The Music Therapy FINANflAL AlEMENts FOR THEYEAR ENDED 30JUNE3f24 .Charity CornrnT55ion No 259r7
TrIE MUSIC THERAPY CHAREIY {cOpanY re$tration numl*r 955WJOI CONfENfs OFTHE FINANCIAL STATEMEKrs FOR THE YEAR ENDFD30JUNE X124 REVORT OF THE BOARD OF GOVERNORS..........-......................-........................................................... INCOME sfATEMENr..-.................-.......................-.................................-...-............................................ STATEMENF OF FINANCIAL IY)SITION...-...................-.................................................................... NOTES TO THE FtNANCIALsfATEMETrirs................-...............-...-.....-..................-........................... NOTES TO THE FINANCIAL STATEM[.........-...........................-...-.._.......................-.....................10 NOTESTO I71E FINANCIAL STATEMEDtrs............-...................................-..........................................11 Page 2
REPORT OFTHE BOARD OF GOVERNOILS FOR THE YEAR ENDED 30 JUNE J24 The Charity Rsa co¥npany limited by 8uar8ntee,' it has no issued shoTecapilaS and tsexempt foi using Litnited as Part of its name. Every Enember in pursuartce of dause 7 of the Mernorandu of Association undertakes to contributea SLlm not exceeding a in thee¥ent of the Company being wound up whs]sta tnember. ThEobFcts for whxh the rity ise5tsbli5hed 4r¢ {a} to prevent. relieveand curesickness and .health ofevery kind whether phySI or mentslby the u ofart therapy and colour therapy. (bl to promote rearch into the use ofarfs. muc theTapy and Colour therapy for the above PUTpose5 and to pub]ish the results thereof.. and in bjrtheTan of obFts the Cl)arity has powers, inter to providetrainingfoT rnu5iC tlthpi4s The &)vemors have had gard to theawtiyc0tttsni'9 gll1dae on publK bo)efitaDd Wieve that these obFcb providea Publ benefiL The President throughout the year w•$ Nola Badettl CTEand the Clwity is mosE yate1 for her 5UPPOTL At30June 2024, the Vice-PTe5ident5 werÈSir Thom&8 Allen CBE Simon Callow CB& lulius Drake, Roy Van Gelder. Brian Kay, John Lubb(koB& Penny Ncary. Baron NithoL8on ofwinterboume, Anne (eggs, BeniamÉn Zander. The Ch•xity recelved in its Unrer significant donatb)Ds of aO.938 {ll4 in J)231 includÉnB Gift Aid. TheClurity'saMual fundrai5in8evenl wa5 held on 2pA NOveMr JJ23 at The GTosvenor Chapel produced income of 06.127. Investtnent incomeand bank deposit interest was £]l.ibl l£l]JJ64 in 201. DuriThg theyeorthe CTharity made grants tot#lling£65.1%1£45/07 ITh 3)231, furtherdetaijs are sYven in 5ertion$ 74TrJ 8. The net incoming 0rreS on the 8eneral account showed a Iossof£51.j(I2o.lllloss in 23). After addin8 Unrealed gains 01£855B lal.rn1055 in IYLII on invesbnents. the net drease in funds was £41695 IQIA49 decrea in 3fL4). The tolal fvnd at lune3)24 was £3)IA18, compared with£24£113 a year previously. The Governors hDve¥sYeed to conth)ue tocoThder hmdinglong.terni dOcra1 academic research in consunction wtth rnajor initiativeshs they ari. Howevet no stsch funding was awarded in 1124. A second 0PIg Project comFetition wasannourKed in May 22fOr whith art award 01£17,(Th) WAS made in January 2Y24. The Tespon- to the May XIIISmall GTantsCall re5uIknI in&wards to JAne Brackley {aS(XTrl,Vicky Kathm las(1. Gillian (Ytkmpw {£701.881 and Leanne CYKeeffe laSLKIl. The respEin to the De{emr IYZ3 sllll Grantscall rlted in awords to Fmma Kenrick lÈJ454}and Helen Loth I£IXK)I. Gnts totslling £40XKiI were made to75 graduAlÈU$lt therapysiudentsat the folJowin8 An8tia Ruskin Guildhall&hDoI ofMusK & Drama Nordoff and Robbins Queen MatgaretUniversAty Univer5ily ul Deiby University ofRoehampton University ofS)uth Wal University of theWesE o(En8knd £4J Page 3
]HE MUSIC TFtERAPY CHARfiv {cornpany regtstrdtion num[ 955W The Governors haveconsidÈTed the risksfo whith theChlty mighti su]yt#J are sèttsfied that systÈtn5are in pla(0 to mitigate iisk io. At their meetin8 in June 1, the (knvernoTS updatLYI the Chatt5 RTe5 Po]iry in which the aijn i5to hold sorficient resetves to be able t0finall the CharÈty's usual grants and 3(fmiriknbvee%peTh5es foi a FeriLxl ofoneyear (pteviothsty theyears) were rK) incoming Tesources thattttne. li. The Governors follow an InvestmÈnt PolKy whh indudesanastallLkntion lIY and investment owtsve ThF5 Poiiry kept under Tegu]ar review. The tsrget propDrhon50f the p)rtfolioto be invested iCha&taTV. Asse.t aass utties FIX Interest Cash et Maximtll io The Ènvestment obFchve is lo geTwate a high to st0•n a¢ceFtsble level of rt5k The perlormantt ofthe investmentport(ol¢o lexduding(Lsh} ig again#the fvllowin8composite benchthJTk.. FfsE All Share lrtdv ICE >AML 1-15 Gi]t Index ICE BOAML 1-15 NoTrGiTt Indert 66.6% 16.7% 16.7% The equity and fixed tnlEre51 investments athl{ throu8h holdings in tlie M&G Thariand and CharThi ond respecttvety. Helped by a strong recovery in equity and bjnd markets. ipve5tment perfortnance for the year to 30 lune was12S% (net offeesl which compares to 11.5% from the CQrnFQ5ite ncht)urk. Equity Envestments in Charifund haveoutperforrned the Fnchmark thisyeara$ ) resultol M&G's fo(us on higheryielditi8 UK equitÈescomin8 Iwck Énto fravour. Ollr IxTrnd investments in Th8rib)rtd have atso perfornd well. Lon8er temi perfornwnce has ten h1nd ourEenchDwrk. Over the last nine yeth the investtt)ent portfolto lex cashl has retun)ed 4.9% annum wlwh ¢o]npare5 to the composite lnchma0f5.S% per annum. 12. To &•7st with forward platlning thedwriWsactivitiesand toSUPFrtanY fvture 8r8ntbid& the Govemorg will approve¥ budget for X124125 and fowerJst5 for Z)25126and 2)F•/l7 ai their meeting in (t0r 13. There We no chan8es io the h¥rd 3)D/24 and tdow tsa lioftheGoYernors, who are also the Directors, during the yeor. Professor Helen Ckletl.MillerOBE {clrI Dr RacheI thrn]ey-&nith (Deputy Chairl Mr Roger Swain (freasurerl IAdy Caroline Borg Professor Ian CT05S Mr Dominic Dolafot Angela Mary Ham8on Mr5Gract Meadow5 Dr Kate Thomson Mrs Susan E Waldman ark Taylor FCCA of Banks & Co. I Carny RrA¢ Newbury, Berkshi RG14 5D} is the tNdependent knminer. 15. Page4
THE MUSICTHERAIry CHABJTY (company re8iStralion number 591) ON BEHALF OFTHE BOARD Helen (klÈll-Mffier CHAtR 167-169 Great Portiatba Strert Floor London. WIW SPF 2024 Pa8e 5
THE MUSICTHERAPY CHART (company registration nUMr9559 REPORT OFTHI INDEPENDEpirEXAmI TO THE GOVERNORS FOR 7HE YEAR ENDED 30 tUNE ay24 I report to the governors who arÈdcharitytrUs onmy tm]Ntion oftheaccounL8ofthe COmPAny forthe year ended June2(f24whith aTeset outon page5710 11. Responsibilities and basis of report As thecharity governoys of thecompany {and akn its dirthrs forthepurpLwofcornpanylaw)youaTeresponsible for the preparadonoftheaCcowldcCord8 wrth theTeqUirvts ofthe Compariw Ad Cthe 21KkS ACVI. Hoving5AtLsfied Tny5elf thai theatcountsof COMpanyareOtrlU1Ted trj be&udited unLr Part16 0fthe2(> Art and are e]igibie for tndèpendent examirwtiorn l report in re5pErt of my exaMitIOn of your to[npanS atcounts a5 carriedoutundersection 145 oftheCTharitie5Artllll I'thÈ2ni ACVI. In¢arryingoutmyexatnintiti¢)nJhove followed ¢he Dtrectton5 8iven by thecharity colnmiOn undersKtion 145(51(bl ofthe X)11 A(L lttdependent examinees slatement I have completed my eumiTWtion. I ¢onfinn that no matters have CO to my atlention in Corli0n with the exa]nination giving mecau5e trj Wieve that in &ny Itiaterkil rtsp Accounting rÈ¢ord5 were not kept in respert ofthe company &STequlred by seEtion386ofthe ACL. or thÈ accountsdo notattOTd with thosÈ Tecords.. or the accounts do not comply with the accounling rquiremthts of Section 396 of the Xrfh Act other than any reqtstrernent that the accounts give a 'true aDd fair Yiew. whKh not a matter considered a8 port of an independÈnt examination.. or the account5 have not E*en PTepaTed in accordan with the methods and Plinciples of the 5thMent of Recommended Practice for accountinsand rep)rtxng by tharitie T have no concerns and have come acrw no other maitets in ¢onneclion with tho ex•mJnadon to whlch attention ghould drawn tn Trport in order toenablea proper understanding oftheac(ounts to reoched. R M L Taylor FCCA On bÈha]fof Banks & Co Ckiriered Certtfied Accountants I CarnegYe Roa(L Newburyi Berkghi RG14 SD Page 6
THE MUSIC THERAPY CHARrrY Icompary repstralionnurnbeT 955W} STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 30JUNE 2024 2024 Total fund5 Note5 Total fund$ FIXED ASSEr&. Jnvestments at Market Value 141&33 184.(F)2 CURKENT ASSEr&. Debtors C•$h at bank artd short term deposits 65,OM 66.682 65,492 66,n6 LIABtLrriES Creditors.. Atnoun19 falling due within one yefjr {6.9)7) 16h95) NET CUIUIENT ASSErs 58,585 60,2] "i(yrAL NET ASSFrs 244,Il3 171E F.UNDS OF THE CHARrrY Unrestricted fvnd 201,418 244,113 I'OTAL CIIARrtY FUND5 201A18 244,113 For the year ended 30 June 2024, the Comporty was entÉtled to exemption from audit under &477 of Companie5 Ac 26. The Mem1r5 have not requAred the company to oblain an Judit of its accounts for the financid year i accordance with &476 01 the Ad. The diteLXOTS acknowledge their responsiljiliii lal ensuring that the company keeps accountin8 tecordswhich comply wtth5386 of the Companie5 Act 21K, ond Ibl PrepAr ac¢ounts which give J truÈ and fair view of the slate ol affairs of the company. L$ at end ofthe financial year. and of its profit or1055 for the financial year in accorde with thc requirements oF5.394 s.395 0( the Companies Aci 21th, ttnd whKb other¥vise comply with the requirements of that Aci Telating to accounts. w Faras applicable the cornpany. These Accounts hove Efen prepared in acroTdance with the pyovisionsapplirable to Companies wbptL to the small ¢oJnpanies regime. The financial statementswere approved by the BoArd ofGovetmorson... behalf by.. K0..24 and were signed on its Helen Odell.MUlei.(]Mir RogerSwain-Txeasurer Page 8
INCOME STATEMEKF FOR TrIE YEAR ENDED 30JLfNE 2)24 Notes INCOME AND ENDOWMETrifs FROM: Donations Charitab]e Activitte5 Research ConferencefKket SAle5 (MheT tncome tnvestment lrtcome Bank deposit interest Other investment incorne 10.938 16.127 14,853 3,818 TJO 9.579 10,444 Totjl Incotnlngre50uree 38.627 51,171 ENDITLIRE ON: Raising funds Ch&ritable Artiviti25 Grants to Music Therapists Scopin8 Project Crant Grants lor Research Proj Tony Wi8rom Travelling fellowship Other Sponwrship Research Conference Presentation hqan8gement costs Secretarial Accountartcy Extemal CoDsultancy Website and Computer Trainyn8 Travel and Meeting E%Fer (XheT Management Cost Governaxce costs- Independent Review 3.831 5.251 17,(* 8,156 9,807 500 4,187 11A15 Z450 11,866 Z350 176 159 816 84 912 910 Total resources Èxpended 89.917 71,282 NEI. IEKPENDtruRE) NE[ ILOSSI ON INVESTMENf ASSErs Net Gains/liA>SSe5) on AAve51Thents during the year (SI2} 120,1111 8595 i.T281 NEf MOVEMEKf IN FUNDS (416951 (31%39} RECONCILIATION OF FUND&. Totsl fvnds brought EgTward 244,113 275,952 TOTAL FUNOS CARRJED FORWARD 201.418 244,113 Pa8e 7
THE MUSICTHERAPY CHARITY Icompny registration number 9559) NOTES TO THE FINANCIAL sfATEMENTS FOR THEYEARENDED30JUNE 1124 ACCOUFTrtNG pouaES Accounting convention The Charity CoD$tite$ a pub]ic knefiterttity 09 defined by FRS IOZ The financial statements have been prepared on a goin8 Conrn bLsis under the historical c05t convention and in accordance the Charity's deeds. the (Thaiities Act2011 and the provisions oftheststellwt Of Recumrnended PTaclice IRP) "Accounting and Reporting by charitie (FRS 102). The Music Therapy Charity isa public benefft entity, a5defined by FRSIOI The finan£iaJ statements are preuented in Pound$ 5terlin& Tounded lo thenearest pound. Incomxrt8 re90ur(e6 All incoming reSoUT5 ore included on the Statement of Financial Activities when the Charity is legally eniTtied to the income and the amountcan be quantifittl with Tea50nable ac¢vracy. Expenditure Refosnitlon Liabilities are rec0sW as expendilvre js 05 there is a lesal or ron5trudive obligatson committin8 the Charity to thatexpenditure, it is probable that settlement will be requ?d and the arnount of the obligation can measured reliably. Expendlture b accounted for on an occruals ixqslsand has iken classtfied under headinE5 that ag8re8ate all cogb related to the category. Where costs cannot be directl), ftttributed to particular hp.ading5 tliey ve been allotated to artivities on * basisconsistent with the use of resources. Grai115 offered subject to conditions whith have not been met ot the ythr date are n¢>ted as couunitments but not accrued as expeftdire. Employees The Charity does not employ any staff and its Governorsarevoluntee Debtors artd ttedltors ze¢elvable/payable withln one year Debtors and creditors receivable or payable within one year are tEcorded at transactEon price. Investmenf Pollry The investment objective is to 8eneratea hi8h retUrn5uWto an acreptablelevel of rtsk. Furt[ detaijs Are given in theernOr4 report Taxation The company is a dwRty for the pllrposÈ of Sertion of the Income and corpora0 T¥xes A¢t 1988 aDd a$ 5uth exeTnpt froTn tax on its c1w1b]e aclivitie5. Fund a¢countirt8 UreStrICted funds can be used accordance withthe charitsble ObitiVeS&t the discretion of the trsteS. The Charity doÈs not have any reStrIrt funds. DONATIONS AND CHARITABLE ACTIVTll Gift aid and tax reresved and receivable included in Donalv)ns is £44 (2023.. a35) and Charitable activities L370 POZI: £467). Page 9
IHE MUSIC THERAPY CHARrrY (compry registration nuth[ 955W) FOR THE YEAR ENDED X)JUNE I)24 Iconlinu&ll LISTED INVESTMETrtrs Chanknd Tota] COSL. AtlJuly2 Disposal during theyear At 30 June 2024 1171112 (J2%gJ 84.1 157A21 132lgM)} 124.531 REVALUATION At I July 2013 Di5POsdLs during the ye•T Increase1(dredse) in value during the year At 30Iune2024 31,939 00.9(A) 15.268) 26h 116.964} 8.595 18,302 1,518 (3.750) MARKEf VALUE At 30 lune 2024 106.174 36h59 iQ833 At 30 Jume 2ifLI 148.951 35,141 184.(Y)2 thlrirtg theyear the<Jwity ld 3ffj). iIXI unlbin Its0rifUnd Holdings forfA9J54 (WJ.. I.1)20.763 units were wld for Q4A39). No Charifund or Charibond tinxts wtrwuired durin820U1SLI.' nill. The artty continues to bt one ofa number of charities which }efits from royAEty rfghts income held by the la Gus Dud8eon. On 8Seplember2)11 thecharity. aloD8 with other benefitin8 charitie5, became a member o£The Dudgeon Esthte Nominee Company Ltd (Dudgeon Co'l, which isa comp8ny li[Tud by guarantee. Dudgoon Co acts llelY asa nominee to collect payments arising from the royalty rights and distributes them to the beIlting ¢haritie5 ofwhich the Charity is one. Roger Swain, a Governor ol The Music Therapy Charity, was appoint directorofThe DdgeOn FAate Nominee Company on 24th Novemtor 1121. The ne(l11n8¢harities hove agreed that Withers Tru5tCorporation take over the role ofthe charitie5' ftominee as succeswr to Dlldgeon Co- tt company is in the process ol being wound up. DEBTORS Itt£ome tax COverabIe CREDrroRS: AMourrS FALLING DUE WTfHIN ONE YEAR Trade Creditor5 549 817 Other treditors 6258 5J78 6,695 Page 10
NOTESTO THE FINANCIAL sfATEhlENrs FOR THE YEAR ENDED30WNE IY24 IContinuL¥fj GOVERNORS. REMUNERATION AND BENEFITS No governor retnuneration or other beneEits were paid Eor the year ended 30 June J)24 (2ts.. nil}. Governor8. expenses Except for reimbursements made in Te5pectofexpenditUTe IThrred on Eehalfofthe Charity no yments were to of the 8oveTDOTh. Travel expenses of £62.¢y) wewe Tepoid to I sovernor12023: £41.39 to I govemorl. There are no employees who te£eived tothl employee bEnefits. excludins pensiott to45. of more than REtATED PARTY DISCLOSURE There are no related party transathn ULTIMATE coFrrROLLING PARTY The 8ovemorsarc considered to be the ultimale controllÈns party of the Charity by virtue of their ability to art in concert in rejation to the operationaland financxal policies of the Charity. io COMPANY DEfAIFS The company is registered in England. numir 955W. and ts repered with the Charity COMMs2on, number 259)77. Its regiSred offfte is 167.169 Great Porttand StreeL 5th Floor, WIW SPF. Pa8e 11