Charity number: 1196165
THE GRASSHOPPER MUSIC TRUST TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE GRASSHOPPER MUSIC TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its trustees and advisers | 1 |
| Trustees' report | 2 |
| Independent examiner's report on the financial statements | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 |
THE GRASSHOPPER MUSIC TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
| Trustees | Donald Sturrock, Chair (appointed 6 September 2021) |
|---|---|
| Alexandra Dinwiddie, Trustee (appointed 6 September 2021) | |
| Thorvald Blough, Trustee (appointed 6 May 2022) | |
| Thomas Bowes, Trustee (appointed 6 May 2022) | |
| Charity registered | |
| number | 1196165 |
| Registered office | 42 Lots Road |
| London | |
| SW10 0QF | |
| Company Secretary | Donald Sturrock |
| Independent Examiner | H. M. Veglio, FCA |
| 1 Hogarth Way | |
| TW12 2EL |
Page 1
THE GRASSHOPPER MUSIC TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their third report together with financial statements of The Grasshopper Music Trust for the year 2024. The trustees confirm that the report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective October 2019).
Objectives and activities
Policies and objectives
The objects of the charity are, for the public benefit, the promotion and appreciation of music (in particular, but not limited to, classical music) among members of the public, in particular but not exclusively to young people.
The trustees have had regard to the guidance issued by the Charity Commission on Public Benefit when setting their objectives.
The charity was set up initially to be a vehicle for Dame Felicity Dahl to continue her generous support of developing an appreciation of classical orchestral music among young people and to continue the development and promotion of the operatic and concert pieces based on adaptations of Roald Dahl’s verse and stories after her death. The creation of Odyssey Festival Orchestra (OFO) in the spring of 2022, with very similar aims to The Grasshopper Music Trust, but without an existing charitable structure of its own, presented an opportunity for The Grasshopper Music Trust to begin this support of young orchestral musicians and orchestral audience-building.
OFO is made up of young musicians aged between 18 and 30, many of whom are at music conservatoire, or have just left, and are taking their first steps into life as a professional musician. OFO provides these young musicians, free of charge, orchestral coaching and an opportunity to perform in respected venues and maintain their orchestral playing at a high level. Trustees believe this activity plays an important educational role in the training of young musicians and that OFO’s mission to present great orchestral music in its cultural context is also an original and effective way of bringing new, younger audiences to classical music. Dame Felicity is an enthusiastic and generous supporter of OFO and its aims.
The trustees continued to approve the choice of Music Link International Ltd. (Company 03031030, established 1995) as producers of OFO concerts on the basis that Music Link International does not charge OFO for its production services and administration, nor make any profit from the arrangement (this agreement will be kept under regular review). Donald Sturrock, a director of Music Link International Ltd, absented himself from this decision. Donald Sturrock does not charge for any of his services to OFO.
Music Link International also undertakes that all box office income received for OFO concerts is directed towards defraying the costs for the relevant concert. Costs not covered by box office receipts are met by donations for OFO held by The Grasshopper Music Trust and transferred to Music Link International in advances of up to £10,000 which are then checked against appropriate proof of expenditure.
The trustees have supported the first two seasons of Odyssey’s existence up to a level of c. £30,000 per concert. At a board meeting in April 2024, trustees undertook to support the orchestra at an increased level of c. £35,000 per concert through the three concerts of the orchestra’s 2024-25 season. At a board meeting in December 2024, trustees increased this to c. £45,000 per concert for OFO’s 2025 concerts.
The charity solicits donations, but only currently in respect of Odyssey Festival Orchestra.
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THE GRASSHOPPER MUSIC TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Strategic report
Achievements and performance
a. Review of activities
The trustees are delighted to report that in 2024, The Grasshopper Music Trust’s support allowed OFO to go from strength to strength, with three successful concerts in January, May and September, two at Cadogan Hall and one at Queen Elizabeth Hall. Average audiences grew from 69% in the orchestra’s first season to over 80% in Season 2, with more than three quarters of audience members paying £15 per seat or less. Audience approval ratings were universally over 95% positive with regard to the standard of the orchestra’s playing and to its mission of presenting the great orchestral works in their cultural context, using actors, singers and dancers.
In this period, The Grasshopper Music Trust gained increased support from the charitable trusts and foundations that had supported OFO in its opening season. It also received donations from two new ones: The Sir Thomas Beecham Trust and The Fantastic Peach Foundation. The former enabled The Grasshopper Music Trust to award bursaries of £1,000 each to six young OFO musicians who had contributed significantly to the orchestra’s opening season. The recipients were chosen by Peter Ash, the orchestra’s Artistic Director, and Gillian Tarlton, OFO’s Orchestral Manager.
The Grasshopper Music Trust’s key individual donors also continued to enable the trust to support OFO through 2024 and into 2025. Thanks to a generous grant from Dame Felicity Dahl, starting from September 2024, the orchestra was able to offer its young players a stipend of £100 per concert for the orchestra’s three annual projects. This stipend allowed many more young players to audition to take part.
The orchestra’s community outreach programme in South London state schools, which provides school workshop visits and free tickets and refreshments to more than 300 school children, continued to grow and develop, thanks to support from The Lennox Hannay Charitable Trust and the Newcomen Collett Foundation.
During 2024 the charity received donations (including Gift Aid) of £234,342. Over the same period, it made grants to OFO of £115,000 as well as £6,000 to the individual recipients of the bursaries funded by The Sir Thomas Beecham Trust. Approximately £45,000 of these OFO remittances was used to pay rehearsal and performance venue hire costs, £35,000 to pay tutor and artist costs, £8,500 towards orchestral stipends, with the remainder going towards administration costs, fundraising, community outreach, marketing and development.
The balance of donations received after the outlays for these three concerts (£182,852) is restricted to underwriting further OFO concerts. At the end of the financial year ending 31 December 2024, the breakdown for 2025 expenditure is anticipated to be: c. £7,000 towards final costs of the January 2025 concert; £45,000 for May 2025 (Cadogan Hall), £45,000 for September 2025 (Cadogan Hall) and c. £35,000 towards the orchestra’s January 2026 concert.
b. Fundraising activities and income generation
Income was generated in the year from donations made by individual supporters of Odyssey Festival Orchestra and other charitable trusts and foundations.
c. Duty to promote the success of the charity to achieve its charitable purposes
The trustees act in a way to promote the success of The Grasshopper Music Trust in delivering the charity’s aims for the public benefit. Conducting activities on a strictly ethical basis, with due regard to the interests of other stakeholders and the wider community, is fundamental to ensuring the support the charity provides to its beneficiaries.
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THE GRASSHOPPER MUSIC TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Strategic report (continued)
Financial review
a. Going concern
After making enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
The trustees have taken the view that at this stage they do not need a reserves policy. The charity operates with no fixed costs or other ongoing obligations and all fundraised income is currently restricted to Odyssey Festival Orchestra. Subject to these restrictions, the trustees are entitled to apply income for such charitable purposes as they decide from time to time, and it is not their practice to overcommit themselves in advance to specific expenditure. At the present time, the trustees are still considering the long-term aims of the charity and intend to reconsider the grant-making policy at the next trustee meeting in June 2025.
c. Principal risks and uncertainties
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems and procedures are in place to mitigate exposure to those major risks. The trustees will only make grants when they have sufficient funds in hand to do so.
d. Financial review
During the year ended 31 December 2024 the charity received donations from individuals of £47,593 plus Gift Aid of £10,407 and donations from trusts and foundations of £176,342. The donations were received in the form of cash.
At 31 December 2024 the charity had cash at bank of £182,852.
Structure, governance and management
a. Constitution
The Grasshopper Music Trust was registered with the Charity Commission on 15 October 2021, registered number 1196165, and is governed by its constitution dated 11 October 2021.
b. Method of appointment or election of trustees
Future trustees will be appointed by existing trustees for such term as they shall see fit, either to fill a vacancy or as an additional trustee. At any one time there may be no fewer than 3 trustees.
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THE GRASSHOPPER MUSIC TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Plans for future periods
The trustees will make grants out of the reserves of the charity at their discretion, within the limitations imposed by donors.
Streamlined Energy and Carbon Reporting (SECR)
The charity has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
Statement of trustees' responsibilities
The trustees are responsible for preparing the trustees' report including the strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity SORP requires the trustees to prepare financial statements for each financial period that give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material
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departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume
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that the charity will continue in operation.
The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity. 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.
Approved by order of the members of the board of trustees and signed on their behalf by:
Donald Sturrock Trustee Date: 25 March 2025
Page 5
THE GRASSHOPPER MUSIC TRUST INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE GRASSHOPPER MUSIC TRUST
I report to the trustees on my examination of the financial statements of The Grasshopper Music Trust (“the charity”) for the year ended 31 December 2024.
Responsibilities and basis of report
As the trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the Requirements of the Charities Act 2011 (“the Act’).
I report in respect of my examination of the charity’s financial statements 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:
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Accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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The financial statements do not accord with those records; or
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The financial statements do not comply with the applicable requirements concerning the form and contents 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 to enable a proper understanding of the financial statements to be reached.
Signed:
Name: H.M. Veglio, FCA Address: 1 Hogarth Way, TW12 2EL
Date: 28 March 2025
Page 6
THE GRASSHOPPER MUSIC TRUST STATEMENT OF FINANCIAL ACTIVITIES
for the year ending 31 December 2024
| Restricted and Total Funds | Restricted and Total Funds | ||
|---|---|---|---|
| Year ended | Year ended | ||
| 31 December | 31 December | ||
| 2024 | 2023 | ||
| Note | £ | £ | |
| Income from: | |||
| Donations | 3 | 223,935 | 93,513 |
| Gift Aid | 10,407 | **5,592 ** | |
| Total income | 234,342 | **99,105 ** | |
| Expenditure on: | |||
| Charitable activities | 5 | 123,060 | 89,301 |
| Total expenditure | 123,060 | 89,301 | |
| Net income | 111,282 | 9,804 | |
| Net movement in funds | 111,282 | 9,804 | |
| Reconciliation of funds: | |||
| Total funds brought forward Net movement in funds |
71,570 111,282 |
61,766 9,804 |
|
| Total funds carried forward | 182,852 | **71,570 ** |
The statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9-11 form part of these financial statements.
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THE GRASSHOPPER MUSIC TRUST
BALANCE SHEET As at 31 December 2024
| Note Cash at bank and in hand Net current assets Total assets less current liabilities Net assets Total net assets Restricted funds 10 Total funds |
2024 2023 £ £ 182,852 71,570 182,852 71,570 |
|---|---|
| **182,852 71,570 ** | |
| **182,852 71,570 ** | |
| **182,852 71,570 ** | |
| 182,852 71,570 |
|
| **182,852 71,570 ** |
The financial statements were approved and authorised for issue by the trustees and signed on their behalf by:
Donald Sturrock Trustee
Date: 25 March 2025
The notes on pages 9-11 form part of these financial statements
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THE GRASSHOPPER MUSIC TRUST
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
1. General information
The Grasshopper Music Trust is a charitable incorporated organisation, registered with the Charity Commission.
2. Accounting policies
2.1 Basis of preparation of financial statements
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 Grasshopper Music Trust meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The principal accounting policies for the charitable company are set out below.
2.2 Going concern
After making enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence and meet its liabilities as they fall due for the forseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
2.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Where the donated good is a fixed asset, it is measured at fair value. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and accounted for in accordance with the charity's accounting policies.
Investment income is recognised when receivable and the amount can be reliably measured.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
All expenditure is inclusive of irrecoverable VAT.
Page 9
THE GRASSHOPPER MUSIC TRUST
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
2. Accounting policies (continued)
2.5 Investments
Current asset investments are a form of financial instrument and are initially recognised at the fair value of the investments donated and subsequently measured at fair value at the balance sheet date. Investment gains and losses, whether realised or unrealised, are combined and presented as “gains/(losses) on investments” in the statement of financial activities.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount.
2.7 Cash at bank and in hand
Cash at bank and 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.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.9 Fund accounting
General funds are unrestricted funds which 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. Restricted funds are those donated for and only available for expenditure on specific projects.
3. Income from donations
All donations received in the year were for restricted purposes.
4. Investment income
No investment income was received in the year.
Page 10
THE GRASSHOPPER MUSIC TRUST
NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024
5. Analysis of expenditure on charitable activities
Restricted Funds
| 2024 | 2023 |
|---|---|
| £ | £ |
| Donations to Odyssey Festival Orchestra 115,000 | 85,752 |
| Bursaries to young musicians 6,000 | 2,700 |
| CAF and other collection fees 1,639 | 849 |
| Trustee Subsistence 421 | - |
| _____ | |
| Total Costs 123,060 |
89,301 |
6. Debtors
There were no debtors as at 31 December 2024 or 2023.
7. Current asset investments
There were no current asset investments as at 31 December 2024 or 2023.
8. Creditors: amounts falling due within one year
There were no creditors as at 31 December 2024 or 2023.
9. Statement of funds
All funds received and expended in the year were for restricted purposes.
Page 11