Charity regÈgtration number 1003852 ABO -N Or SalTISA ORCMESTXAS ABO Trust UNAUDITED FINANCIAL STATEMENTS for the year ended 31st March 2024 ABO Report3nd Financial Statements Year ended 31st Mar¢h 2024 Contents Pzge Reference & Administrative Detsi15 Report of the Trustees Independent Examiners Report Statement Df Financial Attivities ststement of Hnancial Posltion Notes to the finanual statements 8-13 ABO Trust Reference & Admini5trztive Detai15 Year ended 31st March 20Z4 CHARITY REGISTRATION NUMBER l(K>3852 PRINCIPAL OFFICE West Wing Sornerset House Strand London WC2R ILA United Kingdorn TRusfEES Laurence Watt (Chairl Doug Bott Maricpn Friend Sophie Lewis Anna Rowe Laura Waters Judith Webster 50LicrroRS cha￿e$ Russell 5peechlys Solicitors 5 Fleet Plaee London EC4M 7RD INDEPENDENT EXAMINER Sundareswary AranryasLLndaran ACA. FCCA 9 Cheam Road Ewell Ep50m KT17 ISP BANKERS UrityTrust Bank 9 Brindleyplace Birmingham 812HB A80 Trust Rèport of the Trurtees Year ended 3tst March 2024 The trurtee5 present theirAnnu31 Report together with the financial ststernents for the yezr ended 3tst March 202& The trustee5 confirm that the Annual Report and finantial ststements ofthe charity comply with the current statutory requ1￿MentS, the reqU1￿ments of the governin8 document and the provision5 of "Accounting and Reporting by Charltles-. Statement of Recommended Prdttice, applicableto charities preparingtheir accounts in accordante with the Finanoal Reportin8 Standard appliL7ble In the UK and Republic of Ireland IFRS 1021 leffective I January 20191 (Charitles SORP IFRS 10211. Strueture. Governance and Management ABO Trtjst is a charity independent of the As50ciatlon of Brft15h Orche5tTas but which ha5 as Its pr¢mary objettive asslsting the performance of rnuslcal works of the hiBhest qualit¥ in the UKby orchestrd5 that are members of the Association of BrItish Orchestras. The Chairman and Director of the A%50ciation of British Orchestras are ex-officio trustees of ABOTmst. ABO Trust IS govemed by 3 Trust Deed dated ￿ March 1991. Newtrustees are appointed to the Board by the eurrtnt trusrees and a￿ selected based upon their experiente in the business. arts, education and eommunity sectors. Objectives and Artlvltles The objects of the Trust shall be the advancement of public music education In general and in particular lil by procuring, sponsoring or assisting the performance of musical works of the highest quality Tn 3ny part of the United Kingdom by those 8ritlsh Orchestras. or settions thereof. which ale members of the Association of British Orthestras- lill by encouraging improvernents in standards of performan￿ by Brit15h Orchestras: liiil by promotlng the development of musical appreciation by the gener31 public by commissioning compositions and by procuring, sponsorship or assisting the performance by British Orchestrd5 of musical works of high quality or of historic or gther inrerest which are not frequently performed- and livl by the creation of and expansion of 3 centrallsed library for the benefit of mernbers of the ABO. Principal Activity The principal activity during the year wa5 to provide a grant to the As50eiation of British Orchestrns to 5UPPOrt its work tn music education. to support the eosts of the ABO/Rowdl Phllharmonic Society Salomon A￿drd, and to support the costs ofthe Find Your Wzy programme. A¢hievements and Performznce of The Trust In October 2016the ABO Trust received a donatlon of £2￿.000 from Diana Ambache to supportthe Si￿n5 Fund for orchestras performing works by historical women composers Dver a LQ year period. In 2023-24. the ABQ Trust mado awards to rhe fo15owing orchestra5.' Ulsier Orchestra, Royal Scottish National Orchestra. Chetham5 School, London Symphony orchestra, National Youth Orchestras of Scotland. OrchestTas for All, Scottish Chamber Orchestra. Bournemouth Symphony Orchestra. Chinekel Royal CDllege of Music. Crty of London ¥infonia. Academy of Aneient Music. BBC Nation31 Orchestra of Wales, City of Birmingham Symphory Orchest￿, Royal tiverpool Philharmonic Orchestras. Royal Northern Sinfonia. In addition. the Trust supported the ABO'S pro8ramme of professional development for emerging leaders durfng the summer. subsequently pausing the programme for review, and the ongoillg workofthe Education and Youth Ensembles Consultant. Durine 2024, the A80 Trust supported a rtev4 Public Engagernent Campaign developed bythe ABO with Its membership. aimin8 to transforrn public perception of classical musitand highlight the positive contribution UK orchestras make to society- ABO Trust Report of the Trustees Icontinuedl Year ended 3tst March 2024 Publlc Beneftt In planning its activities. the trustees have given ca￿fUl consideration to thè Charity Comrni5sion's general guidance on public benefit. Finanoal Review The ABO Trust continued to deliver on its objectives. To achleve thls, it continued to draw on tts investment Income to prowde funding for the A80 and its Find Your Way progrnmme. and on Income from its ￿$trIcted Slrens Fund to prowde grants to ABO members. Its Investments saw a net increase in walue during the year. tsking into account amounts withdrawn to support the Sirens Brants programme. its level of investments rernains sufficient to deliver on its objectives in the next financial year. Investments The Investments are in funds to ensure that sufficient income 15 ￿ceiVed in order to support the objettives of the Trust whilrt maintaining the tapitsl value of those funds. Re*rves ABO Trust provides support fDrthe As50Ct3tion of Brit15h Orchestras. It is the intention of the trustees to make the twst's annual income available to the ABO for special purposes as may be detern)ined. In addition. at its absolute discretion. it may make income available sooner andlorapply capital IA SUPPOrt of the A80's work. ABO Trust is not required to make income available in any period if it does not consider IE appropriate tc* do so. The trustees have a policy of keeping unrestritted reserves at a level that can maintain grants to the ABO. and the trust has unrestricted reserves which, along with investment returns, can achleve this. Reseryes at 31 March 2024 were £489.11912023.- £570,144) of which £460.644 were unrestricted12023: £493,587). Trurtees and their interests The following served a5 tnJstees durin8 the year ended 31st March 2024- Doug Bott Miritsn Friend JenniferJarnisoTh Sophie Lewis Anna Rowe Laurence Watt Laura Waters Judith Webster Resigned 21st N¢wember 2023 Appolnted 21st November 2023 ABO Trust Report of the Trustees Icontinuedl Year ended 315t Marth 2024 Ststement of Tru5tee5' Responsibilities The Trustees are responsible for p￿parIng the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accountin8 Standards Iunited Kingdom Genernllv Accepted A¢eounting Practice). The law applicable to charittes In England & Wales requires the Trustees to prepare financial staternents for each financial yearwhich give a true and fairview of the state of affairs of the charity and of the tncoming resources and application of resources of the tharity forthat period. In preparing these financial statements. theTru5tees are required to= selett suitsble accounting policie5 and then apply them c0rn5i5tently. observe rhe methods and prinaples in the Charities SORP, make jLtdgements and estimates that are rèasonable and prudeft state whether applicablo accountinz standards have been followed. subject to any material departures disclosed and explained in the financial statements, and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Trust WTII continue in operation. The fnjstees ère responsible for keeping adequate accounting records that are sufficientto show and explain the chariws transactions and 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 Att 2011, the Charity (Accounts and Reporrsl Regulations 2(J)8 and the provisions of the Constitution. They are also responsible for safeguarding the assets of the tharity and hence for takine reasonable steps forthe prevention and detection of fraud and other irregularities. The tru tees, annual reportwas approved on ................. and si ned on behalf of t board of trustees by.. Laurence Wa Chair INDEPÉNDENT EXAMINER'S REPORT to theTrustee5 of ABO Trust Year ended 315t March 2024 l ￿portt0 the trustees on myexarnination of the financial 5taternents of ABO Trust I'the charity'l for the year ended 31 M8rch 2024. Responsibilities and basis of report As the chariivs trustees of the Trust you are re5P0Th5ible for the preparatlon of the financial statements in accordance with the requirements of the Charities Act 2011 ltrhe Arfl. Having satisfied myself that the accounts tsf the Trust are not required to be audited underthe Act 2nd are eligible for independent examination, I report in respecr of my examination of your charitvs accounts as carried under section 145 of the Charitles Art 20111.the 2011 ACYI. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151 Ibl of the ZOIL ACL lftdependerrt examlner's rtatement I have completed my exarnination. I confirm that no matters have corne to my attentlon in connection with the examination 6iving me cause to believe that in any material aspect: actounting rewrds We￿ not kept in respect of the charity as requlred by section 130 of the Act; or thè attounts do not accord with those record5,' or 3. the financial statements do not comply with the appIl￿b]e requirements conteming the form and content of accounts set out in the Charities (Accounts and Reports) Regu13tion5 2008 other than any requirement that the accounts give a 'true and fairmew which is not a matter considered as part of an indÈpendent examination., or I have no concern5 and have come across no other matters in connection with the examination to whith attention should be drawn in this report In orderto enable a proper understanding of the accounts to be reached. Sundares ry Araniyasundzran ACA, FCCA ndependent Examiner Date 9 Cheam Road, Ewell, Epsom. Surre¥ Kf17 ISP ABO Trust Year ended 31st Marth 2024 Statement of Finanual Actlvities Note Unrestrlcted Fund5 Restrirted Funds TOTAL 2024 TOTAL 2023 Income from Donations Investments 3.547 20.261 3,547 24,170 1,552 20,283 3.909 Total income 23,808 3.909 27.717 21,835 Expendititre on Charitable a¢iivity Governano ènd support 6.7,8 53,ISG 821 Sl,980 105,136 821 29,608 1,039 Total expendriure 53.977 5L980 105.957 30.647 Net income I l¢xpenditurel before gair￿l{lo$se$I on Investments {30.169} 148.0711 178.240) (S￿12) NetEains / (Iossesl on imiestments 12.7741 Iiii 12.7851 141,(K191 Net movernent in fiFnds 132.9431 148.0821 181.0251 149.8211 Recondllatr4)n of fvnds: Total fund5 brovght forward 493.587 76.557 S70,144 619,965 Total fvnds rdrried forward 460.644 28.475 489,119 570,144 The statement of financial activities Includes all gains and losses recognised in the year. All incorne and expenditure derive from continuing activities. The notes on pages 8 to 13 form part of these financial Statements. Page 6 ABO Trust Year ended 31st March 2024 Statement of Financial Position Notes 2024 2023 Fixed assets Quoted investments 12 495￿99 495,899 558,684 558.684 Current assets Debtors rash at bank and in hand 13 3,547 17,403 20,950 1,422 14.G78 16,100 Creditor5- arnounts falling due withrn one year 14 27.730 14,6401 Netwrrent Illabilttiesl lassets 16.7801 11,460 Net a$52ts 489.119 570,144 Funds Restricted funds Unrestritted funds 28.475 460.644 76.557 493.587 Total fitnds 15 489.119 570,144 These financial staternents were approved by the Board of Trustees on ............................. and signe on its behalf bv: 2024 rence att alr The notes on page$ 8 to 13 form part of these financial Slatements. Page 7 ABO Trust Year ended 31st Marth ZU24 Notes to the financial Statements General irformation The charity Ss a public benefit entity and a registered charity in England and Wale5 and is unlncorporated. The address of the principal offite is West Wing. Somerset House, Strand. London, WC2R ILA, United Kingdorn. Ststement of cornpliance These financial stateffients have been prepared ift compliance wlth FRS 102,'The Financlal Reporting 5tsnd3rd appllcable in the UK and the Republic of Ireland,, the Statement of Recommended Prattlce applicable t charities preparin8 their accounts in accordance with the Flnancial Reporting Standard applicable irt the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS IOZII anil Charitles Act 2011. Accounting policies Basis of preparation The financial rtatements have been prepared on the historical cost basi5. as modified by the revaluation af ertain financial assets and liabilities rneasu￿d at fairvalue through incorne orexpenditure. The finantial rtatements ?re PrePa￿d in 5terlin8, which is the fvnctional currency of the entity- Goln£ Concern There are no niaterial uncertainties aboutthe tharitys abilltyto cofttinue. Judgements and keysour¢es of estimztion uncertainty The preparation of the financial sratements require5 managernentto make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based experience and other fartors, induding expectations of fvture events that are believed to be reasonable under the Circumstances. Fund a¢¢ounting un￿sEritted funds are available for use at the discretFon of the trustees to further any of the ch3riVs purposes. Designated funds are unrestricted fund5 earmarked bythe trustees forfuture project or commltment. Restricted funds a￿ subjetted to restrictions on their expenditure declared bythè donor orthrou8h the tems of zn appeal. Income All incorning resources are included in the statement of financial actlvltle5 when entitlement has passed to the charitVi- it is probable that the economic benefits a5soclated with the transaction will flow to the charity and the amount can be reliably measured. The following spEciflc policie5 are applied to particular tategorie5 of Income- income from donations or grants is recognised when there 15 ewdence of entltlementto the giffj receipt is probable and its amount can be meaSU￿d rel¢ably. Investmellt Income is include