Charity Number: 1017036 **THE KEYBOARD CHARITABLE TRUST FOR YOUNG PROFESSIONAL PERFORMERS** **REPORT AND FINANCIAL STATEMENTS** **31st MARCH 2025** ## **The Keyboard Charitable Trust for Young Professional Performers** ## **Contents** |Report of the Trustees
Report of the Independent Examiner
Statement of Financial Activities
Balance Sheet
Cash flow statement
Notes forming part of the Financial Statements|Page| |---|---| ||
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13| **The Keyboard Charitable Trust for Young Professional Performers** ## **Report of the Trustees for the year ended 31st March 2025** ## **Reference and Administrative Details, Trustees and Advisors** |**Patron**|Sir Antonio Pappano| |---|---| |**Honorary President**|Nicola Bulgari| |**Trustees**|| |**Chairman**|Geoffrey Shindler OBE*| ||Christopher Axworthy ARAM| ||Dr Moritz von Bredow| ||Noretta Conci-Leech MBE| ||Oleksandr Grynyuk| ||Maestro Leslie Howard *| ||Maestro Evgeny Kissin| ||Sir Geoffrey Nice KC*| ||Dr Elena Vorotko ARAM| ||* members of the Executive Committee| |**Principal Office**|54 Raleigh Road| ||London N8 0HY| |**Charity Number**|1017036| |**Chief Executive**|Sarah Biggs| ||54 Raleigh Road| ||London N8 0HY| |**Senior Executive**|Richard Thomas| |**Bankers**|| |CAF Bank Limited|Lloyds plc| |Kings Hill|98, Victoria Street| |West Malling|London| |Kent|SE1E 5JL| |ME19 4TA|| 1 ## **The Keyboard Charitable Trust for Young Professional Performers** ## **Report of the Trustees for the year ended 31st March 2025 (Continued)** ## **Reference and Administrative Details, Trustees and Advisors (Continued)** ## **Independent Examiner** Thomas Ward FCA Lonsdale Ward Limited 5, Market Yard Mews 194-204 Bermondsey Street London SE1 3TQ ## **Investment Managers** Charities Aid Foundation Kings Hill West Malling Kent ME19 4TA ## **Structure, Governance and Management** The Trust is governed by a body of international Trustees eminent in the music profession as well as in other relevant fields. Trustees are selected on the basis of the contribution they can make to the Trust’s operation and standing. The Trustees are responsible for setting the strategic direction of the Trust’s activities. A sub-group of three Trustees constitute an Executive Committee. That Committee implements policy, monitors performance and supervises the raising, allocation and adequacy of the Trust’s resources. At the meeting of international Trustees on 1 November 2013 in London, Mr Nicola Bulgari, a longstanding friend, Trustee and benefactor of the Trust, was installed as Honorary President; Mr Geoffrey Shindler OBE (Trustee and Honorary Solicitor) assumed the Chairmanship in succession to Mr John Leech; and the Artistic Direction of the Trust was placed in the hands of Dr Leslie Howard, Dr Elena Vorotko and Mr Christopher Axworthy, in succession to Mrs Noretta Conci-Leech. Since August 2013 the Trust has engaged the part-time services of Ms Sarah Biggs, as Chief Executive, with responsibility for overall management, and since December 2019 Mr Richard Thomas, as Senior Executive. The Senior Executive is responsible principally for the membership and organisation of events in the UK and the website. The Charity also enjoys voluntary assistance in Germany, Italy and New York. Mr John Leech Co-Founder and Trustee died on 22[nd] November 2024. On 4[th] September 2024 Mr Oleksandr Grynyuk was appointed a Trustee. On 17[th] June 2025 Trustee Maestro Alfred Brendel died. Recruitment of new Trustees is usually carried out through personal contacts and would only be undertaken if a particular requirement is identified, or a replacement Trustee is required. New Trustees are chosen primarily having regard to their standing and experience in the music field and are made aware of their duties and obligations as required by the Charity Commission. 2 ## **The Keyboard Charitable Trust for Young Professional Performers** ## **Report of the Trustees for the year ended 31st March 2025 (Continued)** ## **Objectives** The Keyboard Charitable Trust for Young Professional Performers was formally established by a Trust Deed dated 28 January 1993 and registered by the Charity Commissioners on 5 February 1993 under charity registration number 1017036. Its principal objective is to bring talented young keyboard players before the public, by developing both new performing opportunities and new audiences. It does this by organising recitals which serve to introduce them to the public and to members of the music profession who can assist their careers. In addition the Trust seeks to support young performers in other ways, such as assembling of audiences and critics for their public concerts; the search for managers; making loans towards recordings and attendance at competitions; preparing younger artists for major competitions and arranging pre-debut recitals; and with counsel on practical problems like access to instruments, teaching and employment opportunities, and career development. ## **Achievements and Performance** During the financial year April 2024–April 2025, the Trust’s pianists gave a total of 74 concerts (the same number as in 2023-2024). Of the 74 concerts, 28 were in the UK (17 in London, 1 in Adbaston, 1 in Deal, 1 in Edinburgh, 2 in Haslemere, 1 in Lyddington, 1 in Lytham St Anne’s. 3 in Shrewsbury, 1 in Wingham); 15 in Italy (1 in Abano Terme, 6 in Florence, 2 on Ischia, 2 in Milan, 1 in Padova, 1 in Venice, 1 in Vicenza, 1 in Viterbo); 13 in Germany (1 in Berlin, 3 in Cologne, 7 in Hamburg, 2 in Rheda-Wiedenbruck); 6 in the USA (1 in each of New York, Philadelphia, Virginia and Washington DC – and 2 in Delaware); 5 in France (1 in Lagrasse nr Carcassonne, 4 in Lunel-Viel nr Montpellier and Avignon); 4 on the Isle of Man; 3 in Cyprus. Seven pianists gave their auditions / New Artist recitals at Steinway Hall. These were: Jeremy Chan (UK), Julian Chan (Malaysian), Mikhail Kambarov (Russian), Sherri Lun (Hong Kong Chinese), Arsenii Mun (Russian), Bridget Yee (Malaysian) and Tom Zalmanov (Israeli). The number of pianists supported by the Trust with concerts during the year was 34 (compared with 46 in 2023-2024). Their nationalities were: American (1), British (7), British / Korean (1), Bulgarian (2), Chinese Hong Kong (2), Israeli (2), Italian (7), Lithuanian (2), Malaysian (3), Romanian (1), Russian (5) and Slovenian (1). ## **Artistic Directors** The three Artistic Directors, Christopher Axworthy, Prof. Leslie Howard, and Dr Elena Vorotko, all gave generously of their time and expertise during the 2024-2025 season. They assessed numerous applications, listened to performances, attended recitals, offered introductions, and gave advice to many young musicians. Their combined efforts represent a vital and wholly voluntary contribution to the Trust. The Trust is additionally indebted to Christopher Axworthy for his continuing and meticulous documenting of many of the Keyboard Trust’s concerts on his blog: https://christopheraxworthymusiccommentary.wordpress.com ## **Concerts in Italy** Christopher Axworthy, Trustee, Artistic Director and Manager of the Trust’s concerts in Italy, arranged **15 concerts** in 2024-2025 by the following pianists: Kyle Hutchings (4 concerts), Misha Kaploukhii, (2 concerts), Sherri Lun (5 concerts), Ruben Micieli, Andrea Molteni, Nicolo Giuliano Tuccia (2 concerts). 3 ## **The Keyboard Charitable Trust for Young Professional Performers** ## **Report of the Trustees for the year ended 31st March 2025 (Continued)** ## **Concerts in Germany** Trustee and German Concerts Manager, Dr Moritz von Bredow arranged **12 concerts** in Germany in 2024-2025 with four recitals each by the following pianists: Giovanni Bertolazzi,, Andrea Molteni and Gabriele Sutkute in venues in Berlin, Cologne, Hamburg and Rheda-Wiedenbruck. **One concert** was also hosted by Teatime Classics at the Laeiszhalle in Hamburg and this featured Magdalene Ho. ## **Concerts in the USA** There were **6 concert** s in the USA, all given by Elias Ackerley as part of the USA Tour in October 2024. Venues included Castleton in Virginia, Arts Club of Washington DC, a Private House Concert in Philadelphia, Klavierhaus in New York, and Cokesbury Village and Country House in Delaware. Thanks to Caroline von Reitzenstein for hosting the concert at the Klavierhaus. ## **Concerts in France** There were **5 concerts** in France. One was given by Milda Daunoraite in Lagrasse. Four were given by Ivelina Krasteva (Lunel), Zala Kravos (2 recitals at Lunel-Viel) and Ellis Thomas (Lunel Viel). ## **Concerts in Cyprus** Pharos Arts in Cyprus hosted 3 concerts – by George X. Fu, Emanuil Ivanov and Giovanni Bertolazzi. ## **Organ Recitals** There were 2 organ recitals: These were given by Godfrey Leung at Temple Church and by Timothy Stewart in Westminster Abbey. ## **Historic Keyboard Concert** Avinoam Shalev gave a recital at St Cecilia’s Hall in Edinburgh in August 2024 playing a variety of historic keyboards. This concert formed part of the Edinburgh Fringe Festival. ## **Recordings / Videos / Podcasts** The Keyboard Trust is indebted to Roy Emerson, the Trust’s Recordings Producer, who recorded (audio and video) all 7 recitals at Steinway Hall. Following is a summary of the artists whose performance videos are currently available (September 2025) on the Trust’s YouTube channel: ## **Videos** Elias Ackerley, Can Arisoy, Giovanni Bertolazzi, Victor Braojos, Giordano Buondonno, Nikita Burzanitsa, Pontus Carron, Ilaria Cavalleri, Yu-Ning Chuang, Oscar Colliar, Milda Daunoraite, Petar Dimov, Damir Durmanovic, Pietro Fresa, George X Fu, Jayson Gillham, Sasha Grynyuk, Tyler Hay, Parvis Hejazi, Adam Heron, Leslie Howard, Kyle Hutchings, Misha Kaploukhii, Thomas Kelly, Maxim Kinasov, Roman Koskyakov, Ivelina Krasteva, Zala Kravos, Pavle Krstic, John & Noretta Leech MBE, Godfrey Leung, Mikhail Lifits, Luca Lione, Pedro Lopez Salas, Lucija Majstorovic, Victor Maslov, Ruben Micieli, Kasparas Mikuzis, Andrea Molteni, Antonio Morabito, Jiyeong (Chloe) Mun, Jae Hong Park, Vitaly Pisarenko, Pablo Rossi, Salvador Sanchez, Cristian Sandrin, Avinoam Shalev, Jose Navarro Silberstein, Simone Tavoni, Filippo Tenisci, Ellis Thomas, George Todica, Axel Trolese and Hao Zi Yoh. ## **Podcasts** Jonathan Ferrucci, Andre Gallo, Evgeny Genchev, Sasha Grynyuk, Martyna Kazmierczak, Ilya Kondratiev, Jean Rondeau, Iyad Sughayer, Alexander Ullman and Mark Viner. ## **Trust Artists** The Trust (up to April 2025) has assisted a total of 352 young artists by presenting them, in collaboration with its partners, in 1124 concerts around the world, in venues ranging from the world’s best known musical centres to locations where classical music is rarely heard. 4 ## **The Keyboard Charitable Trust for Young Professional Performers** ## **Report of the Trustees for the year ended 31st March 2025 (Continued)** ## **Finances** The total cost to the Trust of presenting 74 concerts around the world from April 2024 – April 2025 was £54,706 (compared with £68,010 in the previous year). This figure represents an average cost of £739 (£919 per concert last year) and an average investment of £1,609 in each artist’s career support and development (£1478 last year). (The number of concerts per artist varied between 1 and 7; the number of artists was 34.) These amounts are more than equalled by the input of the Trust’s local concert partners which they leverage. ## **Dr Kenneth Weir Bequest** Dr Kenneth Weir left a legacy to benefit the education of gifted young musicians aged between 12 and 20 years. The executors of his will, through appointed solicitors, selected the Keyboard Trust to administer this bequest so as to benefit one young student each year. The first grant (awarded for four years starting in September 2019) was made to Elias Ackerley, a former student at Chetham’s School of Music to enable him to continue his studies on a scholarship at the Curtis Institute of Music in Philadelphia. In September 2020, Luca Grianti, also a young student from Chetham’s, was awarded a four-year grant to study at the Juilliard School of Music in New York. In September 2021, Oscar Colliar was awarded a three-year grant to study at Cambridge University (as an ‘organ scholar’ for two of the years). In September 2022, Magdalene Ho was awarded a four-year grant for her undergraduate studies at the Royal College of Music in London. In September 2023, the Trust’s Artistic Directors selected Aidan Modica for support for three years at Christ’s College, University of Cambridge where he is reading Music. He is also an editor for the Liszt Society Journal and is currently working on a thematic catalogue of Liszt with Leslie Howard and Minkyu Kim. In September 2024, Richard Chi Zhang was given the Dr Weir Award for four years for his studies at the Guildhall School of Music. In September 2025, Eduard Gevorgyan from Armenia was awarded a four-year grant to study at the Mozarteum in Salzburg. Each student is awarded a little over £11,500 annually towards their academic costs. ## **Appreciation** The trustees are grateful for the commitment shown by the staff as well as those trustees and others acting as concert managers in their countries of responsibility and wish to express their sincere appreciation. The Trust is equally fortunate in having found some 60 partners among concert organisers in the countries where it operates who themselves bear substantial costs in producing the joint concerts. They are due the Trust’s gratitude for their loyalty and fidelity. ## **The Future** As reported in the 2022 accounts funding from Mr Bulgari, has for the moment at least, ceased. Accordingly, the regular supply of significant amounts of annual income is no longer available to the trustees. This means that they have to consider very carefully expenditure of money because it is not sustainable for a long period of time to manage the trust with an excess of annual expenditure over annual income. The Trustees will continue to review income streams from the Charity’s various sources. The Trustees are aware of the average age of Trustees and are looking to identify younger Trustees to take active roles within the charity as part of their succession planning. 5 ## **The Keyboard Charitable Trust for Young Professional Performers** ## **Report of the Trustees for the year ended 31st March 2025 (Continued)** ## **The Public Benefit** The Trust’s principal object is ‘To promote the arts and sciences and in particular the art and science of Keyboard Music by assisting young musicians being persons in need in such a way as to enable them to become self-supporting … and to assist in the offering and procurement of suitable engagements for young musicians ... through developing new venues and new audiences or otherwise.’ The Trustees have interpreted this as a duty to - - assist those keyboard players of the new generation with the best potential for professional advancement - place their performances within the reach of the widest possible public - ensure that this interaction benefits both public and performer - combine these efforts to enhance the future of classical music generally. The foregoing Trustees report of activities gives a full account of the services the Trust has rendered to two closely interrelated sections of the public – - the wide field of young keyboard players, open to all nationalities (including those studying in the UK) and limited only by the artists’ professional merit and personal abilities, and - • an international public, constantly expanding through additions to the Trust’s widening network of venues, many of them publicly accessible free of formal entrance charges. For the performer, one of the Trust’s principal aims is to facilitate the transition from formal studies to a fully professional career. A survey of the development of the players assisted by the Trust over the past 27 years shows that more than half have made rewarding careers as solo performers or in more important academic positions, or both. The direct benefits of the Trust’s activities cannot be easily quantified. It supports young artists at a crucial stage by giving them visibility and the opportunity to gain recognition both nationally and internationally. That represents a stream of first-rate music that would not otherwise be heard, played by the ablest of the younger generation who would not otherwise perform. The Trustees therefore confirm that in the administration of the Trust they have sought strictly to implement its Objects and have paid due regard to guidance published by the Charity Commission under Section 4 of the Charities Act 2006 and subsequent definitions. ## **Reserves** In the current and foreseeable circumstances, it is the policy of the Trustees not to maintain a specific level of reserves. In their view the objectives of the Trust are best served by awarding support and sponsoring public concerts as and when appropriate. At 31[st] March 2025 the Trust had free reserves of £190,912. ## **Risk Management Policy** The Trustees regard the major risks facing the Trust to be of three kinds - Shrinkage of incoming funds - Unforeseen expenditure - Adverse currency movements All these risks are regularly monitored by the Executive Committee, which has assumed this specific responsibility and is able to respond to any such adverse developments. 6 ## **Keyboard Charitable Trust for Young Professional Performers** ## **Report of the Trustees for the year ended 31st March 2025 (Continued)** ## **Investment Policy** The Trust currently holds cash balances only primarily in sterling. The Trustees regularly review the level of cash and the currencies in which these balances are held in light of assessed risk, future requirements and returns. ## **Financial Statements** At the balance sheet date, the Trust had reserves amounting to £269,984 (2024 £251,687). Current reserves include restricted funds of £79,072 (2024 £60,653), which will in due course be fully utilised to meet the requirements of the Kenneth Weir Will Trust. In the current year the Trust recorded a deficit on its unrestricted funds of £122 (2024 deficit of £33,831). The Trust’s performance income from charitable activities has not yet reached prepandemic levels though income from both charitable activities and donations increased. The Trust’s programme has returned to pre-pandemic levels and for this to continue it is vital that additional income is secured. The Trustees gratefully acknowledge all voluntary donations. 7 ## **Keyboard Charitable Trust for Young Professional Performers** ## **Report of the Trustees for the year ended 31st March 2025 (Continued)** ## **Trustees’ responsibilities in relation to the financial statements** The Law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. Although neither the income nor expenditure of the Trust currently require more than an independently examined receipts and payments account and statement of assets and liabilities, in preparing them the Trustees should follow best practice and: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts; and - − prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ensure that the financial statements comply with applicable law and regulations and with the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on 6[th] October 2025 and signed on their behalf by: G. A. Shindler Chairman of the Trustees 8 ## **Report of the Independent Examiner to the Trustees of The Keyboard Charitable Trust for Young Professional Performers** I report on the accounts of The Keyboard Charitable Trust for Young Professional Performers for the year ended 31st March 2025, which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes, set out on pages 13 to 18. This report is made solely to the Charity’s Trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. My examination has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for my examination, for this report, or for the opinions I have formed. ## **Respective responsibilities of Trustees and Examiner** The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: - Examine the accounts under section 145 of the 2011 Act; - To follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act; and - To state whether particular matters have come to my attention. ## **Basis of Independent Examiner’s Report** My examination was carried out in accordance with the general Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes a consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts. ## **Independent Examiner’s Statement** In connection with my examination, no matter has come to my attention: - a) which gives me reasonable cause to believe that, in any material respect, the requirements: - to keep accounting records in accordance with section 145 of the 2011 Act; and - • to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act - have not been met; or - b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 5, Market Yard Mews Thomas Ward FCA 194-204 Bermondsey Street Lonsdale Ward Limited 7[th] October 2025 London SE1 3TQ 9 ## **The Keyboard Charitable Trust for Young Professional Performers** ## **Statement of Financial Activities** ## **For the year ended 31st March 2025** ||Note|Unrestricted|Restricted|
Total|Total| |---|---|---|---|---|---| |||Funds|Funds|Funds|Funds| |||2025|2025|2025|2024| |||£|£|£|£| |**Income and endowments:**|||||| |Donations and legacies|3|58,355|62,873|121,228|75,986| |Charitable activities|4|5,347|-|5,347|8,991| |Investment income|5|1,849|1,709|3,558|2,333| |||||_____|______| |Total||65,551|64,582|130,133|87,310| |||||_____|______| |**Expenditure on**|||||| |Raising funds|6|6,791|-|6,791|6,779| |Charitable activities|7|54,706|46,163|100,869|121,226| |Other costs|8|3,188|-|3,188|3,053| |||||_____|______| |Total||64,685|46,163|110,848|131,058| |||||_____|______| |Other gains/(losses) – foreign|exchange|(988)|-|(988)|(434)| |||||_____|______| |Net movements in funds||(122)|18,419|18,297|(44,182)| |Total funds brought forward at|||||| |1st April 2024||191,034|60,653
|251,687
|295,869| |Total funds carried forward at|||||| |31st March 2025|11|190,912|79,072 £269,984||£251,687| |||||____ _|_____ _| In 2024 restricted income of £42,865 was received and restricted expenditure of £53,216 was incurred. 10 ## **The Keyboard Charitable Trust for Young Professional Performers** ## **Balance Sheet as at 31st March 2025** ||Note|Note|Note|2025|||2024| |---|---|---|---|---|---|---|---| ||||£|£|£||£| |**Current Assets**|||||||| |Cash at bank and in
hand
Debtors (Gift Aid)|9|9
271,734
249,011
-
5,976
~~oF~~|||||| |||||271,734|||254,987| |**Current liabilities**|||||||| |Creditors|10|||(1,750)|||(3,300)| |**Net current assets**||||269,984|||251,687| |**Total net assets**||||269,984|||251,687| |**Represented by:**|||||||| |**Unrestricted funds**|11|||190,912|||191,034| |**Restricted funds**|11|||79,072|||60,653| |||||269,984|||251,687| Approved by the Board of Trustees on 6[th] October 2025 and signed on its behalf by: ## {Mosl G.A. Shindler Chairman of the Trustees 11 ## **The Keyboard Charitable Trust for Young Professional Performers** ## **Cash Flow Statement** ## **For the year ended 31st March 2025** |2025
**Net Cash flows**
**from Operating Activities**
20,153
**Returns on Investment**
**and Servicing of Finance**
Investment income
3,558
**Change in cash in reporting period**
23,711
**Cash at 1st April 2024**
249,011
**Change in cash due to exchange rate movements**
(988)
**Cash at 31st March 2025**
£
271,734
**Reconciliation of Net Income/(Expenditure) to**
**Net Cash flows from Operating Activities**
Net Income/(Expenditure) for the period
18,297
Interest Received
(3,558)
Decrease/(increase) in debtors
5,976
Increase/(Decrease) in creditors
(1,550)
Exchange (gain)/loss
988
Net cash flow from
operating activities
£
20,153|2024
(42,872)
2,333
(40,539)
289,974
(424)
£
249,011
(44,182)
(2,333)
1,430
1,789
424
£
(42,872)|2024
(42,872)
2,333
(40,539)
289,974
(424)
£
249,011
(44,182)
(2,333)
1,430
1,789
424
£
(42,872)| |---|---|---| ||£
£|| 12 **The Keyboard Charitable Trust for Young Professional Performers** ## **Financial Statements for the year ended 31st March 2025** ## **Notes** ## 1. **Background** The Keyboard Charitable Trust for Young Professional Performers is an unincorporated charity registered in England and Wales under registration number 1017036 and its principal office is 54 Raleigh Road, London N8 0HY. ## 2. **Principal Accounting Policies** - (a) Basis of accounting The financial statements are prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1[st] January 2015), (Charities SORP FRS 102) and the Charities Act 2011. The Keyboard Charitable Trust for Young Professional Performers meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or market value in respect of investments. ## (b) Going concern The ability of the company to undertake its activities is largely dependent upon the receipt of donations and revenue from charitable activities. Those revenues cannot be guaranteed and are heavily dependent upon the efforts and contributions of the staff, the executive and the trustees. The trustees manage the activities of the charity based upon its level of reserves and anticipated guaranteed future income. Because of this the trustees consider that the continuing viability of the trust is assured and that it is therefore appropriate to prepare accounts on the going concern basis. - (c) Incoming resources Incoming resources are accounted for on a receivable basis and recognised in the period in which the charity is entitled to the funds, any performance conditions attached to an award have been met, it is probable that income will be received and the amount can be measured reliably. - (d) Expenses Expenses are accounted for on an accruals basis. - (e) Foreign currencies Monetary assets and liabilities are translated into pounds sterling at the exchange rate prevailing at the balance sheet date. Transactions in foreign currencies are accounted for in foreign currency ledgers and the total sum for the year is accounted for in the Statement of Financial Activities at the rate prevailing at the balance sheet date. Gains or losses arising on the retranslation of the opening balances are accounted for in the Statement of Financial Activities. 13 ## **The Keyboard Charitable Trust for Young Professional Performers** ## **Financial Statements for the year ended 31st March 2025** ## **Notes (Continued)** ## (f) Investments Investments are included in the financial statements at market value at the balance sheet date, and the realised and unrealised gains or losses are taken to the Statement of Financial Activities. ## (g) Funds Restricted funds consist of income received for a specified purpose less related expenditure. Unrestricted funds consist of income received which can be used for any charitable purposes in line with the charity’s objectives and all expenditure that does not relate to the restricted fund. ## 3. **Voluntary Income** |2025
£
Donations and grants (unrestricted)
48,406
Grants (restricted)
62,873
Gift Aid receivable
5,995
Friends Scheme
287
One Thousand Club
3,667
______
121,228
|2024
£
23,144
41,852
5,976
999
4,015|2024| |---|---|---| ||75,986|| ## 4. **Income from Charitable Activities** |Concert takings
Fund raising event
5.
**Investment Income**
Bank interest|2025
£
5,347
-
______
5,347
______
2025
£
3,558
|2024
£
6,672
2,319|2024| |---|---|---|---| |||8,991|| |||2024
£
2,333|2024| 14 ## **The Keyboard Charitable Trust for Young Professional Performers** ## **Financial Statements for the year ended 31st March 2025** ## **Notes (Continued)** |**6.**
**Expenditure on raising funds**
2025
£
Direct costs
415
Allocated support costs
6,376
______
6,791
______
7.
**Expenditure on** **Charitable Activities**
2025
£
**Artists’ fees and expenses**
Artists’ fees
22,828
Artists’ travel and hotels
6,092
______
28,920
______
**Concert expenses**
Promotion
221
Concert expenses
3,250
______
3,471
______
**Recording fees**
-
**Allocated support costs**
22,315
**Grant (restricted funds)**
39,935
**Staff and office costs (restricted funds)**
6,228
______
**Total cost of charitable activities**
100,869
______
8.
**Support Costs**
2025
£
Accountancy (including independent examiner’s fee of £500)
1,750
Bank charges
502
Postage, stationery and telephone
243
Staff costs
27,715
Miscellaneous
1,668
______
31,878
______
Allocated to:
Raising funds (20%)
6,376
Charitable activities (70%)
22,315
Other (10%)
3,188|2024
£
672
6,107|2024| |---|---|---| ||6,779|| ||2024
£
27,134
10,543|2024| ||37,677|| ||1,027
7,744|| ||8,771|| ||188
21,374
47,628
5,588|| ||121,226|| ||2024
£
1,850
743
152
26,973
816
______
30,534
______
6,107
21,374
3,053|2024| The Charity had no employees in either year. 15 ## **The Keyboard Charitable Trust for Young Professional Performers** ## **Financial Statements for the year ended 31st March 2025** ## **Notes (Continued)** ## 9. **Cash at Bank** |Lloyds Bank plc
CAF Bank Ltd
CAF Bank Ltd Gold Account
CAF – Dr Weir Legacy
Lloyds US $ Scottish Widows
Cash float|2025
£
74,877
1,500
32,593
69,018
24,899
67,952
895

271,734
|2024
£
95,845
1,500
6,981
51,353
25,493
66,919
920
249,011|2024| |---|---|---|---| ## 10. **Creditors** |

Other creditors|2025
2024
£
£
1,750
3,300|2024| |---|---|---| 16 ## **The Keyboard Charitable Trust for Young Professional Performers** ## **Financial Statements for the year ended 31st March 2025** ## **Notes (Continued)** ## 11. **Net Movements in Funds** |Unrestricted
Restricted
Funds
Funds
2025
2025
£
£
At 1stApril 2023
224,865
71,004

Net Movement in funds
(33,831)
(10,351)
At 1stApril 2024
191,034
60,653

Net movement in funds
(122)
18,419
At 31stMarch 2025
190,912
79,072

The funds are represented by:
Cash at bank and in hand
192,662
79,072

Debtors
-
-
Creditors
(1,750)
-
190,912
79,072
|Total
Funds
2025
£
295,869

(44,182)
251,687

18,297
______
269,984

______
271,734

-
(1,750)
______
269,984

|Total
Funds
2024
£
326,867
(30,998)
295,869
(44,182)
______
251,687
______
249,011
5,976
(3,300)
______
251,687
| |---|---|---| Unrestricted funds comprise those funds which the Trustees are free to apply in accordance with the charity’s objectives. Restricted funds are in respect of a grant from the Kenneth Ross Weir Will Trust less related expenditure (see note 13 below). Future grants under the Kenneth Ross Weir Will Trust (see note 14) will be made from the Restricted Fund. ## 13. **The Kenneth Ross Weir Will Trust** The terms of the Will of Dr Kenneth Ross Weir required the Trustees of his estate to establish a charitable trust to help support the training of a young keyboard musician aged between 12 to 20 years of age from any part of the world who wishes to study at an accredited international music school or college or with a renowned private teacher. The Keyboard Charitable Trust was requested by charitable trustees who are members of the firm of Blanchards Bailey, the solicitors acting for the estate of Dr Kenneth Ross Weir, to oversee the process whereby candidates are identified, monitored and provided with an appropriate grant. Grants from the Will Trust received in the year amounted to £56,873 (2024 £41,852) and this will be used to fund four candidates. The total amount bequeathed to the charitable trust was approximately £500,000 and there is therefore a contingent asset of approximately £200,000 that will be made available for future candidates. 17 ## **The Keyboard Charitable Trust for Young Professional Performers** ## **Financial Statements for the year ended 31st March 2025** ## **Notes (Continued)** ## 14. **Commitments** The Charity is committed to make further grants under the Kenneth Weir Will Trust of £50,057 per annum for the next three years. This is conditional upon the current grantees achieving excellent or top standard in annual assessment reports. ## 15. **Key Management and Related Party transactions** The Trustees are considered to be the key management of the Charity. The Trustees received no remuneration. One trustee was reimbursed expenses incurred of £255 (2024 two trustees – £821). 18