(harity registrallon number I1￿3852 ABO ASSOCIATION OF BRITISH ORCHESTRAS ABO Trust UNAUDITED FINANCIAL sTATEME￿rs for the year endEd 31st March 2025 ABO Trust Report and ￿nar￿la1 Stst¢ments Year ended 31st Marth 2025 Reference & Adminlstrative Details REpl￿t of the Trustee5 ndependert Examine1$ Report ststement of Flnandal Aclivities Statement of Financiai Position Notes to the financial statements 8-13 ABO Tn Reference & Admlnistrative Delèlls Year ended 3tst Marth 2 CHARITY REGISYRATION NUMBER 1003852 PRINapM OFFKE West Wlng Somerset House Strand London WC2R ILA Unlted Kingdom TrUSTEES Doug Bott Marion Friend MBE Sophie Lewis Laura Waters Judlth Webster soucm)RS Charles Russell Speechlys Solkttors 5 Heet Place London EC4M 7RD INDEPENDE1￿ EXAMINER Sundaresvrdry Araniya5undaran AC4 FCCA 9 Cheam Road Ewell Ep50m Icr17 ISP BANKEr6 UnityTrust Bank 9 Brrndleypla Birniingham B12HB Page I ABOTrust Report ofthe Tntstees Year ended 31st March ZlJ25 The Trustees present their Annual Report together with the flfiantlal statements for the year ended 31st March 2025. The Trustees Confi￿ that the Annual Report and financlal ststements of the tharity compty wlth the current ststutory requirements. the requlrements of the g¢)vemin8 dowFrtert and the prDvi5ions of °Accountire and Reporting by tharities= statement of Recommended Practi￿, applltable to charitie5 preparing their accounts in accordance with the Financlal Reporting standard appllcable In the UK and Republlc of Ireland IFRS 1021 leffectlve I January 20191 (Charttles SORP IFRS 10211. ABO Trust is a tharity independent of the Association of Biitish Orthestras but which has as its pfjmaryobjecti￿ the athyancement of public m￿l£al education. The Chair and Chief ExecutNe of the Association of British Orchestras a ex-offiao tntstees of ABOTrust. ABO Trust is g￿rned by a Trust Deed dated 25th Marth 1991. NÈW trustees are appointed to the Board by the cwrrenttrustees and are selecred based upon their experience In the busine55, arts. education and community settors. The objects of the Trust shall be the advancement of publlc music educ*lon In geneTrl and in partloJlar11) by procurin& 5ponsorlng or assistingthe perfomhance of musical works of the hl8hest quality in any part of the United Klngdom by those British Orchestras, or sertlons thereof, whlth are members of the A$sc￿atIon of British Orchestrès."1111 by encour￿lDg Improvements in stsndards of ￿rfOrnian￿ by Brltlsh Orche5tras;11111 by promotlng the development of musical appreciation byt￿ general public by commissioning comptr5ition5 4nd by pro¢uri sponsO￿hlp or assisting the perf0M￿n￿ by Brftish Orchestras of muslcal works of hlgh quallty or of historic or other Interest whlch are not frequently performed: and (lvl bythe creation of and expansion of a centhlised Ilbrary forthe benefft of members Of the ABO. Prf#Kipal Acuvlty The prlndpal artivity during the year was to provlde a grant to the Assodatlon of British Orthertras to support its work in music education, to support training sÈ$51ons for membets ofthe ABO and tosupport the second year of the AB(Ys PLtbli¢ En8aBement Campaign. In October 2016 the ABO Trust ￿￿1VEd a donatiori of £2LiIJKL)frcm Diana AmbachÈ ta support the sirens Fund for or¢FEstTrs perfomiing works by historical Composers over a 10 year period. In 2024-25, the ABO Trust made awards to the following orchestras: Academy of AntiÈnt Musio BOurr)en￿Uth Symphony Orchestrd. of Blmhingham Symphony Orchestra. E50 Youth Symphony Orchestra, London Philharnionic Orthe5tra, London Symphony Orthe5tf3. National Youth Orchestras ofScotland, Philharmonia Orthe5tra, Royal Liverpool Phllhamlonlc OrchestTr, Royal Phllhamionic Orchestra, ¥infonia Smlth Square, and Slnfonia Vlva. In addition, the TrLSt SUPPOrted the ongoing work of the Educatlon and Development ConsultanL Durfn8 2024-5, the A80 Trust supported the Second year of a Publlc Engagement Campaign developed bythe ABO with its mÈmber5hip. almlr6to trdnsfomi public perceptlon of dassical muslc and hlghllghtthe positive contrtbution UK orchestras make to society. Page 2 Report ofthe Trnstees {cortinuedl Year ended 31st Marth 2025 Pubk genefft In planning its activitles, the Trustees have given carefiil consider*ion to the Charty CommlsslDn's general guidance on public benefit. nancial Review The ABO Trust continued to deliver on Its objertives. To achleve this, rt continued to draw on Its Investment income to provide fundin8 for tsJgeted programmes delivered by the ABO. The Trustees also responded to a speclal fLtnding reque￿ to drdw down some capltsl for the AB￿S Public Engagement Campalgn. In addition. It continued to draw on the restrlcted income for the Sirens Fund. Due to thè spedal funding request, Its Investments saw a small net decrease in value during the year, t3kirbS into account withdrawals from the restrirted fund5 for the Sirens Programme. Its level of Investrnents remaln sufficient to deliver on its objectives in the next financial year. The irNestments are In funds to ensure that sufficlent Income Is re¢elved In order t) support the oblectlves of the Trust whllst maintainine the capltal value of those funds. The Trustees have assessed the finan¢lal posltlon of the ABO Trust and are satlsfied that It remains a going conwn as the Trust ha5 minimal unavoidable commitments. The Trust holds investments in the M&G which 15 disclDsed at fair Value in the financial statements for the year ended 31 March 2025. The majority of the TTU5Y5 fund5 are unrestricted, allowinB flexlbility to cover future expenditure. RÈstrirted funds total £28,868 and are expetted to be utilised in the next financial year. all 8rant makin8 15 di$¢￿tiOnary. future expendlture remains controllable. Desplts a nèt movement in funds of1£16,860) in 2024125. the Trustees estimate that under current conditlons and assumptions it could continue supporting its artivities for over 20 yeats. Thi5 estlmate is subjert to potential changes in policy. operational practice. and external ecunomic clKumstance& In Ilne wlth Its reseryes pollcy. the Trustses alm to hold free reserve5 at a level sufficient to support contlnued grant maklng to the Association of Brit15h Orchestras"Company Limited b¥ Guarantee" A5 at 31 March 2025, the reserves held bythe trust will cO￿r approximatety 103 months of unrestricted expen(fiture. The Tru5tee5 consider this reserve level to be adequate to ensurè short to medium temi flnancial stability. operational flexibilityi and the continued ￿abIlitY of the Trust. ReseNes at 31 March 2025 were £472,25912024: £489,119) of which £443391 were unrestricted12024: £460.6441 and £28.868 were restrlcted12024:£28.4751. Trust•es and thqlr Interests The following served as Trustees durin¥ the year ended 31sl March 2025: Dou8 Bott Marion Friend MBE Sophle Lewls Anna Rowe Laura Waters Laurence Watt Judlth Webster Reslgned 9th July 2024 Resi8ned 15th Ortober 2024 PaBe 3 Rets￿ oftheTnth l¢ontiNed) Year ended 31st Marth 202S Due to the resignatlon of the prevlou5 Cthair and one otherTwstee after manyyeat5 of senrfce. the Trustees are taklng the opportunltyto review the Trusys governance practlce. the recruitment of new trustees, and the fvture latlonshlp wlth the ABO and Its work Ststrrnent uFTrustses' Ilwon5ibifrties The Trusteès are responsible for preparing the Trusteeg report and the financial statemÈnts in accon4ance with applicable law and UDtted Kingdom Ac(rJuntln8 Standards (Unlted Kingdorn Generally Attèpted Accountlng Prartitrl. The law appltcable to charltles In England & Wales requires the Trustw to prepare flnancial ststernents for each financial year which grve a true and falr vlew of the stste of affairs of the charity and of the Inrvming resoums and applicadon of resource5 of the tharlty for that perl¢xl. In preparfng ttr*se financlal statemènts. the Trustees are required to: select sultable accounting policie5 and then applythem consistently. observe the rMthods and principles in the Charities SORP. make judgements and estim*es that are reasonable and prudenL state whether applicable a¢¢ounting standards have been followed, subject to any materlal departures dlsclosed and explained in the finarKial statements, and prepare the financial staterrterrts on the going Con￿rn basis unle55 it is inappropriate to presume that the Trust will continue in oper*ion. The Trustee5 are ￿sponsIble for keeping adequate accounting records that are sufFKient to show and explain the charli￿S transactions and disd05e with reasonable accurdcyat anytime the finandal position of the charity and enable them to ensure that the financial Statements tomply with the Charitles Act 2011. the Charlty (Accounts and Reports) Regulations 2{￿ and the provisions of thè Constitution. They ale also responsible forsafe8uardingthe assets of the rharity and hence fortsking reasonable step5 ft>r the prevention and detection of fraud and other Irre8ularitie5. The Trustees. annual re￿rt was approved on 21stJuly 2025 and si8ned on behalf of the Board of Trustees by: Marion Frlend MBE Chair Page 4 INDEPENDENT EXAMINER'S REPORT to the Trustee5 of ABO Trust Year ended 3tst March 2015 I reportto the Tru5tee5 on my ￿minatIon of the financial statements of ABO Trust l*he charity'l for the year ended 31 March 2025. Re5ponslblllde5 and basb of report As the charttvs Trustee5 of the Trust you are responsible forthe prepardtion of the financlal ststements in ac£ordance with the requIreMer￿ of the CharitiesArt 2011 l*he ACVI. Havirvd satisfied myself that the accounts of the Trust are not required to be audited under the Act and are eligible for Independent examlnation, I report in respect of my &xaminatlon of yourchariws accounts as (arried out under section 145 of the Charities Act 20111'the 2011 AcV)- In carrying out my examination I have followed the Dirertion5 given by the Charlty Commlsslon under section 145151 Ibl of the 2011 ACL Indep•ndent examiner's ststement I have completed my examination. I confirm that no matter5 have to my attention in connect5on ￿1th the examlnatlon giving me cause to bellevè that In any mateflal aspect: accounting records were not kept in respect of the tharity as required by sertion 130 of the Act: or 2. the accounts do not accord with those records: or 3. the financial statements do not complywith the applicable requirements conceminE the fomi and content 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 15 not a matter considered as part of an independent examlnation.. or I have no concerns and have come across no ¢)ther matter5 in connection with the examlnation to which attention should be awn in this report in order to enable a proper understanding of the accounts to be reached. SundareswaryAranlyasundaran U FCCA Independert Examlner 9 Cheam Road. Ewell, Epsom. Surrey m7 ISP Page 5 ABO Trust Year ended 315t March 2025 5t•trment of Anandal ktivi TOTAL 2025 TOTAL Fwds Fund5 Inwme from Donations Investments 7.949 7949 25.450 3.547 24.170 1901 Totsl Income 27,n7 EyFendlturè on Ctharitable a(ti¥My Governance and support 49.0 2.491 s0,ot 2,491 105,136 821 Trtal e¥pendihwe 51A91 Nei (expenditure) / Income before I￿1{10s%￿s) tsn InvestrnertS 120393) 901 1ts.0921 P8,240) NEt gains I Ik15sesl 3,740 (1,50BI 2,232 12,7851 tlet Mo¥￿ent in fvnd5 117.253) 116.8601 I￿,025) R￿On￿lIatIOn of funds: Total fund5 brDught forward 28.475 489.1 570.144 Totsl fvnds carrled forvrdrd 4M3A 28.868 489,119 The statement of financlal athitie5 indudes all gain5 and losse5 recognised in the year. All Income and expenditure derlve from continuing actlvttle The notes on pays 8 to 13 form part of these financial statements. Page 6 A80 Tnirt Year ended 3tst Marth 2025 St•tem•nt of Finandal Posilion 2025 ￿￿ed assets Quoted investments 12 4S3,131 453.131 495,899 495,899 Current assets Debtors Cash at bank and In hand 15 7?49 14A29 22378 3￿47 17.403 20.950 Cxedltors- amounts falling due within one year 14 13.250) 127.730} Net ￿Tr¢rt assets l Olabllitie51 19.128 16.7801 Net assets 472,259 489,119 Fund$ Restrirted funds Unrestricted funds 28.868 443,391 28A75 Total tund5 472 259 489.119 These finanaal st*ements were approved by the B￿rd o*Tn￿teeS on 215t July 2025 and signed on its behalf by: Marlon Frlend MBE Chair The notes on pages 8t0 13 forni part of these financial statements. Page 7 Year ended 3tst 2025 Notes to the financMI statements Genoral Inf¢rmatlon The tharityls a public benefit éntlty and a re8iStered charity In En8land and Wales and is unlncorporated. Thè address of the prtrKipal office is West Win& S)merset House. Strdnd. London. WC2R IW United Klngdom. Statemort ol complia￿e These financial statements have been prepared in compliance with FRS 102. The Financial Reporting *ndarrl applicabie in the UK and the Republic of Ireland.. the Statement of Recommended Prdctice 2ppll¢able to tharities preparing their account5 in accordanLE with the Finand31 Reporting Standard appllcable in the UK and Rèpublic of Ireland IFRS 102) {Charitie5 SORP IFRS 1021) and Charities Art 2011. Bads of prepara*i(¥n The finanoal statement5 have been prepared on the histoAtal cost b3515. as modified bythe revaluatlon of certain financial a55ets and liabilities mvasured at fair value through income or expenditure. The financlal stèt#ments are prepared In sterlin& vthich isthe fijnctional ¢uffency of the entity. Golng CryKern There are no material unctrtalnties about the ¢haritVs abiltyto contin￿. and key Sources of estlmation yn¢wtaknty The preparatlon of the financlal ststements requlres management to make lud8ements, estim*es and assumption5 that affert the amounts reported. These estimates and Jud8emgnts are Continually reviewed and are based on experlence and other fa¢t4)rs including eypectations ol I￿Ure events that are believed to be reasonable underthe clrcumstances. FurKI acc4Xmtlng Unrestrltted funds are available for use at the discretiora af the Trustees to fvrther any of thariws purp)ses. Designated funds are unrestricted funds eamiarked by the T￿￿teeS forfuture proJect or commitrnent Restricted funds are subjetted to restrict￿nS on their expendI￿re declared by the donor orthrough the tern of an appeal. Income All incoming rÈgources are included in the statement of finandal activit5es when entitlement ha5 Pa55ed to the tharity. It Is probable that the economlc benef￿ a550ciated wlth the transartSon vjill flow to the tharity and the arnount can be reliably measured. The following specffic policies are applied to particular categorie5 of in¢ome: income from donations orgrants is recognised when there Is evldence ot entltlement tothe glL receipt is probable and tts amount on be measured rèliably. Investment incomÈ Is Induded In the financial ststsments when It Is receivable. Pa8e 8 ABO Trnst Year end￿ 31st March 2025 Notssto the financial statements (<￿tinued) Accounfjng polldes (continuedl Empendlture Expendiiure Is recognlsed on an accruals basis as a liabillty Is Incurred. Expenditure Indudes any VAT which cannut be fully recovered, and is classffied under headings of the 5tatemerrt of financial actiwties to which it relates: expenditure on ralsingfunds inclLEdes the costs of all fundraising attivitie5, events, nonthe fmandal statements {c(Yrttnued) IS Analy&s irfcharftable funds IApr Gain5 and 31 Mar Llnre5tricted Funds General fvnd Reswitted Funds Restricted fund 30A98 (51A91) 3.74D 443391 28A75 IiAYA)I 115081 28.868 T(rtal funds 33399 (X4911 Income Expenthttwe Galns and 31 Mar Unyeslricted Fund5 General fvnd 493587 23009 1539781 Restrlrted fvrKI 76,557 151W)I Iii} 28.475 Total lunds 570,144 27.n8 I￿5.958 (1785 Llnrestrlrted Fun¢b TOTAL 2025 Fund$ Tanglble fLxed assets Current assets Creditors less than l year 44L281 iL850 19518 12AO)) 453.1 a78 17501 443.391 471259 Prlorjwr TOTAL Tangible r￿ed assets Current assets Creditors le5S than l year 462.541 {1.147) (750) 33.358 21097 126,9801 20JS0 127.730) 28.475 489J19 17 Relatsd prtytransacllons There are no relatsd partytransactlons In the year {2024.. nlll Page 13 ABO Trusl Year ended 31# March 2025 Notes to the Ilnanclal statemems (contlnuedl 10 Independent examination fees 2024 Fèes pald to Independent Examiner for: Independent exarnination of the financial statements 720 720 11 Trustee remunerntion and expenses NoTrustees received any remuneration in the year or were rnimbursed expen$es12024:£ nill.The Trustees are the only key management personnel. Unrestrlrted Restrlcted Totsl Cost orva&4ation At l April 2024 Addltlons I Idisposalsl Falr Ydlue movements At 31 Marth 2025 462.541 125.0001 3.740 441.281 33.358 120.0001 11,508} IL850 495,899 145.(Wl 2,232 453,ts1 Impalrn?ent At l April 2024 and 31 March 2025 C•rrylng amount At 31 March 2025 At 31 March 2024 441281 461541 Iwo 33358 453,131 495.899 Investments represent holdlnEs In M & G Equltles Investment fvnd for Charities Icharrfundl and Charibond and thEse have been disdosed at fairvalue in the financial 5tatement5. 13 Debtors 2024 Accrued Income 7,949 3.547 3.547 14 Credlknx&' amounts falllng due ￿rth1N one veèr 2024 Grarrts payable Accruals 2.500 750 26 750 3.250 27.730 Page 12