
_7,500_
_7,500_
_194,635_|_(87,365)_
_(250)_
_(26,515)_
_(6,278)_
_(1,705)_
_(46,763)_
_(3,900)_
_(2,400)_
_(3,296)_
_(178,472)_
_(7,775)_
_(7,775)_
_(186,247)_|_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_|_9,010_|
|---|---|---|---|---|
|||||_-_
_3,167_
_4,421_
_-_
_3,989_
_-_
_-_
_625_|
|||||_21,212_|
|||||_356_|
|||||_356_|
|||||_21,568_|
25
Olympias Music Foundation
Notes to the accounts for the year ended 31 August 2025 (continued)
## **18 Analysis of movements in restricted funds (continued)**
The Big Give Trust Delivery of music lessons and cultural opportunities for children experiencing low income, via the Learn to Play programme The Eric & Margaret Delivery of music lessons and cultural opportunities for children Kinder Charitable experiencing low income, via the Learn to Play programme Trust The Albert & Eugenie Learn to Play: music lessons & cultural opportunities for children Frost Music Trust CIO experiencing low income Arts Council England Global Music Teacher Training: pedagogy training for, and delivery of, nonwestern instrument teaching The Eric & Margaret Learn to Play: music lessons & cultural opportunities for chidlren Kinder Charitable experiencing low income Trust The National Lottery Voices of Hope: musical sessions for women from asylum seeker and Community Fund refugee backgrounds (Awards for All) Northern Trains Learn to Play: music lessons & cultural opportunities for chidlren Limited experiencing low income The Oglesby Core Costs: salaries & oncosts for the Chief Executive and Programmes Charitable Trust Manager The Oglesby Recycled Orchestra project: repairing donated musical instruments for use Charitable Trust by children experiencing low income (Green Grants) One Manchester Learn to Play: music lessons & cultural opportunities for chidlren experiencing low income The Radcliffe Trust Learn to Play: music lessons & cultural opportunities for chidlren experiencing low income The Victoria Wood SEND Workshops: music & movement sessions for children experiencing Foundation profound and multiple learning disabilities
26
Olympias Music Foundation
## Notes to the accounts for the year ended 31 August 2025 (continued)
## **19 Analysis of movement in unrestricted funds**
|_General fund_
**_Previous reporting_**
**_period_**
General fund
**Current reporting**
**period**|Balance at
1
September
2024
£
117,642
_Balance at_
_1_
_September_
_2023_
_£_
_50,956_|Income
£
167,289
_Income_
_£_
_158,175_|Expenditure
£
(209,582)
_Expenditure_
_£_
_(91,489)_|Transfers
£
18,357
_Transfers_
_£_
_-_|As at 31
August
2025
£
93,706|
|---|---|---|---|---|---|
||||||_As at 31_
_August_
_2024_
_£_
_117,642_|
General fund represents free reserves available to the charity
|**20**
**Analysis of net assets between funds**
**Current Reporting Period**
Tangible fixed assets
Other net current assets/(liabilities)
Total
**_Previous Reporting Period_**
_Tangible fixed assets_
_Other net current assets/(liabilities)_
_Total_|General
fund
£
26,020
67,686
93,706
_General_
_fund_
_£_
_4,965_
_105,427_
_110,392_|Restricted
funds
£
-
7,156
7,156
_Restricted_
_funds_
_£_
_7,250_
_21,568_
_-_|Total
£
26,020
74,842|
|---|---|---|---|
||||100,862|
||||_Total_
_£_
_12,215_
_126,995_|
||||_139,210_|
27
Olympias Music Foundation
Notes to the accounts for the year ended 31 August 2025 (continued)
## **21 Post balance sheet events**
The trustees confirm that no significant events occurred after 31 August 2025 that require disclosure in these financial statements.
## **22 Reconciliation of net movement in funds to net cash flow from operating activities**
|**Net income/(expenditure) for the year**
**Adjustments for:**
Depreciation charge
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operating**
**activities**|2025
£
(38,348)
2,740
(3,455)
(13,019)
(52,082)|_2024_
_£_
_75,074_
_1,412_
_-_
_(9,766)_|
|---|---|---|
|||_66,720_|
28