Charlty reglstration number 10315901England and Wales Company reglstration number 2880224 BROMLEY YOUTH MUSIC TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
BROMLEYYOUTH MUSIC TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees L Blomstrand S Polydorou MBE S M Oldfield L Richards J Walters M Ridout J Williams-ward J Wibberley K Mcmenamin P Brown G Asemota (Appointed 31 March 2025) (Appointed 31 March 2025) {Appointed 31 March 2025) {Appointed 31 March 2025) Charity number (England and Wales) 1031590 Company number 2880224 Registered offlce SoLrthborough Lane Bromley Kent BR2 8AA Auditor Affinia (Orpingion) Lynwood House Crofton Road Orpington BR6 8QE Bankers Natwesl Bank PLC 143 High Street Biomley Kent BR1 1YZ Metro Bank On8 SDuthamplon Row London WC1B SHA Soll¢ltors Wellers Tennison House 45 Tweedy Road Bromley Kent BR13NF
BROMLEYYOUTH MUSIC TRUST CONTENTS Page Trustees, report Statement of Trustees, responsibilities 10 Independent auditorfs report Statement of financial activities 13.14 Balance sheet 15 Statement of cash flows 16 Notes to the financial statements 17-30
BROMLEY YOUTH MUSIC TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees. who are also directors of Bromley Youth Music Trust C'BYMT'I for the purposes of the Companies Act 2006, present their annual report and financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance wilh the accounting poli¢ies set out in note 1 to the financial statements and comply wilh the Companies Act 2006 and "Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objectives and activities About BYMT: Established in 1993, BYMT is an independent music seNice, known nationally for providing a high-quality instrumenlal and vocal music education to children and young people in the London Borough of Brcmley and surrourbding areas. Our Music Cenlres cater for all ages and experience, including adults. We provide a range of ensembles and groups, including orchestras. bands, choirs. musical theatre, chamber music, keyboard classes and sessions for pre-school aged children. We also provide holiday courses, workshops and masterclasses as well as annual concert tours for our most advanced musicians. The Trustees have paid due regard to guidance issued by the Charity Commlsslon In declding what acllvities BYMT should undertake. Constitution: BYMT is a company limited by guarantee with Charitable Slalus. The company was incorporated on 14 December 1993. The charitable company's Memorandum and Articles of Association are the primary governing documents of the Trust. Details of the trustees who were serving as at 31 March 2025 are Included in the Reference and Adminislrative Delails section. Members Liability: Each member of Ihe charitable company undertakes lo contribute to the assets of the charitable company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £1. for the debts and liabilities conlracled before they ceased lo be a member.
BROMLEYYOUTH MUSIC TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 OUR VISION AND STRATEGIC AIMS BYMT vlslon statemenL' All children, young people and the wider community benefrt from the enriching and transformative power of music. Our strategic aims: Support Bromley schools in providing outstsnding music educatlon Working with schools to support and add value. Ensuring thal all Bromley children have aCsS to an oulslanding music education. Develop muslcal progresslon pathways Children and young people can access a broad range of oulslanding musical pathways which meet their needs and inleresls. Ensurè that everyone Is Included Children and young people's music is HEARD Holisti Placing emphasis on personal, social and mu5i¢al oulcom8S. Equitable Those facing the biggest barriers receive the most support. Authentic Developed with and informed by the people we do il for. RepTesenlative Participants and colleagues reflect our diverse society. Diverse All musical genres, Styles, practices are valued equally. Nurture life.long enjoyment of music All members ofthe ccmmunily can engage in outstanding musical experiences. Develop wider community awareness of BYMT Everyone in the wider cornrnunily knows that B YMT exists. what we Gan offer them or their families, and how to access our offer. Achievements and perfomiance &gnilicant activities and achievements against objectives As Truste8s, w8 are delighted to see the growth of engagement, progression and inclusion in all that we do al BYMT.11 is a privilege lo witness the immense talent of the children and young people in Bromley. We are also very grateful to have been nominated as one of the Mayor of Bromley's charities for 2024-25. Here are some of the highlights from this year. Supporting Bromley Schools In provldlng outstandlng music education: BYMT engaged with 960/0 of State FLJnded Primary, Secondary, Special Educational Needs and Disabilities {'SEND-) and alternative provisions. This is very high compared with national benchmarks and demonstrates our reach. We provided a range of provision including instrumental and vocal tuition, whole class projects, and primary curriculum delivery. 8,608 children and young people {"CYP°) took part in our fully inclusive classroom instrumental programmes with a furfher 6.480 taking part in 1-1 lessons. BYMT tutors supported in the delivery of 78 ensembles in school settings throughoul 2024-25, They also supported in Ihe planning and delivery of school concerts alongside our classroom music colleagues BYMT brought togelher 40 Bromley schools with over 1,200 children taking part in the bi-annual Bromley Schools, Prom.
BROMLEYYOUTH MUSIC TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Developlng musical progresslon pathbvays: BYMT ensembles are designed to complement the provision in schools and &xtend the opportunibes for children and young people via out of school activities in the evenings and at weekends. Progression is built into our ensemble programmes al BYMT, with 35 ensembles catering for over 800 children and young people weekly throughout 2024-25. Musical genres included classical, jazz, rockjpop and music theatre. Other initiatives included a successful jazz open day as well as a holiday course at Easter for piano, Strings, wind. brass and percussion. Many of the students continued their participation with BYMT by joining our regular ensembles after these events. BYMT'S music theatre programme has gone from strength to strength with another fantastic musical theatre summer coutse acting as a catalyst for an invigorated season ahead, which will include productions of Anastasia. Hades Town and Frozen. Bromley Youth Chamber Orchestra and Bromley Youth Concert Band partiopaled in a SUCGessful tour of Prague and the surrounding areas. Many of our Year 13 students went on lo study music at universities or music colleges. Ensurlng that everyone Is Included: 7,280 free 1-1 lessons were supported directly by BYMT, working with the London Music Fund alongside Bymfs Young Musicians, Bursary. Thanks to fundraising efforts, we wer8 able to support free. or discounted. lesson fees, instrument hire and access to musical ensembles. We have increased the eapa¢ity ofour SEND Musi¢ Therapist and are now working both in SEND specialist schools and Addslionally Resourced Provisions ("ARPs'l supported their music provision, alongside our own BYMT SEND groups. WÈ Continue lo support young adults in our Open Orchestra. Thls Is an InclusEve ensemble that Is open lo young adults with special needs who live in Bromley. Nurturlng Ilfe-long enloymont of muslG: Numbers of adults who participated in BYMT led groups has risen to over 230. BYMT delivers the Bromley Adult Musicians Orchestra, Adult Ukulele. Piano Adult beginners as well as Adult Choir and Sing Bromleyl We also have an Alumni Wind Band (XBY Concert Bandl and an Alumni String Or¢heslra (XBYCO Strings) supporting us in a lange of ways throughout the year. Over 300 adults now take part in activities based at BYMT each week. XBY Concert Band achieved another Plalinurn Award at the National cOnrt B8nd Festival and have qualified to represent the UK once again at the World Music Conte51 in 2026.
BROMLEYYOUTH MUSIC TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Developing wider community awareness of BYMT.. Numbers of attendees at performances across Ihe year increased. The 4,000+ audience that attended Ihe Bromley School's Prom is lestamenl to this and was a great event in showcasing whal BYMT does to a wider audience. BYMT ran 2 successful 'Try an Instrument Days, in 2024-25 extended the 'Try an Ensemble, open rehearsal weeks $0 they are now at the start of every term. This exciting introduction to B YMT has enabled students to experien first-hand the high-quality musical opportunities that are on offer at our ntres. BYMT continues to develop the 'BYMT Neork, of alumni. to encourage past students, parents and other interested parties to spread the word of BYMT and if they can, make donations lo BYMT. We have run several targeted campaigns throughout 2024-25 and set about making donating easier both on our website and by using QR codes in concerts. Our aim is to promote as many as possible to become 'Patrons'. making donations annually. BYMT has developed a pipeline of applications to Trust5 and Organisations. In 202¥25, we had successful applications to the Headley Trust and London Music Fund. This is an area for furthèr development, bul much success has already been achieved, adding significant funds to support the BYMT Young Musicians, 8ursary as well as spreading the word about BYMT. We introduced termly newsletters whlch demonstrate the Impact of BYMT and celebrate the achievements of the children and young people we work with. The newsletters provide regular opportunities for BYMT lo remind current members to sign up to Gift Aid and other initiatives which support our inclusive vision. Our Partners In 2024125: To enable BYMT to extend ils reach, in addition lo the South East London Music Hub ("SELMH°), we have dev8lop8d strong relationships with olh8r Arts providers in Ihe local area and regionally. Aris Train L8ngley Park School for Boys Harris Kent House Primary School Claire fillotson Music Therapy London Music Fund The Music Hub (Hub Music Shop) Monkey Music Sl George's, BeGkenham Our People: BYMT has a hard-working, dedicated and experienced team of permanenl staff, linsed teachers, Trustees and volunteers. 209 teachers, 5 managers and 13 support slaff engage wilh families, schools, and partner organisations, to ensure that children and young people have opportunities to sing. play. create and perform music in a wide range of settings. BYMT provides continued professional development I CPD-) opportunities via staff training days, netsvork sessions and workshops for ernployed and licensed teachers, Heads of Music, and Music Co-ordinators. BYMT has the support of volunteers who engage in a variety of pro-bono activities, such as fundraising, stewarding oncerts, running the box office, and providing refreshments al concerts and rehearsals. We are immensely grateful to our Patrons and Supporters who regularly give to BYMT. In addition, we are hurnbled by the positive fflessages and support we continue to receive froffl BYMT alumni. A new CEO was appointed in January 2025 (previous CEO left in August 2024}. The new CEO was formerly Principal of BYMT from 2014-2019 and has 30+ years, experience in music education.
BROMLEYYOUTH MUSIC TRUST TRUSTEES. REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Flnanclal revlew ReseNes policy Under BYMT'S Reserves Policy, the Trust is required to hold a minimum of three months of operating costs in unrestricted reserves (previously suggested by the Charity Commission). Each financial year, the Trustees review the level of reserves and consider whether any higher level of reserves would be appropriate. Important Noto for Fiseal Year 2024-2S BYMT experienced a n8t increase in cash and cash equivalents of £184.955 in year 2024-25. This has allowed BYMT'S cash reserves to provide a solid buffer for future operalion5. Th8r8 have been several factors which aro not expected to be repeated: Staffing savings from nol having a CEO in post throughout Autumn Term Generous Legacy Donation TPA grant to cover additional pension payments (agreed in-year) ACE Capital Grant (agreed in-year) It is important lo understand the effect of deficils of £102,703 in 2022- 2023 and £63,628 in 2023-2024. This resulted in the need for restrucluring and cessation of sorne activities. B YMT needs to be cautious of reseNes being maintained at a minimum of 3 rnonlhs of operational costs ID unrestricted fijnds, while at the same time ensuring that all monies are spent wlsely on charllable activities and staff are properly remunerated for their work. Principal funding sources Our principal funding continues to come from the Department for Education r'DFE') via Arts Councll England ("ACE"), which is suppl8m8nt8d by charges to schools and paren15. grants, donations and sponsorships. Muslc Hub- DIE Fundlng through Arts Council England The previous grant given directly lo BYMT lo run the Bromley Music Education Hub ceased as of 31 August 2024. From that point Ihe grant has moved lo being administeied through SEL Music Education Ltd. This was due to requirement from the DfE and ACE to reorganise the structure of Music Hubs. South East London Musle Hub {SELMH> and SEL Muslc Education Ltd. 8YMTs Board of Truslees agreed to enter into a Partnership Agreement with music services in Bexley, Greenwich, Lambeth, Lewisham and Soulhwaik to secure funding to lead SELMH from 2024 onwards. A new Company limited by guarantee, SEL Music Education Ltd. (company number 15178185) was incorporated on 30 September 2023, to fulfil the functions of Hub Lead Organisalion {"HLO') for the new South East London Hub geographical area.
BROMLEYYOUTH MUSIC TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Principal Partners of SEL Musl¢ Education Ltd are: Bromley Youth Music Trust Bexley Music (part of London South East Academies Trust) Lambeth Music Service {part of Lambeth Council) Lewisham Music (independent charity) Royal Greenwich Music SeNice (part of Greenwich Coun¢il) Southwark Music (part of Soulhwark Council) On 22 July 2024, SEL Music Education Ltd entered into a grant agreement with ACE in respect of funding for the delivery of music education Services in th8 South East London area. SEL Music Education Ltd. in ils capacity as HLO for South East London will receive funding from DEIACE calculated according lo the official formula, published on the ACE Musi¢ Hub website, and based on pupil numbers in schools in each borough, and the number of pupils receiving Free School Meals. SEL Music Education Ltd will then 're-grant' this funding to the Principal Partners, based on the published DfE funding, linked to each local aLrthority area overseen by individual Principal Partners. Principal Partners wlll use this delegated re-grant to fund activity delivered by themselves or other partner organisalions. SEL Music Education Ltd. is set up as a Special Purpose Vehicle (SPV) for this purpose. In addition, SEL Music Education Ltd, has reiVed grant funding from the DfE to be restricted for the purpose of Capital Purchase of Instrument5. We maintained a strong relationship wrth ACE and recelved the full Muslc Education Hub ('MEH°) Fundlng, the DE grant administered by ACE. The DfE published the 'Curriculum and Assessment Revie in Nov 2025 and indicated Ih8t Musi¢ Hub funding will continue post 2028- further details to be provided by th8 DfE in due course. South Easl London Muslc Hub has been placed In the lowest category of rlsk by ACE, which Is testament to the quality and success of our services. Allocated Revenue Grant to BYMT: Academlc Year 2024-25 £447,180 Academic Year 2025-26 £444.700 Allocated Capital Grant to BYMT: AGademi¢ Year 2024-25 £88,137.02 Academlc Year 2025-26 £58,758.01
BROMLEY YOUTH MUSIC TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL SUSTAINABILITY AND MANAGEMENT Future Developments and Going Concern BYMT aims to continue to deliver an excellent musical offering to children and young people across the London Borough of Bromley and surrounding areas. whilst ensuring financial sustainability. in the following ways: Managing a cost neutral budget with some contingency to mitigate against unexpected ¢osls, e.g.. mediuml long-term staff illness, unforeseen rises in costs. ReseNes are also in place for more substantial unforeseen costs (see ReseNes Poli¢yl. Careful monitoring of expenditure and a robust approval process for all expenditure. Planned and staged increases in fees and subscriptions. Increasing income from frontline delivery of services, e.g., by growing the number of primary and secondary schools we engage with. Developing new activities, including increased access for students over the age of 18. A consislent and continuing recruilmenl drive, both for children to take up an inslwmenusinging and to increase the number of children in BYMT groups and ensembles. Development of income from out-of_borough and independent schools, Focus on grant applications, such as the H8adley Trust, London Music Fund and other such bodies that add value wlthout affecting capacity. Considered investment of resetves, e.g. we have an investment portfolio managed by Elson Associates whlch comprised of a legacy donation (Beryl Hartley Memorial Fund) 8YMfs Board of Trustees is responsible for ratifying the Trust's budget, and the Annual Report and Financial Statements.
BROMLEYYOUTH MUSIC TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Strncture, govemance and management Governing Document BYMT is controlled by its governing document, memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. GOVERNANCE BYMT'S Board comprises eight individuals with a range of skills and experience from across the cofflm8r¢ial, financial. charity. education and arts sectors. who give their time and expertise voluntarily to help the Trust achieve its aims. All Trustees are responsible for the slrategic direction, development and governance of BYMT. Twstees also participate In one or more of the following committees: Finance - Oversee5 the financial performance and management of BYMT, as well as approving relevant policies and procedures. Business Development- Oversees 8YMfs fundraising and marketlng actlvities. Personnel Monitors all aspects of human resourc8s, including staff wellbeing and professional developmenl along with the safeguarding aspects of staff recruitment and rnanagemenl. Slandards & Compliance - Monitors compliance and holds BYMT'S leadership team t¢ account in areas such as safeguarding and health & safety. In addition, the committee plays an important role in overseeing the quality of teaching, inclusion and diversity- The Temis of Reference for all committees are being reviewed and will be updated for approval In 2025-26. The Twslees. who are also the directors for the purpose of company law. and who served during th8 year and up to the dale of signature of Ihe financial statements were- L Blomslrand S Polydorou MBE S M Oldfield A Moss L Richards J Walters M Ridoul J Williams-ward J Wibberley K Mcmenamin P Brown G Asemota (Resigned 2 December 20241 (Appointed 31 March 2025) (Appointed 31 March 2025) (Appointed 31 March 2025) (Appointed 31 March 2025)
BROMLEY YOUTH MUSIC TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Recruitment and appointment of truslegs BYMT has a procedure for the appointment of new Trustees. Candidates are interviewed by members of the Board of Trustees and the CEOIHead of Service. Appointments are subsequently agreed al Board level. In 2025, BYMT successfully recruited four new Iruslees with specialisms in fundraising, accounting and HR. The Board now consists of eleven individuals with a range of skills and experien from across the commercial, financial, charity, education and arts sectors. who give their time and expertise volltnlarily lo help BYMT achieve ils aims. All Trustees are responsible for the strategic direction. development and governance of BYMT. Induction and tralnlng of new Trustees BYMT has a policy and procedures for the induction and training of new Truslees Ihal is reviewed annually. None of the Trustees has any beneficial interesl in the company. All of the Trustees are members of the company and guarantee lo contribute £1 in the event of a winding up. Organisational stmclure BYMT is organised such thai policy decisions affecting its development are made at Board level. The Trustees involve senior staff members in developing the Trust to meet ils charitable objectives. Olhgr matters Audit and Risk Trustees regularly review, assess and plan for the management of all risks faced by BYMT via the Finance Committee and Standards & Complian¢e Committee. This is then reviewed by the full board. BYMT'S financial Statements are audited annually by independent auditors, and the examination of accounts includes a check of B YMT'S Disclosure and Barring Service ('DBS') records. Auditor In accordance with the company's articles, a resolution proposing that Affinia (Orpinglonl be reappointed as auditor of the company will be pul al a General Meeting. The Trustees, report was approved by the Board of Trustees. Richards Co-chair of Trustees J Walters Co-chair of Trustees Dale.. l/lJ j2F................
BROMLEY YOUTH MUSIC TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees, who are also the directors of Bromley Youth Music Trust for the purposè of company law, are responsible for preparing the Trustees, Report and the financial statements in a¢¢ordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of thè incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to.. S81ect suitable a(xounting policies and then apply them consistently., obs&rve the methods and principles in the Charities SORP; make judgements and eslimales that are reasonable and prudent; slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slalements., and prepare the financial stalements on the going Gonrn basis unless il is inappropriate to presume that the Trust will continue in operation. The TTuslees are responsible for keeping adequate accounting records that disclose with reasonable a¢¢ura¢y al any lirne the financial p0511ion of the Trust and enable them to ensure that Ihe financial statemenls Comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: There is no relevant audit information of which the charitable company's auditors are unaware; and The trustees have taken all steps that they ought to have to mak8 themselves aware of any relevant audit information and to establish thal the auditors are aware of that information. Approved by the Board of Trustees on and signed on its behalf by.. L Richards Co-chair of Trustees Co-chair of Trustees 10-
BROMLEY YOUTH MUSIC TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BROMLEY YOUTH MUSIC TRUST Opinion We have audited the financial statements of Bromley Youth Musio Trust (the 'Trust') for the year ended 31 March 2025 which comprise the statement of financial adivilies, the balance sheet. the slalement of cash flows and notes to the financial statements. including significant accounting policies. The financial porting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial R8POrting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs as al 31 March 2025 and of Éts incoming reSoUrS and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordan with the requirements ofthe CompaniesAct 2006. Basis for oplnlon We conducted our audit in accyjrdance with Intemalional Standards on Auditing (UK) (ISAS (Ulfj) and applicable law. Our responsibilities under those standards are further described in Ihe Auditoffs respon&bilities lor the 8udit ol th9 financial statemgnts section of our report. We are independent of the Trust in accordance wilh the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinicn. Conclu8ions relating to going concern In auditing the financial statements, we have concluded that the TNslees' use of the going concem basis of accounting in the preparation of the financial statements is appropriate. 8ased on the work we have performed, we have not idenlified any malerial uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust's ability to continue as a going conGern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibiltties of the Trustees with respect lo going concern are described in the relevant seclions of this report. Other Informatlon The other informalion comprises the information included in Ihe annual report other than the financial statements and our audit¢rf5 report thereon. The Trustees are responsible for the other infomiation contained wilhin the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the olher information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsislencles or apparent malerial misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that theie is material misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Matters on whlch we are required to report by exception We have nothing to report in respect of the following fflatters in relation to which the Charities (Accounls and Reports} Regulations 2008 requires us to report to you if, in our opinion= the information given in the financial statements is inconsistent in any material respect with the Trustees, report.. or sufficienl a¢¢ounling records have not been kept- or the financial statements are nol in agreement with the accounting records., or we have not received all the information and explanalions we require for our audit. 11
BROMLEYYOUTH MUSIC TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BROMLEY YOUTH MUSIC TRUST Responsibilities of Trustees As explained more fully in the statement of Trustees, responsibilities, the Trustees, who are also the directors of the Trust for the purpose of company law. are responsible for the preparation of Ihe financial statemenls and for being satisfied that they give a true and fair view. and for such internal control as the Trustees detemiine is necessary to enable the preparation of finan¢ial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Trust's ability to continue as a going concem, disclosing, as applicable, matters related to going conrn and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charilies Act 2011 and report in accordance with the Acl and relevant regulalions rnade or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial slalements 8s a whole aTe free from material misstatement, whether due to fraud 01 error, and to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance but Is not a guarantee Ihal an audil conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users lak8n on the basis of these financial statements. The extent to whlch our procedures are capable of detecting irregularilies, includlng fraud, Is detalled below. A further des¢ripiion of our responsibilities is available on the Financial Reporting Council's website at.. https:11 www.frG.org.uklauditorsresponsibili1Ses. This description forms part of our auditors report. This report is rnade solely lo Ihe charity's trustees, as a body, in accordance with Part 4 of Ihe Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the Gharity's trustees those matters we are required to slate to them in an auditor's report and for no other purpose. To the fullest extenl permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees a8 a body. for our audit work, for this report, or for the opinions we have formed, Loui96 Hallsworth FCA (Senior Statutory Auditor) For and on behalf of Affinia (Orpington), Statutory Auditor Chartered Accountants Lynwood House Crofton Road Orpington BR6 8QE Dale.. 4 December 2025 12-
BROMLEY YOUTH MUSIC TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Current financial year Unrestrlcled fund8 2025 Restrlcted funds 2025 Total Total 2025 2024 Notes Income and endowments from: Donations and legacies Chaiilable activities Other trading activilies Investments Other income 158,645 76,816 986.297 10,476 3,094 27,249 525,202 185,894 602,018 966,297 10,476 3,094 99,420 536,976 945,418 8,942 3,335 Totsl Income 1,215,328 552,451 1.767,779 1,594,091 Expendlture on: Charitable activities 1,048,211 553.463 1,601,674 1,656,647 Total expenditure 1,048,211 553,463 1,601,874 1,656,647 Net gainsl(losses) on investments 14 278 278 (1,072) Net incomellexpenditure) and movement In funds 167,395 {1,012) 166,383 (63,628) Reconciliation of funds: Fund balances at 1 April 2024 457,181 108,522 565,703 629,331 Fund balances at 31 March 2025 624,576 107,510 732,086 565,703 The statement of financial activities includes all gains and losses recognised in the year. All income and expendilure derive from continuing activilies. 13-
BROMLEYYOUTH MUSIC TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Prlor flnanclal year Unrestricted funds 2024 Restrlcted funds 2024 Total 2024 Notes Income and endowments from.. Donations and legacies Charitable activities Other trading activities Inveslments Other income 75,201 450.287 945.418 8.942 3,335 24,219 86,689 99,420 536,976 945.418 8.942 3,335 Total income 1,483,183 110,908 1,594,091 Expenditure on: Charitable activities 1,543.794 112,853 1,656,647 Totsl expenditure 1,543,794 112,853 1,656,647 Net gainsl<losses) on inv8slmenls 14 {1,0721 <1,0721 Net income and movem•nt in funds <61.6831 11,945> 163,6281 Reconciliation of funds.. Fund balances 811 April 2023 518.864 110,467 629,331 Fund balances at 31 March 2024 457,181 108,522 585,703 14-
BROMLEY YOUTH MUSIC TRUST BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets Investments 16 17 58,304 9,850 68.094 9,572 68,154 77,666 Current assets Debtors Cash at bank and in hand 18 145.157 652,157 150.840 467,202 797,314 618,042 Creditors: amounts falling due within one year 19 {133.3821 (130,005) Net current assets 663,932 488,037 Totsl assets less current Itabilities 732,086 565,703 The funds of the Trust Reslricled income funds Unreslricled funds 22 23 107.510 624.576 108,522 457.181 732.086 565.703 The company is entitled lo the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 wilh respect lo accounting reGords and the preparation of financial slalemenls. The members have not required the company lo obtain an audit of its financial statements under Ihe requirements of the Companies Act 2006. lor the year in question in accordance wilh section 476. These financial slaternenls have been prepared in accordance with the provisions applicable lo companies subject lo the small companies regime. The financial statements were approved by the Trustees on L Richards Co-chair of Trustees Co-chair of Trustees Company registration number 2880224 (England and Wales) 15
BROMLEY YOUTH MUSIC TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating activitles Cash generated from/(absorbed by) operations 28 182.764 (102.072) Investing aGtivities Purchase of tangible fixed assets Investment income rerKived (8,285) 1Q,476 (8,194) 8,942 Net cash generated from investing activities 2,191 2.748 Net cash generated from financlng actlvlties Net increaselldecrease) In cash and cash equivalents 184.955 199,3241 Cash and cash equivalents at beginning of year 467,202 566,526 Cash and cash equivalents at end of year 852.157 467,202 16-
BROMLEY YOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity information Bromley Youth Music Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Soulhborough Lane, Bromley, Kent, BR2 8AA. 1.1 Basls of preparation The financial statements have been prepared in accordance wilh the Companies Acl 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable to charities preparing their accounts in ac¢ordan¢e wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 2019). The Trust is a Public Benefit Entity as defined by FRS 102. The finanual statements are prepared in slerling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accA>unting policies adopted are sel out below. 1.2 Going concem At the time of approving the financlal statements. the Trustees have a reasonable expectatlon that the Trust has 8dequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial slalemgnts. 1.3 Charitable funds Unrestricted funds are available for use al the discretion of th8 Trustees in furtherance of th8ir charitable objecliv8S. Restricted funds are subject to specific conditions by donors or grantors as lo how they may be used. The purposes and uses of th8 restricted funds are set out in the notes lo the financial slatemenls. 1.4 Income Income is recognised when the Trust is legally entilled lo it after any performance condilions have been mel. the amounts can be measured reliably, and il is probable Ihal income will be received. Cash donations are recognised on receipt Other donations are Tecognised once the Trust has been notified of the donation. unless performance condilions require defeal of the amount. Income tax recoverable in relation lo donations received under Gift Ald or deeds of Covenant Is recognised al the lime of the donalion. Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amounl is known, and receipl is expected. If the amount is not known, the legacy is treated as a contingent assel. 1.5 Expenditure Expenditure is recognised once there is a legal or constwctive obligation to transfer economic benefit lo a Ihird party. it is probable that a transfer of economic benefits will be required in seltlement, and the amount of the obligalion can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activty. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and supporl costs which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spenl, and depreciation charges are allorAted on the portion of the asset's use. 17-
BROMLEY YOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (Continued) 1.6 Tanglble flxed assets Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, net of depreGialion and any impairment losses. Deprecialion is re¢ognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Musical instnjments Fixtures, Fittings & Equipment 100/0 straight line 200k straight line The gain or loss arising on the disposal ofan asset is determined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Flxed asset Investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel(expenditurel for the year. Transaction costs are expensed as incurred. 1.8 Impalnnent of flxed assets At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of Ihe asset is estimated in order to delermlne the exlent of the Impairmenl loss (if any). 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term Ilquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilit18S. 1.10 Employee bonefits The cost of any unused holiday enlitlemenl is recognised in the period in which the employee's serviS are Teceived. Termination benefits are recognised immediately as an expense when the Trust is dernonslrably committed lo terminate the employment of an employee or to provide lerminalion benefits. 1.11 Retlrement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting estimatss and judgements In the application of the Trust's accounting policies. the Trustees are required to make judgemenls. estimates and assumptions aboul the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and asso¢iated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fulure periods where Ihe revision affects both current and future periods. 18-
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from donatlons and legacies Unrestricted Restricted funds funds 2025 202S Total Unrestricted Restrlcted funds funds 2024 2024 Total 202S 2024 Donations and gifts Legacies Grants Donated goods and services 21,041 129,319 21,041 129,319 27,249 19,076 49,931 19,076 49,931 24,219 27,249 24,219 8.285 8,285 6,194 6,194 158,645 27,249 185,894 75,201 24,219 99,420 Income from Gharltsble actlvltles Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Totsl 2025 2024 Charltable Income Grant income 76,818 525,202 602.018 450.287 86,689 536,978 Charitablo incomg Charitable income 2024 2025 Arts Council Funding TPA Grant Other granls 451,692 76,816 73,610 450,287 51,451 35.238 (602,018) 1536.976) Income from other trading activities Unrestricted Unrestrlcted funds funds 2025 2024 Music tuition and related income 966,297 945.418
BROMLEY YOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from investments Unrestricted Unrestricted funds funds 2025 2024 Other income 10,476 8,942 Other inGome Unrestricted Unrestricted funds funds 2025 2024 Other income 3,094 3,335 Expendlture on Gharltable actlvltles Charitsblè Charltable expenditure expendlture 2025 2024 Dlrect costs Staff costs Depreciation and impalmient Operational activities- direct 1,081,737 18,075 132,957 1,167.840 20,301 122,322 1.232,7e9 1,310,463 Grant funding of activities (see note 9) 62,680 64.834 Share of support and governance costs Isee note 10 Support Governance 297,429 8,796 274,770 6,580 1,601,674 1,656,647 Analysis by fund Unrestricted funds Restricted funds 1,048,211 553,463 1,543,794 112,853 1,601,674 1,656,647 -20-
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grdnts payable Charitable Charitable expendlture expendlture 2025 2024 Grants to institutions.. Grants and Awards (Young Musicians Fund, Headley Trust) other 62,680 54,219 10,615 62,680 64.834 10 Support costs allocated to actlvities 2025 2024 Operating lease Charges Olher support costs Govemance costs 81,354 216,075 8.796 81.354 193.416 6,580 306.225 281,350 Analysod between.. Charitable expenditure 306,225 281,350 11 Net movemont in funds 2026 2024 The net rnovement in funds is stated after chargingl(crediting): Fees payable for Ihe audit of the charitys financial slatements Deprecialion of owned tangible fixed assets Operating lease charges 8,272 18,075 81,354 5,500 20,301 81,354 12 Trustees None of the Trustees (or any persons connected with them) received any remuneralion or benefits fiom the Trust during the year. 13 Employees The average monthly number of employees during the yearwas= 2025 Number 2024 Number Teachers and Admin Staff 46 46 21
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Employees (Contlnued) Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 827.074 70,013 184,650 939.922 75,914 152,004 1,081.737 1,167.840 The number of employees whose annual remuneration was more than £60,000 is as follows- 2025 Number 2024 Number £60,001- £70.QOO Remuneratlon of key management personnel The remuneralion of key management personnel lotalled £83,201 (2024.. £85,609) for the year. 14 Galn8 and losses on investments Unrestrlcted Unrestrlcted funds funds 2025 2024 Gainsl(lossesl arising on.. Revalualion of investments 278 {1,072) 15 Taxation The charity is exempt from taxation on Its activities because all its income is applied for charitable purposes. -22-
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Tanglble flxed assets Musl¢al Instrumgnts Flxlurgs, Flltlngs & Equlpmont Total Cost At 1 April 2024 Additions 593,924 8,285 193.793 787,717 8,285 At 31 March 2025 802,209 193.793 796,002 Depreclatlon and Impalrment At 1 April 2024 Depreciation charged in the year 531.661 16,772 187.962 1,303 719.623 18,075 At 31 March 2025 548,433 189,265 737.698 Carrying amount At 31 March 2025 53,778 4.528 58,304 At 31 March 2024 62,263 5,831 68.094 17 Fixed asset investments Listed investments Cost or valuatlon At 1 April 2024 & 31 March 2025 9,572 other movements At 1 April 2024 Revaluation adjuslments (278) At 31 March 2025 (278) Carrying amount At 31 March 2025 9,850 At 31 March 2024 9,572 Flxed asset inveytments revaluod The historic cost of the inveslmenls was £8,067. -23-
BROMLEY YOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Debtors 2025 2024 Amounts falling due wlthln one year: Trade debtors Other debtors Prepaymenls and accrued income 95,640 14,634 34,883 53,303 97,537 145,157 150.840 19 Creditors: amounts falling due wlthln one year 2025 2024 Notes Other taxation, social securty and pension Deferred income Trade creditors Accruals 37,169 60,366 97 35,750 36,098 ,680 20 37,227 133,382 130,005 20 Deferred income 2025 2024 Other deferred income 60,368 56,680 Deferred income is included in the financial statements as follows- 2025 2024 Deferred income is included within.. Current liabilities 60,366 S6,680 Movemènts in the year.. Deferred income at 1 April 2024 Released from previous periods Resources deferred in Ihe year 56,680 (56,680) 60,3fj6 59,671 (59,8711 56,680 Deferred inGome at 31 March 2025 60,366 ,680 21 Retirement benefit schemes 2025 2024 Defined contribution $¢hemes Charge to profit or loss in respect of defined contribution schemes 15,066 5,365 -24-
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Retirement benefit schemes (Continued} The Trust operale5 3 defined Contribulion pension s¢heme for all qualifying employees. The assets of the scheme are held separately from those of the Trust in an independently administered fund. 22 Restrlcted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to speclfic condlllons by donors as to how they may be used. At 1 April 2024 Incoming resourGes Resourc09 At 31 March expended 2025 8eryl Hartley Memorial Fund Disadvantag8d Young Fund Bromley Youth MusicTrusl Network Fund Young Musicians, Fund Jack Petchey Foundation Governmenl Grants Private Donation (Patrons Grant) London Music Fund Headley Trust ACEISEL Music Hub grant 22,204 810 5,323 22,204 810 5.323 27,249 (27.249) 1,273 1,273 44,098 (44,098) (1,012) (9.442) (20.0001 (451,662) 78,912 77,900 9,442 20,000 451,662 108,522 552,451 1553.463) 107.510 Prevlous year: At 1 April 2023 Incoming Resources At 31 March resources expended 2024 Beryl Hartley Memorlal Fund Disadvantaged Young Fund Bromley YoLrth MusicTrusl Network Fund scopps Young Muslcians, Fund Jack Petchey Foundation Government Grants Private Donation (Palrons Grant) London Music Fund Headley Trust 22,204 810 5,323 22,204 810 5.323 7,222 24,219 (7,222) (24,219) 1,273 1.273 60,507 (60,507) (1,945) (3,960) (15.000) 80,857 78,912 3,960 15,000 110,467 110,9D8 (112,853) 108,522 -25-
BROMLEY YOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Restricted funds (Continued Restricted Funds: Beryl Hartley Memorial Fund The Beryl Haruey Memorial Fund was set up in 2002 from a donation which stipulated il was for investment purposes only. The dividendslproceeds were to be used lo purchase expensive bows for the students. Disadvantsged Young Disadvantaged Young Fund is the resldue of an old fund Ihal will be moved over to use in the Young Musicians. Bursary Scheme. Bromley Youth Musi¢ Trnst Network Bromley Youlh Music Trust Network Fund in an old fund that was sel up for the purpose of raising funds for specific projects that cannot be funded from our normal resources. Young Muslclans, Fund Young Musicians" Fund has been set up by Bromley Youth Music Trust to support remission of fees for families with financial hardship - named the Young Musicians, Bursary. Jack Petchey Fund The Jack Pelchey Fund Achievement Award Scheme Tecognises outstanding young people aged 11-25 throughout London and Essex. 11 enables schools and youth organisalion5 to lebrate their young people and receive funding. This represents residual funding from previous years. We are re-engaging with this funder in 2025. ACEISEL Capital Project Grant This grant is over 2 academic years, 2024-26, to purchase instruments to be used by individuals and in group settings, such as bands and orchestras. Private Donation (Patrons Grdnti This was a donation by a Patron for specific use in promoting boys playing inslrum8nts and taking part in ensembles. London Music Fund This grant is a scholarship fund for specific use to support a 3-year Cycle of funding of orchestrallinstrumenlal students who show potenllal and are in need offinancial support. Headley Trust This grant is specifically to support students who require financial aid and aligned to the Young Musi¢ians' Bursary scheme. ACEISEL Music Hub Revenue Grant This granl was initially direct from ACE to 3YMT and as described in the Trustee's report in now administered Ihrough SEL Music Education Ltd. This grant is to be used lo fulfil the ambitions of the National Plan for Musi¢ Education as published by the DfE in June 2022. https'.Ilww.gov.UgoVernrnenvpUb1ICatl0ns/Ihe-pDWer-0I- music-Io-change-lives-a-national-plan-for-music*ducalion -26-
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 23 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balanS of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the truslees for specific purposes. At 1 April 2024 Incoming resources Resources expended Galns and At 31 March losses 2025 Instrument Fund Instrument Replacement Fund Maintenance Fund Patron's Fund Tour General funds 84,518 45,000 10.000 117,032 27,553 173,078 84.518 45.000 10.000 138,073 16,700 330,285 21,041 47,444 1,146,843 (58,297) 1989,914> 278 457,181 1,215,328 (1.048,211) 278 624,578 Prevlous year: At 1 Aprfl 2023 Incoming Resources resources expended Gains and At 31 March losses 2024 Instrument Fund Instrument Replacement Fund Maintenance Fund Patron's Fund Tour General funds 84,518 45,000 10,000 99,798 32,847 246,701 84,518 45,000 10,000 117,032 27,553 173,078 19,076 37,063 1,427,044 (1.8421 (42,3571 {1,499,5951 {1,072) 518.864 1,483,183 {1,543,7941 {1,072) 457.181 24 Analysi$ of net assets between funds Unrestricted funds 2025 Restricted funds 2025 Totsl 2025 At 31 March 2025: Tangible assets Investments Current assetsl(liabililies) 58,304 9,850 39,356 58.304 9.850 663,932 624,576 624,576 107,510 732.086 -27-
BROMLEYYOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 24 Analysis of net assets between funds (Continued) Unrestrlcted funds 2024 Restrfcted funds 2024 Total 2024 At 31 March 2024: Tangible assets Investments Current assetsl(li8bilities) 68,094 9,572 30.856 68,094 9,572 488,037 457,181 457,181 108.522 565.703 -28-
BROMLEY YOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 25 Penslon and slmilar obligations The trust's employees belong to the Teachers, Pension Scheme England and Wales (TPS) for related staff. The latest actuarial valuation of the TPS related to the period ended 31 March 2020. There were outstanding contributions at the end of the financial year of £20k (2024.. £17k). Ihis amount is in¢luded within other creditors. Teachers, Pènsion Scheme Introduction The Teachers, Pension Scheme ITPS) is a statutory, contributory, defined benefit scheme, govemed by Ihe Teacher5, Pension Scheme Regulations 2014. Membership is automatic for teachers. All tea¢hers have the option to opt out of the TPS following enrolment. The TPS is an unfunded s¢heme to which both the member and employer makes contributions. as a percentage of salary These contributions are crediled to th8 Exchequer. Reliremenl and oth8r pension benefils are paid by public funds provided by Parliament. Valuatlon of the Teachers, Penslon Scheme The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in aCcrdan with the Public Se1 Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim oflhe review is lo ensure scheme costs are recognised and managed appropriately and the review specifies the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of fuluie costs, design of benefits and many clher factors. The latest actuarial valuation of the TPS was cariied out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying a nolional investmenl return based on 1.711fi above the rale of CPI. The key elements of the valuation oul¢ome are= Employer Conlribution rates set at 28.68Y• of pensionable pay (including a 0.080/0 adminislralion levy). This is an increase of 50A in employer Gonlribulicns and the cost control result is such that no change in member benefits is needed. Total scheme liabilities (pensions currently in payment and Ihe èstimated cost of future benefits) for service to the effective date of £262,000 rnillion and notional assets (eslimated fulure contributions together wilh the notional inveslmenls held al the valuation date) of £222,200 million, giving a notional past service deficit of £39,800 million. The Tesull of this valuation will be implernented from 1 April 2024.The next valuation resull is due lo be implernented from 1 April 2028. The ernployerfs pension costs paid to the TPS in the period amounted to £168,319 (2024.. £146,639). A copy of the valuation report and supporting documenlation is on the Teachers, Pensions website. Under the definitions sel out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The tiust is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the trust has taken advantage of the exemplion in FRS 102 and has accounted for its contributions lo the scheme as if il We a defined contribution scheme. The trust has set out above the information available on the scheme. -29-
BROMLEY YOUTH MUSIC TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 26 Oporating lease commitments Le$$ee At the reporting end date the Trust had outstanding commitmenls for future minimum lease payments under non-¢anlIable operalirbg leases, which fall due as follows- 2025 2024 Within one year Between hvo and five years 83.406 114.214 82,314 171,392 197,620 253,706 27 Related party transactions SEL Music Educalion Limited is a related party by virtue of the fact that a Iruslee of Bromley Youth Music Trust (BYMTI is also a Director of SEL Music Education Limited. During the year BYMT received grant income of £304,923 (2024 - none) which related to music grant funding from Ihe Arts Council England. There were no outstanding balances due at the year end. 28 Cash generated froml(absorbed by) operatlons 2025 2024 SurplU(derI¢It) for the year 166,383 (63,628) Adjustments for: Investment income recognised in slatement of financial activities Fair value gains and losses on investments Depreciation and impairfflenl of tangible fixed assets (10,476) (278) 18,075 (8,942) 1,072 20,301 Movements in working capital: Decreasel(increase) in debtors (Decrease) in creditors Incie35el{decrease) in defeed income 5,883 (309) 3,686 (29,216> (18,668) (2,991 > Cash generated froml{absorbed by) operatlons 182,764 {102.072} 30-