The | Music era Charity”
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023
Company Registration No 955930
Charity Commission No 259077
THE MUSIC THERAPY CHARITY (company registration number 955930)
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
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THE MUSIC THERAPY CHARITY (company registration number 955930)
REPORT OF THE BOARD OF GOVERNORS FOR THE YEAR ENDED30 JUNE 2023
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The Charilyis a company limited by guarantee;it has no issued share capital and is exemptfor using Limited as partofits name. Every member in pursuance of clause 7 of the Memorandum of Association undertakes to contribute a sum not exceeding £1 in the eventof the companybeing wound up whilst a member,
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The objects for which the Charity is established are:
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fa) to prevent, relieve and cure sickness and ill-health of every kind whether physical or mental by the use of arts, music therapyand colour therapy.
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(b) andto promoteto publishresearchtheresults into thethereof;useofand arts,inmusicfurtherancetherapyofandthesecolourobjectstherapythe Charityfor thehasabovepowers,purposesinter alia, to provide training for music therapists.
The Governors have had regardto the Charity Commission’s guidance on public benefit and believe that these objects providea public benefit.
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The President throughout the year was Nicola Benedetti CBE andthe Charityis most grateful for her support.
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4, At 30 June 2023, the Vice-Presidents were Sir Thomas Allen CBE, Simon Callow CBE, Richard Crewdson, Julius Drake, Roy Van Gelder, Brian Kay, John Lubbock OBE, Penny Neary, Baroness Nicholsonof Winterbourne, Anne Skeggs, Benjamin Zander,
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The Charity received inits unrestricted fund significant donations of £14,853 (£16,454 in 2022) including Gift Aid. The Charity’s annual fundraising event was held on 3" November 2022 at The Grosvenor Chapel produced income of £20,686. Investment income and bank deposit interest was £11,064 (£10,457 in in2022).sectionsDuring7 andthe8.year the Charity made grantstotalling £45,807 (£69,924 in 2022), furtherdetails are given
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The net incoming resources on the general account showed a loss of £20,111 (£49,277 loss in 2022). After adding[unrealised] losses of £11,728 (£8,440loss in 2022) on investments, the net decrease in funds was £31,839 (£57,717 decrease in 2022). The total fund at 30 June 2023 was £244,113, compared with £275,952 a year previously.
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Clinical Research Initiatives
The Governors haveagreed to continue to consider fundinglong-term doctoral academic researchin conjunction with majorinitiatives as they arise. However no such funding was awarded in 2023. A Scoping Project competition was announced in May 2022 for which an award of up to £17,000 is expected to be madein January 2024.
The response to the May 2022 Small Grants Call resulted in awards to Vicky Kammin (£1,500), and Beth Pickard (£1,500). The response to the December 2022 Small Grants Call resulted in awards to ARRIMT (£1,500), Emma Maclean (£817), Joon Oh(£1,500), Sound Emotive (£1,490) and Tina Warnock (£1,500).
- Grantstotalling £40,000 were made to 67 postgraduate music therapy students atthe following universities:
| Anglia Ruskin | £4,000 |
|---|---|
| Guildhall School of Music & Drama | £4,000 |
| Nordoff and Robbins | £12,000 |
| Queen Margaret University | £4,000 |
| University of Derby | £4,000 |
| University of Roehampton | £4,000 |
| University of South Wales | £4,000 |
| University ofthe West of England | £4,000 |
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THE MUSIC THERAPY CHARITY (company registration number 955930)
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The Governors have considered the risks to which the Charity might be subject and are satisfied that systemsare[in] place to mitigate[such] risks.
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Attheir meeting in June 2021, the Governors updated the Charity’s Reserves Policy in which the aimis to hold sufficient reserves to be[able] to financethe Charity‘s usual grants and administrative expenses fora period[of ] one year (previously three years)[if] there were no incoming resources during that time.
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ii. The Governors follow an Investment Policy which includes an asset allocation policy and investment objective.[This] Policy[is] kept under regular review.
The target proportions of the portfolio to be investedin each asset class are:
| e target proportion | s of the por | tfolio to | be investedin e | ach asset | class are: |
|---|---|---|---|---|---|
| Asset Class | Target | (% | Minimum | (% | Maximum(%. |
| uities | 60 | 50 | 80 | ||
| Fixed Interest | 15 | 0 | 30 | ||
| Cash | 25 | 10 | 35 |
The investment objective is to generate a hightotal return subject to an acceptable level of risk. The performance ofthe investment portfolio (excluding cash)[is] measured against the following composite benchmark:
FTSE AJl Share Index 80% ICE BoAML 1-15 Gilt Index 10% ICE BoAML 1-15 Non-Gilt Index 10%
Theequity and fixedinterest investments are achieved through holdings in the M&G Charifund and Charibond respectively. Investment performancefor the year to 30 June 2023 was -0.8% (net of fees) which compares to[4.8%][from] the composite[benchmark.][The][main][theme] of investment markets over the year has beenthe rapidrise in inflation aroundthe world. Central banks around the world including the Bank of Englandhave raisedinterest rates to levels not seen beforethegreat financial crisis of 2008/9. The political[turmoil] in September and Octoberied to sharp falls[in] the prices of long-dated UK government bonds. While there was arecoveryat the start of year, this was reversedasinflation levels rose to over 10%. Despite[this] equity[markets][have] seen a[reasonable] growth over the year although the[UK] has underperformed world markets. Ourequity investments in Charifundhave significantly underperformed the benchmark this year as a result of M&G’s focus on higher yielding stocks. Our bond investmentsin Charibond have performed relatively better due to the manager's defensive positioning. However this wasn't sufficient to offset the loss on Charifund.
Longer term performance[has][been][more] in[line][with] our[benchmark.][Over][the] last eight years,[the] investment portfolio (ex cash) has returned[3.9%] per annum[which] compares to the composite benchmark of 4.8% per annum.
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To assist with forwardplanning the charity’s activities and to support any future grant bids, the Governors will approve a budget for 2023/24 and forecasts for 2024/25[and] 2025/26 at[their] meeting in[October2023.]
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There were some changes to the board in[2023] andthese are[shown] in[the] list[below][of] Governors,[who] are also the Directors, duringthe year:
Professor Michael Thorne[CBE] - was Chair until he resigned on 30/03/23 Professor Helen Odell-Miller[OBE][BA] (Hons)[MPhil][PhD][LGSM][(MT)] (Chair) - appointed[Chair] 30/03/23, was Deputy[Chair][until][that][date]
DrRachel Darnley-Smith (Deputy Chair) - appointed 30/03/23
MrRoger Swain (Treasurer)
Lady[Caroline] Borg[ARCM]
Professor Ian Cross
MrDominic Delaforce Mrs Angela Mary Harrison GRNCM PGDip (MT) Mrs Grace Meadows Dr Kate Thomson[MB][BS] MRCP[DCH] Mrs Susan[E] Waldman
The Governors are appointed taking into account their[relevant] experience.
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THE MUSIC THERAPY CHARITY (company registration number 955930)
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Mark Taylor FCCA of Banks & Co, 1 Carnegie Road, Newbury, Berkshire RG1M4 5DJ is the Independent Examiner.
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The report of the Board of Governors has been prepared in accordance with the provisions of the Companies Act[2006] relating to small companies.
ON BEHALF OF THE BOARD
Helen Odell-Miller
vot Cou[A] LLU
26 Fitzroy Square, London WIT 6BT
z[|] ,[(©][.2023]
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THE MUSIC THERAPY CHARITY (company registration number 955930)
REPORT OF THE INDEPENDENT EXAMINER TO THE GOVERNORS FOR THE YEAR ENDED 30 JUNE 2023 [reportto[the] governors[who] are[the] Charity trustees on my[examination] of[the] accounts[of the] companyforthe year ended30 June 2023 whichare set out on pages 7 to 11. Responsibilities[and][basis][of] report As the charity governors of the company (and also its directors for the purposes of companylaw) youare responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that[the] accounts[of the] company are not required to[be] audited under Part 16 of the 2006 Act andareeligible[for] independent examination,[I] report[in] respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examinationI have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2017 Act. Independent[examiner's] statement I have completed my examination, I confirm that no matters have come to my attention in connection with the examination giving me causeto believe that in any material respect: 1. accounting[records][were] not[kept] in respect[of the] companyas required by[section][386][of] the[2006] Act; or N the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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 Practicefor accounting and reporting by charities. I have no concerns and have come across no other matiers in connection with the examination to which attention should be drawn inthis report in order to enable a proper understanding of the accounts to be reached. ham, L RM Taylor[FCCA] On behalf of Banks & Co Chartered Certified Accountants 1 Carnegie Road, Newbury, Berkshire, RG14 5D] boll. WOLD 2023 L Page[6]
THE MUSIC THERAPY CHARITY (company registration number 955930)
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023
| INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE2023 |
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|---|---|---|---|
| Notes | 2023 | 2022 | |
| INCOME AND ENDOWMENTSFROM: | |||
| Donations | 14,853 | 16,454 | |
| Charitable Activities | 20,706 | 14,394 | |
| Research Conference Ticket Sales | 3,818 | ||
| Other Income | 730 | 1,631 | |
| Investment Income | |||
| Bank deposit interest | 620 | 45 | |
| Other investment income | 10,444 | 10,412 | |
| Total incoming resources | 51,171 | 42,936 | |
| EXPENDITUREON: | |||
| Raising Funds | 5,251 | 6,539 | |
| Charitable Activities | |||
| Grants to Music Therapists | 36,000 | 40,000 | |
| Grants for Research Projects | 9,807 | 29,924 | |
| Tony WigramTravelling Fellowship | 500 | ||
| OtherSponsorship | 1,900 | ||
| Research Conference Presentation | 4,187 | ||
| Managementcosts | |||
| Secretarial | 11,886 | 10,607 | |
| Accountancy | 2,350 | 1,850 | |
| Website and Computer Training | 148 | 404 | |
| Travel and Meeting Expenses | 159 | ||
| Other Management Cost | 84 | 269 | |
| Governancecosts - Independent Review | 910 | 720 | |
| Total resources expended | 71,282 | 92,213 | |
| NET (EXPENDITURE) | (20,111) | (49,277) | |
| NET (LOSS) ON INVESTMENT ASSETS | |||
| Net(Losses) oninvestments during the year | (11,728) | (8,440) | |
| NET MOVEMENTIN FUNDS | (31,839) | (57,717) | |
| RECONCILIATION OF FUNDS: | |||
| Total funds brought forward | 275,952 | 333,669 | |
| TOTAL FUNDS CARRIED FORWARD | 244,113a | 275,952 ec |
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THE MUSIC THERAPY CHARITY (companyregistration number 955930)
STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED30 JUNE 2023
| STATEMENTOF FINANCIAL POSITION FOR THE YEAR ENDED30 JUNE2023 |
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|---|---|---|---|
| 2023 | 2022 | ||
| Notes | Total | Total | |
| funds | funds | ||
| £ | |||
| FIXED ASSETS: | |||
| Investments at Market Value | 3 | 184,092 | 212,874 |
| CURRENTASSETS: | |||
| Debtors | 5 | 34 | 271 |
| Cashat bank and short term deposits | 66,682 | 72,007 | |
| 66,716 | 72,278 | ||
| LIABILITIES | |||
| Creditors: Amounts falling due within one year | 6 | (6,695) | (9,200) |
| NET CURRENT ASSETS | 60,021 | 63,078 | |
| TOTAL NET ASSETS | 244,113 | 275,952 | |
| THE FUNDSOF THE CHARITY | |||
| Unrestricted fund | 244,113 | 275,952 | |
| TOTAL CHARITY FUNDS | 244,113 | 275,952 |
For the year ended 30 June 2023, the Company was entitled to exemption from audit under s.477 of Companies Act 2006, The members have not required the company to obtain an audit of its accounts for the financial year in accordance with s.476 of the Act. The directors acknowledge their responsibilities:
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(a) ensuring[that][the] company keeps accounting[records][which][comply][with][5.386][of][the] Companies[Act] 2006, and
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(b) preparing[accounts][which] give[a][true and][fair][view][of][the][state][of][affairs][of][the] company,[as][at][end] of[the] financial year, andofits profit or loss for the financial year in accordance[with] the requirements of[8.394] and s.395 of the Companies Act 2006, and which otherwise comply[with][the] requirements of that Act relating[to] accounts,[so][far] as applicable[to][the] company.
These Accounts have been preparedin accordance[with] the provisions applicable to Companies subject to the small companies regime.
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9 4 The financial statements were approved by the Board of Governors on at a [©...] 2023 and were signed onits behalf by:
Helen Odell-Miller - Chair ~ He Roger[Swain][-] Treasurerir QUO
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THE MUSIC THERAPY CHARITY (company registration number 955930)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED30 JUNE 2023
1 ACCOUNTING POLICIES
Accounting convention
The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared on a going concern basis[under] the historical cost convention andin accordance the Charity’s deeds, the Charities Act 2011 andthe provisions of the Statementof Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102).
The Music Therapy Charity is a public benefit entity, as defined by FRS 102.
Thefinancial statements are presented in Pounds Sterling, rounded to the nearest pound.
Incoming resources
All incoming resources are included on the Statementof Financial Activities when the Charity is legally entitled to the incomeand the amount canbe quantified with reasonable accuracy.
Expenditure Recognition
Liabilities are recognisedas expenditure as soonas thereis a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amountof the obligation can be measured reliably.
Expenditure[is][accounted] for on an accruals basis andhasbeenclassified under headings that aggregate all costs relatedto the category. Where costs cannot be directly attributed to particular headings they have been allocated toactivities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as commitments but not accrued as expenditure.
Employees
The Charity does not employ any staff and its Governors are volunteers.
Debtors and creditors receivable / payable within one year
Debtors and creditors receivable or payable within one year are recorded
at transaction price.
Investment Policy
The investment objective is to generate a hightotal return subject to an acceptablelevel ofrisk. Further details are given in the Governors’ report.
Taxation
The companyis a charity for the purpose of Section 505 of the Income and Corporation Taxes Act 1988 and as such is exempt fromtax onits charitable activities.
2.
Fund accounting
Unrestricted funds canbe usedin accordance withthe charitable objectives at the discretionof the trustees. The Charity does not have restricted funds. any
DONATIONS AND CHARITABLE ACTIVITIES
Gift aid received and receivable included in Donations is £135 (2022: £137) and Charitable activities £467 (2022: £932).
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THE MUSIC THERAPY CHARITY (company registration number 955930)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023 (Continued)
3 LISTED INVESTMENTS
| LISTED INVESTMENTS | |||
|---|---|---|---|
| Charifund | Charibond | Total | |
| £ | £ | gE | |
| COST | |||
| Atl July 2022 | 126,337 | 42,986 | 169,323 |
| Disposal during the year | (9,325) | (2,577) | (11,902) |
| At 30 June 2023 | 117,012 | 40,409 | 157,421 |
| REVALUATION | |||
| Atl July 2022 | 46,252 | (2,701) | 43,551 |
| Disposals during the year | (6,512) | 360 | (5,152) |
| Increase/ (decrease) in value during the year | (8,801) | (2,927) | (11,728) |
| At 30 June 2023 | 31,939 | (5,268) | 26,671 |
| MARKET VALUE | |||
| At 30 June 2023 | 148,951 | 35,141 | 184,092 |
| At30 June 2022 | 172,589 | 40,285 | 212,874 |
During[the] year[the] Charity[sold][1,020.763] units[in][its][Charifund] Holdings[for][£14,839] (2022: 1,275,835 units were[sold] for £20,000)[and][2,000.00] units in[its][Charibond] Holdings[for][£2,216.] No Charifund or Charibond units were acquired during 2023 (2022: nil).
4 Onthe 8 September 2011 the Charity, along with other charities, became a Registered Member of the £1 Ordinary[Guarantee][class][of][Members][in][The] Dudgeon[Estate][Nominee] Company Ltd,[which][controls] the activities of the agent who supervises the distribution of any further musical royalties arising from the estates of Gus and Sheila Dudgeon. Inviewofthe difficulty of valuation, no value has been attributed to this holding in the balance sheet of the Charity. Roger Swain, a[Governor][of The][Music] Therapy Charity, was appointed director[ of The] Dudgeon[Estate][Nominee] Company on[24"][November] 2021.
| Therapy Charity, was appointed directorof The Dudgeon Estate Nomin 2021. |
ee Company on | 24" Novemb | |
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| 5 | DEBTORS | ||
| Income tax recoverable | 34 | 33 | |
| Other Debtors | 238 | ||
| 34 | 271 | ||
| 6 | CREDITORS: AMOUNTSFALLING DUE WITHIN ONE YEAR | ||
| Trade Creditors | 817 | 4,000 | |
| Other creditors | 5,878 | 5,200 | |
| 6,695 | 9,200 |
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THE MUSIC THERAPY CHARITY (companyregistration number 955930)
NOTES TO THE FINANCIAL[STATEMENTS]
FOR THE YEAR ENDED 30 JUNE 2023 (Continued)
7 CONTINGENT LIABILITIES
The Charity has invited bids for a Scoping Project grant of up to £17,000. Should a bidderbe successful, the grant is to be awarded in January 2024. (2022: no contingent liabilities.)
GOVERNORS’ REMUNERATION AND BENEFITS
No governors’ remuneration or other benefits were paidfor the year ended 30 June 2023 (2022: nil).
Governors’ expenses
Except for reimbursements[made] in respect of expenditure incurred on behalf of the Charity no payments were[made][to][members][of][the] governors. Travel expenses of £41.39 wererepaid to 1
governor (nil[in][2022] as[all] meetings were[held] virtually).
There are no employees whoreceived total employee benefits, excluding pension costs, of more than £60,000.
RELATED PARTY DISCLOSURE
There are no related party transactions.
10 ULTIMATE CONTROLLING PARTY
The governorsare consideredto be the ultimate controlling, party of the Charity by virtueof their ability to act in concert in relation to the operational andfinancial policies of the Charity.
11 COMPANY DETAILS
The companyis registered in England, number 955930, and is registered with the Charity Commission, nuunber 259077. Its registeredoffice is 26 Fitzroy Square, London WIT 6BT.
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