NORTHERN IRELAND MUSIC THERAPY TRUST LIMITED STATEMENf OF FINANCIAL AcfiviTIES (Incorporattng the Income 2nd Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Funds RtriCted Funds Total Funds 2025 Total Funds 2024 Income (note 3) DonatlOn3 and grants Charitable activities Investment income OY,Y76 378279 31,884 101,860 378279 10,869 53,519 376,925 276 Total ineome 31,884 491.008 Expenditure (note 4) Charitable activities 446,617 399,142 Total expenditure 385,832 60,785 446,617 399,142 Net surplus/ (deficit) for the year 73292 (28.901) 44J91 31,578 Balances brought forward at l April 443,069 51,673 494,742 463,164 Balanees carried forward 2t_A1 Mareh 516 22,772 539 133 494,742 The Tncome and expenditure summary as rcquired to be disclosed by the Companies Act 2006 is included at note 13. All amounts relate to continuing activities of the charity. Th¢ llotE5 forni part of these financial statements Page 12
NORTHERN tRELAND MUSIC THEIL4PY TRUST LIMITED OiEGISTERED NUMBER: NI 024686) BALANCE SHEET AS AT 31 MARCH 2025 31.3.25 31.3.24 Notes FIXED ASSETS Tangible assets &912 8,144 CURRENT ASSETS Debtors Cash at baDk and in hand io 76,082 496204 74,036 459,635 CREDITORS Amounts falling due within one year 572,286 533,671 42,065 47,073 NET CURRENT ASSETS 530,221 486.598 TOTAL ASSETS LESS CURRENT LIABILITIES 539,133 494 742 RESERVES Restricted funds UDrestricted fim(1s 12 12 22,772 516J61 51,673 443 069 539,133 494,742 The fancial statements have been prepared in accordance with the pmvisions of Part 15 of the Companies Act 2006 relating to small compantes. The financial statements were authorised for issue by the Board of Directors ¢)n sigtled oll its. b¢half by: .. and were Ms F Cassidy - Director The notes forni part of these financial statements Page 13
NORTHERN IRELAND MUSIC THERAPY TRUST LIMITED STATEMENT OF CHANGES IN FUNDS FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds Restricted funds Total equity Balanee at l April 2023 414.023 49,141 463,164 Changes in fullds Surplus for year 29,046 32 Balance at 31 March 2024 443,069 51,673 494,742 Changes in funds Surplus for year 73292 28,901 44?91 Balance at 31 March 2025 516J61 539.133 The notes forni part of these fmancial statements Page 14
NORTHERN IRELAI¥D I¥TUSIC THERAPY TRUST LIlTED NOTES TO THE FJIYANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NATURE OF CHARITY The Charity is a privats company limitrd by guarantee with charitable status incorporafrd in Northern Ireland. Every member of the company undertakes to contribute such amount &s may be required not exceeding £20 to the assets of the charitable company in the event of its being wound up while he or she is a member or within one yeaT after he or she ce&ses to be a member. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of this public benefit entity have been prepared under the historical cost convention and in accordance with Accounting and Reporting by Charities: Stateellt of Recommended Practice applicable to charities PTepaTing tbeir accounts in accordance with the Financial Reporting Standard applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective l January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102), and the Compantes Act 2006. The following is a summary of the significant accounting policies adopted by the charitable company in the prepaTatiotL of the financial statements. Financial reporting standard 102 - reduced disclosure exemptions The company h&8 taken advantage of the following disclosure exetllption in preparing these financial statements, &s perniitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland and tbc CbdLitiC3 SORP (FRS 102). the requirements of Section 7 Statement of C&sh Flows. Income All incorne has been included in the Statement of Financial Activities and have been recognised when there is entitlement to tbe income, certainty of receipt and it call be MeaSud reltably. Grant Income Grants related to specific capital expenditure are treated as deferred income which is credited to the profit and loss account over the related asset's usefill life. Otber grants are credited to tbe profit and loss when received. Expenditure All eXpendille is accounted for on an accruals basis and h&s been cl&ssified under headings that aggregate all costs related to the category. Costs on raising fi118 are those costs incurred in attracting voluntary income, and those incurred in trading r.tivitKp.s that Trise. fiTnds Expendirte. on charitable activities eomprises the costs of delivering music therapy sessions to different community groups. together with support costs illcued centrally and governance costs associated with the governance amgements of the charity which are primarily &ssociated with constitutional and statutory requirernents. Tangible rued assets Depreciation is provided at the followtllg aDnual rates in orderto write off each asset over its estitnated useful life. Instruments 250/0 on cost Office & computer equipment 250/0 on cost Page 15
NORTHERN fRF,T.AIYD MUSIC THERAPY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNfING POLICIES - continued Taiatioll The charitable COEnpatLy is accepted by HMRC as having tax exempt status. Fund accounting The cotnpany has vaTiOUS types of funds for which it is responsible, and which require sep8Trte disclosure. These are follows: (i) Restricted fimds Grdnts or donations received which are designated by the donor for specific pury)oses. Such purposes are within the overall aim of the charity. (ll) Unrestricted fi]nds Funds which are expendable at the discretion of th¢ charity in the filltherdnG¢ of the objectives of the GhaTity. Financial lllstruments The charity only h&$ fmancial assets and financial liabilities of a kind that qualify &s basic fmancial instruments. These are initiaIly recogntsed at transactton value and subsequendy measured at their settlement value. Cash and Cash Equivalents C&sh and cash equivalents comprlse cash at bank and cash in han(L Debtor Sundry debtors are reco]sed at tbe settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid of tbe transaction price. Creditors 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 paty and the amount due to settle the obligation can be measured or estimated reliably. Operating lease commitments The company cl&ssifie5 the lease of office equipment as an operdting lease. The title to tbe equipment remains with the lessor and rental charges are charged to the stateent of fAllancial activities on a straight-line b&sis over the tenn of the lease. Pension costs The company operates a defllLed conknl)ution pension scbeme. Contr7)utions payable to the cornpany's pension scheme are recognised as an expense in the period in which they are iJ)curre(L Sigllificant judgements and estimates The directors confjrni that there have been no significant judgements alld estirnates used in the preparation of the f]nanciat statements. Page 16
NORTHERN IRELAND MUSIC THERAPY TRUST LIMITED NOTES TO THE HJANCIAL STATEMEN]S - Continued FOR THE YEAR EIYDED 31 MARCH 2025 LNCOME Unrestricted Fund5 Restricted Funds Total Funds 2025 Total Funds 2024 Cr2Dts reeèived Department of Health Core activities LFT Charitable CleaT Project CFM Donations Stydent Placements Youth Justlce Services Other donations Children's Heartbeat Trust Radcliffe Trust 6,402 11,137 9.408 6,402 11,137 9,408 6,402 6,904 4,874 33260 1.080 729 loo 170 65,103 4?38 65,103 4?38 535 535 2,804 2,133 2,804 2,133 69,976 31,884 101,860 53,519 Charitable activities Clinical fees -778.279 378,279 376,925 Investment income Bank interest 10,869 10,869 276 Page 17
NORTHERN IRELAI¥D MUSIC THERAPY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 IWiCH 2025 EXPEI¥DrrirRE Unrestricted Restricted Total Funds Funds Funds 2025 Total Funds 2024 Charitable activities Therapists. salaries Therapist travel and other expenses Document retention Membership fees MusiLal instruments and uniforn] costs External supervision fees Staff Healthcare Staff training Leonard Pugh Bursary 196,143 17,199 474 452 128 1,662 1,572 1146 41,423 237,566 17,199 474 452 128 1,662 1,572 2,146 5,650 225,453 19,240 69 508 1,959 3.490 2.352 48 8271 5,650 Including Ihefollowinggovernance costs." Audil legal and consultants, fees Depreciation 22,419 2,971 22,419 2.971 15.993 3,080 Including ihefollowing support costs." Insurance Stationery ond printing Postage Telephone Rent Heat and light Premises expenses Bank charges IT expenses Sundry expenses Administration salaries Bad debt provision Administration staff travel Recruitment Volunteer Costs iJ43 2,915 1,343 2,915 1,763 54 5,665 8,974 2,755 1,488 93 4,680 954 90222 4,978 8,944 1,840 3,134 95 3,851 1,742 107,843 (6279) 166 9J40 4,978 8,944 1.840 3.134 95 3,851 1,742 121,555 (6279) 166 9.540 546 13,712 385,832 60,785 446,617 399,142 Page 18
NORTHERN IRELAIYD MUSIC THERAPY TRUST LIMITED NOTES TO THE FINANCIAL STATElENTs - continued FOR THE YEAR ENDED 31 MARCH 2025 STAFF COSTS 2025 2024 Wages and salarie5 Social security costs Pension costs 314,582 25.965 18,574 275,390 18,933 359,121 315.675 The average numbei of empIoyees duriug the year was 15 (2024:14}. The tTUStees received no remuneration in the Coue of their WOTk during the year and no employee received emoluments in excess of £60,000. KEY MANAGEMENT PERSOIYNEL COMPENSATION Compensation paid to key management personnel the year to 31 March 2025 was £74,498 (2024: £63,340). OPERATING SURPLUS Thc OPat1118 butplub 15 5taied after charging: 31J.25 31.3.24 Auditor remuneration - External audit 3,360 3,360 TAXATION Being registered with both HMRC and the Charity Comrnission for Northern Ireland as a charity, no liability to UK corporation tax arose on ordinary activities for the year ended 31 March 2025, nor for the year ended 31 March 2024. Page 19
NORTHERN IRELAIYD MUSIC THERAPY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR EiWED 31 MARCH 2025 TANGIBLE FIXED ASSETS OlCe & computer equipment Instruments Totals COST As at l April 2024 Additions 21 J57 2,239 43,087 1500 64,444 At 31 March 2025 23596 4487 68,183 DEPRECIATION As at l April 2024 Depreciation charge 21,357 560 34,943 56?00 2,971 At 31 March 2025 21,917 37J54 59271 IYET BOOK VALUE At 31 Mar¢b 2025 8,912 At 31 MaTch 2024 8,144 io. DEIITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Sundry debtors- Fees Prepayments and accrned income 71,513 4569 72,686 76,082 74.036 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.325 31.3.24 Fees paid in advance Trade creditors AccnlS & sundry creditors Taxation & social security 11,913 2J66 23?24 4,462 15,092 2,795 25.629 3,557 42,065 12. FUNDS Unrestricted funds Restricted funds Totals At l April 2024 Sury)lus/ (deficit) for the ye 443,069 73292 51,673 28.901) 494.742 At 31 March 2025 516J61 22,772 539,133 Page 20
NORTHERN IRELAND IIWSIC THERAPY 'I'RUS I. LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 13. INCOME AND EXPENDITURE SUMMARY 2025 2024 Gross income 491008 430,720 Resources expended Costs of generating fimds Costs of activities for cbaritable objectives Support and governance costs in fitheTance of the objectives of the charity 434,565 12,052 349,964 49.178 446,617 399 142 Surplus for year 44 31,578 The above reflects the Income and Expenditure account &s required by the Companies Act 2006 as opposed to that required under the Statement of Reconunended Practice &s detailed on page I l. Total income comprises £459,124 for unrestricted f(mds and £31,884 for restricted fimds. A detailed analysis of in¢oEne is provided in the Statement of FinanciaI Activities. Detailed analyses of the expendittwe ate provided in the Statement of Financial Activities and note 4. The tncome and Expenditure Sumtnary is derived from the Statement of Financial Activities on page 12 which together wttb the notes to the accounts on pages 15 - 22 provides full iDfonnation on the movements during the year on all funds of the charity. 14. PENSION SCHEME- Defined Contribution scheme The company operates a defined contnbution pension schen]e. The pension cost represents contributions payable by the compally to the fimd (excluding member salary sacTifice contnbutiolls) and amounted to £18.574 (2024: £18,933). 15. TRANSACTIONS wrrH D]JiECTORS AND RELATED PARTIES No director emohllnents were paid durng tbe year (2024-£Nil). There were no transactions during the year in which any director or related paty had an interest requiring disclosure. Page21
NORTHERN IRELAND IktUSlC THERAPY TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 16. FUNDS ANALYSIS At April 2U24 Income Expenditure Transfers At31 March 2025 Unrestricted funds General fund 459 124 385 832 516361 44 Restricted funds LFT Charitsble CLEAR Project Leonard Fgh Radcliffe Trust Children, Heartbeat Trust DOH 9.404 18,784 23,485 11,137 9,408 20,541 28.192 5.650 17,835 2,133 2,804 2,133 2,804 31 Total funds Analysis of Det assets between the funds Unrestricted funds Restricted Total 2025 funds T8ngiTrle ftKed assets Current assets Creditors falling due in less than one year 8,912 549,514 (42,065) 516?61 8.912 572,286 (42,065) 539,133 22.772 22,772 Prior year Unrostrieted funds Restrictcd funds Total 2024 Tan7)le fed assets Current assets Creditors falling due in less than one year 8,144 481,998 (47,073) 443,069 8,144 533,671 (47,073) 494,742 51,673 51,673 Page 22